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.Tax Traps: Claiming Expenses on Rental Properties
Who are the landlords in Canada today? Stats Canada has found that just over four in five rental income earners were in couple families (81.0%), about 48% were aged 45 to 64 and most lived in Toronto (21.2%), Montréal (13.5%) or Vancouver (10.7%). Net rental income was just under $5,000 for profitable ventures, but for the others, median losses of just over $3,000 were reported. Of course, those losses could come under the scrutiny of a tax auditor, as some expenses are claimable, some are restricted and some are capital in nature. What’s claimable is discussed below.
Introducing the Speakers of the May 24 Retirement & Estate Planning Update
Will the March 28 Federal Budget further erode Canadians’ accumulated wealth with new taxes, alongside the continued inflationary and interest rate pressures that already have a significant affect? Find out the answers to this and much more at the May 24 Retirement and Estate Planning Update… a CE Summit Hybrid Learning Event, featuring the thought leadership of best-selling authors and educators in Canada. Register now!
How Can You Fund Your KB Education?
There are numerous funding options to help make your professional studies more affordable, including financing available through Knowledge Bureau, funding through each student’s own tax-assisted savings plans, and tax assistance through various CRA tax incentives. However, what can be deducted depends on who you are and what programs you will be involved in.
Retirement Planning with a Holistic View
Help your clients envision their plan for the three stages of retirement based on a holistic, values-based strategy and a consistent process for articulating and measuring a plan to its objectives. This will involve several different approaches to new conversations with clients as you help them set objectives for life, financial and economic milestones after work life. Expand your skillset to help your clients navigate retirement planning with the new CE Savvy™ Collection: Retirement Planning.
Reminder: Filing UHT Return Extended to Oct. 31, 2023
The May 1st tax filing deadline is less than 20 days away and tax season is in full swing! The T1 is not the only tax return due on this day. The T1135 Foreign Income Verification Statement must be filed and this year, a new tax return has been added. Thankfully, the filing of the new Underused Housing Tax (UHT) Return for 2022, the UHT-2900, has been postponed to October 31, 2023. But scheduling a return engagement with affected clients is critical: the tax casts a wider net than originally anticipated and the penalties are high for failure to file.
What is a Retirement Compensation Arrangement (RCA)?
With a new minimum tax on the horizon after the last federal budget, business owners may be more interested in discussing ways to protect their future wealth. A retirement compensation arrangement (RCA) may be a way to do that. Tax and financial advisors may wish to come up to speed to engage clients in more high value advice post tax season. Here’s what you’ll want to know:
