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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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Tensions Escalate in Gaza Amid Ceasefire Uncertainty

 

In a tragic turn of events, Israeli fire has claimed the lives of at least two individuals in Gaza, further intensifying fears that the fragile ceasefire between Israel and Hamas could collapse. The incident occurred in Rafah, with additional injuries reported in Khan Younis, located in the southern region of Gaza.

The ceasefire, which began in January, recently reached a critical juncture as its first phase concluded without a clear agreement on the next steps. Hamas has called for the initiation of a second phase, which would involve a permanent Israeli withdrawal and an end to the ongoing conflict. However, Israel has proposed a temporary extension of the truce, contingent on the release of hostages in exchange for Palestinian detainees.

Adding to the tension, Israel has imposed a total blockade on Gaza, halting the supply of essential goods such as food and fuel. This has left the 2.3 million residents of Gaza in dire straits, with skyrocketing prices and dwindling resources. The blockade has also led to heightened fears of renewed violence, as Israeli tanks and artillery have intensified their presence along Gaza's borders.

The international community is closely monitoring the situation, with mediators urging both sides to find a resolution. However, the path forward remains uncertain, as both Israel and Hamas hold firm to their respective demands.

This latest escalation underscores the precarious nature of the ceasefire and the urgent need for a sustainable solution to the long-standing conflict.

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