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Canada's Economy Just Grew 3.3% — Here's Why That Makes a September Rate Cut Even Less Likely

  Published August 29, 2026 If you've been holding out hope that a slowing economy might finally push the Bank of Canada toward a rate cut, Friday's numbers just closed that door a little further. Statistics Canada reported that the Canadian economy grew at an annualized pace of 3.3% in the second quarter — the fastest rate since 2023 — and revised figures show the first quarter expanded 0.3% rather than shrinking as originally reported. That confirms Canada never actually slid into a technical recession this year. It's good news for the economy. It's less good news if you were counting on lower borrowing costs anytime soon. What actually drove the growth The rebound was broad-based. Exports posted their strongest performance in 39 months, business investment in factories, equipment and commercial real estate jumped, and consumer spending held up as well. On a per-person basis, output grew at a 3.8% annualized clip — the quickest pace since late 2021, even with Canada...
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How Canada’s new measures will make banking more fair and affordable in 2024

 

Canada’s government has announced a series of new measures to ensure Canadians are treated fairly by their banks and to make banking more affordable for everyone. These measures, which will take effect in 2024, include:

  • Protecting Canadians from rising mortgage payments by requiring banks to provide tailored mortgage relief to borrowers at risk of default on their principal residence, in accordance with the Financial Consumer Agency of Canada’s (FCAC) new guideline.
  • Enhancing low-cost and no-cost account options by working with financial institutions to improve the features of these accounts, such as providing more debit transactions, online bill payments, and e-transfers with no extra fees, and expanding the eligibility and availability of these accounts to more Canadians.
  • Lowering non-sufficient fund (NSF) fees, which can be as high as $50, by issuing direction to banks to reduce these fees, which disproportionately impact low-income Canadians and those who do not have access to overdraft protection.
  • Designating an independent and transparent not-for-profit organization, the Ombudsman for Banking Services and Investments (OBSI), as the single external complaints body for Canada’s banking sector, to provide Canadians with an impartial advocate when they have complaints with their bank.

These measures are part of the government’s action to bring down inflation and stabilize prices for Canadians, as well as to support the economic recovery from the pandemic. The government also plans to introduce framework legislation in Budget 2024 to enable consumer-driven banking, which will give Canadians more control over their financial data and access to innovative financial services.

The government says that these measures will help ensure that Canada remains the best place in the world to live, work, and raise a family, and that the banking sector serves the needs and interests of all Canadians.

In addition to these measures, Canadians can also benefit from the increase in the Tax-Free Savings Account (TFSA) contribution limit for 2024, which will rise to $7,500, up from $6,000 in 2023. This means that Canadians who were eligible for the TFSA since its inception in 2009 will be able to invest a cumulated total of $95,000 in 2024, tax-free.


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