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.Payroll Penalties You Need to Know About
When a business hires an employee, it is important for that employee to be “formally” hired, that is with a role description, a rate of pay or salary level and a statement of expectations that define the relationship between the employer and employee, all well documented and filed in case of audit from the CRA. This is particularly important post-COVID, as CRA will be auditing the Canada Emergency Wage Supplement (CEWS) payments businesses received, right up to the end of 2023. But it is also very important if you have hired family members.
Co-signer or Co-Borrower?
What’s the biggest difference between a co-borrower and a cosigner? It relates to the degree of investment in the loan. Here are the details:
Immediate Expensing of Capital Asset for CCPCs
In the last federal budget, the government proposed to allow Canadian Controlled Private Corporations to claim 100% CCA in the year of acquisition for assets purchased after April 18, 2021, to a maximum of $1,500,000. However, legislation has yet to be introduced to implement that change. That’s turning out to be a big problem for tax advisors and their clients. Here’s why:
CCB Filing Deadline News: Beware of Limitations
Most people know that when you miss filing a tax return your family will miss out on receiving the Canada Child Benefit. However, did you know that you can retroactively claim the CCB by filing those missed returns? How far back you can go, however, depends on what type of CCB you file for.
Tax Efficient Ways to Obtain Funds from Your Small Business
Small businesses are critical to the health of the Canadian economy. According to a recent study by the Government of Canada, small businesses (1-99 employees as defined by the Government) represented 97.9% of all enterprises in Canada. According to the same study, these businesses employed 8.4 million individuals in 2019 or 68.8% of the private labour force. In addition, small business contributed 41.9% to the Gross Domestic Product generated by the private sector in 2016. Now that we are in past-pandemic mode, understanding the needs of small businesses will pay off in better tax and financial planning solutions.
Tax Avoidance Versus Tax Evasion
You may ask yourself, what is the difference between tax evasion and tax avoidance?
