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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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Ontario Liberal MPs Urge Trudeau to Resign Amidst Internal Turmoil

In a recent virtual meeting, over 50 Ontario Liberal MPs reached a consensus that Prime Minister Justin Trudeau should step down as party leader. This decision comes in the wake of Chrystia Freeland's dramatic resignation from her cabinet positions, which has intensified calls for Trudeau's departure.

Freeland's resignation letter, posted on social media, highlighted her disagreements with Trudeau and warned against "costly political gimmicks" that could harm the country. Her departure has prompted several Liberal MPs to publicly support her potential leadership bid.

As the Ontario Liberal caucus chair, Michael Coteau, was tasked with communicating the MPs' decision to Trudeau, the prime minister is now believed to be reflecting on his political future. The situation remains fluid, with MPs expressing varying opinions on how long Trudeau should be given to consider his next steps.

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