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5 Things Every Canadian Should Know About Money Today

Canadian Money Brief — May 8, 2026 Your two-minute money briefing. Every weekday, MoneySavings.ca cuts through the noise to bring you the five financial stories shaping Canadians' wallets right now. Bookmark us, share us, and come back tomorrow. 1. The Bank of Canada Is Holding — And the Forecast Isn't Budging The Bank of Canada kept its overnight policy rate at 2.25% at its April 29 meeting, and the message from Governor Tiff Macklem to the House of Commons Standing Committee on Finance this week was clear: don't expect a move anytime soon. The Bank projects the Canadian economy will expand at a modest 1.2% in 2026 , picking up gradually to 1.6% in 2027 and 1.7% in 2028 as export growth and business investment slowly return. The near-term drag? Ongoing U.S. tariff uncertainty and a sharp jump in energy prices tied to the conflict in the Middle East. Inflation, which sat at 1.8% in February, had already climbed to 2.4% by March and is forecast to peak around 3% i...

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Defying Justice: White House Deportations Spark Controversy


The White House has come under fire for deporting hundreds of alleged Venezuelan gang members to El Salvador, despite a federal court order temporarily halting such actions. The deportations, carried out under the Alien Enemies Act of 1798, have raised questions about the administration's adherence to the rule of law and the balance of power between the executive and judicial branches.

U.S. District Judge James Boasberg had issued a 14-day suspension on the deportations, citing concerns over the use of wartime powers to justify the removals. However, the administration argued that the court order was issued after the deportees had already left U.S. soil, rendering it inapplicable. Critics, including legal experts and human rights organizations, have condemned the move as a blatant disregard for judicial authority and due process.

The deportees, alleged members of the Tren de Aragua gang, were transferred to a high-security prison in El Salvador under an agreement with the Salvadoran government. While the administration defends its actions as a necessary measure to protect national security, opponents view it as an overreach of executive power with potentially dangerous implications for constitutional governance.

This incident has ignited a broader debate about immigration policy, executive authority, and the treatment of migrants, particularly those fleeing crisis-stricken nations like Venezuela. The controversy underscores the complexities and tensions inherent in addressing issues of national security and human rights.

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