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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: Tech Earnings, Mortgage Rates, and the Tariff Countdown

 

Thursday, July 30, 2026

Wall Street is still shaking off its worst session since April, oil is climbing again after an overnight missile strike, and two of the world's biggest companies report earnings tonight. Here's what matters for your wallet today.

1. Apple and Amazon report tonight — and your tech-heavy RRSP is watching

Apple and Amazon both release earnings after today's closing bell, capping a brutal week for Big Tech results. Microsoft jumped after hours Wednesday on a strong revenue outlook, while Meta slid after its own sales forecast came in below what Wall Street wanted. Analysts expect Apple to post around US$1.89 a share and Amazon roughly US$1.82, with investors watching iPhone demand, AWS cloud growth, and — as with every megacap this earnings season — how much each company is committing to AI infrastructure spending.

What it means for you: If your RRSP, TFSA, or workplace pension holds S&P 500 index funds, you almost certainly own both stocks. A big swing tonight — up or down — will show up in your account balance by Friday morning. This isn't a reason to trade; it's a reason not to panic if you see red (or green) this weekend.

2. The Fed's divided decision could nudge Canadian mortgage rates

The US Federal Reserve held rates Wednesday, but the 9-3 vote was its most split decision in nearly a decade, with three members pushing for a hike. Fed Chair Kevin Warsh also signalled the Fed won't commit to forward guidance right now, which sent bond yields higher. Canadian fixed mortgage rates track government bond yields, not the Bank of Canada's rate directly, so upward pressure on yields south of the border can filter north. For now, the best five-year fixed sits around 3.94% and five-year variable around 3.25%, with the Bank of Canada's next decision set for September 2.

What it means for you: If you're renewing or shopping for a mortgage in the next few weeks, rate-lock sooner rather than later. A rise in bond yields tends to show up in fixed rates within days, not months.

3. Oil is climbing again after Iran's overnight missile attack

Just when oil prices had started easing from their recent highs, Iran launched a ballistic missile attack on US forces overnight (intercepted, with no reported casualties), and the US struck back. Brent crude spiked toward roughly $89.60 before settling back near $87, still well above where it sat a few weeks ago. Gas prices at the pump typically lag crude moves by a week or two, so the picture at your local station hasn't caught up to this latest swing yet.

What it means for you: If you're filling up this weekend or planning a road trip, don't assume prices will keep falling. This conflict has whipsawed oil markets all summer — budget for volatility rather than a steady decline.

4. The TSX pulled back from Tuesday's record close

The TSX slipped about 1.16% Wednesday to 35,333.78, giving back some of Tuesday's record high as the Fed's hawkish tone and the overnight Iran news rattled global markets. It was part of a broader risk-off day: the Dow had its worst session since April 2025, and Asian chip stocks extended a multi-day slide.

What it means for you: A one-day pullback after a record close is normal, not a warning sign. If you're investing for retirement, this is a "check your asset allocation, not your daily balance" kind of week.

5. Twenty days left until the US tariff deadline hits Canadian goods

Canada is now inside a three-week countdown to August 19, when a new 50% US tariff is set to hit a list of Canadian exports including wine, dairy, furniture, and hockey gear, unless trade talks produce a deal first. Negotiations are ongoing, but no resolution has been announced yet.

What it means for you: If you buy Canadian wine, dairy products, or furniture regularly, or you're in the market for hockey equipment before the fall season, price increases could follow if the tariff takes effect. Keep an eye on the news over the next few weeks before making a big purchase in these categories.

This post is part of our Canadian Money Brief series, covering the financial news that affects your wallet. Check back tomorrow for the next update.

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