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.

The passing of Bill C-47 has ensured that the Canadian Disability Savings Grant (CDSG) and Bond will be carried forward from the inception of the RDSP in 2008. This means that an eligible contribution in 2011 will attract Grant and Canada Disability Savings Bond (CDSB) for the years 2008, 2009, 2010 and 2011. The amount received will depend upon the family income of the beneficiary and the amount contributed. Up to $3 of grant will be available for each dollar contributed to the plan to a maximum of $3500 per year with $10,500 allowed annually for unused entitlements. The Canada Disability Savings Bond adds $1000 annually with $10,000 available each year for unused amounts. For family incomes less than $81,941 the government will pay CDSG of $3.00 for the first $500 contributed and $2.00 for the remainder to a maximum of $3500 per year. So, a $2000 contribution to a new RDSP in 2011 could attract the $3.00 grant on $500 for each of the carry back years, totaling $6000 of CDSG. For beneficiaries with a family income less than $23,855 the CDSB will add $1000 for each of the 4 years for a total of $4000. That's $10,000 of government money on a $2000 contribution ñ what a great start! It should be noted that a beneficiary has to be age 49 or under at the time of the claim to be eligible for the CDSG and CDSB. This suggests that a request for retroactive bond or grant by an overage beneficiary will be denied. Bill C-47 also allows transfers from Registered Pension Plans, RRSPs or RRIFS to the RDSP of a financially dependent child or grandchild. Transfers are included in the lifetime maximum of $200,000 contributed to each plan. This will be a valuable estate planning tool as it will allow a portion of a registered savings plan to be transferred to a lower-income beneficiary instead of having it fully taxable in the year of death. The taxable portion of RDSP payments will include grants, bonds, investment earnings and proceeds of transfers. RDSP income is excluded from calculations of federal government benefits and tax credits. Most provinces exempt RDSP payments from calculations of eligibility for income assistance programs: http://www.hrsdc.gc.ca/eng/disability_issues/disability_savings/rdsp_ptb.shtml   Additional information on Registered Disability Savings Plans is available: http://www.hrsdc.gc.ca/eng/disability_issues/disability_savings/index.shtml http://www.cra-arc.gc.ca/E/pub/tg/rc4460/README.html http://www.cra-arc.gc.ca/rdsp/

On January 1, 2011, Canadians age 18 and over will have another $5000 of Tax Free Savings Account (TFSA) contribution room. Although these contributions are not tax deductible, investment income earned within a TFSA is not taxable and will not interfere with income-tested government benefits and credits. Contribution room carries forward, including the value of amounts withdrawn! Just remember ñ TFSA redemptions during one year cannot be re-contributed until the following year. For more information: http://www.fin.gc.ca/n10/10-132-eng.asp

CRA is giving you the opportunity to "self auditî with a series of audit letters targeting those in business, professions or rental property owners to review claims made in prior years and "self-declareî errors with adjustments within 30 days of receipt of the letters in the mail. Candidates are being randomly chosen from industry groupings to encourage compliance. Tax professionals should be ready to help clients pro-actively by asking about these letters and inviting clients to drop in before the busy tax filing season to deal with this invitation. It's a good way to avoid penalites and interest, too.   Additional Education Resources: Introduction to Personal Tax Preparation Services and Essential Tax Facts 2011

