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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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Oil Breaks $100 a Barrel, Tech Stocks Tumble: Markets Today

 

Friday, July 24, 2026

Global markets are ending the week on shaky footing. Brent crude briefly broke above $100 a barrel for the first time in months as Middle East tensions escalate, while a wave of disappointing Big Tech earnings triggered the steepest one-day tech selloff in weeks. The TSX pulled back from Wednesday's record high, Wall Street's major indexes all closed lower, and Asian markets are extending the losses into Friday trading.

The bottom line: Oil is up almost 38% this month on Middle East supply fears, and that's starting to show up everywhere — from gas pumps to bond yields to central bank odds. At the same time, investors are questioning whether the AI spending boom can keep justifying its price tag. That combination hit stocks hard on Thursday.

🇨🇦 TSX: Pulling Back From Record Highs

The S&P/TSX Composite fell 0.82% Thursday to close at 35,193, a day after touching a fresh all-time high of 35,485. The index opened sharply lower and fell as much as 1.1% intraday before a partial recovery into the close.

  • Banks dragged the index lower: RBC -1.4%, TD -1.7%, BMO -1.3%
  • Gold miners slipped as bullion prices fell: Agnico Eagle -1.7%, Barrick -0.9%
  • Tech names hit hard on AI-spending worries: Shopify -5.4%, Constellation Software -1.4%
  • Bright spots: Teck Resources +3.9% and Mullen Group +4.7% on strong earnings

🇺🇸 Wall Street: Worst Tech Day in Weeks

IndexCloseChange
Dow Jones51,711.65-0.97%
S&P 5007,408.30-1.21%
Nasdaq Composite25,137.69-2.15%

The Nasdaq's slide was led by two earnings-driven shocks: Alphabet fell about 7% after its capital spending guidance renewed worries that AI investment isn't yet paying for itself, and Tesla dropped roughly 14% following a profit miss and negative free cash flow, even as EV deliveries rose 25% year-over-year.

🌍 Europe & Asia

Europe (Thursday's close): Germany's DAX fell about 0.7% to roughly 24,990, France's CAC 40 dropped 0.92%, and London's FTSE 100 was little changed, down about 0.2%, as investors awaited the European Central Bank's rate decision.

Asia (Friday): Markets are extending Thursday's Wall Street losses into the new session — the MSCI Asia Pacific Index fell 2.2%, with chip giants Samsung and SK Hynix both down more than 7% as the AI-spending jitters spread across the region's semiconductor names.

🛢️ Oil, Gold & the Loonie

AssetLevelMove
Brent Crude~$100/bbl+5% Thu, +38% this month
WTI Crude~$86.50/bblHigher
Gold~$4,025/ozSlipping
USD/CAD1.4086CAD ≈ 71.0¢ US

Oil is the story of the week: strikes near the Strait of Hormuz and Houthi attacks on Saudi tankers in the Red Sea have investors pricing in a broader disruption to Middle East shipping routes, not just a Hormuz-specific risk. Gold's dip despite all that geopolitical stress is telling — with the U.S. 10-year Treasury yield near 4.70%, higher borrowing costs are outweighing gold's usual safe-haven pull.

On trade: Washington also unveiled new tariffs of 10% to 12.5% on roughly 60 countries, including the UK and euro area, tied to a forced-labour supply chain review — another inflationary pressure landing at an already tense moment for markets.

💰 What It Means for You

Oil above $100 will show up at the pump within days — expect gas prices to keep climbing across Canada. It's also reviving inflation worries just as central banks were leaning toward holding rates steady, so don't assume rate cuts are still on the table for later this year. If you hold TSX energy stocks or funds, they've been a rare bright spot; if you're overweight tech or gold miners in your TFSA or RRSP, today's pullback is a reminder that concentrated bets can swing hard in either direction. This is a good week to check your portfolio's balance rather than react to a single volatile session.

👀 What's Next

  • The U.S. Federal Reserve meets July 28-29, with rates likely held around 3.50%-3.75% — though markets are now pricing meaningful odds of a hike later this year if oil keeps climbing
  • The Bank of Japan and Bank of England both have decisions next week
  • Watch for further developments in the Middle East conflict — any escalation could push oil, and inflation expectations, even higher
  • Second-quarter earnings season continues, with more read-throughs coming on AI capital spending

Market data as of Thursday, July 23, 2026 close, and Friday morning, July 24, 2026 for Asian markets and currency/commodity levels. Figures are approximate and sourced from multiple financial data providers; always verify current prices before making investment decisions. This article is for informational purposes only and is not financial advice.

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