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5 Things to Know Today: BoC Hike Odds Near 80%, Oil Tops US$100, Loonie Hits 5-Week High

  Canadian Money Brief  |  Saturday, October 24, 2026 The Bank of Canada is expected to raise rates on Wednesday, oil is back above US$100 and stocks slipped on AI worries. Here are the five things to know this Saturday, and what each one means for your wallet. 1 The Bank of Canada is widely expected to hike on Wednesday Markets are putting roughly an 80% chance on a quarter-point increase at the Bank of Canada’s Oct. 28 decision, which would lift the policy rate from 2.25% to 2.50%. A majority of economists polled by Reuters also expect a second hike by the end of March. The shift followed hawkish comments from Governor Tiff Macklem about a higher inflation outlook driven by oil. What it means for you Every 0.25-point increase adds about $250 a year (roughly $21 a month) for each $100,000 of prime-linked debt, such as a variable-rate mortgage or HELOC. Fixed-rate holders are not hit directly, but renewals are being priced off higher bond yields. Savers may see HISA and...
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How inflation affects your taxes in 2024



If you are a Canadian taxpayer, you may want to know how inflation will impact your taxes in 2024. The Canada Revenue Agency has announced that most income tax and benefit amounts will be indexed to inflation using a 4.7 per cent rate, which is higher than the previous years. This means that the tax brackets, the basic personal amount, and some tax credits will increase to reflect the rising cost of living. Here are some of the key changes you need to know:

  • Tax brackets: The federal income tax brackets for 2024 have been adjusted to account for inflation. The new thresholds are: $55,867 for the 15 per cent bracket, $111,733 for the 20.5 per cent bracket, $173,205 for the 26 per cent bracket, $246,752 for the 29 per cent bracket, and above that for the 33 per cent bracket. The provincial tax brackets have also been indexed to inflation, but using different rates depending on the province.
  • Basic personal amount: The basic personal amount (BPA) is the amount of income you can earn without paying any federal tax. The BPA for 2024 is $15,705, which is higher than the 2023 amount of $15,000. However, the BPA is gradually reduced for taxpayers with net income above $173,205, until it reaches $14,156 for net income of $246,752 or more. The BPA is worth 15 per cent of its value as a non-refundable tax credit.
  • Non-refundable tax credits: Some non-refundable tax credits, such as the age amount, the spouse or common-law partner amount, and the eligible dependant amount, have also been increased for 2024 to reflect inflation. These credits are calculated by multiplying the amount by 15 per cent, the lowest federal tax rate. For example, the age amount for 2024 is $8,421, which means you can claim a credit of $1,263 if you are 65 or older.
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