Budget moves tax filing to May 15
Individuals, self-employed to receive “additional time”
Canada’s 2026 Budget was presented on November 5th, increasing the nations’ deficit to $62.3 billion and estimated debt to $1.51 trillion, or about $44, 760 per taxpayer.
The November 5th budget changes the T1 personal income tax filing and balance-due dates to May 15 for
all individuals, including self-employed individuals and their spouses or common-law partners. These measures will apply to the 2027 and subsequent taxation years.
By “Providing tax filers and the CRA with additional time to receive and process tax slips will reduce the number of reassessments and minimise interactions with the CRA for many individuals and small business owners. This measure would apply for the 2027 and subsequent taxation years,” notes the Budget document.
