{"id":61487,"date":"2026-05-26T13:16:14","date_gmt":"2026-05-26T13:16:14","guid":{"rendered":"https:\/\/www.europesays.com\/canada\/61487\/"},"modified":"2026-05-26T13:16:14","modified_gmt":"2026-05-26T13:16:14","slug":"how-the-experts-are-unpacking-canadas-spring-economic-update","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/canada\/61487\/","title":{"rendered":"How the experts are unpacking Canada\u2019s Spring Economic Update"},"content":{"rendered":"

CANADA’S Spring Economic Update comes at a time of heightened global uncertainty, mounting pressure on productivity and competitiveness and increasing complexity in the tax system.<\/p>\n

As the newly established majority Liberal government gains greater flexibility to move on key priorities, a recent CPA Canada Tax 360 webinar highlighted several developments practitioners will want to keep an eye on.<\/p>\n

Hosted by CPA Canada\u2019s senior tax advisor, John Oakey, the session featured chief economist David-Alexandre Brassard and director of tax Ryan Minor, both of whom analyzed the government\u2019s fiscal update in the lock-up ahead of its release.<\/p>\n

\u201cThis update is more in line with a traditional economic update \u2014 a mid-year check-in on Canada\u2019s fiscal position,\u201d says Oakey. \u201cIt also arrives at a complex moment for Canada\u2019s tax system and economy, with the government signaling it plans to move forward with several previously announced tax measures.\u201d<\/p>\n

The panel discussion highlighted how CPA Canada Tax 360 helps practitioners navigate tax and economic developments. Tax 360 users have access to expert analysis, technical resources and community discussions with specialists and peers on the latest issues shaping tax practice and policy. <\/p>\n

Among the proposed changes discussed were updates to the Disability Tax Credit (DTC) aimed at streamlining approvals for certain long-term conditions and expanding the range of medical practitioners who can confirm eligibility. Minor says the changes could make the DTC process easier for both taxpayers and practitioners. <\/p>\n

\u201cRight now, eligibility for the credit is based on how a condition affects an individual\u2019s daily life,\u201d he says. \u201cIt\u2019s not the diagnosis itself that qualifies someone for the credit \u2014 it\u2019s the overall impact.\u201d<\/p>\n

Oakey adds that the proposed changes could simplify access to programs linked to DTC eligibility. <\/p>\n

\u201cThere are a lot of programs tied to eligibility for the Disability Tax Credit,\u201d he says. \u201cTrying to streamline the process and reduce some of the administrative burden is good to see in the update.\u201d<\/p>\n


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\nCPA Canada Tax 360\u2122<\/a>\u00a0is a dynamic online platform built for tax professionals and backed by the strength of Canada\u2019s trusted tax community. With two access levels to tailor your experience, it empowers you to navigate the complex and evolving tax landscape with confidence so you can solve complex challenges faster and more efficiently.
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The session addressed several other measures the government confirmed it will advance, including expanded CRA audit powers, immediate expensing for certain manufacturing and processing buildings and new crypto-asset reporting requirements expected to take effect in 2027. <\/p>\n

\u201cOne important change is that the CRA would get the ability to compel oral testimony under oath or affidavit,\u201d says Minor. \u201cIf the CRA believes a taxpayer has not complied sufficiently with requests for information, it could issue a notice of non-compliance carrying penalties of up to $25,000.\u201d<\/p>\n

Changes to the Alternative Minimum Tax (AMT) were also discussed, with Minor noting they may effectively increase taxes for some individuals. <\/p>\n

Beyond tax measures, the webinar explored Canada\u2019s broader economic outlook and implications for housing, investment and productivity.<\/p>\n

Brassard notes that stronger-than-expected federal revenues and a lower-than-anticipated deficit are improving the government\u2019s fiscal position, even as Canada continues to face housing and construction pressures. <\/p>\n

\u201cWhenever we start throwing money at residential construction, there\u2019s a spillover effect in non-residential construction,\u201d says Brassard, noting Canada \u201chas an issue with construction capacity.\u201d<\/p>\n

The discussion also touched on labour mobility incentives for skilled tradespeople, clean economy investment tax credits and the government\u2019s proposed Canada Sovereign Fund.<\/p>\n

\u201cI do like the focus on attracting investment in Canada,\u201d Brassard adds. \u201cThe timing is good. The U.S. is more unpopular than it\u2019s been in the past, so if investment starts shifting away from traditional U.S. destinations, maybe Canada can claim a bigger piece of the pie.\u201d<\/p>\n

The Spring Economic Update webinar is one of several expert-led sessions and resources available through CPA Canada Tax 360.<\/p>\n

Find out more about\u00a0CPA Canada\u2019s Tax 360\u2122<\/a>\u00a0platform. Title image courtesy Chartered Professional Accountants of Canada.\u00a0This sponsored content was produced by CPA Canada; Canadian Accountant’s editorial department was not involved in its creation.<\/p>\n

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