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5 Things to Know Today: Gas Tax Holiday Extended to 2027, BoC Holds, TSX Rebounds

  September 3, 2026 A big one for your wallet just landed: Ottawa is keeping the gas tax break alive well past Labour Day. Here's what else moved markets and money in Canada today. 1. Gas tax holiday extended to January 31, 2027 The federal fuel excise tax break that was set to expire on Labour Day (Sept. 7) isn't going anywhere. Finance Minister François-Philippe Champagne confirmed the suspension of the 10-cent-per-litre gasoline excise tax and 4-cent-per-litre diesel tax will now run until January 31, 2027, before being phased back in at half-rate from Feb. 1 to March 31 and fully restored April 1. Ottawa first introduced the break in April to offset oil-price shocks tied to the Iran war. What it means for you: The scheduled Sept. 8 jump of 10–11 cents a litre is off the table for now. CAA pegged the national average at 172.9 cents/litre this week — budget around that level rather than the higher price many drivers had braced for. 2. Bank of Canada holds rate at 2.25% for a...
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Markets Plunge Amid Escalating Tariff Concerns

Global markets faced a sharp downturn as the Trump administration's tariff policies sent shockwaves through the financial world. The Toronto Stock Exchange (TSX) closed with a staggering loss of over 1,100 points, while the Dow Jones Industrial Average plummeted by 2,200 points. This dramatic decline reflects growing investor anxiety over the economic implications of escalating trade tensions.

The uncertainty surrounding the tariffs has left businesses and consumers alike on edge. Analysts warn that these measures could exacerbate inflationary pressures and disrupt global supply chains, further straining an already fragile economic recovery. As markets brace for potential retaliatory actions from trading partners, the road ahead remains uncertain.

This market turbulence underscores the interconnected nature of the global economy and the far-reaching consequences of policy decisions. Investors and policymakers alike will be closely watching for developments in the coming days.

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