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 federal budget will be tabled on April 16 this year.  As at the time of writing the following provinces had released or announced their provincial budget dates.  Stay tuned to Knowledge Bureau Report  for budget highlights and special reports on significant tax and economic news:

It’s important to keep up with breaking tax news and that includes provincial tax changes, to help clients make important lifecycle decisions like whether to start a job or business in another province.  Here’s what’s new from the budget in Quebec, brought down March 12, 2024. 

Don’t miss this opportunity to save on critical professional tax education launching this month – pre-publication specials end March 15! Register now and start anytime in the next two months.

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In this final month of the first quarter of 2024, significant new tax filing milestones arise, but with a twist, because both March 30 and 31 are on a weekend and April 1 is a Monday.  For these reasons it’s important for tax and financial specialists to step up the tax filing conversation on critical issues like any potential RRSP excess contributions and everything related to trusts!  Here are the significant dates to know for March and April:

It’s Provincial Budget Time! First out of the gate on February 22, the BC government introduced a substantive budget which introduces a BC Family Benefit Bonus, increases the Climate Action Tax Credit, extends training tax credits, exempts farmers from participating in provincial agricultural insurance programs and most important, changes the taxation of real estate in the province, and introduces a new Home Flipping for 2025.  This is a substantive matter to discuss with clients during tax season 2024. Details follow: