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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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Wall Street Futures Tumble Amid Trump’s Tariff Blitz and Amazon’s Earnings Miss

Market Overview

Wall Street futures took a sharp hit Friday morning as investors reacted to a double dose of economic anxiety: sweeping new tariffs imposed by President Donald Trump and disappointing earnings from Amazon.

  • Dow futures fell nearly 1%
  • S&P 500 futures dropped 0.91%
  • Nasdaq 100 futures slid 1.1%

Tariff Shockwaves

Trump’s executive order introduced tariffs ranging from 10% to 41% on imports from over 90 countries. Notable hikes include:

  • Canada: 35%
  • India: 25%
  • Taiwan: 20%
  • Thailand: 19%
  • South Korea: 15%

The White House dubbed August 1st “Liberation Day,” signaling a hardline stance with little room for negotiation. China faces an August 12 deadline to finalize a separate trade agreement.

Tech Turmoil

Amazon shares plunged 7.6% in premarket trading after its cloud division, AWS, posted underwhelming growth compared to rivals like Microsoft and Alphabet. In contrast, Apple’s earnings beat expectations, buoyed by strong iPhone sales, though CEO Tim Cook warned tariffs could cost the company $1.1 billion this quarter.

Jobs Report Looms

Investors are also bracing for the July jobs report, expected to show a modest increase of ~110,000 jobs and a rise in unemployment to 4.2%. A strong report could dampen hopes for a September rate cut by the Federal Reserve.

Other Movers

  • Coinbase fell 11.1% after reporting weaker crypto trading activity
  • Chevron and Exxon Mobil beat earnings expectations despite falling oil prices

Investor Sentiment

The CBOE Volatility Index, Wall Street’s “fear gauge,” spiked to a two-week high of 18.40, reflecting heightened uncertainty.


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