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Canada's Economy Is Slowing: 5 Money Moves to Make Before Year-End

  Canadian Money Brief | October 22, 2026 Canada's economic outlook has weakened, and that is a good reason to take a fresh look at your finances before the end of the year. The Parliamentary Budget Officer's October outlook projects real GDP growth of just 0.9% in 2026, down from its earlier forecast of 1.1%. The report points to changing trade conditions and U.S. tariffs as key pressures. This does not mean a recession is guaranteed. But when the economy faces uncertainty, a few practical steps can help households stay prepared and avoid unnecessary costs. 1. Review your monthly budget Check your last two or three months of bank and credit-card statements. Look for subscriptions you no longer use, recurring fees, food waste, and purchases that can be delayed. Even small cuts can free up cash for savings or debt repayment. Try this: Choose one spending category to reduce this month and move the money you save into a separate savings account. 2. Build or top up your emergency ...
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BMO Faces $4‑Million Penalty for Long‑Running Customer Overcharges



The Bank of Montreal has been fined $4 million by Canada’s federal banking regulator after an internal review revealed the bank had overcharged more than 100,000 customers enrolled in discounted banking plans. The issue spanned over a decade and affected clients who were supposed to receive reduced or waived fees through specialized programs.

According to the regulator, the bank failed to apply fee waivers correctly and did not clearly disclose when discounted pricing would begin. As a result, customers in programs for newcomers, students in medical and dental fields, Indigenous clients, and mortgage‑related plans were charged fees they should not have paid.

BMO has refunded millions to affected customers and made additional donations in cases where refunds were not possible. The bank stated that it self‑reported the issue and has since updated its internal processes to prevent similar errors.

The fine highlights the ongoing scrutiny of consumer protection practices within Canada’s major financial institutions and reinforces the expectation that banks must ensure accurate, transparent fee structures.


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