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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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Government Cost-Cutting Measures to Impact Public Services and Jobs

 

The clerk of the privy council and the head of Canada's federal public service has written to federal employees to tell them that the expenditure reductions outlined in the budget will result in the loss of 40,000 jobs.


In a bid to rein in spending, the head of the public service has announced that several government programs will be scaled back or eliminated, and staff reductions are imminent. The move comes as part of a broader effort to achieve fiscal savings amid economic pressures.

Speaking at a press conference, the official emphasized the need for “responsible stewardship of public funds,” noting that while the decisions are difficult, they are necessary to ensure long-term sustainability. Departments across various sectors have been instructed to identify areas where efficiencies can be found, with a focus on reducing duplication and streamlining operations.

The announcement has sparked concern among public sector unions and advocacy groups, who warn that cuts could undermine essential services and disproportionately affect vulnerable communities. Critics argue that the government should explore alternative revenue sources before resorting to austerity measures.

Further details on which programs and positions will be affected are expected in the coming weeks as departments finalize their revised budgets.

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