Federal Budget 2026: what it means for you
Canada’s federal budget is out. We’ve written a plain-language summary with sections for lawyers, healthcare professionals, business owners and regular people and families.
- Businesses: a permanent full write-off for most new equipment and software bought from September 15, 2026.
- Families: a one-time extra Groceries and Essentials Benefit payment in early 2027, a bigger Build Canada Workers Benefit and a refundable caregiver credit.
- Tax filing: a proposed May 15 filing date for everyone, starting with the 2027 tax year.
Jump to: Business owners · Lawyers · Healthcare · Individuals and families · Real estate · Real estate news · Official budget site
Read the budget summary Ask us a question
General information only, based on our current understanding. We will add detail as we go deeper into the budget.
Dates to put in your calendar
Each box links to the full list on the important tax dates page. Dates as of November 5, 2026.
Individuals and families
- Dec 31: last day for 2026 donations and deductible expenses
- Mar 1, 2027: RRSP deadline for 2026
- Apr 30, 2027: file and pay your 2026 return
- Jun 15, 2027: filing deadline if you or your partner are self-employed (tax is still due Apr 30)
- Proposed: one May 15 date for everyone from the 2027 tax year (returns filed in 2028). Budget 2026
Business owners
- Dec 15: last 2026 tax instalment, if you pay by instalments
- Mar 1, 2027: T4, T4A and T5 slips due
- Mar 31, 2027: BC Employer Health Tax return, if you are over the $1 million exemption
- The 15th: payroll remittances for most employers
- 2027: EI premium rate is $1.64 per $100 of insurable earnings
Doctors, dentists and clinics
- Mar 1, 2027: staff T4 and T4A slips due
- Mar 31, 2027: Employer Health Tax return, if your practice is over the exemption
- 6 months after year-end: T2 return for your professional corporation
- Monthly or quarterly: GST/HST on any taxable services
Law firms
- Every month: reconcile each trust account
- 3 months after your reporting period ends: Law Society Trust Report, with an accountant’s report if required
- Mar 1, 2027: staff T4 slips due
- Mar 31, 2027: Employer Health Tax return, if you are over the exemption
Market snapshot: the Canadian dollar, interest rates and markets
Bank of Canada exchange rates, the prime rate, bond yields and the major markets in one place, with plain-English notes on what they mean for tax returns and borrowing. Delayed data, for information only.
Tax and retirement calculators
Eight free tools with sliders and charts, built around the questions clients ask the firm most. Entries are not stored, and the results are for information only.
Income tax calculator
Tax and take-home pay in every province and territory, including Quebec, with pension splitting, the alternative minimum tax and the main refundable benefits.
TFSA vs RRSP
Put the same money in each and see what you keep after tax, using your real tax today and in retirement.
TFSA contribution room
Find your 2026 room, when withdrawals come back, and how to keep your withdrawals on track.
CPP and OAS timing
Compare start ages from 60 to 70 with break-even ages and the effect on GIS.
Survivor benefits and the clawback
See what a survivor could receive, and how much OAS you would repay at your income.
Retirement income and definitions
Put CPP, OAS, GIS, a pension and savings together, with plain-language definitions.
Individuals, families, seniors, business owners, doctors, dentists and lawyers use them to check their own figures before a meeting. See how they help or read the year-end planning checklist.
Accounting, tax, financial reporting and assurance in one place
Each page explains what the firm does, what it needs from you and how to get started.
Law firms and trust reports
Bookkeeping, financial statements and Law Society of BC trust reports, including the accountant's report.
Healthcare accounting
Bookkeeping, payroll, tax and reporting for doctors, dentists and clinics, in the software you already use.
Business accounting, reporting and CFO
Accounting, payroll, financial reporting and review engagements (assurance), plus advisory help and fractional CFO support as you grow.
Non-profits and charities
Financial statements, review engagements, fund and grant reporting, and guidance on annual filings for societies and charities.
Tax services
Personal and corporate returns, GST and PST, and property filings like the Empty Homes Tax and Speculation and Vacancy Tax.
Book an initial consultation
Every engagement starts with a conversation about your needs. The firm works in the accounting software you already use, including Clio and ERP systems.
HJ Wu & Company is a Vancouver CPA firm for law firms, clinics, businesses and individuals. Amy Wu brings 32+ years of experience and has done every service the firm offers herself, including plenty of assurance work (audit, review and trust reporting) for both for-profit and non-profit organizations, and she works in the software clients already use, including Clio and ERP systems. The firm's focus is review engagements, trust reporting, compilations and financial reporting, along with bookkeeping, payroll, tax and fractional CFO help. You work with her directly. See the firm at a glance for our hours, location and contact details.
