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5 Things to Know Today: 68,000 Jobs Lost, a Weaker Loonie and the Oct. 28 BoC Decision

  Oct 12, 2026   Happy Thanksgiving. Canadian markets are closed today, but the numbers that shape your wallet aren't taking the day off. Here are five things to know on Monday, October 12. 1. Canada lost about 68,000 jobs in September, wiping out 2026's gains Statistics Canada reported that employment fell by roughly 68,000 in September, following a 41,700-job drop in August. The unemployment rate edged up to 6.5% from 6.4%. Economists had forecast a small gain. Put the two months together and Canada has lost about 41,200 jobs so far this year, compared with a gain of 211,300 over the same stretch of 2025, according to Reuters. The losses were spread almost evenly between full-time and part-time work and were concentrated in the public sector. Workers aged 15 to 24 lost 48,000 jobs, Quebec shed 49,000, and Ontario's unemployment rate sits at 7.0%, the highest among the large provinces. Average hourly wages were up 2.3% from a year ago. What it means for you: A softening j...
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Ontario’s 2024 Budget: A Balancing Act Amid Challenges

 

The Ontario government has unveiled its 2024-25 budget, navigating a complex landscape of economic shifts, inflation, and rising deficits. Here are the key highlights:

  1. Deficits Rising, Yet a Path to Balance:

    • The projected deficit for the coming year is nearly double the previous estimate, reaching $9.8 billion from the initial prediction of $5.3 billion.
    • Despite this, the budget outlines a gradual reduction, with a deficit of $4.6 billion in 2025-26 and a surplus of $500 million by 2026-27, coinciding with the next provincial election.
    • Factors driving the deficit include slower growth, infrastructure investment needs, and an extended cut to the province’s gasoline tax.
    • The government also had to allocate billions for backpay to public-sector workers after a legal battle over wage caps.

  2. Municipalities and Infrastructure:

    • The 2024 budget prioritizes funding for Ontario’s 444 municipalities.
    • A $1-billion program aims to facilitate housing construction, addressing resource shortages for roads and pipes.
    • An additional $625 million fund targets water systems, supporting housing development.

  3. Health Care Investments:

    • Ontario commits to spending billions more on health care:
      • $2 billion over three years to expand home care access and enhance compensation for personal support workers and nurses.
      • Nearly $1 billion additional funding for hospitals in 2024-25.
      • $546 million over three years to link 600,000 people with primary care teams.
      • $152 million for stable housing for individuals with mental health conditions and addictions.
    • The government also announces a new medical school in Vaughan, affiliated with York University, focusing on training family doctors.

  4. Auto Insurance Reforms:

    • Drivers gain more flexibility:
      • While mandatory coverage remains for medical, rehabilitation, and attendant care benefits, other benefits become optional.
      • Auto insurance companies will cover medical and rehabilitation costs before extended health care plans.
      • The goal is to reduce paperwork and provide affordable options for Ontarians.

  5. Balancing Priorities:

    • Despite rising deficits, the government remains committed to building infrastructure, enhancing services, and avoiding tax or fee increases.
    • Ontario’s journey toward fiscal balance continues, with challenges and opportunities on the horizon.

In summary, Ontario’s 2024 budget reflects a delicate balancing act, addressing critical needs while navigating economic complexities. The province aims to build a better future, even as deficits loom large. 

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