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5 Things Every Canadian Should Know About Their Money Today

From a rate hold to a sovereign wealth fund — here's what's moving the needle on your finances right now. 01 — DEADLINE Today is the tax filing deadline — and your refund may be a lifeline April 30 is the last day most Canadians can file their 2025 income tax return without penalty. With the cost of living still squeezing household budgets, many Canadians are counting on their refund as a financial cushion. Filing late triggers a 5% penalty on any balance owing, plus 1% for each additional month. If you haven't filed yet, the CRA's NETFILE portal is still open — act before midnight. 02 — INTEREST RATES Bank of Canada holds steady at 2.25% — no relief yet for borrowers The Bank of Canada kept its policy rate at 2.25% yesterday — the third consecutive hold of 2026. Governor Tiff Macklem cited rising inflation driven by higher global energy prices tied to the Middle East conflict, while U.S. tariffs continue to weigh on exports. CPI inflation climbed to 2.4% in Ma...
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How 2026 Tax Changes Could Shape Your Filing Season

 

The 2026 tax year brings a mix of adjustments that may influence how you prepare and file your return. While some updates are modest, others introduce new credits, reporting rules, and digital requirements that could affect individuals, families, and businesses.

Key Changes Affecting Your 2026 Filing

  • New and updated tax measures
    The federal government is rolling out targeted updates, including a personal support worker tax credit running from 2026 to 2030, offering relief to workers in this essential sector.

  • Improved filing experience
    The Canada Revenue Agency is emphasizing faster, more secure digital services. Filing for the 2025 tax year opens on February 23, 2026, with enhanced online tools designed to reduce wait times and streamline the process.

  • Broader CRA changes
    Canadians can expect a combination of tax relief, inflation adjustments, and stricter compliance rules. These include lower federal tax rates, higher contribution limits for registered accounts, and new filing requirements for certain industries.

  • Mandatory security upgrades
    Multi-factor authentication becomes a required step for CRA accounts, strengthening protection for taxpayers’ personal information. Additional reporting rules—such as new T4A requirements for the trucking industry—also take effect.

What This Means for You

These changes may influence your refund, benefits, or tax planning strategies. Lower tax rates and higher contribution limits could offer savings opportunities, while new compliance rules may require extra attention when gathering documents or reporting income.

Before filing, it’s worth reviewing which credits you qualify for, confirming your CRA account access, and checking whether any industry‑specific rules apply to you.


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