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.

Sooner or later theyíre gonna get you if you donít file your tax return! At least that was the expensive lesson learned by a BC man who failed to file tax returns for six years. On September 1, 2010, a hefty court-imposed fine of $6,000 on top of unpaid taxes and interest was handed down. CRA penalties have not been indicated to date. He must also file all outstanding tax returns and has been handed a years probation. A good tax preparer can complete previous years' returns using information provided by the taxpayer and missing information obtained directly from employers and CRA. Prosecution and penalties can be avoided through the Voluntary Disclosures Program (VDP) if outstanding tax returns are filed before CRA initiates action. Taxes owing and interest must still be paid. For more information see www.cra.gc.ca/voluntarydisclosures Educational Resources:   Learn more about filing prior years' returns, deadlines, fines and penalties by taking the Knowledge Bureau's certificate course Introduction to Personal Tax Preparation Services.

The Distinguished Advisor Conference takes Canadian advisors to Orlando Nov 14-17 to focus on family wealth management issues and early registrations for the event end September 30. Power strategic practice concepts will be discussed by leaders from the financial services. "We are looking forward to ground-breaking discussion on the issues Canadian families and their advisors face in developing sustainable wealth in a difficult economic climate,' noted Knowledge Bureau president Evelyn Jacks, conference host and founder. For more information follow these links:   Agenda  Venue  Register

On September 27, the federal government released its sixth report on the progress made in its Economic Action to combat the 2008 global financial crisis and the numbers look really good. Unfortunately, it doesn't seem to feel that way to the majority in the fray: in a month long poll of tax and financial advisors across the country, Knowledge Bureau found that 74% answered "no" when asked if they felt that the economy had stabilized since the start of 2010. According to the document: Canadian incomes have risen faster than any other G7 country in terms of gross disposable income Total credit growth in Canada continued to outpace that of the United States through the first half of 2010 and improved financial market conditions resulted in a rebound in net corporate bond and equity issuances. In addition, the difference between corporate and government bond rates narrowed considerably. All the tax relief scheduled in the Action Plan has now been implemented for both personal and business taxes. An excellent analysis of tax reductions introduced since 2006ótwo years before the financial crisis--on both federal and provincial fronts accompanies the paper Meanwhile the average of private sector forecasts for the economy, released in June anticipate GDP growth at 3.5% this year, hovering just under 3% over the next several years, an unemployment rate that will drop from its high of 8% this year back to around 6.5 by 2015 and inflation numbers (CPI, Core and GDP) all coming in around 2%. We can expect, based on the same projections that three month treasury bill rates will rise from this year's low of 0.7% to close to 4% in 2013, and we can expect to see rates on 10 year bonds back up around the 5% mark around the end of 2013. The exchange rate on the Canadian dollar will continue to rise to near par in 2011 and stay above 95 cents now until 2015. That's good news for retirees who wish to spend time south of the border in the next little while. And those private sector forecasters anticipate a significant rise in the price of a barrel of oil over the next several years. How does that all translate into Canadian communities? Be sure to voice your opinion in the Knowledge Bureau Poll now, then tune in next week for a summary of all the results.

Siegfried Merten, MFA from St. Catharines, Ontario reports that the German Government is requiring the filing of German tax returns by some recipients of German pensions for the period 2005-2009. Non-compliance will result in an estimated tax and late filing penalties. He tells us more in this interview with KBR Staff: Q. What is the issue with the German Tax Department, Siegfried? A. Canadian taxpayers receiving German pensions may receive a letter from the German equivalent to CRA, Finanzamt Neubrandenburg (RiA), requesting the German Tax Returns for the years 2005-2009 to be filed within 12 weeks. It's very important that clients of tax and financial advisors be contact immediately to be urged to open the mail and not to ignore it! Q. What should be done? A. If you do not comply the Tax Office has the authority to estimate your income and tax it accordingly. They may also levy penalty charges. Even after they have estimated everything you are still compelled by law to file the 5 tax returns and may be subjected to a fine. Q. But isn't that double taxation if you have filed your income properly on the Canadian tax returns? A. If you have been declaring your German Pension on your Canadian Tax Return there should be no taxes owing to Germany since you have paid tax on them to Canada -- but you still have to file the returns. Q. Where can people find help? A. All information including tax forms are available on the internet at www.steuerportal-mv.de. If you have any further questions or need to have the 5 Tax Returns filed please feel free to call me any time at: 905-708-5889.

CRA has issued a new form T1213 ó Request to Reduce Tax Deductions at Source, which is used to request a reduction of taxes withheld from a lump sum or salary. This is particularly important for those who expect to have tax deductions like RRSP contributions, child care expenses, tax deductible spousal support payments, employment expenses like auto expenses, home office or cost of an assistant, costs associated with your investments like interest on your investment loans, also known as carrying charges or other significant tax deductible costs like moving expenses, medical expenses or charitable donations. To use this opportunity, taxpayers must have submitted all tax returns that are due to be filed. Now is a good time to review errors and omissions on prior filed returns, as the statute of limitations for tax year 2000 will end on December 31. Bringing those files up to date and requesting a reduction in tax withholdings, could increase cash flow before year end to help provide new money for RRSP contributions and other tax wise investments like TFSA deposits The new form is available now in EverGreen Explanatory Notes.

In a press release dated September 17, 2010, CRA announced that, for fiscal years ending after 2010 small partnerships with "simple structures and modest financial activity will no longer be required to file a partnership return." The terms "simple" and "modest" have yet to be defined. In addition, a revised information return and tax guide will be issued for 2011. In years prior to 2011, the requirement that a partnership file a separate tax return was based on the number of partners. Partnerships with more than five members were required to file form T5013 annually and issue T5013 slips to the partners. For more information see The Knowledge Bureauís Advanced Tax Preparation and Research and Tax Preparation for Proprietorships courses by self study.