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.CRA Interest Rates to Remain at Record Low until July
Although the government has yet to announce the prescribed interest rates for the second quarter, the rate will not change.
Transacting in Cryptocurrency? Beware the Taxman
Transacting with cryptocurrency can have tax implications. Did you keep track of those transactions and the fair market value of the money when you did? It’s an issue that will become important, and potentially messy, as you get ready to file your return this year. You may also have to correct prior year’s returns.
Another Disconnect between CRA and Taxpayers
It is no secret that CRA service levels have been under stress during the Pandemic. Many tax practitioners can confirm that a phone call that would normally have to wait for three to five minutes to be answered. At the peak of tax season could take one hour or more, not even including the dozens of dropped calls. Lately, response times have slowly decreased; however, it is still at unacceptable levels. As CRA shifts most of its services online through My Account, My Business Accounts, and Represent a Client one could think that there is less demand for phone calls. These services have also been compromised.
The Principal Resident Exemption– The Nuances
The Principal Residence Exemption: The Nuances is part of a three-part series explaining the principal residence exemption under Canadian taxation law. It begins with the tax consequences on the change in use of a principal residence.
Will an Extra Tax on Landlords Help Reduce Housing Costs?
In the last election, the Liberal government promised that, after renovations to a building rent increases fall outside of a normal change in rent or are excessive in their view, they will implement a surtax on landlords. It is interesting to think about the repercussions of such a proposed policy and to reflect on whether this the economic outcome that is truly desired, when our collective challenge is to invest in improving buildings for reasons of climate change and health care concerns? Here are the details.
Tax & Financial Pros Weigh in on Effective Economic Reform
This doesn’t happen very often, but the result of our January Poll question which asked: “Do you think personal/corporate tax reforms can spur economic growth in Canada in 2022 and beyond?” were split right down the middle with 50% saying “yes” and 50% saying “no”. Why the mixed results from Canadian tax and financial professionals? Here’s what you had to say:
