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:

The third quarter of 2023 is about to unfold and with it several milestones:  the days are getting shorter again, all but one tax filing deadlines have passed (remember October 31 for the UHT), and there are some payroll remittance changes on the horizon:

June 30 is an important date for current and prospective Knowledge Bureau students! Save time and money, act now for Designate recertification, half price CE Savvy Collections, DAC early-bird deadline, and a special Canada Day sale for our specialized credentials programs! As a reminder, our offices will be closed on Monday, July 3 –  check out these tuition specials: online registration is always available!

The 2023 Distinguished Advisor Conference (DAC Acuity) takes place November 12 to 14 at the beautiful Banff Springs Hotel. This year out line-up of thought leaders features a tax planning powerhouse…check it out and be sure to register by the June 30 early-bird deadline to save up to $900 on tuition.

Want to get your blood pumping and your imagination soaring about what the future of the tax, accounting and financial services might look like?   This is your invitation to think boldly and re-imagine it!   Please join the Society of Real Wealth Managers RWM™ for an open conversation about what’s holding us back in making transformational change on November 12 over brunch at the Banff Springs Hotel on the day the  amazing 20th Anniversary DAC Acuity 2023 Conference begins (November 12-14th).  Register by June 30 and lunch is complimentary for members. 

June 21st is National Indigenous Peoples Day, coinciding with summer solstice, the longest day of the year. It is a traditional time of celebration for many Indigenous communities, and a day for all Canadians to recognize and celebrate the unique heritage and diverse cultures of First Nations, Inuit and Métis peoples. However, acknowledging and supporting our Indigenous people must be a year-long initiative, especially if we want to see change towards equity, inclusion, and minimizing the Indigenous wealth gap.

Both the CPP and EI contributions – which are mandatory – rose in 2023,  reducing the take-home pay for employees.  But cash flow erosion from these payroll taxes is only increasing:   the second tier rate hike on CPP contributions is only 6 months away.  That’s going to affect small business owners and higher earners, as well, who will each pay 4% more above the first earnings ceiling (YMPE) and up to the amount of a second earnings ceiling (YAMPE).  Here’s what you need to know, as you council clients to clear up debt and accelerate RRSP/TFSA/FHSA savings in anticipation of these changes: