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.

With the federal budget scheduled for Thursday, March 29, Federal Finance Minister Jim Flaherty recently met with Canada's leading private sector forecasters to gather their views on Canada's economic prospects. The Department of Finance bases its economic forecast for budget-planning purposes on the average of private sector economic forecasts. But Flaherty came away from the meeting empty-handed as economists wanted time to digest Statistics Canada's announcement of real gross domestic product (GDP) numbers on March 2. Generally speaking, GDP rose 0.4% in December, good news after a 0.1% dip in November. On an annualized basis the economy expanded by 1.8% in the final quarter of 2011, taking the average growth for all of 2011 to 2.5%. The other surprise was StatsCan's third-quarter revision of GDP growth ó upward to 4.2% from 3.5%. "Consumer spending and exports contributed the most to fourth-quarter GDP growth,î StatsCan reported in its release. Generally speaking, bank economists are feeling optimistic about GDP numbers, even if they didn't give Flaherty a takeaway number. U.S growth registered 3% in the fourth quarter and the recession in Europe appears to be milder than expected ó all good news for Canada. "The monthly gain provides a nice hand‐off for GDP growth in first quarter 2012,î Bank of Montreal economist Doug Porter wrote in a report, "with the economy likely on track for something close to 2% again this quarter and for all of 2012.î TD Bank Group economist Sonya Gulati wrote in her report: "The headline result was below our expectations of 2.3%, but if we exclude the upward revisions Statistics Canada made to the quarter three data, the economy would have grown at roughly 2.5% in quarter four. This hand-off and the recent developments abroad will provide positive momentum for the Canadian economy this year. As a result, we will be modestly lifting Canadian GDP growth to just above 2% in 2012 in our next forecasting cycle, up from the 1.7% we had thought in December.î Observers are venturing that the consensus number offered to Flaherty will be between 2% and 2.5% for 2012 growth. In last year's budget, the Department of Finance based its growth projections for the fiscal year ending March 31, 2011, at 2.7% and U.S. growth at 3.2%.   Additional Education Resources: Financial Recovery in a Fragile World and Master Your Retirement 2012 Edition.  

T400A Objection - Income Tax Act. If you wish to object to a Notice of Assessment sent to you by the Canada Revenue Agency (CRA), you have one year after the date of the return's filing deadline, or 90 days after the day on which the CRA sent the notice of assessment, whichever comes later, to file a T400A. Businesses have 90 days after receiving the Notice of Assessment to submit their objections. Corporations must be much more specific in their objections than individuals; they must fully describe each matter with which they take issue and specify the relief they are seeking. T2125 Statement of Business or Professional Activities. The CRA has updated this form to clarify and correct errors on the printed version, distributed in the 2011 General Income Tax and Benefit Package. The corrections have occurred on page 1, in "Business incomeî and in "Part 2: Professional income". RC4060 Farming Income and the AgriStability and AgriInvest Programs Guide. This guide is exclusively for participants in Prince Edward Island, Ontario, Saskatchewan and Alberta. Participants from British Columbia, Saskatchewan, Manitoba, New Brunswick, Nova Scotia, Newfoundland and Labrador, and Yukon will continue to use Guide RC4408, Farming Income and the AgriStability and AgriInvest Programs. Participants from Quebec will continue to use Guide T4003, Farming Income. What's new? The Commodity Code List, used for reporting commodity sales and purchases, has been extensively amended and can be found on page 63. Participants in Saskatchewan will now use T1163 and T1164 to apply for AgriStability and AgriInvest.   Additional Educational Resources: Essential Tax Facts 2012 Edition and Introduction to Personal Tax Preparation Services.  

