Is the tax filing deadline changing to May 15?

Budget 2026 proposes it. From the 2027 tax year, all individuals, including self-employed people, would file their return and pay any balance by May 15 of the following year. The first May 15 deadline would be 15 May 2028. It needs legislation before it applies.

When is my 2026 tax return due?

By 30 April 2027 for most people. If you or your spouse or common-law partner are self-employed, the return is due by 15 June 2027, but any balance owing is still due by 30 April 2027. Budget 2026 doesn't change these dates.

Does the payment due date also move to May 15?

Yes, under the proposal. The budget changes both the filing date and the balance-due date to May 15 for the 2027 and later tax years. For the 2026 tax year, any balance is still due on 30 April 2027.

Can I claim moving expenses without receipts?

From the 2027 tax year, Budget 2026 proposes an optional flat $1,000 deduction for an eligible move instead of itemising your costs. It would still be limited to the income you earn at the new location. If your real costs are higher, you can still itemise them with receipts.

Which flat amounts does Budget 2026 propose?

Moving expenses $1,000, the Home Accessibility Tax Credit $1,000 once in a lifetime, the clergy residence deduction $1,000 a month up to $12,000, the adoption credit $1,200 per child, a service dog $2,000, incontinence products $500, gluten-free food $1,000, and the labour mobility deduction $1,500. They start with the 2027 tax year, except gluten-free food, which starts with 2026.

Is the T1135 threshold going up to $200,000?

Budget 2026 proposes raising it from $100,000 to $200,000 for tax years ending after 2026, which for individuals means the 2027 tax year onward. The simplified reporting method would cover property under $500,000. The 2026 T1135 still uses the $100,000 threshold.

When does the $7,500 instalment threshold start?

For tax years beginning on or after 1 January 2028. You would pay instalments for 2028 only if your net tax owing is over $7,500 for 2028 and for either 2026 or 2027. Until then, the $3,000 threshold applies.

Do these changes apply in BC and Alberta?

Yes. BC and Alberta income tax is on the same T1 return the CRA processes, so the May 15 date would cover the whole return, and the instalment test uses combined federal and provincial tax. Quebec residents file a separate provincial return and have a different instalment threshold.

Is the CPP contribution rate going down in 2027?

Yes, and this one is already law. The base CPP rate drops from 9.9% to 9.5% on 1 January 2027, or 4.75% each for employees and employers. An employee earning $70,000 saves about $133 a year, and the employer saves the same. It was passed in June 2026 with the Spring Economic Update 2026, not in Budget 2026.

Can tradespeople claim labour mobility costs without receipts?

From the 2027 tax year, Budget 2026 proposes an optional flat $1,500 a year for eligible construction trades and apprentices who temporarily relocate for work. Actual costs remain deductible instead, up to $10,000 a year and 50% of the employment income from the relocation, if you keep receipts.

Federal Budget 2026: what changes for individuals

Q: What happens to the June 15 deadline for self-employed people?

For the 2027 and later tax years it would be replaced by May 15, for both filing and paying. Self-employed people would gain 15 days to pay but lose a month to file. The 2026 return still uses 15 June 2027 to file and 30 April 2027 to pay.

Q: Do I still have to convert my RRSP to a RRIF at 71?

Yes, for now. Budget 2026 announces the intention to merge the RRSP and RRIF rules into an RRSP for life, which would end the conversion at 71, but there is no draft law or start date yet, and consultation runs to 8 January 2027. Minimum withdrawals after 71 would still apply.

Q: How long will I have to object to a notice of assessment?

Under the proposal, individuals would have until the later of one year after the notice of assessment is sent and two years after the filing due date. Extension requests would no longer be needed. It would apply to assessments sent from three months after the law receives royal assent.

Quick answer

Budget 2026 is mostly about making personal tax simpler. Nothing changes for the 2026 return you file next spring; the big changes start with the 2027 tax year, and all of them are proposals until Parliament passes them.

