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.

Tax slips for Old Age Security (OAS) and Canada Pension Plan (CPP) were mailed in January and were available online as of February 1, 2011. Pensioners can register for online access through My Service Canada Account after applying for and receiving a Government of Canada Access Key. Canada Pension Plan Statements of Benefits and details of Employment Insurance claims and tax slips can be found as well. Please click here for more information.   ADDITIONAL EDUCATIONAL RESOURCE: Now is the time to discuss RRSP and TFSA opportunities for seniors and prepare to reduce March 15 instalment payments where incomes have fluctuated. For wealth of information on tax planning for seniors, Essential Tax Facts 2011 by Evelyn Jacks is a "must have" reference.    

As of January 1, 2011, the federal general corporate income tax rate is 16.5%, down from 18%. The rate will be further reduced to 15% on January 1, 2012. The rate for qualifying small business income remains at 11% (since 2008) and the limit remains at $500,000 (since 2006 when it increased from $300,000 to $400,000). The government is hopeful that these changes will stimulate jobs and economic growth in Canada.

CRA has released an updated RC2, The Business Number and your Canada Revenue Agency Program Accounts. For new businesses it is an excellent primer on your reporting and remittance obligations to the government. Sections on GST/HST and payroll will be especially helpful. Links are included to provincial programs, such as Worker's Compensation in Nova Scotia and the Ontario Workplace Safety and Insurance Board. These are harmonized with the federal BN and can be accessed seamlessly through Business Registration Online or through provincial websites.   Business owners should have a copy of Make Sure it's Deductible - Fourth Edition available at all times!

CRA has released bulletin RC4054 which provides an update of the ceiling amounts it will allow for rents and utilities benefits calculated for those living in Prescribed Zones for the purposes of the Northern Residents Deductions. For prescribed zones without a developed rental market, the ceiling amounts reflect increased in the Consumer Price Index. For 2011, for common shelter, the amount is $173 a month, same as last year. For apartments or duplex, the amount has increased to $467 a month for rent only, $227 per month, utilities only and $694 for rent and utilities. For a house or trailer, the 2011 amounts are $781 per month, rent only, $345 per month, utilities only and $1126 for both. ADDITIONAL EDUCATIONAL RESOURCES: DFA-Tax Services Specialist Designation courses.

The Electronic Filer's Manual for 2010 (RC4018) was released on January 14, 2011: http://www.cra-arc.gc.ca/E/pub/tg/rc4018/rc4018ch1-10e.pdf The "What's Newî section discusses the Universal Child Care Benefits (UCCB) amount which can now be designated to a dependant of single parents, E.I. for the self-employed, GST/HST modifications and several provincial changes to tax and credits. New fields for Stock Option Special Relief are outlined as well. ADDITIONAL EDUCATIONAL RESOURCES: Distinguished Advisor Workshop Reference Journal, now available in the Knowledge Bureau bookstore.

The Governor of the Bank of Canada, Mark Carney, spoke at a press conference in Ottawa on January 19, 2011. He discussed several factors that caused the Bank to maintain its target for the overnight rate at 1%. The economic recovery, although proceeding more quickly than anticipated, still has associated risks and challenges. Although private domestic demand in the U.S. has grown, financial stability and sovereign debt issues in Europe continue to be of concern. In Canada, household debt is expected to restrict consumption and residential investment but business investment should continue to grow. The strong Canadian dollar and low productivity will continue to dampen the recovery here. The inflation target remains at 2%. Upside risks include higher commodity prices and unexpected momentum in the housing sector. Downside risks include weak Canadian competitiveness and muted household spending. The Bank expects the economy to return to full capacity by the end of 2012. The next scheduled announcement date to announce the overnight target is March 1, 2011. ADDITIONAL EDUCATIONAL RESOURCES: Distinguished Advisor Workshop Reference Journal, now available in the Knowledge Bureau bookstore.