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.

GST/HST Netfile is available to GST/HST registrants everywhere except Quebec. This allows GST/HST returns to be completed online and filed electronically. Using the four digit access code supplied by CRA, GST/HST Netfile can be accessed through My Business Account or here. Misplaced access codes or information for new businesses may be found by calling 1-877-322-7849. CRA has produced a video that guides business owners through the GST/HST Netfile process. Filers are shown how to access the site then are guided through the entire process. This video incorporates the new HST tax in Ontario and British Columbia and the HST increase in Nova Scotia. Form GST284, Application for GST/HST Public Service Bodies' Rebate and Self-Government Refund may be filed with the GST/HST return and instructions are included in the video. ADDITIONAL EDUCATIONAL RESOURCES:   Tax Preparation for Proprietorships, EverGreen Explanatory Notes    

CRA administers the Scientific Research and Experimental Development (SR&ED) Tax Incentive Program for participating provinces. This program encourages innovation in business by means of refunds and tax credits for research and development work conducted in Canada. A summary of provincial SR&ED tax credits has recently been posted on the CRA website. Businesses of all sizes may qualify for these incentives. Eligible projects may include experimental development to create new products or technologies or improve existing ones, and basic or applied research. Work that supports these endeavors qualifies as well. Free public information sessions are being conducted across Canada. You can consult CRA for registration details and general information on the SR&ED Tax Incentive Program. ADDITIONAL EDUCATIONAL RESOURCES:EverGreen Explanatory Notes

Only 5% of the new jobs created since mid 2009 went to young workers, according to The Vanier Institute of the Family. Its 12th report on the financial health of the Canadian family, The Current State of Canadian Family Finances 2010 Report warns that the group most keenly affected by under-employment in Canada is youth in the 15-24 age range and as a result "this will force more students to increase their already high debt loads and put more pressure on families for financial support.î How can financial advisors help at tax time? Financial professionals can provide education to young people on how to save money on their taxes with an RRSP and then tap into the savings tax free under the Lifelong Learning Plan. Parents can be educated on tax preferred savings and investment vehicles such as RESPs and TFSAs to begin saving for younger children. Preparing taxes as a family, rather than individual tax filing, can also help. This will ensure that transferrable provisions like the tuition, education and textbook credit are maximized. Because thirty seems to be the new twenty, advisors need to be prepared to help families deal with longer periods of support for young adults in the post-recession world. This must be factored into the tax and financial planning exercise. ADDITIONAL EDUCATIONAL RESOURCES: EverGreen Explanatory Notes Introduction to Personal Tax Preparation Services

CRA has just released an updated version of RC4466 Tax-Free Savings Account (TFSA), Guide for Individuals.  It includes an important section on rules established on October 17, 2009 to prevent abuse of TFSAs, as well as proposed changes regarding the successor holder of the TFSA. This designation is available in provinces that recognize beneficiary designations for TFSAs. Currently, all provinces but Quebec allow this. There was some confusion about the re-contribution rules when TFSAs were first introduced. Many taxpayers were assessed penalties for over-contributions last year because they understood that amounts withdrawn can be put back into their TFSA accounts. This is true, but not until the next calendar tax year. The TFSA Guide explains it this way: "You cannot contribute more than your TFSA contribution room in a given year, even if you make withdrawals from the account during the year. Withdrawals from the account in the year will be added to your contribution room in the following year. If you over-contribute in the year, you will be subject to a tax equal to 1% of the highest excess TFSA amount in the month, for each month you are in an excess contribution position.î As contribution limits grow, TFSA accounts will become increasingly important savings and investment vehicles for all eligible Canadians. Make sure that you know the rules so your clients will benefit from your expertise! ADDITIONAL EDUCATIONAL RESOURCES: Advanced Tax Preparation and Research, EverGreen Explanatory Notes, Knowledge Bureau's Annual Line-by-Line Tax Update Workbook

A seamless way to produce T4 slips online and electronically file the T4 summary is now available to small employers who have 6 or fewer T4 slips to file for 2010. If this speaks to you, check out T4 Web Forms on the CRA website. It is a quick and accurate way to complete your T4 filing for 2010. Those who qualify, based on last year's T4 filing pattern, should have received a Web access code in the mail by now. If you don't have the code, it can be retrieved online or by calling the CRA e-services Helpdesk for business at 1-877-322-7849. If you think you should qualify (i.e. you are a new employer with 6 or fewer employees), you should contact this number to become registered. Have your Business Number ready. Once logged in to T4 Web Forms, the process to generate T4s and the T4 summary is easy to follow. Enter the total income and deduction data for each employee and the documents will be generated. When you enter the 2010 remittance total (found on the January, 2011 Statement of Account after Amount Paid for 2010), the T4 summary will automatically calculate amounts owing or an overpayment. Once you have printed the T4s and the T4 summary, click to submit the record and you have completed the filing requirements for 2010! ADDITIONAL EDUCATIONAL RESOURCES: Tax Preparation for Proprietorships; Advanced Payroll for Professional Bookkeepers

On February 17, 2011, the Vanier Institute of the Family released its 12th report on Canadian family finances. Entitled The Current State of Canadian Family Finances 2010 Report, this document declares that "for far too many, there is too little income, too much spending, too little saving and too much debt.î Leading tax and financial advisors will want to discuss this issue during tax season, in order to find proactive ways to increase after-tax income which can contribute to debt reduction. According to the report, average family debt has surpassed $100,000 and the debt-to-income ration is 150%. This means that for every $100 received in after-tax income, a Canadian household, on average, owes $150.00. In comparison, average family debt in 1990 was $58,600 and the debt-to-income ratio was 93%. When you factor in inflation, the Report calculates that this is a 78% increase in household debt since 1990. And despite new investment vehicles like the TFSA, savings rates have declined during the past two decades. In 1990, the average Canadian family was able to save $8000 annually, a savings rate of 13%. This has dropped to $2500 in 2010, a savings rate of 4.2%. Advisors should be discussing how this trend can be reversed. A possible culprit is demographicsóboomers are using the savings they created in the last decade to fund retirement or support children and parents. However, for others, savings room may possibly be eaten up for a number of other reasons, for example, overpaid taxes and too much consumer debt. The former issue can be addressed with proper tax planning; the later with a disciplined plan to replace bad debt (consumer goods) with good debt (asset-backed).ADDITIONAL EDUCATIONAL RESOURCES: Tax-Efficient Retirement Income Planning, Introduction to Personal Tax Preparation.