Budget 2026 proposes a May 15 tax deadline for everyone
The federal budget tabled on November 5, 2026 proposes one filing and payment date for every individual in Canada: May 15. Most people would get two extra weeks to file and pay. Self-employed people and their spouses or common-law partners would get two extra weeks to pay but would lose a month to file, because their June 15 filing date would go away.
The proposal starts with the 2027 tax year, so the first May 15 deadline would be Monday, May 15, 2028. Your 2026 return, due in spring 2027, still follows the April 30 and June 15 dates. This is a budget proposal, not law yet. Parliament has to pass the legislation and it has to receive Royal Assent before the dates change.
This page sets out the current and proposed deadlines side by side, who gains and who loses time, and the other filing changes in the same budget. All figures come from the Budget 2026 tax measures annex and the CRA's due-date pages as of November 8, 2026.
Tax deadline May 15: current vs proposed dates
| Who | 2026 tax year (due in 2027, current law) | 2027 tax year onward (proposed) |
|---|---|---|
| Most individuals: file | April 30, 2027 | May 15 (first: May 15, 2028) |
| Most individuals: pay balance owing | April 30, 2027 | May 15 |
| Self-employed (and spouse or common-law partner): file | June 15, 2027 | May 15 |
| Self-employed (and spouse or common-law partner): pay balance owing | April 30, 2027 | May 15 |
If a due date falls on a Saturday, Sunday or a public holiday the CRA recognizes, the CRA treats a return or payment as on time if it receives it, or it is postmarked, by the next business day. May 15, 2028 falls on a Monday.
What changes, and for whom
Employees, retirees and investors
If you are not self-employed, the change is simple: your filing date and your payment date both move from April 30 to May 15. You get 15 more days to gather slips and pay any balance owing.
Self-employed individuals and their spouses
Today you have until June 15 to file, but any balance is due April 30. Under the proposal both dates become May 15. That is about two more weeks to pay, but roughly a month less to file. For a sole proprietor who usually files in early June, the practical deadline to have the books closed and the return ready moves forward.
The CRA's current guidance also says the June 15 filing date applies where you or your spouse or common-law partner is self-employed. The budget's May 15 date covers both of you, so a household that relied on June 15 because one partner runs a business would also be on May 15.
Who is not affected
- Corporations. The T2 return is still due six months after the corporation's year-end, and the balance is still generally due two or three months after year-end. See our corporate tax deadlines calendar.
- Employers. T4 and T5 slip deadlines are not part of this measure. The 2026 T4 slips are due March 1, 2027.
- Your 2026 return. April 30, 2027 (file and pay) and June 15, 2027 (self-employed filing) still apply.
Is the May 15 tax deadline law?
No. As of November 8, 2026 it is a proposal in Budget 2026, tabled in the House of Commons on November 5, 2026. The Income Tax Act still sets April 30 as the filing and balance-due date for most individuals and June 15 as the filing date for self-employed individuals and their spouses or common-law partners. The new date takes effect only if Parliament passes the amending legislation and it receives Royal Assent. Until then, plan around the current dates. We will update this page when the legislation moves.
What a balance owing after the deadline costs
The penalty and interest rules themselves are not changing, only the date they run from. Under the proposal, that date would be May 15 instead of April 30.
| Charge | Current rule | Starts from |
|---|---|---|
| Late-filing penalty | 5% of the balance owing, plus 1% for each full month late, up to 12 months | The filing due date |
| Repeat late-filing penalty | 10% of the balance owing, plus 2% for each full month late, up to 20 months (if you were penalized in one of the three prior years and received a demand to file) | The filing due date |
| Interest on unpaid tax | CRA's prescribed overdue rate, compounded daily | The day after the balance-due date |
The penalty is a percentage of the balance owing, so if you owe nothing the late-filing penalty is nil. Filing late can still delay benefit and credit payments, so file on time even if you are due a refund.
The other filing changes in Budget 2026
The same budget proposes several other administrative changes that affect when and how individuals and small businesses deal with the CRA. All are proposals until enacted.
| Measure | Current | Proposed | Proposed start |
|---|---|---|---|
| Instalment threshold (individuals and corporations) | $3,000 net tax owing ($1,800 in Quebec) | $7,500 ($4,500 in Quebec), indexed to inflation and rounded to the nearest $500 | Taxation years beginning on or after January 1, 2028 |
| Instalments for the self-employed | Quarterly: March 15, June 15, September 15, December 15 | Option of one annual instalment of two-thirds of net tax by December 31, remainder on the balance-due date | 2028 and later taxation years |
| Form T1135 filing threshold | Specified foreign property costing more than $100,000 | More than $200,000 | Taxation years ending after 2026 |
| T1135 simplified reporting | Total cost under $250,000 all year | Under $500,000 | Taxation years ending after 2026 |
| Deadline to object to an assessment | 90 days after the notice of assessment (individuals: later of 90 days or one year after the filing due date) | One year after the notice (individuals: later of one year or two years after the filing due date); no extension requests | Assessments sent three months or more after Royal Assent |
For how instalments work today, including the December 15, 2026 payment, see our guide to CRA tax instalments for individuals.
What to do now
- For your 2026 return: nothing changes. Pay any balance by April 30, 2027. If you or your spouse is self-employed, the return is due June 15, 2027.
- If you are self-employed: plan for a tighter filing season starting with the 2027 tax year. Keeping the books current through the year makes a May 15 filing date much easier than a June scramble.
- If you hold foreign property: if its total cost stays between $100,000 and $200,000, you may not need a T1135 for 2027 once the change is enacted. Keep filing on current rules until it is.
- Watch the legislation. Budget measures sometimes change in the bill. Rely on the dates in force when your return is due.
Frequently asked questions
Is the 2027 tax deadline May 15?
No. The deadline that falls in 2027 is for your 2026 return, and it stays April 30, 2027 (June 15, 2027 to file if you or your spouse is self-employed). May 15 is proposed for the 2027 tax year, so the first May 15 deadline would be May 15, 2028.
Do self-employed people lose the June 15 filing date?
Under the proposal, yes. Self-employed individuals and their spouses or common-law partners would file and pay by May 15, starting with the 2027 tax year.
Does the May 15 date apply to corporations?
No. The proposal covers individual (T1) returns only. Corporate T2 filing and payment deadlines are unchanged.
When does interest start on a balance owing?
Today, interest on an unpaid 2026 balance starts after April 30, 2027. Under the proposal, for 2027 and later years it would run from the day after the May 15 balance-due date.
Will the May 15 deadline definitely happen?
It is a government budget proposal. It becomes law only once Parliament passes the legislation and it receives Royal Assent, and details can change along the way.
Sources
- Budget 2026, Tax Measures: Supplementary Information (Department of Finance Canada)
- CRA: Due dates and payment dates, personal income tax
- CRA: 2027 tax deadlines for businesses and self-employed individuals
- CRA: Late-filing penalty
RN Canada prepares personal and corporate tax returns for owner-managers and self-employed professionals, from our Edmonton and Vancouver offices and remotely across Canada. Contact us to plan your 2026 return and the move to the new dates.