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5 Things to Know Today: Key Money Stories Canadians Are Watching

  1. Fintrac Warns of Rising Extortion‑Linked Transactions Canada’s financial intelligence agency says criminal networks are increasingly using young international students to move money tied to extortion schemes, with over 63,000 suspicious transactions flagged so far in 2026 . This highlights growing fraud exposure for small businesses and households. 2. Spring Economic Update Coming April 28 The federal government will release its Spring Economic Update next week, outlining new measures aimed at strengthening Canada’s economy. Markets will be watching closely for signals on spending, deficits, and consumer‑focused affordability measures. 3. Ottawa to Announce New Homebuilding Measures The Prime Minister is set to unveil new policies to accelerate home construction in Ottawa. Any supply‑boosting measures could influence housing affordability, construction sector activity, and mortgage‑market expectations. 4. Alberta Referendum Update Expected Today Alberta Premier Danielle Smith...
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Trump Faces Potential $100 Million Tax Bill After Alleged Double-Dipping


In a bombshell report by The New York Times, former President Donald Trump is under scrutiny for potentially owing the IRS over $100 million due to questionable tax breaks related to his Chicago skyscraper. Here are the key details:

  1. Double-Dipping Allegations:

    • Trump’s 2008 tax return revealed that he reported losses of up to $651 million on his Chicago tower project. However, the IRS audit now suggests that he may have attempted to write off the same losses twice, leading to the substantial tax liability.
    • The Chicago Tower, completed in 2009, remains a focal point in this investigation.

  2. IRS Audit and Legal Implications:

    • Trump’s tax returns have been a subject of controversy for years. The recent revelations indicate that he has not paid income taxes in 10 out of the past 15 years, primarily due to reported losses.
    • The ongoing decade-long IRS audit centers around a $72.9 million tax refund Trump received, which could ultimately cost him more than $100 million.

  3. Public Perception:

    • The release of Trump’s private tax documents has undermined his image as a successful entrepreneur, revealing heavy losses from his ventures while he continued to benefit from inherited assets.
    • Trump has vehemently denied the accuracy of the New York Times report, calling it “illegal” and suggesting that the journalists behind it should be jailed.

In summary, the potential tax bill represents a significant financial challenge for Trump, and the legal implications remain a matter of intense scrutiny. The double-dipping allegations could have far-reaching consequences for the former president’s financial standing and reputation. 

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