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.Year End Tax Tip: Write Off Your Digital News Subscription
Did you know that effective starting in 2020 and before 2025, it’s possible to write off your digital news subscription as a non-refundable tax credit? Did you miss writing it off in the past couple of years? You can adjust your tax returns back to 2020 and get a tax refund. Here are the details:
Poll Results: Canadians Lack Trust with CRA
We asked tax and financial professionals whether they believe Canadians have trust in their tax department, and surprisingly over 75% said no. Do you agree? Check out some of the many interesting comments we received.
Get Tax Season Ready with a CE Summits Duo
There is a lot to consider this upcoming tax season when it comes to filing personal returns and increased risk for investors and owner managers. Are you prepared to help? Take a duo of CE Summits with Knowledge Bureau this November and January and get the tools you need to help a variety of client profiles. Plus, you save on tuition with a Duo CE Summit Event Pass!
DAC Acuity 2023: Meet Our Bronze Sponsors and Media Partners
Don’t miss the opportunity to mingle with members of our DAC 2023 bronze partner organizations in Banff this November 12-14. We’re pleased to welcome back Fraser and Partners, Manulife Bank, The Institute, and Investment Executive and Advisors’ Edge as our exclusive media sponsor for our 20th anniversary extravaganza! Final registration deadline for tuition savings: October 30.
Year End Planning: CCA Tax Breaks Phasing Out Soon
It seems like a long time ago. On November 21, 2018, the federal government introduced an Accelerated Investment Incentive (AII) to enhance first-year Capital Cost Allowance (CCA) claims and allow for businesses to fully expense new asset acquisitions, certain machinery and equipment, including clean energy equipment. Some of these tax incentives will start phasing out after 2023, making this year end an important one for new investments. Here’s an overview. Be sure to book time to have these important discussions with your business owner clients soon.
Jurisprudence: How Taxpayers Fare in Court
When it comes to CRA, it will almost always be very costly to challenge reassessments in court. Two recent court cases proved an old adage: you win some, you lose some. In the first case, a taxpayer tried to shift the burden of proof to their accountant and in another case when hardship was given as the reason for filing GST/HST and T1135 returns late. The silver lining is that the legal costs are deductible. Here’s what happened:
