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:

Are you looking to increase your multi-generation client base?  Here’s an obvious need and a huge void: 70% of private company owners in Canada plan to either transfer or sell their businesses when they retire—but many don’t have a plan in place. In fact, almost half plan to pass ownership to the next generation, but of those, 47% of them don’t have a succession plan[i]. You can fill this big void by advising family business and we have a targeted CE course to help you do that. 

Fall Economic Statement 2022 November 3, 2022.  Knowledge Bureau will be deciphering and interpreting the economic, tax and financial news the Finance Minister will announce. Mark Your Calendar for a Special Knowledge Bureau Report on November 9 and don’t forget to register for the comprehensive CE Summit workshop on November 16. Enrol now to train on the critical issues that Canadian taxpayers will face in Canada’s most current year end tax planning update.     

November 3 is the last day for the retroactive claiming of certain pandemic support provisions. Have you spoken about these opportunities to business owner clients you work with? Here are the details:

Did you know that Canada ranks only 16th on the OECD’s  International Tax Competitiveness Index; behind Estonia, which is #1, and even Turkey which is #9.  It ranks 31st for individual taxes and 27th for corporate taxes.  High taxes can have many negative consequences for a competitive economy.  Which are the most damaging? 

The October Knowledge Bureau Report poll question asked: “Are your clients worried about a recession in 2023 and its effects on their financial status?”  Overwhelmingly, the answer was yes, at 87.25%. This means there is a tremendous opportunity to connect with your clients for year-end tax planning and help them stay on plan, with tax efficiency.  Advisors who participated from across Canada had these observations:     

Knowledge Bureau’s Privacy Principles in Business certificate course is designed to help business owners manage today’s critical privacy risks with key tools to implement best practices with the least disruptions.  Consider the amount of confidential personal information you are privy to in conducting business with your clients.  Do you understand the risks associated with holding and using this personal information?