Finance Minister Honourable François-Philippe Champagne tabled the federal 2026 Spring Economic Update (SEU 2026) on April 28, 2026.
Draft legislation effective Jan 29, 2026 expands NPO filing with CRA; smaller NPOs will file a new short-form return.
Amendments to the Select Luxury Items Tax Act were enacted on March 26, 2026 that remove the luxury tax on aircraft and vessels, effective November 5, 2025.
Property owners with vacant homes in Canada should be aware of the new underused housing tax (UHT), which came into effect on January 1, 2022.
In its last update on August 12, 2024, the Department of Finance (Finance) released draft legislation that proposes changes to these rules, which were originally enacted on December 15, 2022. It’s critical that you determine your trust’s reporting requirements each tax year as the non-compliance penalties are significant.
Bill C‑15 became law March 26, 2026, implementing tax measures from Budget 2025, Budget 2024, and FES 2024 affecting businesses and trusts.
Explore how Canada’s 2025 Federal Budget overhauls transfer pricing rules to align with OECD standards, expanded CRA audit powers, updated documentation and penalty requirements.
Bare trust returns remain required for the 2026 tax year and onward. Review arrangements early to identify if you have a bare trust and avoid potential CRA penalties.