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<blockquote><p><strong>Proposed, not law yet.</strong> Everything below comes from the federal Budget 2026 tax annex, tabled on 5 November 2026. Each measure is a proposal. It would apply only after Parliament passes legislation, and details can change. Nothing here changes what you file or pay for 2026 today.</p></blockquote><p>Budget 2026 proposes a long list of tax changes. The ones most likely to touch ordinary readers are a later T1 date of May 15, higher instalment thresholds, a longer window to object to an assessment, a higher reporting threshold for foreign property, an enhanced workers benefit and a refundable caregiver credit.</p>
Which proposals change how and when you file and pay?
Budget 2026 proposes to move the T1 filing and balance-due dates to May 15 for all individuals, including self-employed people and their spouses or common-law partners. The budget text describes today's rule as April 30 for most people, and June 15 for filing by the self-employed, with their balance still due April 30. The change would apply to the 2027 and later taxation years, so the first return affected would be filed in 2028. Your 2026 return, filed in 2027, keeps the current dates.
For instalments, Budget 2026 proposes to raise the threshold from $3,000 to $7,500 ($1,800 to $4,500 in Quebec) and to let individuals with business income make one annual instalment. Both would start with taxation years that begin on or after January 1, 2028.
On disputes, the budget proposes that most taxpayers get one year after the notice of assessment is sent to file a notice of objection. Today the general window is 90 days. For individuals, the deadline would become the later of one year after the notice is sent and two years from the filing due date for the year assessed. The separate step of applying to the CRA for an extension would disappear. This would apply to assessments sent on or after the day that is three months after royal assent. Today's rules are in Notice of Objection to the CRA: Deadline and How to File.
Which proposals add money for individuals and families?
Four proposals put dollars on the table for households.
- One-time CGEB supplement. The Canada Groceries and Essentials Benefit, formerly the GST credit, would get a one-time supplement in early 2027 equal to half of the 2026 to 2027 maximums: $223 per adult, $117 per child and $117 for the single supplement.
- Refundable caregiver credit. The Canada Caregiver Credit is non-refundable today. Budget 2026 proposes to make it refundable for 2027 and later years, so a caregiver with little or no tax owing could still receive the amount. The 2027 maximum credit amounts in the text are $9,001 (tax relief of up to $1,260) and $2,812 (up to $394). See Budget 2026: What It Means for Your Taxes.
- Build Canada Workers Benefit. For 2027 the Canada Workers Benefit would be enhanced and renamed. The phase-in threshold would drop from $3,000 to $500, and the maximums would rise to $1,859 for single people without children and $3,143 for families, up from $1,709 and $2,943. The Advance payment would fall from 50 per cent to 25 per cent of the 2026 entitlement for 2027 and end from 2028. See Canada Workers Benefit: Who Qualifies and How Much You Get.
- Optional flat amounts. From 2027 some claims would have a flat option that needs fewer receipts: $1,000 for the moving expense deduction, $1,500 a year for eligible construction tradespeople on a temporary relocation, and $1,000 for the Home Accessibility Tax Credit, among others. You would still have to show you are eligible.
A simple comparison for the workers benefit: the proposed maximum for a single person without children is $1,859 for 2027, against $1,709 under the current 2027 parameters. That is $150 more at the top. For a family the maximum would be $3,143 against $2,943, which is $200 more. The budget text notes the higher maximums do not change the income level at which the benefit fully phases out.
What is proposed for savings, foreign property and investors?
The RRSP gets an announcement of intent. Budget 2026 says the government intends to merge the RRSP and RRIF into a single "RRSP for life", removing the need to convert at age 71. Minimum withdrawals would still be required after 71. This item is a consultation. The budget lists open questions, such as a successor holder feature for spouses, and asks for written views by January 8, 2027. Basics are in How an RRSP Works in Canada, From Deposit to Payout.
For Form T1135, the budget proposes to raise the filing threshold for specified foreign property from $100,000 to $200,000 of total cost, and the simplified reporting threshold from less than $250,000 to less than $500,000. These would apply to taxation years or fiscal periods that end after 2026. A person whose foreign property costs $150,000 in total would sit under the proposed filing threshold, but how cost is counted matters, so read Foreign Property Tax for Canadian Residents first.
