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:

Budget 2013 included some measures that would help the Canada Revenue Agency (CRA) find and prosecute international tax non-compliance, such as the Stop International Tax Evasion Program. A recent decision from the Federal Court, Soft-Moc Inc. v MNR (2013) FC 291, sets a precedent that strengthens the CRA’s ability to access information outside of the country.

On April 4th, the Canada Revenue Agency released two separate statements in regards to recent media coverage that has identified rampant disregard for Canada’s tax laws, specifically hiding money in offshore tax havens.

Canada’s household wealth grew at an annual rate of 7.8% between 2000 and 2012 according to the 2012 Credit Suisse Global Wealth Report, which also predicted last October that with moderate and stable economic growth, total household wealth will rise over the next five years by 50% around the world. 

For contracts made after March 28, 2012, an employee's claim for the Overseas Employment Tax Credit will be reduced.

Artists and musicians may claim expenses for items specific to their profession, including capital cost allowance on musical instruments.

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