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.T3 Filings: What Will Come of the Ombudsperson Review?
New T3 filing requirements for trusts were formally enacted beginning in the 2023 taxation year. The rollout of this program quickly became a broad-based disaster, as informal and bare trusts were a surprise inclusion in the requirements. Over 52,000 T3 returns and new Schedule 15s were filed before the government had a sudden change of heart; cancelling the requirement for bare trusts just hours before the filing deadline. Now, the Taxpayer’s Ombudsperson is looking into the situation to determine if taxpayer rights were breached.
Buying an E-Vehicle? You May Qualify for a Rebate
In the market for a new car? Did you know that the federal government wants to achieve, by 2035, 100% zero-emission vehicle sales. Interim targets are that at least 20 percent of all sales are e-vehicles by 2026, and at least 60 percent by 2030. To encourage those results, two federal programs are available to make those purchases easier. And that’s good news because the average e-vehicle costs are still quite high; but the offset is lower driving costs.
Diploma in Advanced Family Tax Compliance: Introductory Offer!
Knowledge Bureau is pleased to introduce a new Diploma in Advanced Family Tax Compliance. This comprehensive program is ideal for experienced tax accountants and wealth advisors who require updating in the latest tax and economic changes from Finance Canada and CRA in order to help clients meet tax filing compliance requirements and family wealth planning objectives. The program comprises of four online courses, 5 chapters each, and 4 virtual CE Summit events. A special introductory tuition offer is available until July 30. Details below.
Acuity 2024: Experience Montreal with Pre-Conference Activities
Check out the outstanding pre-conference activities we have selected to enhance your experience in Montreal! Open to all 2024 Acuity Conference for Distinguished Advisor attendees and their companions. Space is limited, reserve now!
How to Receive a Grant of Up to 75% Training Costs
Thinking of enrolling employees for training this fall? The Canada-Manitoba Job Grant will begin accepting applications July 24! But the grants go quickly so apply now if you are interested in enrolling employees in Knowledge Bureau training programs. Up to $10,000 per individual can be received. The grants are available in other provinces too, but with varying deadline dates. Details below:
CRA Legal Action: How to Help Delinquent CERB Recipients
CRA will start legal action to collect 9.53 billion in overpaid pandemic supports like CERB, Canada Recovery Benefits and Canada Recovery Caregiver Benefits. This is a very large number, representing half of the amount of expected taxes to collected by the new capital gains inclusion rate increase to 66 2/3% over $250,000. Are you or your clients feeling the pinch? Here’s what to know to soften the blow:
