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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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5 Things to Know Today: Bank of Canada Holds, TSX Rallies, Oil Eases

 


5 Things to Know Today

Monday, June 15, 2026

1. BoC Holds Rates at 2.25% Amid Economic Weakness

The Bank of Canada confirmed its fifth consecutive rate hold at 2.25% on June 10. Governor Tiff Macklem emphasized the bank is "looking through" energy price shocks while monitoring trade policy uncertainty. The key takeaway for borrowers: mortgage rates remain in holding pattern, but the BoC's shift to calling the economy "weak" signals caution ahead.

2. TSX Approaching 35,000 on Diplomatic Optimism

The S&P/TSX Composite jumped 0.8% Friday to close at 34,938, riding optimism over potential US-Iran negotiations. Financial stocks led (TD +1.1%, BMO +1.2%), while mining names advanced despite soft gold prices (Agnico Eagle +3.4%). The rebound signals investor appetite returning, though geopolitical uncertainty remains the key wild card.

3. Strait of Hormuz Breakthrough Could Ease Oil Pressure

Reports suggest a US-Iran memorandum to reopen the Strait of Hormuz could be signed this week at the G7 summit. Oil prices eased Friday as a result, reducing inflation concerns. For Canadian households, softer energy costs could translate to lower gas prices and take pressure off your wallet—though Middle East developments remain fluid.

4. Inflation Holding Above Target at 2.8% (April Data)

April inflation came in at 2.8%, above the BoC's 2% midpoint target, though core inflation eased to 2.1%. Energy prices drove the headline print, but the central bank notes limited pass-through to other sectors. Watch for this week's retail sales and manufacturing reports to confirm whether Q2 growth is truly resuming after Q1's contraction.

5. Critical Economic Data Drops This Week

Monday brings April manufacturing and wholesale sales reports, with Friday's retail sales data closing the week. RBC Economics expects wholesale strength to persist while retail shows stabilization. These reports are crucial for confirming the BoC's outlook of renewed Q2 growth after the economy contracted in Q1 2025. Better-than-expected data could reshape rate expectations.

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