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5 Things to Know Today: BoC Decision Looms, Oil Spikes, Bigger CCB Cheques Land

  Tuesday, July 14, 2026 Good morning. Here's what Canadians need to know today, from tomorrow's Bank of Canada rate call to a bigger Canada Child Benefit deposit landing next week. 1. Bank of Canada decides tomorrow — a hold is widely expected The Bank of Canada announces its interest rate decision Wednesday, July 15, at 9:45 a.m. ET, alongside its quarterly Monetary Policy Report. Markets and economists widely expect the Bank to hold its key rate at 2.25%, with Governor Tiff Macklem holding a press conference at 10:45 a.m. ET to explain the decision. What it means for you: If you're renewing a mortgage or carrying a variable-rate loan or HELOC, tomorrow's decision likely won't change your payment. But watch the tone of the statement closely — renewed oil-price pressure (see #3) could shape how the Bank talks about inflation risk heading into the fall. 2. U.S. inflation data drops this morning The U.S. Bureau of Labor Statistics releases its June Consumer Price In...
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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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