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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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Lifeline for Kapuskasing: $29M Government Bailout Revives Northern Ontario Paper Mill

 

The paper mill in Kapuskasing, Ont., in 2017, then owned by Tembec. Current operator Kap Paper said last month that it would have to idle operations after failing to obtain emergency government support.


A major paper mill in Kapuskasing, Northern Ontario, is set to restart operations after receiving a combined $29 million in financial support from the federal and provincial governments.

The funding package comes after weeks of uncertainty, during which the mill announced plans to idle operations due to mounting financial pressures. The shutdown had already sent home most of the mill’s 350 employees and threatened the livelihoods of an additional 2,500 forestry workers across the region.

The bailout includes a mix of loans and support measures designed to stabilize the company while it develops a long-term strategy to remain competitive in the global pulp and paper market. Officials say the intervention was necessary to protect jobs and sustain the forestry supply chain that underpins the local economy.

Community leaders in Kapuskasing welcomed the announcement, calling it a critical step in safeguarding one of the town’s largest employers. The mill’s restart is expected to roll out gradually in the coming weeks, bringing workers back on the job and restoring confidence in the region’s forestry sector.


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