The RRSP and TFSA both show zero immediate tax cost, but the RRSP defers rather than eliminates the liability: future withdrawals are fully taxable as income. The TFSA is the only account where the capital gain is permanently sheltered, making it the correct vehicle for rebalancing appreciated positions before any deescalation reduces energy sector prices.

The GoC 5-year bond yield drives fixed mortgage rate pricing with a lag of days; the 35 to 40 basis point rise since the Hormuz closure has pushed best available 5-year fixed insured rates from near 3.7% to the 4.0% to 4.6% range, reversing the brief relief borrowers had hoped to carry into 2026 renewals.

The confirmed CPI data from October 2025 through April 2026 already sits well above the rolling average threshold required to trigger a $7,500 TFSA limit in 2027. Even the conservative projected scenario (flat CPI through September) clears the required level. Source: Statistics Canada; threshold calculation methodology per Income Tax Act indexation formula.

The GoC five-year yield diverged sharply from the BoC overnight rate beginning in March 2026 as the war shock pushed inflation expectations higher. The spread between the two — currently approximately 149 basis points — reflects the market's pricing of a hike scenario that the BoC's deliberations have neither confirmed nor ruled out.

The shaded zone marks periods when CPI inflation and the five-year GoC bond yield have converged, compressing real returns toward zero. The Iran war shock in March 2026 produced the most rapid convergence in the data series. The gold pill marks the current 3.2% yield; the red dot marks the Bank of Canada's projected April CPI of approximately 3.0%.

The corporate and trust structure bears the highest federal tax cost on a $300,000 capital gain at the current two-thirds inclusion rate: $66,000 in federal tax before provincial rates. The personal non-registered account benefits from the $250,000 individual threshold, reducing the federal bill to approximately $52,250 on the same gain. Source: Canada Revenue Agency.