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TSX Rebounds as Oil Climbs and Canada’s Jobs Data Lands

  Friday, May 8, 2026  ·  Canadian Money Brief  ·  moneysavings.ca TSX Opens Higher After Thursday Dip Canadian stocks are staging a recovery Friday morning, with the S&P/TSX Composite climbing back after a rough Thursday. The index shed 0.4% to close at 33,857 as investors locked in recent gains ahead of U.S. and Canadian jobs data due Friday — with energy shares dragging it lower as oil pulled back. As of Friday morning, the TSX had recovered to around 33,932, up roughly 1.1% , following positive cues from Wall Street futures. Oil Back in Focus: Geopolitics Drive WTI Toward $96 WTI crude futures climbed toward $96 per barrel on Friday , recouping some of the week’s losses as fresh clashes between the U.S. and Iran threatened to derail diplomatic efforts to end the conflict. U.S. Central Command confirmed American forces intercepted Iranian attacks and carried out defensive strikes, while guided missile destroyers passed through the Strait of Ho...
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Liberals' GST Break Expected to Pass Today

 

Legislation to create a two-month-long GST holiday is expected to pass today in the House of Commons. The bill, introduced by Finance Minister Chrystia Freeland, aims to provide temporary relief to Canadians by eliminating the GST on a variety of holiday essentials from December 14, 2024, to February 15, 2025. 

The GST holiday will cover items such as children's clothes and toys, video games and consoles, Christmas trees, restaurant and catered meals, wine, beer, candy, and snacks. The government estimates that a family spending $2,000 on these items could save between $100 and $260, depending on the province.

The NDP has agreed to support the bill after Freeland separated the GST break from a proposed $250 rebate for working Canadians, which the NDP wants expanded to include non-working seniors and people with disabilities. The bill is expected to pass with the help of the NDP, despite opposition from the Conservatives, who have criticized the GST break as a "cheap gimmick".



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