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:Switch to Electronic Notice of Assessments? The Tax Pros Say No
A full 68% of professional advisors said a firm “no” to last month’s poll question when we asked, “is it a good idea for CRA to switch from paper to electronic Notices of Assessment in 2022, requiring tax filers to provide their email addresses?” Computer accessibility was a big reason for these responses, but so was concern over privacy and security. Here are some of the comments that accompany the concerns:
Seniors Get a Raise for the Seventh Consecutive Quarter
This month, seniors will see their OAS and GIS payments increase by one percent. This increase marks the seventh consecutive increase in OAS payments. The increase over the last year amounts to $30 per month for OAS recipients or just under 5%.
May 18 CE Summit: Eight Topics You Can’t Afford to Miss
The agenda is packed full of vital information tax and financial planning specialists need to know as we round out tax seasons 2022 and begin to plan to reduce taxes and build wealth this year and beyond. The eight critical topics we have chosen for your May CE Summit provide cutting edge professional development to help beat your competition, bring high value to your clients and earn CE Credits too. Register before May 17 to hear Canada’s best-selling financial authors and educators discuss:
Al Emid: A Tribute
Canada lost a veteran financial journalist to COVID-related pneumonia last week. Al Emid was the co-author of two financial books published by Knowledge Bureau, Financial Recovery in a Fragile World, and What I Have Learned so Far and How it Can Help You, described below.
Bank of Canada to Chair the Central Bank Network for Indigenous Inclusion
Did you know that The Central Bank Network for Indigenous Inclusion was established in 2021 by the Bank of Canada, the Reserve Bank of New Zealand, the Reserve Bank of Australia and the U.S. Federal Reserve to foster ongoing dialogue and raise awareness of Indigenous economic and financial issues? Learn more about its mission and why it’s important.
Availability of Confidentiality Orders from the Tax Court of Canada
A reassessment following an audit from the CRA is deemed valid and binding subject to being proved incorrect by the taxpayer on a balance of probabilities (above 50%). In order to prove that the reassessment is inaccurate, the taxpayer may have to disclose confidential or otherwise privileged corporate documentation at trial. However, these documents can be accessed by corporate competitors by searching the Court Registry at the Tax Court of Canada.
