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.

In the financial industry in Canada, we are fortunate to see an increasing number of women joining the industry, relative to other sectors, where the women and men are starting their careers at parity. However, men have historically been the beneficiaries of more career promotions, rising to the top faster than women, despite studies showing that women leaders create higher employee retention, increased engagement, and productivity within organizations.  There may be several reasons for this dilemma, including:

After eight consecutive rate hikes, the Bank of Canada held its key interest rate at 4.5% on March 8, as the Canadian economy appears to be on track for an inflation rate near 3% by the summer. That’s really good news for worried borrowers, in particular small business owners, who, according a CFIB survey, continue to be burdened by rising costs of running their businesses. A key issue this month for those with a side hustle is the cash flow crunch fueled by tax debt. Tax professionals can be important advocates.

The theme of this year’s International Women’s Day on March 8th is #EmbraceEquity.  It is an attempt to address the fact that Equality is not the same as Equity.  Especially for women.  Equality means each individual or group of people is given the same resources or opportunities. Equity recognizes that each person has different circumstances, and allocates resources and opportunities needed to reach an equal outcome.

Knowledge Bureau has introduced a brand new education tool tax and financial advisors can use with clients this tax and budget season, which may be of particular interest to newcomers to Canada and young new Canadians entering the workforce. The Finding Financial Freedom Collection is ideal – and a great gift - for anyone looking to improve their financial literacy and gain an understanding of the important role that income tax plays on financial health.

An incorrect approach to the technical side of payroll poses a risk to both employers and their employees: it can cost them money, cause them to incur penalties with the Canada Revenue Agency (CRA) or worse, face legal ramifications. Especially at this time of year (tax time) the pressure is on.

The first 1,256,938 tax returns have already been filed in the 2023 tax filing season and early stats tell us that both average tax refunds and average balances due are rising to unprecedented levels. In an inflationary environment, those are two great reasons to rush to your Tax Services Specialist’s office to get those tax returns done early and then discuss how to plan to make more and save more money – after tax - in 2024.  But there is a third reason too – a looming CRA strike on April 8, a day after strike voting ends.