Fuel Excise Tax on Hold But Inflation is Not

The U.S.-Israel war on Iran has thrown global oil prices into turmoil and there is plenty of fallout for consumers. Travelling to Europe this summer? That’s in jeopardy, as jet fuel may run out.  Looking for relief at the pumps instead? The recently announced suspended federal excise tax on gasoline, unleaded aviation gasoline, diesel fuel and aviation fuel here in Canada will soften the blow, but only temporarily: it will be zero from April 20 to September 7, 2026. Here’s what you need to know:

After spending close to $12 million to reform government processes and rollout new federal disability programming, the government reintroduced legislation to create the New Canada Disability Benefit (CDB) on June 2.  It is meant for those under age 65, but it is unclear when this new income-tested source will actually be in the hands of the disabled and in what amounts. Here is what we know so far:

There’s still time to join us today, June 23 at 12 PM CST/ 1:00 PM EST to spend some time discussing how professional advisors and charity professionals  can work collaboratively to enhance the client/donor experience.  Lead by panelists MFA-P™ alumni Candice Jay and Aneil Gokhale, this MFA-P™ Discovery Seminar is one you don’t want to miss!  RSVP now!

Most advisors know how difficult it is to discuss financial matters when there are other issues in the family:  conflict, disability or financial worry. Imagine this barrier:  how to unlock the deep moral injury young people feel about the institutional and generational betrayal of their mindset; in particular, their significant distress about the enormous existential threat they face in their future.  Learn more about why this matters in tax and financial planning with Dr. Britt Wray at DAC Acuity 2022 in Niagara Falls, October 16-18.

Recent MFA-P™ Graduate, Grace Xin shares how taking the MFA-P program has helped build her career as a newcomer in the charitable sector. She says, “charitable giving can be done in so many creative ways to maximize impact while achieving financial goals at the same time. The MFA-P course is an amazing key to open so many doors of strategic philanthropy.” Please join us in congratulating Grace on her achievements and learn more about her story:

Bill C-8 received Royal Assent on June 9, signalling the imminent release of held back 2021 tax returns for those taxpayers making new claims in three specific profiles: educators, northern residents and farmers. In addition, small business owners will be able to claim a new tax credit for building ventilation improvements and non-resident real estate holders will pay more taxes to Canada in 2023.  Here’s what you need to know:

Residents of Alberta, Saskatchewan, Manitoba, and Ontario received the full-year Climate Action Incentive for 2021 when they filed their 2020 tax returns. Eligibility was based on their province of residence and family situation as of December 31, 2020. Did you know that for 2022, everything has changed?