Over time, taxes erode both your income and capital more than any other factor, making tax literacy an important part of financial literacy. So, it makes sense that those who have the most to gain by being tax-astute are the young; they have more time to benefit from the positive effects of investment compounding. As a parent, you play a significant role in introducing basic tax and investing rules to your children. Here are some tips for the young adults in your family: File tax returns for adult children. Young adults ó those who have reached the age of 18 in the tax year ó should file a return regardless of income. Filing a return creates eligibility for refundable tax credits such as the GST/HST credit, available to taxpayers 19 years of age or older, or the Working Income Tax Benefit. (The latter, however, is not available to individuals whose annual income is less than $3,000 or who are students for more than 13 weeks a year, unless the student has an eligible dependent). Filing also gives young adults access to a variety of provincial tax credits. Because young adults often have more than one part-time job, employers may withdraw more income taxes from their earnings than necessary. Likewise, if young adults contribute to the Canada Pension Plan before the age of 18 or if their total income is less than the $3,500 basic exemption, they may over contribute to CPP. Similarly, they may pay too much to Employment Insurance. By filing a return, these young adults not only recover overpaid source deductions ó and get a refund ó but they also create RRSP contribution room based on their earned income, even if they are not taxable. Then, there are lucrative non-refundable tax credits, including the tuition, education and textbook amounts. If your young adult is a student at a qualifying educational institute, claiming these amounts on a return can reduce his or her taxes to zero. And, if unabsorbed on the student's return, these provisions can either be carried forward for use in reducing future income taxes, or up to $5,000 can be transferred to a supporting individual, in this case, you. Your adult children, if 19 years of age or older at the end of the tax year, should also claim Public Transit Amounts for money paid for public transit passes. It's Your Money. Your Life. Help your children become more tax-astute. Also, introduce them to your tax advisor. They will benefit from having a professional answer their tax questions. Today's efforts will pay off handsomely in the future. NEXT TIME: CLAIMING TAX BENEFITS FOR DISABLED ADULTS Evelyn Jacks, President of Knowledge Bureau, is author of Essential Tax Facts 2012 and co-author of Financial Recovery in a Fragile World. To purchase your books, visit www.knowledgebureau.com/Books.asp. Knowledge Bureau also publishes The Smart, Savvy Young Consumer for young adults. To encourage tax literacy among your young adult children, order here.

    Today is February 29   The last day to make an RRSP contribution!  

The Canada Revenue Agency (CRA) is making it easier for businesses to do business with the tax man. It has launched a one-stop shop for managing your tax information at http://www.cra-arc.gc.ca/bsnssnln/menu-eng.html. This single Web page gives you options to file, for example, GST/HST returns, T2s, T4s, T1s; to request a web access code, direct deposit, transfer payments, and more; to make payments; to make calculations such as automobile expenses and payroll deductions. You can also review and register ó all in an easy-to-use format. Just select your task from the list and the CRA will direct you to the appropriate service.   Additional Educational Resources: Essential Tax Facts 2012 Edition and Introduction to Personal Taxation Services Free Trial  

The Bank of Canada calls it "home-equity extraction,î denoting the ability of homeowners to borrow against the steadily increasing value of their homes. These secured personal lines of credit (PLC) ó secured by the borrowers' homes ó have become a significant factor in the run-up of household debt since the late 1990s. "Secured PLCs, which are mostly secured by housing assets, have risen sharply both in absolute terms and as a share of total consumer credit,î say researchers Allan Crawford and Umar Faruqui, authors of "What Explains Trends in Household Debt in Canada?î in the Winter 2011-2012 edition of Bank of Canada Review.  "In 1995, secured PLCs represented about 11% of consumer credit; by the end of 2011, this share was close to 50%.î We are all aware that the ratio of household debt to disposable income has climbed in Canada, particularly over the past decade, with debt reaching 150% of income. This has distressed central bankers, politicians and market monitors, as they consider the impact of domestic household finances on Canada's economic and financial well-being. (See Knowledge Bureau Report, Jan. 25.) As a result, the latest Review turns its attention to issues and trends around household debt in a special issue entitled Household Finances and Financial Stability. As editor Graydon Paulin notes: "The articles in this special issue of the Review reflect two important facts. First, in recent decades, there has been a steady increase in Canadian household indebtedness. Second, real house prices in Canada have exhibited an upward trend since 2000. These facts are interrelated, since rising house prices can facilitate the accumulation of debt. Households could, therefore, experience a significant shock if house prices were to reverse.î Crawford and Faruqui argue both mortgage and consumer credit have contributed to this higher ratio. Gains in real income coupled with low interest rates have made home ownership more affordable, and the home ownership rate has risen accordingly. As well, since the late 1990s, house prices have risen at a faster pace than income. This all adds up to ratio of mortgage debt to disposable income that has climbed to 100% over the past 30 years from 50%. "Before the mid-1990s, the increase in the debt-to-income ratio was driven mostly by residential mortgage credit,î report Crawford and Faruqui. "But since then, consumer credit has also been a contributing factor. The rising importance of consumer credit has coincided with a strong increase in non-mortgage borrowing secured by housing assets.î Financial innovation, supported by an exuberant housing market, has given homeowners access to more non-consumer credit in the form of PLC and home-equity extraction. That takes the ratio of consumer debt to disposal income over the 50% mark. So, household debt has accumulated and all eyes are on the housing markets. A market crash could put paid to Canada's modest recovery. The end result: Canadians should tread cautiously. Keeping our economy onside requires a careful balancing act. As for Crawford and Faruqui, they recommend more research, this time on the relative importance of the various determinants of growth in household credit and the impact of new financial innovations on debt levels. "This work will improve our understanding of the forces affecting future growth in household debt,î they say.   Tessa Wilmott is a financial journalist and editor of Knowledge Bureau Report.   Additional Educational Resources:  Debt and Cash Flow Management, try the Free Trial!