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The Gas Tax Holiday Ends in 24 Days — Here's the Real Math on What You'll Save

  Published August 14, 2026 Ottawa's fuel excise tax suspension shuts off September 7. Here's what it's actually been worth at the pump, what changes the next morning, and who should plan a fill-up before Labour Day. The Countdown The federal fuel excise tax returns to full rate on September 8, 2026 — that's 24 days from today. Prices reset to their pre-April 20 rate the moment the clock hits midnight. If you've noticed gas feeling a little less painful since spring, that wasn't your imagination. On April 20, 2026, Ottawa suspended the federal fuel excise tax — 10 cents a litre off gasoline, 4 cents off diesel — as Middle East oil-supply disruptions pushed pump prices toward $2 a litre in some cities. The suspension, passed as part of Bill C-30, has been running for nearly four months. It ends September 7, inclusive. On September 8, the tax comes right back. What the holiday actually saved you The headline number — 10 cents a litre on gas — undersells it sligh...
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Canadian Markets Brief — May 22, 2026: TSX Holds Firm as Oil Breaks $100 Again

 

Canadian equities closed Thursday's session in positive territory, with the S&P/TSX Composite Index rising approximately 95 points to 34,257 — buoyed by a surge in energy stocks after the price of West Texas Intermediate crude topped US$100 per barrel for the first time in weeks. The rally in oil helped offset broad weakness in gold and technology shares, keeping the TSX on track for its third consecutive year of gains.

Key Numbers at a Glance

IndicatorLevelChange
S&P/TSX Composite34,257▲ +95 pts (+0.28%)
CAD / USD72.50¢ US▼ -0.22¢
WTI Crude Oil (July)US$101.77 / bbl▲ +US$3.51
Gold (June)US$4,505.30 / oz▼ -US$30.00
Dow Jones49,924▼ -85 pts

Energy Leads; Tech and Gold Lag

The energy sector was Thursday's standout performer. Ongoing tensions in the Middle East — including a reported refusal by Iranian leadership to ship enriched uranium abroad despite diplomatic pressure — sent oil prices sharply higher and breathed new life into Canadian energy names. The TSX Capped Energy Index had been under pressure earlier in the month, making Thursday's rebound a welcome development for the sector.

Gold miners told a different story. Agnico Eagle shed close to 1% and Wheaton Precious Metals lost more than 0.5% as bullion pulled back from recent highs. Meanwhile, Shopify dropped over 2% after Nvidia's latest earnings projections disappointed analysts, dragging Canadian tech stocks lower in sympathy with a broadly weaker Nasdaq.

The Loonie Under Pressure

The Canadian dollar dipped to 72.50 cents US — down slightly from 72.72 cents the session before — as the greenback strengthened broadly. USD/CAD is hovering near the 1.376–1.377 range, consistent with a range-bound May for the loonie. Analysts expect only a gradual CAD recovery later in 2026 as interest-rate differentials narrow between Ottawa and Washington.

What to Watch Today (May 22)

  • Oil price momentum: Can WTI hold above US$100? Watch for any geopolitical headlines out of Iran that could push energy stocks further.
  • Bank of Canada signals: No rate decision this week, but any remarks from BoC officials on inflation could move the loonie and bond markets.
  • U.S. markets reopening: After Wall Street's mixed session, watch whether American markets stabilize — particularly tech — which tends to drag the TSX in either direction.
  • Gold recovery: Precious metals bulls will be hoping for a bounce after Thursday's sell-off; a sustained dip could weigh on Canadian mining names heading into the weekend.

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