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5 Things to Know Today: BoC Decision Day, Fed, Loonie, Tariff Talks and OAS Boost

  Canadian Money Brief 5 Things to Know Today Wednesday, October 28, 2026 It’s a heavy day for Canadian wallets. The Bank of Canada announces its rate decision this morning, the U.S. Fed follows this afternoon, tariff talks are heating up, and bigger OAS deposits land in bank accounts. Here’s what to know. 1 The Bank of Canada decides this morning — a hike is widely expected The decision lands at 9:45 a.m. ET, along with a new Monetary Policy Report. Markets and economists expect a quarter-point increase to 2.50% from 2.25%, which would be the first hike since July 2023. Nineteen of 34 economists in a Reuters poll called for the move, and investors were pricing roughly a 75% chance on Tuesday. The case for it: inflation hit 3.1% in September, driven almost entirely by energy, even as core measures eased below 2%. What it means for you A hike would likely lift prime rates quickly, so variable-rate mortgages and HELOCs feel it first. Roughly, 0.25 points adds about $250 a year per $...
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Trudeau Faces Pressure to Expand $250 Rebate Beyond Working Canadians

 

Prime Minister Justin Trudeau remains firm on his plan to provide a $250 rebate to "hardworking Canadians," despite mounting pressure from opposition parties to extend the benefit to seniors and individuals unable to work. The rebate is part of a broader affordability package announced by the Liberals, which also includes a temporary cut to the federal sales tax on popular holiday items.

During a recent announcement on Prince Edward Island, Trudeau was questioned about the possibility of expanding the rebate to non-working seniors and people with disabilities. He reiterated that the measure is intended to support working Canadians who need extra assistance, while also mentioning that the government is exploring other ways to help those who do not qualify for the rebate.

The opposition, including the NDP and Bloc Québécois, has been vocal in their demands for a more inclusive approach. They argue that the rebate should also benefit seniors and people with disabilities, who are equally in need of financial support. However, Trudeau has not introduced legislation to enact the rebate, and it remains uncertain whether he will secure the necessary support from the opposition to pass it.

The GST holiday bill, which temporarily eliminates the federal sales tax on a range of items, passed in the House of Commons with the help of the NDP and is awaiting approval from the Senate. This measure is expected to provide some relief to Canadians during the holiday season, but the debate over the rebate's scope continues to be a contentious issue.

As the government navigates these challenges, Trudeau's stance on the rebate underscores his commitment to recognizing the efforts of working Canadians, while also highlighting the ongoing discussions about how best to support all citizens in need.

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