Paul Young’s Post

CANADA CARBON REBATE FOR SMALL BUSINESSES: “Small businesses are the backbone of our economy, and our government is once again delivering real, tangible support to help them thrive. The Canada Carbon Rebate will put $2.5 billion directly into the hands of nearly 600,000 small business owners across the country, while lower credit card fees will save small businesses an additional $1 billion over the next five years. Our message is simple: We’ve got your back so you can focus on growing your business, creating jobs and strengthening your communities.” - Rechie Valdez “Small businesses create jobs and bring culture and vibrancy to every community they open up shop in. That is why I am so proud to be a part of a government that has their back and is helping them save money so that they can spend more time focusing on what is most important: growing and investing in their business.” - Iqwinder S. Gaheer REALITY: "CFIB has just learned government plans to tax the long-delayed $2.5 billion carbon tax rebate for small business." 👏 👏 Clueless. Where are the real leaders in this country? Are you happy with this? And more so, will you allow this to continue?

Yes it’s Small Business Month, and I have an incredible announcement, did you know that on October 1, 2024, the federal government announced that it will return $2.5 billion in carbon tax rebates to small businesses by December 16, 2024 (if registered for direct deposit with the CRA) or by December 31, 2024 (if receiving payment by cheque). These dates apply to businesses that filed their 2023 year-end tax return by the July 15, 2024 deadline. 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 I love seeing small businesses thrive and I know that this news is definitely going to help give businesses a huge boost! So please share the great news with your fellow small businesses! At HKC Construction, we are not just constructors but advisors, we explore ways to help our clients grow, driving higher ROI on construction projects. Looking for a builder that can help give your next project a boost, connect with me at robertor@hkcconstruction.com and let’s build the future together! #smallbusiness #business #taxes #entrepreneurs #leadership #rebate #ontario #canada #construction #building #mississauga #management #pleaseshare https://lnkd.in/eayUQCM4

Research of 1,000 small and medium sized enterprises (SMEs) shows Budget measures that relieve cost-of-living pressure are at the top of the list for SMEs, above the removal of red tape and lowering of the company tax rate. Small businesses are feeling the impact of cost-of-living on two fronts with customers spending less and the cost of doing business is growing. So did the 2024 Federal Budget deliver? Here are the key takeaways: Tax Cuts and Incentives: Once enacted, extension of the $20,000 instant asset write-off until June 30, 2025, will enable small businesses to deduct the cost of new assets immediately. There will be an expected $290 million in cash flow support for up to four million small businesses to help with immediate financial pressures. Energy Bill Relief: The Budget allocates $3.5 billion in new energy bill relief, affecting one million small businesses. This includes a rebate that helps reduce operational costs associated with energy prices. Support for Innovation and Sustainability: The introduction of the $22.7 billion Future Made in Australia package, which includes production tax incentives and funding for innovation, particularly in green industries, offers opportunities for small businesses to innovate and adapt to new technologies. Infrastructure and Housing Investments: Significant investment in housing and infrastructure has been announced, including efforts to clear local infrastructure bottlenecks and fund more social and affordable housing. This can stimulate local economies and create opportunities for small businesses involved in construction and related services. Enhanced Competition and Regulatory Relief: Measures to boost competition and reduce compliance costs, including strengthening the mergers regime and abolishing nuisance tariffs. This will help small businesses by lowering barriers to entry and reducing regulatory burdens. These Federal Government's initiatives are designed to ease cost of living pressures, support economic growth, and enhance the capabilities of small businesses to thrive in a changing economic landscape. Our verdict: The Energy Bill Relief Fund will assist in some way to helping small businesses tackle rising costs. It’s a step in the right direction for those who are struggling with the rising cost of doing business. It’s our hope that cost of living relief more broadly will put more money in the hip pockets of Central Queenslanders, which can flow through to the small and medium-sized businesses that together contribute more than half of the local economy.