May 15 for everyone: from the 2027 tax year, one date to file and pay, including self-employed people. The 2027 return would be due on 15 May 2028.
RRSP for life: the government intends to merge the RRSP and RRIF rules, so you would no longer convert at 71. Minimum withdrawals after 71 stay.
Flat amounts: optional fixed claims without itemising, such as $1,000 for a move or $2,000 for a service dog, from 2027.
More time to object: one year after your notice of assessment, or two years after the filing due date if that is later.
Higher thresholds: T1135 from $100,000 to $200,000 (years ending after 2026), and instalments from $3,000 to $7,500 (from the 2028 tax year).
Already law: the base CPP rate drops from 9.9% to 9.5% on 1 January 2027, so employees, employers and self-employed people pay a little less. Before-and-after examples for every group are below.

These are proposals until they are passed into law. A budget sets out what the government intends. Each measure needs legislation, and details can change before it passes. Until then, the current rules apply, and the CRA's forms and pages won't change yet. One payroll change is already law: the lower CPP rate from 1 January 2027.

What changes for me, before and after, with examples?

Each card below shows the rule today, what Budget 2026 would change, a simple example in round numbers, what it means for you, when it applies and its status. Jump to the group that fits you:

Individuals and families Self-employed and trades Employees and payroll Farmers Cross-border and investors Incorporated owners and RMTs

Law passed by Parliament. Proposed in the budget, not law yet. Consultation an intention, no draft law yet. Examples are simplified and rounded, and they aren't advice for your situation.

Individuals and families

ProposedEveryone who files a T1

One May 15 date to file and pay

Before: File and pay by 30 April. Self-employed people and their spouses file by 15 June but still pay by 30 April.
After: Everyone files and pays by 15 May.
Example: An employee files the 2026 return by 30 April 2027, as now. The 2027 return would be due, with any balance, on 15 May 2028.
For you: Two more weeks to file and pay from the 2027 return. Nothing changes for the 2026 return.
When: The 2027 and later tax years.

ProposedMovers, caregivers, families

Optional flat amounts instead of receipts

Before: You add up and itemise each expense and keep the receipts, and many medical items need a prescription.
After: You can claim a set amount instead: moving $1,000, home accessibility $1,000 (once in a lifetime), adoption $1,200 per child, clergy residence $1,000 a month up to $12,000, service dog $2,000, incontinence products $500, gluten-free food $1,000. The full list is in the flat amounts table.
Example: A student moves for a summer job and spends $700 but kept few receipts. Today the claim is what the receipts support. From 2027 the student could claim $1,000, limited to the income earned at the new job.
For you: Less record-keeping for small claims. If your real costs are higher, itemise them as before.
When: The 2027 tax year onward; gluten-free food from 2026.

ProposedCaregivers

The Canada Caregiver Credit becomes refundable

Before: A non-refundable credit: it only reduces tax you would otherwise pay.
After: Refundable, with the same amounts and rules, so you receive it even if you owe no tax.
Example: A caregiver with $14,000 of income supports an infirm parent with little income. Their income is below the basic personal amount, so today the credit saves nothing. For 2027 the credit for a parent is up to $1,260 (14% of $9,001, reduced if the parent's net income is over $21,136), and it would be paid to the caregiver as a refund.
For you: Tell us about anyone you care for, even if you don't pay tax.
When: The 2027 tax year onward.

ProposedLower-income households

A one-time grocery benefit supplement

Before: The Canada Groceries and Essentials Benefit (the former GST credit) pays up to $445 per adult and $234 per child for July 2026 to June 2027, in quarterly payments.
After: One extra payment of half a year's maximum: up to $223 per adult, $117 per child and $117 for the single supplement.
Example: A lower-income couple with two children could receive up to $223 + $223 + $117 + $117 = $680 in early 2027.
For you: The payment is based on your 2025 return, so file it if you haven't. Small payments also change: from July 2027, monthly Canada Child Benefit amounts under $50 and quarterly grocery benefit amounts under $70 would be paid as one lump sum.
When: Early 2027; the lump-sum rule for payments after June 2027.

