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5 Things to Know Today: Oil Surges, Tariffs Land Tomorrow, Your Gas Tax Break Survives

  Monday, September 7, 2026 — Labour Day | Canadian Money Brief Markets are closed for the holiday, but the week ahead is loaded. Here are five things worth knowing before you head back to your desk tomorrow. 1. Oil Hits a Five-Week High as the Iran Conflict Escalates Crude climbed to $92.06 US/barrel on Saturday — up 17.75% over the past month and nearly 48% year over year — after Iran and the United States exchanged missile strikes this week. Israel's defence minister has threatened "crippling" attacks on Iran's energy infrastructure, the EU has formally joined the US-led sanctions campaign, and US Vice President JD Vance said Washington won't hold peace talks until Iran stops targeting ships in the Strait of Hormuz. What it means for you: Even with the federal gas tax break extended (see #4), pump prices track the price of crude itself. If your tank's getting low, filling up early this week may beat whatever the Strait of Hormuz situation does to prices by...
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Mixed Reactions as Federal Government’s GST Holiday Takes Effect

 

The federal government’s two-month GST holiday, which began on Saturday, has elicited mixed reactions from both businesses and shoppers across Canada. The temporary tax break, aimed at easing affordability concerns during the holiday season, waives the five percent goods and services tax on a range of items including restaurant meals, children’s clothing, and toys.

Businesses Struggle with Compliance

Many businesses have found the implementation of the GST holiday to be an administrative burden. Patrick Neault, general manager of Raffin Bookstore in Montreal, mentioned that his staff had to work extra hours to ensure compliance with the new regulations. “It’s not that much of a deal. It’s like a few percent discount on a transaction,” Neault said, expressing doubt about whether the benefits outweigh the extra work.

Shoppers Show Limited Enthusiasm

Shoppers have also shown lukewarm enthusiasm for the tax break. While some, like Katrina Rose from Halifax, took advantage of the savings on holiday purchases, others, like Jennifer Matthew, felt the savings were too minimal to make a significant impact. “I don’t think it’s going to put a big dent in my wallet by any means,” Matthew said.

Conclusion

As the GST holiday continues until February 15, 2025, businesses and shoppers alike are cautiously optimistic about its potential benefits. While some appreciate the temporary relief, others remain skeptical about its long-term impact.




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