Spring Economic Statement: April 28, 2026

April 15, 2026: Ottawa, Ontario - Yesterday, the Honourable François-Philippe Champagne, Minister of Finance and National Revenue, announced that he will table the Spring Economic Update 2026 on Tuesday, April 28, 2026. In the Spring Economic Update 2026, the government will provide an update on its plan to build the strongest economy in the G7, and outline additional actions taken to drive prosperity, play to Canada’s strengths, and support Canadians where and when they need it most.

In this second of a two-part series, Ottawa Personal Financial Organizer Patricia Cocker tells you how to put your life in order so you'll be ready for the end of life. (For Part 1, click here.)   Losing a loved one is tough. You think all you have to do is get through the funeral, then you will have the time you need to come to terms with your loss. But if you are the executor, nothing could be further from the truth. It is only the beginning. Unfortunately, the executor is often the spouse or another family member. Although this person may respect the deceased's wishes, he or she generally has little experience with government rules and regulations, never mind the paperwork that needs to be completed. The funeral home may provide some information ó a package detailing the necessary letters of notification, application forms for Canada Pension Plan (CPP) benefits, proof of death ó but there is a great deal more to be done! ï Cash flow. Your first responsibility as executor will be to ensure that there is sufficient cash flow to support those who are financially dependent upon the deceased. Here, it is wise to consult a professional. ï Paperwork. With any luck, the deceased will have prepared an itemized list of assets and liabilities for you. If not, review the previous year's income tax return to determine sources of income, eg. salary, pension, investments, etc. You will need to notify the following, where applicable, of the deceased's death: Employer, pension offices. Ask if there are any benefits available to survivors or the estate; CPP. Apply for death benefit, survivor/orphan benefits; Service Canada, which administers the Old-Age Security program; Veterans Affairs Canada, which administers veterans' pensions and benefits; Financial services companies including banks, credit unions, mutual fund companies and brokerage firms. Ask if there are any insurance benefits available for survivor/estate from any of these accounts; Credit card companies and other financial institutions with which there exists a liability. You must return credit cards or cut them in pieces and pay any outstanding balances. Likewise, ask if there is a death benefit attached. Also, it is important to return the deceased's government-issued cards, including social insurance card, provincial health card, passport, motor vehicle licence and driver's licence. Finally, to prevent identity theft, notify the Canada Revenue Agency (CRA, as well as the Office of Vital Statistics in deceased's place of birth if it is in not in the province of his or her death. It is also wise to inform credit tracking agencies such as Equifax and TransUnion Canada. ï Insurance. Next, if the deceased had life insurance, complete the applications for benefits. If you are not sure, contact the Canadian Life and Health Insurance Ombudservice. ï Legal. Meet with the deceased's legal representative to determine whether probate is required. Note that probate validates the will and formally appoints the executor. Financial institutions may require probate before releasing any funds. ï Sell or transfer assets. If the deceased had real estate, stocks, bonds and or mutual funds, as the executor you will need to sell or transfer ownership of these assets. That requires working with the appropriate individuals or institutions as well as consulting the appropriate professional. As well, you will need to: close the deceased's safety deposit box, close bank accounts, pay debts, settle creditor claims. ï Income taxes. People often think that with death, the responsibility to file income tax returns and pay outstanding taxes ends. Not true! All prior years' returns, as well as a return for the year of death, must be filed and any taxes owing must be paid. Depending on the estate, you may need to file a return for the estate as well. Once you have received assessments for all returns, you can complete the application for "Clearance Certificate,î confirming with the CRA that it has no further interest in the deceased's affairs. Failure to do so may result in the CRA coming back at a later date for more money ó with the executor being liable. The final duty is to distribute the assets to beneficiaries. The executor may collect executor fees and be reimbursed for legitimate reasonable out-of-pocket expenses incurred during the process. Thought for the day: Have you ever heard anyone who has acted as executor say, "Gee that was fun. I want to do it again!î? Patricia Cocker, B.A., CFP, is a Certified Professional Consultant on Aging and a qualified Credit Counsellor who helps clients organize their financial paperwork in four areas: money management, income tax preparation, financial records management and after-funeral care.   Additional Educational Resource: MFA - Succession and Estate Planning Specialist Designation.  

