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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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Markets decline as Fed minutes fail to boost confidence



The stock markets in the U.S. and Canada started the new year with two consecutive sessions of losses, as investors remained cautious about the Federal Reserve’s plans to cut interest rates this year.

The Fed minutes from its December meeting, released on Wednesday, showed that policymakers were increasingly convinced that inflation was under control and that overly restrictive monetary policy could harm the economy. However, the minutes did not provide much clarity on when and how much the Fed would lower rates, disappointing some traders who had hoped for more guidance.

The S&P 500 index fell 0.8%, while the Nasdaq Composite dropped 1.18% and the Dow Jones Industrial Average slid 0.76%. The TSX composite index also ended down 0.3%, extending its pullback from a 19-month high.

Among the sectors, energy was the only bright spot, as oil prices rose sharply due to a disruption at Libya’s top oilfield. Suncor Energy was the top performer on the TSX, gaining 5.9%. On the other hand, materials, consumer discretionary and financials dragged the markets lower, as a stronger U.S. dollar weighed on gold and copper prices and rate-sensitive stocks.

Airline stocks also suffered, as higher oil prices raised concerns about fuel costs. The S&P 1500 passenger airlines index plunged 4%.

Some individual stocks also made headlines, such as First Quantum Minerals, which surged 11% after a report that Barrick Gold was exploring a possible bid for the company. Barrick’s shares, however, fell 2.9%. Citigroup also continued its rally, rising 1.1% to its highest level since mid-August 2022, after a positive analyst report from Wells Fargo.

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