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 May 2 Ontario Budget announced the government’s intention to introduce legislative changes on various issues.

The article "Must Audit Support Documents be Electronically Filed?", published in the April 17, 2013 issue of Knowledge Bureau Report has been amended.

A “synthetic disposition” refers to financial arrangements which allow taxpayers to defer tax by “economically” disposing of a property while continuing to own it for tax purposes. These transactions were shut down as of Budget Day, March 21, 2013.

On May 2, 2013, the Bank of Canada announced that a new Governor of the Bank had been appointed under Section 9 of the Bank of Canada Act.

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