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:

Last week, we discussed the partial success of the Coveleys, a couple whose claim for an ABIL in 2005 was challenged by CRA.

Do you spend money in the course of your work that’s not reimbursed by your employer? Certain employees may, in fact, claim out-of-pocket expenses on their tax returns.

Dean Cockell earned his MFA-Retirement Income Specialist designation in 2008, and since then has been an active Knowledge Bureau alumnus. We are pleased to have Dean as one of our distinguished grads.

Since Nortel no longer trades, how do I dispose of the shares in doing a tax calculation? What would be the ACB, considering there was a reverse stock split before the shares were delisted?

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Miss the Personal Tax Bootcamp? You can still get your copy of the best reference tool to have on hand. Catch up with what’s new at Finance and CRA as well as line-by-line updates on the T1 return for 2013.