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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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RRIF Withdrawals: What Retirees Need to Know Before Year-End

As 2025 winds down, many Canadian retirees are seeking clarity on their Registered Retirement Income Fund (RRIF) withdrawals. By law, once an RRSP is converted to a RRIF, annual minimum withdrawals must begin the following calendar year. These withdrawals are calculated based on the fair market value of the RRIF at the start of the year and the age of the account holder—or their spouse, if that age was chosen when the RRIF was set up.

For 2025, the minimum withdrawal rates remain unchanged from previous years. For example:

  • At age 65, the minimum is 4.00% of the account’s value.
  • At age 71, it rises to 5.28%.
  • By age 80, the minimum is 6.82%, and it continues to increase gradually, reaching 20% at age 95 and older.

It’s important to note:

  • No withdrawals are required in the year a RRIF is first established.
  • Withdrawals above the minimum are subject to withholding tax, while the minimum amount itself is not.
  • Retirees can choose to base their withdrawal rate on the younger spouse’s age, which can lower the required minimum.

With markets fluctuating and inflation still a concern, retirees are weighing whether to take only the minimum or withdraw more to cover rising living costs. Financial advisors stress the importance of planning withdrawals strategically—balancing income needs with tax efficiency and long-term portfolio sustainability.

As the December 31 deadline approaches, retirees are encouraged to review their RRIF accounts, confirm their minimum withdrawal amounts, and consult with advisors to avoid last-minute surprises


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