The budget expects a deficit of $62.3 billion for 2026-27 and forecasts deficits of $62.5 billion for 2027-28 and $57.6 billion for 2028-29. This year’s budget does not include personal or corporate income tax rate changes, but does feature several significant tax measures affecting a broad range of corporate and personal taxpayers. In particular, the budget changes the personal income tax return filing deadline and tax payment due date to May 15, increases instalment thresholds for individuals and corporations, and doubles the threshold for the T1135 Foreign Income Verification Statement reporting. In addition, the budget extends the Notice of Objection deadline to one year, but no longer allows for further extensions. The budget also significantly increases administrative penalties.
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