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Good news for cash-strapped Canadians. The Federal Government has announced a suite of affordability measures that they say will help Canadian families struggling to cope with the rising cost of living. The new measure is the Canada Groceries and Essentials Benefit, which the government says will boost what families and individuals receive through their GST rebate over the next five years. The government says it is using the GST rebate, designed for Canadians with low and mo

What's new in 2026 to the world of federal personal income taxes? As it turns out, not very much. The change Canadians are most likely to notice is the one percentage point reduction to the lowest marginal tax rate — taking it from 15 per cent to 14 per cent. That measure first came into effect July 1, 2025, when taxes on the first $57,375 earned were only taxed at 14.5 per cent. (tax measures introduced in the middle of a tax year start at half the rate and then adjust to th

For 2026, the new Tax-Free Savings Account (TFSA) contribution room is $7,000 , the same as for 2025. This amount is added to your existing unused room and any withdrawals from the previous year, potentially bringing the total for someone eligible since 2009 to $109,000. To find your personal limit, you can use the Canada Revenue Agency (CRA) website worksheet or online calculator . Nevertheless, we recommend you keep track of your own contributions and withdrawals for accura

Here we go again! Tax season for the 2023 tax year is underway. here are some of the key points to remember for this year's CRA filing:...

It's that time of year again! Here are the main changes you need to know about to maximize your 2022 federal income tax preparation....

Following are more important rate and limit changes for 2021 (federal): Maximum RRSP contribution: The maximum contribution for 2021 is...

As usual, several tax rates, limits and credits are changing for 2021 and tax year 2020 . Federal and provincial income tax brackets are...