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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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Trump Initiates Tariff Investigation on Lumber Imports, Targeting Canada

 

In a move that could reshape the lumber trade landscape, U.S. President Donald Trump has directed the Commerce Department to launch a new investigation into lumber imports under Section 232 of the Trade Expansion Act of 1962. This probe aims to assess whether imports, including those from Canada, pose a national security risk. The investigation could lead to additional tariffs on top of the existing 14.5% duties on Canadian softwood lumber.

The administration has also announced steps to boost domestic lumber production, including streamlining the permitting process for harvesting timber and salvaging fallen trees. White House officials argue that reliance on imported lumber undermines economic prosperity and national security, citing the U.S. military's significant use of lumber for construction.

This development adds another layer to the long-standing trade tensions between the U.S. and Canada over softwood lumber, with potential economic implications for both nations.

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