The federal government tabled Budget 2026 on November 5. There are no changes to personal or corporate tax rates. The measures that matter for most professionals are administrative: new filing and payment dates, higher instalment thresholds, a longer window to dispute CRA assessments, and a consultation on the future of the RRSP.
This edition of TPC Edge also covers the Doctors of BC Contributory Professional Retirement Savings Plan (CPRSP). The 2026 benefit, worth up to $12,800 for eligible BC physicians, is now open for claims. We outline who qualifies, which accounts the funds can go to, and how to submit a claim.
2026 Federal Budget
- Filing deadline. Starting with your 2027 return, everyone (including the self-employed) files and pays by May 15.
- Tax instalments. From 2028, you only need to pay instalments if you owe more than $7,500 (up from $3,000). Self-employed professionals can also make one instalment by December 31 instead of four quarterly payments.
- RRSP for life. Ottawa is consulting on merging the RRSP and RRIF, which would end the requirement to convert your RRSP at age 71. Minimum withdrawals would still apply after 71. Nothing changes yet.
- Medical expense tax credit. Less paperwork from 2026, with no prescription needed for certain items, plus optional flat amounts: $1,000 for gluten-free food (celiac disease), $500 for incontinence products and $2,000 for service dog costs.
- Disputing a CRA assessment. You’ll have one year to file a notice of objection, up from 90 days, but extensions will no longer be available.
- Massage therapy. Services from qualifying massage therapists become GST/HST-exempt after November 5, 2026.
The budget’s broader focus is business investment and affordability. It projects a $62.3 billion deficit for 2026-27 and aims to balance day-to-day operating spending by 2027-28. On the investment side, it introduces the Canada Growth Incentive, a capital gains exemption of up to $15 million on qualifying newly issued shares, and confirms the previously announced Productivity Mega Deduction, which allows an immediate write-off of a broad range of equipment and other depreciable property.
The Canada Growth Incentive specifically excludes professional practices, including medical and dental corporations. And the rules for Individual Pension Plans (IPPs) tighten from 2028: a plan whose assets exceed 200% of its pension liabilities can lose its registration, and IPPs become subject to the same investment restrictions as RRSPs and TFSAs.
All measures are proposals and may change before they are legislated.
The full budget is available at budget.canada.ca, with a summary of key measures on Canada.ca.
Doctors of BC CPRSP: claiming your 2026 benefit
The 2026 CPRSP benefit is up to $12,800: a Basic benefit of up to $7,000 and a Length of Service benefit of up to $5,800. Unclaimed amounts are forfeited once the claim window closes.
Eligibility. You need eligible 2025 income from MSP fee-for-service (including Rural Locum and LFP), sessional payments, or a non-salaried health authority service contract. The Basic benefit reaches its maximum at $120,000 of eligible net income. The full Length of Service benefit requires 20+ years of BC practice and more than $60,000 of eligible income. Your exact amount is shown in the Doctors of BC Member Area. Non-members can claim, less an administration fee.
Eligible accounts. The benefit reimburses a contribution to one of:
- Your RRSP, or a spousal RRSP you contribute to
- Your TFSA (not your spouse’s)
- Your FHSA (new for 2026)
- Your corporation’s IPP or RPP
How to claim
- Confirm you have made a contribution during 2026, or within two weeks of receiving the benefit. A single contribution can’t be used for more than one benefit year.
- Log in at doctorsofbc.ca and confirm your bank account (Member Area > Account > Bank Accounts). This should be a personal bank account, as the tax slips will be issued to you personally. Payment goes only to that account, not directly to your RRSP or TFSA.
- Submit the claim: Member Area > Services > Benefits > Claim CPRSP, and select RRSP, TFSA, FHSA or a combination.
- For RRSP, TFSA or FHSA claims, proof isn’t required up front. Keep deposit records for two years; Doctors of BC audits claims at random and recovers unsupported amounts from future benefits. TPC Wealth can provide all supporting documentation in the event of an audit.
- For IPP or RPP claims, attach the deposit confirmation. Payment goes to the corporate account.
- Online claims are typically paid within three weeks.
Tax treatment. The benefit is taxable income, reported on a T4A each February. An RRSP or FHSA contribution provides an offsetting deduction if you have room; a TFSA contribution does not. We generally recommend that the CPRSP benefit is paid into an RRSP or FHSA to offset the tax on this benefit. Amounts paid to a corporate IPP or RPP receive no T4A.
Deadlines. Each year’s benefit can be claimed for about two and a half years. The 2026 benefit must be claimed by March 31, 2029. Unclaimed 2024 benefits expire March 31, 2027.
Choosing an account. The best destination depends on your available RRSP room, your marginal tax rate this year, whether you’re saving for a first home, and whether your corporation sponsors an IPP. Your TPC Financial Group advisor will be happy to help coordinate how best to claim this benefit, and which account should be used.