Confirmed:  The CCR for Small Business is Tax Free

Ottawa has confirmed that the CCR for Small Business received by eligible Canadian-controlled private corporations (CCPCs) will be tax free for the 2019-20 to 2023-24 fuel charge years, as will the final payment for the 2024-2025 fuel charge year.  Draft legislation was released on June 30, 2025 with this announcement; and will be introduced for law making in Parliament this Fall.   Some of the more significant details are discussed below.

“I told you so. . . .” These four dreaded words are often on the tips of tongues at this time of the year, although polite tax practitioners try to resist uttering them when skimpy recordkeeping results in higher taxes – or reduced tax credits - for their clients.

It was a lovely visit at Knowledge Bureau head office with designate Vongsa Phommarath, MFA – Business Service Specialist™.

The Finance Department released its 37th report on federal tax expenditures last week; it has published estimates of tax expenditures for personal and corporate income taxes, as well as for the Goods and Services Tax, since 1944. It’s an interesting read, especially in advance of the March 22, 2016, federal budget, when the government is expected to announce new tax expenditures.

As a way to simplify the tax system, an overwhelming majority of respondents, 87%, to Knowledge Bureau’s February poll agree that investment income under $1000 should not be taxed. Will their wish come true?

Now that tax season is in full swing, Knowledge Bureau would like to remind you of some key dates to mark in your calendar: Regional DAW Workshops - May 24 to 31, Summer Studies Begin June 15, DAC  Nov 6 -9.

“A pessimist sees the difficulty in every opportunity, an optimist sees the opportunity in every difficulty.” -Winston Churchill.