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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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TD Bank’s Involvement in the Global Drug War: A Money Laundering Scandal

 


In a shocking revelation, Toronto-Dominion Bank (TD Bank) has found itself entangled in the global drug war, accused of aiding in the laundering of hundreds of millions of dollars. Let’s delve into the details of this scandal and its implications.

According to a report by the Wall Street Journal, the U.S. Department of Justice (DoJ) investigation centers around how Chinese drug traffickers exploited TD Bank to launder illicit fentanyl profits. Here are the key points:

  1. Laundering Scheme: Chinese drug traffickers allegedly used TD Bank to launder at least $653 million US. They cleverly funneled their ill-gotten gains through the bank, exploiting its financial system.

  2. Bribes and Complicity: Shockingly, TD employees were allegedly bribed to facilitate this money laundering operation. The bank’s anti-money laundering defenses were deemed deficient, allowing criminals to exploit its weaknesses.

While TD Bank did not directly comment on the report, spokesperson Elizabeth Goldenshtein acknowledged the shortcomings in their anti-money laundering program. She stated, “Criminals constantly seek to use banks to launder money. Regrettably, our U.S. (anti-money laundering) program did not effectively thwart these activities. This is unacceptable, and we must and we will do better.”

National Bank of Canada analyst Gabriel Dechaine believes that TD Bank could face severe penalties beyond initial expectations. Here’s what’s at stake:

  1. Fines: The cumulative fines could easily reach $2 billion. Investors had initially anticipated fines in the range of $500 million to $1 billion, but the severity of the allegations necessitates a reassessment.

  2. Regulator-Imposed Limitations: Regulators may impose restrictions on TD Bank’s business activities. These limitations could affect the bank’s operations for years, impacting its future earnings potential by over $1 billion.

This revelation comes on the heels of TD Bank’s announcement that it had provisioned $450 million US in connection with the ongoing U.S. regulatory inquiry into its anti-money laundering compliance program. Additionally, Canada’s financial-crime watchdog, Fintrac, levied a $9.2-million penalty against the bank for non-compliance with money laundering and terrorist financing measures.

In summary, TD Bank’s involvement in the global drug war has serious consequences. As investigations continue, the bank faces a reckoning for its alleged role in facilitating money laundering. The scandal serves as a stark reminder that financial institutions must remain vigilant in their fight against illicit activities.


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