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.

Image waking up to a normal day of driving your cab, only to be involved in a devastating accident in a train that leaves you in a hospital bed for 5 years at the age of 32.  How do you break free to transform your future, when you don’t know if you will ever walk again?  Hear the inspiring story of how one man with a high school diploma transformed himself to become an accountant, financial advisor, investor, and thriving entrepreneur of 6 office locations and more to come.  Learn how discipline, vision and focus made the difference for Mandeep Duggal, President of Pro Tax Block and his remarkable family only at the 2023 Distinguished Advisor Conference in Banff. Early-bird registration ends September 30.

Knowledge is cumulative. . .and only valuable if shared.  That’s why your Continuing Professional Development is such an important investment in your future.  Knowledge Bureau graduates and designates:  now is the time to build on those accomplishments, take the next step in your CE and make a big difference both in your career and in your community.   Designates, if you have not already done so, be sure to meet your grace period for re-licensing, which ends October 31.

As the key eroders of wealth – taxes, inflation and fees – are about to take a bigger bite out of Canadian’s balance sheets…as Real Estate Ownership comes under the CRA microscope. There’s a big opportunity for you to help! You’re invited to learn more at the September 20 Virtual CE Summit on Audit Defence: Managing Tax Risk for Real Estate Owners with Evelyn Jacks, DMA™, RWM™, MFA-P™ AND Alan Rowell, RWM™, MFA™, DFA-Tax Services Specialist™.  Register now and select this event as part of your CE Summit event pass: available as a duo, trio or quad of events, you’ll line up your CE for the year and save on tuition!

Dental care appointments are just one of those annual “back to school” events most parents sign up for.  This can have immediate tax advantages. Recall, the Canada Dental Benefit was introduced a year ago.  Yet, many parents may not know about it and may not be taking advantage of this opportunity to supplement dental costs incurred for their children. Here are some talking points to re-engage your clients with families this fall:

If you own a residential rental property as an investment or in business with another person, it is important to consider whether it’s necessary to file a new tax return in Canada: the UHT-2900, which is due on  October 31, 2023.  This is particularly important news for younger real estate investors and therefore, an opportunity for tax and financial advisors to be of help. Here’s how the numbers tell a new story, and why tax compliance is a new issue:

Based on CRA income tax filing statistics to August 13, 2023, just under 60% of all the 30.8 million tax returns filed in Canada this year were E-filed, which means the vast majority of Canadians are using the services of a professional EFILER to get their tax returns filed.   That’s good news for the industry, which has the opportunity to grow even more, especially if receiving referrals from other financial advisors, always on the look-out for trusted, knowledgeable and highly skilled tax talent.  Common question:  are tax accounting and legal fees tax deductible?  There are some specific rules to know: