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.July 15 - Deadline to File T2s to Receive Carbon Tax Rebate
Approximately 600,000 incorporated small to medium sized businesses with 499 or fewer employees will be receiving $2.5 billion in Carbon Tax Rebates for the years 2019 to 2024 soon, BUT they must have filed their 2023 T2 tax returns by July 15. There are other important criteria:
The Final Tax Act: Why 50% Avoid It and What to Do About It
Some things don’t change, despite the two certainties in life: death and taxes. What are they? The preparation of a will and estate planning. Half of Canadians surveyed five years ago still haven’t done it, according to the Angus Reid Institute, but now there is a compelling trigger to make it happen: the proposed June 25, 2024 increase to the capital gains inclusion rate. Here’s why:
Acuity 2024: Reach New Professional Heights Among the Stars of Your Industry!
We invite you to connect with Canada’s brightest and 16 of the most accomplished thought leaders in the tax, accounting and financial services industry at the 2024 Acuity Conference for Distinguished Advisors in Montreal November 10-12. Join us to celebrate, meet and honour your peers from coast-to-coast at the Knowledge Bureau Awards Ceremony on November 10. Check out the detailed online conference agenda designed to help you discover new ways to lead with impactful guidance.
Why is the Family Office the Future of Financial Services?
On June 5 at 10 am CT we invite you to join practicing Real Wealth Managers™ as they share their “why” that lead them to build their own family offices and practice within the RWM™ framework in order to help Canadians achieve financial peace of mind. How can you be part of transformative change in the financial services industry with your own family office focused on collaborative, future-oriented, financial planning? Learn more at this complimentary event and take advantage of a pre-event enrolment offer to enrol in the program and save $500 only until May 31!
Capital Gains Changes: 89% of Pros Disagree
Almost 90% of tax and financial advisors who responded to our May poll say they don’t agree with the proposed capital gains increase on or after June 25, 2024. Advisors have an important role to play in ensuring that the June 25 trigger date for the higher inclusion rates will not unduly upset retirement and estate plans. Knowledge Bureau’s Advanced Retirement & Estate Planning Course, featuring session recordings from expert instructors on May 22 (available today) will help bring you up to speed on the latest issues affecting your clients. Here’s what advisors said:
Tax Tip: Writing of Accounting and Legal Fees
With all the extra tax filings clients have had to undertake this year including the Underused Housing Tax Returns and T3 returns for trusts, as well as their personal and corporate returns, professional fees payable will certainly have risen. For many, it will in fact have been an unbudgeted expense. Yet others, may be incurring legal fees to challenge CRA reassessments. Understanding how much of these fees will be deductible, can help ease the annual double-whammy: paying taxes and paying professionals to figure them out. Here are guidelines for deductibility.
