News of the day: Fewer Canadians opening new bank accounts, inflation's 'hidden tax', Air Canada posts loss, HST rebate pushes home sales, startups slipping away and more

It’s Wednesday, August 12. Here are the top stories we’re following today.

Fewer Canadians are opening new financial accounts and bank loyalty is weakening, study says

In the seven largest census metropolitan areas, including Toronto, Vancouver and Montreal, the number of consumers who opened a new financial account or product in the past year fell to 46 per cent of the 17,762 respondents to the annual survey in 2026 from about 57 per cent of the 42,693 respondents in 2025.

Lack of inflation indexing on more than 200 items amounts to ‘hidden tax,’ report says

While most income tax brackets, amounts, and thresholds are indexed to inflation, a recent analysis conducted by the Society of Trust and Estate Practitioners (STEP) of Canada found more than 200 items that are not indexed to inflation, and the society has written to the government to try to get this fixed.

Air Canada posts loss, lowers guidance as fuel costs jump nearly 50%

Canada’s largest airline posted a net loss of $178 million and a diluted loss per share of 63 cents, a drop from $186 million net income and diluted earnings per share of 51 cents the year before.

Builders group credits HST rebate for 130% jump in new home sales in Ontario

According to sales data collected by the Building Industry and Land Development Association, Ontario Home Builders Association and Altus Group, 8,410 new homes sold across the province in the three months ending June 30 — up 130 per cent from 3,645 a year earlier.

Canada ‘systematically’ losing promising startups to foreign buyers: CCI report

The Council of Canadian Innovators said the 31 founders it interviewed across 30 companies often encounter four major hurdles that lead them to the foreign acquisition path: difficulties in securing early, domestic customers, the capital and specialized talent needed to grow and a disjointed scale-up system.