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:

In Canada, we have a tax system based on self-assessment and voluntary compliance. It works extremely well, considering how complex the topic is, with the overwhelming majority of individuals and corporations meeting their obligations on time.

The March 21, 2013 Budget is proposing major changes to the taxation of trusts in Canada, which will have significant family succession planning implications. Here in the first of two articles, Greer Jacks reviews existing rules, which every tax and financial professional may wish to be aware of before the rules are changed in order to participate in fruitful consultations on the matter.

Riding the bus or subway? Remind all family members to keep receipts because you may be able to make a claim on your tax return for the costs. 

As a result of reverting from the HST back to the GST and PST system in BC, the provincial HST Credit has been abolished.

Starting in May 2013, CRA will again begin its Processing Review Program, which initiates requests for supporting documentation for claims made on tax returns.

Expenses for the care of dependent children who are under the age of 16 (at any time of the year) or who are physically or mentally infirm may be claimed on your tax return.