FINANCES FOR INDIVIDUALS

This section addresses the financial affairs of individuals resident in Canada: the computation and filing of personal income tax, the federal and provincial benefit and credit programs administered through the tax system, the registered and non-registered investment accounts available to individuals, and the principles of personal budgeting and financial planning. Federal rules apply in all provinces and territories; provincial and territorial variations are identified where relevant. Figures are from 2026 wherever used.

STRUCTURE OF THIS SECTION

• Taxes: residency, the computation of income, deductions, non-refundable and refundable credits, filing deadlines, and the principal forms and information slips.

• Benefits and Credits: the Canada Child Benefit (Form RC66 and RC66SCH), the Canada Groceries and Essentials Benefit, formerly the GST/HST credit (Form RC151 for newcomers), the Canada Workers Benefit, disability programmes, the Ontario Trillium Benefit (Form ON-BEN), and equivalent provincial and territorial programmes.

• Investing: the Tax-Free Savings Account (TFSA), the Registered Retirement Savings Plan (RRSP), the First Home Savings Account (FHSA), the Registered Education Savings Plan (RESP), the Registered Disability Savings Plan, non-registered accounts, and the taxation of investment income.

• Budgeting: personal financial statements, budgeting frameworks, emergency reserves, debt management, credit reporting, and housing affordability standards.

RESIDENCY

Liability to Canadian income tax is determined by residency, not citizenship. An individual resident in Canada is taxed on worldwide income. Residency is determined principally by residential ties (a dwelling, a spouse or common-law partner, and dependants in Canada) and secondary ties (personal property, social ties, a provincial health insurance card, a driver's licence, and Canadian bank accounts). An individual present in Canada for 183 days or more in a calendar year may be a deemed resident. Provincial or territorial tax is levied by the jurisdiction of residence on December 31 of the taxation year. Newcomers report worldwide income only from the date residency is established and must apply separately for benefits.

KEY ANNUAL DATES

• End of February / early March: RRSP contribution deadline for deduction against the previous year's income (60 days after December 31).

• End of February: issuance deadline for T4, T4A, and T5 information slips.

• March 31: issuance deadline for T3 and T5013 slips.

• April 30: filing deadline for most individuals; balance owing is due on this date for all individuals, including the self-employed.

• June 15: filing deadline for self-employed individuals and their spouses or common-law partners.

• March 15, June 15, September 15, December 15: quarterly instalment due dates where net tax owing exceeds $3,000 (or $1,800 in Quebec) in the current year and in either of the two preceding years.

• July: commencement of the new benefit year for the Canada Child Benefit and the Canada Groceries and Essentials Benefit, based on the previous year's return.