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 March and is expected to push toward 3% in April. The next rate decision is June 10. Variable-rate mortgage holders should expect no change to their payments in the near term.
03 — POLICY
Canada gets its first sovereign wealth fund — and you can invest in it
The federal government's Spring Economic Update, tabled Monday, introduced the Canada Strong Fund — a first-of-its-kind national sovereign wealth fund seeded with $25 billion over three years. Unusually, the fund will include a retail investment product, letting individual Canadians participate directly in its financial returns alongside institutional investors. The fund will back strategic infrastructure and nation-building projects. Details on how to invest will follow in the coming months.
04 — PENSION
Your CPP contributions are going down in 2027
The Carney government announced plans to reduce the base CPP contribution rate from 9.9% to 9.5% of insurable earnings, starting next year. A worker earning $70,000 annually would save roughly $133 per year. The cut has the backing of provincial finance ministers and is supported by the latest CPP actuarial report, which confirms the plan remains fully solvent at the lower rate. The change applies to both employee and employer contributions.
05 — CRYPTO
Ottawa moves to ban crypto ATMs across Canada
The Spring Economic Update included a surprise measure: a proposed ban on cryptocurrency ATMs nationwide. The move targets a growing fraud vector — scammers routinely direct victims to crypto ATMs to send untraceable payments. Canada has one of the highest concentrations of crypto ATMs in the world. The legislation is expected to be introduced in the coming weeks. If you currently use a crypto ATM for legitimate purposes, this change will affect how you access digital assets in person.
moneysavings.ca / Canadian Money Brief / April 30, 2026 · All figures in CAD unless noted.
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