Cash In on Carbon: Rebates for Small Businesses
Roth Mosey & Partners
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The Canada Carbon Rebate for Small Businesses is available for Canadian Controlled Private Corporations (CCPCs) who have had less than 500 employees in a designated province, such as Ontario.
The government has announced the taxable payment amounts for each province per employee which can be viewed at this link - ?Canada Carbon Rebate for Small Businesses Payment Amounts, 2019-20 to 2023-24 - Canada.ca
As an example, an Ontario company with 10 employees would expect to receive a payment of $4,010 ($401/employee x 10 employees). This it the total payment covering all years from 2019 to 2024.
These payments will automatically be determined by the CRA and will be issued by the end of the year by either direct deposit (if registered) or cheque. These payments will be taxable to the recipient.
Right now, only corporations that filed their 2023 return by July 15, 2024 will receive their payments. However, it is being proposed that to allow more businesses to receive a payment, that corporations that file their tax return for 2023 after July 15, 2024, and on or before December 31, 2024, would be eligible for a payment.
This rebate is expected to continue going forward.
If you have any questions regarding the Canada Carbon Rebate for Small Businesses, please reach out to your Roth Mosey Advisor.