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.An Important Option: Applying for Taxpayer Relief
There is an important, front line role tax professionals can take to help devastated flood victims with tax relief, effective immediately. CRA issued a statement on November 30 encouraging residents of BC affected by the flooding to request taxpayer relief if it affects their ability to pay their taxes on time. However, any taxpayer who is experiencing hardship may want to discuss a relief request, especially if errors or omissions that have lead to missed refunds or benefits. Here’s an overview on two important relief options available:
The Gig Economy and Employment Insurance
Did you know that over 100,000 Canadian workers are in the gig economy? These important new growth engines in the economy are often people who are dissatisfied with their current work experience. However, as new entrepreneurs, they need professional guidance from tax and financial advisors to survive and growth. Plus, they may soon be paying EI premiums too. It’s a good space to get into if you are in the business of attracting new clients to your practice. Here’s why:
Poll Results: Taxable RPP Benefits Should be Averaged
Our November Poll asked our readers to reflect on the tax consequences of deemed dispositions on terminal returns, specifically for RPP pension recipients and over 75% were in agreement with this question: “Registered Pension Plan contributions are added to income in full on final returns of singles or widows/widowers. Would it be fairer to average this lump sum over the 24-month period prior to death?” Some of your comments follow:
Bring New Knowledge to Retirement Planning
The First Annual Virtual Pension Conference for CCPCs hosted by Knowledge Bureau and Integris and sponsored by Richardson Wealth took place on November 30 with rave reviews! Check out some of the golden nugget moments experienced by the event’s virtual attendees. It might just inspire you to learn more and share your knowledge with your clients by signing up for the Personal Pension Planning certificate course.
Evergreen Explanatory Notes: Answer to Tax Questions in one Click
Do you have complex tax questions difficult to find on the CRA website? Are you too busy for long wait times on the phone with CRA? At Knowledge Bureau we have a great solution to help you save time and money and answer more tax questions from your clients with confidence. Plus, it links directly to all pertinent CRA forms, guides, folios, the Income Tax Act and much more!
Free Food: Register by Dec 15 for January 19 T1 Advanced Tax Update
Trouble finding qualified help for tax season? Canada’s most comprehensive and popular advanced personal tax update is now taking registrations for the January 19 Virtual event featuring what our delegate call the “Tax Bible” – the comprehensive desk top reference coveted by tax and accounting professionals from coast to coast. Train new and returning staff in a new and improved hybrid live and online course that will help you to shake out the cobwebs and drill down on the detailed tax theory or “dark horses” as well as all news from CRA and Finance Canada for filing 2021 tax returns. Register by December 15 and receive a free lunch!
