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:Interest Rate Steady: What It Means for Taxpayers
Need some positivity in your life? The new Bank of Canada Governor, Tiff Macklem announced yesterday that the benchmark interest rate would remain 0.25% (where it’s been since March) and will do so until the 2% inflation target is reached, which might take at least two years, according to their Monetary Policy Report. But there is more good news:
Commission Salespeople: Fill Knowledge Gaps on The Tax Consequences
Are you in the dark about tax rules for employed and self-employed taxpayers? Shore up your knowledge base now with two new short courses from Knowledge Bureau in the new Knowledge Gap Series. Here’s what you’ll learn online (that means in the comfort of home, office, cottage or beach), and the price is right, too.
Educational Calendar: Important 2020 Tax, Financial and Educational Events
Mark your calendar: there are some important dates coming up for those with an interest in tax and financial planning, including some exciting new educational opportunities with Knowledge Bureau.
Economic Update: Unprecedented $713 Billion to be Borrowed in 2020-21
According to the July 8 Economic Snapshot, the Canadian economy is projected to shrink by 6.8%, the worst economic contraction since the Great Depression. Worse, Canadians face an unprecedented total market debt level of $1.236 Trillion dollars projected for the end of 2020-21 and the government plans to finance $713 billion of that, which means that each of Canada’s 37,742,154 people, now face a liability of $32,748.66. It’s no wonder the PBO issued a report on a “wealth tax” the same day.
How Did the Major Federal Pandemic Response Benefits Contribute to the Deficit?
Here’s a quick overview of the pandemic response provisions and their costs.
Canadians Financially Worried: What’s Next?
It doesn’t come as a shock: but a new survey from Ipsos and MNP Ltd show just how significantly Canadians are struggling financially as a result of the pandemic. Scarier still, many aren’t sure what their next steps are to regain their financial footing once the extended CERB period finally runs out if their job situation hasn’t changed.
