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:Seniors and Investors – Watch Clawback Zones Carefully
It’s reasonably common knowledge that higher wealth accumulators in Canada will want to do some extra planning to avoid the 33% high federal income tax rate applicable to the terminal return of the last surviving spouse.
Tax Tips: What Tax Deductions Can Employees Claim?
Employers are generally required to pay for the premises, assets and supplies used up by their employees in performing their duties, but in some cases the employee will pay for those costs and be able to claim a tax deduction for them.
New Notice of Assessment Easier to Read
The Canada Revenue Agency has produced a new Notice of Assessment that is easier to read, a long overdue initiative on the financial literacy front. It will now contain assessments of multiple tax years on one form, which Tax Services Specialists will want to review carefully to ensure the best tax efficiencies are applied over the period, and to preserve appeal rights.
Should Capital Gains Be Taxed At All?
Rather than tinkering with capital gains inclusion rates or changing which assets qualify for capital gains treatment, should governments reconsider taxing capital gains? Some studies suggest that capital gains are fictitious and any taxes thereon result in an economic burden. Do you agree?
Six Tax Concepts for Newcomers To Canada
Tax filing time is confusing for most Canadians, but for newcomers it can be completely bewildering. If you have the opportunity to help with this most important financial document of the year for many families, including new immigrants, consider broaching the following six concepts as a conversation-starter in your role as financial educator.
Bankruptcy in Retirement
Canadians are living longer, and while health may be one of the issues matured Canadians focus on in their golden years, carrying debt into retirement and the possibility of filing for bankruptcy is becoming more of a concern.
