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.Why Do Taxes Matter In Growing Our Economy?
Did you know that Canada ranks only 16th on the OECD’s International Tax Competitiveness Index; behind Estonia, which is #1, and even Turkey which is #9. It ranks 31st for individual taxes and 27th for corporate taxes. High taxes can have many negative consequences for a competitive economy. Which are the most damaging?
RECESSION 2023: Almost 90% Of Your Clients Are Worried
The October Knowledge Bureau Report poll question asked: “Are your clients worried about a recession in 2023 and its effects on their financial status?” Overwhelmingly, the answer was yes, at 87.25%. This means there is a tremendous opportunity to connect with your clients for year-end tax planning and help them stay on plan, with tax efficiency. Advisors who participated from across Canada had these observations:
Cyber Security – Do You Understand the Risks?
Knowledge Bureau’s Privacy Principles in Business certificate course is designed to help business owners manage today’s critical privacy risks with key tools to implement best practices with the least disruptions. Consider the amount of confidential personal information you are privy to in conducting business with your clients. Do you understand the risks associated with holding and using this personal information?
Financial Literacy Month: Introducing the New CE Savvy™ Courses
This month is Financial Literacy Month in Canada. “Financial literacy is defined as having the knowledge, skills and confidence to make responsible financial decisions,” says Evelyn Jacks, a member of the Federal Task Force on Financial Literacy. “It’s a critical life skill especially in these financially challenging times.” For these reasons, Knowledge Bureau is pleased to introduce a new series of short courses to help professionals and their clients untangle today’s complex financial issues: the CE Savvy Biz Ed™ and CE Savvy PD™ courses. “
Highest Indexation Rate in 40 Years: 6.3% for 2023 Personal Amounts
Federal tax brackets and personal amounts are indexed annually based on changes to the consumer price index (CPI), but indexing lags inflation by nine months. So, although inflation is running near 7%, 2022 tax brackets and personal amount are 2.4%. However, 2023 brackets and personal amounts will be indexed at 6.3% based on the average CPI changes from October 2021 to September 2022. This is the highest indexation rate in 40 years.
With Higher Inflation, How to Alleviate Some of the Pain?
This is Part 3 of a series of 3 articles. In Part 1 we started by discussing the common measurements of inflation and introduced some of the major causes of inflation. In Part 2, we discussed monetary and fiscal policies that are affecting inflation. In Part 3, we will discuss strategies that we can use to help alleviate some of the pains from rising prices.
