Budget 2024 launches the new Canada Carbon Rebate for Small Businesses
This new refundable tax credit will urgently return proceeds from the price on pollution from 2019-20 through 2023-24 to an estimated 600,000 businesses, with 499 or fewer employees, in provinces where the federal backstop applies. This would deliver over $2.5 billion directly to these small- and medium-sized businesses. The only requirement to receive the automatic, ongoing direct payments is for eligible business to file their taxes. To be eligible for the 2019-20 to 2023-24 payments, the deadline to file a tax return is July 15, 2024.