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Best Cashback Credit Cards in Canada 2026 — Complete Guide

  Published: April 2026 | Reading time: 12 min | Category: Credit Cards, Personal Finance, Money Saving Tips If you're not using a cashback credit card in Canada, you're leaving real money on the table every single month. The best cashback cards in 2026 are paying 2%, 3%, even 4% back on everyday purchases like groceries and gas — expenses you're making anyway. This guide ranks the best cashback credit cards available to Canadians right now, breaks down exactly who each card is best for, and shows you how to stack cards for maximum returns. Why Cashback Cards Beat Points Cards for Most Canadians Travel points cards get all the attention, but cashback is simpler, more flexible, and often more valuable for the average Canadian household. Here's why: No blackout dates, no expiry, no restrictions — cash goes straight to your statement or bank account Easy to calculate value — 2% back on $1,000 = exactly $20. No guessing at "point values" Works for ...
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Loonie gains as oil prices climb and Fed rate hike seen unlikely

The Canadian dollar edged higher against its U.S. counterpart on Monday as oil prices rose and investors bet that the Federal Reserve would not raise interest rates at a meeting this week.

The loonie was trading 0.2% higher at 1.3565 to the greenback, or 73.74 U.S. cents, after moving in a range of 1.3548 to 1.3590. Last week, the currency touched its weakest in nearly five weeks at 1.3599.

Oil prices climbed on Monday, supported by expectations of tighter supply and signs of economic recovery. Canada is a major exporter of crude oil, so the loonie tends to benefit from higher oil prices.

Investors were also looking ahead to the Fed’s policy decision on Wednesday, which is widely expected to deliver a rate hike of 50 basis points, the first since 2018. However, some analysts said the Fed could signal a pause in its tightening cycle amid signs of slowing growth and inflation in the U.S.

“The market is pricing in a very dovish Fed, which is supportive for the Canadian dollar,” said Bipan Rai, North American head of FX strategy at CIBC Capital Markets. “The Fed is likely to acknowledge the downside risks to the outlook and may hint at a slower pace of rate hikes next year.”

Rai said he expected the loonie to strengthen to 1.33 per U.S. dollar by the end of the year, as the Bank of Canada (BoC) maintains its hawkish stance. The BoC has raised its benchmark rate four times this year to 4.25%, the highest in nearly 15 years, and has said it will study the most recent economic data to gauge whether to hike further.

The Canadian dollar was also supported by domestic data that showed the value of building permits rose by 2.5% in October, beating market expectations of a 0.5% decline.

Canadian government bond yields rose across the curve, tracking the move in U.S. Treasuries. The 10-year was up 3.4 basis points at 2.916%.

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