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Canadian Money Brief: 5 Things to Know Today — May 18, 2026

  A quick scan of the five stories shaping your wallet right now — from the Bank of Canada's next big decision to your mortgage renewal and a brand-new federal agency hunting financial criminals. 1 Bank of Canada Rate Holds at 2.25% — Next Decision Is June 10 The Bank of Canada kept its overnight policy rate steady at 2.25% at its April 29 meeting, citing a rise in energy-driven inflation and ongoing uncertainty from U.S. tariffs. Governing Council held firm while acknowledging a rate hike could become necessary if oil-linked price pressures prove persistent. The next announcement lands on Wednesday, June 10, 2026 — mark your calendar. Why it matters: Your variable-rate mortgage, HELOC, and lines of credit are directly tied to this rate. With bank prime rates sitting at 4.45%, every meeting counts. 2 Markets TSX Slips Below 34,000 as Bond Yields Spike The S&P/TSX Composite Index finished last week down close to 2%, sliding under the 34,000 mark. A global bond market selloff...
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Hudson's Bay Faces Corporate Layoffs Amid Liquidation Process

 

Hudson's Bay Company (HBC), Canada's oldest retailer, has announced the termination of nearly 200 corporate employees as part of its ongoing restructuring efforts. The layoffs, effective April 4, mark the first wave of job losses as the company moves forward with plans to liquidate the majority of its stores across Canada.

Earlier this month, HBC filed for creditor protection under the Companies' Creditors Arrangement Act, citing financial struggles and subdued consumer spending. The company has since begun liquidation sales in 73 of its 80 Hudson's Bay locations, along with several Saks Fifth Avenue and Saks OFF 5TH stores.

Despite the corporate layoffs, store employees are being retained to manage clearance events, and both physical stores and the company's e-commerce platform remain operational. Hudson's Bay employed approximately 9,364 workers across Canada as of February 28, with 520 classified as corporate staff.

"This is a difficult reality of the restructuring process, and we are committed to treating associates impacted by these changes with respect and support," said Tiffany Bourré, spokesperson for HBC.

The liquidation process is expected to last until mid-June, significantly reducing the company's workforce and marking a challenging chapter in its storied history.

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