Canadian Economic News, April 2026 Edition

This module provides a concise summary of selected Canadian economic events, as well as international and financial market developments by calendar month. It is intended to provide contextual information only to support users of the economic data published by Statistics Canada. In identifying major events or developments, Statistics Canada is not suggesting that these have a material impact on the published economic data in a particular reference month.

All information presented here is obtained from publicly available news and information sources, and does not reflect any protected information provided to Statistics Canada by survey respondents.

Resources

  • Calgary-based ARC Resources Ltd. announced it had entered into a definitive arrangement agreement with Shell plc of the United Kingdom and Shell Canada Limited whereby Shell had agreed to acquire all of the issued and outstanding common shares of ARC in a cash and share transaction valued at approximately $22 billion, including assumed net debt. Arc said the transaction is expected to close in the second half of 2026, subject to shareholder and court approvals, as well as applicable regulatory approvals, including approvals under the Competition Act (Canada), the Investment Canada Act, the Canada Transportation Act, and the Hart-Scott-Rodino Antitrust Improvements Act of 1976.
  • Calgary-based Enbridge, Inc. announced that the Canadian Government had approved the Sunrise Expansion Program, a $4 billion natural gas expansion of Enbridge's Westcoast pipeline system in British Columbia. Enbridge said construction is scheduled to begin in July 2026, with a targeted in-service date in late 2028.
  • Toronto-based Agnico Eagle Mines Limited announced the acquisition of all of the issued and outstanding shares of Rupert Resources Ltd. of Toronto and of Aurion Resources Ltd. of St. John's, Newfoundland and Labrador for a combined consideration of $3.35 billion. Agnico said the transactions are expected to be completed early in the third quarter, subject to court and shareholder approvals.
  • Brossard, Quebec-based G Mining Ventures Corp. and G2 Goldfields Inc. of Toronto announced they had entered into a definitive agreement whereby GMIN will acquire all the issued and outstanding shares of G2 for an equity value of approximately $3.0 billion. The companies said the transaction is expected to be completed in the second quarter of 2026, subject to shareholder and court approvals and the satisfaction of certain other closing conditions customary for a transaction of this nature.

Minimum wage

  • The federal minimum wage increased from $17.75 to $18.15 per hour on April 1st.
  • Newfoundland and Labrador's minimum wage increased from $16.00 to $16.35 per hour on April 1st.
  • Prince Edward Island's minimum wage increased from $16.50 to $17.00 per hour on April 1st.
  • Nova Scotia's minimum wage increased from $16.50 to $16.75 per hour on April 1st.
  • New Brunswick's minimum wage increased from $15.65 to $15.90 per hour on April 1st.
  • Yukon's minimum wage increased from $17.94 to $18.51 per hour on April 1st.

Provincial and Territorial budgets

  • On April 14th, the Government of Prince Edward Island tabled its 2026-27 operating budget, which included investments in health care and education and support for low-and middle-income Islanders as well as support for municipalities and communities. The Government forecasts a $410 million deficit in 2026-27 and real Gross Domestic Product (GDP) growth of 2.0% in 2026 and 2.0% in 2027.
  • On April 29th, the Government of Newfoundland and Labrador released Budget 2026, which included tax cuts as well as investments in health care and safer communities. The Government forecasts a $688.5 million deficit for 2026-27 and real GDP growth of 5.5% in 2026 and 3.9% in 2027.

