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:

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On February 23, the same day Canadians watched their men soar to gold in hockey over Sweden, the G20 Finance Ministers and Central Bank governors reported ten points of great news from their meeting in Sydney, Australia.

Don’t forget the RRSP contribution deadline of March 3, to maximize your 2013 RRSP deduction and reduce net and taxable income.

G & J Muirhead Holdings Ltd. v. The Queen (2014) TCC 49, a recently released judgment from the Tax Court of Canada (TCC), serves as an important reminder to all taxpayers that rely on the corporate status of their small business for favourable tax treatment: the personal services business distinction could cost you. 

Are you making choices between investing in a TFSA or an RRSP? Which should come first?

Sophie T.K. Tse successfully achieved her DFA-Tax Services Specialist designation from Knowledge Bureau in 2012. We are pleased to have Sophie as one of our distinguished grads.