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:

As the key eroders of wealth – taxes, inflation and fees – are about to take a bigger bite out of Canadian’s balance sheets…as Real Estate Ownership comes under the CRA microscope. There’s a big opportunity for you to help! You’re invited to learn more at early-bird tuition rates until September 15 only to attend the September 20 Virtual CE Summit on Audit Defence: Managing Tax Risk for Real Estate Owners.

Now is the time for rookie training! Choose from selected introductory certificate courses leading to DMA™ Designation and enrol by September 15 to save up to 27% on tuition. We invite you to check KBR for reader loyalty rewards weekly as a thank you for engaging with us!

The Climate Action Incentive Payment (CAIP) is now being paid in Alberta, Saskatchewan, Manitoba and Ontario, and starting in July 2023, in Newfoundland and Labrador, Nova Scotia, and Prince Edward Island.  Administering these quarterly payments is a big job – CRA asked for a $1.9 Billion of increase in it’s March departmental budget.  At least some of that money will go towards correcting an error made in July:  taxfilers living in smaller centres will receive a reconciliation payment on September 15.  Here are the details.

CRA is providing some relief from corporate tax filing requirements for businesses in wildfire zones in British Columbia and the Northwest Territories and some instruction on how to get access to tax benefits and manage tax collections and CRA audits during the disaster.  Detail appears below:

Are you aware of CRA’s new refund “verification” questionnaires?  These have far-reaching queries about business and rental activities, as well as the submission of personal information – everything from utility bills and insurance policies, bank statements and credit to verify residency and daily living expenses at each location.  Taxfilers and their advisors need to become familiar with them now.  Why?  Because it’s going to take a long time to get them done when CRA comes calling! Here’s what you need to know:

Two CEOs from our Platinum Partner organizations will take the stage at DAC Acuity, November 13 in beautiful Banff to tackle critical skills required to embrace. They both happen to be Tony’s, too:  Tony Demarin, CEO of BCV Asset Management will bring his thought leadership to the topic The Reset: Portfolio Construction at Ground Zero. Tony Mahabir, CEO of CANFIN Financial will discuss Financial Stewardship in a Digital Age.