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5 Things to Know Today – June 9, 2026

  Here are the five stories shaping your money today — from tomorrow's pivotal Bank of Canada decision to a looming trade deadline that could affect every Canadian business. 1. 🏦 Bank of Canada Decides Tomorrow — Hold Expected, But It's Not Simple All eyes are on Ottawa as the Bank of Canada announces its overnight rate decision on Wednesday, June 10 at 9:45 a.m. ET. The benchmark rate currently sits at 2.25%, and a hold is the widely expected outcome. But experts say it's the most uncertain call in months. Canada's economy has slipped into a technical recession — Q1 2026 GDP contracted at an annualized rate of -0.1%, following a downward revision to Q4 2025 (-1.0%). Under normal conditions, that would point toward a rate cut. But with energy-driven inflation climbing to 2.8% in April and geopolitical pressures still unresolved, the Bank is stuck between a rock and a hard place. Governor Tiff Macklem holds a press conference at 10:30 a.m. ET. Markets will be listening ...
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RESP: A Smart Way to Save for Schooling.


RESP is a great way to save for schooling. RESP stands for Registered Education Savings Plan. It is a government-sponsored investment account that helps parents save for their child’s post-secondary education. One of the key benefits of RESP is that it allows your savings to grow tax-free until the funds are withdrawn. This means that any investment income earned within the RESP is not subject to tax as long as it remains in the plan. Additionally, the government provides grants and incentives to encourage parents to save for their child’s education. For example, the Canada Education Savings Grant (CESG) matches 20% of the contributions made to an RESP, up to a maximum of $500 per year. This can significantly boost your savings over time.


RESPs offer flexibility in terms of investment options. You can choose from a wide range of investment products such as mutual funds, stocks, bonds, and guaranteed investment certificates (GICs). This allows you to tailor your investment strategy based on your risk tolerance and financial goals. Moreover, when it comes time to withdraw funds from the RESP, the earnings are taxed in the hands of the student, who typically has little or no income. Since students usually have a lower tax rate than their parents, this can result in significant tax savings.


In summary, RESP is an excellent way to save for schooling as it offers tax advantages, government grants, and investment flexibility. It provides parents with a structured and efficient means of saving for their child’s post-secondary education while maximizing their savings potential.

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