ProposedLow-income workers

Canada Workers Benefit: bigger, but no more advance payments

Before: For 2027 the Canada Workers Benefit starts at $3,000 of working income and tops out at $1,709 for a single person or $2,943 for a family. Half of last year's amount is paid in advance, in three payments.
After: Renamed the Build Canada Workers Benefit. It starts at $500 of working income and tops out at $1,859 single or $3,143 family. The advance drops to 25% for 2027 and ends from 2028, so the rest comes when you file.
Example: A kitchen worker received $1,600 of the benefit for 2026. In 2027 the advance would be about $400 instead of $800, with the balance paid after filing the 2027 return. From 2028 the whole amount comes at filing.
For you: Less money during the year and more at tax time. File your return to get it.
When: The 2027 tax year onward; advance payments end from 2028.

ProposedAnyone who disputes a CRA assessment

More time to object to an assessment

Before: The later of 90 days after the notice of assessment and one year after the filing due date, with a one-year extension you can ask for.
After: The later of one year after the notice is sent and two years after the filing due date. Extension requests end.
Example: A 2027 return due 15 May 2028 is assessed on 1 June 2028. Under the current rule the deadline would be 15 May 2029; under the proposal it would be 15 May 2030.
For you: More time to dispute a CRA decision, once the law has been in force for three months. Until then, use today's deadlines.
When: Assessments sent from three months after royal assent.

ProposedCommission employees, employed artists

Commission employees and employed artists can claim more

Before: A commission employee who claims car or travel costs under the general employee rules loses the separate commission-expense claim, so they pick one. An employed artist's expenses are capped at the lesser of $1,000 and 20% of artistic employment income.
After: Commission employees can claim car and travel costs under the general rules and other expenses up to their commission income. Employed artists can deduct expenses up to their artistic employment income.
Example: An employed insurance agent with $50,000 of commissions pays for a car and for advertising. Today they choose one set of rules; from 2027 they could claim the car costs and the advertising together, with the commission-expense part limited to $50,000.
For you: Keep a log and receipts; your employer still signs the T2200.
When: The 2027 tax year onward.

ProposedAnyone with a large CRA debt

Tax debts over $50,000 could appear on your credit report

Before: The CRA collects through set-offs, garnishments and seizures, but can't tell credit bureaus about a tax debt.
After: The CRA could report income tax or GST/HST debts over $50,000 once objection and appeal rights are used up, after trying to collect, offering a payment arrangement and giving 30 days' written notice.
Example: Someone owes $62,000 from final assessments and has no payment plan. Once reported, a bank renewing a mortgage or line of credit could see the debt.
For you: If you owe the CRA a large amount, set up a payment arrangement early.
When: From royal assent.

ConsultationTurning 71 or older

RRSP for life

Before: You convert your RRSP to a RRIF or an annuity by the end of the year you turn 71.
After: The government intends one "RRSP for life" with no conversion at 71. Minimum withdrawals after 71 would still apply.
Example: Someone turning 71 in 2027 should still plan to convert under today's rules unless a law passes in time.
For you: Nothing changes yet; comments are open until 8 January 2027. More on RRSP for life.
When: No date yet.

Self-employed and trades

ProposedSelf-employed people and their spouses

June 15 becomes May 15

Before: File by 15 June, pay by 30 April.
After: File and pay by 15 May.
Example: A self-employed painter pays the 2026 balance by 30 April 2027 and files by 15 June 2027, as now. For 2027 the painter would file and pay by 15 May 2028: 15 more days to pay, but the paperwork is due a month earlier.
For you: From the 2027 tax year, aim to have your books done by the end of March.
When: The 2027 tax year onward.

ProposedSelf-employed, landlords, retirees

Fewer instalments, and a once-a-year option

Before: Quarterly instalments if you owe more than $3,000 for this year and either of the last two. Only farmers and fishers can pay once a year.
After: The threshold rises to $7,500 (indexed). If business income is your main income, you could pay two-thirds of the year's tax by 31 December and the rest by the balance-due date.
Example: An electrician who owes $6,000 a year pays four $1,500 instalments today. From 2028 there would be no instalments: the $6,000 is due on 15 May 2029. If the electrician owes $12,000, they could choose one $8,000 payment by 31 December 2028 and $4,000 by 15 May 2029.
For you: Keep paying the instalments the CRA asks for in 2027; the change starts with 2028.
When: The 2028 tax year onward.

