New Canada Carbon Rebate for Small Businesses – file your 2023 corporate tax return before this date to get rebate, Eligibility

Written byPraveen Singh

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New Canada Carbon Rebate for Small Businesses: The government of Canada has made a huge announcement regarding the Canada Carbon Rebate in the Budget 2024. Under the budget, the government has decided to offer a New Canada Carbon Rebate for Small Businesses. The rebate is a refundable tax credit announced officially to refund a part of the federal fuel charges proceeding to the eligible CCPCs directly i.e., Canadian Controlled Private Corporations. Readers who have ensured their eligibility can now apply for the New Canada Carbon Rebate.

However, one must note that there is no application form available to apply for the $2.5 Billion Canadian Carbon Rebate. Instead, applicants will have to file their corporate income tax return for the tax year ending in 2023. Scroll down the page and get information about the deadline to apply for credit, eligibility conditions, rebate calculation details and others.

New Canada Carbon Rebate for Small Businesses - file your 2023 corporate tax return before this date to get rebate, Eligibility

New Canada Carbon Rebate for Small Businesses

The officials have set a deadline for small businesses to become eligible for the New Canada Carbon Rebate. So, the deadline is 15th July 2024. After 15th July, the eligibility cannot be fulfilled which will automatically remove the beneficiaries from the benefits. According to available information on the official website of the government of Canada, the New Canada Carbon Rebate will help around 600,000 small and medium businesses. The eligible CCPCs (Canadian Controlled Private Corporations) will get a retroactive payment of more than $2.5 billion.

The payment will be offered to eligible beneficiaries for the 2019-20 to 2023-24 fuel charge years. The Canada Revenue Agency will calculate the amount after the Minister of Finance provides the specified payment rate for each province and territory of Canada for the respective calendar year. After that, the payment will be issued automatically to eligible CCPCs. The authority cannot determine the exact date of distributing the www.canada.ca Carbon Rebate amounts. The officials have stated that they will provide the timeline in a few months.

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Eligibility Criteria to Get $2.5 Billion Canadian Carbon Rebate for Small Businesses

The officials have set the eligibility criteria which must be fulfilled to get benefits of the New Canada Carbon Rebate for Small Businesses. To get the benefits of the above-mentioned rebate, a CCPC must fulfill the following conditions:

  • Must have employed one or more people in the respective province for that particular year in which the fuel charge year commenced.
  • Businesses must have had a maximum of 499 or fewer employees in Canada country for the same calendar year.
  • Businesses must have filed the tax return ending in 2023 and before 15th July 2024.

How the New Canada Carbon Rebate for Small Businesses be calculated?

The officials will calculate the amount of the New Canada Carbon Rebate for an applicable calendar year between 2019 to 2023 for each designated province in which the eligible Canadian Controlled Private Corporations have been employed for that calendar year.

The amount of the rebate will be equal to the number of people who have been employed by the eligible CCPCs om the respective province for the respective calendar year which will be multiplied by the payment rate mentioned by the Minister of Finance for the designated province for the corresponding calendar year.

Currently, the authority will not provide detailed information regarding the estimated rebate amounts. The Minister of Finance will first have to set the payment rate to determine the www.canada.ca Carbon Rebate. In addition, it is still early to determine the exact rate of distribution.

The following are the designated provinces:

Jurisdiction20192020202120222023
AlbertaYesYesYesYes
SaskatchewanYesYesYesYesYes
ManitobaYesYesYesYesYes
OntarioYesYesYesYesYes
New BrunswickYes
Nova ScotiaYes
Prince Edward IslandYes
Newfoundland and LabradorYes

Frequently Asked Questions

What is the New Canada Carbon Rebate for Small Businesses Payment Date?
Currently, the officials have only mentioned the tax filing return deadline. After the issuance of the payment rate and other details, the payment dates will also be provided shortly.

How will the eligible beneficiaries receive the $2.5 Billion Canadian Carbon Rebate?
The eligible beneficiaries will get the New Canada Carbon Rebate via two methods i.e., cheque which will sent to beneficiaries’ addresses via mail and through direct bank deposit. Direct bank deposit takes less time than a cheque to reach the beneficiaries.

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