Backgrounder To boost business investment, enhance certainty and simplicity for businesses, and strengthen Canada’s tax competitiveness, the Government of Canada proposes to implement the Productivity Mega Deduction, which will provide immediate expensing for a broad-based range of depreciable property on a permanent basis. Immediate expensing allows taxpayers to fully write off the cost of an…
Category: Personal income tax news
Canada Employment Insurance Commission confirms 2027 Employment Insurance premium rate
News release September 14, 2026 Gatineau, Quebec Employment and Social Development CanadaToday, the Canada Employment Insurance Commission made available the actuarial report and its summary for the 2027 Employment Insurance (EI) premium rate. The rate for 2027 is set at $1.64 per $100…
Interest rates for the fourth calendar quarter
The Canada Revenue Agency (CRA) announced today the prescribed annual interest rates that will apply to any amounts owed to the CRA and to any amounts owed by the CRA to individuals and corporations. These rates will be in effect from October 1, 2026 to December 31, 2026. Income tax The interest rate charged on overdue taxes, Canada…
CRA Interest rates for the third calendar quarter
The Canada Revenue Agency (CRA) announced today the prescribed annual interest rates that will apply to any amounts owed to the CRA and to any amounts owed by the CRA to individuals and corporations. These rates will be in effect from July 1, 2026 to September 30, 2026. Income tax The interest rate charged on overdue taxes, Canada…
British Columbia Budget 2026
British Columbia Finance Minister Brenda Bailey presented Budget 2026: Securing B.C.’s Future (“Budget 2026”) on February 17, 2026. Budget 2026 includes a major overhaul of BC’s income tax system. Highlights of these changes and related measures are outlined below. Income Tax Act Lowest Personal Income Tax Rate and Basic Personal Income Tax Credits Increased Effective…
CRA Interest rates for the second calendar quarter
The Canada Revenue Agency (CRA) announced today the prescribed annual interest rates that will apply to any amounts owed to the CRA and to any amounts owed by the CRA to individuals and corporations. These rates will be in effect from April 1, 2026 to June 30, 2026. Income tax The interest rate charged on overdue taxes, Canada…
Alberta Budget 2026
Alberta Budget 2026: Focused on What Matters (“Budget 2026”) was tabled February 26, 2026, by Minister of Finance Nate Horner. Tax measures in Budget 2026 include a new Alberta Caregiver Credit and a Vehicle Rental Tax. Details of these and other measures are outlined below. New Alberta Caregiver Credit Caregivers in Alberta are currently able…
Getting ready for tax season? Here’s how to give your tax preparer access – faster and more securely
February 11, 2026 Ottawa, Ontario Canada Revenue Agency As tax season approaches, many Canadians work with a tax preparer to file their return. To do that, you may need to give them permission to access your tax information with the Canada Revenue Agency (CRA). The CRA has improved its authorization service for individuals. Here’s what…
Government Announces the 2026 Automobile Deduction Limits and Expense Benefit Rates for Businesses
January 14, 2026 – Ottawa, Ontario – Department of Finance Canada Today, the Department of Finance Canada announced the automobile income tax deduction limits and expense benefit rates that will apply in 2026. The following changes to limits and rates took effect as of January 1, 2026: The ceiling for capital cost allowances (CCA) for…
Government launches consultation on draft legislation for previously announced and technical tax measures
From: Department of Finance Canada News release January 29, 2026 – Ottawa, Ontario – Department of Finance Canada The Department of Finance today released for consultation draft legislative proposals to implement a range of previously announced tax measures. The proposed changes aim to clarify and improve tax rules, close gaps to prevent tax avoidance, and ensure…