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CMHC Just Cut Its Housing Forecast — What It Means If You're Buying, Selling, or Renewing

  Published July 28, 2026 Canada Mortgage and Housing Corporation quietly downgraded its outlook for the rest of 2026 last week, and the new numbers are worth a look no matter which side of the housing market you're standing on. The federal housing agency's Summer 2026 update now calls for slower growth, softer home prices, fewer new builds and continued easing in rental markets right through the end of the year — with a split that leaves Ontario and B.C. looking a lot different from the Prairies and Quebec. Here's what's actually in the update, and what it means for your specific situation. What CMHC changed The agency's baseline call for 2026 is a Canadian economy growing at just 0.7%, with high borrowing costs, weak population growth and cautious buyers keeping a lid on demand even as affordability has technically improved. The practical result, nationally: Housing starts are expected to fall to about 241,400 units this year, down from 259,028 in 2025 Resale acti...
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Canada’s Income Tax Brackets for 2023: A Comprehensive Guide

 

Quickly find your federal and provincial tax brackets to help you prep for your 2023 income tax return.

As we approach the end of the year, it’s important to start thinking about your 2023 income tax return. One of the most important things to understand is which federal and provincial tax brackets your income falls into. This information lets you estimate how much tax you owe on your 2023 income, and helps you figure out whether to increase your registered retirement savings plan (RRSP) contributions, with the aim of reducing your notice of assessment (NOA) balance owing to $0—and maybe even score a refund.

Canada has a progressive tax system instead of a flat system where everyone pays the same percentage. So, here, people with lower incomes pay a lower percentage, and rates increase progressively for higher income earners through different tax brackets. In other words, the more you make, the more tax you pay on your earnings.

Canada has five federal tax brackets with different tax rates, and because we also pay taxes to the provincial or territorial government where we live, they each have their own tax brackets.

Here’s a quick summary of Canada’s federal income tax brackets for 2023:

  • 15% on the first $50,197 of taxable income
  • 20.5% on the next $50,198-$100,394 of taxable income
  • 26% on the next $100,395-$151,978 of taxable income
  • 29% on the next $151,979-$216,511 of taxable income
  • 33% on taxable income over $216,511

It’s important to note that these tax brackets are subject to change from year to year, and the income ranges are usually adjusted annually for inflation.

To figure out your estimated provincial/territorial tax, follow steps similar to those explained above for the federal tax brackets.

Knowing where you fit within the tax brackets can help you anticipate whether you will owe taxes in April or you will receive a tax refund. And if you owe money, it’s better to find out earlier than later. That way you can save up the money ahead of the May 2, 2023, tax payment deadline and avoid having to pay interest and penalties on overdue taxes. (Normally, the payment deadline is April 30, but in 2023 that falls on a Sunday.)


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