ProposedConstruction trades and apprentices

A flat $1,500 labour mobility deduction

Before: Eligible trades and apprentices who temporarily relocate (at least 120 km) for construction work can deduct actual lodging, travel and meal costs, up to $10,000 a year and 50% of the employment income from that work, with receipts. The $10,000 and 120 km came in with the Spring Economic Update 2026 law.
After: You can deduct a flat $1,500 a year instead of tracking actual costs.
Example: An electrician works a site 200 km from home for three months and spends $2,500 but kept few receipts. From 2027 they could deduct $1,500 without receipts, or $2,500 with receipts.
For you: Keep receipts if your costs are well above $1,500.
When: The 2027 tax year onward.

ProposedApprentice vehicle mechanics

A simpler tools deduction for apprentice mechanics

Before: Two deductions: up to $1,000 for tradespeople's tools, plus an apprentice deduction reduced by an income-based amount.
After: One deduction: the cost of new eligible tools minus the Canada Employment Credit amount, with no income-based reduction.
Example: An apprentice earning $60,000 buys $5,000 of tools (using the 2026 Canada Employment amount of $1,501). Today: $1,000 + ($5,000 − $3,000) = $3,000. Under the proposal: $5,000 − $1,501 = $3,499.
For you: A larger deduction for most apprentices with big tool bills. Keep the receipts and your employer's form.
When: The 2027 tax year onward.

ProposedApprentices in training

More EI weeks for apprentices in school

Before: Apprentices in full-time technical training get at least 14 weeks of Employment Insurance regular benefits.
After: At least 18 weeks, temporarily.
Example: An apprentice carpenter leaves work for 10 weeks of school; the record of employment is issued as usual, and the minimum benefit period would be longer.
For you: Employers: issue the record of employment promptly when an apprentice leaves for school.
When: Once the Employment Insurance Act is amended.

ConsultationSelf-employed artists

A new Canada Creative Credit

Before: Self-employed artists are taxed like any other business.
After: A proposed non-refundable credit that, together with the basic personal amount, would shelter up to $45,000 a year of net business income from original artistic works.
Example: A musician earning $40,000 net from original work might pay little or no federal tax on it, if the final design matches.
For you: Nothing to claim yet. Details are due in the Spring Economic Update 2027; content creators shouldn't assume they qualify.
When: No date yet.

Employees and payroll

LawEmployees, employers, self-employed

Lower CPP contributions from January 2027

Before: The base CPP rate is 9.9%: 4.95% from the employee and 4.95% from the employer, plus the 1% first additional CPP each (5.95% each in 2026).
After: The base rate drops to 9.5%: 4.75% each. With the first additional CPP that is 5.75% each. The second additional CPP (CPP2) doesn't change.
Example: An employee earning $70,000 pays about $133 less a year ((70,000 − 3,500) × 0.2%), and the employer saves the same. A self-employed person earning $70,000 saves about $266.
For you: Slightly bigger paycheques from January 2027. The CRA hadn't published its 2027 CPP maximums when we checked (6 Nov 2026).
When: 1 January 2027. Passed in June 2026 in the Spring Economic Update 2026 Implementation Act (Bill C-30).

Farmers

ProposedFarm and fishing families

Farm rollover to nieces and nephews

Before: Farm or fishing property can pass tax-deferred only to a child, grandchild or great-grandchild (or their spouse).
After: Also to a niece, nephew, grandniece or grandnephew, of you or of your spouse.
Example: A farmer with no children gives $2 million of farmland that cost $400,000 to a nephew in 2027. Today that is a sale at market value: a $1.6 million gain, partly sheltered by the capital gains exemption. Under the proposal it could pass at cost, with the gain deferred until the nephew sells.
For you: A new option for succession plans. Don't transfer before 2027 expecting the new rule.
When: Transfers on or after 1 January 2027.

Cross-border and investors

ProposedPeople with foreign investments

T1135 threshold doubles to $200,000

Before: File Form T1135 if your specified foreign property cost more than $100,000; the simplified method applies under $250,000.
After: File only over $200,000; the simplified method applies under $500,000.
Example: Someone holding $150,000 of US shares (at cost) in a non-registered account files a simplified T1135 for 2026, and nothing for 2027. Someone with $400,000 moves from detailed to simplified reporting.
For you: The 2026 T1135 still uses the old thresholds.
When: Tax years ending after 2026.

