Timely tax tips for Canadians
Short, current tips based on the latest CRA figures — to help you keep more of what you earn and stay onside with deadlines.
Key dates to remember
This year's tips
The lowest federal rate dropped
The lowest federal rate fell from 15% to 14%. A blended 14.5% applied for 2025, and the full 14% applies from 2026 — so the first chunk of your income is taxed less.
14% from 2026More income is tax-free
The Basic Personal Amount rose to about $16,452 for 2026 (up from $16,129 in 2025), meaning more of your income is earned tax-free.
$16,452 BPATop up your TFSA
The 2026 TFSA limit is $7,000. If you've been eligible since 2009, total contribution room can be up to $109,000.
$7,000 for 2026Save for a first home with an FHSA
Contribute up to $8,000 per year ($40,000 lifetime) toward a first home — tax-deductible going in and tax-free coming out.
$8,000 / yearDon't wait until March for RRSPs
Contributing earlier gives your money more time to grow. The 2025 RRSP deadline was March 2, 2026 — plan ahead for next year.
Plan aheadFiled late? File anyway
Even if you've missed the deadline, filing right away stops further late-filing penalties and interest from adding up.
Stop the penaltyKeep records for six years
The CRA can ask for supporting documents, so keep your slips and receipts for at least six years after filing.
6 yearsBusiness owners: keep books current
Staying on top of your bookkeeping all year means fewer surprises and a faster, cheaper filing at tax time.
Stay readyThese tips are general information based on CRA figures current as of June 2026 and are not personal tax advice. Speak with us about your specific situation.
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