Canada's federal government has maintained tight 2026-2028 immigration targets under the levels plan, capping new temporary resident arrivals at 385,000 and stabilizing permanent resident admissions near 380,000 annually. This continues the sharp reduction in non-permanent residents that drove 2025's record quarterly outflows and the country's first annual population decline since Confederation. Parliamentary Budget Office projections indicate flat overall population growth for 2026 as net NPR outflows moderate after the initial policy-driven surge, with modest rebound expected only in 2027 once the temporary resident share stabilizes below 5 percent. Recent Statistics Canada data confirm the largest recorded drops occurred in late 2025, supporting trader consensus that 2026's contraction is unlikely to surpass that benchmark.