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.

April is a month full tax milestones with the pinnacle being the April 30 tax filing deadline for individuals.  Note that for businesses, the final application deadline for Canada Emergency Business Accounts (CEBA) loan ended March 31. Here’s a handy tax milestones calendar from Knowledge Bureau for the month of April, excerpted from the Knowledge Bureau Advanced Tax Update Course. 

Old Age Security (OAS) and Guaranteed Income Supplement (GIS) benefits are indexed quarterly, but the formula for OAS increases is based on increases to the Consumer Price Index.  When the CPI drops, OAS payments remain constant for the subsequent quarter, as they did in the first three quarters of 2020.

The government has recently appointed a new Task Force on Women in the Economy.  However, what’s missing among the 18 educated and highly qualified women on the board* is representation from the many women who, through self-employment and independent business ownership, contribute so much to growth in our economy. That’s a big miss.  Here is why that is important: 

The timing could be better.  The federal government has chosen April 19, 2021 as the date for their first federal budget in two years,  in the midst of a third wave of a trying pandemic.  This could also well be the busiest week of tax season for taxpayers and their advisors. Yet, the important roadmap to economic recovery and the tax changes to pay for it will likely be set forth. Join us for a special Knowlege Bureau Report after the budget day.

Many taxpayers are unaware and in fact shocked to learn that the bushel of apples, gaggle of geese, or barter services of any kind provided in anyway, including those online, are taxable.  Whether they are paid in kind to settle a debt or simply as a trade, all have a commercial value that may have tax implications.

The CRA recently released an important technical newsletter to make changes to Independent Pension Plan (IPP) rules. Some experts in the personal pension planning space think that this is a good thing.  Here is what’s at the centre of the  issue and why.