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:

Tax filing season is officially over and that means it’s officially tax audit season. And that can be very expensive. For example, you may have heard the story of the $250,000 owing in back taxes by a campground in Ontario.

The tax filing deadline of midnight May 2 has come and gone. Now what? It’s important to file as soon as possible if you owe money to CRA. That’s true even if you’re a proprietor and qualify to file by midnight June 15.

Boomers are moving towards retirement, but many are not getting the planning services they need to manage their retirement income on a tax-efficient basis.

Application forms for the 2016 DAC Young Advisors Award are now being accepted from young advisors, their clients, employers or mentors and can be found on the Knowledge Bureau website at the Conference tab at www.knowledgebureau.com. The application process will close on May 31 and selection will be announced on June 15, 2016.

“Do not value money for any more nor any less than its worth; it is a good servant but a bad master.” Alexander Dumas

Do you know what one of the most missed credits on the personal tax return is?  It’s the Disability Tax Amount, a substantial non-refundable tax credit valued at $7899 in the 2015 tax year; 8001 in 2016.  It can be claimed by someone who is markedly restricted in the activities of daily living on a permanent basis, or by their supporting individual.