Bank Holds Rate at 2.25%
The Bank held the target for the overnight rate at 2.25% for a fifth straight decision, after cutting from 3.00% in January 2025 to 2.25% by October 2025.
EconomyLatest tax-impact news
Bank Holds Rate at 2.25%
The Bank held the target for the overnight rate at 2.25% for a fifth straight decision, after cutting from 3.00% in January 2025 to 2.25% by October 2025.
Read articleAirline Fuel-Cost Support
Finance Canada said eligible airlines could receive up to $150 million in repayable liquidity support while temporary aviation-fuel excise relief remains in place.
BusinessISSB Montreal Office Funding
The Montreal office had previously received $8 million in federal start-up support through Budget 2022.
PolicyGroceries Benefit Top-Up Begins
The one-time top-up is expected to deliver $3.1 billion to 12 million existing GST Credit recipients.
PersonalCRA Self-Employed Filing Reminder
CRA reminded self-employed taxpayers about income reporting, GST/HST registration, benefit eligibility, and online balance-management tools.
PersonalSteel and Aluminum Tariff Relief
Finance Canada proposed extending steel tariff-rate quotas and horizontal tariff relief to June 2027, while imports above quota would still face a 50% tariff.
BusinessJournalism Labour Tax Credit Consultation
Finance Canada asked for comments by July 31, 2026 on extending the Canadian Journalism Labour Tax Credit to audio and audiovisual news production.
PolicyTariff Loan for Logistics Company
Finance Canada highlighted up to $90 million in loan assistance for C.A.T. through the Large Enterprise Tariff Loan facility.
BusinessCRA Account Security Warning
CRA warned that scammers time account-access attempts around tax season and published benefit-payment dates.
PersonalDisability Tax Credit Access Measures
Finance Canada proposed $42.5 million over five years for CRA to administer Disability Tax Credit access changes.
PersonalFinancial Stability Report 2026
The Bank of Canada said mortgage-renewal risk should largely pass by the second half of 2027 after a final wave over the next 12 months.
EconomyTax Gap Reporting Bill
Bill S-217 was at second reading in the House of Commons on May 28, 2026 after passing three Senate stages in March.
PolicyProject Agora Payment Test
The Bank of Canada joined a BIS project involving eight central banks and more than 40 financial institutions to test tokenized wholesale cross-border payments.
InfrastructureCanada Labour Market Slows
The Bank of Canada said job growth averaged about 6,000 a month since early 2025, down from almost 34,000 a month in 2024.
EconomyFiling Taxes for Benefits
CRA said a one-time GST/HST credit top-up would be issued June 5, 2026 before Canada Groceries and Essentials Benefit payments began in July.
PersonalAI and Productivity Outlook
The Bank of Canada said major U.S. technology firms doubled AI-related investment from about US$200 billion in 2024 to about US$400 billion in 2025.
EconomySmall Craft Harbour Funding
The proposed funding would be added to Fisheries and Oceans Canada's existing annual harbour program budget of about $90 million.
InfrastructureLithium Mine Growth Fund Investment
Canada Growth Fund committed up to C$145 million to support expansion of North American Lithium in Quebec.
EconomyChanging a Filed Tax Return
CRA said online change requests can lead to a notice of reassessment and any refund sooner than paper requests.
PersonalBudget 2025 Implementation Bill
Bill C-31 included automatic tax filing for up to 5.5 million low-income Canadians by the 2028 tax year and crypto-asset reporting rules.
PolicyCRA Reports 2026 Tax Season
CRA said more than 28.5 million returns were filed for the 2026 tax season, with 95.6% filed online.
PersonalFinancial Crime Measures
Finance Canada highlighted $17.9 million for FINTRAC and proposed funding for a new Financial Crimes Agency.
PolicyDefence Resilience Bank Charter
The proposal is linked to more than $80 billion in Budget 2025 defence investments and NATO spending targets.
PolicyBank of Canada April Deliberations
Governing Council discussed oil above US$100 per barrel and the risk that persistent energy prices could require rate increases.
EconomySpring Economic Update 2026
The update included Team Canada Strong, a plan to recruit, train, and hire 80,000 to 100,000 skilled trades workers by 2030-31.
PolicyApril 30 Filing Reminder
CRA said more than 16.1 million returns had already been filed by April 12, 2026, including more than 15.4 million through certified software.
PersonalMatawinie Graphite Mine Investment
The financing package for Nouveau Monde Graphite totalled US$297 million, or about C$411 million.
