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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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Trump Halts U.S.-Canada Trade Talks Over Digital Services Tax Dispute

In a dramatic escalation of trade tensions, U.S. President Donald Trump announced Friday that his administration is terminating all trade negotiations with Canada, citing Ottawa’s new digital services tax as the catalyst for the decision.

The tax, which imposes a 3% levy on revenues earned from digital services such as online advertising, social media platforms, and the sale of user data, is set to take effect on June 30. It targets large tech firms with significant Canadian user bases—many of which are American giants like Google, Meta, and Amazon.

Calling the tax “a direct and blatant attack on our country,” Trump posted on Truth Social that Canada is “a very difficult country to trade with” and accused it of mimicking the European Union’s approach to taxing digital services.

The move threatens to disrupt a trade relationship valued at over $760 billion annually. Trump also warned that new tariffs on Canadian exports would be announced within a week, further straining economic ties between the two nations.

Canadian Prime Minister Mark Carney has yet to issue a formal response, but the decision is expected to have ripple effects across industries, particularly in technology, automotive, and energy sectors.

This latest development marks a sharp turn in U.S.-Canada relations, reigniting trade friction that had cooled in recent years.

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