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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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Mixed Reactions as Federal Government’s GST Holiday Takes Effect

 

The federal government’s two-month GST holiday, which began on Saturday, has elicited mixed reactions from both businesses and shoppers across Canada. The temporary tax break, aimed at easing affordability concerns during the holiday season, waives the five percent goods and services tax on a range of items including restaurant meals, children’s clothing, and toys.

Businesses Struggle with Compliance

Many businesses have found the implementation of the GST holiday to be an administrative burden. Patrick Neault, general manager of Raffin Bookstore in Montreal, mentioned that his staff had to work extra hours to ensure compliance with the new regulations. “It’s not that much of a deal. It’s like a few percent discount on a transaction,” Neault said, expressing doubt about whether the benefits outweigh the extra work.

Shoppers Show Limited Enthusiasm

Shoppers have also shown lukewarm enthusiasm for the tax break. While some, like Katrina Rose from Halifax, took advantage of the savings on holiday purchases, others, like Jennifer Matthew, felt the savings were too minimal to make a significant impact. “I don’t think it’s going to put a big dent in my wallet by any means,” Matthew said.

Conclusion

As the GST holiday continues until February 15, 2025, businesses and shoppers alike are cautiously optimistic about its potential benefits. While some appreciate the temporary relief, others remain skeptical about its long-term impact.




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