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Canadian Money Brief: 5 Things to Know Today — May 18, 2026

  A quick scan of the five stories shaping your wallet right now — from the Bank of Canada's next big decision to your mortgage renewal and a brand-new federal agency hunting financial criminals. 1 Bank of Canada Rate Holds at 2.25% — Next Decision Is June 10 The Bank of Canada kept its overnight policy rate steady at 2.25% at its April 29 meeting, citing a rise in energy-driven inflation and ongoing uncertainty from U.S. tariffs. Governing Council held firm while acknowledging a rate hike could become necessary if oil-linked price pressures prove persistent. The next announcement lands on Wednesday, June 10, 2026 — mark your calendar. Why it matters: Your variable-rate mortgage, HELOC, and lines of credit are directly tied to this rate. With bank prime rates sitting at 4.45%, every meeting counts. 2 Markets TSX Slips Below 34,000 as Bond Yields Spike The S&P/TSX Composite Index finished last week down close to 2%, sliding under the 34,000 mark. A global bond market selloff...
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Ontario’s “One Fare” Program Saves Transit Riders $1,600

 

The Ontario government is keeping costs down for public transit riders with the launch of the “One Fare” program, which will save riders an average of $1,600 each year. Beginning February 26, 2024, riders will pay only once as they transfer for free between the TTC and participating transit agencies in the Greater Toronto Area, including GO Transit.

The One Fare program, announced earlier this year, allows passengers to transfer between a number of different transit systems in Ontario but only pay once. Under this program, commuters can transfer between the TTC and GO Transit, as well as regional transit systems like Brampton Transit, Durham Region Transit, MiWay, and York Region Transit.

How Does It Work?

  • When transferring between the TTC and GO Transit, your TTC fare will be free.
  • When you transfer between the TTC and other local transit systems, your second fare will be free.
  • Simply tap your PRESTO card to automatically receive the discount. It’s akin to the free two-hour transfers already in effect on the TTC.
  • Your transfer remains valid for two hours if you start your trip on a local transit system or three hours for trips originating on GO Transit.

Even if you forget your PRESTO card, the One Fare program has got you covered. Passengers can still benefit when paying using credit or debit. For frequent commuters, this program could save an average of $1,600 annually—a welcome change for many Toronto residents.

The introduction of the One Fare program aligns with Metrolinx’s long-term strategy for sustainability and improved public transit service in the province. As Toronto navigates this fare revolution, commuters can breathe a sigh of relief—and perhaps even pocket some extra change for their morning coffee. 

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