Finance Minister Chrystia Freeland announced Tuesday that owners of small and medium-sized businesses will finally receive their carbon pricing refunds before the end of this year. The Canadian Federation of Independent Business welcomes the announcement which came after 31,000 signed petitions from small business owners.
CFIB says rebates will be based on the number of T4s issued by an employer, including those issued to the business owner, their family, part-time, and seasonal workers, as well as for positions that turn over.
It’s expected the federal government will send more than $2.5 billion to about 600,000 Canadian businesses in December. The payments will return a portion of the carbon price revenue from 2019-20 through 2023-24 to small businesses in jurisdictions where the federal fuel charge applies.
As well, as of October 19th the cost of accepting credit cards will be reduced by an average of 27 per cent for small businesses processing less than $300,000 in annual Visa sales and $175,000 in Mastercard sales.
