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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With the hope that it will assist taxpayers in determining the legality of their transactions before incurring significant costs, the Canada Revenue Agency (CRA) and the Income Tax Rulings Directorate (ITRD) have announced a one-year pre-ruling consultation pilot project. 

The Department of Finance is seeking the input from Canadians on how to protect consumers in all areas of the marketplace.