CFIB statement on the need for the 2025 budget Français
They include:
The tax status of the $2.5 billion small business carbon rebate delivered in December (CRA says it is taxable until government introduces a change).
Changes to and delivery of the $623 million small business carbon rebate for 2024/25 (the FES proposed a new formula and government is now sitting on the rebates).
A legislative change to allow businesses to qualify for the earlier carbon rebate by filing their returns for those years before Dec. 31, 2024.
A bump in the Lifetime Capital Gains Exemption (LCGE) to $1.25 million backdated to June 25, 2024 (introduced but not passed, promised by Prime Minister Carney too).
The fate of the new Canadian Entrepreneurs' Incentive (backdated to Jan. 1, 2025) to lower the inclusion rate to 33% on a lifetime maximum of $2 million in eligible capital gains.
All of these measures are supposed to be in place today, but were delayed due to the filibuster, prorogation of Parliament and election. Only one is temporarily supported by CRA (the LCGE change).
A budget would provide the window for government to introduce the legislation, which should all be ready to go from the last Parliament.
Without action, small businesses filing their 2024 taxes in June are required to pay corporate income tax on their share of the $2.5 billion carbon rebate they've already received and spent. Then, CRA is suggesting 600,000 small business owners file an amendment to get the tax back when the legislation change is made. This makes no sense at all.
Among the best things the federal government could do to address the massive economic and trade uncertainty facing SMEs is to provide them with certainty on these tax measures. They have all been promised, are ready to go and should be part of a 2025 budget this legislative session.
- Dan Kelly, President, CFIB
About CFIB
The Canadian Federation of Independent Business (CFIB) is Canada's largest association of small and medium-sized businesses with 100,000 members across every industry and region. CFIB is dedicated to increasing business owners' chances of success by driving policy change at all levels of government, providing expert advice and tools, and negotiating exclusive savings. Learn more at cfib.ca.
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