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Bank of Canada Holds at 2.25% — What the Fine Print Means for You

  July 15, 2026  |  Canadian Money Brief The Bank of Canada held its policy rate at 2.25% today, exactly as every economist surveyed expected. The number didn't move — but the story underneath it did. Between renewed oil-market chaos, a stubbornly hot inflation reading, and an economy that's finally showing signs of life, this "boring" hold decision was anything but simple. If you've been following our preview piece from earlier this week , this is the follow-up: what actually happened, and what it means for your mortgage, your savings, and your grocery bill. The Decision, in Plain English This marks the sixth consecutive hold since the Bank's last cut back in October 2025. The overnight rate stays at 2.25%, the Bank Rate at 2.5%, and the deposit rate at 2.20%. Bank prime — the number that actually determines your variable mortgage or line of credit rate — stays put at 4.45%. Governor Tiff Macklem has described this level as sitting near the bottom of the Bank...
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Canadian Seniors to Receive Increased Old Age Benefits

 

Canadian seniors are set to receive a boost in their Old Age Security (OAS) benefits starting this July. The increase, which is part of a scheduled adjustment to account for inflation, will see benefits rise by 2.8% compared to the previous year.

For seniors aged 65 to 74, the maximum monthly OAS payment will now be up to $718.33. Those aged 75 and older will receive a maximum monthly payment of $790.16. These adjustments are crucial as retirement becomes increasingly unaffordable for many Canadians.

In addition to the OAS pension, eligible seniors and their partners may also qualify for extra benefits such as the Guaranteed Income Supplement (GIS), Allowance, and the Allowance for the Survivor. For single, widowed, or divorced Canadians aged 65 or older with an annual net income of less than $21,768, the maximum GIS payment per month is set at $1,072.93.

These increases aim to provide better financial support to seniors, ensuring they can maintain a decent standard of living during their retirement years.


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