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5 Things Every Canadian Should Know About Their Money Today

From a rate hold to a sovereign wealth fund — here's what's moving the needle on your finances right now. 01 — DEADLINE Today is the tax filing deadline — and your refund may be a lifeline April 30 is the last day most Canadians can file their 2025 income tax return without penalty. With the cost of living still squeezing household budgets, many Canadians are counting on their refund as a financial cushion. Filing late triggers a 5% penalty on any balance owing, plus 1% for each additional month. If you haven't filed yet, the CRA's NETFILE portal is still open — act before midnight. 02 — INTEREST RATES Bank of Canada holds steady at 2.25% — no relief yet for borrowers The Bank of Canada kept its policy rate at 2.25% yesterday — the third consecutive hold of 2026. Governor Tiff Macklem cited rising inflation driven by higher global energy prices tied to the Middle East conflict, while U.S. tariffs continue to weigh on exports. CPI inflation climbed to 2.4% in Ma...
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Bank of Canada Poised for Significant Rate Cut Amid Economic Concerns

 

The Bank of Canada is on the verge of making a pivotal decision regarding an oversized rate cut, with many analysts predicting a reduction of 50 basis points. This anticipated move comes as the central bank grapples with falling inflation and a resilient Canadian economy.

Governor Tiff Macklem and his team have been navigating a complex economic landscape, with inflation dropping to 1.6%. This decline has sparked discussions about the necessity of a more substantial rate cut to stimulate economic growth and ensure inflation remains within the target range.

The decision, expected on October 23, will mark the fourth consecutive rate cut by the Bank of Canada. If the 50 basis point cut is implemented, it will be the first such significant reduction in over 15 years, excluding the pandemic era. This move aims to provide relief to Canadians struggling with debt and to bolster economic activity.

As the date approaches, market watchers and economists are closely monitoring the central bank’s actions, which could have far-reaching implications for the Canadian economy.


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