Blahnik & Associates Chartered Professional Accountants Inc’s Post

Understanding Canada Carbon Rebate for Businesses – Who is eligible? Did you know your small business might qualify for the Canada Carbon Rebate? This rebate helps Canadian-controlled private corporations (CCPCs) offset costs related to the federal fuel charge. Here’s what you need to know: Who’s Eligible? Must be a CCPC (including Indigenous CCPCs). Filed your 2023 tax return by July 15, 2024. Employed one or more employees in a designated province during the fuel charge year. Had 499 or fewer employees across Canada in the relevant year. Retroactive Rebates Available Eligible CCPCs can receive rebates for fuel charge years 2019-2020 to 2023-2024 if they meet the criteria. Designated Provinces: 2019-2023: Saskatchewan, Manitoba, Ontario. 2020-2023: Alberta. 2023: New Brunswick, Nova Scotia, Prince Edward Island, Newfoundland and Labrador. Rebate Payment Details Payments are made via direct deposit or cheque. No delays for direct deposit payments—even during postal disruptions. Why It Matters The rebate can be a significant financial benefit for small businesses in designated provinces. Don’t miss out—ensure your business qualifies and files on time! Need help determining your eligibility or navigating the process? Our accounting experts are here to guide you every step of the way. #CanadaCarbonRebate #SmallBusinessSupport #AccountingExperts #CRAUpdates #SustainabilityMatters

The long-awaited Canada Carbon Rebate for Small Businesses is here! Small and medium-sized business owners will receive their carbon rebate over the next few weeks. Through this initiative, the federal government will return more than $2.5 billion to around 600,000 businesses across Canada. To receive the rebate, businesses must: ✅ Be classified as a Canadian-controlled private corporation (CCPC) resident in Canada ✅ Have between 1 and 499 employees ✅ Have at least one employee operating in one of the designated provinces where the federal fuel charge applies during the relevant calendar year(s) ✅ Have filed their 2023 corporate income tax return by July 15, 2024 If you missed the July deadline, the government is proposing to extend eligibility to businesses that file by December 31, 2024. However, payments for corporations who file late will only be issued if/when the necessary legislation receives Royal Assent. Businesses registered for direct deposit with the CRA can expect to receive the payment by December 16. For those not registered, a cheque will be mailed to your business address on file, with an anticipated arrival by December 31. Follow the link below to learn more about the Canada Carbon Rebate for Small Businesses, including eligibility criteria, provincial rates, and payment methods. https://lnkd.in/e2zYgbNd #SmallBusiness #SME #Tax #Sustainability #Decarbonization

📣 Attention all Canadian-controlled private corporations! If you're eligible, you should get the Canada Carbon Rebate for Small Businesses by the end of the calendar year. Get the details ➡️ https://ow.ly/CcF650UjqEL [Image description: A person is fixing a bike in their bike shop. The words read “New Canada Carbon Rebate for Small Businesses”] #CarbonRebate #CdnTax #CdnBusiness

🌱 Exciting News for Small Businesses: Canada Carbon Rebate! 🌱 Brant Municipal Enterprises (BME) is thrilled to share valuable information about the newly announced Canada Carbon Rebate for Small Businesses. This initiative aims to support small businesses in reducing their carbon footprint while promoting sustainable practices. 🔹 What is it? The Canada Carbon Rebate offers eligible small businesses a tax credit, helping to offset costs associated with energy-efficient upgrades and other green initiatives. This is a fantastic opportunity for small businesses to invest in sustainable technologies and reduce their environmental impact. 🔹 Who Can Benefit? If you're a small business owner looking to make eco-friendly changes, this rebate is for you! From upgrading to energy-efficient heating systems to installing solar panels, the rebate supports various green projects. https://lnkd.in/eNPMSSTb #Sustainability #GreenBusiness #CanadaCarbonRebate #SmallBusinessSupport #BME #EcoFriendly

🌍 Attention Business Owners! 🌍 Don't miss out on the upcoming Canada Carbon Rebate (#CCR)! 📢 Important News: If you file taxes by March 15, 2024, you're eligible for the Canada Carbon Rebate (CCR) scheduled for April 15, 2024. Key Reminder: Ensure timely filing to receive your CCR payment promptly. If you file after March 15, 2024, your payment will be issued once your return has been assessed. Household Requirement: Remember, both spouses or common-law partners must file to qualify for the #CCR rebate. #ClimateAction #CarbonRebate #TaxSeason

