Gas Prices Are High. Would a Federal Tax Break Make a Difference at the Pump? Jul 3rd

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Gas Prices Are High. Would a Federal Tax Break Make a Difference at the Pump?

– canadianbusiness.com

With U.S. president Joe Biden calling on Congress to pause federal taxes on gas and diesel for three months to help Americans, some Canadians are wondering if a similar initiative may offer a temporary reprieve from high prices north of the border.

As of May, gas prices in Canada are up 48 per cent from last year. Rising fuel prices are a major factor affecting inflation. In May, inflation soared to 7.7 per cent, up from 6.8 per cent in April. Filling up your vehicle can set you back an average of $2 per litre compared to around $1.40 in 2021 and $1 in 2020.

That’s why members of the Conservative Party and a Canadian taxpayers group think a pause on the 10 cent federal fuel excise tax, sales tax and carbon tax charged to all Canadians could help close the hole in our wallets. Conservatives have been saying since May that halting taxes for the summer will help people as they tend to travel more in the warmer months.

The idea behind such a cut, according to Philippe Cyrenne, a professor of economics at the University of Winnipeg, is to pass down immediate savings to drivers…

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