Canada's population trajectory in 2026 reflects the impact of tightened federal immigration controls under the 2026-2028 Immigration Levels Plan, which caps permanent resident admissions at 380,000 while sharply cutting temporary resident inflows, including a 49% reduction in new international students and 37% drop in temporary workers. These measures aim to bring the non-permanent resident share below 5% of the total population by year-end, following net NPR outflows that produced Canada's first recorded annual population decline of 0.2% in 2025. Projections from the Parliamentary Budget Officer indicate flat growth for 2026 as outflows offset permanent gains and low natural increase, though upward revisions from permit extensions remain possible. Traders see a near-even split because sustained policy enforcement, economic conditions, and quarterly data releases could still produce modest positive or negative annual results.