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Category: Key Insights

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Key Insights

Canada Carbon Rebate for Small Businesses

Over the next few weeks, owners of small and medium-sized businesses will be receiving their Canada Carbon Rebate for Small Businesses. Through this rebate, the federal government will return more than $2.5 billion to around 600,000 businesses across Canada. Designed to offset the costs associated with the federal fuel charge, this initiative aims to alleviate financial pressures while still promoting environmental responsibility. Keep reading to learn more about this rebate including eligibility criteria, provincial rates and payment methods.

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NVS Professional Corporation November 28, 2024
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Key Insights

Changes to the New Trust Reporting Requirements

The hasty implementation of new reporting rules in 2023 was cause for much confusion and uncertainty among Canadian taxpayers. In recent months, the Ministry of Finance revisited the new trust reporting rules and introduced several key amendments. With broader exceptions and an expanded list of exempted trusts, these changes aim to provide greater clarity and limit the number of trusts subject to the new requirements. Learn more here.

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NVS Professional Corporation October 8, 2024
Clean economy investment tax credits Canada
Key Insights

Clean Economy Investment Tax Credits 2024

Can your business benefit from the new Clean Economy ITCs? To support Canada’s goal of achieving net-zero emissions by 2050, the government has identified six key areas that will receive major economic ITCs in 2024 and beyond. With the passing of Bills C-59 and C-69, the legislation for the first four ITCs has now received royal assent. These ITCs represent a significant opportunity for tax savings, with roughly $93 billion in federal incentives being made available by 2034-35. To learn more about the Clean Economy ITCs and what they mean for Canadian businesses, check out our Key Insights.

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NVS Professional Corporation September 18, 2024
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Key Insights

Employee Ownership Trusts

Business owners, are you up-to-date with Canada’s recently enacted Employee Ownership Trust (EOT) framework? EOTs provide a viable alternative to traditional exit strategies that can ensure the longevity of a business by placing ownership into the hands of those who know it best—its employees. For business owners considering their succession planning options, EOTs offer a tax-efficient means of transferring ownership. They’ve also been shown to improve business performance by creating a sense of shared ownership and investment in the company’s future. To learn more about the new EOT framework and what it means for your business, check out our Key Insights here.

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NVS Professional Corporation August 16, 2024

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