Category: News

Posted on

Canadian Income-Tax Calculators Updated for the 2026 Tax Year

Updated August 21, 2026.

CalculatorsCanada.ca has updated its Canadian income-tax calculators and 2026 federal, provincial, and territorial tax-rate reference pages. The calculators are intended to help estimate income tax, payroll deductions, and take-home pay using the selected province or territory and tax year.

What was updated

  • Federal and provincial or territorial tax brackets for the 2026 tax year.
  • Basic personal amounts and other maintained credit values used by the calculators.
  • Ontario’s health-premium treatment in the Ontario calculator.
  • Explanations and links on the main Canadian income-tax calculator page.

How to use the calculators

Select the province or territory, choose the tax year where available, and enter your employment or other income. Review the assumptions and result breakdown, including federal tax, provincial or territorial tax, credits, and estimated take-home pay.

The results are estimates. Actual tax can differ because of deductions, benefits, payroll settings, pension contributions, employment circumstances, credits, and other information in your return.

2026 calculator pages

Start with the main Canadian income-tax calculator or choose a specific 2026 tax-rate page for federal, provincial, and territorial details.

Posted on

Bank of Canada Rate Cuts: What They Mean for Mortgages and Savings

Rate update dated October 29, 2025.

The Bank of Canada reduced its target for the overnight rate by 0.25 percentage points on October 29, 2025, bringing the target to 2.25%. The rate had also been reduced to 2.50% on September 17, 2025. This article explains why policy-rate changes matter to mortgage and savings-calculator users.

Why the policy rate matters

  • Variable-rate mortgages and home-equity products can respond more directly to changes in short-term rates.
  • Fixed mortgage rates are influenced by bond yields and lender pricing, so they do not always move by the same amount or at the same time.
  • Savings-account and GIC rates can change when market conditions and lender funding costs change.

How to use this information

When comparing mortgage scenarios, use the rate you are actually offered rather than assuming the Bank of Canada policy rate is your mortgage rate. For savings or GIC planning, use the advertised account rate and check whether it is promotional, variable, or fixed.

Compare payments with the Canadian mortgage calculator, review current lender information on our mortgage rates page, and estimate savings growth with the Canadian savings calculator.

The Bank of Canada’s official policy interest-rate table contains the current rate and historical changes. Rates and lender offers can change without notice.

Posted on

Canadian Mortgage Reforms: $1.5 Million Insured-Mortgage Cap and 30-Year Amortizations

Originally announced September 24, 2024; effective December 15, 2024.

Canada introduced important insured-mortgage changes that affect some home buyers and mortgage calculations. The federal mortgage reforms increased the insured-mortgage price cap from $1 million to $1.5 million and expanded access to 30-year amortizations for all first-time home buyers and all purchasers of new builds.

What changed

  • The insured-mortgage price cap increased to $1.5 million for eligible high loan-to-value mortgages.
  • 30-year amortizations became available to all first-time home buyers and buyers of newly constructed homes, subject to the applicable eligibility rules.
  • The measures apply to mortgage-insurance applications submitted to mortgage insurers on or after December 15, 2024.

How the changes affect calculations

A longer amortization can lower the required monthly payment, but it generally increases the total interest paid over the life of the mortgage. A higher purchase-price cap may allow some buyers to qualify for insured financing, but the down payment, debt-service ratios, mortgage rate, and lender approval still matter.

Use the Canadian mortgage calculator to compare payment amounts and total interest. If you are estimating the maximum home price you may qualify for, use the mortgage affordability calculator.

Important limitations

These changes do not guarantee mortgage approval. Eligibility, down-payment requirements, property type, debt-service calculations, mortgage insurance, lender policies, and the rate offered to a borrower can affect the final result.

For the official announcement and full conditions, see Finance Canada’s mortgage-reform backgrounder.

Posted on

2025 Canadian Tax Slips Checklist for the 2026 Tax Season

Canadian tax slips 2022 tax year

Updated January 27, 2026 for the 2025 tax year.

Before filing a 2025 Canadian income-tax return, gather the slips and receipts that apply to your income, investments, benefits, education, employment, and deductions. Most tax slips are issued by employers and financial institutions by the end of February, and many can also appear in CRA My Account after the issuer sends them to the CRA.

Common income slips

  • T4: employment income, deductions, and pensionable or insurable earnings.
  • T4A: pension, retirement, annuity, scholarship, RESP, and other income.
  • T4E: employment-insurance benefits.
  • T4RSP and T4RIF: RRSP and RRIF income or withdrawals.
  • OAS and CPP/QPP slips: government pension and benefits information.
  • NR4: certain Canadian-source income paid to non-residents.

Investment and other slips

  • T5: interest, dividends, and other investment income.
  • T3: trust income, including some mutual-fund or investment-fund distributions.
  • T5007: workers’ compensation and social-assistance benefits where applicable.
  • T5008: securities transactions; keep your own adjusted-cost-base records.
  • T2202: eligible tuition and education amounts.
  • RRSP receipts: contributions made during 2025 and during the first 60 days of 2026, where applicable.

If a slip is missing

Contact the issuer first. If you have a CRA account, check whether the slip is available there after it has been submitted. Keep your own records and do not delay filing without checking the CRA instructions for your situation.

For the 2025 return, most individuals must file and pay any balance by April 30, 2026. Self-employed individuals generally have until June 15, 2026 to file, but any balance owing is generally due April 30.

See the CRA’s 2026 tax-filing-season guidance and tax-slips information for official details.

Posted on

Netfile software 2022 (for tax year 2021)

Simple income tax calculator published on this site can be used to calculate approximate taxes you need to pay, but you must use certified software to file your tax return to Canada Revenue Agency (CRA). NETFILE is an electronic tax-filing service that allows you to send your individual income tax and benefit return directly to the CRA using the Internet and a NETFILE-certified software product.

Canadian Revenue Agency (CRA) published list of  certified Netfile software 2022 you need to file tax return for 2021 tax year until 2nd of May, 2022.

Continue reading “Netfile software 2022 (for tax year 2021)”
Posted on

Netfile software 2020 (for tax year 2019)

Latest Netfile software 2022 for income tax year 2021 can be found here

Simple tax calculator published on this site can be used to calculate approximate taxes you need to pay, but you must use certified software to file your tax return to Canada Revenue Agency (CRA). NETFILE is an electronic tax-filing service that allows you to send your individual income tax and benefit return directly to the CRA using the Internet and a NETFILE-certified software product.

Canadian Revenue Agency (CRA) published list of  certified Netfile software 2020 you need to file tax return for 2019 tax year.

Continue reading “Netfile software 2020 (for tax year 2019)”