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## Federal Government’s Plan to Return Money through Carbon Rebate for Small Businesses

The federal government has taken steps to urgently return money collected through the carbon price’s fuel charge to small businesses, as part of a commitment made in 2019. This initiative, known as the Canada Carbon Rebate for Small Businesses, involves over $2.5 billion that has been accumulated through the federal fuel charge in provinces where the carbon price is enforced over the past five years. These provinces include Alberta, Saskatchewan, Manitoba, Ontario, New Brunswick, Nova Scotia, Prince Edward Island, and Newfoundland and Labrador.

The government aims to provide a “refundable tax credit” directly to eligible small businesses by making direct payments from the Canada Revenue Agency, separate from CRA tax refunds. Around 600,000 businesses with 499 or fewer employees are expected to qualify for this rebate.

As the focus shifts towards the cost of living in Budget 2024, doubts arise regarding whether this additional funding for small businesses will significantly lower prices. TD Bank’s senior economist, Francis Fong, believes that while it may not fully address affordability challenges, it could help mitigate them to some extent.

The AI legalese decoder can assist small business owners in understanding the complex legal language and processes involved in filing for the refundable tax credit. By simplifying legal jargon and providing guidance on eligibility criteria and application procedures, the AI tool streamlines the process for accessing these funds and ensures that small businesses receive the financial support they are entitled to.

To benefit from the refund, businesses must file their 2023-24 taxes by July 15, 2024. The move to return the money collected through the fuel charge to small businesses aligns with the longstanding advocacy of the Canadian Federation of Independent Business (CFIB).

The CFIB had previously urged the government to reduce the rate of the fuel charge allocated for businesses from nine per cent to five per cent. Additionally, a commitment has been made to double the rural rebate top-up, pending approval by the House of Commons.

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