OTTAWA,
ON, July 4, 2024 /CNW/ - The July 15 deadline approaches to be eligible for
the Canada Carbon Rebate for Small Businesses. This refundable tax
credit announced in Budget 2024 returns a portion of federal
fuel charge proceeds directly to an estimated 600,000 small and
medium businesses.
Over $2.5 billion in retroactive
payments will be issued to eligible Canadian-controlled private
corporations (CCPCs) with respect to the 2019-2020 to 2023-2024
fuel charge years.
To be eligible for the rebate for one or more of the fuel charge
years (which run 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; and
- have filed their corporate income tax return for the 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 an applicable calendar year, the
Canada Revenue Agency will calculate and automatically issue the
rebate amounts to eligible CCPCs.
It is too early to determine the exact distribution date for the
rebate amounts. We will provide updates on the timelines in the
coming months.
For more information on how the rebate payments will be
calculated and the designated provinces, go to Canada Carbon Rebate
for Small Businesses.
Contacts
Media Relations
Canada Revenue Agency
613-948-8366
cra-arc.media@cra-arc.gc.ca
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SOURCE Canada Revenue Agency