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5 Things to Know Today (Sept 30): Banks Closed, U.S. Booze Ban, Rising Mortgage Rates

  It's Wednesday, September 30, and today is a federal holiday, so plan your banking accordingly. Meanwhile the U.S. booze ban is now in force, fixed mortgage rates keep climbing, the economy stalled in July and Ontario's minimum wage rises tomorrow. Here's what matters for your wallet. 1 Banks are closed today, so don't leave payments to the last minute Today is the National Day for Truth and Reconciliation. It's a federal statutory holiday, which means bank branches, Canada Post, the CRA and Service Canada are closed. It is not a statutory holiday in Ontario, so schools, TTC and GO Transit run as usual, most stores are open and LCBOs open at noon. The TSX is scheduled to trade, but trade settlement is paused for the day, so trades made today settle later than usual. What it means for you: If something has to land by October 1 (rent, a bill, a cheque deposit), don't count on today. Transfers and cheque deposits may not post until Thursday, so send them early ...
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Canada Implements Digital Services Tax Amidst Controversy

Canada has officially enacted a digital services tax (DST), which imposes a three percent levy on revenue from Canadian users by foreign tech giants, retroactive to 2022. This move has sparked significant debate and concern among businesses and the United States government, with fears of potential trade repercussions.

Deputy Prime Minister and Finance Minister Chrystia Freeland defended the decision, stating that it was unfair for Canada to indefinitely delay its own measures while waiting for a multilateral agreement on digital service taxes. She emphasized the need for tech companies to pay their fair share of taxes on revenue earned without a physical presence in Canada.

The DST is expected to affect companies with global annual income of at least $1.1 billion and Canadian revenues greater than $20 million a year. While the tax aims to level the playing field and support essential investments within the country, it has raised concerns about adding irritants to the trade relationship with the United States, especially during a sensitive time with upcoming presidential and congressional elections.

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