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Bill C-30 Just Passed: 5 Ways It Changes Your Wallet in 2026

  Canadian Money Brief Bill C-30 just received Royal Assent — and it touches your gas tank, your TFSA neighbour the RRSP, your CPP statement, and your tax return all at once. Here are the five changes that actually matter for your wallet. 1. The Federal Fuel Excise Tax Is Suspended Until September 7 The federal excise tax on gasoline and diesel is paused from April 20 through September 7, 2026 — shaving 10 cents per litre off gas and 4 cents off diesel at the pump. The tax break also extends to aviation fuel. If you're road-tripping this summer, the savings show up automatically; you don't need to do anything to claim it. Just don't expect it to last past Labour Day weekend, since the suspension is scheduled to expire September 7. 2. Home Buyers' Plan Repayment Window Triples — From 2 Years to 5 If you used your RRSP to fund a down payment through the Home Buyers' Plan, the grace period before you have to start repaying yourself is extending from two years to five, ...
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What Happens If You Don’t File Your Taxes in Canada?

 

As the April 30 tax deadline approaches, it’s crucial to understand the consequences of not filing your tax return in Canada. Whether you owe money or not, failing to meet the deadline can lead to serious repercussions. Let’s dive into what you need to know:

  1. Late Filing Penalty:

    • If you owe taxes and miss the filing deadline, the Canadian Revenue Agency (CRA) imposes a late filing penalty. This penalty is calculated as follows:
      • Five percent of your 2023 balance owing.
      • Additional one percent for each full month you file after the due date, up to a maximum of 12 months.
    • In total, you could end up paying 17 percent of any balance you owe.

  2. Interest Charges:

    • The CRA charges compound daily interest on any balance owing for 2023 that you’re unable to pay by the April 30 deadline.
    • The interest rate is approximately 10 percent, and it accumulates daily starting from May 1, 2024.

  3. Severe Actions for Consistent Late Filers:

    • If you consistently file late or ignore repeated requests, the CRA can take more severe actions:
      • Garnishing wages.
      • Freezing bank accounts.
      • Placing liens on properties.
      • In extreme cases, tax evasion or fraud charges, which may lead to jail time.

  4. Benefits at Risk:

    • Even if you don’t owe money, timely filing is essential to maintain benefits such as:
      • Canada Child Benefit (CCB).
      • Provincial and territorial payments.
    • Failure to file could result in losing these benefits.

Remember, meeting the tax deadline is crucial to avoid penalties, interest, and potential legal consequences. Whether you owe money or not, file your taxes on time to stay on the right side of the CRA! 

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