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5 Things to Know Today: Gas Tax Holiday Extended to 2027, BoC Holds, TSX Rebounds

  September 3, 2026 A big one for your wallet just landed: Ottawa is keeping the gas tax break alive well past Labour Day. Here's what else moved markets and money in Canada today. 1. Gas tax holiday extended to January 31, 2027 The federal fuel excise tax break that was set to expire on Labour Day (Sept. 7) isn't going anywhere. Finance Minister François-Philippe Champagne confirmed the suspension of the 10-cent-per-litre gasoline excise tax and 4-cent-per-litre diesel tax will now run until January 31, 2027, before being phased back in at half-rate from Feb. 1 to March 31 and fully restored April 1. Ottawa first introduced the break in April to offset oil-price shocks tied to the Iran war. What it means for you: The scheduled Sept. 8 jump of 10–11 cents a litre is off the table for now. CAA pegged the national average at 172.9 cents/litre this week — budget around that level rather than the higher price many drivers had braced for. 2. Bank of Canada holds rate at 2.25% for a...
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S&P/TSX Hits New Highs: Oil Surge and U.S. Markets Rally

 


Toronto, Canada witnessed a bullish surge as the S&P/TSX composite index soared nearly 200 points, closing at 21,552.35. The driving force behind this remarkable climb? Energy stocks, fueled by rising oil prices. Meanwhile, across the border, U.S. markets celebrated fresh record highs.

Key Takeaways:

  1. Oil’s Resurgence: The TSX energy index flexed its muscles, rising almost 2%. Oil briefly flirted with US$80 per barrel, a level unseen since early November. Geopolitical tensions and anticipation of potential OPEC cuts contributed to this bullish momentum.

  2. U.S. Market Records:

    • The Dow Jones industrial average gained 90.99 points, closing at 39,087.38.
    • The S&P 500 index surged 40.81 points, reaching 5,137.08.
    • The Nasdaq composite continued its ascent, adding 183.02 points to hit 16,274.94. Artificial intelligence remained the tech sector’s driving force.
    • Dell Technologies stole the spotlight, leaping nearly 32% after impressive earnings.

  3. Interest Rate Expectations:

    • Weaker-than-expected U.S. economic data bolstered expectations for summer interest rate cuts.
    • Fed Governor Christopher Waller hinted at a shift in the central bank’s holdings toward short-term Treasuries.

  4. Market Resilience:

    • Despite mixed economic data, market bulls remain optimistic.
    • Technical and fundamental factors support the rally, but caution is warranted due to elevated valuations and universal optimism.

  5. Earnings Triumph:

    • Fourth-quarter earnings exceeded expectations, with growth nearing 8%.
    • Approximately 76% of S&P 500 firms surprised to the upside, reinforcing confidence in equities.

  6. AI-Driven Rally:

    • Wall Street strategists scramble to keep pace with the stock market’s artificial intelligence frenzy.
    • Five major firms raised their S&P 500 forecasts for 2024.
    • The index’s strong start—up over 7%—follows a remarkable 24% gain in 2023.

  7. Historical Perspective:

    • Consecutive monthly gains signal a promising year ahead.
    • Since 1950, when the index finished higher in both January and February, full-year returns averaged 19.8%—with positive outcomes in 27 out of 28 instances.

In summary, the S&P/TSX’s bullish trajectory, driven by oil and tech, underscores unwavering optimism amid macroeconomic uncertainties. Investors eagerly await further developments in monetary policy and corporate performance.


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