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:More Relief: Prescribed Interest Rates Decrease July 1
There’s more financial relief ahead for Canadians, as prescribed interest rates are set to decrease on July 1. That means shareholder loans, inter-spousal investment loans and other taxable benefits likely should be planned for Q3.
Lend a Hand: Take the Emergency Pandemic Benefits Response Course
If you are looking for that next professional development course that will help you provide high-value advice to your financially stressed clients, take the Pandemic Benefits Response Course online to sort through the chaotic myriad of benefits and all their pitfalls. Every professional in the tax, bookkeeping or financial services must know how to do that. Enrol by May 31 save $100.
Start a New Conversation About Retirement with Your Clients
Now is the right time to start a new conversation about retirement with your clients and give a high-value gift to move it forward. Get your copies of Master Your Retirement, Doug Nelson’s best-selling book – with a special offer.
CEWS Extended until August 29
The federal government extended its Canada Emergency Wage Supplement (CEWS) until August 29 last week, and that’s good news for business struggling to recover as Canada comes out of COVID lockdown. That now extends the program to 24 weeks, retroactive to March 15, 2020.
Seniors Get a Covid-19 Payment
Seniors who qualify for some portion of the OAS (Old Age Security) will receive a one-time tax-free payment of $300 from the federal government to help with COVID-related costs while GIS recipients will get $200 more. Further, another tax information filing extension was announced with this news on May 12: this time to October 1, 2020. For those who don’t need the money there are some interesting leveraging and sharing opportunities.
Six Pandemic Benefit Tips: Maximizing the One-Time Tax-Free Seniors’ Benefit
Taxpayers over the age of 65 who receive the new $300 one-time tax free COVID benefit from the federal government should first use it to cover extra charges due to the pandemic including delivery costs, costs of internet and communications charges and more. But those who don’t really need the money can leverage the gift in several ways. Here are our top 6 pandemic benefits tips for seniors:
