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5 Things Every Canadian Should Know About Their Money Today

From a rate hold to a sovereign wealth fund — here's what's moving the needle on your finances right now. 01 — DEADLINE Today is the tax filing deadline — and your refund may be a lifeline April 30 is the last day most Canadians can file their 2025 income tax return without penalty. With the cost of living still squeezing household budgets, many Canadians are counting on their refund as a financial cushion. Filing late triggers a 5% penalty on any balance owing, plus 1% for each additional month. If you haven't filed yet, the CRA's NETFILE portal is still open — act before midnight. 02 — INTEREST RATES Bank of Canada holds steady at 2.25% — no relief yet for borrowers The Bank of Canada kept its policy rate at 2.25% yesterday — the third consecutive hold of 2026. Governor Tiff Macklem cited rising inflation driven by higher global energy prices tied to the Middle East conflict, while U.S. tariffs continue to weigh on exports. CPI inflation climbed to 2.4% in Ma...
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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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