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Big Bank Earnings Are In: What They Reveal About Your Mortgage Stress

  August 26, 2026 Canada's biggest banks are in the middle of reporting Q3 2026 results, and so far the headline numbers look strong. BMO and Scotiabank both beat analyst estimates this week, and National Bank of Canada reported this morning. RBC, TD, and CIBC follow Thursday, closing out the sector's earnings season. But the number that actually matters to most Canadians isn't profit — it's what the banks are setting aside for loans that might go bad, and what they're saying about who's struggling to keep up. That's where the picture gets more interesting than the headlines suggest. The headline numbers BMO kicked off the week with adjusted profit up 22% year-over-year and return on equity climbing to 14%, with the bank reiterating its target of 15% ROE by the end of fiscal 2027. Scotiabank posted what CEO Scott Thomson called a record quarter: net income of $3 billion, up 21% year-over-year, with adjusted ROE hitting 14.2% — clearing the bank's own med...
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Ottawa to Launch Automatic Tax Filing for Low-Income Canadians in 2025 Budget

                    Prime Minister Mark Carney speaks during a pre-budget announcement in Nepean, Ont, on Friday, Oct. 10.

The federal government is set to introduce automatic tax filing for low-income Canadians as part of the 2025 budget, Prime Minister Mark Carney announced Friday. The initiative, led by the Canada Revenue Agency (CRA), aims to ensure that millions of Canadians who often miss out on benefits due to unfiled tax returns will now receive the support they qualify for.

The program will begin in 2027, covering roughly one million people with simple tax situations, and is expected to expand to 5.5 million Canadians by 2028. Eligible individuals will automatically have their taxes filed through the CRA’s secure online system, granting access to benefits such as the GST/HST credit, the Canada Child Benefit, and the Canada Disability Benefit.

Carney emphasized that many low-income Canadians do not file taxes because they lack resources or believe their income is too low to matter. “Too often, the people who most need benefits don’t get them,” he said.

The measure builds on earlier pilot programs and represents a significant step toward reducing barriers for vulnerable Canadians while improving access to essential financial supports.


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