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Bank of Canada Says More Rate Hikes Could Be Coming: What It Means for Your Mortgage and HELOC

  Canadian Money Brief  |  November 11, 2026 Bank of Canada Says More Rate Hikes Could Be Coming: What It Means for Your Mortgage and HELOC By the MoneySavings.ca team  •  6 min read The Bank of Canada raised its key rate on October 28, the first increase since 2023. Yesterday it signalled it may not be done. The summary of deliberations, released Tuesday, says Governing Council agreed there could be a need to raise the policy rate further, while taking decisions one meeting at a time. If you carry a variable-rate mortgage or a home equity line of credit (HELOC), that is a headline worth a few minutes. Here is what the Bank said, what another hike would cost, and what you can do before the next decision on December 9 . 2.50% Policy rate since Oct 28 4.70% Big-bank prime since Oct 29 3.5% BoC CPI forecast, end of 2026 Dec 9 Next rate decision What the Bank actually said The core of the story is energy. The Bank notes that the war in the Middle East is in its eig...
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New Financial Considerations for Canadians in 2024


This year, Canadians have several new financial considerations to keep in mind. Here are four of them:

  • First Home Savings Account (FHSA): Introduced in the 2023 federal budget, FHSAs are a new type of investment account that can be used by any Canadian resident between age 18 and 71 who has not lived in a home owned by them or their spouse or common-law partner in the current year or previous four years. Up to $8,000 of annual contributions can be made to an FHSA, up to a total of $40,000. Contributions are tax deductible and though you report them in the year they are made, the deduction can be carried forward to use in a future higher income tax year. Eligible withdrawals must be made within 15 years of opening an FHSA and are tax free when used for the purchase of an eligible owner-occupied home.

  • High-Interest Debt: High-interest debt can be a significant burden on your finances. If you have high-interest debt, consider consolidating it into a lower-interest loan or line of credit. This can help you save money on interest charges and pay off your debt faster.

  • New Tax Filing Obligation: Starting in 2024, Canadians who hold foreign assets with a total cost of more than $100,000 will be required to file a new form with their tax return. This form is called the T1135 and is designed to help the Canada Revenue Agency (CRA) identify taxpayers who may be hiding assets offshore.

  • Registered Retirement Savings Plans (RRSPs): RRSPs are a popular way to save for retirement in Canada. If you haven’t already, consider making a contribution to your RRSP before the deadline on March 1, 2024. This can help you reduce your taxable income and save for your future.


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