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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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Federal Budget Aims for “Generational Fairness” Amidst Economic Challenges

 

Finance Minister Chrystia Freeland unveiled this year’s federal budget, emphasizing a commitment to “generational fairness” for younger Canadians. The proposed economic blueprint, with projected spending of $535 billion, aims to address the country’s economic strengths while tackling a $39.8 billion deficit.

Key Highlights:

  1. Generational Equity: The budget seeks to balance the scales by raising taxes on those who have already benefited from Canada’s economic prosperity. This approach aims to create a fairer distribution of resources across different age groups.

  2. Spending Priorities: The $535 billion budget allocates funds to critical areas such as healthcare, education, infrastructure, and climate initiatives. Investments in these sectors are essential for long-term economic stability.

  3. Deficit Management: While the deficit remains a concern, the government is committed to prudent fiscal management. The deficit reduction strategy will involve targeted spending cuts and revenue-enhancing measures.

  4. Economic Recovery: As the country emerges from the pandemic, the budget aims to stimulate economic growth, create jobs, and support businesses. Investments in innovation, research, and development play a crucial role in this recovery.

  5. Sustainable Taxation: The proposed tax adjustments will ensure that the burden is shared equitably among different income groups. By targeting those who can afford it, the government aims to maintain fiscal sustainability.

In summary, this budget reflects a delicate balancing act between addressing immediate challenges and securing a prosperous future for all Canadians. As the economic landscape evolves, the government’s commitment to generational fairness remains at the forefront of its policy decisions.

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