Monday, September 7, 2026 — Labour Day | Canadian Money Brief
Markets are closed for the holiday, but the week ahead is loaded. Here are five things worth knowing before you head back to your desk tomorrow.
1. Oil Hits a Five-Week High as the Iran Conflict Escalates
Crude climbed to $92.06 US/barrel on Saturday — up 17.75% over the past month and nearly 48% year over year — after Iran and the United States exchanged missile strikes this week. Israel's defence minister has threatened "crippling" attacks on Iran's energy infrastructure, the EU has formally joined the US-led sanctions campaign, and US Vice President JD Vance said Washington won't hold peace talks until Iran stops targeting ships in the Strait of Hormuz.
What it means for you: Even with the federal gas tax break extended (see #4), pump prices track the price of crude itself. If your tank's getting low, filling up early this week may beat whatever the Strait of Hormuz situation does to prices by Friday.
2. Canada's Retaliation Tariffs Take Effect at 12:01 a.m. Tomorrow
The full scope is now locked in: starting Tuesday, Canada applies 15%, 25%, and 50% counter-tariffs on roughly $27.6 billion of US goods across more than 700 products, matching Washington's Section 338 and 232 tariffs dollar for dollar. Steel and aluminum duties double to 50%. Dairy, appliances, agricultural equipment, pulp and paper, electronics, motorcycles, cosmetics, and video game consoles are all on the list. Ottawa has paired the move with a $7.5-billion support package for affected Canadian businesses, and details on a $1.5-billion expansion of the Regional Tariff Response Initiative for small and mid-sized businesses are expected tomorrow as well.
What it means for you: If you're eyeing a US-brand appliance, a games console, or imported cheese, today is your last day at pre-tariff pricing on anything already on retail shelves priced ahead of the change. Retailers carrying pre-tariff inventory may hold prices briefly — new stock won't.
3. Canada Lost 41,700 Jobs While the US Blew Past Forecasts
Friday's jobs numbers pulled in opposite directions. Canada shed 41,700 jobs in August against expectations of a 15,000 gain, though the unemployment rate held at 6.4%. South of the border, US non-farm payrolls jumped 162,000 versus a forecast of roughly 56,000, with unemployment steady at 4.1%. The blowout US number pushed market odds of a September Fed rate hike to roughly 58-60%, even as Canada's weaker print argues for the Bank of Canada to stay cautious. The loonie has held steady near 1.38 against the US dollar, with rising oil prices offsetting the soft jobs data.
What it means for you: Don't read the weak Canadian jobs number as a signal that borrowing costs are about to drop. A hawkish Fed move can still pull Canadian rates along with it. If you're renewing a mortgage soon, this is not the week to bank on lower rates.
4. Your Gas Tax Break Didn't Expire Today After All
Today, September 7, was the original end date for the federal fuel excise tax holiday. It's not ending. Finance Minister François-Philippe Champagne confirmed on September 2 that the full suspension — 10 cents a litre off gasoline, 4 cents off diesel — is extended to January 31, 2027, then phased back in at 50% through February and March before returning to the full rate on April 1, 2027. The extension adds an estimated $2.9 billion to the deficit, bringing the total cost of the relief program to about $5.3 billion for the 2026-27 fiscal year.
What it means for you: Keep budgeting at the discounted rate at the pump through the end of January — there's no tax-driven price jump coming this week. Any increase you see now is coming from crude prices (see #1), not federal tax.
5. Markets Are Closed Today — Here's What's Coming This Week
The TSX and Wall Street are both closed for the Labour Day holiday. When trading resumes tomorrow, it opens straight into the retaliation tariffs taking effect, RTRI support details for small businesses, and continued volatility from the Iran conflict. Further out, markets are also watching for the next round of US and Canadian inflation data and central bank signals.
What it means for you: If you're watching stocks or planning a currency conversion, expect a busier-than-usual Tuesday open. Set price alerts now rather than trying to react in real time once trading resumes.
This post is part of the Canadian Money Brief series at MoneySavings.ca, covering the Canadian financial news that actually affects your wallet.
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