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5 Things to Know Today: Gas Tax Holiday Extended to 2027, BoC Holds, TSX Rebounds

  September 3, 2026 A big one for your wallet just landed: Ottawa is keeping the gas tax break alive well past Labour Day. Here's what else moved markets and money in Canada today. 1. Gas tax holiday extended to January 31, 2027 The federal fuel excise tax break that was set to expire on Labour Day (Sept. 7) isn't going anywhere. Finance Minister François-Philippe Champagne confirmed the suspension of the 10-cent-per-litre gasoline excise tax and 4-cent-per-litre diesel tax will now run until January 31, 2027, before being phased back in at half-rate from Feb. 1 to March 31 and fully restored April 1. Ottawa first introduced the break in April to offset oil-price shocks tied to the Iran war. What it means for you: The scheduled Sept. 8 jump of 10–11 cents a litre is off the table for now. CAA pegged the national average at 172.9 cents/litre this week — budget around that level rather than the higher price many drivers had braced for. 2. Bank of Canada holds rate at 2.25% for a...
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How to Save Money on Your Taxes with Federal Benefits and Credits


Tax season is here and you may be wondering how to get the most out of your tax return. Depending on your income and situation, you may be eligible for various federal benefits and credits that can reduce the amount of tax you have to pay or even give you a refund.

Some of these benefits and credits are tax-free, meaning you don’t have to report them on your tax return. Others are refundable, meaning they can lower your tax bill or increase your refund. Here are some of the most common ones and how to claim them:

  • Canada Child Benefit (CCB): This is a tax-free monthly payment for eligible families with children under 18. You don’t need to apply for it, but you do need to file your tax return every year to keep receiving it. The amount you get depends on your income, the number of children you have, and their ages.
  • GST/HST Credit: This is a tax-free quarterly payment for low- and modest-income individuals and families to offset the GST or HST they pay. You don’t need to apply for it, but you do need to file your tax return every year to be automatically considered for it. The amount you get depends on your income, marital status, and the number of children you have.
  • Canada Workers Benefit (CWB): This is a refundable tax credit for working individuals and families with low income. You can claim it on your tax return and get a portion of it in advance through the Advanced Canada Workers Benefit (ACWB). The amount you get depends on your income, marital status, province of residence, and disability status.
  • Other Deductions, Credits, and Expenses: There are many other deductions, credits, and expenses you can claim on your tax return to reduce your taxable income or increase your refund. Some examples are medical expenses, charitable donations, tuition fees, disability tax credit, home office expenses, and more. You can find a full list of them on the Canada Revenue Agency website.

To get the benefits and credits you deserve, you need to do your taxes on time every year, even if you have no income or your income is tax-exempt. You also need to keep your personal information, such as your address, marital status, and number of children, up to date with the CRA. You can use online tools and services, such as It’s My Life!, to help you estimate your benefits and credits and plan your finances.

Remember, doing your taxes can save you money and help you access other programs and services that can improve your health and well-being. Don’t miss this opportunity to make the most of your tax return!

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