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5 Things Every Canadian Should Know About Their Money Today

From a rate hold to a sovereign wealth fund — here's what's moving the needle on your finances right now. 01 — DEADLINE Today is the tax filing deadline — and your refund may be a lifeline April 30 is the last day most Canadians can file their 2025 income tax return without penalty. With the cost of living still squeezing household budgets, many Canadians are counting on their refund as a financial cushion. Filing late triggers a 5% penalty on any balance owing, plus 1% for each additional month. If you haven't filed yet, the CRA's NETFILE portal is still open — act before midnight. 02 — INTEREST RATES Bank of Canada holds steady at 2.25% — no relief yet for borrowers The Bank of Canada kept its policy rate at 2.25% yesterday — the third consecutive hold of 2026. Governor Tiff Macklem cited rising inflation driven by higher global energy prices tied to the Middle East conflict, while U.S. tariffs continue to weigh on exports. CPI inflation climbed to 2.4% in Ma...
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Trudeau Set to Announce Temporary GST Break on Essential Items

 

Prime Minister Justin Trudeau is expected to announce a temporary GST break on essential items, responding to affordability pressures faced by Canadians. This announcement, anticipated on Thursday, comes after demands from the New Democratic Party (NDP) for more substantial and permanent tax relief measures.

NDP Leader Jagmeet Singh has stated that while the temporary GST break is a step in the right direction, it falls short of the permanent relief his party has been advocating for. The GST break is part of a broader multi-billion-dollar package aimed at providing immediate financial relief to families struggling with rising costs.

The temporary suspension of the GST will apply to a range of essential items, including certain grocery products, children’s clothing, and other necessities. This measure is expected to take effect before the holiday season, offering some respite to Canadians during a time of increased financial strain.

The announcement is seen as a strategic move by the Liberal government to address growing public dissatisfaction and to break the legislative gridlock that has recently paralyzed the House of Commons. The NDP has indicated their support for the measure, which could help expedite its passage through Parliament.


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