EconomySR&ED Pre-Claim Approval
CRA said eligible small and medium businesses can seek SR&ED pre-claim approval before starting work or incurring project costs.
BusinessAlcohol Excise Duty Relief Extended
Finance Canada extended alcohol excise-duty relief for two years, including a 50% rate reduction on the first 15,000 hectolitres of beer brewed in Canada.
BusinessCRA Prescribed Rates Q2 2026
CRA set second-quarter 2026 prescribed rates at 7% for overdue income-tax amounts, 3% for corporate overpayments, and 5% for non-corporate overpayments.
BusinessDefence Industrial Strategy
Finance Canada announced $813,739 for a University of New Brunswick port-capacity platform and $30,000 for a Dieppe cybersecurity project.
InfrastructureExtortion Financial-Crime Measures
Finance Canada said FINTRAC had worked with 28 enforcement and intelligence units as part of anti-extortion financial-crime measures.
PolicyAnti-Fraud Strategy Consultation
Finance Canada said Canadians reported more than $704 million in fraud losses in 2025, while reported losses since 2022 had surpassed $2.4 billion.
PolicyBudget 2025 Legislation Passed
Bill C-15 received Royal Assent, bringing Budget 2025 measures on tax rates, GST/HST housing relief, benefits, clean-energy credits, and worker supports into law.
PolicyHousing Supply Funding Bill
Finance Canada proposed a $1.7-billion transfer authority aimed at lowering housing-construction barriers in provinces and territories.
HousingIndigenous Tax Filing Highlights
The CRA summarized 2026 filing issues and benefit amounts relevant to First Nations, Inuit, and Metis Peoples.
PersonalCRA Drop Boxes to Close
The CRA said 45 drop boxes will close on May 29, 2026, after submissions fell 78% from 2018-2019 to 2024-2025.
PersonalAffordability Measures Highlighted
Finance Canada highlighted a 14% first federal tax bracket, a GST/HST-credit replacement, NSF-fee limits, and first-time buyer housing relief.
PolicyClean Fertilizer Investment
The Canada Growth Fund committed $20 million to Solugen as part of a $50 million clean-technology fertilizer financing package.
BusinessFirst-Time Buyer GST/HST Rebate
CRA said eligible first-time buyers can receive up to $50,000 through the new GST/HST rebate on newly built or substantially renovated homes.
HousingAI Tax Scam Warning
CRA warned that generative AI can produce convincing fake tax messages, websites, audio, images, videos, and software code.
PersonalSimpleFile and Benefit Access
CRA reminded lower-income taxpayers that filing a return can unlock refunds, credits, and benefit payments, including through SimpleFile services.
PersonalAuto Tariff Remission Consultation
Finance Canada asked auto-sector stakeholders to comment by April 13, 2026 on possible changes to tariff remission for U.S.-made passenger vehicles.
BusinessFederal Tax Expenditures Report
Finance Canada released its 2026 report estimating the fiscal cost of federal tax measures, including credits, deductions, deferrals, and exemptions.
Policy2026 Tax Season Opens
CRA said online filing for 2025 returns opened February 23, 2026, after more than 33 million returns were received in the prior filing season.
Personal2026 Filing Season Changes
CRA listed the 2026 filing dates, digital notice changes, and a new top-up tax credit tied to the first federal tax bracket threshold.
PersonalExtortion Financial-Crime Plan
Finance Canada announced a counter-extortion partnership and pointed to $1.7 billion in Budget 2025 funding for RCMP capacity.
PolicyThompson Nickel Mine Investment
The Canada Growth Fund committed up to US$85 million, about C$116 million, toward a transaction involving Manitoba's Thompson nickel complex.
BusinessClean ITC Content Consultation
Finance Canada asked for comments by March 13, 2026 on a possible domestic-content requirement for clean-economy investment tax credits.
PolicyGroceries Benefit Act Passed
Bill C-19 received Royal Assent, creating a one-time GST-credit top-up and a five-year increase to the Canada Groceries and Essentials Benefit.
PersonalCRA Tax-Season Service Levels
CRA said it was adding about 1,700 contact-centre employees after receiving more than 12 million tax-season calls in the prior year.
PersonalTax Preparer Access Changes
CRA moved individual representative authorization requests to Represent a Client, with CRA account and notice-of-assessment options for taxpayers.
