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:

There is some good economic news and some bad in an article released by Statistics Canada on April 17, which reveals interesting statistics about the productivity of each province during the period 1997-2010, using the most recent provincial multifactor productivity database.

Claiming moving expenses on your tax return can be very lucrative so be sure to fill out form T1-M if you moved at least 40 km closer, within Canada, to a new work location, or place of self-employment.

What do the new federal budget changes mean to investors?

The CRA doesn't want your receipts when you file your return, especially if you are joining the over 5 million Canadians who will Netfile this year. However, be prepared to send in that hard copy on a post-assessment audit which many Canadians are subject to each spring.

The Knowledge Bureau Faculty have been busy with the media this tax season. Here is a round up of recent media mentions!

Tax Audit Season – June to December – begins soon, and tax professionals need to know how to respond to requests for post-filing information to set up the best defence in case of appeal. See the full agenda for this May's Distinguished Advisor Workshop, coming to a city near you.