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Canadian Money Brief: 5 Things to Know Today — May 18, 2026

  A quick scan of the five stories shaping your wallet right now — from the Bank of Canada's next big decision to your mortgage renewal and a brand-new federal agency hunting financial criminals. 1 Bank of Canada Rate Holds at 2.25% — Next Decision Is June 10 The Bank of Canada kept its overnight policy rate steady at 2.25% at its April 29 meeting, citing a rise in energy-driven inflation and ongoing uncertainty from U.S. tariffs. Governing Council held firm while acknowledging a rate hike could become necessary if oil-linked price pressures prove persistent. The next announcement lands on Wednesday, June 10, 2026 — mark your calendar. Why it matters: Your variable-rate mortgage, HELOC, and lines of credit are directly tied to this rate. With bank prime rates sitting at 4.45%, every meeting counts. 2 Markets TSX Slips Below 34,000 as Bond Yields Spike The S&P/TSX Composite Index finished last week down close to 2%, sliding under the 34,000 mark. A global bond market selloff...
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Canada’s Federal Minimum Wage Increases: What You Should Know

 

Canada’s federal minimum wage has taken a significant leap today, rising from $16.65 to $17.30 per hour. This adjustment reflects the 3.9% increase in Canada’s annual average Consumer Price Index for 2023 and is aligned with inflation.

For many Canadian workers, this wage hike is a welcome change. It means that approximately 30,000 employees in the federally regulated private sector will benefit from this raise. Whether you’re working part-time, temporarily, or in a low-wage job, this increase aims to provide a real and fair chance at success.

Employers must adjust their payroll information accordingly to ensure that all employees, including interns, receive the correct hourly wage starting today. If the provincial or territorial minimum wage rate exceeds the federal rate, employers must pay the higher of the two. So, businesses across Canada need to stay informed and comply with these new wage standards.

While some may argue that it’s not enough, this increase is a step toward creating a more equitable workforce. The Government of Canada is committed to ensuring that federally regulated workplaces are fair, inclusive, and safe. Initiatives like the Pay Equity Act, job protections for gig workers, and reporting salary data contribute to this ongoing effort.

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