The Owen Sound Chamber of Commerce is reminding Canadian small and medium sized businesses owners to file their 2023 taxes by July 15 to ensure they receive any rebates owed to them.
According to a release from the Chamber, Canada Revenue Agency (CRA) is working towards issuing retroactive payments for the Canada Carbon Rebate, but taxes must be filed to qualify.
The Canada Carbon Rebate for Small Businesses is a refundable tax credit announced in Budget 2024 to return a portion of federal fuel charge proceeds directly to eligible Canadian-controlled private corporations (CCPCs).
The retroactive payments total over $2.5 billion with respect to the 2019-2020 to 2023-2024 fuel charge years.
Eligible businesses must have employed one to 499 persons in a designated province in the calendar year in which the fuel charge year begins.
Once the Ministry of Finance has specified the payment rates for each designated province for the applicable fuel charge year, the CRA will calculate and automatically issue the rebate amounts to those who are eligible.
It is too early to determine the exact distribution date for the rebate amounts.
