Skip to main content

Featured

5 Things Every Canadian Should Know About Their Money Today

From a rate hold to a sovereign wealth fund — here's what's moving the needle on your finances right now. 01 — DEADLINE Today is the tax filing deadline — and your refund may be a lifeline April 30 is the last day most Canadians can file their 2025 income tax return without penalty. With the cost of living still squeezing household budgets, many Canadians are counting on their refund as a financial cushion. Filing late triggers a 5% penalty on any balance owing, plus 1% for each additional month. If you haven't filed yet, the CRA's NETFILE portal is still open — act before midnight. 02 — INTEREST RATES Bank of Canada holds steady at 2.25% — no relief yet for borrowers The Bank of Canada kept its policy rate at 2.25% yesterday — the third consecutive hold of 2026. Governor Tiff Macklem cited rising inflation driven by higher global energy prices tied to the Middle East conflict, while U.S. tariffs continue to weigh on exports. CPI inflation climbed to 2.4% in Ma...
Post a Comment
Read more

article

Labels

Tariff Shock: Overnight Gas Prices Set to Jump by At Least 10%

 

New U.S. tariffs on Canadian and Mexican oil imports are poised to hit the gas pump hard. President Trump’s recent move—imposing a 10% duty on Canadian energy products and a steeper 25% tariff on Mexican oil—is expected to drive refining costs upward, with consumers likely to bear the brunt.

Experts warn that as U.S. refineries, particularly those in the Midwest and Gulf Coast, struggle to adjust to higher input costs from a trade-disrupted oil market, gas prices could spike by at least 10% overnight. “Expect fuel prices will rise noticeably if oil and refined products are not exempt,” said a leading analyst, emphasizing that the cost pressures will quickly transfer to consumers at the pump citeturn0search2.

The tariffs, intended to pressure trade partners on issues like illegal immigration and drug smuggling, come at a time when the U.S. imports roughly 4 million barrels per day of Canadian oil and over 450,000 barrels per day from Mexico. With refineries largely set up to process these specific types of crude, finding alternative sources won’t be an easy fix.

While some industry insiders hope that temporary exemptions might be negotiated to alleviate consumer pain, many remain skeptical. As the tariffs take effect, American drivers may soon notice a significant, immediate impact on fuel prices, adding a new challenge to an already complex economic landscape citeturn0search0.

Labels:

Comments

Post a Comment