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5 Things to Know Today: Retaliation Tariffs Hit, Oil Spikes on Saudi Strikes

  Tuesday, September 8, 2026 — Your morning rundown of the Canadian financial news that actually affects your wallet. 1. Canada's $27.6B Retaliation Tariffs Take Effect At 12:01 a.m. today, Canada's countermeasures against more than 700 U.S. products came into force, matching Washington's August 22 tariffs dollar-for-dollar. Tariffs on American steel and aluminum double to 50%, while new levies of 15% to 50% now apply to dairy, appliances, agricultural equipment, pulp and paper, and electronics. A $7.5-billion support package is rolling out for affected Canadian businesses. What it means for you: U.S.-made appliances (fridges, freezers, washers, dryers, ranges) now carry a 25% tariff, and cheese, whey, and milk powder imports jump 25%–50%. Shopping for a new appliance or specialty dairy product? Expect price increases to show up at retail over the coming weeks. 2. Oil Surges to ~$99 on Overnight Saudi Strikes Overnight strikes on Saudi energy facilities pushed Brent crude...
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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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