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5 Things to Know Today: Key Money Headlines for Canadians

1. Spring Economic Update Lands Today Finance Minister François‑Philippe Champagne tables the 2026 Spring Economic Update this afternoon, outlining Ottawa’s latest fiscal outlook and new measures aimed at supporting Canadians amid global instability. 2. Fuel Excise Tax Temporarily Suspended Prime Minister Mark Carney has paused the federal excise tax on gas, diesel, and aviation fuel , offering short‑term relief as energy prices remain elevated due to geopolitical tensions.  3. Canada’s First Sovereign Wealth Fund Announced Carney has unveiled the Canada Strong Fund , the country’s first sovereign wealth fund, designed to finance major national infrastructure and economic‑building projects in partnership with the private sector.  4. CPP & OAS Payments Arrive Today New CPP and OAS payments are being issued today, including adjustments for seniors affected by recovery tax calculations, which are spread across monthly OAS payments.  5. Global Instability Conti...
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Loonie Plummets to 2020 Lows Amid Trump's Tariff Threat

 

The Canadian dollar, commonly known as the "loonie," has fallen to its lowest level since May 2020 following threats from U.S. President-elect Donald Trump to impose tariffs on Canadian goods. Trump announced on social media that he plans to impose a 25% tariff on all products from Canada and Mexico until both countries address issues related to drug trafficking and illegal immigration.

The loonie dipped below 71 cents US in early trading on Tuesday, reaching 70.87 cents US, down from 71.53 cents US the previous day. This decline is attributed to increased trade tensions and concerns over the Canadian economy, which has already been under pressure due to recent interest rate cuts by the Bank of Canada.

Economists are divided on whether Trump will follow through with his threats, with some suggesting that the announcement may be a negotiating tactic. However, the uncertainty has already had a significant impact on the loonie and could affect Canadian businesses and consumers if the tariffs are implemented.

The situation remains fluid, and Canadian officials are closely monitoring developments to determine the best course of action.



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