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5 Things to Know Today: Job Losses, a Sliding Loonie and Budget 2026 (Nov. 7)

  Canadian Money Brief · Saturday, November 7, 2026 Canada’s job losses stretched to a third month, the loonie took its biggest one-day hit since January, and the federal budget landed with a few items for your wallet. Here’s what to know today. 1 Canada’s job market has now lost jobs three months in a row Statistics Canada said the economy shed 4,700 jobs in October, well short of the gain of about 13,600 economists expected. The unemployment rate rose to 6.7% from 6.5%, a six-month high. That follows losses of 42,000 in August and 68,000 in September, and the country has added just 17,000 jobs over the past 12 months. Alberta lost 24,000 jobs, youth unemployment climbed to 13.7%, and average hourly wages were up only 2.2% from a year earlier. What it means for you: Wages are rising 2.2% a year while September inflation was 3.1%, so paycheques are losing ground. If your income feels less certain, this is a good week to check that your emergency fund covers three to six months of ...
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Avoid These Common Tax Mistakes on Your Canadian Tax Return

 

As tax season approaches, it’s essential to be aware of common mistakes that can impact your Canadian tax return. Even the most diligent taxpayers may inadvertently slip up. Here are some key errors to avoid:

  1. Double-Reporting Income: Ensure you don’t accidentally report the same income twice. Whether it’s employment income, investment gains, or other sources, cross-check your records to prevent duplication.

  2. Unclaimed Income: Don’t forget to include all your income, including side gigs, freelance work, or tips. Unreported income can lead to penalties.

  3. Late Filing: Missing the tax filing deadline can be costly. For most individuals, the deadline is April 30. If it falls on a Sunday, ensure your postmark is on or before May 1. Self-employed individuals have until June 30 to file their returns.

  4. Omitting Information: Be thorough when filling out your return. Missing details can result in errors or missed deductions.

  5. Not Maximizing Deductions: Take advantage of all eligible deductions and credits. Research what you qualify for and ensure you claim them.

Remember, even small mistakes can have significant consequences. Seek professional advice if you’re unsure, and double-check your return before submitting it. 

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