Start your day off right with five things you need to know this morning.
Five things you need to know
The Liberal government has told a small group of Canadian news outlets that the suspension of the federal excise tax on gas and diesel will be extended until "at least next year." The tax – 10 cents per litre of gas, four cents per litre of diesel – was paused in April, with Ottawa pledging to reapply it on Sept. 8. The Conservative Party has been pushing the Liberals to extend the suspension as a way of helping Canadians cope with the cost of living.
CBC is reporting that the federal gas tax holiday will be extended @franco_nomics pic.twitter.com/SsZNn0aw2r
— cbcwatcher (@cbcwatcher) September 2, 2026
The son of a former vice-president of Iran has been awarded millions of dollars of taxpayer cash despite a CSIS investigation into allegations he helped Iran develop missile systems, according to a report from Global News. Reporter Stewart Bell claims in his article that Edmonton resident "Sal Ghafouri" is actually Mohammad Reza Ghafourifard, the son of the late Hassan Ghafourifard, a senior Iranian politician. Ghafourifard Jr has been handed more than $2 million in federal and provincial contracts, including for the RCMP and Department of National Defence, according to Bell, and was even part of an "official Canadian trade mission to Latin America." Bell, citing CSIS, writes: "Before immigrating to Canada in 2013 and going into business as 'Sal,' Ghafouri allegedly helped develop a guided anti-aircraft missile system and a jamming tool to “confront American aircraft” for the Iranian military and Revolutionary Guard, or IRGC."
EXCLUSIVE: Canada has awarded millions worth of contracts to an Edmonton resident who is the son of Iran's former VP, and is under investigation for allegedly helping the regime build its missile program & evade sanctions. https://t.co/TTsUi0blq9
— Stewart Bell (@StewGlobal) September 2, 2026
In related news, Russia has been accused of secretly helping Iran to develop its own supersonic cruise missiles in what the Financial Times is calling "one of the most significant known transfers of strategic military technology from Moscow to Tehran." The newspaper's report claims some of Russia's "most experienced" specialists have been working with their Iranian counterparts to "develop a new class of weapon capable of threatening US aircraft carriers and other warships."
Russia secretly helping Iran develop supersonic cruise missiles https://t.co/vLXcsty4Bb
— Financial Times (@FT) September 1, 2026
China found itself standing alone on Tuesday as 19 members of the G20 – including Canada – agreed to tackle "cheap exports" coming from "non-market-based economies," according to Treasury Secretary Scott Bessent. “It is clear that the country with the world’s largest and unsustainable current account surplus, the People’s Republic of China, was the dissenter,” Bessent said. China recorded a record trade surplus of $1.2 trillion last year.
China dissented from G20 statement opposing 'cheap exports' flooding market, Bessent says https://t.co/gxbwWg9rZv
— CNBC (@CNBC) September 1, 2026
The CBC has consulted several analysts on the US-Venezuela deal that Donald Trump says gives Washington control of 65 billion barrels of oil reserves in the South American country. In short, they aren't too worried about the agreement resulting in Canada's oil industry being passed over for Venezuela's. Ed Sprague, a former deputy energy minister in Alberta, said: "If the Americans want to pursue this, they are going to have to spend time and [an] awful lot of money." Al Salazar, a Calgary-based analyst with Enverus, highlighted the mystery surrounding the deal, adding: "Nobody knows what the terms are yet ... Show me the barrel first before anyone actually moves." Meanwhile Alex Filstein, the chief technology officer at Watercut Inc, said Canada has well-maintained facilities and "political stability," unlike Venezuela, a point supported by economics professor Colin Mang, who said it's an open question whether American companies will actually invest enough in Venezuela, while the possibility the country "returns to democracy" could mean the deal is not honoured by a future government.
Shared my thoughts with CBC in the article with link below regarding distinct structural and economic advantages of Canada's oilsands compared to the heavy oil sector in Venezuela. Hope you like and enjoy.
— Razor Oil (@RazorOil) September 2, 2026
-One major advantage for the Alberta oilsands is that its… pic.twitter.com/aPa5ATAD6j