Never forget that the Canada Revenue Agency (CRA) doesn't tolerate tax evasion, and it has the power to do something about it. A recent case in point: a Quebec company, Disco-Spec Dagobert Inc., was fined $439,527 for tax evasion. This amount represents 100% of the taxes that the company sought to evade. Additionally, the company will have to pay the full amount of the taxes owing, plus related interest and penalties that have accrued. The CRA investigation revealed that Disco-Spec voluntarily contravened the Income Tax Act throughout the period 2007-2010 by reducing its taxable income by a total of $2.5 million using various methods. The company also claimed false deductions.   Additional Educational Resource: EverGreen Explanatory Notes  

Each year, Paul Dubé, Canada's Taxpayers' Ombudsman, tells us, the Canada Revenue Agency (CRA) processes some 34-million payments from Canadian taxpayers. As well, Canadian taxpayers often have multiple accounts: personal income tax accounts, corporate accounts and GST/HST accounts. Errors happen ó and taxpayers spend hours and dollars trying to make things right with the CRA. They also complain to the Office of the Taxpayers' Ombudsman, which has resulted in the recent release of Dubé's special report, entitled Getting it Right: Investigation of service and fairness issues arising from the misallocation of payments by the Canada Revenue Agency. Although Dubé did find the CRA was often at fault, generally due to keying errors, he also found taxpayers had their own issues, particularly when it came to sending cheques as payments to the CRA. So, what can you do to smooth the process? The types of errors the report found include: unclear or illegible handwriting; payments with incorrect information or without the proper remittance vouchers provided by the CRA; omission of identifying information such as a business number or social insurance number; issues with date transference. For example, does 11-06-2009 mean June 11, 2009, or November 6, 2009? Remittance vouchers are a particular problem, says the report. "Remittance vouchers are pre-printed with magnetic ink,î the report tells us, "which allows the information they contain to be read by a computer through the use of Optical Character Recognition (OCR) scanning technology.î The idea is that these vouchers will facilitate efficient processing and allocation of payments. But problems occur when taxpayers reproduce or photocopy the vouchers. "The OCR scanning technology will not recognize the ordinary inks used by photocopiers and standard printers.î Despite various warnings, the CRA still receives payments accompanied by photocopied vouchers that cannot be scanned electronically. But Dubé still holds the CRA accountable. In Getting it Right, Dubé makes three recommendations: ï The CRA reviews its standards and procedures for processing payments to ensure that CRA employees are afforded sufficient time to perform their duties accurately and thoroughly. ï The CRA determines the optimal remittance batch limit for the most efficient detection of processing errors. ï The CRA educates taxpayers on how to avoid making remittance errors as well as how to have them corrected when they do occur. "Both the CRA and the taxpayer play a part in misallocated payments,î he concludes. "The CRA, however, is responsible for providing the tools to assist taxpayers in fulfilling their obligations under Canada's self-assessment tax system. Therefore, regardless of who makes the error, the CRA must ensure that its communications to taxpayers are clear and appropriate.   Additional Education Resources: DFA - Tax Services Specialist and Distinguished Advisor Workshops.  

"In Canada and other Organisation for Economic Co-operation and Development (OECD) countries,î reports Statistics Canada's Education Indicators in Canada: An International Perspective, 2012, "it is evident that employment prospects increase with educational attainment.î And it would seem Canadians are well educated and becoming better educated all the time. According to the pan-Canadian report ó the fourth of a series that applies international standards ó the proportion of Canadians aged 25 to 64 with the equivalent of college and university completion increased to 51% in 2010 from 40% in 2000. At the same time, the number of those 25 to 64 who did not complete high school decreased to 12% in 2010 from 19% in 2000. Break it down even further, in 2010, 92% of Canadian aged 25 to 34 had completed at least a high school education, compared with 82% for those aged 55 to 64 "reflecting change in attainment patterns.î These rates were higher than the average for the 34 OECD-member countries. As you might expect, the employment rate tracks higher for those with higher education. In 2010, reports Education Indicators in Canada, Canada's employment rate for adults aged 25 to 64 who had competed college diploma and certificate programs was 81% and for those who had completed university and advanced degrees was 82%. By comparison, the employment rate for those Canadians aged 25 to 64 who not completed high school was 55%. For upper secondary graduates, the employment rate was 72%. Certainly, in terms of spending on education, Canada is no different than other OECD countries. "With 6.1% of its GDP allocated to educational institutions in 2008,î says the report, "Canada devoted about the same share of its wealth as the OECD countries on average (6.2%).î Where Canada differs is on the relative portion of money that goes toward "tertiaryî education vs primary and secondary. Says the report: "In 2008, 40.2% (2.5% of 6.1%) of the share of GDP that Canada invested in education was allocated to the tertiary sector. Among the OECD countries, Canada, along with the United States (36%) and Chile (35.8%), allocated the largest share of education spending to tertiary education.î Certainly on the basis of educational institutions' expenditures per student, post-secondary education gets the largest share of financial resources in Canada. In 2008-09 fiscal year, expenditures per primary school student was $10,758; for a secondary school student, $11,489; and, for a university-equivalent student, $31,103. Another interesting difference, the report points out, for primary and secondary education, the compensation of staff ó particularly teachers ó accounted for the largest proportion of expenditures at 77.4% and 62.4%, respectively. At the tertiary level, staff compensation ate up 63.1% of expenditures and teacher compensation 36.2%. Capital expenditure ó that is spending on the construction, renovation and major repair of buildings ó accounted for 10.5% of tertiary-education expenditures, vs 9% for the OECD and 7.2% for primary and secondary. Do you think Canadian universities spend too much on capital expenditures to the detriment of accessible tuition fees? See this month's poll  

