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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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Parliament's Last-Minute Decision on $21B Spending Bill


                                                                        

 In a dramatic turn of events, Members of Parliament are gearing up for an eleventh-hour vote on a $21.6 billion spending bill. The vote, which is set to take place late tonight, comes just hours before the crucial deadline of December 10th.

The bill, proposed by the Liberals, seeks to allocate funds for various programs, including the First Nations child and family services program and compensation for Quebec's services for asylum seekers. However, the path to this vote has been anything but smooth. Parliament has been in a deadlock for months as Conservatives have been pressing the Liberals to release documents related to alleged misspending on a green-tech fund.

In a surprising move last week, Speaker Greg Fergus ruled to pause the ongoing privilege debate, allowing the spending bill vote to proceed. This decision underscores the urgency and importance of the bill, which includes $561 million for the Department of National Defence's Canadian multi-mission aircraft project.

Government House leader Karina Gould expressed cautious optimism, stating, "I'm looking forward to having the vote. There's a lot of really good things in there for Canadians, and it's important we get this done."

The outcome of this vote will have significant implications for various government programs and services, making it a pivotal moment for Canadian politics.



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