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:

Judges are forced to apply the law as it reads, but fortunately for taxpayers there is sometimes room for interpretation.

Should taxpayers be able to deduct travel expenses to warmer climates as medical expense tax credits (METCs) to alleviate pain and suffering?

Your refund can grow by up to $75 with this federal tax credit.

A special rule applies to claiming medical expenses when a taxpayer dies.

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Jody Steinhauer brings her insight into the power of change to the 2014 Distinguished Advisor Conference as part of High Net Worth Client Spotlight: Giving Back Makes Good Business Sense.