Skip to main content
Canada
US
Global
Français
Forecasts
Financial Markets
Economy
Commentaries
Government Finance & Policy
Labour
Real Estate
Consumer
Trade
Business Investment
Provincial & Local Analysis
Commodities & Industry
Future Ready Economy
Media
TD Economics
Analysis covering the globe
Feature
Economy
Canada: TD Credit & Debit Card Spending
TD card spending growth came in a touch stronger in 2025 through November, up 5.4% relative to 4.9% in 2024. The category mix broadly echoed 2024, with services spending once again outpacing goods, and goods spending making a modest comeback.
December 18, 2025
Trending
Long-Term Forecast
Canadian economic growth is expected to run below trend through 2026. Output is held back by slower population growth and the impact of tariffs on export demand and business and consumer sentiment. Consumer spending had been improving on lower interest rates, but we expect this to slow as the unemployment rate holds above its long-run level until late 2027.
December 17, 2025
Updated Publications
Provincial Economic Forecast
Relative to our September projection, we’ve upgraded our 2025 growth forecasts across most regions, partly on the back of data revisions that showed economies entering the year with stronger momentum than expected. We continue to see PEI, AB, SK and NF as growth leaders this year, lifted by goods-producing industries. Meanwhile, QC, MB and ON are the likely laggards, weighed down by the trade war.
December 16, 2025
Updated Publications
Canadian Quarterly Economic Forecast
Global growth has stood up to trade turmoil better than many feared earlier this year. Even with momentum expected to slow in 2026, it will be to a lesser extent than we expected three months ago. In contrast, the U.S. economy is forecast to gain a step as Fed rate cuts, the OBBBA and regulatory changes provide a tailwind. Canada is also an economy of contrasts. Government initiatives to boost investment are likely to meet some resistance with 2026’s CUSMA review. The Bank of Canada has done its
December 11, 2025
Latest Research
The Days Of Our Lives
Yes, the title of this presentation comes from a famous soap opera. It’s appropriate to depict the past year, full of economic and political drama. We’re on the cusp of closing out 2025, a dramatic 365 days marked by the shifting sands in government policies and corporate behaviors. And this final quarter of the year has brought forward more pivots on both sides of the border that will keep us glued to the next episode. My only hope is that the economic drama doesn’t run sixty-three seasons like
December 04, 2025
Previous
Next
Updated Publications
Updated Publications
Weekly Bottom Line
December 19, 2025
Updated Publications
Provincial Economic Forecast
December 16, 2025
Updated Publications
Canadian Quarterly Economic Forecast
December 11, 2025
Updated Publications
Commodities Quick-Take
November 27, 2025
Previous
Next
Updated Publications
Weekly Bottom Line
December 19, 2025
Updated Publications
Provincial Economic Forecast
December 16, 2025
Updated Publications
Canadian Quarterly Economic Forecast
December 11, 2025
Updated Publications
Commodities Quick-Take
November 27, 2025
View more updated publications
Latest Research
Economy
Canada: TD Credit & Debit Card Spending
December 18, 2025
Latest Research
The Days Of Our Lives
December 04, 2025
Future Ready Economy
Weather Disasters and the Insurance Market in Canada: An Emerging Crisis?
November 27, 2025
Latest Research
Hogtown Blues: Toronto’s Lagging Jobs Market
October 29, 2025
Previous
Next
Economy
Canada: TD Credit & Debit Card Spending
December 18, 2025
Latest Research
The Days Of Our Lives
December 04, 2025
Future Ready Economy
Weather Disasters and the Insurance Market in Canada: An Emerging Crisis?
November 27, 2025
Latest Research
Hogtown Blues: Toronto’s Lagging Jobs Market
October 29, 2025
View more latest research
Commentaries
Consumer
Canadian Retail Sales (October 2025)
December 19, 2025
Real Estate
Canadian Housing Starts (November 2025)
December 16, 2025
Commentaries
Canadian Consumer Price Index (November 2025)
December 15, 2025
Real Estate
Canadian Existing Home Sales (November 2025)
December 15, 2025
Previous
Next
Consumer
Canadian Retail Sales (October 2025)
December 19, 2025
Real Estate
Canadian Housing Starts (November 2025)
December 16, 2025
Commentaries
Canadian Consumer Price Index (November 2025)
December 15, 2025
Real Estate
Canadian Existing Home Sales (November 2025)
December 15, 2025
View more commentaries
