Toronto Top 5: Your 5-Minute Morning Briefing for Monday, February 23, 2026

Good morning, Toronto. Here’s what you need to know to start your week informed. We’ve compiled the top five stories impacting our city and its residents today.

1. Tax Season Opens Across Canada Today

The Canada Revenue Agency (CRA) officially began accepting income tax returns for the 2025 tax year on Monday, kicking off what many Canadians consider the most stressful time of the financial calendar.

Taxpayers have until April 30, 2026, to file their returns, though those who are self-employed or have a spouse or common-law partner who is self-employed have until June 15. However, any balance owing is still due by April 30 to avoid interest charges.

Most employers across the Greater Toronto Area are required to issue T4 slips by the end of February, giving workers just over a month to gather their documents before the deadline. Financial advisors recommend not waiting until the last minute, particularly given the complexity of recent tax changes affecting homeowners and small business operators in the toronto economy.

For those contributing to Registered Retirement Savings Plans (RRSPs), the deadline is March 2, 2026. This date marks the last opportunity to make contributions that can be deducted from your 2025 taxable income. Toronto financial planners report seeing increased activity in RRSP contributions this year as residents look to maximize their retirement savings amid economic uncertainty.

The CRA has emphasized its online filing options, which provide faster processing and refunds compared to paper returns. Torontonians filing electronically can typically expect their refunds within two weeks if they’ve signed up for direct deposit.

2. Major Mining Conference Set to Draw Global Attention to Toronto

Toronto’s position as a global mining capital will be on full display next week when the Prospectors and Developers Association of Canada (PDAC) Convention takes over the Metro Toronto Convention Centre from March 1-4.

The annual PDAC conference represents one of the world’s premier gatherings for the mining industry, attracting thousands of companies, investors, and industry professionals from across the globe. The event is a significant driver of toronto business news and economic activity, with estimates suggesting it generates tens of millions of dollars in direct spending for the city’s hospitality and service sectors.

This year’s convention is expected to draw particular attention given recent developments in critical mineral exploration and the growing importance of minerals essential to green energy technologies. Companies like American Eagle Gold Corp. and numerous other mining firms will be exhibiting their projects and seeking investment capital.

The PDAC convention also serves as a major networking hub for Bay Street financiers and international investors who play crucial roles in funding exploration and development projects. Panel discussions will cover topics ranging from ESG (Environmental, Social, and Governance) standards in mining to the future of mineral exploration in Canada’s north.

For Torontonians working in finance, geology, or related fields, the convention represents a prime opportunity for professional development and business connections. The event’s trade show floor alone covers over 1,000 booths, making it one of the largest annual business gatherings held in the city.

3. Exclusive Mining Investor Event Coming This Weekend

Before the PDAC convention begins, an elite group of investors will gather this Saturday, February 28, for Ore Day 2026, a private investor event at the Shangri-La Hotel in downtown Toronto.

The invite-only lunch event, hosted by Ore Group, will feature corporate updates from select mining companies and a keynote address by Thomas Woolrych of Deutsche Rohstoff, a prominent German natural resources investment firm. The event underscores Toronto’s continuing importance as a hub for mining finance and investment capital.

These closed-door investor gatherings have become increasingly common in Toronto’s financial district, reflecting the city’s status as the premier location for raising capital for mining ventures worldwide. The Toronto Stock Exchange and TSX Venture Exchange list more mining companies than any other exchange globally, cementing the city’s reputation in the sector.

The timing of Ore Day 2026 just ahead of PDAC is strategic, allowing companies to meet with key investors before the larger public convention begins. Such events are critical for junior mining companies seeking the funding necessary to advance their exploration projects.

4. Travel Advisory: Canadians in Mexico Urged to Shelter in Place

Global Affairs Canada has issued urgent warnings for Canadian travelers in Mexico’s Jalisco State, including the popular tourist destination of Puerto Vallarta, following an outbreak of cartel-related violence.

The violence erupted following the death of a major drug cartel leader, prompting Mexican authorities to deploy additional security forces to the region. Canadian officials are advising citizens currently in the area to remain indoors, avoid unnecessary travel, and keep a low profile until the situation stabilizes.

The advisory has immediate implications for Toronto travelers, as both Air Canada and WestJet have temporarily suspended service to Puerto Vallarta from Toronto Pearson International Airport. The airlines are working to rebook affected passengers or provide refunds, but many Torontonians face disrupted vacation plans.

Travel agents across the Greater Toronto Area report receiving numerous calls from concerned clients who have upcoming trips to the region. Industry professionals are advising travelers to review their travel insurance policies and stay updated on the evolving situation through official government channels.

This incident highlights the importance of registering with Global Affairs Canada’s Registration of Canadians Abroad service before international travel, which allows the government to contact citizens during emergencies. Torontonians planning travel to Mexico are advised to reconsider trips to Jalisco State until the security situation improves.

5. Federal Politics: Debate Over Asylum Seeker Health Benefits Heats Up

The Conservative Party of Canada plans to introduce a motion in the House of Commons tomorrow calling for a comprehensive review of health benefits provided to asylum seekers under the Interim Federal Health Program (IFHP).

The motion comes amid growing concern about the program’s escalating costs, which have quadrupled in recent years. According to federal data, IFHP expenditures have surged from $211 million in 2020 to an estimated $896 million in the 2024-25 fiscal year. Projections suggest costs could reach $1.5 billion annually by 2028-29 if current trends continue.

The debate has particular relevance for Toronto, which receives a significant proportion of asylum seekers entering Canada. The city has struggled with housing and services for newcomers, with temporary shelters reaching capacity and municipal officials repeatedly calling on the federal government for additional support.

Conservative MPs argue that the program’s costs have become unsustainable and that benefits provided to asylum seekers exceed those available to some Canadian citizens. They’re calling for reforms to control costs while still meeting Canada’s international humanitarian obligations.

Liberal and NDP members are expected to oppose the motion, arguing that cutting health services to vulnerable asylum seekers would be inhumane and potentially violate Canada’s international commitments. They point to global instability and climate change as factors driving increased asylum claims.

The toronto news surrounding immigration and refugee services continues to be a contentious local issue, particularly as the city grapples with housing affordability challenges affecting both newcomers and long-term residents. City council has repeatedly requested additional federal and provincial funding to manage settlement services and shelter operations.

Healthcare providers in Toronto who serve diverse immigrant communities have expressed concerns that any reduction in asylum seeker health coverage could lead to delayed medical care and potentially create public health risks.

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That’s your Toronto Top 5 for Monday, February 23, 2026. Stay informed, stay engaged, and have a great start to your week.