2026 Tax Season Guide: Essential Deadlines and New Relief
/It’s officially January 2026, and if you’ve been following the news, you know the last year has been a rollercoaster for Canadian taxpayers. Between proposed hikes and new filing rules, there’s been a lot of "tax noise."
At N.I. Cameron Inc., we’ve cut through that noise to give you the bottom line. Here is the good news you need to know for this spring.
🛑 The "Headache Taxes" are on Hold
We have seen significant updates regarding two of the most confusing new rules: Bare Trusts and the Underused Housing Tax (UHT).
Bare Trusts: On December 16, 2025, the CRA confirmed they do not expect bare trusts to file for the 2025 tax year. This is a massive relief for anyone in a "legal vs. beneficial" ownership situation. You can officially cross this off your list for this spring.
The Federal Underused Housing Tax (UHT) is Ending: Following the November 2025 Budget, the government moved to eliminate the Underused Housing Tax for 2025 and beyond. While the law (Bill C-15) finds its way through Parliament, the CRA has updated its site to say that 2025 filings are not required. However, the provincial BC Speculation and Vacancy Tax is still in effect.
📈 Capital Gains: The 50% Rate Remains
There was significant concern in 2025 regarding a hike in the Capital Gains inclusion rate to 66.67%.
The Update: That proposal was cancelled.
The Reality: The inclusion rate remains at 50% for most taxpayers. Additionally, the Lifetime Capital Gains Exemption (LCGE) has been indexed to $1,250,000 for qualified small business shares.
📅 Dates to Circle on Your Calendar
Mark these dates to avoid late-filing penalties (which start at 5% of the balance owing).
March 2, 2026: Deadline for RRSP contributions for the 2025 tax year.
March 31, 2026: Deadline for T3 Trust Returns.
April 30, 2026: Personal Income Tax filing and payment deadline.
June 15, 2026: Self-Employed filing deadline (although any tax owing is still due by April 30).
💰 2026 Contribution Limits
TFSA: The annual contribution limit for 2026 is $7,000.
RRSP (for the 2025 Tax Year): The deadline to contribute is March 2, 2026. The maximum contribution limit for this filing is $32,490 (or 18% of your previous year’s earned income, whichever is the lesser).
RRSP (for the 2026 Tax Year): Looking ahead, the new maximum contribution limit has increased to $33,810.
Let’s Get Your Taxes Sorted
Tax season filing is about more than just checking boxes; it’s about making sure you understand the current legal requirements. Whether you have a complex estate or just need a hand with your personal filing, our downtown Vancouver team is here to help.