PersonalGreen Bond Raises $2 Billion
Finance Canada priced a new 10-year green bond, raising $2 billion and bringing federal green-bond issuance since March 2022 to $17.5 billion.
EconomyTax Clinic Funding Renewed
CRA renewed CVITP grant funding for three years after more than 3,580 organizations and 19,810 volunteers helped file over 1 million returns.
PersonalTax Slip Timing Reminder
CRA said taxpayers should contact the issuer, not CRA, if a tax slip is missing after the expected deadline.
PersonalGroceries Benefit Proposal
Finance Canada said the proposed Canada Groceries and Essentials Benefit would build on the GST Credit and provide $11.7 billion in additional support over six years.
PersonalTechnical Tax Measures Consultation
Finance Canada released draft legislation covering registered plans, carbon-rebate wind-down rules, clean-economy credits, corporate tax deferral, and hybrid mismatch measures.
PolicyLife Events and Tax Changes
CRA reminded taxpayers that major life events can affect benefits, credits, registered accounts, housing rebates, and renovation claims.
PersonalCanada Growth Fund Lithium Investment
Canada Growth Fund announced up to US$65 million for Mangrove Lithium as part of a US$85 million structured financing package.
Business2026 Automobile Deduction Limits
Finance Canada announced 2026 vehicle deduction limits, tax-exempt kilometre allowances, leasing limits, and taxable-benefit rates for business automobile use.
BusinessCRA Prescribed Interest Rates Q1 2026
CRA's prescribed annual rates for January 1 to March 31, 2026 include 7% on overdue income tax, CPP contributions, and EI premiums.
PolicyFinancial Stability Report 2026
The Bank of Canada said the financial system continued to function well despite tariffs and trade uncertainty, while warning that several vulnerabilities could combine under stress.
EconomyG7 Finance Track Wrap-Up
Canada closed its 2025 G7 finance track with CAD 12 million for crisis resilience, CAD 2 million for debt transparency, and CAD 20 million for the RISE Partnership.
EconomyEkati Diamond Mine Support
Finance Canada said Ekati would receive a $115 million loan through the Large Enterprise Tariff Loan facility amid tariff pressure and weak diamond prices.
BusinessSustainable Investment Guidelines
Budget 2025 backed a voluntary sustainable-investment taxonomy, with three priority sectors expected by the end of 2026 and three more by fall 2027.
PolicyCRA Tax-Season Security Measures
CRA warned that tax-season fraud attempts rise as threat actors try to access accounts, file false returns, and claim benefits.
PersonalSteel Tariff Measures Implemented
Finance Canada extended tariff remission for selected steel and aluminum inputs and set new steel-derivative and quota measures effective December 26, 2025.
BusinessALTO Ottawa-Montreal Start
Transport Canada said Ottawa-Montreal was chosen as the starting segment for ALTO, a high-speed rail project expected to span about 1,000 kilometres.
InfrastructureFederal Transfers Reach $108.4 Billion
The Canada Health Transfer will rise 5% to $57.4 billion as major federal transfers reach $108.4 billion in 2026-27.
PolicyCRA Service Plan Results
CRA said its 100-day service plan more than doubled unique calls answered and added processing improvements for tax adjustments, DTC applications, and benefit claims.
Personal2025 Tax Package Changes
CRA said it would no longer proactively mail the income tax package and removed several low-use schedules from the 2025 paper package.
PersonalIMF Canada Assessment
Finance Canada said the IMF projected Canada to have the third strongest G7 growth in 2025, the second strongest in 2026, and the lowest net-debt-to-GDP ratio in the group.
EconomyTrucking T4A Penalties Resume
CRA lifted the moratorium on penalties for failing to report trucking-sector service payments over $500 on T4A slips.
BusinessInsurance Tax Scheme Warning
CRA warned about critical-illness insurance arrangements that may be designed to let shareholders extract corporate funds without paying tax.
PersonalBudget 2025 Implementation Bill
Bill C-15 would implement Budget 2025 measures including the PSW tax credit, clean-economy credits, the Productivity Super-Deduction, and UHT repeal.
PolicyCRA Tax Literacy Reminder
CRA highlighted benefit amounts, FHSA and RRSP housing rules, GST/HST rebates, and registered savings accounts during Financial Literacy Month.
PersonalTrade Diversification Corridors Fund
Budget 2025 proposes a $5 billion Trade Diversification Corridors Fund and $6 billion for transportation infrastructure.
