Tax Return Services Brampton/ New Changes For 2026 Tax Year

Enhanced Canada Pension Plan/Quebec Pension Plan – Starting in 2026,  the Canada Pension Plan (CPP) and the Quebec
Pension Plan (QPP) are being gradually enhanced. This means that if you contribute to either the CPP or the QPP, you will
receive improved benefits in exchange for making higher contributions. You can claim a deduction for your enhanced
contributions to the CPP or QPP. For more information on how to claim your CPP or QPP contributions on your return, see
Schedule 8 or Form RC381, whichever applies

Canada’s Federal Income Tax Rates for 2026 tax year:

The federal basic personal amount is $16,452, shrinking gradually to $14,829 for incomes between $181,440 and $258,482. It works as a credit at 14%, which means roughly the first $16,452 of income is tax-free federally. The Canada employment amount ($1,501) gives employees a little more.

The lowest federal rate is 14% for 2026. It was 15% until July 1, 2025, so 2025 returns used a blended 14.5%

Other indexed amounts for 2026 include the age amount ($9,208), the disability amount ($10,341), the Canada employment amount ($1,501), the medical expense threshold ($2,890 or 3% of net income), and the Old Age Security recovery threshold ($95,323).

Other employment expenses (line 22900 of the return) – If you worked from home you may be able to claim certain employment expenses if you have the form 2200 Declaration of condition of employment signed by the employer as of 2023 and upper years.

Canada training credit (line 45350 of the return) – If you meet certain conditions, you will be able to claim a Canada
Training Credit, a new refundable tax credit that is available for 2020 and later tax years.

Canadian journalism  tax credit (CJLTC) (line 47555 of the return) – For 2019 and later tax years, if you are a
member of a partnership that is a Qualifying Journalism Organization, you can claim this new, refundable credit allocated
to you by the partnership

Federal personal income tax rate changes for middle and high-income earning individuals

http://www.cra-arc.gc.ca/gncy/bdgt/2019/qa13-eng.html

Reporting the sale of your principal residence for individuals (other than trusts

http://www.cra-arc.gc.ca/gncy/bdgt/2016/qa11-eng.html?from=timeline&isappinstalled=0

Canada Workers Benefit – For 2021, the Canada workers benefit (CWB) replaces and strengthens the working income tax
benefit (WITB). The CWB is an enhanced, more accessible, refundable tax credit. For more information, see Schedule 6,
Canada Workers Benefit.

Medical Expenses Tax Credit – For expenses incurred after October 16, 2018, certain cannabis products purchased for a
patient for medical purposes will be considered eligible medical expenses for the medical expense tax credit, once they
become permitted for legal sale under the Cannabis Act. For more information, see Guide RC4065, Medical Expenses.

Home Buyers’ Plan – The Home Buyers’ Plan (HBP) is a program that allows you to withdraw from your registered retirement savings plans (RRSPs) to buy or build a qualifying home for yourself or for a specified disabled person. Currently the HBP withdrawal limit is $60,000.

First Home Savings Account (FHSA)

The FHSA combines features of both the RRSP and TFSA, making it an effective and tax-advantaged way to build up a home down payment.

The FHSA allows contributions that are tax-deductible, similar to an RRSP, meaning they reduce your taxable income. Like a TFSA, however, the investment growth within the account is tax-free, and withdrawals remain tax-free as long as they’re used for buying your first home.

For the FHSA, the rules remain unchanged for 2025:

• Lifetime contribution cap: $40,000

• Annual contribution limit: $8,000

Savings Plans and CPP

• RRSP dollar limit: $33,810 for 2026.
• TFSA annual limit: $7,000 for 2026.
• CPP: maximum pensionable earnings $74,600, with CPP2 on earnings up to $85,000. See self-employed taxes for what that means if you pay both halves

Capital Gains

Inclusion rate unchanged at one-half. The proposed increase to two-thirds was cancelled in March 2025. Lifetime capital gains exemption: $1,275,000 for 2026. Under proposed changes, the capital gains deferral for reinvesting in eligible small business shares was expanded for dispositions after 2024, and a capital gains deduction is available on qualifying sales of a business to employees through a worker cooperative. More in our guide to capital gains tax in Canada.

Benefits

• The GST/HST credit is now the Canada Groceries and Essentials Benefit. It was renamed in July 2026, with the same eligibility rules and a 25% increase that runs from 2026 to 2031. A one-time top-up was paid on June 5, 2026. See Canadian tax credi

Tax Return  Service  Brampton

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Canada Child Tax Benefit:

The Canada child tax benefit (CCB) is a tax-free monthly payment made to eligible families to help them with the cost of raising children under 18 years of age. The CCB may include the:
national child supplement benefit, child disability benefit, related provincial & territorial programs, eligibility requires  you must be a Canadian resident that is the primary caregiver for a child under the age of 18. Either you, or your spouse or common-law partner, must be a Canadian citizen, a permanent resident, temporary resident living in Canada for the past 1 1/2 years.

Benefit payment dates

Canada  Child benefit

GST/HST credit

Last:  April  5, 2027

Next: July 5, 2027

Canada Workers Benefit

Last: Jan  15, 2027
Next: July 15, 2027                                                                                         ‘]