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:

Yasemin Aygun, owner of Bookkeeping Bizz in North York, Ontario, offers bookkeeping, payroll, and tax and advisory services through her firm. A recent graduate of the Knowledge Bureau’s DFA-Tax Services Specialist designation, she knows how valuable professional development is in helping her differentiate her firm from other financial advisors.

Winnipeg, MB - Top tax and wealth advisors from across Canada will travel to Puerto Vallarta later this fall to participate in a strategic think tank on the challenge of building multi-generational relationships in a global environment in which digital communications both enhance opportunities and  present new risks.

It’s a warm summer day. You’re relaxing in the yard and wondering what could possibly make this day better. And then, out of the blue, you receive an e-mail from Canada Revenue Agency stating that they’ve discovered they owe you money!  Could this be true?  Or, do you need to wake up and smell the coffee . . . .?  There are two scams in particular to brief your clients about:  Refund and Collection Scams.

Last week, CRA reminded families to apply for the generous new Universal Child Care Benefit (UCCB) being delivered to families this week. But there may also be more good news:  enhanced Family Tax Cut dollars available for the 2014 tax filing year for families in which one spouse was a full- or part-time student... $2 to $750 more in fact.

A new version of form RC343 has been released by the CRA to calculate TFSA contribution room for 2015, taking into account the new 2015 contribution limit of $10,000.

The Canadian Income Survey for 2013 was released by Statistics Canada on July 8.  While things are virtually unchanged from 2012, some interesting facts emerge about the income levels earned by Canadian families.