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5 Things to Know Today (Oct. 1): Minimum Wage Hike, Cooler U.S. Inflation, Oil Below $100

  Thursday October 1, 2026 A new quarter, a higher minimum wage in Ontario and a softer inflation read south of the border. Here are the five things that matter to your wallet today. 1 Ontario's minimum wage rises to $17.95 today Ontario's general minimum wage climbs 35 cents, from $17.60 to $17.95 an hour, as of October 1 — a roughly 2% bump tied to Ontario's CPI. The student rate goes to $16.90 (from $16.60) and the homeworker rate to $19.70. A full-time worker at 40 hours a week earns about $718 a week before deductions. Federally regulated workers already have an $18.15 floor, which has applied since April 1. What it means for you: If you pay anyone by the hour — a cleaner, a part-time helper, a seasonal worker — hours worked from today forward must be paid at no less than $17.95, even if the pay period started in September. Workers should check their next paycheque. 2 Cooler U.S. inflation eases the pressure on rate hikes The Fed's preferred inflation gauge came i...
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Banks face challenges as fiscal year ends

                                     

The fiscal year 2023 has been a tough one for Canada’s major banks, as they faced rising costs, regulatory pressures and credit risks. Analysts expect their fourth-quarter earnings, which will be reported this week, to show a decline from last year.

Some of the challenges that the banks encountered this year include:

  • Cost-cutting measures: Some banks, such as RBC and Scotiabank, have reduced their work force and real estate holdings to lower their expenses. Others, such as BMO, have completed or planned major integrations of their acquisitions.
  • Regulatory scrutiny: TD Bank is awaiting the outcome of investigations by U.S. authorities over its anti-money-laundering practices, which could result in fines or other penalties. RBC’s proposed takeover of HSBC’s Canadian unit has also faced opposition from political and environmental groups.
  • Credit risks: As interest rates rise and inflation persists, the banks have increased their provisions for potential loan losses, anticipating higher defaults from their borrowers. The banks are also required to hold more capital by the banking watchdog, OSFI, to cushion against an economic downturn.
  • Slow loan growth: The demand for lending has been dampened by the high cost of borrowing and the uncertainty over the economic recovery. The banks have also faced stiff competition from fintechs and other non-bank lenders, who offer more convenient and cheaper alternatives.

Despite these headwinds, the banks are still well-positioned to weather the storm, as they have strong capital ratios, diversified businesses and loyal customers. The banks are also investing in digital transformation, innovation and growth opportunities, especially in international markets. Analysts and investors will be looking for signs of resilience and optimism from the banks as they wrap up the fiscal year.

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