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5 Things to Know Today: Retaliation Tariffs Set for Sept. 8

  Sunday, August 23, 2026 — Here's what's moving Canadian wallets today, from Ottawa's retaliation date to a fresh record for gold. 1. Canada's retaliation tariffs now have a date: Sept. 8 Prime Minister Mark Carney confirmed Saturday that Canada's "dollar for dollar" response to the new U.S. 50% tariffs will take effect Tuesday, September 8 — the day after Labour Day. Six sectors are named so far: steel, dairy, appliances, agricultural equipment, pulp and paper, and electronics. Ottawa hasn't released the exact tariff rate or the product list yet, saying more details — including a promised support package for affected workers and businesses — are coming "in the coming days." What it means for you: If you buy imported appliances or electronics, or shop U.S. grocery brands in the newly named categories, price watch starts now — but nothing changes at the till until Sept. 8 at the earliest. 2. Markets face their first real test Monday Friday...
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Liberals and NDP Push GST Holiday Bill Through House of Commons


The House of Commons has passed legislation that will remove the federal sales tax for two months from a range of items, including children's toys, books, restaurant meals, and takeout, as well as beer and wine.

As expected, the NDP helped the minority Liberals push the exemption through Thursday night. The Conservatives voted against the bill, calling the measure a "temporary two-month tax trick," as did the Bloc Québécois. The bill, which the Liberals and NDP agreed to fast-track through the usual procedural steps, now goes to the Senate. Once passed, the legislation will provide a GST rebate beginning Dec. 14 and lasting until Feb. 15, 2025.

The Liberals originally pitched the tax holiday along with a plan to send $250 cheques to the 18.7 million people in Canada who worked in 2023 and earned $150,000 or less. However, some Canadians have raised concerns about being excluded from the millions who would receive those cheques. The NDP threatened to withhold support for the entire package if the government didn't split the promises into two pieces of legislation. The Liberals did not include the cheques measure in the bill the House of Commons passed Thursday night. It is unclear when they might present that legislation.

NDP Leader Jagmeet Singh said in a media statement on Wednesday that his party will support the cheque measure later if the Liberals expand it to include more Canadians, "including seniors, people with disabilities and injured workers". Prime Minister Justin Trudeau has billed the tax holiday as an affordability measure aimed at alleviating cost-of-living pressures. Some economists have cautioned that the measure could have inflationary consequences later this spring.

Conservative Leader Pierre Poilievre said the government should instead adopt his policy suggestions by scrapping the carbon tax and removing the GST from new homes sold for under $1 million. "My tax cuts are not just about lowering costs. They're about sparking more production," he said.



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