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:

President-elect Donald Trump will soon celebrate his inauguration and with his ascent to power, he has promised to reduce marginal tax rates, cut taxes, and allow businesses to expense new investments rather than deducting interest costs.  In Canada, meanwhile, we await a new federal budget.  What happens in the U.S., however, is relevant and could shape future taxation policies in Canada.

Did you know that last tax filing season, the average tax refund was just under $1,800, ($1740 actually) or about $150 a month?  That’s a lot of money to give to the government on an interest-free basis.  Make a new year’s resolution for 2017:  pay only the correct taxes owing and invest the rest.

If you’re a tax professional, you can’t afford to miss this:  Knowledge Bureau’s Annual Advanced Personal Tax Update is coming soon, January 17-25, 2017, in six cities across Canada. Early-registration savings end January 10. Reserve now to guarantee your spot and do your pre-reading for this comprehensive certificate workshop featuring 10 CE-CPD credits.

Payroll must be right and it must be on time for two reasons:  to keep your employees and to keep out of expensive and time-consuming audits from CRA.  That’s way it can be a sound investment for any small business to insist on professional certification in advanced payroll management.

"Shortly after completing my DFA designation program, I was approached by a Turbo Tax recruiter to apply as a remote tax advisor. After completing their application process of a written exam and phone interviews I was offered the position over the other 700 plus applicants." Liam Pollard, MFA™, DFA - Tax Services Specialist™, Saskatchewan

“We can’t solve problems by using the same kind of thinking we used when we created them.”  Albert Einstein