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:

As another financial crisis looms in the US (. . .the government runs out of money on October 1, and the US is about to hit a $16.7 trillion debt ceiling and go into default in mid-October), Lawrence Schembri, the Deputy Governor of the Bank of Canada spoke to the Certified Financial Accountants society (CFA) in Ottawa on September 24th about the necessity of the Financial Stability Board (FSB).

It has been 25 years since the General Anti-Avoidance Rules (GAAR) were implemented as part of our tax code; their application remains somewhat uncertain and experts disagree over its effectiveness.

It’s official: October 1 marks “year end tax planning season” and if you want to make it count, the best place to start making plans is to assess your personal and family net worth.  

Under Section 231.1 of the Act, an authorized person may, at any reasonable time, for any purpose related to the administration or enforcement of the Act, enter into a taxpayer’s premises, inspect and examine property, and require the assistance of the taxpayer to answer all reasonable questions in relation to the enforcement of the Act.

To everything there is a season, and for many, understanding the tax consequences of death on personal and family net worth is a crowning achievement that allows for a powerful wealth transition. This type of preparedness, unfortunately, is rare.

It’s important for you to file a tax return for children who have any earnings from active employment or self-employment.