As of today’s date, the Minister of Finance has not announced the 2024 payment rates for T2 Schedule 63, Return of Fuel Charge Proceeds to Farmers Tax Credit.
The Canada Revenue Agency (CRA) has informed us that if the Minister of Finance does not specify the payment rate for 2024, the payment rate is deemed to be nil under ITA paragraph 127.42(6). As a result, if a corporation is filing its 2024 T2 return now, the rate used for Schedule 63 must be nil.
When the Department of Finance subsequently announces the payment rates for 2024, the corporation will be required to file an amended return if they wish to claim this tax credit.
