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The federal budget was tabled on November 5, 2026. Here is the honest headline first: the budget changes no personal tax rates, no brackets beyond indexation, and not the capital gains inclusion rate. What it does change is a set of deadlines, thresholds and small claims that are worth knowing about. Nearly everything below is announced — requires legislation, and none of it is law yet.
One filing and payment deadline: May 15
The budget would give everyone the same tax deadline — May 15 — including self-employed people, starting with the 2027 tax year. Announced — requires legislation.
Fewer people will owe instalments
The instalment threshold rises from $3,000 to $7,500 ($1,800 to $4,500 in Quebec) from January 1, 2028. If your net tax owing is below the new threshold, you won’t have to pay instalments. Announced — requires legislation.
New optional flat-amount claims
From 2027 (unless noted), the budget proposes optional flat amounts you can claim instead of keeping receipts: $1,000 for moving expenses, a one-time $1,000 for home accessibility, $1,200 per child for adoption expenses, $1,500 for trades relocation, and $1,000 a month for clergy. On the medical side, the flat amounts are $1,000 for gluten-free food costs (from 2026), $2,000 for a service dog, and $500 for incontinence products. Announced — requires legislation.
Foreign-property reporting gets simpler
The T1135 foreign-property reporting threshold rises from $100,000 to $200,000. Announced — requires legislation.
“RRSP-for-life” is a consultation, not a change
The budget launches a consultation only on merging RRSP and RRIF rules and ending forced conversion at age 71. Finance is accepting comments until January 8, 2027. Say it plainly: this is not law, and not even a proposal yet. Minimum withdrawals are unchanged, and nothing about your RRSP changes today.
RDSP rule made permanent
The rule allowing family members to contribute to a Registered Disability Savings Plan is made permanent. Announced — requires legislation.
Run your 2026 numbers with the Canadian Income Tax Calculator — the rates and brackets in it are the current law, not the budget’s proposals.
General information only — not financial advice.