ProposedFounders and investors

Up to $15 million of tax-free gains on new shares

Before: Only the lifetime capital gains exemption (about $1.25 million) on qualified small business shares.
After: The Canada Growth Incentive: up to $15 million per person, per business, on new shares of a qualifying company issued from 5 November 2026 and held at least 36 months.
Example: A founder subscribes $1,000 for new shares of a software company in 2027 and sells in 2032 for a $5 million gain. Today about $1.25 million could be exempt; under the proposal all $5 million could be (the minimum tax may still apply). Restaurants, farms and professional practices don't qualify.
For you: The full conditions are in our business guide.
When: Shares issued from 5 November 2026 to 31 December 2036.

When is my tax return due after Budget 2026?

Your 2026 return is due on 30 April 2027, as before. Budget 2026 proposes to move the filing date and the payment date for all individuals to May 15, starting with the 2027 tax year, so the first May 15 deadline would be 15 May 2028.

Personal return deadlines before and after Budget 2026 (the 2027 dates are proposed)
Tax year	Who	File by	Pay any balance by
2026	Most people	30 April 2027	30 April 2027
2026	Self-employed people and their spouses or common-law partners	15 June 2027	30 April 2027
2027 (proposed)	Everyone, including self-employed people	15 May 2028	15 May 2028
2028 and later (proposed)	Everyone	15 May of the next year	15 May of the next year

The payment date moves too. The budget's supplementary information says it would change "the T1 filing and balance-due dates to May 15 for all individuals", so most people would get two more weeks to pay as well as to file.

The government's reason is tax slips. Some, such as T3 slips from trusts, aren't due until the end of March. More time to receive and process slips should mean fewer returns filed without one, and fewer reassessments.

What happens to the June 15 deadline for self-employed people?

It would end after the 2026 tax year. From the 2027 tax year, self-employed people and their spouses or common-law partners would file and pay by May 15, like everyone else.

That is a trade-off. Self-employed people gain 15 days to pay (30 April becomes 15 May) but lose a month to file (15 June becomes 15 May). If your books usually come together in early June, plan to finish them by the end of April from 2028.

The budget describes the change for the T1 personal return only. It doesn't change the T2 corporate return, which stays due six months after the company's year-end, and it doesn't mention the annual GST/HST return dates for sole proprietors.

Do I still have to convert my RRSP to a RRIF at 71?

For now, yes. Budget 2026 announces the government's intention to merge the core RRSP and RRIF rules into a single "RRSP for life", which would remove the need to convert at 71, but there is no draft law and no start date yet.

Under the current rules, you must convert your RRSP to a RRIF or buy an annuity by the end of the year you turn 71. Keep planning around that rule until legislation says otherwise.

What would change: no conversion at 71. The RRSP could stay open, with the same minimum withdrawals a RRIF has today.
What wouldn't change: the budget says individuals over 71 "would continue to be required to make minimum withdrawals". This doesn't defer tax for longer.
Also being studied: letting a surviving spouse or common-law partner become the "successor holder" of an RRSP, as a TFSA allows, and simpler tax-free transfers to qualifying survivors after a death.

Finance Canada is taking written comments at RRSP-consultation-REER@fin.gc.ca until 8 January 2027. Locked-in plans, such as a LIRA or LIF from a pension, may also need changes to federal and provincial pension rules, so they could take longer. Our RRSP vs TFSA guide and the RRSP tax savings calculator cover the RRSP rules that apply now.

Which expenses can I claim as a flat amount without receipts?

Budget 2026 proposes optional flat amounts for eight deductions and credits, from the 2027 tax year (the gluten-free amount from 2026). You could claim the flat amount instead of adding up and itemising your actual costs. You would still have to be eligible for the deduction or credit itself.

