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 are tax headaches to face down the line. Every province and territory which has delivered a new and projected a large deficit. That trend continued with Ontario, but there are some tax breaks, too. Finance Minister Peter Bethlenfalvy delivered his government's budget on March 26 with  “A Plan to Protect Ontario”.  The size of the deficit for the coming year could affect taxpayers for decades to come.   Here’s why it’s important to review this with your clients in Ontario – and those who plan to move there in 2026.

When the Federal Budget sequence changed to the Fall, it was also announced that the annual Fall Economic Statement would be moved to the spring.  So far a date has not yet been announced, but when it is, it will be covered at the May 27 CE Savvy Summit: Tax-Efficient Retirement, & Estate Planning, a live-virtual event designed for professional wealth advisors, tax professionals, accountants, and estate planners ready to expand their expertise on the effects of fiscal change on retirement and estate planning.  It’s a session you won’t want to miss if you are working with retirees in particular on their income and estate planning.  Here’s why that’s important:

As Canadians face longer life expectancies, rising taxes, and increased financial uncertainty, retirement planning is no longer a single-event exercise—it’s a multi-stage, multi-generational process. Advisors are now expected to help clients not only accumulate wealth, but also grow, preserve, and withdraw it tax-efficiently over time. The DMA™ – Retirement & Estate Planning Specialist Program addresses this need by equipping professionals with the technical knowledge and advisory skills required to guide clients through some of their most important financial decisions.  It’s a “next level” specialization you may wish to consider attaining.

Should the Old Age Security clawback start at a lower net income than the current $93,454?   

Most Canadians think of April 30th as the tax filing deadline and for the typical Canadian that’s true. But you well know that there are multiple dates which are important when it comes to filing tax documents and various payment dates. But April is full of important dates to pass along to your clients – no fooling!

When you file tax returns on behalf of your clients, both you and they might assume that the information you submit to the Canada Revenue Agency will be protected. It is an unsafe assumption.