Canada Carbon Rebate for Small Businesses
Announced in the 2024 Federal budget, the government of Canada stated that they will return more than $2.5 billion in Carbon Taxes to around 600,000 small- and medium-sized businesses who employ less than 500 employees in provinces where the federal backstop applies, including Alberta.
The rebates will come in the form of a new refundable tax credit to “urgently” return carbon taxes collected from 2019-20 through 2023-24.
The only requirement to receive the automatic, ongoing direct payments is for eligible businesses to file their tax returns. In order to be eligible for the 2019-20 to 2023-24 rebates, the deadline to file a tax return is July 15, 2024, which is 15 days after the normal filing deadline for December 31, 2023, yearends, which is July 1, 2024.
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