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:

Is it as difficult for you to envision life after retirement as it is to save for it? According to Knowledge Bureau’s March poll results, the vast majority thinks so: 68% of respondents said yes. But this thought-provoking question helped to define what a retiree’s role really is in a future society that has more old people than young and what this means to the way retirement planning is approached.

Recently, an article in the Globe and Mail regarding The Australian Royal Commission into misconduct in the banking, superannuation and financial services industry caught my interest. It provided perspective on the Royal Commission’s findings and recommendations, as well as comments from Ian Russell, President and Chief Executive Officer of the Investment Industry Association of Canada (IIAC). On closer look at the final report, there was something new to consider in combatting misconduct.

If your clients are looking for paper copies of this year’s tax forms at the post office, they may be out of luck. Despite many locations posting advanced notice that they would be providing a limited number of paper forms this year, it is particularly concerning that some locations ran out early in the tax season. Some argue that the most vulnerable Canadians may be the most affected by these shortages.

If you’ve ever been to the Knowledge Bureau headquarters, you’ve probably met Zay Aquino. Zay is not only an honours graduate of Knowledge Bureau’s DFA – Tax Services Specialist™ designation, but also our very own Accounting Manager. Zay’s educational journey is an interesting story.

The Canada Revenue Agency (CRA) released their T4002 Self-employed Business, Professional, Commission, Farming, and Fishing Income for 2018 on March 15, 2019, but the print version is not expected to be available on April 2. With the April 30 deadline for paying outstanding taxes coming up quickly, that’s very late notice on rules to claim the massive changes made to Capital Cost Allowance claims for asset purchases after November 20, 2018. 

The March 19, 2019 federal budget was released last week, and along with it came a few hot topics advisors should consider discussing with clients now. After all, proposed changes to the Home Buyers’ Plan, stock options, and mutual funds will affect Canadians and their wealth management strategies in the coming years. In this edition of KBR, we’ll take a deeper dive on the RRSP’s Home Buyers’ Plan.