Understanding Canada Carbon Rebate for Small Businesses: Payment Details Eligible small businesses will soon start receiving the Canada Carbon Rebate! Here's what you need to know about when and how to expect your payment: No Application Needed The CRA will automatically calculate and issue rebates to eligible Canadian-controlled private corporations (CCPCs) that filed their 2023 tax return by July 15, 2024. Direct Deposit Advantage Payments will appear as "Canada Carbon Rebate" in your bank account (wording may vary by financial institution). No delays for businesses registered for direct deposit, even during the Canada Post disruption. Why Your Payment May Be Delayed: ·     Filed your 2023 tax return late or it is still under review. ·     Your payment was applied to an existing debt. ·     Business information is outdated—update your CRA accounts promptly! ·     A comprehensive verification process or validation review is in progress. Why Your Payment May Be Different: ·     Incorrect number of employees or province of employment in the calculation. ·     Employees working in a non-designated province. ·     Outstanding tax returns or debts impacting your rebate. Use the CRA’s Rebate Estimator Tool to verify your expected payment and eligibility. Need Help? Understanding rebate amounts or resolving issues can be complex. Our accounting experts can assist you in navigating the rebate process, ensuring you get what your business deserves. #CanadaCarbonRebate #SmallBusinessSupport #CRAUpdates #AccountingExperts #TaxCredits #DirectDeposit

🍁 Carbon Rebate Payments Rolling Out to Millions: Are You Eligible? 💸 Here’s some great news: millions of households are receiving their second carbon rebate payment of the year. Let’s break it down: 🤨 What is the Canada Carbon Rebate? The Canada Carbon Rebate returns 90% of the revenue collected from the carbon levy back to households in eight provinces. British Columbia and Quebec have their own systems, so they don’t receive these federal rebates. 🤑 How Much Are We Talking? The rebate amount varies by household size and province. For instance, a family of four received between $190 and $450 on Monday. Provinces relying more on fossil fuels for electricity get higher rebates since they pay more in carbon pricing. 🧐 Payment Schedule These rebates are sent out in four instalments over the year. If you haven’t seen yours yet, keep an eye on your bank account or mailbox! 😑 Small Business Tax Credit Deadline Monday was also the final day for small businesses to file tax returns to qualify for a new refundable tax credit. This credit aims to offset carbon pricing costs, addressing a previous shortfall where only $35 million out of $2.5 billion owed was returned between April 2019 and March 2024. 🤔 What About the Banks? There’s been some confusion over how these payments are labeled in bank accounts. Ottawa has mandated that banks label the deposits as “CdaCarbonRebate” to make it clear. 😲 Are You Eligible? To find out if you're eligible for the carbon rebate or the small business tax credit, check your province’s requirements and make sure your tax returns are filed! 😉 Why This Matters This rebate is a crucial part of making life more affordable while we transition to greener energy sources. It’s about putting money back in your pocket as we work towards a cleaner, more sustainable future. Stay informed and make sure you get what’s owed to you! 💰 #CanadaCarbonRebate #GreenEnergy #AffordableLiving #CarbonTax #Sustainability #ClimateAction #CanadaFinance #SmallBusinessSupport #EnergyEfficiency #GovernmentRebates

Poor execution Carbon taxes have proven to reduce carbon dioxide emissions, however I think Canada implemented it poorly. We should have created a carbon credit system where heavy polluters have to buy carbon credits from clean industries or face huge fines. More importantly, Canada did a terrible job of explaining the carbon credit and rebate system, which made it easier for misinformation grifters to rage-bait gullible people online. Worse, we allowed companies to pass carbon taxes on to the consumer, instead of being forced to treat it as a cost of business. The average Canadian is forced to pay more instead of giant corporations taking any kind of hit to their profit margin. When did it become acceptable to care more about shareholders than the living conditions of your neighbours? J. Squires, London Pierre Poilievre Justin Trudeau Jagmeet Singh #carbontax

#CanadianSmallBusinessOwners, have you received a surprise payment or cheque in the mail yet? FYI: The Canada Carbon Rebate for Small Businesses is a refundable tax credit introduced in Budget 2024. It returns a portion of federal fuel charge proceeds directly to eligible Canadian-controlled private corporations (CCPCs). No application is required. If you're eligible, you should automatically receive this payment! #SmallBusinessCanada #TaxCredit #CarbonRebate #CCPCs #BusinessFunding #CanadianEconomy #RefundableTaxCredit

New Canada Carbon Rebate for Small business. To be eligible for the retroactive payment with respect to the 2019-2020 to 2023-2024 fuel charge years (a fuel charge year runs from April 1 to March 31), a CCPC must: Have employed one or more persons in a designated province in the calendar year in which the fuel charge year begins Have had 499 or fewer employees throughout Canada in that calendar year File a tax return for its tax year ending in 2023 no later than July 15, 2024 CCPCs do not have to apply for this rebate. Once the Minister of Finance has specified the payment rates for each designated province for the applicable fuel charge year, we will calculate and automatically issue the rebate amounts to eligible CCPCs.