Happy New Year from all of us at Thomson Financial Partners!
We hope you had a safe, relaxing holiday season, and we’re wishing you all the best for a healthy and prosperous 2026.
A few 2026 updates to keep on your radar
With the new year comes a handful of federal and provincial changes that could impact things like taxes, savings, retirement benefits, banking fees, and even workplace rules. Here are a few highlights:
On the tax and savings side:
• The lowest federal income tax rate will be 14% for the full year
• Tax brackets have been adjusted upward for inflation
• The TFSA limit stays at $7,000
• The RRSP contribution limit increases to $33,810
• The Basic Personal Amount rises to $16,452, meaning more of your income will be sheltered from federal tax
• CPP payments increase by 2% in January, and maximum contributions rise slightly
A couple of other changes worth noting:
• Starting March 12, 2026, banks will only be able to charge up to $10 for NSF (bounced cheque) fees
• Minimum wages are expected to rise in several provinces
• Ontario will begin requiring more transparency in job postings, including pay ranges and whether AI is being used in the hiring process
• B.C. is expanding pay transparency reporting requirements for employers with 50+ employees
There are also a few broader updates coming from Ottawa, including a new effort to make it easier to buy, sell, and work across provincial borders, along with other changes such as the return of the Canada Strong Pass and updated guidelines on how drug prices are reviewed.
If you’d like the full rundown, the Globe and Mail put together a great summary here:  New Canadian Laws and Rules in 2026
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Executor help: tracking down life insurance
We recently worked with a client who was acting as executor for a family member’s estate. While sorting through paperwork, they found references to an older life insurance policy — but it wasn’t clear whether the policy was still active (or even existed).
Because we had very little information to go on — just the person’s name, date of birth, and last known address (and they weren’t a Thomson Financial Partners client) — we reached out to a few of our insurance contacts and our head office to figure out the next step.
That led us to the OmbudService for Life and Health Insurance (OLHI), which is comprised of many major insurers. They have a helpful page for executors, and they also offer a search tool that may help confirm whether a policy is in place…and, of course, it’s hard to claim a benefit if you don’t even know the policy exists!
We thought this was a great resource and wanted to share it in case you — or someone in your family — ever runs into a similar situation. You can find the information here: OLHI.ca
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Quick RRSP reminder
With tax season approaching, just a quick reminder: the deadline to contribute to your RRSP for the 2025 tax year is Monday, March 2, since March 1 falls on a Sunday.
