Each new tax year brings with it a schedule of tax payment and filing deadlines, as well as some changes with respect to tax saving and planning opportunities. Some of the more significant dates and changes for individual taxpayers for 2026 are listed below.
REGISTERED RETIREMENT SAVINGS PLAN (RRSP) DEDUCTION LIMIT AND CONTRIBUTION DEADLINE
For 2025, the maximum current year contribution limit is $32,490. In order to make the maximum current year contribution for 2025 (for which the contribution deadline will be Monday March 2, 2026), it will be necessary to have earned income of $180,500 for the 2024 taxation year.
For 2026, the maximum current year contribution limit will increase to $33,810. In order to make the maximum current year contribution for 2026 (for which the contribution deadline will be Monday March 1, 2027) it is necessary to have earned income of $187,834 for the 2025 taxation year.
TAX-FREE SAVINGS ACCOUNT (TFSA) CONTRIBUTION LIMIT
The TFSA current year contribution limit for 2026 remains at $7,000. The actual amount which can be contributed by a particular individual in 2026 includes both the current year contribution limit and any carryover of uncontributed or re-contribution amounts from previous taxation years.
Taxpayers can find out their individual 2026 TFSA contribution limit by calling the Canada Revenue Agency’s automated Individual Income Tax Enquiries Service at 1-800-959-8281 and selecting option 3. In order to receive information on one’s TFSA limit for the year, it’s necessary to provide one’s social insurance number and a personal identification number (PIN). Taxpayers who do not have a PIN must provide their date of birth and information on income amounts reported on prior year returns. Taxpayers who have registered for the CRA’s online tax service My Account can obtain information on their TFSA limit for 2026 on that service.
A current year TFSA contribution can be made at any time during the taxation year.
FIRST HOME SAVINGS ACCOUNT (FHSA) CONTRIBUTION LIMIT
The FHSA current year contribution limit for 2026 is $8,000. The actual amount which can be contributed by a particular individual includes both the current year contribution limit and any carryover of uncontributed amounts from previous years, to a maximum carryover limit of $8,000.
There is a lifetime per individual limit of $40,000 in contributions to an FHSA, and an FHSA contribution can be made at any time during the taxation year.
INDIVIDUAL TAX INSTALMENT DEADLINES
Millions of individual taxpayers pay income tax by quarterly instalments, which are due on the 15th day of March, June, September, and December 2026. Where the 15th of the month falls on a weekend or a statutory holiday, the instalment payment deadline is extended to the next business day.
The actual tax instalment due dates for 2026 are as follows:
- Monday March 16, 2026
- Monday June 15, 2026
- Tuesday September 15, 2026
- Tuesday December 15, 2026
OLD AGE SECURITY INCOME CLAWBACK THRESHOLD
For 2026, the income level above which Old Age Security (OAS) benefits are clawed back is $95,323.
INDIVIDUAL TAX PAYMENT AND FILING DEADLINES
For all individual taxpayers, including those who are self-employed, the deadline for payment of any balance of 2025 taxes owed is Thursday April 30, 2026.
Taxpayers (other than self-employed individuals and their spouses) must file an income tax return for 2025 on or before Thursday April 30, 2026.
Self-employed taxpayers and their spouses must file an income tax return for 2025 on or before Monday June 15, 2026.
If you would like help with dealing with the CRA or would like to know more about taxable benefits, please feel free to call us at (905) 305-9722 or email us at info@eigenmachtcrackower.com and we will help you out!
