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Carney and Ford’s Steel and Auto Support Package: What It Could Mean for Your Job and Walle

Canadian Money Brief  |  October 21, 2026 Prime Minister Mark Carney and Ontario Premier Doug Ford are set to unveil a joint support package for Canada’s steel, auto and critical-minerals sectors in Ottawa at 2 p.m. ET today . According to QP Briefing , the finance and industry ministers from both governments will join them, and the package is meant to help businesses and workers deal with ongoing trade disruptions. The dollar figures and eligibility rules weren’t public at the time of writing. So here’s what we know, what help already exists, and what to look for when the details land. WHAT WE KNOW SO FAR Who: Carney and Ford, plus both governments’ finance and industry ministers When and where: 2 p.m. ET today, Ottawa Sectors: steel, auto and critical minerals Stated aim: support for businesses and workers affected by trade disruptions Not yet public: total dollars, the federal–Ontario cost split, who qualifies and how to apply Help That’s Already on the Table Today’s p...
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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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