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Five Key Tax Changes Coming in 2026: What Canadians Need to Know

  As 2026 approaches, Canadians can expect several important updates to the federal tax system. These changes affect retirement planning, income tax brackets, and a range of credits that influence how much individuals and families will owe—or save—when filing their returns. Here’s a quick look at five of the most notable adjustments. 1. Higher RRSP Contribution Limits Canadians will be able to contribute more to their Registered Retirement Savings Plans (RRSPs) in 2026, thanks to inflation indexing. The increased limit gives savers more room to reduce taxable income while building long‑term retirement security. 2. Updated Federal Tax Brackets Income tax brackets will shift upward to reflect inflation. This means more of your income will be taxed at lower rates, helping offset rising living costs and preventing “bracket creep,” where inflation pushes taxpayers into higher tax brackets without real income gains. 3. Increased Basic Personal Amount (BPA) The Basic Personal Amoun...
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Canadian Home Sales Dip in May, Listings Show Modest Growth

 

Amid a somewhat sluggish market, Canadian home sales experienced a slight decline in May. According to data from the Canadian Real Estate Association (CREA), sales fell by 0.6% compared to April and were down 5.9% year-over-year. The average home price also dipped to $699,117, marking a 4% decrease from the previous year.

However, there’s a silver lining: the number of newly listed properties increased by 0.5% in May, signaling a modest uptick in listings. By the end of the month, approximately 175,000 properties were available for sale across the country, a substantial 28.4% increase compared to the same period last year. Despite this positive trend, it’s worth noting that listing levels remain below historical averages.

Economists are cautiously optimistic. The recent interest rate cut by the Bank of Canada (the first in over four years) may encourage buyers to re-enter the market. While the impact on affordability is still uncertain, further rate relief could set the stage for a stronger second half of 2024. As bond yields decline, we may see increased activity in June, striking a balance between lower mortgage rates and potential home price growth.

In summary, May was indeed a “sleepy month” for housing activity in Canada, but with interest rates playing a pivotal role, the market’s dynamics could shift in the coming months. Keep an eye on developments as we navigate this intriguing real estate landscape.


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