Record Number of Tax Returns Filed in 2026

It looks like tax season 2026 could be the biggest one we’ve seen in the history of filing in Canada, proving once more that Canadians are extremely tax compliant and that filing a personal tax return is the most important triggers for long term wealth planning in this country. But there is a shortage of qualified people and now is the time to do something about that before tax season 2027.

Women control an increasing share of global wealth. From 2018 to 2023, global wealth increased by an amazing 43% but women’s share increased by an even more impressive 50%. For financial advisors it means your female clients are going to be more important to your business than ever; for tax advisors, there is an opportunity to engage during important life events.  

Canadians may see a small increase in their take-home pay beginning in January 1, 2027 thanks to a reduction in Canada Pension Plan (CPP) contribution rates, but most people won’t notice a lot of new cash flow. However, this does represent a significant policy change. It’s one tax and financial advisors should consider, as it will affect payroll deductions, T4 reporting, and year end tax planning, especially in discussions about retirement options with clients.

Midsummer happiness abounds across Canada as families take the time to recharge, enjoy the long summer days, music festivals and update tax, financial and educational milestones to get ready for a busy fall. It’s high time, in fact, to mark your calendar! To help, here’s Knowledge Bureau’s mid summer Tax and Investment Milestone Checklist. Feel free to share it with your friends, colleagues and clients:

It is a saga that continues to cost taxpayers a lot of time and money. It's a fight to get CRA to accept documentation from recipients of foreign pensions who have had foreign tax withholdings and legitimately exercise their rights to use their foreign tax credits to avoid double taxation. The problem is, CRA is double taxing for no good reason and in the process, making it extremely difficult for taxpayers to fight back. Here’s an example:

More changes are coming to how your clients will access Business Registration Online (BRO). Starting July 14, 2026, the Canada Revenue Agency (CRA) your business clients will only be able to access BRO through their CRA account. As usual, it’s the taxpayer who is responsible for on time remittances and the burden of proof in an increasingly digital relationship with CRA. Here’s what you need to know:

Lower income Canadians will soon receive larger quarterly benefit payments under the Canada Groceries and Essentials Benefit (CGEB). Replacing the GST/HST benefit, the CGEB includes a one-time top-up beginning June 5, 2026 equal to 50% of a person’s annual benefit, and increased quarterly payments beginning in July.