Reliable Accountings Solutions®’s Post

The Canada Revenue Agency (CRA) is working towards issuing retroactive payments for the Canada Carbon Rebate for Small Businesses. Eligible small and medium-sized enterprises (SMEs) need to file their 2023 taxes by July 15 to ensure they receive the money to which they are entitled. The Canada Carbon Rebate for Small Businesses is a refundable tax credit announced in Budget 2024 to return a portion of federal fuel charge proceeds directly to eligible Canadian-controlled private corporations (CCPCs). The retroactive payments total over $2.5 billion with respect to the 2019-2020 to 2023-2024 fuel charge years. For more information, please visit https://ow.ly/bt2V50SxObT #CanadaCarbonRebate #SMEs #SmallBusiness #TaxTip

Be ready...file your 2023 corporate tax return by July 15th!

Attention all Canadian-controlled private corporations (CCPCs)! 📣 Learn about the new Canada Carbon Rebate for Small Businesses. It provides support by returning a portion of federal fuel charge proceeds directly to eligible CCPCs. Get ready by filing your 2023 corporate tax return no later than July 15th. Check out the other eligibility criteria: https://ow.ly/WbSF50SpwUA #CarbonRebate #ClimateAction #CdnTax #CdnBusiness [Image description: A person is fixing a bike in their bike shop. The words read “New Canada Carbon Rebate for Small Businesses."]

The Canadian government recently introduced the Canada Carbon Rebate for small and medium-sized businesses. The program is designed to provide financial relief for businesses affected by carbon pricing, and it became effective on October 1st, 2024. Payments are calculated on a per-employee basis, and businesses can expect to receive these rebates by December 16th, provided they’ve filed their taxes on time. Key Highlights: Eligibility: If you operate in Alberta and have been in business since 2019, you qualify for a rebate of $591 per employee. Tax Filings: Ensure your 2023 corporate taxes were filed on time (original deadline was June 30th, but an extension has been proposed until December 31st, 2024). While this hasn’t yet received Royal Assent, most such proposals do pass into law. Per Employee Basis: The rebate is issued per employee, but one ambiguity is the lack of clarity around the duration of employment. Businesses with high turnover might receive more than expected, though the program's intent is still unclear on this point. If you’re unsure whether your province qualifies for the program or you’re located outside of Alberta, check the official website (link in the description of the video). Filing your taxes promptly is crucial to ensure you don’t miss out on these payments. The rebate payments will be processed through direct deposit by December 16th, or later for those receiving payments by mail. Take action now to benefit from this program and get the financial relief your business deserves! #CanadaCarbonRebate #SmallBusiness #Alberta #TaxRebates #GovernmentPrograms https://lnkd.in/efmdN8GV

📢 The Government of Canada is committed to affordability and sustainability with the new Canada Carbon Rebate for Small Businesses! 🌱💼 Announced in #Budget2024, this rebate will return over $2.5 billion to eligible Canadian-controlled Private Corporations (CCPCs) as a refundable tax credit for federal fuel charges from 2019-2020 to 2023-2024. To qualify: ✅ Employ 1+ person in a designated province. ✅ Have 499 or fewer employees in that year. ✅ File 2023 corporate tax return by July 15, 2024. No need to apply—the CRA will automatically issue rebates! #SmallBusiness #Sustainability

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.

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

Why Canada should reform its carbon tax On the 15th of July millions of Canadian households received a tax-free payment from the government as the proceeds of the federal carbon tax were redistributed. It’s always nice to get a tax refund, especially when its unexpected. Even better when households can bask in the warm glow that they helped Canada reduce its impact on the environment, and at no cost to themselves. What’s not to like about putting a ‘price on pollution’, and then not having to pay it? Yet despite the obvious attractions, the opposition Conservative Party plan to scrap the scheme if they get elected, and they currently hold a 20 point lead over the incumbent Liberal Party. What’s going on? Let’s dive in and peel back the layers to understand why this policy has promoted such hostility. #carbonpricing https://lnkd.in/eqXVTZnn

𝗙𝗲𝗱𝗲𝗿𝗮𝗹 𝗕𝘂𝗱𝗴𝗲𝘁 𝟮𝟬𝟮𝟰: 𝑪𝒂𝒓𝒃𝒐𝒏 𝑹𝒆𝒃𝒂𝒕𝒆 𝑭𝒐𝒓 𝑺𝒎𝒂𝒍𝒍 𝑩𝒖𝒔𝒊𝒏𝒆𝒔𝒔𝒆𝒔 The Canada Carbon Rebate for Small Businesses, introduced in the 2024 budget, aims to ease the financial burden of carbon pricing on small and medium-sized enterprises. This rebate program channels proceeds from the federal carbon tax back to qualifying small businesses, providing them with significant financial support. #carbonrebate #carbontax #rebate #BooksInLine #federalbudget2024 #canada #canadabudget2024 #fairnessforeverygeneration

The Numbers Are Out – Canada Carbon Rebate for Small Businesses! Small and medium-sized businesses could see extra funds in their accounts this December! Is your business eligible for the refundable Canada Carbon Rebate? Find out the details, including key deadlines, payment dates, and how much you could receive in our latest blog post. Don't miss out! Get all the information you need to ensure your business receives its rebate on time. #smallbusiness #taxrebates #canadabusiness #financialplanning #LekadirLLP #taxcredits #businessgrowth #carbonrebate