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:

‘Must-Attend’ annual event to welcome you back to DAC Acuity 2022. Open to all registrants, speakers and sponsors. Carol Willes is the Director of Estate Planning at BMO Private Wealth. Willes knows what it takes to assist client’s in navigating their present financial situation and develop their future legacy, while simultaneously embracing your highest standards of professionalism.

The history of taxation in Canada is as old as Canada itself and it matters in a modern context, because recently a Tax Court of Canada case was tasked with examining when a tax is a penalty, specifically regarding a Tax-Free Savings Account (TFSA).     

While only 10% of small business would file for bankruptcy today, over 60% are carrying pandemic debt of about $160,000 according to the CFIB.  This is worrisome given new data out of the U.S., where close to 50% of small businesses are at risk of shutting down[1].

Retroactive claims for three important pandemic wage supports will end in October and November, for Periods 27 and 28.  The programs were first introduced on October 24, 2021 with an end date of May 7, 2022; however retroactive claims were still allowed. Specifics appear below:  Business owners who have not yet made claims for the CRGP – Canada Recovery Hiring Program, the CRGP – Canada Recovery Hiring Program and the HHBRP – Hardest-Hit Business Recovery Program will be out of luck after November 6.

Old Age Security clawbacks, technically known as the Old Age Security Recovery Tax, are applied when your tax return is filed, and your net income is over the clawback threshold ($81,761 for 2022). Then, the following July, the government assumes your income will remain the same for the following tax year and starts collecting the clawback by reducing your OAS payments each month.

FIRESIDE CHAT: DOING GOOD You’ve likely heard about social financing: the collaborative investment of public, private and philanthropic funds to re-image our economic structure to build a “Social Infrastructure Network”. At it’s core – doing good is the big idea.