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 Principal Residence Exemption: The Nuances is part of a three-part series explaining the principal residence exemption under Canadian taxation law. It begins with the tax consequences on the change in use of a principal residence. 

In the last election, the Liberal government promised that, after renovations to a building rent increases fall outside of a normal change in rent or are excessive in their view, they will implement a surtax on landlords.  It is interesting to think about the repercussions of such a proposed policy and to reflect on whether this the economic outcome that is truly desired, when our collective challenge is to invest in improving buildings for reasons of climate change and health care concerns?  Here are the details.

This doesn’t happen very often, but the result of our January Poll question which asked: “Do you think personal/corporate tax reforms can spur economic growth in Canada in 2022 and beyond?” were split right down the middle with 50% saying “yes” and 50% saying “no”. Why the mixed results from Canadian tax and financial professionals? Here’s what you had to say:

Statistics Canada has reported Canada’s largest drop in life expectancy since 1921 – a seven-month decrease.  It is an eye-opening study that brings to mind the importance of new conversations about medical,  disability and estate planning during the busy tax season, especially for younger people. 

The annual inflation rate rose to 4.8% in December 2021, yet many Canadians who have never experienced inflation in their lifetime, may wonder, so what? Over time, as one soon notices, inflation can significantly reduce the real value of Canadian savings and purchasing power.  When the computation of taxes or benefits are not fully indexed to inflation, there is also a real, but hidden, inflation tax.  Here’s how to plan for it:

Ontario residents reconsidering international travel plans this year due to the pandemic now have even more incentive to explore destinations closer to home – specifically within the province – thanks to the newly introduced refundable Staycation Tax Credit. The tax credit reimburses 20% of eligible accommodation costs, up to a maximum dollar amount.  It’s a tax incentive other provinces may want to pick up on to spur on home-based tourism. Here are the details: