On November 5, 2026, the Minister of Finance and National Revenue, the Honourable
François-Philippe Champagne, presented Budget 2026 – Masters of Our Destiny, to the
House of Commons.

No changes were proposed to personal or corporate tax rates. Some highlights include the
following:

A. Personal Measures

• A May 15 personal tax filing and payment deadline for all individuals, including
  the self-employed, starting with the 2027 tax year.
• A capital gains exemption of up to $15 million per individual, per business, on
  qualifying share sales under the new Canada Growth Incentive, subject to
  several conditions and significant sector exclusions.
• Various measures intended to simplify personal tax filing, including optional flat
  amounts for certain deductions and credits, reduced documentation requirements
  for certain medical expenses and higher T1135 reporting thresholds, starting
  largely with the 2027 tax year.
• Consultation on an “RRSP for life” that would combine core features in savings
  plans, eliminating the conversion from an RRSP to a RRIF at age 71 while
  retaining minimum withdrawal requirements.

B. Business Measures

• An increase to various tax penalties, with higher amounts for medium and large
  corporations and partnerships and for repeated failures.

C. International Measures

• A reduction of withholding and remittance rates on sales of taxable Canadian
  property by non-resident corporations.

D. Sales and Excise Measures

• An exemption on qualifying massage therapy services from GST/HST.

E. Other Measures

• An extension of the ban on foreign purchases of existing residential

Read the full article here: 2026 Federal Budget