TORONTO, July 10,
2024 /CNW/ - While Ottawa is finally moving
forward with returning over $2.5
billion in promised carbon tax rebates to small businesses,
a strong majority (83%) are opposed to the entire federal carbon
tax system and want it scrapped, says the Canadian Federation of
Independent Business (CFIB).
"While the 2024 budget promises the government will "urgently"
return the $2.5 billion in carbon tax
revenue owed to 600,000 small businesses in eight provinces,
entrepreneurs still do not have details on the size or timing of
their rebates. In addition, while the carbon tax rate will rise
again on April 1, the federal
government has cut the size of the SME rebate scheme from 9% to 5%
of total revenue," said Dan Kelly,
CFIB president.
"The entire carbon tax system has been unfair to small
businesses for far too long," Kelly added. "And with the tax going
up and rebates for small business being cut, it's clear the carbon
tax regime is broken and has got to go."
Here's how to qualify for carbon tax rebates as a
business
The Canada Carbon Rebate for SMEs will return $2.5 billion in carbon tax revenue collected from
small business in Alberta,
Saskatchewan, Manitoba, Ontario and the four Atlantic provinces over
the past five years. CFIB estimates this represents less than
one-quarter of the amount paid by businesses.
To be eligible, business owners in the eight provinces must file
their 2023 corporate income tax return by July 15, 2024. Only incorporated firms with 499
paid staff or fewer will be eligible. CFIB believes this will be
based on the number of T4s each firm issues in a given year.
Rebates will be automatic and paid by the Canada Revenue Agency
(CRA) in the form of a refundable tax credit.
"The rebates and the expansion of the eligibility rules would
not have happened without months of CFIB's relentless advocacy,"
said Jasmin Guenette, CFIB's
vice-president of national affairs. "As it is clear there are no
plans to make the carbon tax system revenue neutral for small
businesses, the regime needs to be repealed."
For more information on carbon tax rebates and eligibility
rules, visit cfib.ca/carbontax.
Business owners can sign CFIB's petition asking government to
scrap the carbon tax here.
Methodology
Final results for the Your Voice - April
2024 survey. The online survey was conducted from
April 4-22, 2024, number of
respondents = 2,750. For comparison purposes, a probability sample
with the same number of respondents would have a margin of error of
at most +/-1.9 %, 19 times out of 20.
About CFIB
The Canadian Federation of Independent Business (CFIB) is
Canada's largest association of
small and medium-sized businesses with 97,000 members across every
industry and region. CFIB is dedicated to increasing business
owners' chances of success by driving policy change at all levels
of government, providing expert advice and tools, and negotiating
exclusive savings. Learn more at cfib.ca.
SOURCE Canadian Federation of Independent Business