Canadians can continue to enjoy a bit of tax relief at the pump, as the federal government is extending its fuel excise tax holiday until Jan. 31, 2027, before gradually reinstating the levy over the following two months, as the government looks to ease costs for Canadians amid continued volatility in global energy markets.

“This is real relief right now, relief for families that are commuting to work,” Finance Minister Francois-Philippe Champagne said Wednesday at a press conference.

In April, Prime Minister Mark Carney temporarily removed the 10-cent-per-litre federal excise tax on gasoline and four-cent-per-litre levy on diesel until after Labour Day as the war in Iran sent global energy prices soaring.

READ MORE: Canada temporarily suspends federal fuel tax amid conflicts in the Middle East

The extension will now cost Ottawa an estimated $5.3 billion in foregone revenue.

Sydney Ko reports. 

The Bank of Canada held its benchmark interest rate steady again on Wednesday as new U.S. tariffs and the ongoing war in Iran cloud the central bank’s outlook.

The Bank of Canada’s policy rate remains at 2.25 per cent after a seventh straight hold. The move was widely expected by economists.

Bank of Canada governor Tiff Macklem said in prepared remarks that the persistence of the Middle East conflict has increased inflationary risks as global energy prices continue to float higher.

A re-escalation in the trade dispute with the United States meanwhile threatens Canada’s burgeoning economic rebound, he said. That renewed uncertainty might lead businesses to delay investment and hiring decisions until the trade picture crystalizes.

“Monetary policy cannot offset the effects of tariffs or influence global energy prices. What we can do is ensure global developments don’t jeopardize price stability in Canada,” Macklem said.

The Canadian Press has more. 

Meanwhile, Hilroy has apologized for leaving Newfoundland and Cape Breton off the Canadian map on its glossy notebooks, after the mistake led to backlash online.

Hilroy’s pastel-coloured paper exercise books are well known across the country for the map of Canada on their covers. But the map on Hilroy’s glossy covered notebooks is missing a few parts of the country.

In a post to its Facebook page Tuesday, the company said its team has always been proud of the map, “which is exactly why getting it wrong stings.”

The inaccurate map was the result of a production error, the post said. The company has stopped distributing the books and is fixing the cover artwork.

“That’s our mistake, and we’re sorry,” it said. “To everyone who spotted it: you’re right and thank you for telling us.”

CP’s got this one too. 

In Other Headlines

Internationally

Meanwhile, Chevron is expanding its existing operations in Venezuela, the Houston-based company said Wednesday. This comes in the wake of Friday’s announcement that Venezuela will give the U.S. access to 65 billion barrels of oil.

The company will expand its operations in the Orinoco Belt, where much of Venezuela’s oil reserves lie.

“Today is a transformative day,” said U.S. Secretary of Energy Chris Wright, speaking at a press conference this morning at the Miraflores Palace in Caracas, alongside Chevron CEO Mike Wirth and Venezuelan President Delcy Rodríguez. “The catalyst for transforming Venezuela is energy. The catalyst for improving the life conditions of Americans, our hemisphere, and everyone in the world, is to massively expand energy production around the world.”

“Today’s agreement is an important milestone for Chevron, our partners, and the Venezuelan people,” said Wirth. “It reflects progress toward a more competitive and durable framework for long-term investment. Importantly, it creates the opportunity to unlock growth and development.”

NPR has more. 

Israel’s defence minister has said his country is seeking Donald Trump’s support to approve plans to expel Palestinians from the Gaza Strip in what has widely been condemned as a potential war crime.

Israel Katz said there was “no real solution for Gaza in the end without this
migration” during a conference hosted by the Israeli news site Ynet and the newspaper Yedioth Ahronoth. He said the Israeli government was “organised and prepared to get them out by sea, by air, by every way possible”.

Trump discussed a US takeover of the Gaza Strip in early 2025 that would have involved removing Palestinians from the territory, but has since pulled back from the idea. A 20-point peace plan the White House drew up last year did not call for Palestinians’ deportation, an act that would be widely seen as ethnic cleansing.

Katz, however, said on Wednesday that he believed US support could tip regional opinion in favour of the forced resettlement of Palestinians from Gaza. He said Trump’s approval was crucial to convince neighbouring countries to accept Palestinian refugees.

Read more from The Guardian. 

In Other International Headlines

The Kicker

Rough day for Canadian institutions keeping track of their own members: Hilroy forgot to put Newfoundland on the map, and the B.C. Conservatives lost their ninth MLA in three months.

The good news is Newfoundland can get back on the map — Findlay’s caucus, less certain.

Have a good evening!