InfrastructureBudget 2025 Competition Measures
Budget 2025 competition measures target telecom switching, consumer-driven banking, account-transfer fees, stablecoins, and financial-sector investment rules.
PolicyGuaranteed Basic Income Bill
S-206 was referred to the Standing Senate Committee on National Finance after completing second reading in the Senate on November 6, 2025.
PolicyBudget 2025 Released
Budget 2025 includes $60 billion in savings and revenues over five years and aims to enable $1 trillion in total investment over five years.
PolicyDriver Inc. Compliance Funding
Budget 2025 would provide CRA with $77 million over four years to lift T4A penalty relief and address trucking-sector non-compliance.
BusinessBudget 2025 Worker Measures
Budget 2025 worker measures include a temporary PSW tax credit, apprenticeship funding, foreign-credential recognition, and tariff-related training support.
PersonalAuto Remission Quotas Cut
Canada reduced General Motors' annual remission quota by 24.2% and Stellantis' quota by 50% under the auto tariff remission framework.
BusinessNational Anti-Fraud Strategy
Budget 2025 would create a National Anti-Fraud Strategy and a Financial Crimes Agency after reported fraud losses reached $643 million in 2024.
PolicyTariff Relief for Businesses
Finance Canada extended tariff exemptions for selected U.S. goods used in manufacturing, processing, food packaging, agriculture, health, safety, and security.
BusinessG7 Crisis Resilience Funding
Canada announced $12 million for a World Bank crisis-resilience forum and $2 million for debt-transparency work during Washington finance meetings.
EconomyGreen Bonds Raise $2.5 Billion
Canada priced $2.5 billion in green bonds, including $1 billion in a new 30-year bond and $1.5 billion reopening a 7-year bond.
EconomyCRA Prescribed Interest Rates Q4 2025
CRA's Q4 2025 prescribed rates include 7% on overdue income tax, CPP contributions, EI premiums, and many overdue remittances.
PolicyAlgoma Steel Tariff Support
Finance Canada said Algoma Steel would receive $400 million in federal tariff-loan support, with Ontario adding $100 million on matching terms.
BusinessALTO High-Speed Rail
The Major Projects Office says the proposed Toronto-Quebec City high-speed rail line would span about 1,000 km and support up to 51,000 jobs over 10 years.
InfrastructureBudget 2025 Consultations
Finance Canada said nearly 84,075 Canadians responded to Budget 2025 consultations after meetings in 26 cities and almost 110 roundtables or bilateral meetings.
PolicyDraft Tax Legislation Released
Finance Canada released draft legislation covering SR&ED, crypto reporting, CRA audit powers, EIFEL relief, business rollovers, and GST/HST coupon input tax credits.
PolicyTFSA Limit Reminder
CRA reminded taxpayers that the TFSA dollar limit was $7,000 for both 2024 and 2025 and that excess contributions can trigger monthly tax.
PersonalDeposit Insurance Review
Finance Canada launched consultations on the federal deposit-insurance framework, with comments due September 26, 2025.
PolicyUkraine Financing Disbursement
Finance Canada said a $200 million disbursement completed Canada's $5 billion contribution under the G7 ERA loans mechanism for Ukraine.
PolicyCRA Q3 Interest Rates
CRA prescribed rates for July to September 2025 set overdue income-tax, CPP, EI, GST/HST, UHT, luxury-tax, and digital-services-tax balances at 7%.
BusinessCarbon Rebates Made Tax-Free
More than $2.5 billion in small-business carbon rebates for 2019-20 to 2023-24 would be tax-free, with $623.1 million still to be returned for 2024-25.
BusinessDigital Services Tax Rescinded
The DST had been announced in 2020, but Canada halted the June 30, 2025 collection while pursuing a July 21 trade-negotiation timeline with the United States.
PolicySteel and Aluminum Measures
Finance Canada announced counter-tariff adjustments, procurement limits, steel TRQs, task forces, and continued access to the $10 billion LETL facility.
BusinessUkraine Goods Tariff Waiver
Canada extended the Ukraine Goods Remission Order to June 9, 2026, continuing tariff-free importation of Ukrainian goods.
BusinessSelf-Employed Filing Reminder
CRA reminded self-employed taxpayers that the 2024 filing deadline was June 16, 2025, while any balance owing was due April 30.
PersonalNewcomer Benefit Applications
CRA's newcomer application update covers GST/HST credit, Canada Carbon Rebate, Canada Child Benefit, and related provincial or territorial payments.
