AM Accounting and Tax Services

09/03/2026

⛽️The Government of Canada has extended federal fuel excise tax relief on gasoline, diesel, and aviation fuels, saving Canadians 10 cents per litre on gasoline and 4 cents for diesel.

↗️Global fuel prices have risen 30% since the U.S.-Iran conflict broke out in February 2026.

Today, the Honourable François-Philippe Ch*****ne, Minister of Finance and National Revenue, announced that the government is extending the temporary suspension of the federal fuel excise tax until January 31, 2027, and applying 50% of the regular excise tax rate from February 1 through March 31, 2...

09/03/2026

🏦 On Wednesday, the Bank of Canada held its interest rate steady at 2.25%. This is the seventh consecutive month the Bank has held firm.

The Bank of Canada today held its target for the overnight rate at 2.25%, with the Bank Rate at 2.5% and the deposit rate at 2.20%.

05/15/2026

Tax season is officially over! Here’s a snapshot of what it looked like in 2026:

✅ Over 28.5 million tax returns were filed
✅ 95.6% were filed electronically
✅ Around 15 million refunds were issued
✅ The average refund was $2,282
✅ Over 480,000 returns were filed through free tax clinics

Take a look at all the numbers behind the 2026 tax season 👉 https://www.canada.ca/en/revenue-agency/news/2026/05/canadians-experience-improved-service-delivery-and-responsiveness-from-the-cra-this-tax-season.html

Haven’t done your taxes yet? It’s not too late! Filing now can help you avoid penalties and interest and keep your benefit and credit payments on track: https://www.canada.ca/en/services/taxes/income-tax/personal-income-tax/get-ready-taxes.html

[Image description: A person looking to the side, with the text “A snapshot of the 2026 tax season.”]

05/15/2026

More Canadians are hitting a financial breaking point. New federal data shows over 37,000 people filed for insolvency in the first three months of 2026 — the highest quarterly total since the 2009 financial crisis.

Ontario saw one of the sharpest increases in the country, with insolvencies jumping nearly 15% compared to last year. Experts say rising food prices, housing costs, debt payments, and economic uncertainty are pushing more people deeper into financial stress.

While most insolvency filings are still consumer proposals rather than bankruptcies, experts warn bankruptcies are now rising faster in provinces like Ontario and Alberta — a sign many people can no longer keep up with repayment plans and are running out of options.

Financial experts say more Canadians are relying on debt just to cover everyday expenses as wages continue struggling to keep pace with the cost of living.

05/09/2026

“Canada’s privacy watchdog said in a special report to Parliament on Thursday that there had been more than 42,000 confirmed individual data breaches at the Canada Revenue Agency since 2020.

These breaches led to unauthorized access to confidential tax and personal information, often perpetrated by “bad actors with the objective of financial gain,” according to the report.

Federal privacy commissioner Philippe Dufresne said in the report that given the number of breaches, the Canada Revenue Agency (CRA) failed to adequately protect the personal information that was under its control and went on to make nine recommendations to the agency for improvement.”

For full article and what to know, visit:
“Thousands of taxpayers’ information accessed in CRA breaches. What to know”
@ CTV News

05/09/2026

📢 The new Canada Groceries and Essentials Benefit is coming soon!

June 5th: If entitled, you can expect an additional one-time payment equal to 50% of your 2025/26 annual GST/HST credit. This payment may still be called GST/HST credit in your account.

July 3rd: There will be a 25% increase to the quarterly payments, and as of July, the payments will be referred to as Canada Groceries and Essentials Benefit.

Find out if you’re eligible ➡️ https://www.canada.ca/en/revenue-agency/services/child-family-benefits/canada-groceries-essentials-benefit.html?utm_content=2026-04-20_2240

[Image description: A person places produce into a reusable shopping back. The text reads: “The GST/HST credit is now called the CGEB.”]

04/03/2026

“The Canada Revenue Agency expects to cut up to 210 employees in the coming months as it implements changes as part of the federal government’s comprehensive expenditure review.

Federal unions said that more than 450 members received notices on Tuesday that their jobs may be at risk. The Union of Taxation Employees said the affected employees work at the Canada Revenue Agency headquarters in Ottawa and in regions across the country.”

Excerpt From
“Canada Revenue Agency cutting 210 jobs in the coming months”
CTV News

03/30/2026

City of Toronto Police issued this fraud and scam reminder to the public.

01/29/2026

On Wednesday, the Bank of Canada held its target for the overnight rate at 2.25%, with the Bank Rate at 2.5% and the deposit rate at 2.20%.

01/29/2026

Stay tuned on whether this happens or not...

Many Canadians need immediate support when it comes to food affordability.

To support those most affected by the rising price of food, the government is proposing a new Canada Groceries and Essentials Benefit to help more than 12 million low- and modest-income Canadians afford day-to-day essentials.

Subject to Royal Assent, this benefit would come into effect this spring.

Full details: https://ow.ly/pmyU50Y3S2n