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:Auditbusters: Tips and Gratuities
Canadians who earn tips and gratuities are required to report this income on their annual income tax returns. This year the tax auditor is once again taking a closer look, and it’s become easier than ever, as audits of credit card and debt payments provide a reliable record of undeclared amounts. Here’s what you need to know to bust those tax audits:
Leadership Development: Team Culture and the Role of Ethics
Leadership matters. Your team depends on yours; so do your clients. A couple of weeks ago, we featured a story on how the components of ethical leadership can be applied to individual leadership styles. It received great traction on the Executive Business Builders Network. Please chime in this week.
People in the News - Siegfried Merten, MFA Achieves International Recognition
We salute the outstanding achievements of Siegfried Merten, Master Financial Advisor (MFA), who has been recognized internationally for his work in the avoidance of double taxation for retired Canadians.
Federal Budget 2018: Liberals to Unveil It on February 27, 2018
February promises to go out like a lion with yesterday’s announcement that the 2018 budget will be unveiled on February 27, 2018. It’s interesting timing. Other important milestones: CRA starts processing 2017 tax returns on February 26, the T4/T5 tax slip deadline is on February 28 and the RRSP filing deadline is March 1.
Tax Tip: 10 Tax-Exempt Income Sources
Love this tax tip: all income sources are not taxable. Here’s my top 10 favorite “dark horses” – exempt amounts most people don’t know about.
Tax Season 2018: Refunds Won’t Flow Before End of February
Filing a tax return is the first, and often most important, financial transaction of the year for millions of Canadians. What’s different in 2018? For starters, the government is hanging on to early filers’ refunds longer than ever. With last year’s average tax refund clocking in at just over $1,735, that’s a big deposit that cash-strapped Canadians don’t have for their RRSP or TFSA deposit.
