New Deadlines & Filing Requirements
- Self-employed individuals (or their spouse/common-law partner) must file their 2025 tax return by June 15, 2026, though any balance owing was due April 30, 2026. Missing the filing deadline may delay benefits or credits. (canada.ca)
- CRA drop boxes permanently closed as of May 29, 2026, across 45 locations nationwide. After that date, only online, mail, or other electronic options are available. (canada.ca)
Interest Rates and Financial Penalties
📈 The prescribed interest rates for Q2 2026 (April 1–June 30) are:
- Overdue taxes (incl. CPP & EI premiums): 7% per annum
- Corporate taxpayer overpayments: 3%
- Non-corporate taxpayer overpayments: 5%
- Interest free/low-interest loan benefit valuations: 3%
- Corporate loans or indebtedness: 6.20% (canada.ca)
Benefit & Credit Changes to Watch
- Canada Groceries and Essentials Benefit (CGEB): Replacing the GST/HST credit as of July 3, 2026, with payments 25% higher per quarter for five years. A one-time top-up disbursed June 5, 2026, equal to 50% of the 2025-26 GST/HST credit. More than 12 million Canadians will benefit. (canada.ca)
- Disability Tax Credit (DTC) expansion: Recent proposals to simplify eligibility, allow additional professionals (podiatrists, physiotherapists, speech pathologists, occupational therapists) to complete attestations, and permit guardians or public curators to attest eligibility for adults under guardianship. Estimated impact worth (CAD 345 million over 6 years), (CAD 86 million annually thereafter. (canada.ca)
- Middle class tax cut: As part of Bill C-4 (“Making Life More Affordable for Canadians Act”, Royal Assent in March 2026), the lowest federal personal income tax rate was cut from 15% to 14% as of July 1, 2025, largely benefiting individuals in the bottom two tax brackets. (canada.ca)
What You Should Do Now
- Ensure your 2025 tax return is filed by applicable deadlines (April 30 for most, June 15 for self-employed individuals) to avoid delays or loss of federal benefits.
- Update your CRA My Account profile: ensure your financial and personal information is current, direct deposit set up, updated address, marital status, etc.
- Leverage digital tools: CRA's online services are increasingly central due to closure of physical drop boxes.
- If claiming disability-related credits or supports, check if you qualify under expanded definitions and who may certify your eligibility.
- For business owners and employees, plan forecasting payroll around upcoming CPP contribution rate reduction effective Jan 1, 2027.
Staying on top of these updates now can ensure you don’t miss benefit eligibility, avoid fines, optimize refunds, and manage your cash flow more effectively.