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:Don’t Miss KBR’s Extensive Federal Budget Coverage Next Week
Knowledge Bureau will be on the ground in Ottawa next week, delivering all the information you need after Finance Minister Bill Morneau unveils the Liberals’ first federal budget since taking office last fall.
Mark Your Calendar
Now that tax season is in full swing, Knowledge Bureau would like to remind you of some key dates to mark in your calendar: Regional DAW Workshops - May 24 to 31, Summer Studies Begin June 15, DAC Nov 6 -9.
Life Purpose
"I am grateful for the blessings of wealth, but it hasn't changed who I am. My feet are still on the ground. I'm just wearing better shoes.”
- Oprah Winfrey
Tax Tips: What Expenses Can Commission Salespeople Claim?
Employees who earn their living negotiating contracts for their employers or selling on commission may claim certain itemized sales expenses, income tax preparation costs, legal fees incurred to defend charges incurred in the normal course of business, as well as auto and travel expenses.
High Earners Could Pay More in Manitoba
Ready for a fourth tax bracket? That’s just one piece of news in the Manitoba Economic and Fiscal Outlook delivered March 8, in advance of provincial election in which the current government will face significant challenges; now even more so with the announcement of a $770 million deficit.
Precise March 15 Instalments Lead to 5 Wealth Enhancers
It’s important that fragile investments stay intact as markets recover. For this reason, it makes absolutely no sense to overpay any personal income taxes in advance on the March 15 quarterly instalment remittance deadline. Astute tax and financial advisors will make sure their clients encroach on only the right amount of capital for these purposes, especially if they are retirees.
