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How Canadian Savers Can Protect Their Money in 2026

As 2026 unfolds, Canadian savers are navigating a financial landscape shaped by falling interest rates, persistent living‑cost pressures, and evolving tax‑advantaged opportunities. Experts say this is the year to be intentional, strategic, and proactive with your money. Reevaluate Your Savings Accounts Interest rates have been trending downward, and many high‑interest savings accounts have quietly reduced their payouts. GIC rates remain more stable, but they too are expected to soften as rate cuts continue. What to do now: Check the current rate on every savings account you hold Compare alternatives and switch if your rate has dropped significantly Consider laddering GICs to lock in competitive yields while they’re still available Make the Most of Your TFSA The Tax‑Free Savings Account remains one of the most powerful tools for Canadians. With annual contribution room increasing over time, it’s an ideal place to shelter both short‑term savings and long‑term investments. Why...
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Boxing Day Sales See Smaller Crowds Despite GST Break

 

Retailers across the country experienced smaller crowds and cautious spending on Boxing Day this year, despite the federal government's GST holiday. While the tax break, which makes a variety of items GST-free for two months, did attract some shoppers, many consumers remained hesitant due to ongoing cost of living concerns.

Shoppers at Fairview Mall in Toronto, like Nakul Singal, took advantage of the deals but expressed that the tax break alone wasn't enough to offset the high costs of living**. Singal mentioned, "It's good to shop around during this time, but we're still struggling with expenses, especially housing.

Retail Council of Canada's Matt Poirier noted that businesses faced challenges implementing the tax break on short notice, and some older payment systems struggled to adapt.  An RBC Economics report also indicated that retail spending slowed in November, with holiday spending slightly below 2023 levels over the Black Friday weekend.

Despite these challenges, some retailers, like GameStop in north Toronto, saw an influx of customers eager to benefit from the tax holiday. Assistant store manager Joey Comia-Orellano said, "We've been getting shoppers before Boxing Day, and we expect it to get busier as consumers look to save with Boxing Day deals combined with the tax break."

Overall, while the GST break provided some relief, it wasn't enough to fully counteract the economic pressures faced by many Canadians.




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