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:

Join Knowledge Bureau President Evelyn Jacks, and guest speakers for a full professional training experience at the next Virtual CE Summit on September 23, 2021. Early-bird registration ends Sept 15.

It was such a hit last month, we’re doing it again:  Speed Networking so save the date: September 8th at 3:30 pm CT.  The Society of Real Wealth Managers’™ invites you to Meet a Real Wealth Manager (RWM™) to discuss ways to collaborate to bring high value care in the best interests of your clients.

The government has promised to increase Old Age Security by 10% for seniors over age 74, but that increase won’t kick in until the July 2022 payments.  However, this month, a one-time payment of $500 (with zero withholding)  will be made to seniors who meet the following criteria:

Have you agreed to be an executor for a loved one?  I just know you want to be ready and informed about what to do when the time comes.  When it is time to ‘be’ the executor, you could very well be feeling the emotions of your loss.  For that reason, amongst others, the time to check into what is involved is NOW! 

The recently concluded Olympics were a thrill and a testament to the resilience of our athletes.  Their commitment has financial consequences, however. This is because athletes must maintain amateur status to compete.  For these reasons, trusts for amateur athletes allow for the deferral of qualifying income for up to eight years.   There are a number of tax consequences to be aware of, however, for the athletes and the amateur associations that promote the sports.

The Canada Revenue Agency (“CRA”) is a body corporate that, inter alia, carries out the duties and functions of the Minister of National Revenue (“Minister”). The CRA routinely audits Canadian taxpayers in order to ensure compliance with various taxation legislation, including the Income Tax Act and the Excise Tax Act.