1. Ontario proposes small business tax rate cut
Ontario Budget 2026 proposes reducing the Ontario small business corporate income tax rate from 3.2% to 2.2% effective July 1, 2026. Ontario says this would benefit over 375,000 small businesses.
For owner-managed corporations, this may affect 2026 instalments, after-tax cash flow, and salary-versus-dividend planning.
2. Ontario proposes expanded HST relief on new homes
Ontario also announced proposed expanded HST relief on eligible new homes, including relief on the full HST for qualifying new homes valued up to $1 million.
Builders, first-time buyers, real estate lawyers, and investors should review purchase agreements, rebate clauses, and closing assumptions carefully.
3. CRA confirms trucking T4A reporting enforcement
CRA guidance confirms the moratorium on penalties for certain trucking-sector T4A reporting has been lifted starting with the 2025 tax year. Payments over $500 for services to CCPCs in the trucking industry must be reported using T4A box 048.
Trucking companies should review 2025 reporting immediately and correct missing slip procedures before CRA enforcement escalates.
Key deadlines
- April 30, 2026 — personal tax filing/payment deadline
- May 29, 2026 — CRA drop boxes permanently close
- June 15, 2026 — self-employed filing deadline
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