July 31, 2026
Friday brings a fresh GDP reading, a bump to seniors' benefits, some earnings-season whiplash in your RRSP, and a new border crossing that opens for real tomorrow. Here's what's happening and what it means for your money.
1. Statistics Canada's GDP Report Lands This Morning
StatCan releases real GDP by industry for May today, along with an early flash estimate for June — the first real signal of how the economy performed in the second quarter. Economists had pencilled in a modest 0.1% May gain, following April's solid 0.5% jump. The Bank of Canada is looking for the economy to rebound with an annualized gain of roughly 2.5% in Q2, after two straight quarters of contraction pushed Canada into a technical recession earlier this year.
WHAT IT MEANS FOR YOU
This is one of the last major data points before the Bank of Canada's September 2 rate decision. A stronger-than-expected number makes a rate cut less likely (and could firm up mortgage rates); a weak or negative print keeps the door open for more relief on variable rates and lines of credit.
2. OAS and GIS Payments Are Going Up — But Not Until August 27
Old Age Security and the Guaranteed Income Supplement are rising 1.2% for the July-to-September quarter, based on the latest cost-of-living adjustment. The maximum OAS payment for those 65 to 74 climbs from $743 to $752 a month, and for those 75 and older it rises from $817 to $827. The next combined CPP/OAS/GIS deposit lands Thursday, August 27. Meanwhile, if you're an Ontario household on ODSP or Ontario Works, that payment deposits today, July 31, since it falls on the last business day of the month.
WHAT IT MEANS FOR YOU
Seniors and low-income households should budget around the actual deposit dates rather than the increase announcement — the bigger OAS/GIS amount doesn't show up until August 27, not August 1. If you're on ODSP or Ontario Works, check your account today.
3. Apple Slides, Amazon Soars — Check Your Tech Holdings
Thursday's earnings brought a stark split: Apple fell roughly 6% despite beating estimates, dragged down by weak guidance, while Amazon jumped about 8% on 37% growth at AWS. The divergence helped power a broad Wall Street rebound after Wednesday's Fed-driven selloff, with the Dow up 1.2%, the S&P 500 up 1.7%, and the Nasdaq up 2.8%. The TSX rode the wave higher too, closing at 35,505.84.
WHAT IT MEANS FOR YOU
If your RRSP or TFSA holds a tech-heavy index fund or individual mega-cap stocks, expect single-stock swings like this to keep showing up through earnings season. It's a good reminder to check how concentrated your portfolio is in a handful of names before the next earnings report moves it again.
4. Oil Climbs Back Toward $92 — Pump Prices Could Firm Up
After a whipsaw week of Iran-related escalations and de-escalations, Brent crude has steadied back near $92 a barrel. Gold is holding close to $4,086 as the U.S. dollar softens. It's been a volatile stretch: oil crashed on ceasefire hopes earlier in the week, then spiked again after an overnight missile exchange.
WHAT IT MEANS FOR YOU
If gas prices eased near you over the past few days, don't expect it to last — pump prices typically follow oil with a short lag. Worth topping up before the weekend if you're planning a long-weekend drive.
5. The Gordie Howe Bridge Opens to Traffic Tomorrow
After last Monday's ceremonial opening, the Gordie Howe International Bridge starts carrying real traffic on Saturday, August 1. Tolls are set at $8 CAD (or US$5.75) each way between Windsor and Detroit.
WHAT IT MEANS FOR YOU
If you regularly cross to Michigan for shopping, gas, or work, you've got a new route starting tomorrow — factor the toll into your trip cost. And with the U.S. tariff deadline on Canadian goods landing August 19, it's worth planning any bigger cross-border purchases sooner rather than later.
This post is for general information only and isn't personalized financial advice. Check with a qualified advisor before making decisions based on market or economic data.
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