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Monday’s CPI Could Decide Your Next Mortgage Payment

  Canada lost 68,000 jobs in September. Inflation is sitting at 3%. The Bank of Canada has to decide on October 28 which of those facts matters more, and on Monday morning one more number lands to help it choose. If you carry a variable-rate mortgage, a HELOC or a renewal this winter, that number has a price tag. Two reports pulling in opposite directions The jobs data came first. Statistics Canada reported on October 9 that employment fell by 68,000 in September, pushing the unemployment rate to 6.5% from 6.4%. It followed a drop of about 42,000 in August, which means more than half of the 181,000 jobs gained between April and July have now been wiped out. Ontario shed 20,000 positions on its own. Markets reacted within hours: the odds of a quarter-point Bank of Canada hike on October 28 dropped to roughly 25% from about 40%, according to LSEG data reported by Reuters. Inflation is telling the opposite story. The consumer price index rose 3.0% year over year in August, matching Ju...
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Trudeau Announces GST Holiday and $250 Cheques to Ease Holiday Costs

 

Prime Minister Justin Trudeau has unveiled a series of measures aimed at alleviating financial pressures for Canadians during the holiday season. The announcement includes a two-month GST holiday on select goods and services, as well as $250 cheques for many Canadians.

Starting December 14, 2024, and running through February 15, 2025, the GST holiday will apply to a variety of items, including prepared foods, restaurant meals, snacks, children’s clothing and footwear, toys, books, and Christmas trees. This initiative is designed to provide immediate relief to families and individuals facing high costs during the festive period.

In addition to the GST holiday, the federal government will issue $250 cheques to Canadians who earned up to $150,000 in 2023. These cheques, part of the “Working Canadians Rebate,” are expected to be distributed in early spring 2025.

Trudeau emphasized that these measures are intended to help Canadians manage their expenses during a time of year that can be particularly financially challenging. “For two months, Canadians are going to get a real break on everything they do,” he said at a media event in Newmarket, Ontario.

Deputy Prime Minister Chrystia Freeland added that the GST holiday and rebate are part of the government’s broader efforts to support Canadians as the country continues to recover from the economic impacts of the COVID-19 pandemic.

These initiatives are expected to save taxpayers an estimated $1.6 billion over the two-month period, providing significant relief to many households across the country.


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