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5 Things to Know Today: July 9, 2026

Thursday, July 9, 2026   Your quick morning briefing on the Canadian money news that matters. 1. Bank of Canada widely expected to hold rates on July 15 With just a week to go before the Bank of Canada's next rate announcement, markets and economists are almost unanimous: the overnight rate should stay parked at 2.25%, where it's been since October 2025. The Bank is caught between two problems that pull in opposite directions — a soft economy that would normally call for a cut, and inflation running near 2.8-3% (partly due to elevated oil prices) that argues against one. Bond markets are pricing in only a small chance of any move at all. If you're carrying a variable-rate mortgage or HELOC, don't expect relief just yet, but don't expect an increase either. The Bank's updated quarterly Monetary Policy Report, out the same day, will be worth watching for hints about the fall. 2. CUSMA shifts to annual reviews after the deadline quietly passed July 1 came and wen...
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Court Battle Aims to Reopen Parliament Amid Prorogation Crisis

A novel legal challenge has hit the Federal Court as opponents seek to force MPs back to work before Prime Minister Justin Trudeau’s prorogation period ends. Filed by the Calgary-based Justice Centre for Constitutional Freedoms on February 13, 2025, the suit argues that suspending parliamentary business until late March undermines democracy by preventing legislators from addressing urgent issues—including the looming U.S. tariff threat and stalled legislation like the capital gains tax reform.

Critics claim the prorogation was a politically motivated tactic designed to delay accountability during a turbulent period. They assert that Parliament’s essential role—to debate policy and hold the government to account—is compromised when the House sits on hiatus. With the hearing scheduled for later this week, legal experts say the outcome could set an important precedent on the limits of executive power and parliamentary rights.

As Canada navigates political uncertainty amid a leadership transition, the challenge highlights growing calls for transparency and a more robust system of checks and balances.


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