Proposed optional flat amounts (Budget 2026 Tax Measures: Supplementary Information)
Deduction or credit	Flat amount	Main conditions	From
Moving expenses	$1,000 per eligible move	Still limited to income earned at the new location; if you claim it, your spouse can't claim for the same move	2027
Home Accessibility Tax Credit	$1,000 expense amount	Once in a lifetime per person; one claimant per home per year; keep some proof of the renovation	2027
Clergy residence deduction	$1,000 a month, up to $12,000 a year	Limited to your pay from the office; one claim per month for a couple in the same home	2027
Adoption expense credit	$1,200 per child	In the year the adoption is completed; one claimant per child	2027
Medical expenses: service dog	$2,000 a year	Care and upkeep; the cost of buying the dog can be claimed on top; dogs only	2027
Medical expenses: incontinence products	$500 a year	Products certified as needed by a medical practitioner	2027
Medical expenses: gluten-free food (celiac disease)	$1,000 a year	Replaces working out the extra cost of each product	2026
Labour mobility deduction (construction trades)	$1,500 a year	Instead of actual costs for an eligible temporary relocation (actual costs stay deductible up to $10,000 a year and 50% of the employment income from the relocation)	2027

The flat amount is optional. If your real costs are higher, itemise them as you do now and keep the receipts. For the medical categories, the flat amount isn't available when more than one person wants to claim the same category for the same person.

Budget 2026 also proposes, from the 2026 tax year, that some medical devices need no prescription (such as insulin and CPAP machines), and others need only a certification of the medical condition instead of a prescription for each item. Our guide to tax credits you may be missing covers the current rules.

How long will I have to object to a notice of assessment?

Longer. Today, an individual has the later of 90 days after the notice of assessment and one year after the filing due date. Budget 2026 proposes the later of one year after the notice is sent and two years after the filing due date.

Because the window would be longer, you would no longer be able to ask the CRA for an extension of time to object; that option would be removed. The change would apply to assessments sent on or after the day that is three months after the law receives royal assent, so keep using the current deadlines until then. Other taxpayers, such as corporations, would get one year after the notice is sent.

Our Notice of Assessment review explains what your notice says and the dates that apply to it now.

Do I still need to file a T1135 for foreign property?

Only above a higher threshold, if the change passes. Budget 2026 proposes raising the T1135 filing threshold from $100,000 to $200,000 of specified foreign property (by cost), and the simplified reporting threshold from under $250,000 to under $500,000.

It would apply to tax years ending after 2026. For an individual, that is the 2027 tax year onward, so the 2026 T1135 still uses the $100,000 test. The budget expects about a third of current filers to stop having to file. Our T1135 guide explains what counts as specified foreign property.

Will I still have to pay tax instalments?

Fewer people would. Budget 2026 proposes raising the instalment threshold from $3,000 to $7,500 of net tax owing (from $1,800 to $4,500 in Quebec), indexed to inflation and rounded to the nearest $500, for tax years beginning on or after 1 January 2028.

The test itself stays the same: instalments apply when you owe more than the threshold for the current year and either of the two previous years. The budget's example: you would owe instalments for 2028 if your 2028 net tax owing is over $7,500 and either your 2026 or 2027 net tax owing was over $7,500.

Self-employed people would also get a simpler option from the 2028 tax year. If business income (including professional or commission income) is your main income, you could make one instalment by December 31 equal to two-thirds of the year's tax and pay the rest by the balance-due date. Farmers and fishers can already do this.

For 2026 and 2027, the $3,000 threshold and the quarterly dates of 15 March, 15 June, 15 September and 15 December still apply.

What else changes for individuals and families?