Your responsibility to pay income taxes is not going to go away, so you should know how to prepare your annual tax return. How about making a tax preparation course part of your "back to schoolî plans? There are three reasons to learn tax preparation. First, it is an important life skill: the more you know about your tax filing rights and opportunities, the more you are the master of your money. Second, it gives you the skill to help others with their taxes, should you wish. Third, if you work with a financial services professional, you'll get more bang for each dollar spent because you'll ask knowledgeable questions. To earn more and keep more, you need to know how to do three things: Keep more of the first dollars you earn; Hold onto to your dollars longer; Ensure your dollars have purchasing power when you need them. Your return on investment can be significantly enhanced when you work with a professional advisory team, including a tax and an investment professional. Those well-trained professionals will not only prepare and file your returns, but also work together to plan your investment strategies. Your tax advisor ó who is your tax educator and advocate for your tax-filing rights ó will work with your financial advisor, the steward of your family's money. Together, you and your team can work to make sure you pay only the correct amount of taxes on your income and your capital throughout your life cycle. So, do consider taking an income tax course as part of your personal development. Even if you plan to pass your tax preparation along to a pro, you'll be better able to ask important tax questions of all your financial advisors. This will lead to more purposeful decisions about your investments. Investing in your tax knowledge, in other words, will increase your return on investment. It's Your Money. Your Life. Be prepared to speak to a professional when you have a "triggerî question, that is, when there is a life events, financial events or economic events that may trigger the need for you to make a decision. How do you choose a tax and a financial advisor? Tune in next week when I'll share an interview checklist. If you're wondering how you will find time in your busy schedule to do a tax preparation course, consider the Knowledge Bureau's great series of income tax and corporate tax courses by e-learning. Do check that out if you are interested. Evelyn Jacks is president of Knowledge Bureau, which offers bookkeeping and income tax preparation courses within its curriculum. You can also offer financial education books to your clients or family members. For more information, click here.  

There are two things you can't avoid ó death and taxes ó and, in both cases, it pays to be prepared. In fact, there are many things you can do to ensure that, should your life end suddenly, your affairs are in order and you have reduced the emotional and financial stress for your loved ones. ï Do you have an up-to-date will? If the answer is, "No,î it is time to sit down with a lawyer to formulate the disposition of your estate and determine whom you wish to administer the estate. ï Have you chosen an executor? You will need an executor or estate trustee as well as someone who will assume guardianship of minor children or pets who might survive you. What qualities should your executor possess? You want someone who: is trustworthy, understands the role and responsibilities of an executor, is aware of your wishes, exercises good judgment, is financially responsible, lives in the same province, if not the same city. Be sure to ask your choice of executor and guardian if they are willing to accept the responsibilities of administering your estate. Nobody likes a surprise! It is always a good idea to choose an alternate ó in case your first choice is unable or unwilling to carry out the duties. Remember that being an executor is a huge responsibility, not an honour! ï Do you have a list of assets and liabilities? While working with your lawyer to prepare your will, you might want to provide a complete list of assets and liabilities. Assets include: bank accounts; credit cards; registered and non-registered investment accounts, life, disability and health insurance; real estate holdings; and, benefits and pensions to which the estate may be entitled. Liabilities include: mortgages; loans; credit card debts; and, personal debts. ï Have you planned your funeral? There are a number of advantages to planning your own funeral. Not only does it allow you to express your wishes, but it also relieves the need for your loved ones to make decisions at a difficult time and reduces their emotional stress. Plus, if you travel, should you die away from home, the funeral home will make the arrangements for transporting the body home, cremation at the place of death, whatever your wishes. Before meeting with a funeral director prepare a list detailing your vital statistics: first and last names, date and place of birth, current address, marital status, next of kin, parents' names and places of birth. Then meet with a funeral director to make arrangements. Note that the prearrangement/prepayment of your funeral does not lock you into dealing with that funeral home at the time of death. Most plans are transferable to other homes. Additionally prepayment provides inflation protection and alleviates the financial stress on the family at the time of bereavement. Finally, gather together all your legal documents and give your executor copies of the will, your list of assets and liabilities, your funeral arrangements and your legal certificates (birth certificate, donor card, etc.). Doing this will save your executor hours of time tracking down the information and posthumously will earn you a big "Thank you!î Next week: The role of the executor Patricia Cocker, B.A., CFP, is a Certified Professional Consultant on Aging and a qualified Credit Counsellor who helps clients organize their financial paperwork in four areas: money management, income tax preparation, financial records management and after-funeral care. Patricia is also a Knowledge Bureau graduate. Additional Educational Resources: Use of Trusts in Tax and Estate Planning and Death of a Taxpayer courses.