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5 Things to Know Today: BoC Decision Day, Fed, Loonie, Tariff Talks and OAS Boost

  Canadian Money Brief 5 Things to Know Today Wednesday, October 28, 2026 It’s a heavy day for Canadian wallets. The Bank of Canada announces its rate decision this morning, the U.S. Fed follows this afternoon, tariff talks are heating up, and bigger OAS deposits land in bank accounts. Here’s what to know. 1 The Bank of Canada decides this morning — a hike is widely expected The decision lands at 9:45 a.m. ET, along with a new Monetary Policy Report. Markets and economists expect a quarter-point increase to 2.50% from 2.25%, which would be the first hike since July 2023. Nineteen of 34 economists in a Reuters poll called for the move, and investors were pricing roughly a 75% chance on Tuesday. The case for it: inflation hit 3.1% in September, driven almost entirely by energy, even as core measures eased below 2%. What it means for you A hike would likely lift prime rates quickly, so variable-rate mortgages and HELOCs feel it first. Roughly, 0.25 points adds about $250 a year per $...
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Ottawa Expands Automatic Tax Filing to Simplify Tax Returns


 The federal government is taking significant steps to modernize the tax filing process for Canadians. In a recent fall economic statement, Ottawa announced plans to expand automatic tax filing services, aiming to make it easier for Canadians, especially those with simple tax situations, to file their annual returns.

The initiative, which builds on a national pilot program launched in 2023, will allow the Canada Revenue Agency (CRA) to automatically file tax returns on behalf of eligible lower-income Canadians starting as early as the 2025 tax year. The program has already shown promising results, with over two million eligible Canadians participating in the pilot and receiving billions in benefits and credits.

The expansion will also explore options to make free online tax software more accessible, ensuring that more Canadians can benefit from simplified tax filing. This move is part of Ottawa's broader efforts to reduce the complexity and cost of tax filing services, making them more user-friendly and efficient.

With these changes, the government hopes to increase tax compliance and ensure that more Canadians receive the benefits and credits they are entitled to. The CRA's SimpleFile service, which allows tax returns to be filed in as little as 10 minutes, will play a crucial role in this initiative.

As Ottawa continues to push for a more streamlined tax filing process, Canadians can look forward to a simpler and more efficient way to manage their taxes in the coming years.




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