As the 2026 tax season approaches, now is the time to take steps to prepare. A bit of planning now can reduce stress later, help you avoid penalties, and make filing more straightforward.
What to Keep in Mind
- The CRA continues to move toward digital-first communication, with fewer paper notices and greater reliance on My Account and My Business Account.
- Federal and provincial tax brackets have been updated for 2026, which may slightly reduce tax payable for many Canadians. For a full breakdown of the 2026 Canadian and Albertan tax brackets and rates, see our detailed guide here.
- Proposed changes to the capital gains inclusion rate were cancelled on March 21, 2025, meaning the current rules still apply for the upcoming season.
- CRA reviews remain focused on clear and well-supported documentation, particularly for business expenses, capital transactions, and GST/HST filings.
Important Tax Deadlines to Remember
Individuals
- April 30, 2026 – Filing and payment deadline
- June 15, 2026 – Filing deadline for self-employed individuals (payment still due April 30)
Businesses
- T2 Corporate Returns – Due 6 months after fiscal year-end
- GST/HST Returns – Based on assigned filing frequency
- T4/T5 Slips – Due end of February 2026
Missing deadlines can result in penalties and interest, even if no tax is owed.
Practical Actions to Take Now
- Keep personal and business records up to date to avoid last-minute cleanup.
- Review instalment requirements early, especially if income changed during the year.
- Check capital transactions before year-end to confirm proper tax treatment.
- Ensure bookkeeping, payroll, and GST/HST filings are current well before tax season begins.
Quick Tax Readiness Checklist
Individuals
☐ T-slips and income statements collected
☐ Receipts for deductions organized
☐ Instalments reviewed (if applicable)
Business Owners
☐ Bookkeeping reconciled
☐ Payroll and GST/HST filings up to date
☐ Assets and depreciation schedules reviewed
If several items remain incomplete early in the year, preparation should begin immediately.
Accounting and Advisory Support for You
KWB Accountants & Advisors helps business owners with bookkeeping, tax planning, and compliance all year round including your personal taxes every spring. Our proactive approach reduces last-minute stress and makes tax season easier. Book an introductory and fit discussion with us here to get started.
