Lori Haines CPA Professional Corporation

Newfoundland & Labrador released its provincial budget on April 29, 2026. Following are some highlights impacting taxation and a link to the budget release.

- The small business corporate income tax rate will be reduced by 0.5% per year for the next 3 years, beginning Jan 1/26.
- There were NO changes to the personal income tax rates.
- The Basic Personal Amount is increased from $11,188 to $15,000. The Basic Personal Amount is the minimum amount of income you can earn before paying provincial tax. This increase will result in an increase in your net employment income.
- The Volunteer Firefighter and the Search and Rescue Tax
Credits will be doubled to $6,000 (from $3,000) to match the federal credit amount of $6,000.
- The Newfoundland and Labrador Seniors’ Benefit will be increased by 20%, effective July 1, 2026.

All budget details can be found in the following link. Any questions, just let me know!

Budget 2026 - Government of Newfoundland and Labrador Budget 2026

Young Canadians are facing real challenges as they try to finish their education, build their career, and get ahead.

To make post-secondary education more accessible and help ease financial pressure on students and recent graduates, the government is taking steps to strengthen the Canada Student Financial Assistance Program.

https://ow.ly/qxKG50YSxaA

💲Need to confirm a payment or check your balance?

You don’t need to call us! You can view all your payment info online in your CRA account.

After you sign in, go to My Account and follow these steps:

1. Select “Accounts and payments.”
2. You’ll see your account balance, upcoming payments, and instalment details.
3. From there, you can also:

➡️ View your payment history
➡️ Transfer a credit to another balance owing
➡️ Make a payment online

📲 Sign in to or register for a CRA account to review your payment info and manage your account online: https://www.canada.ca/en/revenue-agency/services/payments/payments-cra.html?utm_content=2026-03-27_2142

[Image description: A person sits at a desk in front of a computer. They’re holding a pen in one hand, and eyeglasses in the other.]

Many hard-working Canadians are feeling the strain of high costs for essentials, housing, and everyday expenses. Helping ease affordability pressures remains a priority.

The announces proposed changes to lower the base Canada Pension Plan contribution rate, from 9.9% to 9.5% starting January 1, 2027, putting more money back in Canadians’ pockets while protecting the plan’s long term sustainability.

For someone earning $70,000 a year, this translates into annual savings of about $133, with equivalent savings for their employer. https://ow.ly/pVGe50YTyxE

This is a great tool from TaxTips to estimate the taxes owing on different sources of income!

TaxTips.ca - 2026 & Earlier Basic Tax Calculator - compare 2 scenarios TaxTips.ca - 2026 & Earlier Basic Canadian income tax calculator - Total taxes for each province, marginal tax rates for capital gains, eligible and non-eligible Canadian dividends, and other income.

If you have been assessed interest and penalties by CRA and are experiencing financial hardship, you may qualify for taxpayer relief. The following tool guides you through the process to see if you may qualify.

Self-Evaluation and Learning Tool (SELT): Cancel or waive penalties and interest - Canada.ca Find out if your situation may qualify for taxpayer relief and interests

The Canada Student Loan Forgiveness program has been updated to include more professions! Pharmacists, physiotherapists, teachers, personal care workers, etc. are now eligible under the program. Details are included in the link below.

Canada Student Loan Forgiveness - Canada.ca Learn more about Canada Student Loan Forgiveness options offered by the Government of Canada for eligible professionals working in designated communities.

If you have a child with a disability and they’re under 18, your family could be eligible for a tax-free monthly payment.

To be eligible for the Child Disability Benefit you must:

✅ Be eligible for the Canada child benefit
✅ Your child must be eligible for the disability tax credit

Find out how much you could get if you qualify for the Child Disability Benefit ➡️ https://www.canada.ca/en/revenue-agency/services/child-family-benefits/child-disability-benefit.html?hsid=4a517457-46fa-4f09-87e9-8ac932da3b53

[Image description: An adult standing in front of a smiling child seated in an assistive device.]

🧽🧹✨ Spring cleaning season is here!

As you clear out closets and dust off shelves, don’t forget about your paperwork 📄📁

Any documents that include your Social Insurance Number should be stored safely in a locked cabinet or safe 🔒🗄️

For more on SIN safety 👇
https://www.canada.ca/en/employment-social-development/services/sin/protection.html

TaxTips.ca - Disability Tax Credit (DTC) TaxTips.ca - Non-refundable disability tax credit (DTC), how to qualify, transferring the credit to a spouse or supporting taxpayer; Life-sustaining therapy