Skip to main content

Featured

10 Days Left: What the End of the Gas Tax Holiday Actually Costs You

  By MoneySavings.ca  |  August 28, 2026 The federal gas tax holiday ends in 10 days. Starting September 8, the 10-cent-per-litre federal excise tax on gasoline comes back — and diesel's 4-cent-per-litre tax returns with it. If you've gotten used to cheaper fill-ups since April, here's exactly what changes and what it'll cost you. What the Tax Holiday Actually Did Back in April, Ottawa suspended the federal fuel excise tax on gasoline, diesel, and aviation fuels to cushion Canadians from a spike in global oil prices tied to the Iran conflict. Since April 20, the federal excise rate on gasoline has sat at 0 cents per litre instead of the usual 10 cents. Diesel and aviation fuel taxes dropped to zero from their normal 4-cent rate. Finance Canada pegged the total relief at more than $2.4 billion over the year. That relief window closes September 7 — Labour Day — inclusive. On September 8, rates snap back to their standard levels: 10 cents/litre on gasoline, 4 cents/litre o...
Post a Comment
Read more

article

Labels

Smart Tax Strategies for Solo Filers in Canada

 

As tax season approaches, single Canadians have unique opportunities to maximize their returns. Here’s a concise guide to help solo filers navigate the complexities of tax filing and make the most of their financial situation.

1. Utilize Tax Deductions and Credits: With over 400 deductions and credits available, it’s crucial to identify those applicable to your situation. Deductions like self-employed business expenses can lower your taxable income, while credits can reduce the tax you owe.

2. Claim the GST/HST Credit: This refundable tax credit is designed to help low to modest income individuals offset the cost of goods and services. It’s paid out quarterly, and eligibility is determined by filing your taxes on time.

3. Explore the Ontario Trillium Benefit: For Ontarians, this benefit combines three tax credits to assist with energy costs, sales tax, and property taxes. It’s a refundable credit that can provide significant financial relief.

4. File Taxes Efficiently: Even if you have no income to report, filing your taxes can lead to benefits like the GST/HST credit. Additionally, tax software can help identify potential deductions and credits you may not be aware of.

5. Plan Ahead: Use tax calculators to estimate your taxes for the current and following year. This can help you plan for any payments or refunds and make informed financial decisions.

By staying informed and taking advantage of the tax benefits available, single Canadians can file their taxes confidently and efficiently, ensuring they receive all the credits and deductions they’re entitled to.


Labels:

Comments

Post a Comment