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5 Things to Know Today: Tariffs Take Effect and What Happens Next

  Saturday, August 22, 2026 The 50% U.S. tariff on Canadian goods is now in effect after last-minute talks collapsed overnight. Here's what actually changes for your wallet today — and what's still just noise. 1. The tariffs are officially in effect Talks between Ottawa and Washington fell apart late Friday night, just minutes before the deadline, and a 50% U.S. tariff kicked in at 12:01 a.m. ET on roughly US$20 billion (about C$28 billion) of Canadian exports — goods like lumber, plywood, cement, furniture, dairy, liquor, and hockey gear. It's about 5% of everything Canada ships south in a year. Prime Minister Mark Carney's office pulled negotiators back to Ottawa and called Washington's final demands "unfair and uneconomic." What it means for you: This hits Canadian exporters and their workers first — not your local checkout. If you're not employed in an affected industry, don't expect a price tag to change today. The bigger risk is indirect: fe...
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Canadian Bank Fees: A Costly Affair

 

In a recent eye-opening report by North Economics, it was revealed that Canadians are paying over $7.7 billion annually in ‘excess’ bank fees. This staggering figure has sparked concern as the federal government is already taking steps to mitigate bank fees.

The Alberta-based consultancy firm’s analysis showed that the fees charged by Canada’s Big Five banks—RBC, TD, BMO, CIBC, and Scotiabank—are significantly higher than those in the U.K. and Australia. The report highlights the disparity in charges for everyday banking services, including monthly account fees, non-sufficient funds, overdrafts, and ATM usage at other banks.

Alain de Bossart, the managing director of North Economics, compared the retail banking profits to deposits ratio of 2022 between Canadian and British banks. The findings suggest that the Big Five banks in Canada had an ‘excess’ income of $7.73 billion, which translates to roughly $250 per Canadian.

The Canadian Bankers Association responded by emphasizing the value and accessibility provided by the competitive banking system in Canada. They also mentioned that a significant percentage of Canadians do not pay any account fees.

This report has intensified the dialogue on bank fees in Canada, with many calling for a more consumer-friendly approach that aligns with global standards.

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