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.

As the final quarter of 2023 is just around the corner, many taxpayers will want to discuss year end tax planning; specifically, what can be done to reduce cash flow required to settle tax debts triggered by 2023 transactions. Thanks to proposed legislative amendments released August 4, 2023, there’s a little known nugget for investors.  It’s possible to recoup prior year tax dollars on capital gains if a replacement property was acquired, and get a pandemic-related reprieve.  Here’s how it works:

Things are changing quickly in the tax world and attendees at the September 20 Virtual CE Summit raved about the educational content they received to stay sharp.  If you missed it, we have a great way to  stay on top the critical changes to tax planning and new burdens of proof, online,  with the new CE Savvy™ Collection – Tax Audit Defence Strategies.  You can earn 5, 15, or 30 CE Credits before year end, too. Here’s why professional advisors cannot miss this opportunity to come up to speed with the complex rules from the March 28, 2023 budget and the August 4, 2023 Draft Legislation:  you could be subject to big penalties, too.

Advisors of the future need to focus on three things, at least if you ask three of our gold partners who will be speaking at DAC Acuity 2023.  The keys to success are building transformative teams, finding the secrets to simplicity in complex planning, all the while understanding and balancing your lifeload. Sound like a lofty goal? Join us to hear from the thought leaders who will help break down these strategies November 12-14 in Banff. Early-bird registration ends September 30.

The early bird deadline is September 30.  So there is plenty of time to register for The Distinguished Advisor Conference and save on tuition fees.  But there is more great news!  We’ve been able to negotiate another block of rooms at the Beautiful Banff Springs Hotel at the KB conference rate – you really can’t afford to miss that!  And we’ve lined up some incredibly fun networking opportunities to complement the seriously great educational agenda.   Check out all the activities and sign up soon through the DAC Interactive Agenda, as spaces are limited! Secure your place at the futurescape: the 20th Anniversary DAC conference!

CRA is sharpening its audit focus on Canadian real estate owner and it’s worth billions. Up to 5 different tax returns can be reviewed: the T1, T2, T3, the GST/HST return, and the new Underused Housing Tax.  Recent real estate audit activities in two provinces, BC and Ontario, have been particularly fruitful with  over $1 billion in tax reassessments that have resulted in each province along with over 3,000 gross negligence penalties amounting to close to $300 million more in the period April 2015 to March 2022.   We’ll discuss the 7 big audit errors every professional advisor needs to know about at the CE Summit on September 20 and invite you to register by September 15 for an early bird offer.  Here’s a brief synopsis:

Spread the word!  It’s new for 2023 and subsequent taxation years, and up to $50,000 in construction expenditures may qualify for each qualifying renovated property. This is the Multigenerational Home Renovation Tax Credit (MGHRTC) and it’s quite lucrative. A $7,500 refundable personal tax credit is possible for eligible renovations or the construction of a secondary unit to enable an eligible family member to live with you. Who are these eligible people and renos?  Let’s check it out, based on the great guidance in Evergreen Explanatory Notes, Knowledge Bureau’s tax research library, included with every professional certificate course.