The federal government is returning $623 million in carbon tax rebates to small businesses across Canada.
It’s good news for small businesses according to the Canadian Federation of Independent Business.
A release from the CFIB said 600,000 small businesses across eight provinces will receive the rebate.
“After another challenging year, small firms could really use this chunk of cash,” said CFIB president Dan Kelly.
Rebates will be based on the number of T4s issued by an employer. The Canada Revenue Agency will automatically issue rebates to eligible businesses in Alberta, Saskatchewan, Manitoba, Ontario, New Brunswick, Nova Scotia, Prince Edward Island and Newfoundland and Labrador.
“It is a relief that the government has cancelled this carbon tax and delivered on the final annual instalment to small firms,” Kelly said.
The next step, Kelly said, is calling on the federal government to pass legislation that ensures the rebates are tax-free and to deliver on a promise to extend the original filing deadline so more small businesses qualify.
Legislation to proceed with those changes is proposed in the 2025 budget.
