Prices crept up again this month, mostly at the gas pump. Raises for next year are taking shape, and two big dates are coming. Here is what changed for your work and your money.
Disclosure: We're a FinlyWealth affiliate and may earn a commission from links on this page. Rewards, fees and offers change, so check the issuer's site for current terms before applying. Cash rebates are paid by FinlyWealth, not by the bank or card issuer, and have their own terms.
THE WORK ECONOMY
Express Entry will reward high-wage Canadian work
Express Entry is the online system most skilled workers use to apply for permanent residence. From November 3, a year of Canadian work in a high-wage job can earn 20 to 70 extra points. A job counts as high-wage when its typical pay is at least 1.3 times the national median, as with nurses. A qualifying job offer will also earn points without an LMIA, the federal approval employers used to need. If you plan to add a job offer to your profile, do it before November 3. Read more →
YOUR WEALTH
Prices rose 3.1% in September, mostly because of gas
Statistics Canada says prices were 3.1% higher in September than a year earlier, up from 3.0% in August. Gas was the main reason, costing 27.8% more than last September. Without gas, prices rose 2.2%, and groceries rose only 1.7%, the smallest yearly increase since May 2024. So the weekly food shop is getting a little easier, even as filling the tank gets harder. If your savings account pays less than 3.1%, the money in it buys a little less each month. Read more →
TOP 3 CASHBACK OFFERS
Tangerine Savings Account
New clients earn high interest for 5 months with no monthly fee, plus a $75 rebate until October 30.
See the $75 rebate →
Scotia Momentum Visa Infinite Card
15% cash back on your first $2,000 for 3 months, plus a $200 rebate until October 31. No fee in year one, for incomes of $60,000 or more.
See the $200 rebate →
Qtrade Direct Investing
$0 trades on stocks and ETFs, which are funds that hold many investments. Fund a new account with $100 for an $80 rebate, until December 31.
See the $80 rebate →
GRANTS AND PROGRAMS
A new program pays employers $1,000 to train you
Ottawa opened the Workforce Retention and Retraining Program to employers on October 22. It pays up to $1,000 for each worker an employer trains while keeping them on staff. Workers on reduced hours get EI (Employment Insurance) Work-Sharing benefits, plus a top-up while they take training their employer provides. Only employers can apply, and the program runs until March 2028. If your hours are being cut, ask your manager whether your workplace has applied. Read more →
YOUR CAREER
Most 2027 raises will only match prices
Canadian employers plan average raises of 3.1% for 2027, according to a Normandin Beaudry survey of more than 800 organizations. That is the same as September's inflation rate, so an average raise keeps you even. About 46% of employers also set aside extra money, and many use it to pay top performers more. Before your year-end review, write down two results with numbers. Then ask your manager how that extra money is shared out. Read more →
QUICK HITS
Canada lost 68,000 jobs in September, and the unemployment rate rose to 6.5%.
Average hourly wages were up 2.3% from a year earlier, slower than prices at 3.1%.
High tech plans the biggest 2027 raises at 3.6% and banking the smallest at 3.0%, a Mercer survey found.
Invitation rounds for Express Entry may pause for up to two weeks while scores are recalculated.
Ottawa is putting more than $430 million into apprenticeship training, with applications due November 12 and December 17.
Ottawa's $258.6 million training fund pays for short courses that move workers into construction and the trades.
The Bank of Canada makes its next rate decision on Wednesday, October 28, with the rate at 2.25% today.
The federal budget will be tabled on Thursday, November 5.
Ottawa and Ontario announced $8.7 billion for steel and auto industries hit by US tariffs.
One question for you: what money question should we answer next Saturday? Hit reply. We read every one.
See you Tuesday with a new money lesson.