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BoC Holds at 2.25%: What the Rate Decision (and Rising Gas Prices) Mean for Your Wallet

  Thursday, July 16, 2026 Sixth consecutive hold. A weaker 2026 growth forecast. And inflation that's running hotter because of gas prices, not the usual suspects. Here's what actually changes for you. The Bank of Canada held its overnight rate at 2.25% on Wednesday, exactly as markets expected. No surprise there. What's more interesting is why it held, and what it revealed about where the economy — and your bills — are headed next. This was the sixth straight hold since the Bank finished its easing cycle back in October. But buried in the accompanying Monetary Policy Report were a few numbers worth your attention. The Numbers That Matter Overnight Rate 2.25% (unchanged) Prime Rate (typical) 4.45% 2026 GDP Growth Forecast 0.7% (cut from 1.2%) 2027 / 2028 Growth Forecast 1.8% each year May CPI Inflation 3.2% Inflation Excluding Gasoline 2.2% Unemployment Rate (June) 6.5% Next Rate Decision September 2, 2026 Why Gas Prices Are Driving This Decision Here's the twist in th...
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CRA Scam Alerts: Protect Yourself Against Fraud


The Canada Revenue Agency (CRA) is regularly made aware of scams impersonating the CRA. Stay up-to-date with the CRA’s scam alert to help avoid scams that may target you. If you suspect you may be a victim of a scam, visit the section What to do if you experience a CRA scam or fraud.

In an effort to prevent you from falling prey to these cons, the CRA has some examples of scams targeting taxpayers:

  • Climate action incentive payment scam by text message: Scammers are sending text messages claiming to be from the CRA about the Climate Action Incentive Payment. How to recognize it: Fraudulent text messages claiming to be from the CRA containing a link to claim the Climate Action Incentive Payment. Some text messages include images taken from Government of Canada social media accounts to make their scam messages look more legitimate. What to do: Do not click on the link or reply to the text message. The CRA will not use text messages or instant messages to start a conversation about your taxes, benefits, or My Account. The CRA will not ask you by email or text message to click a link and provide personal or bank information to receive a benefit payment.
  • Emergency or disaster benefit scams by text message or email: Scammers are sending text messages or emails to those impacted by emergencies or disasters. How to recognize it: Fraudulent messages claiming to be from the CRA about emergency benefits and containing a link. What to do: Do not click the link or reply to the message. The CRA will not use text messages or instant messages to start a conversation about your taxes, benefits, or My Account. The CRA will not ask you by email or text message to click a link and provide: personal information, bank information.
  • Grocery Rebate scam by email or text message: Scammers are sending emails or text messages claiming to be from the CRA about the Grocery Rebate. How to recognize it: The fraudulent email or text message claims to be from the CRA and contains a link. What to do: Do not reply to the email or text or click the link. The Grocery Rebate will be delivered to eligible individuals after enactment of the legislation. The CRA will not ask you by text message or email for: personal information, bank information.

If you suspect that you may be the victim of a scam or fraud or have been tricked into giving personal or financial information, contact your local police service.

What to do if you’re a victim of a scam

Here are the steps to take if you are a victim of a scam or fraud and believe your CRA account information has been compromised:

  1. Contact your financial institution
  2. Contact the two national credit bureaus and place a fraud alert on your credit reports
  3. Report the incident to the Canadian Anti-Fraud Centre (CAFC)
  4. Change your CRA account password
  5. Review your CRA account for any changes or transactions you did not authorize


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