Please see below for a release from CFIB
I’m pleased to share some exciting news out of Ottawa! The federal government has finally announced when and how it will return $2.5 billion in carbon tax revenues to small businesses. Eligible businesses can expect their rebates by December 16, 2024 (direct deposit) or December 31, 2024 (cheque). These dates apply to businesses that filed their 2023 year-end tax return by the July 15, 2024, deadline. I’m pleased to note that the CFIB team has prepared an online calculator to help you estimate your potential rebate.
This win would not have been possible without months of relentless CFIB advocacy, including delivering over 18,500 petitions signed by businesses like yours.
The government is also proposing to extend the filing deadline to qualify to December 31, 2024 (previously July 15, 2024) for those who have not yet filed their 2023 year-end corporate tax return. Legislation enacting this change is pending. You must be an incorporated firm (CCPC) with between 1 and 499 employees to qualify. Rebates will be based on the number of T4s issued by an employer, including those issued to the business owner, their family, part-time, and seasonal workers, as well as for positions that turn over.
Sizable rebates will be paid out to Alberta, Saskatchewan, Manitoba, and Ontario. New Brunswick, Nova Scotia, PEI, and Newfoundland and Labrador will receive smaller payouts as they only joined the federal carbon backstop as of July 1, 2023.
Carbon tax rebate amount by number of employees, 2019-20 to 2023-24
While this is a major victory, our work continues! The carbon tax is up 300% and still increasing, so it’s no surprise that 83% of small business owners oppose the tax entirely. CFIB is actively lobbying all parties to end the federal carbon tax.
Visit our carbon tax page or the Member Portal to calculate your per employee rebate, see CFIB’s work leading up to this monumental win, and sign our petition calling on government to scrap the tax!
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