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:

It’s time to take note of the tax filing requirements and investment opportunities that now that we’re into the first quarter of the year. This is an important timeline for investors making TFSA and RRSP contributions, as well as interest payments on inter-spousal loans.  In addition, there are some important dates to note with regards to the Canada Workers Benefit (CWB) and other COVID-19 related benefits. Mark your calendar and discuss these January and February tax and investment planning milestones with your clients.

Canada’s Leading Advanced Tax Update course as featured in the January 19 Virtual CE Summit is now available online.  It’s like having your own tax PVR! Take a comprehensive online course with outstanding expert presentations from Canada’s leading tax minds for the low price of $695 (save $200) when you register by March 15. Brush off the cobwebs and learn at your own time with everything you need to prepare for the upcoming T1 tax filing season.

Do you have complex tax questions difficult to find on the CRA website?  Are you too busy for long wait times on the phone with the CRA?  At Knowledge Bureau we have a great solution to help you save time and money and answer more tax questions from your clients with confidence.  Plus, it links directly to all pertinent CRA forms, guides, folios, the Income Tax Act and much more!

There is good news for business owners who continue to struggle through the pandemic:  CEBA loan repayments have been postponed for a year.  Here are the details: in light of the new developments of the Omicron variant of Covid-19, the Federal Government is preparing a battery of measures to assist Small and Medium-sized Businesses.

Hello and Happy New Year! Welcome to a new column, which I am excited to share with you.  The purpose is to think about the practical applications arising from tax and economic issues of the day and what impact they have on the lives of your clients.  Today, my musing are about Getting the Right Outcomes.

You may have missed the news during the holiday hustle, when the federal government announced an expansion to the Canada Worker Lockdown Benefit (CWLB).  There are  also new tax filing  deadlines to be aware of.   Here are the details: