News Room

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.

Wage Subsidy: Finally, Details on New EI/CPP Refunds

With the passing of Bill C-14, the COVID-19 Emergency Response Act, No. 2 on April 12, 2020 Canadian businesses have some surety on the 75% Canada Emergency Wage Subsidy (CEWS), and the money could flow in 2 to 5 weeks.  However, there are some of the important new details to consider including a new refund of the employer’s portion of EI/CPP benefits. 

Unprecedented Employment Rates: One Month Decline

The unemployment numbers released for March by Statistics Canada in a new weekly report are staggering. They provide a grave assessment of the current reality: swift unemployment is taking place across the country it's putting incredible stress on Canadians, especially for those in the core working years (aged 25 to 54). Financial education and tax-focused support is required and professionals in these industries need to be proactive. We offer 6 important ways to help. 

Two CERB Payments Received? Don’t Spend It All at Once

CRA is warning Canadians that if they mistakenly received the Canada Emergency Response Benefit of $2,000 twice, as many reported last week, they will be coming after it.  So make sure you don’t spend both payments: audit risk is high. Canadians can expect that verification activities will take place after the fact, as the first priority for government has been to get money promptly into the hands of Canadians who have been suddenly laid off.

An Easter Message from Knowledge Bureau

It’s been a difficult time for so many families in Canada.  Some of us have lost loved ones, some of us are not well, most of us are forced apart from our families and friends, and there is no shortage of financial worries. But, with the advent of spring and the opportunity to reflect on resurrection and rebirth through our traditional celebrations, there is always hope for the future. We wish you peace and joy in knowing that soon we will be together again. Please accept our sincerest thanks and best wishes for the privilege of sharing knowledge with you.    - Your Knowledge Bureau Team

More Good News: Canada Emergency Wage Subsidies

The federal government announced a third round of enhancements to its Canada Emergency Wage Subsidy (CEWS) program on April 8, as it tries to stave off thousands of bankruptcies across the small business community. MPs will need to be recalled to parliament to enact the legislation, which reduces the 30% revenue test to 15% for March only and introduces an alternative method for calculating the revenue.  Some employer-paid CPP/EI refunds may also be available.  

Future Issues May Arise from Simplified CERB Application Process

It’s money that Canadians needed quickly and the government must be commended for their processing over 4 million CERB applications to date, and close to 2 million this week alone. But are Canadians setting themselves up for a significant audit process in the future?  These funds are taxable, and there are additional audit risks that should be a hot topic of discussion for advisors and their clients.
 
 
 
Knowledge Bureau Poll Question

Do you believe Canada’s tax system based, on self-assessment, has suffered under recent changes at CRA and by Finance Canada? If so, what is the one wish you have for tax reform?

  • Yes
    23 votes
    100%
  • No
    0 votes
    0%