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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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El Salvador Stands Firm on U.S. Deportation Error

 

El Salvador has refused to return Kilmar Abrego Garcia, a Maryland resident mistakenly deported by the United States. President Nayib Bukele made the announcement during a meeting with U.S. President Donald Trump at the White House, dismissing the idea of sending Garcia back as "preposterous". 

The U.S. Supreme Court recently ruled that the Trump administration must facilitate Garcia’s return, acknowledging that his deportation was an administrative error. However, Bukele has insisted that his government will not comply, citing concerns over Garcia’s alleged gang affiliation—an accusation his lawyers strongly deny. 

The case has sparked debate over U.S. immigration policies and international cooperation. While the U.S. government has admitted the mistake, officials argue that they cannot force El Salvador to release Garcia. Meanwhile, human rights advocates continue to push for his return, emphasizing the lack of credible evidence linking him to criminal activity. 

This diplomatic standoff highlights the complexities of immigration enforcement and the challenges of rectifying wrongful deportations. Whether Garcia will be allowed to return to the U.S. remains uncertain as legal and political tensions escalate.

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