PersonalG7 Banff Finance Meeting
G7 finance ministers in Banff backed work on financial crime, Ukraine support, critical minerals, and $24.8 million in Canadian technical assistance commitments.
EconomyBusiness Tax Deadlines
CRA's business deadline reminder covers income tax, GST/HST filing periods, instalments, and the $3,000 threshold used in several payment rules.
BusinessLowest Federal Tax Rate Cut
Finance Canada said the lowest federal personal income-tax rate would fall from 15% to 14%, delivering more than $27 billion in savings over five years.
PersonalOnline Tax Return Changes
CRA said more than 2 million 2024 change requests were still filed on paper, representing 80% of all adjustment requests.
PersonalFile After Deadline
CRA said 27.8 million 2024 returns had been filed, with 13.9 million refunds issued for more than $30.8 billion.
PersonalTariff Support for Businesses
Finance Canada announced tariff-remission relief and an auto-remission framework after Canada imposed 25% counter-tariffs on major U.S. imports.
BusinessCRA Q2 Interest Rates
CRA prescribed rates for April to June 2025 set overdue income-tax, CPP, EI, GST/HST, UHT, luxury-tax, and digital-services-tax balances at 8%.
BusinessFree Tax Clinics
CRA said 18,090 volunteers helped 857,000 people file more than 980,000 returns, producing over $2.3 billion in benefits and credits.
PersonalAML Rules Expanded
New AML/ATF amendments extend obligations to factoring, cheque-cashing, financing, and leasing businesses and expand FINTRAC disclosures.
PolicyTrade Impact Support Program
Canada announced $5 billion through EDC, $500 million through BDC, and $1 billion through FCC for businesses affected by tariffs.
BusinessDisability Tax Credit Review
CRA's Disability Advisory Committee made 18 new recommendations on Disability Tax Credit administration and data transparency.
PersonalCanada Counter-Tariffs Begin
Canada began 25% counter-tariffs on $30 billion of U.S. goods and opened consultation on a further $125 billion list.
BusinessMineral Exploration Credit Extended
Finance Canada said extending the Mineral Exploration Tax Credit to March 31, 2027 would provide $110 million for exploration investment.
BusinessTrust Reporting Reminder
CRA reminded trusts that T3 returns and Schedule 15, where required, are due no later than 90 days after the trust year-end.
Personal2025 Tax-Filing Season
CRA said the prior filing season received more than 33 million returns, almost 93% online, and delivered more than $52 billion in benefits.
PersonalEV Supply-Chain ITC Consultation
Finance Canada consulted on draft legislation for a refundable 10% EV Supply Chain investment tax credit announced in Budget 2024.
BusinessGreen Bond Raises $2 Billion
Canada priced a seven-year green bond to raise $2 billion, following earlier green bond issuances of $5 billion, $4 billion, and $2 billion.
EconomyFentanyl Financing Intelligence
Finance Canada launched an intelligence-sharing partnership on fentanyl financing after a $200 million border-security directive.
PolicyCapital Gains Slip Reporting
CRA said some T3, T4PS, and T5008 information needed recalculation after the proposed capital-gains inclusion-rate date changed.
PersonalCapital Gains Change Deferred
Finance Canada deferred the proposed capital-gains inclusion-rate increase to January 1, 2026 while keeping the $250,000 annual threshold proposal.
PolicyNewcomer First Tax Return
CRA reminded newcomers that filing a first Canadian return can unlock GST/HST credit, Canada Child Benefit, and related payments.
PersonalDonation Deadline Extended
Finance Canada released draft legislation to let eligible donations made by February 28, 2025 count for the 2024 tax year.
PersonalTax Tips for Adults 65+
CRA highlighted benefits and credits for adults 65+, including GST/HST credit and up to $7,500 of eligible secondary-unit renovation costs.
PersonalIndigenous Tax Filing Highlights
CRA highlighted filing, GST/HST credit access, and payroll responsibilities for First Nations, Inuit, and Metis taxpayers and employers.
PersonalHousing Tax Savings
CRA highlighted FHSA room, the $60,000 Home Buyers' Plan limit, home buyers' amount, HATC, and GST/HST new housing rebate.
HousingCRA Q1 Interest Rates
CRA prescribed rates for January to March 2025 set overdue income-tax, CPP, EI, GST/HST, UHT, luxury-tax, and digital-services-tax balances at 8%.
Business