The Buzz

The federal government announced the payment amounts for the new Canada Carbon Rebate for Small Businesses, which will deliver over $2.5 billion to about 600,000 Canadian businesses before the end of this year.

This refundable tax credit will return a portion of the fuel charge proceeds from 2019-20 through 2023-24 to small businesses, in jurisdictions where the federal fuel charge applies. Eligible businesses that filed their 2023 tax return by July 15, 2024, will receive their payment by:

• December 16, 2024, if registered for direct deposit from the Canada Revenue Agency; or,
• December 31, 2024, if receiving payment by cheque.

To ensure all eligible businesses can receive their payments, the government is proposing to extend the deadline for businesses that file their tax return from July 15, 2024, to December 31, 2024. Late filers would receive their payment at a later date, subject to Royal Assent of the required legislation.

The federal government also announced a revised Code of Conduct for the Payment Card Industry in Canada, effective October 30, 2024, as well as new, reduced credit card transaction fees for small businesses that will take effect on October 19, 2024.

Learn more about all of the above announcements by reading the press release and related backgrounders : Backgrounder: Payment rates for the Canada Carbon Rebate for Small Businesses (2019-20 to 2023-24) and Revised Code of Conduct for the Payment Card Industry in Canada.