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Rising Tensions in the Gulf as Iran Strikes and Trump Rebukes Allies

  An aerial view of the island of Qeshm, separated from the Iranian mainland by the Clarence Strait. Iran has launched a new wave of attacks on U.S. Gulf allies, escalating an already volatile regional conflict. On Tuesday, Iranian forces targeted the United Arab Emirates in what officials described as retaliatory strikes amid the ongoing U.S.-Israeli war with Iran. President Donald Trump publicly criticized Gulf allies for what he called a lack of gratitude and cooperation during a tense naval standoff in the Strait of Hormuz.  Escalating Conflict The conflict, now in its third week, has seen Iran expand its attacks beyond expected targets, striking both the UAE and Israel. U.S. officials revealed that Trump had been warned such retaliation was likely, despite his claims of being caught off guard.  Strategic and Economic Fallout The Strait of Hormuz remains largely closed, with U.S. allies refusing Trump’s requests to help reopen the critical waterway. This blo...
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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 Amount—what every Canadian can earn tax‑free—is set to rise again. This change provides broad tax relief, especially for low‑ and middle‑income earners.

4. Adjustments to Canada Pension Plan (CPP) Contributions

CPP contribution rates and maximum pensionable earnings will increase in 2026 as part of the multi‑year CPP enhancement plan. While workers and employers will pay slightly more, the long‑term goal is to provide stronger retirement benefits.

5. Changes to Various Tax Credits

Several federal credits—including those related to families, caregivers, and disability support—will be indexed or updated. These adjustments aim to maintain the value of benefits in the face of inflation and evolving economic conditions.

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