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5 Things to Know Today About Your Money — May 12, 2026

  A lot is happening in the Canadian money world right now. From a new sovereign wealth fund you can actually invest in, to lower payroll costs coming your way, here are the five things every Canadian should know about their money today. 1. The Bank of Canada Is Holding Rates — For Now On April 29, 2026 , the Bank of Canada held its overnight rate at 2.25% (Bank Rate: 2.50%, deposit rate: 2.20%). Governor Tiff Macklem has flagged that the economy is growing at a moderate pace as it adjusts to U.S. tariffs, but inflation — now around 2.4% — is edging up due to higher oil prices tied to the ongoing Middle East conflict. The Bank projects 1.2% economic growth for 2026, picking up to 1.6% in 2027. What it means for you: Variable-rate mortgage and line-of-credit holders get a brief reprieve — but watch oil prices. If inflation keeps rising, a rate hike could follow. 2. Your CPP Contributions Are Getting a Cut in 2027 The 2026 Spring Economic Update proposes to reduce the base CPP con...
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Wall Street Cheers Trump’s Treasury Pick, Stocks Rise

                                    

U.S. stocks saw a significant rise on Thursday as Wall Street reacted positively to President-elect Donald Trump's announcement of his Treasury Secretary pick, hedge fund manager Scott Bessent. The Dow Jones Industrial Average climbed by 461 points, or 1.1%, while the S&P 500 and Nasdaq Composite also posted gains.

Investors welcomed Bessent's nomination, viewing it as a sign of stability and a potential boost to economic policies. The market's optimism was further fueled by strong earnings reports from companies like Nvidia, which exceeded profit and revenue expectations.

As the market continues to react to Trump's cabinet selections, all eyes will be on upcoming retail earnings reports and other economic indicators to gauge the future direction of the stock market.



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