According to a national survey published last week by the CICA, tips on how to minimizes taxes were the number one most wanted financial literacy skill by Canadians. Evelyn Jacks, President of The Knowledge Bureau, and member of the Task Force on Financial Literacy is not surprised and in fact, added a series of tax literacy quizzes to her new edition of Essential Tax Facts, just so people could better understand what they do and don't know about their taxes. "When it comes to your taxes, do you know what you don't know? That's the question we want Canadians to consider with our challenge to "Test Your Tax IQî in this year's edition of Essential Tax Factsî, said Mrs Jacks, currently on national tour to teach the most recent tax and wealth management issues to tax professionals across Canada and provide media interview opportunities. "   If you think you know a lot, learning more about tax preparation is a good idea, but applying that knowledge to tax planning activities is important all year long for each family member, says Mrs. Jacks. "With all the new provisions available to better split income and preserve capital, the government has made it possible for Canadians to better weather recent economic and financial difficulties. But it's up to you to take advantage of these tax preferences. Know less than you thought? Then choosing the right tax advisor for your needs is critical. . .by increasing your knowledge to ask better questions of your advisor, and understand whether your advisor is up to speed. "We are spending time this week in strategic technical planning think tanks with leading tax and financial advisors across Canada. These are people who are most informed and ready, willing and able to do a top notch job for their clients.î A book launch and information session is planning in Winnipeg at the McNally Robinson Bookstore on Grant avenue January 26 at 7:00. To obtain a copy of Essential Tax Facts online immediately, visit the bookstore tab at http://www.knowledgebureau.com/ or better bookstores locally.   To enrol in the January T1 Tax Update Workshops January 11 to 20, go to the workshop tab at http://www.knowledgebureau.com/.   To book media interviews with Evelyn Jacks, please contact Debbie@knowledgbureau.com. Direct line is 204-953-4763.

Changes to the Old Age Security (OAS) and Guaranteed Income Supplement (GIS) abound as 2011 begins and taxpayers and their advisors will want to stay abreast of them, especially since a controversy broke out in parliament late last year about new income inclusion rules affecting the low income applicants for the GIS. Last May the federal government made a policy change that would cause RRIF lump sum payments to be included as income for GIS purposes without exception. Prior to that GIS eligibility could be calculated using current year income, thereby excluding previous year lump sum RRIF payments. This went largely unnoticed until November 23rd, when Gerry Byrne, a Newfoundland MP, stood in the House of Commons to demand why this change was made without public notice or discussion, given its significant impact on other benefits available for many Canadians. In many cases the GIS is used by seniors to put a roof over their heads and food on the table. A pensioner may have no other source of funds than his RRIF for an unexpected expense such as a funeral or appliance breakdown. A small RRIF can be quickly deplete and deny the GIS is adding insult to injury in cases such as this. Further, in several provinces, including Newfoundland and Nova Scotia, GIS eligibility is used for the threshold for other government programs for low-income seniors. In Nova Scotia, for example, a person who is eligible for the GIS does not have to pay the annual Pharmacare premium of $424 and qualifies for property tax rebates. Human Resources Minister Diane Finley has put the policy on hold pending review. GIS eligibility will be calculated using the old rules until further notice. Seniors and their advocates should keep a close eye on this and other issues that impact a valued segment of our society. ADDITIONAL EDUCATIONAL RESOURCES: EverGreen Explanatory Notes and the Knowledge Bureau certificate course: Tax Efficient Retirement Income Planning

The maximum OAS Benefit for the first quarter of 2011 is $524.23, representing an indexing factor of .5%. The Guaranteed Income Supplement (GIS) is a non-taxable benefit available to low-income seniors who are eligible for Old Age Security (OAS). The dollar amounts available depend on income level but for 2011 the maximum benefits are the following: Single person $661.69 Spouse of OAS recipient $436.95 Spouse of OAS non-recipient $661.69 Spouse of Allowance Recipient $436.95 Income Security Programs Information Card is available: http://www.servicecanada.gc.ca/eng/isp/statistics/rates/janmar11.shtml All taxable income, with the exception of OAS payments and up to $3500 in employment earnings, is included in the income test and there are several maximum levels of income depending upon family composition and ages. Taxpayers and their advisors are urged to be careful with planning income withdrawals, as they will affect GIS and OAS claw backs. The Table of Rates for OAS, GIS and the Allowance allows specific rate calculations: http://www.servicecanada.gc.ca/eng/isp/oas/tabrates/tabmain.shtml ADDITIONAL EDUCATIONAL RESOURCES: EverGreen Explanatory Notes and the Knowledge Bureau certificate course: Tax Efficient Retirement Income Planning