Other news

  • On April 2nd, the Government of Canada announced a two-year extension of alcohol excise duty relief, to protect brewers, distillers, and winemakers during a period of global uncertainty.
  • On April 14th, the Government of Canada announced it was temporarily suspending the federal fuel excise tax on gasoline and diesel across Canada, starting April 20th until September 7th.
  • On April 27th, the Government of Canada announced it was launching Canada's first national sovereign wealth fund—the Canada Strong Fund. The Government said the Fund will invest in strategic Canadian projects and companies alongside other investors and that initially, the Government will provide $25 billion over 3 years, on a cash basis, to seed the Fund.
  • On April 28th, the Government of Canada released its 2026 Spring Economic Update. The Government projects a $65.3 billion deficit in 2026-27 and real GDP growth of 1.1% in 2026 and 1.9% in 2027.
  • The Bank of Canada left the target for the overnight rate unchanged at 2.25%. The last change in the target for the overnight rate was a 25 basis points cut in October 2025.
  • Florida-based GFL Environmental Inc. and SECURE Waste Infrastructure Corp. of Calgary announced they had entered into a definitive agreement pursuant to which GFL had agreed to acquire all of the issued and outstanding common shares of SECURE for an enterprise value of approximately $6.4 billion. The companies said the transaction is expected to close in the second half of 2026, subject to the satisfaction of customary closing conditions, including court, regulatory, and shareholder approvals.
  • Toronto-based First Capital REIT, KingSett Capital, and Choice Properties REIT announced they had entered into an agreement pursuant to which KingSett and Choice Properties will acquire First Capital in a unit and cash transaction valued at approximately $9.4 billion, including the assumption of certain debt. The companies said the transaction is expected to close in the second half of 2026, subject to shareholder and court approvals, compliance with the Competition Act, and certain other closing conditions customary in transactions of this nature.
  • Japan-based Nippon Express Holdings, Inc. announced it had reached an agreement to acquire all shares of Metro Supply Chain Group Inc. of Montreal for an enterprise value of $1.8 billion. Nippon said the transaction is expected to close between July 2026 and December 2026, subject to receipt of applicable regulatory approvals and clearances.
  • Montreal-based METRO Inc. announced on March 30th that unionized employees at its Produce distribution centre in Laval, as well as those in transportation and head office, had gone on strike. METRO said it had implemented a contingency plan to ensure stores continue to meet the needs of customers.
  • Calgary-based WestJet announced it had reduced capacity by approximately 1% in April, 3% in May, and 5.5% in June to align with demand and best manage associated fuel costs. WestJet also said that a fuel surcharge of $50 per person would apply to all bookings made as of April 14th.
  • Montreal-based Transat A.T. Inc. announced that it had revised its 2026 program, with targeted adjustments on certain routes, in response to the aviation fuel crisis and volatility in energy markets. Transat said that changes implemented to date represent a 6% reduction in planned capacity from May to October 2026.

United States and other international news

  • U.S. President Donald Trump announced he had granted a Presidential permit to Bridger Pipeline Expansion LLC of Wyoming to construct, connect, operate, and maintain pipeline Border facilities at the international border of the United States and Canada in Montana, for the transport between the United States and Canada of crude oil and petroleum products.
  • The U.S. Federal Open Market Committee (FOMC) maintained the target range for the federal funds rate at 3.50% to 3.75%. The last change in the target range was a 25 basis points cut in December 2025.
  • The Reserve Bank of New Zealand (RBNZ) left the Official Cash Rate (OCR), its main policy rate, unchanged at 2.25%. The last change in the OCR was a 25 basis points cut in November 2025.
  • The Bank of Japan (BoJ) announced it will encourage the uncollateralized overnight call rate to remain at around 0.75%. The last change in the uncollateralized overnight call rate was a 25 basis points increase in December 2025.
  • The European Central Bank (ECB) left its three key interest rates unchanged at 2.00% (deposit facility), 2.15% (main refinancing operations), and 2.40% (marginal lending facility). The last change in these rates was a 25 basis points reduction in June 2025.
  • The Bank of England's Monetary Policy Committee (MPC) voted to maintain the Bank Rate at 3.75%. The last change in the Bank Rate was a 25 basis points cut in December 2025.
  • The eight OPEC+ countries Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman announced they had decided to implement a production adjustment of 206,000 barrels per day from the 1.65 million barrels per day of additional voluntary adjustments announced in April 2023. The group said the adjustment would be implemented in May 2026.

Financial market news

  • West Texas Intermediate crude oil closed at USD $105.07 per barrel on April 30th, up from a closing value of USD $101.38 at the end of March. Western Canadian Select crude oil traded in the USD $70.00 to $101.00 per barrel range throughout April. The Canadian dollar closed at 73.40 cents U.S. on April 30th, up from 71.74 cents U.S. at the end of March. The S&P/TSX composite index closed at 33,964.33 on April 30th, up from 32,768.04 at the end of March.
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