Shows strong doubt or sarcasm about the likelihood of something happening. He says he's going to start his own business. That'll be the day!
Pro Tip 2/3
Cultural Usage
Common in English-speaking countries to humorously dismiss overly optimistic statements. You're going to do all your homework by Friday? That'll be the day!
Pro Tip 3/3
Not Literal
Not meant to be taken literally; it's used to emphasize skepticism, not to predict an event. They're going to stop arguing and work together? That'll be the day.