For investors in small companies, Budget 2026 proposes a Canada Growth Incentive capital gains exemption of up to $15 million per qualifying individual per business, for qualifying shares issued on or after Budget Day and before 2037. The conditions are tight. They include a Canadian-controlled private corporation, a 36-month holding period before the sale, and a list of excluded businesses such as consulting and professional practices. The budget also proposes a longer window to reinvest under the small business rollover: the year of sale plus three years, or up to five years with a future equity agreement.
What matters for the self-employed and small business owners?
Self-employed readers would get the May 15 filing date and, from 2028, the annual instalment option. They would also see the same instalment threshold change as other individuals, and small corporations are named in the higher threshold of $7,500.
Budget 2026 also proposes to let the CRA disclose a tax debt to credit bureaus. The proposal sets four conditions: the debt is over $50,000, the assessments are not under objection or appeal and those rights have run out, the CRA has given at least 30 days written notice, and it has taken reasonable steps to collect and offered a chance at reasonable repayment arrangements. Similar rules would apply to GST/HST debts. It would apply on royal assent.
On the investment side, the budget proposes to extend the Mineral Exploration Tax Credit and the Critical Mineral Exploration Tax Credit for flow-through share agreements entered into on or before March 31, 2032, and to add antimony as an eligible critical mineral. It also confirms it will proceed with the Productivity Mega Deduction through the legislative proposals released on September 15, 2026. This guide does not describe that deduction, because the annex text we used only mentions it. For general business filing, see CRA Business Tax: What to File and When in 2026.
What should you do now?
For the return due in 2027, nothing in this budget changes your dates or amounts. The 2026 tax year still follows the rules in force. Keep using the dates in Canada Tax Season: Dates, Deadlines and What to Do and plan around them.
A few habits cost little. Keep your receipts anyway, since the flat amounts are optional and need legislation first. Note which proposals touch your situation, such as foreign property cost or business income, and put the likely start year in a calendar: 2027 for the T1 date, caregiver credit, workers benefit and flat amounts, and 2028 for instalments. If you support an infirm dependant, track their net income, since the budget text says the credit amount is reduced dollar for dollar above $21,136 in 2027.
For the one-time supplement, the budget text describes no application step. Wait for the CRA to say how it will be delivered.
What is still uncertain?
Almost everything. Budget measures need draft legislation and votes in Parliament. The text itself says details of the integrity rules for the Canada Growth Incentive will be released later, and the RRSP for life item is a consultation. Some start dates depend on royal assent, which has no fixed date yet. The figures above are the budget's own and could change in the final law.
The facts here come from the Budget 2026 tax annex named in the sources, tabled on 5 November 2026 and read on 9 November 2026. This is an independent information site. It provides no services, does not represent the CRA, the Department of Finance or any organization, and collects information from open sources. It does not guarantee that anything here is accurate or current, and it accepts no liability for how you use it. Every measure described is a proposal and can change before it becomes law. Check the official budget page before you rely on it.
Frequently asked questions
Is Budget 2026 law yet?
No. The budget tax annex describes proposals. A measure applies only after Parliament passes the legislation and it receives royal assent, unless the text gives another start rule.
Does the May 15 filing date apply to my 2026 return?
No. The budget text says the change would apply to the 2027 and later taxation years. Your 2026 return follows the current dates.
What is the proposed new T1135 threshold?
Budget 2026 proposes raising the T1135 filing threshold from $100,000 to $200,000 of specified foreign property cost, and the simplified reporting threshold from less than $250,000 to less than $500,000, for years that end after 2026.
Would the caregiver credit become refundable?
Budget 2026 proposes to make the Canada Caregiver Credit refundable for 2027 and later years, keeping the same design and indexation as the current credit.
How much would the one-time CGEB supplement be?
The budget proposes $223 per adult, $117 per child and $117 for the single supplement, delivered in early 2027, with income-based reductions.