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U.S. Midterms Tuesday: What the Vote Could Mean for the Loonie, Tariffs and Your Portfolio

  Canadian Money Brief | Feature U.S. Midterms Tuesday: What the Vote Could Mean for the Loonie, Tariffs and Your Portfolio By MoneySavings.ca | Published November 1, 2026 Americans vote Tuesday in elections that will fill all 435 House seats and 35 Senate seats. Canadians don't get a ballot, but we do get the consequences: a loonie that swung from an 18-month low to a six-week high in about two weeks, a tariff fight that has put 50% duties on roughly US$20 billion of our exports, and a lot of U.S. stock sitting inside our TFSAs and RRSPs. Here is how to think about all of it without trying to guess the winner. The short version: Nobody can reliably trade an election result. Forecasters lean toward Democrats winning the House, with the Senate closer. But history says the bigger market moves tend to come in the months after the vote, not on election night. For Canadians, the useful steps are practical: convert U.S. dollars in pieces, know how much U.S. stock you hold, and don't...
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"CRA Duped Again: Ontario Construction Tax Credit Scam Costs Millions"

 

The Canada Revenue Agency (CRA) has once again fallen victim to a tax credit scam, this time involving Ontario's construction tax credit scheme. According to sources, the CRA mistakenly paid out tens of millions of dollars to scammers who used fake businesses to claim tax credits for non-existent renovations and construction projects.

The scheme, which began in 2020, allowed businesses to claim tax credits for building or renovating commercial facilities. However, the CRA failed to verify the claims, accepting them without review and paying out the credits without proper scrutiny. This oversight has resulted in significant financial losses, with the exact amount still being calculated but estimated to be in the tens of millions.

Minister of National Revenue Marie-Claude Bibeau has defended the CRA's fraud detection systems, calling them "robust," despite the repeated failures. The CRA has declined to comment on how the scam was missed and has not disclosed specific details about their monitoring strategies.

The Ontario finance ministry has stated that the CRA is responsible for administering the tax credits on behalf of the province, including conducting audits. Both the federal and provincial governments are now working together to address non-compliance and implement measures to minimize fraud in the future.

This latest incident raises questions about the effectiveness of the CRA's fraud detection systems and the accountability for the financial losses incurred.



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