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Budget 2026 Consultations Are Open — Here's What Canadians Should Ask For

July 7, 2026 Ottawa wants your input on Budget 2026 before September 8. Here's what the consultation actually is, why it matters to your wallet, and what to say if you take part. The bottom line: On July 6, Finance Minister François-Philippe Champagne launched pre-budget consultations for this fall's federal budget. Canadians can submit input online until September 8, 2026 at Canada.ca/yourbudget. It's a rare, direct window to flag what's actually squeezing your household before the government finalizes tax, benefit, and spending decisions for next year. What Just Happened The Department of Finance officially opened the pre-budget consultation process for Budget 2026, which will be tabled this fall. The stated priorities are broad — boosting investment and competition, strengthening economic sovereignty, and addressing the "most pressing economic challenges facing Canadians today." Over the summer, Champagne, along with Secretary of State Wayne Long and Parl...
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5 Things to Know Today: July 7, 2026



July 7, 2026

Your quick morning rundown of the market and money news shaping Canadians' wallets today.

1. TSX Hovers Near Record Territory After Gold-Led Rally

The S&P/TSX Composite closed at a record high of 35,274.84 on Friday, a gain of 0.88%, powered by a surge in gold mining stocks. The index has stayed close to that record through the start of this week as bullion prices remain elevated. For Canadian investors, especially anyone holding TSX-tracking ETFs in an RRSP or TFSA, the rally has been broad-based across financials and materials, though gains have leaned heavily on gold and mining names rather than the whole market.

2. Gold Steadies Near $4,150 US After a Volatile Start to the Week

Gold is holding around US$4,150 an ounce as investors await Wednesday's Federal Reserve meeting minutes. The metal's strength traces back to Friday's much weaker-than-expected US jobs report, which cooled bets on a near-term Fed rate hike. For Canadians, gold's resilience is a reminder of why many advisors suggest a small allocation as an inflation hedge, though the metal remains well off its January highs above US$5,300.

3. Loonie Stays Under Pressure Near 1.42 to the US Dollar

The Canadian dollar is trading near 70.3 cents US, with USD/CAD sitting around 1.4223. The loonie has weakened roughly 4% over the past year, weighed down by a firmer US dollar, trade uncertainty, and softer domestic data. That's good news if you're paid in US dollars, but it stings for snowbirds, cross-border shoppers, and anyone with upcoming US travel plans, since American goods and services keep getting more expensive.

4. Bank of Canada Survey Shows Souring Business Mood, Higher Inflation Expectations

The Bank of Canada's Q2 Business Outlook Survey, released Monday, showed business sentiment deteriorating for the first time in three quarters, with the share of firms bracing for a recession jumping to 17% from 9%. Both businesses and consumers now expect inflation above 3% over the next year, largely due to energy costs tied to the Middle East conflict. Economists still expect the Bank to hold its key rate at 2.25% at the July 15 decision, since the survey was conducted before oil prices came back down.

5. Wall Street Hits Fresh Records as Tech Trade Turns Choppy

The Dow Jones Industrial Average closed at a fresh record above 53,000 on Monday as investors returned from the long weekend, though chip and tech stocks dragged on the Nasdaq. SpaceX is set to join the Nasdaq-100 index today, and Samsung's preliminary Q2 earnings are also on deck. Strength south of the border tends to spill over into Canadian markets, but the tech wobble is worth watching if your portfolio leans growth-heavy.

Market data as of the morning of July 7, 2026, and subject to change. This article is for informational purposes only and does not constitute financial advice.

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