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:

Recent RRSP & TFSA savings statistics show that only 26% of eligible taxfilers contributed to an RRSP in 2010, but this dropped to 24%  in 2011.

Is it true if you have a balance owing to CRA and you do not want to pay on-line you need to call CRA for a pre-printed form?

The Atlantic Investment Tax Credit provides a 10% refundable tax credits for certain investments in new buildings, machinery and equipment used in the Atlantic region and the Gaspé Peninsula, in farming, fishing, logging, manufacturing and processing, oil & gas, and mining industries.

Canada has one of the largest networks of bilateral tax treaties in the world. In Canada, the Government signs treaties with other nations, but Parliament must enact the laws to make the rules within them enforceable.

A guest column by Dr. Michael Graham, Ph.D.  whose career has spanned 50 years, leading research and investment strategy at Wood Gundy, Dominion Securities Ames/Pitfield, Merrill Lynch Canada, Midland Walwyn, and now his own investment counselling firm Michael Graham Investment Services Inc. through which he writes about Canada’s potential as an exceptional worldwide place for investment.

If you receive a T4 slip you forgot about after you have filed your tax return, don’t file another return. Just send in a copy of the slip with a T1 Adjustment Request from (T1ADJ).