The Buzz

Businesses – Tax information newsletter, Edition 2024- 03 – June 27th, 2024

Get ready for the Canada Carbon Rebate for Small Businesses

Budget 2024 announced a new rebate to return a portion of federal fuel charge proceeds to eligible Canadian-controlled private corporations (CCPCs).

If you are a CCPC, get ready by filing your 2023 corporate income tax return no later than July 15, 2024.

Learn about eligibility and other details for the Canada Carbon Rebate for Small Businesses.

Complete our online questionnaire on reporting fees for service!

The Canada Revenue Agency is looking to better understand businesses’ and organizations’ awareness of, and readiness to comply with, the reporting fees for service (RFS) requirement. We encourage you to participate in our online questionnaire on RFS, which is available on Share your thoughts: Reporting fees for service - Canada.ca.

Your feedback will help identify ways to clarify reporting requirements, streamline processes, and proactively support businesses and organizations in understanding and meeting their tax obligations.

Introducing the SR&ED Annual Program Statistics web page

The CRA is proud to introduce the new Annual program statistics web page for the Scientific Research and Experimental Development (SR&ED) Tax Incentive Program. Visit our new page for the latest statistics on SR&ED claims broken down by field of science, business size, refundability, acceptance rates and more! You will now be able to access stats for the last three fiscal years, including 2023 to 2024. New data will be added on an annual basis.

To stay up to date on the latest SR&ED program news, you can subscribe to our electronic mailing list. If you have questions or need more support, contact us today or visit canada.ca/taxes-sred to learn more about the program.

Self-employed? Need help understanding taxes? We can help!

Whether you are working for yourself or starting your own business, it is important to understand your tax obligations. Navigate self-employment with the CRA’s online module: Working for yourself. This comprehensive learning tool covers everything you need to know, from business registration to income reporting, and more!

New fact sheet on tax obligations for personal services businesses

Have you recently incorporated your business? Do you provide services to one other company? You might be considered to be operating a personal services business (PSB) by the CRA. This means your tax obligations are different than other corporations!

Check out the CRA’s fact sheet on PSBs! It’s intended to help you better understand your reporting and filing obligations, as well as your tax rate and what you can and cannot deduct as a PSB.

Your Top Business Tax Questions Answered

Check out our latest FAQ tax tip which includes answers to your top business tax questions!