February 24: Canada Tax Season Opens as Quebec Tightens Foreign Asset Rules
The Canada Revenue Agency tax year is now in full swing, with online filing open and Quebec launching Revenu Québec ImpôtNet for 2025 returns. Returns are due April 30, 2026, or June 15 for self‑employed, with balances typically due April 30. Quebec foreign asset reporting now requires residents to declare foreign property with a total cost of $100,000 or more, raising compliance stakes for investors holding U.S. or other foreign securities in taxable accounts. We outline deadlines, new rules, 2025 tax changes, and practical filing steps for Canadians.
Key 2026 filing dates and online options
Quebec and federal personal returns are due April 30, 2026. Self‑employed workers, and their spouses, have until June 15, 2026 to file, but any balance is generally due by April 30 to avoid interest. Quebec confirms the same window for provincial returns. For a clear date overview and reminders, see this French guide from TVA Nouvelles source.
File your federal return through CRA NETFILE and your Quebec return through Revenu Québec ImpôtNet. The Canada Revenue Agency tax year portal supports certified software and direct My Account access. Revenu Québec provides similar tools in Mon dossier. Keep your NETFILE access codes handy and verify your direct deposit details before you submit to speed up refunds and avoid mail delays.
Collect T4, T5, T3, and T5008 slips, plus Quebec Relevés (RL‑1, RL‑3, RL‑16, and RL‑18 where applicable). Add RRSP receipts from the first 60 days of 2026, childcare and tuition receipts, and broker gain and dividend summaries. For the Canada Revenue Agency tax year, match all slips against your CRA My Account and Revenu Québec Mon dossier to avoid missing income.
Quebec foreign asset reporting: $100,000+ threshold
Quebec residents must now declare specified foreign property if the total cost amount is $100,000 or more at any time in the Canada Revenue Agency tax year. The rule targets non‑registered holdings. If you hold U.S. or other foreign securities in a taxable brokerage account, a foreign bank account, or overseas real estate for income, review your totals and prepare disclosure.
Common in‑scope items include U.S. stocks and ETFs in Canadian non‑registered accounts, foreign bonds, cash in overseas accounts, funds on foreign platforms, and rental property outside Canada. Registered plans are typically outside this type of disclosure. Quebec foreign asset reporting focuses on cost in Canadian dollars, not market value, so maintain accurate purchase records and track deposits and transfers across accounts.
Expect meaningful penalties for missing or late disclosure, plus interest if tax is understated. Keep detailed records of purchase dates, cost base in Canadian dollars, income by country, and dispositions. Reconcile broker reports to slips. For currency, many use Bank of Canada annual averages for income and spot rates for dispositions. Document your method consistently in case Quebec or CRA review.
2025 tax changes affecting investors
Both federal and Quebec systems are indexed for 2025, which adjusts tax brackets and many credits. That can lower tax on the same income versus last year. Investors should also review updated provincial measures summarized for individuals here source. Track 2025 tax changes in spring budgets and update your estimates in planning software before making RRSP or installment decisions.
TFSA contribution room for 2025 is $7,000. RRSP contributions made in the first 60 days of 2026 can be deducted on your 2025 return, subject to limit. If you invest in U.S. securities inside registered plans, review withholding tax rules and treaty treatment. For the Canada Revenue Agency tax year, confirm contribution room in CRA My Account before you contribute.
If you received foreign dividends, interest, or rent, gather country‑by‑country income and foreign tax paid for credits. U.S. dividends in taxable accounts often show withholding; check slips and broker summaries. Quebec foreign asset reporting supports reconciliation of these amounts. Confirm T1135 obligations federally if applicable, and keep your Canada Revenue Agency tax year currency conversions with sources.
Practical filing tips to cut tax risk
Segment your records by registered and non‑registered accounts. Match T5, T3, RL‑3, RL‑16, and T5008 to broker statements. Confirm adjusted cost base for each holding, including reinvested distributions and return of capital. For the Canada Revenue Agency tax year, export activity from your broker and flag any corporate actions that affect cost base before you finalize gains.
Use consistent foreign exchange rates. Many taxpayers use Bank of Canada annual average for income items and the transaction‑date rate for buys and sells. Keep evidence for each rate used and convert all amounts to Canadian dollars. Document methodology in your working papers to support both CRA and Revenu Québec reviews if questions arise.
E‑file early through CRA NETFILE and Revenu Québec ImpôtNet to fix issues while support lines are less busy. Set aside funds for final balances and pay by April 30 to avoid interest. Use CRA My Account and Mon dossier to track notices and reassessments. Keep all supporting documents for at least six years after the Canada Revenue Agency tax year.
Final Thoughts
Tax season is open, key dates are set, and Quebec’s new disclosure raises the bar for investors. Start with a checklist: confirm April 30 and June 15 filing dates, gather T‑slips and Relevés, and verify RRSP and TFSA room. If your foreign property outside registered accounts ever cost $100,000 or more, prepare Quebec foreign asset reporting with solid records and clear currency methods. E‑file through CRA NETFILE and Revenu Québec ImpôtNet, compare slips to your broker data, and pay balances by April 30. Monitor 2025 tax changes from federal and Quebec budgets, update your estimates, and plan installments early. These steps reduce audit risk and keep your return accurate and on time.
FAQs
Who must complete Quebec’s foreign asset disclosure for 2025?
Quebec residents who held specified foreign property with a total cost of $100,000 or more at any time in the year must disclose. This typically applies to non‑registered holdings like U.S. stocks, foreign bank accounts, or rental property abroad. Registered plans are generally outside this type of reporting.
How do I calculate the $100,000 threshold for Quebec foreign asset reporting?
Use the cost amount in Canadian dollars, not market value. Add the original purchase cost and certain related expenses for all specified foreign property held outside registered accounts. Convert each item at the appropriate exchange rate. If the combined cost ever reaches $100,000 during the year, disclosure is required.
Do RRSPs or TFSAs count toward the $100,000 disclosure threshold?
No. Registered plans such as RRSPs and TFSAs are typically not included in this disclosure test. The focus is on non‑registered accounts and other specified foreign property. Still, keep full records for all accounts and confirm rules each year, since administrative guidance can change over time.
What are the key 2026 tax filing deadlines in Quebec and federally?
Personal returns are due April 30, 2026. Self‑employed individuals, and their spouses, can file until June 15, 2026, but any balance is usually due by April 30 to avoid interest. File federally via CRA NETFILE and in Quebec via Revenu Québec ImpôtNet, and pay online to post quickly.
How should I convert foreign income and gains on my return?
Apply consistent methods. Many use the Bank of Canada annual average rate for recurring income and the transaction‑date rate for purchases and sales. Convert all amounts to Canadian dollars, keep rate sources, and document your approach so CRA and Revenu Québec can follow your calculations if reviewed.
Disclaimer:
The content shared by Meyka AI PTY LTD is solely for research and informational purposes. Meyka is not a financial advisory service, and the information provided should not be considered investment or trading advice.