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.

The U.S. Gift tax is one part of the American transfer tax system. It was introduced in 1932 as a backstop to the U.S. estate tax.  Without the gift tax, large estates could be reduced by simply giving everything away prior to death. The gift tax was and still is not meant to raise revenue per se. Do Canadians have to worry about having to pay this tax? Possibly.  Here’s a primer of what you need to know.

Year-end tax and investment strategies for individuals and small business owners in the context of the current environment has significantly changed. Think AMT on donations and intergenerational transfer rules that can increase tax risk in 2024. Learn more from Evelyn Jacks and special guests Alan Rowell and Carol Willes at the November 1 Virtual CE Summits.  A comprehensive full day virtual event, the CE Summit also includes access to a comprehensive new CE Savvy Collection Entitled New Issues in Year End Tax Planning and up to 15 CE Credits. Check out the agenda below and register by the October 15 early-bird deadline!

There is still time to register for DAC November 12-13 at the beautiful Banff Springs Hotel. Save Money - early registration ends September 30. The organizations and thought leaders that represent them at DAC 2023 will keep the insights rolling, and we give special thanks to Moodys Tax Law and Cadesky U.S. Tax for partnering with us.  Now, just imagine being live and in person with renowned tax specialists Kim Moody and Dr. Dean Smith who will unwind tax complexity for you.  But you’ll want to attend special ice breaker event open to all attendees for a few laughs first!  Check out the educational content and all the fun networking events:

Looking for IIROC credits before year-end? Knowledge Bureau is pleased to have 3 professional  CE options available to earn both PD and compliance credits before year end.  Check out the  RWM™ program (xx PD credits), the MFA-P™ (xxx credits) and the new Certificate Course,  Navigating Privacy Issues (10 Compliance Credits).  These outstanding programs are well reviewed (see below) and can be taken anytime, 24/7 online in the convenience of your home or office. Plus,  save an additional $75 on tuition when you register by the next session intake date: October 15.

It’s a sign of the times:  everything seems to be going up, including the billions Canadians owe to CRA. But now is a good time to catch up and stop the tax bleed.   Looking at the most recent stats from February 6, 2023 to September 18, 2023, 23% of returns filed this year had an average balance of $7556:  collectively a whopping tax debt of $54.8 Billion. These costs grow with expensive late filing penalties and interest charges.  Delinquent taxpayers can avoid incurring more costs by understanding the penalties and in hardship cases, requesting relief from penalties and interest.  But they may fear CRA repercussions and some sage counselling from their financial advisors can help to get it done. Start with a quick checklist:

It’s been confirmed, but the news was disappointing.  Canada Emergency Business Account (“CEBA”) loans  provided interest-free loans to 900,000 small businesses and non-profit organizations. Partial loan forgiveness would be available to those organizations which were to repay the balance of the loan on or before December 31, 2023. There’s been an extension, but for only 18 days for those who don’t have to refinance.  For the others, new loan repayment dates have been set.  Here’s what happened: