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:

Medical expenses are among the most commonly overlooked tax provisions. But, it’s important to pay attention to unreimbursed medical expenses and to claim them, as they can be used to reduce taxes payable. Don’t miss out on these deductions! Before you file your 2017 tax return, use this checklist of often-missed allowable medical expenses to your benefit.

Have you filed your 2017 taxes? With only a few days left before the April 30 filing deadline, if you haven’t, now is the time! The CRA’s late filing penalties are significant, and the interest rate applied to overdue taxes recently increased, making delayed filing a mistake you just can’t afford to make.

A new study shows that leaders in the accounting field are feeling uncertain about the future of Canada’s economy and the recent U.S. tax reforms that are cited amongst the major contributing factors. At this year’s CE Summits, one of Canada’s most prolific cross-border tax experts will address the core tax issues that affect Canadian taxpayers and how tax and financial advisors can tackle them.

The busiest part of tax season is almost behind you! It’s time to reward yourself with an outstanding educational opportunity and shore up your CE credits for 2018, too. Try something completely different: make the Distinguished Advisor Conference in beautiful, historic Quebec City November 11-14 your conference this year! Last year’s attendees were so glad they did:

Have you explored all of the tax-efficient income options available to generate consistent income that will provide for your retirement needs and wants? If you’re a Boomer challenged to find tax-efficient options, discuss these four alternative sources with your tax advisor today.

The process of claiming home accessibility and medical expenses can be complex for eligible parties. When do home accessibility and medical expenses need to be claimed? How do you do it? How do you know which credits you’re eligible for? Here are some key guidelines.