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Why Interest Rates Matter for Canadians

Interest rates are the single most powerful lever in Canada's economy.  When the Bank of Canada adjusts its policy rate, the effects reach every household—from the cost of carrying a mortgage to the return on a savings account. With rates currently at 2.25% and significant uncertainty ahead, understanding how rates work has never been more important for your finances. What Is the Bank of Canada's Policy Rate? The Bank of Canada sets the overnight policy rate—the interest rate at which major banks lend money to each other. This rate serves as a benchmark that influences borrowing and lending costs across the entire economy. When the Bank raises or lowers this rate, commercial banks adjust their prime rates accordingly, which directly affects the rates you pay on mortgages, lines of credit, and other loans. The Bank's primary goal is to keep inflation near its 2% target. When inflation runs too hot, the Bank raises rates to cool spending. When the economy slows, it cuts rates...
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Your daily horoscope: October 6, 2024

 

HOROSCOPES IF TODAY IS YOUR BIRTHDAY

Your No. 1 priority this year must be to put your financial situation on a firmer footing. You don’t have to make money your one and only passion but neither should you act as if it doesn’t matter. The rich really do seem to have more fun.

ARIES (March 21 - April 20):

Instead of trying to blame others for something that went wrong hold up your hand and admit that it was your choices that caused the problem. Partners and colleagues will be so shocked by your honesty that they will forgive you on the spot!

TAURUS (April 21 - May 21):

Opportunities to enjoy yourself will come thick and fast over the next few days as your ruler Venus links nicely with Mars. If you are looking for love you are certain to find it. Even if you are not looking, it will be looking for you!

GEMINI (May 22 - June 21):

Although luck planet Jupiter begins its retrograde phase in your sign this week most things will still go well for you. Keep reminding yourself that it is your own thoughts that create your reality. If you expect good things to happen they most certainly will.

CANCER (June 22 - July 23):

Someone you think of as a rival will surprise you over the next few days by offering to do you favors of one sort or another. Push your suspicions to one side and take them up on the offer. It could be the start of a growing friendship.

LEO (July 24 - Aug. 23):

It may be true that a colleague has been using underhand tactics to get ahead but you don’t have to make it your business to do something about it. The planets warn this is one of those occasions when it might be safer to pretend you had not noticed.

VIRGO (Aug. 24 - Sept. 23):

The loftier your ambitions may be the more you will need to safeguard your efforts from people who don’t want to see you succeed. Be especially wary of colleagues who praise you to the skies for minor successes. They are not being sincere.

LIBRA (Sept. 24 - Oct. 23):

It’s a waste of time trying to explain to someone why they should tone down their inflammatory words. The simple fact is they want to provoke a reaction so they can claim to be the one who is being abused. Don’t play their dishonest game.

SCORPIO (Oct. 24 - Nov. 22):

The message of the stars is that you need to start taking life a little less seriously. Yes, of course, there are major issues that must be dealt with but what is really so pressing that it must be seen to now, this very moment? Nothing at all.

SAGITTARIUS (Nov. 23 - Dec. 21):

Your recent run of good luck has depended in large part on other people doing things for you, but as Jupiter begins its retrograde phase this week you won’t be able to rely on them so much. But that’s okay. Create your own good fortune.

CAPRICORN (Dec. 22 - Jan. 20):

You may be tempted to multi-task so as to get through the backlog of work that has built up in recent weeks but don’t try to juggle too much or it could all come crashing down. It’s better to succeed at something than to risk failing at everything.

AQUARIUS (Jan. 21 - Feb. 19):

You have been amazingly cheerful of late but as Jupiter is about to begin its retrograde phase you will need to adopt a more serious tone when dealing with people who find it hard to share your sunny outlook on life. That’s just about everyone!

PISCES (Feb. 20 - Mar. 20):

Feelings will be running high on the home front over the next few days but with a little bit of thought and a lot of give and take it doesn’t have to be traumatic. You may be right and everyone else may be wrong but don’t push it.

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