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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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Beef Stew with Carrots & Potatoes

 


This classic French beef stew is the ultimate cold weather comfort food. After a few hours in the oven, the meat becomes meltingly tender and enveloped in a rich wine sauce.

Ingredients:

  • 2 pounds boneless beef chuck roast, trimmed and cut into 1-inch cubes
  • 3 tablespoons olive oil
  • 2 medium onions, cut into 1-inch chunks
  • 4 garlic cloves, minced
  • 2 tablespoons balsamic vinegar
  • 1 (6-ounce) can tomato paste
  • 1/4 cup all-purpose flour
  • 2 cups dry red wine
  • 2 cups beef broth
  • 2 cups water
  • 1 tablespoon kosher salt
  • 1 teaspoon freshly ground black pepper
  • 1 tablespoon fresh thyme leaves (or 1 teaspoon dried)
  • 2 bay leaves
  • 2 teaspoons granulated sugar
  • 4 large carrots, peeled and cut into 1-inch chunks
  • 1 pound small white boiling potatoes, cut in half

Instructions:

  1. Preheat the oven to 325°F and set a rack in the lower middle position.
  2. Pat the beef dry and season with the salt and pepper.
  3. In a large Dutch oven or heavy soup pot, heat 1 tablespoon of the olive oil over medium-high heat until hot and shimmering.
  4. Brown the meat in 3 batches, turning with tongs, for about 5 minutes per batch; add one tablespoon more oil for each batch.
  5. (To sear meat properly, do not crowd the pan and let the meat develop a rich brown crust before turning with tongs.)
  6. Transfer the meat to a large plate and set aside.
  7. Add the onions, garlic, and balsamic vinegar; cook, stirring with a wooden spoon and scraping the brown bits from the bottom of the pan, for about 5 minutes.
  8. Add the tomato paste and cook for a minute more.
  9. Add the beef with its juices back to the pan and sprinkle with the flour.
  10. Stir until the flour is dissolved, about 2 minutes.
  11. Add the wine, beef broth, water, thyme, bay leaves, and sugar.
  12. Stir with a wooden spoon to loosen any brown bits from the bottom of the pot and bring to a simmer.
  13. Cover the pot with a lid, transfer to the preheated oven, and braise for 2 hours.
  14. Remove the pot from the oven and add the carrots and potatoes.
  15. Cover and place back in oven for an additional hour or until the vegetables are cooked and the meat is tender.
  16. Taste and adjust seasoning if necessary.
  17. Serve hot in bowls, either alone or over a bowl of egg noodles, sprinkled with fresh parsley.


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