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:

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Come out to meet Director of Operations, Al Gordon and Knowledge Bureau faculty member, Alan Rowell, MFA, DFA-Tax Services Specialist, who will be speaking on Real Wealth Management™ – Tax Efficient Retirement Income Layering at the RRC on April 3.

The March 21, 2013 budget was a significant document, which upon reflection, will require high net worth clients, particularly business owners, and their advisors to rethink wealth, retirement  and estate plans. 

Offshore Tax Cheats: the Finance Department wants You! The CRA will be empowered to pay you a “finder’s fee” for identifying international tax cheats as a result of new provisions in the March 21, 2013 budget. Further, businesses using “zapper” software to evade taxes by hiding or “suppressing” sales income will face stiff new penalties and criminal convictions – with fines in the 7 figures.

Canadians with foreign holdings at any time in 2013 (not just at the end of the year), will need to provide more information to the CRA, starting with the 2013 tax year.