New laws and rules coming to Ontario next month

A short list of new laws and rules will be coming to Ontario in March 2026, affecting everyday taxpayers, school boards, and bank account holders.

From new student and family support offices to important tax deadlines, there are a couple of important changes you need to be aware of. 

Here are the new laws and rules coming to Ontario in March 2026.

Federal compensation program for banned firearms  

Last month, the federal government announced the launch of its Assault-Style Firearms Compensation Program (ASFCP) to all eligible firearms owners in the country, which aims simultaneously remove the dangerous weapons from the community and offer law-abiding gun owners with fair compensation.

"Assault-style firearms do not belong in our communities. These types of firearms were designed as weapons of war. Prohibiting and removing them from our communities is an important part of our government's commitment to tackling gun violence and keeping Canadians safe," said Gary Anandasangaree, Minister of Public Safety.

Eligible firearm owners have until March 31, 2026, to submit a declaration via the online portal or by mail. The declaration period has been open since Jan. 19, and owners are being urged to submit their declaration as soon as possible, as declarations will be processed on a fire come first served basis.

After the declaration period, owners will be able to schedule an appointment for collection by the RCMP, police, or a mobile collection unit.

The federal government notes that while receiving compensation through the program is voluntary, all owners who do not participate are still responsible for complying with the law and must dispose of or permanently deactivate their firearms before the amnesty period ends on Oct. 30, 2026.

New student and family support offices

In November, the Ontario government announced that it is requiring school boards across the province to establish designed "Student and Family Support Offices," which will offer a place for families to "get answers on broader community concerns, as well as contentious or complex issues that need to be escalated after speaking with the school."

Last month, these offices opened up at each of the five supervised school boards, including the Toronto District School Board, Toronto Catholic District School Board, Dufferin-Peel Catholic District School Board, Thames Valley District School Board, and Ottawa-Carleton District School Board.

Remaining school boards will be required to submit a report by March 31, 2026, outlining how they will establish an office by Sept. 1, 2026.

RRSP contribution deadline 

With the 2026 tax season just around the corner, the deadline to make certain contributions to your savings plans and pension plans will fall on March 2, 2026. Although the cutoff typically takes place on March 1, this date falls on a Sunday this year, so the CRA has extended the deadline to the next business day.

A Registered Retirement Savings Plan (RRSP) is a retirement savings plan to which you or your spouse or common-law partner can contribute. Deductible RRSP contributions can help reduce the amount of tax you owe, and any income earned within the plan is generally exempt from tax so long as the funds remain in the plan.

Other eligible retirement savings options include a Pooled Registered Pension Plan (PRPP), which is available to individuals, including those who are self-employed, as well as a Specified Pension Plan (SPP).

For the 2025 tax year, the RRSP, PRPP, and SPP contribution deadline is March 2, 2026.

NSF Bank Fee Cap

If you've ever felt the sting of a hefty Non-Sufficient Funds (NSF) charge on your bank account, you'll soon see some relief, as the federal government has moved to cap the controversial banking fee.

The fees are charged by banks in cases where there are insufficient funds in a bank account to cover a cheque or a pre-authorized debit, and the individual does not have overdraft protection.

"These fees disproportionately impact the financial well-being of low-income Canadians who do not have access to overdraft protection and can perpetuate debt cycles by reducing the amount of available funds with which a consumer could pay their bills," the federal government wrote in a release.

"These fees are often applied regardless of the size of the account shortfall and can be charged in rapid succession as a result of multiple declined payments."

Currently, most major banks charge between $45 and $48 per NSF transaction, meaning being just a dollar short on a payment can trigger a penalty of nearly $50. However, on March 12, 2026, the federal government is introducing a $10 cap.

As a result, banks won't be able to charge more than one NSF fee within a two-business-day period, and on overdrawn amounts of under $10. The regulations will apply to personal and joint accounts, but not to business or corporate accounts.