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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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Israeli Forces Near Rafah Amid U.S. Pressure

                                                

Israeli forces have gathered near Rafah, with tanks firing close to residential areas and drones monitoring the city from above. The U.S. President, Joe Biden, has threatened to withhold military aid if Israel proceeds with a full-scale invasion of Rafah. Ceasefire negotiations continue in Cairo, with various parties involved, including Hamas and Islamic Jihad, who claim to have engaged Israeli forces with anti-tank rockets and mortars.

Key Points:

  • Tensions in Rafah: Israeli tanks and helicopters are active near Rafah, causing casualties and damage.
  • U.S. Stance: Biden warns of withholding weapons from Israel to prevent a major invasion of Rafah.
  • Ceasefire Efforts: Talks in Cairo involve multiple parties, with the U.S. playing a significant role in negotiations.
  • Humanitarian Crisis: The conflict has led to a severe humanitarian situation in Gaza, with shortages of medical supplies and food, and the displacement of thousands of people.

The situation remains volatile, with ongoing military actions and diplomatic efforts to reach a ceasefire. The international community is closely watching the developments, hoping for a resolution that ensures the safety and security of all parties involved.

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