Other personal measures in Budget 2026 (proposed unless marked)
Measure	What it would do	From
Canada Caregiver Credit	Becomes refundable, so caregivers with little or no tax can receive it	2027 tax year
Canada Groceries and Essentials Benefit	A one-time supplement of half a year's maximum: up to $223 per adult and $117 per child	Early 2027
Canada Workers Benefit	Renamed the Build Canada Workers Benefit and enhanced; the advance payments drop to 25% for 2027 and end from 2028	2027 tax year
Volunteer firefighter and search and rescue credits	Combined into one 14% credit on $6,000; both kinds of hours count towards the 200	2027 tax year
Employed artists	The $1,000 cap on work expenses is replaced by a limit equal to the artistic employment income	2027 tax year
Commission employees	Can claim travel and vehicle costs under the general rules as well as other commission expenses	2027 tax year
Northern residents deductions	The travel deduction no longer depends on employer travel benefits or the $1,200 standard amount; two residency limits removed	2027 tax year
RDSP	A parent, spouse or sibling can open a plan for an adult whose capacity is in doubt, permanently	1 January 2027
Apprentice vehicle mechanics' tools	One deduction for the cost of new tools minus the Canada Employment amount, with no income-based reduction	2027 tax year
Scholarships with employer help	Help from an employer or another arm's-length payer no longer stops a program qualifying for the scholarship exemption	2027 tax year
Small benefit payments	Paid as one lump sum when under $50 a month (Canada Child Benefit) or $70 a quarter (grocery benefit)	Payments after June 2027
EI for apprentices	At least 18 weeks of regular benefits, up from 14, for apprentices in full-time training (temporary)	Once legislated
Canada Creative Credit	Consultation on a credit sheltering up to $45,000 of artists' net income from original works; details in the Spring Economic Update 2027	No date yet
CPP contribution rate (law)	Base rate 9.9% to 9.5% (4.75% each for employees and employers); passed in June 2026	1 January 2027
Deposit insurance (not a tax measure)	CDIC coverage limit rises from $100,000 to $250,000, with no limit for eligible deposits in registered and tax-free accounts	Once legislated
Tax debts and credit bureaus	The CRA could report tax debts over $50,000 to credit bureaus, after 30 days' written notice and only once objection and appeal rights are used up	Royal assent

Individuals who invest in growing Canadian companies should also read about the new Canada Growth Incentive, a capital gains exemption of up to $15 million on qualifying newly issued shares. It is covered in our Budget 2026 guide for business owners.

What does Budget 2026 mean in BC and Alberta?

The same as everywhere outside Quebec. BC and Alberta income tax is calculated and paid on the same T1 return that the CRA processes, so the proposed May 15 date would cover the whole return, and the $7,500 instalment test uses your combined federal and provincial tax.

Northern BC and Alberta: parts of both provinces are in the prescribed northern and intermediate zones, so the simpler northern residents deductions matter to people there.
Construction trades: the $1,500 flat labour mobility deduction suits trades who move around BC and Alberta for temporary work.
Provincial budgets: BC and Alberta set their own rates and credits in their own budgets. Federal Budget 2026 doesn't change provincial tax rates.

Is any of this law yet?

No. On Budget Day the government tabled a Notice of Ways and Means Motion for the Income Tax Act, the first step. (The lower CPP rate for 2027 is different: it was passed in June 2026, before the budget.) Each measure becomes law only when a bill passes Parliament and receives royal assent, and details can change on the way.

Some measures are only at the consultation stage, such as RRSP for life. Chapter 6 of the budget also says a second set of simplification measures will be announced in the Spring Economic Update 2027. We will update this guide as the bills move. Our Budget 2026 timeline lists every date in one table.

What should I do now?

File your 2026 return as usual, by 30 April 2027, or 15 June 2027 if you are self-employed, with any balance paid by 30 April 2027.
Keep paying instalments if the CRA asks for them. The $7,500 threshold starts with the 2028 tax year.
Keep your receipts for 2026 and 2027. The flat amounts are optional, and itemising may still give you more.
Turning 71 soon? Plan for the RRIF conversion under today's rules. Nothing has changed yet.
Foreign property between $100,000 and $200,000? File the 2026 T1135 as usual; the higher threshold would start with 2027.
Self-employed? From the 2027 tax year, aim to have your books finished a month earlier than you do now.
Check your January 2027 pay stub: CPP deductions should be a little lower.

Our T1 return checklist covers what to gather for the 2026 return.

How Finvo helps

We prepare personal tax returns for people in BC and Alberta, including self-employed people, landlords and retirees, and we follow the Budget 2026 bills as they move through Parliament. We can review your instalments, your T1135, your RRSP and RRIF plans and any flat-amount claims against your facts. Prices are on our pricing page, from the Personal full suite.

Finvo is not a CPA firm, a financial planner or an investment adviser. For investment decisions about your RRSP or RRIF, speak with a licensed financial adviser; we work alongside them on the tax side.

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This guide is general information for people in BC and Alberta, checked against the Budget 2026 documents on 6 Nov 2026. Budget measures are proposals until passed into law, and the final rules can differ; it isn't tax, investment or legal advice for your situation.

Federal Budget 2026: what changes for individuals and families