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5 Things to Know Today About Your Money — May 12, 2026

  A lot is happening in the Canadian money world right now. From a new sovereign wealth fund you can actually invest in, to lower payroll costs coming your way, here are the five things every Canadian should know about their money today. 1. The Bank of Canada Is Holding Rates — For Now On April 29, 2026 , the Bank of Canada held its overnight rate at 2.25% (Bank Rate: 2.50%, deposit rate: 2.20%). Governor Tiff Macklem has flagged that the economy is growing at a moderate pace as it adjusts to U.S. tariffs, but inflation — now around 2.4% — is edging up due to higher oil prices tied to the ongoing Middle East conflict. The Bank projects 1.2% economic growth for 2026, picking up to 1.6% in 2027. What it means for you: Variable-rate mortgage and line-of-credit holders get a brief reprieve — but watch oil prices. If inflation keeps rising, a rate hike could follow. 2. Your CPP Contributions Are Getting a Cut in 2027 The 2026 Spring Economic Update proposes to reduce the base CPP con...
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Ontario Introduces Comprehensive Plan to Limit Cellphone Use and Ban Vaping in Schools

 

In a groundbreaking move, the Ontario government has unveiled an ambitious plan to reduce distractions in classrooms and enhance student well-being. The plan, which aims to standardize and strengthen provincewide measures, addresses the rising concerns related to cellphone usage and vaping among students.

Key Measures:

  1. Cellphone Restrictions:

    • Students in kindergarten through Grade 6 will be required to keep their phones on silent and out of sight for the entire school day, unless explicitly permitted by an educator.
    • For students in Grades 7 to 12, cellphones will not be allowed during class time unless explicitly directed by the educator.
    • The policy emphasizes “out of sight and out of mind,” restoring focus, safety, and common sense in Ontario schools.

  2. Social Media Removal:

    • Social media websites will be removed from all school networks and devices. This step aims to minimize distractions and promote a more focused learning environment.

  3. Vaping Ban:

    • Vaping will be banned in all Ontario schools.
    • Students caught using or carrying vaping devices will be required to surrender them, with parents immediately notified of the situation.
    • The government has allocated $30 million in the 2024 budget to install vape detectors and enhance security in schools.

  4. Supports for Mental Health and Parent Engagement:

    • The government will invest $17.5 million in new wrap-around supports for student mental health and parent engagement.
    • Initiatives include providing support for students at risk of addictive behaviors and developing webinars and resources for parents and students to address the adverse effects of vaping and excessive cellphone usage.

This comprehensive plan reflects Ontario’s commitment to prioritizing student learning, safety, and well-being. By addressing distractions head-on, the province aims to create a more conducive environment for education and growth. 

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