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.Last Chance to File or Change 2005 T1 Returns
Although the government is limited to three years to reassess returns in most cases, taxpayers have 10 years to make changes to their returns. That’s why it’s important to call clients now- especially delinquent filers to preserve tax filing rights. Specifically, they will have until December 31, 2015 to make changes to or file their 2005 return before it becomes statute-barred.
New Cross-Border Tracking Rules Have Tax Implications
Thinking of leaving Canada for extended vacations or visits? You will now need to be more careful about your absences if you want to remain eligible to collect social benefits, like the Canada Child Tax Benefit, Old Age Security or Employment Insurance. That’s thanks to the Perimeter Security Pact between Canada and the United States, which was initiated back in 2011 and has been undergoing four phases of implementation.
Cybersecurity at Issue
Cybersecurity is an issue all tax and financial advisors may find themselves answering questions about this tax season.
Ground-Breaking Survey: How Loyal Are Your Clients?
Canadians who work with financial advisors are better off financially than those who do not, and many clients feel that their advisors add more than just financial value, impacting many aspects of their lives. That’s the good news. The bad news? Only 36% of clients said they would stay loyal to their advisor’s business when the advisor retires; in fact, about 50% are prepared to walk when you retire.
Gratitude: Holiday Hours at Knowledge Bureau
The beauty of a Virtual Campus is that you can enrol and study with Knowledge Bureau any time, 24/7. However, our head office staff will be taking a well-deserved family break from noon December 24, returning bright and early on January 4. We are grateful for their hard work and dedication and thank them sincerely for their passion in serving you – our cherished clients – all year long.
TD1 Personal Tax Credits Return Released
CRA released its personal tax credits return on November 27 with few surprises.