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FounderThe former Foundation of St. Michael's Centre Care Facility in Burnaby contacted Amy Wu as we needed a full audit done on our finances. She did our audit in 2011 and 2012. We were so pleased with the professionalism and care and diligence that we had with Amy.
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FounderI have known Amy and done business with Hj Wu & Company since her office was located in New Westminster. She has been nothing but outstanding for our family and I highly recommend her services.
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Co-Founder, Sunquest MobilityBC Guides for Individuals, Families, Law Firms, Clinics and Property Owners
Plain-language answers to the British Columbia rules clients ask about most, from Law Society trust reports to the Employer Health Tax.
Federal Budget 2026: Plain-Language Guide for Lawyers, Healthcare, Business Owners and Families
The hub for our Budget 2026 coverage: the key numbers, a 60-second summary, what it means in BC, key dates, a plain-language glossary and links to the official budget.
Federal Budget 2026 for Business Owners
The Productivity Mega Deduction, instalment and penalty changes, rollover rules, CRA compliance and fuel and EI updates for business owners.
Federal Budget 2026 for Lawyers and Law Firms
What helps law firms (the equipment write-off), what excludes them (the Canada Growth Incentive capital gains exemption), and what did not change (trust accounting).
Federal Budget 2026 for Doctors, Dentists and Healthcare Clinics
Equipment write-off, GST/HST changes for massage therapy, simpler patient medical expense claims and federal health funding.
Federal Budget 2026 for Individuals and Families
Benefit and credit changes, child care and housing, banking protections and the proposed May 15 filing date.
BC Law Firm Trust Accounting: Records, Reconciliations and Reporting
Records, monthly reconciliations, paying fees from trust and reporting shortages under the Law Society of BC rules.
Law Society of BC Trust Report: Deadlines and the Accountant's Report
Who files, the three-month deadline, self report versus accountant's report and what late filing costs.
BC Employer Health Tax: A Guide for Clinics and Law Firms
The $1 million exemption, how the tax phases in, associated employers and the March 31 return.
GST for BC Health Practitioners and Clinics: What Is Exempt
Exempt versus taxable services, limits on input tax credits and the 2025 change for dentists.
Underused Housing Tax: Repealed for 2025, Earlier Years Still Count
The federal tax is gone from 2025, but 2022 to 2024 returns and penalties can still apply.
BC Speculation and Vacancy Tax vs Vancouver Empty Homes Tax
A provincial and a municipal filing for Vancouver owners, with different deadlines.
City of Vancouver 2026 Budget: What It Means for Law Firms, Clinics and Businesses
A 0% City property tax increase, but most business licence and permit fees rise 4.5% and utility fees rise 4.2%.
Canadian Tax Season Checklist: Every Account, Slip, Form and Credit in Plain English
RRSP, TFSA, FHSA, RESP, RDSP, CPP, OAS, EI, T4, T5, T2125, T1135 and more: what each one is and when you need it.
Year-End Tax Planning 2026: What to Do Before December 31
Most year-end tax savings come from a handful of moves made before December 31, so start in November, not April.
BC Income Tax in 2026: What Changed for Individuals and Families
The lowest BC rate is now 5.60%, the tax reduction credit is up to $690, and brackets freeze from 2027 to 2030.
BC Family Benefit and Child Care: What Families Should Know for 2026
How the BC Family Benefit is paid, the new disability supplement of up to $6,000 per child from July 2027, and child care funding.
Renting in BC: Renter’s Tax Credit, RAP and SAFER Explained
The renter’s tax credit of up to $400 a year, plus the RAP and SAFER monthly rent supplements.
Vancouver Homeowners in 2026: Property Tax, Utilities and Relief Programs
A 0% City property tax increase, utilities up 4.2%, where a typical bill goes and the relief programs that can help.
BC PST Changes in October 2026: What Households Will Notice
PST now applies to basic cable, landlines, fabric and clothing repair, while PST on accounting fees is on pause.
Disability and Support-Needs Benefits in BC: What Budget 2026 Changes
A new child disability supplement, better rules for couples on disability assistance and how the disability tax credit fits in.
Budget 2026 and Real Estate: Foreign Buyers, Mortgages, Homebuilding and Tax
The foreign buyer ban extended to 2029 with new homes exempt, mortgage insurance changes, Build Canada Homes, and tax rules for property sellers and trusts.
Real Estate News for BC Buyers, Owners, Landlords and Developers
A news hub for BC property owners and buyers, starting with the Budget 2026 real estate article.
Questions about services, deadlines or getting started? Read the FAQs or contact the firm.