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:

The Canada Emergency Benefit Account (CEBA) provided two loans to businesses that suffered revenue declines due to the pandemic.  They amounted to a total of $60,000, with $20,000 forgivable,   if the loan is repaid  December 31, 2022.  However, very few expected a 2020 income inclusion. Here are the rules:

As CERB income reporting begins in earnest on the 2020 tax return, Canadians and their advisors are scrambling to confirm eligibility for amounts received last year and if required, to repay amounts received in error.  However, a number of questions have arisen around the grey areas of eligibility.  A common one surrounded eligibility for individual recipients of dividends from family businesses.

Business owners are struggling and despite the announcement of a new loan program yesterday, is more indebtedness the help that business owners really want at this time?

Join the Society of Real Wealth Managers™ on February 3rd at 11:30 EST to discuss how to interact and adapt to challenges working with your clients and other financial professionals. The focus is on how to  overcome the technical, ethical, moral and legal issues that can arise when multiple advisors are involved.   

The 2020 Distinguished Advisor Conference set a high standard for virtual conferences with a unique blend of information, education, inspiration and recreation. We are working  hard to bring DAC back to a live format, October 17-19 in Niagara Falls*, with a great mix of networking activities to celebrate – together! If you register by the February 15 early-bird deadline, you can save $400 on tuition, too! Take a peek at what we’ve got in store for you so far:

Hundreds of advisors from coast to coast were caught off guard at Knowledge Bureau’s January 20 CE Summit with the news that the forgivable portion of the CEBA loan is taxable when the loan is received.