Maple Express | September 2, 2026: Bank of Canada holds key rate at 2.25%

1. Bank of Canada holds key rate at 2.25% for seventh straight time

Source: CP24

The Bank of Canada held its benchmark interest rate steady again on Wednesday, leaving the policy rate at 2.25 per cent for a seventh consecutive hold. The central bank said new U.S. tariffs and the ongoing war in Iran are clouding its outlook. The move was widely expected by economists.

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 rise. A re-escalation in the trade dispute with the United States, meanwhile, threatens Canada's economic rebound, and that renewed uncertainty could lead businesses to delay investment and hiring decisions until the trade picture clears.

Macklem said monetary policy cannot offset the effects of tariffs or influence global energy prices, and that the bank's job is to ensure global developments do not jeopardize price stability in Canada. Inflation rose to three per cent in July. Macklem said the governing council will assess the sustainability of the economic rebound and the outlook for inflation, and is prepared to adjust monetary policy as needed.

Source

2. Very strong storms to hit Toronto this afternoon

Source: CP24

Strong thunderstorms are expected to sweep across southern Ontario on Wednesday afternoon. CP24 Meteorologist Bill Coulter said the weather story for Toronto was a "tale of two cities" on Wednesday morning, with eastern parts of the GTA seeing active weather while the western section remained relatively clear.

Coulter said rain is expected to briefly clear at around 9 a.m., but the stormy weather will return to the GTA in the afternoon. He said a cold front will move through later today, bringing very strong storms along and ahead of it, from around 3:30 or 4 p.m. through about 7:30 or 8 p.m., right across southern Ontario.

Coulter noted that tornadic activity is also possible. Toronto will see a high of 28 C on Wednesday, feeling closer to 36 with the humidity. Mayor Olivia Chow said the city has activated its emergency operations centre, with transportation, shelter services, the TTC and emergency services working together to monitor the situation and keep Torontonians safe.

Source

3. Federal government to extend gas tax holiday into the new year, sources say

Source: CP24

The federal government will extend the temporary pause of the federal fuel excise tax on gas and diesel into the new year, CTV News has learned. Finance Minister François-Philippe Champagne is expected to make the announcement in Ottawa on Wednesday.

Sources say the pause will be extended until Jan. 31, 2027, with the measure gradually lifting to ease the tax back into effect in the spring. The pause, first announced in April to address volatile oil prices amid the U.S.-Iran war, was set to expire on Labour Day. The federal government said the suspension would reduce the cost of gas by 10 cents per litre on regular gas and four cents on diesel.

According to the Canadian Automobile Association, the average cost of gas in Canada was 172.9 cents per litre as of Wednesday morning. Conservative Leader Pierre Poilievre has called on the prime minister to "remove all taxes on gas until at least Canada Day 2027." He claimed victory in a statement Wednesday, but called the move a "modest extension" that "will not be enough for Canadians."

Source

4. Suspect arrested in hate-motivated assault near Scarborough bus stop: police

Source: CP24

Toronto police say a suspect is in custody in connection with a hate-motivated assault near a Scarborough bus stop. The incident occurred on Aug. 31 near Warden Avenue and Ellesmere Road.

Police allege the victim was waiting near a bus stop when a suspect approached, produced an edged weapon and held it near the victim's neck. The victim backed away. Police said the accused yelled anti-Chinese slurs toward the victim and attempted to leave the area, and was located nearby.

Nickolaos Galanios, a 62-year-old Toronto man, has been charged with offence motivated by hatred (assault with a weapon).

Source

5. Police investigate suspicious fire in North York

Source: CP24

Police are investigating a suspicious fire in North York on Wednesday morning. The blaze broke out at around 3 a.m. at a commercial property near Finch Avenue East and Willowdale Avenue.

No injuries have been reported and the fire is now out, police said. Investigators have deemed the fire suspicious, and the investigation into the cause, origin and circumstances is underway.

Road closures are in effect in the area and police are advising motorists to expect delays.

Source

6. One stabbed, another injured in downtown Toronto: paramedics

Source: CP24

Paramedics say one person was stabbed in Toronto's downtown core early Wednesday morning. It happened near Carlton and Parliament streets shortly before 4 a.m.

Toronto paramedics said the stabbed patient suffered serious but non-life-threatening injuries. A second person who was not stabbed was also transported to hospital with non-life-threatening injuries.

Source

7. Ontario spent $25K on Doug Ford's new 'Lake Ontario' sign

Source: CP24

Ontario spent $25,000 on the new "Lake Ontario, Now and Always" sign unveiled by Premier Doug Ford over the weekend. A spokesperson from his office confirmed the price tag to CTV News in an email Wednesday morning.

The sign arrived in Winona, Ont., days after U.S. President Donald Trump signed an executive order directing his administration to rename Lake Ontario as "Lake America" in U.S. government records and maps. Ford unveiled the sign Saturday, using it to push back against Trump's decision as Canada-U.S. trade tensions escalate.

The bilingual sign reads "Lake Ontario, Now and Always." Ford says the province will never back down from Washington's threats. Trump previously pushed to rename the Gulf of Mexico as the "Gulf of America." Prime Minister Mark Carney has rejected the Lake Ontario name change, pointing to the lake's history and the Wendat origins of the name.

Source

8. Peel Region confirms first human case of West Nile virus this year

Source: CP24

Health officials in Peel Region have confirmed the first human case of West Nile virus in 2026. In a news release Wednesday, officials did not say where the virus was contracted, but said it serves as a reminder to take precautions against mosquito bites even into the fall months.

Peel Region reported on July 27 that it had identified the first mosquitoes positive for West Nile virus, and its health unit has continued to monitor mosquito activity across Brampton, Mississauga and Caledon. Toronto Public Health reported a positive human case of the virus in July.

Symptoms usually develop between two and 14 days after a bite and include fever, headache, nausea, vomiting, body aches, skin rash, swollen lymph glands and stiff neck. Peel Region advises residents to apply an approved insect repellent containing DEET or icaridin, and notes infants under six months should not use repellents with those ingredients.

Source

9. Canadian Tire and Tim Hortons launch partnership to boost loyalty programs

Source: CP24

Canadian Tire Corp. and Tim Hortons launched a partnership Wednesday linking their loyalty programs. Customers who link their Triangle and Tims Rewards accounts will earn between two and five per cent in Canadian Tire money, in addition to Tims points, on select Tims purchases.

Right now, 53 per cent of Triangle Rewards customers are enrolled in both programs. Canadian Tire has about 12 million Triangle Rewards members and 1,600 locations, while Tims counts eight million loyalty users and 4,000 restaurants in Canada. Darryl Jenkins, Canadian Tire's executive vice-president and chief development officer, said the partnership will grow membership for both programs.

Canadian Tire money can be redeemed at the retailer and its banners including SportChek, Mark's and Party City, while Tims points can be used for food and beverages. Canadian Tire first announced the partnership almost a year ago but waited until Wednesday to launch it.

Source

10. Hilroy apologizes for leaving Newfoundland, Cape Breton off notebooks' Canadian map

Source: CP24

Hilroy is apologizing for leaving Newfoundland and Cape Breton off the Canadian map on its glossy notebooks. A spokesperson for parent company ACCO Brands says the inaccurate map was the result of a printing error.

The company says it has stopped distributing the books while it corrects the artwork. The faulty exercise books first hit the market last year. The map mishap sparked a response on social media, with Newfoundlanders and Cape Bretoners expressing their dismay.

The map also appears to be missing the Haida Gwaii islands off the coast of British Columbia. A spokesperson says the company is aware, and addressing the omission is part of its correction plan.

Source