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.

Canada’s per capita spending on health care was among the highest internationally, at CA$8,119 and even so, the amount of money Canadians spend out-of-pocket on private health care and insurance also exceeds the OECD average, according to a recent report by the Canadian Institute for Health Information (CIHI).  This is especially difficult for cancer patients, for whom out-of-pocket costs can be astronomical.   A silver lining is that some of those costs may be recoverable through the personal tax system.  Here’s an overview of the kind of write-offs most people miss, and some of the complexities that come with the claims.

Canada’s Finance Minister is scheduled to release the Fall Economic Statement on Monday December 16. Knowledge Bureau will release a Special Report to inform you on the changes and in addition, based on our clients’ wishes we are announcing an expansion of our CE SAVVY Summit offering to accommodate tax training needs to accommodate the enormous volume of changes to forms and procedures expected throughout January, February and March.   

According to the 2025 Canada Salary Guide released by Robert Half, Competition is intense for skilled finance and accounting talent, and to compete businesses need to meet or beat market salary rates in order to retain professional staff with specialized in-demand skills. Many are training to upskill their existing staff in order to overcome technical skills gaps. Knowledge Bureau’s programs and courses leading to specialized credentials can help prepare business owners in the field with technical training their new hires need in tax and accounting.

Planning to attend Knowledge Bureau’s Advanced T1 Tax Update Tour online on January 15? Register now! All students who register by December 15 will receive a hard copy of this highly coveted hard copy reference book, affectionally known as the Knowledge Bureau’s  “Tax Bible” included in tuition fees thanks to the support of our sponsor Thomson Reuters! Learn more about our partner and the event details below:

How is the economy faring in Canada? The number of personal and business bankruptcies tells the story. Viewed through those lenses the picture in Canada in 2024 is not pretty. In fact, the rise in both bankruptcies and proposals year over year is alarming. What sectors were hit the hardest, and how does the current state of affairs impact the advice tax and financial advisors provide? First, let’s take a look at the numbers:

According to Statistics Canada, although we have seen an increase in taxfilers by about 6%, we have seen a decline in the number of donors by approximately 7%.  However, the good news is that the value of the donations, in dollars, has increased by almost 15% over a five year period.