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5 Things to Know Today: BoC Hike Odds Near 80%, Oil Tops US$100, Loonie Hits 5-Week High

  Canadian Money Brief  |  Saturday, October 24, 2026 The Bank of Canada is expected to raise rates on Wednesday, oil is back above US$100 and stocks slipped on AI worries. Here are the five things to know this Saturday, and what each one means for your wallet. 1 The Bank of Canada is widely expected to hike on Wednesday Markets are putting roughly an 80% chance on a quarter-point increase at the Bank of Canada’s Oct. 28 decision, which would lift the policy rate from 2.25% to 2.50%. A majority of economists polled by Reuters also expect a second hike by the end of March. The shift followed hawkish comments from Governor Tiff Macklem about a higher inflation outlook driven by oil. What it means for you Every 0.25-point increase adds about $250 a year (roughly $21 a month) for each $100,000 of prime-linked debt, such as a variable-rate mortgage or HELOC. Fixed-rate holders are not hit directly, but renewals are being priced off higher bond yields. Savers may see HISA and...
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Doug Ford Reverses Plan to Issue Work Permits to Asylum Seekers

 

                                             Ontario Premier Doug Ford has walked back a plan 
                                             for Ontario to begin issuing work permits to asylum seekers.

Ontario Premier Doug Ford has walked back his recent pledge to issue provincial work permits to asylum seekers, a move that had stirred debate over jurisdiction and immigration policy. Less than a week after declaring Ontario would take matters into its own hands due to what he described as federal delays, Ford reversed course, saying he does not intend to take over responsibilities that fall under federal jurisdiction.

Ford initially claimed that asylum seekers were waiting up to two years for work permits, prompting his proposal to use Section 95 of the Constitution to justify provincial action. However, Immigration, Refugees and Citizenship Canada countered that the average processing time is just 45 days.

At a press conference, Ford acknowledged that his figures were anecdotal and emphasized the need for federal cooperation. “We want to work with the federal government,” he said, adding that Ontario lacks the capacity to take on the full burden of immigration processing.

Critics, including Ontario NDP Leader Marit Stiles, accused Ford of political flip-flopping and urged him to focus on provincial responsibilities such as healthcare and infrastructure.

The reversal highlights ongoing tensions between provincial and federal governments over immigration control, and underscores the challenges asylum seekers face in navigating Canada’s bureaucratic systems.


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