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:

It can be financially devastating and it’s seniors and the most vulnerable - those who don’t understand the taxpayer relationship with the CRA – that are the most frequent victims of a CRA phone scam that is extracting thousands of dollars from unsuspecting people. It’s important for professionals to share guidelines with clients to help all family members recognize whether or not they’re legitimately being contacted by the CRA.

With global trade uncertainties and other factors, including debt, new taxes and demographic change all putting pressure on Canadians’ ability keep their heads above financial waters, tax and financial advisors who participated in our August poll are sending a strong message in this pre-election time: Canadians are finding things unaffordable.

The Canadian Association of Gift Planners (CAGP), Knowledge Bureau and Spire Philanthropy are pleased to announce that all three online courses in the MFA-P™ - Philanthropy designation program are now available. The program has been developed over the past year by some of the most experienced leaders in charitable giving. Graduates with these specialized credentials in strategic philanthropy, will be well equipped to pursue new opportunities to build trust by better understanding their clients’ values and critical personal causes.

There are some important reasons to talk to your clients over the next 10 days, from a tax point of view. Advisors who want to enhance their value propositions will want to discuss the 16 tax compliance and planning milestones that may impact their finances now until the end of the year.

September marks the start of a new school year. Please be sure you mark your educational calendar for continuing professional development and staff training needs this fall. For your clients, consider the tax filing milestones described above.

If you are new to Knowledge Bureau, it may be important for you to understand the Standards of Conduct and Proficiencies we have for our esteemed designates who are professionals in their fields.