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:

Knowledge Bureau holiday hours

Although the new T1 Return and Schedules will not be available from the CRA website until January 7, the forms went to print on December 16 and are available in EverGreen Explanatory Notes right now.

'Tis the season and Canada Revenue Agency will once again send out an estimated 33,000 letters to Canadian taxpayers asking them to “reconsider” their prior year’s personal tax return. 

The new T1 return includes a space to send the taxpayer’s email address to CRA.

Recently, the Tax Court of Canada (TCC) levied interest and gross negligence penalties against five taxpayers who were shareholders and operators of a family restaurant.

This is a continuation from last week's article, "Are You Planning Retirement for your Clients?"