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BoC Opens the Door to Rate Hikes: What It Means for Your Mortgage

  Published September 4, 2026 The Bank of Canada held its policy rate at 2.25% on September 2 — the seventh straight hold — but Governor Tiff Macklem didn't sound like a central banker done for the year. He told reporters the Bank is "prepared to raise interest rates, and if it takes more than one increase, we're prepared to do that," if inflation stays too high. That's a real shift in tone, and it lands right as a wave of Canadians hit their mortgage renewal date. Here's what changed, who's forecasting what, and what it actually means for your payment. Why the Bank Suddenly Sounds Hawkish Canada's annual inflation rate has climbed to around 3% — a full point above the Bank's 2% target — and the Bank is pointing squarely at energy prices. Oil has stayed elevated because of the Iran conflict and disruption near the Strait of Hormuz, pushing gas prices up and dragging headline CPI with it. Core inflation, which strips out food and energy, is still s...
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How to Reduce Your Taxes Before Year-End 2023




As the end of 2023 approaches, many Canadian employees may be looking for ways to reduce their tax bill for the year. Fortunately, there are some strategies that can help you save money on taxes before the deadline. Here are some tips to consider:

1.  Contribute to your RRSP. If you have unused contribution room in your registered retirement savings plan (RRSP), you can make a contribution before March 1, 2024 and deduct it from your 2023 income. This can lower your taxable income and increase your refund or reduce your balance owing. You can also use your RRSP to save for other goals, such as buying a home or going back to school, through the Home Buyers' Plan or the Lifelong Learning Plan.

2.  Claim your home office expenses. If you worked from home for more than 50% of the time for at least four consecutive weeks in 2023 due to COVID-19, you may be eligible to claim a deduction for your home office expenses. You can use the simplified method and claim $2 for each day you worked from home, up to a maximum of $400, or you can use the detailed method and claim a portion of your actual expenses, such as rent, utilities, internet, and office supplies. You will need to obtain a signed form T2200S from your employer and keep all your receipts to support your claim.

3. Donate to charity. If you made donations to registered charities in 2023, you can claim a non-refundable tax credit for them. The credit is calculated as 15% of the first $200 of donations and 29% of the amount over $200. You can also carry forward any unused donations for up to five years and claim them in a future year when your income is higher. Donating appreciated securities, such as stocks or mutual funds, can also provide additional tax benefits, as you will not have to pay capital gains tax on the increase in value of the securities.

3. Review your tax credits and deductions. There may be other tax credits and deductions that you are eligible for, depending on your personal situation. For example, you may be able to claim medical expenses, tuition fees, disability amounts, child care expenses, spousal support payments, or public transit costs. You should review your tax return carefully and make sure you are claiming all the benefits that apply to you.

These are some of the ways that you can reduce your taxes before year-end 2023. However, every situation is different and you should consult a tax professional for advice tailored to your specific circumstances. By planning ahead and taking advantage of these opportunities, you can save money and avoid surprises when filing your tax return.

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