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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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US, Colombia Reach Agreement on Deportations; Tariffs and Sanctions Suspended

 

The United States and Colombia have reached a significant agreement regarding deportations, averting a potential trade war. The White House announced on Sunday that Colombia agreed to accept deported migrants on U.S. military aircraft, reversing its earlier refusal. In response, the U.S. has decided to hold off on imposing threatened tariffs and sanctions.

President Donald Trump had initially threatened 25% tariffs on Colombian goods and other sanctions after Colombia declined to accept deportation flights. However, Colombian President Gustavo Petro agreed to accept the migrants, ensuring that the tariffs and sanctions will remain on hold.

Colombian Foreign Minister Luis Gilberto Murillo stated, "We have overcome the impasse with the U.S. government. The Colombian government has also prepared the presidential plane to facilitate the return of deported Colombians.

The agreement highlights the importance of cooperation between the two nations, with Colombia being the third-largest U.S. trading partner in Latin America. The U.S. is Colombia's largest trading partner, with a significant trade relationship established by a 2006 free trade agreement.

The White House emphasized that this agreement demonstrates America's respected position on the global stage and expects other nations to cooperate in accepting deported citizens.




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