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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: August 9, 2023

                                             



HOROSCOPES IF TODAY IS YOUR BIRTHDAY

By all means make plans for the coming year but keep them flexible because unexpected events could send you off in directions you won’t have bargained for. You will get to your ultimate destination eventually though, most likely by a roundabout route.


ARIES (March 21 - April 20):

If you let negative thoughts get a hold of you today you will have a very hard time getting rid of them again, so do your best to keep a smile on your face and hope in your heart. Those dark imaginings exist only in your mind.


TAURUS (April 21 - May 21):

There seems to be a lot of hostility in your neck of the woods at the moment but don’t blame yourself. It’s not your fault if some people are unable to stand the pace and get annoyed about it. Not everyone can be a winner like you.


GEMINI (May 22 - June 21):

By all means question what a friend or colleague is up to today but try not to automatically assume it is something bad. The planets suggest there may be a very good reason why they are acting this way, so don’t jump to conclusions.


CANCER (June 22 - July 23):

The fact that you have done business with someone in the past and everything went well does not mean you can assume it will go well this time too. Keep your wits about you today and check facts and figures with extra care.


LEO (July 24 - Aug. 23):

It would be nice if everyone could be as confident and optimistic as you but, of course, they cannot, so make allowances for friends and colleagues who are afraid of the future. Do what you can to calm their fears but don’t let them hold you back.


VIRGO (Aug. 24 - Sept. 23):

Yes, it would appear that someone has taken your generosity for granted but is it worth getting upset about? Probably not. If their situation is so desperate that they have to take more than they are entitled to perhaps you should feel sorry for them.


LIBRA (Sept. 24 - Oct. 23):

Don’t waste time trying to sort out minor problems today, be they your own or other people’s, because you have bigger fish to fry. An important business matter will need your full attention over the next 24 hours, so forget about everything else.


SCORPIO (Oct. 24 - Nov. 22):

You have never been the sort to follow the crowd and you are not about to start now. Others may say that the facts are known and the conclusions are clear but you have your doubts and won’t be scared to voice them today. Good for you.


SAGITTARIUS (Nov. 23 - Dec. 21):

It would be wise to keep certain information to yourself today, even though you would love to let colleagues and rivals know that you are in on a secret while they are not. If you did, it would no longer be much of a secret, would it!


CAPRICORN (Dec. 22 - Jan. 20):

The pressure is rising and some of your colleagues could crack over the next 24 hours. You, however, thrive when the going gets tough, so show people in positions of power you can be trusted to deliver no matter how high tensions rise.


AQUARIUS (Jan. 21 - Feb. 19):

Someone you have feelings for will need a shoulder to cry on today and although displays of emotion embarrass you there is plenty you can do to calm them down. Start by pointing out that most of their fears have no basis in reality.


PISCES (Feb. 20 - Mar. 20):

Your head may be full of big ideas but are they the kind of ideas that can be brought down to reality and made to work? That is what you need to ask yourself today and, if the answer is yes, you must get started on them right away.

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