The federal budget arrives Nov. 5, and no personal tax measure has been confirmed ahead of it. Finance Minister Francois-Philippe Champagne tables it as the Parliamentary Budget Officer expects an operating balance in 2028-29, one year later than promised, and after a spring update that showed a deficit of $65.3 billion. That backdrop does not predict a tax change. It does mean clients should plan on the rules in force today.
The Rules That Are Fixed Before Nov. 5
The capital gains inclusion rate is 50% for individuals, corporations and trusts. The proposed increase to two-thirds was cancelled on March 21, 2025, and nothing announced since restores it. For 2026 the RRSP dollar limit is $33,810, the TFSA annual limit is $7,000, and the FHSA allows $8,000 a year to a lifetime maximum of $40,000.
The RRSP deadline for a 2026 deduction is March 1, 2027. That date is the 60th day of the year, and it falls on a Monday.
The RRSP limit has risen every year since 2020, from $27,230 to $33,810.
The 2026 limit of $33,810 is 24.2% above the 2020 limit of $27,230. The 2026 increase over 2025 is 4.1%. Room is 18% of prior-year earned income up to the dollar limit.
An RRSP contribution is a deferral, and it matters most to clients whose 2026 marginal rate exceeds the rate they expect in retirement. A TFSA contribution has no deduction, and withdrawals do not affect income-tested benefits. Those two accounts answer different questions, so the choice should follow the client, not the calendar.
The Dec. 30 Trade Date for Gains and Losses
A sale counts in 2026 only if it settles in 2026. Under T+1 settlement, the last trade date that settles by Dec. 31 is Wednesday, Dec. 30. Clients who want to realise a gain or a loss in a non-registered account this year need the order placed by then.
The S&P/TSX Composite closed on Oct. 21 within 10.62 points of its Sept. 22 level. That says nothing about individual positions. A non-registered account can carry large gains and large losses at the same time, and a flat index hides both. Capital losses are applied against gains in the same year, carried back three years, or carried forward indefinitely.
The superficial loss rule denies a loss if the client or an affiliated person, including a spouse or a controlled corporation, buys the same or an identical property in the 30 days before or after the sale and still holds it at the end of that period. A repurchase inside an RRSP or TFSA triggers the denial, and the loss cannot be recovered.
The Planning Bridge by Client Type
Unincorporated retirees with large non-registered gains can realise gains in a year with lower income, then rebuild the position in a TFSA as room allows. Incorporated business owners hold investments in a corporate account, where the planning question is passive income and the loss and gain mix at year end, not the RRSP limit.
Clients with no FHSA who qualify as first-time home buyers earn room only from the year the account is opened. An account opened before Dec. 31 starts the clock for 2026. Because the Nov. 5 budget may change something, the practical step is to book the year-end review for the week of Nov. 9, after the budget is read.