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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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Sweeping Layoffs Reshape the US Department of Health and Human Services

In a significant restructuring move, the US Department of Health and Human Services (HHS) has initiated mass layoffs, with up to 10,000 employees expected to be affected. Notices of dismissal began circulating on Tuesday, marking the start of a major overhaul aimed at streamlining the department's operations. This reduction follows a series of executive actions, including the revocation of collective bargaining rights for federal health agency workers.

The layoffs span multiple agencies under HHS, including the Centers for Disease Control and Prevention (CDC), the Food and Drug Administration (FDA), and the National Institutes of Health (NIH). Critics warn that these cuts could undermine the nation's ability to respond to health emergencies and ongoing disease threats. Health Secretary Robert F. Kennedy Jr. defended the move, describing it as a necessary step to improve efficiency and reduce bureaucracy.

The restructuring also includes the creation of a new office, the Administration for a Healthy America, which will consolidate several programs. While the administration argues that these changes will lead to better outcomes with fewer resources, concerns about the potential impact on public health services remain high.

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