Ottawa scaling back carbon price rebate for small businesses. Highlights.... The federal government is cutting the amount of financial relief small businesses will receive from carbon pricing revenues so it can increase the size of the rebate it is providing to rural families. Small businesses were already paying more than they were getting back, and the change will make that shortfall even worse, said Dan Kelly, the president of the Canadian Federation of Independent Business. The CFIB estimates small businesses contribute as much as 40 per cent of the government’s overall carbon price revenues. Information posted to the federal government website last week shows Ottawa intends to return $623 million in carbon pricing revenues to businesses for the 2024-25 year. The change also comes as Ottawa has paid out only a small fraction of what it already promised small businesses to begin with. Small and medium-sized businesses — those without major carbon footprints of their own — were to get about seven per cent back through various grant programs designed to encourage investments in more energy-efficient equipment, appliances or building retrofits. See full article via link below. #smallbusiness #finance #accounting #bookkeeping #carbontax #taxes #rebates #financialplanning https://lnkd.in/eTqbsVu2

Here's commercial risk(cashflow) to look out for if you do business with the government or have any credit exposure to businesses doing business with the government. Last evening I had a conversation with a friend of mine who supplied a government ministry with office furniture and has since 2018 not received payment. The invoice amount is not substantial so I advised him to babysit them until they pay as opposed to going legal. And then he said this; "I have tried until the deputy commissioner told me it’s impossible". Coincidentally I had just had a sidebar exchange with a senior accountant colleague whom I had earlier met over work and he had remarked that his firm is no longer taking instructions from any entities that are heavily reliant on government contracts unless fees are paid 100% upfront. We're heading into an expensive election cycle and government priorities are about to change. And so now might be a good time to start cutting back on any credit exposure to businesses which are heavily reliant on government contracts. Unless of course you're resilient enough to ride the cashflow problems! I am also addressing these concerns to the concerned technocrats and politicians; This is not good and it needs to be remedied. If Banks recognise this as serious loan book risk and stop lending to businesses that are heavily reliant on government contracts, or even to business with any exposure to government current liabilities, it might be catastrophic! Follow this link to read my most recent tax commentary in relation to government contracts! #RiskManagement #Receivables MRT Tax A GOVERNMENT CONTRACTOR'S GUIDE TO DEEMED VAT. https://lnkd.in/e29MXVes

Check out the new small business rebate! What is the Small Business Carbon Rebate? You may have heard of the "Canada Personal Carbon Tax Rebate", but did you know that small businesses also have their own carbon rebate? Canada introduced a refundable tax credit in the 2024 budget - the "Small Business Carbon Rebate", which aims to return a portion of the federal fuel surcharge directly to eligible Canadian controlled private companies (CCPCs). The program will provide more than $2.5 billion in funds to approximately 600,000 Canadian businesses by the end of this year. If your business qualifies, the tax agency will automatically process and issue the rebate, no additional action is required! The tax agency plans to issue it to eligible small businesses by December 2024: ✅ If you have registered for direct deposit, you can receive the payment as late as December 16, 2024 ✅ If paid by cheque, you can receive it as late as December 31, 2024 Business requirements: 🔴Business size: The business must be a small or medium-sized enterprise (SME), that is, the number of employees does not exceed 499. 🔴Tax return: Only businesses that have submitted their 2023 tax return by July 15, 2024 can receive this rebate. Please be sure to check whether your tax return is completed on time to avoid missing out on benefits! 🔴Region: The business must be located in a province that implements the federal carbon pricing policy, such as Ontario, Manitoba or Alberta. Warm reminder: Haven't registered for direct deposit yet? Act quickly, it is not only convenient and fast, but also can get rebates faster! Let small businesses easily cope with operating costs, this is the meaning of the policy! 💼✨

As of 1 April, small businesses have received a boost as the VAT registration threshold is raised from £85,000 to £90,000, and £4.3 billion of business rates relief comes into force. What impact could this have on your business? https://bit.ly/3VKLiAo #ReedAccountancy #Accountancy #Finance #SME #VAT

As of 1 April, small businesses have received a boost as the VAT registration threshold is raised from £85,000 to £90,000, and £4.3 billion of business rates relief comes into force. What impact could this have on your business? https://bit.ly/3VKLiAo #ReedAccountancy #Accountancy #Finance #SME #VAT

What the Australian Federal Budget 2023 means for small business owners. #FederalBudget #AustralianTreasury #SmallBusiness #SMEs #BusinessFinance https://lnkd.in/gJJBSzSe

Many small businesses across Canada are beginning to see deposits from the Canada Revenue Agency as part of the Canada Carbon Rebate for Small Businesses. This rebate is a key component of the government’s Climate Action Incentive Fund, designed to return billions in carbon pricing proceeds to support businesses with fewer than 500 employees. Learn how the rebate is calculated, when payments are expected, and what it means for your business here: https://lnkd.in/gfq7EPWY