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CRA Tax Adjustment Delays Now Stretch Up to 47 Weeks — Here's How to Avoid Getting Stuck

   July 12, 2026   If you've ever filed a request to correct or update your tax return and then waited... and waited... you're not imagining it. Canada's Taxpayers' Ombudsperson has confirmed that some Canada Revenue Agency (CRA) adjustment requests are now taking nearly a year to process — and it's launched a formal investigation into why. What's Actually Happening When you need to change something on a tax return you've already filed — say you forgot a slip, need to update a deduction, or want to claim a credit you missed — you submit what's called a T1 adjustment request. The CRA sorts these into two speeds: Routine requests (filed online through your CRA My Account or certified tax software) have a service standard of just 2 weeks . By phone or mail, the standard is 8 weeks. Complex requests — where the CRA needs more documentation or a deeper review — carry a service standard of 20 weeks . The problem: the CRA isn't hitting even its own "...
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Seven Ways the 2024 Federal Budget Impacts Your Finances

 

The 2024 federal budget in Canada has introduced several measures that directly affect your financial well-being. Let’s explore seven key ways this budget impacts you:

  1. Capital Gains Inclusion Rate Increase:

    • The budget proposes raising the capital gains inclusion rate from 50% to 66.67% for corporations, trusts, and individuals (for capital gains exceeding $250,000) on or after June 25, 2024.
    • This change affects how much tax you pay when selling assets like stocks, real estate, or businesses.

  2. Employee Stock Options:

    • If you receive employee stock options, the taxable benefit deduction will be reduced to 33.33% (from 50%) due to the higher capital gains inclusion rate.
    • However, you can still claim a combined deduction of up to $250,000 for both stock options and capital gains.

  3. Net Capital Losses:

    • Prior-year net capital losses can offset taxable capital gains in the current year, even after the rate change.
    • This means losses realized before the rate increase can fully offset equivalent gains afterward.

  4. Affordable Housing Initiatives:

    • The budget aims to build more affordable homes, addressing the challenge of elevated living costs.
    • While there are no changes to personal tax brackets, housing affordability remains a priority.

  5. Alternative Minimum Tax (AMT):

    • The budget proposes amendments to AMT proposals, reducing the negative impact on charitable donations’ tax treatment.
    • This benefits those who contribute to charities while minimizing their tax liability.

  6. Carbon Tax Offset:

    • Although not explicitly mentioned, the budget likely includes measures to offset the carbon tax impact on households.
    • These efforts align with environmental goals and may affect your energy costs.

  7. Small Business Investment:

    • Expect further investment incentives for small businesses, encouraging growth and job creation.
    • The budget aims to boost the economy and support entrepreneurs.

In summary, the 2024 federal budget combines tax changes, housing initiatives, and economic strategies to enhance financial stability for Canadians. Stay informed and adapt your financial plans accordingly.

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