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Why Interest Rates Matter for Canadians

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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Your daily horoscope: January 26, 2024

 

HOROSCOPES IF TODAY IS YOUR BIRTHDAY

Saturn’s influence on your birthday will force you to toughen up and recognize that no one owes you a living. Your financial fortunes could rise or fall this year, depending on how much time and effort you are prepared to invest in your goals.

ARIES (March 21 - April 20):

Find a place where you can be on your own for a while and ponder the meaning of life. You may or may not come up with any meaningful answers but you will certainly feel more relaxed after giving yourself a break from the chaos of the world.

TAURUS (April 21 - May 21):

The best way to convince important people that you know what you are talking about is to sound confident even if you don’t really feel it. Chances are they are as mystified by current events as you are, so your feigned self-assurance will go down well.

GEMINI (May 22 - June 21):

Have the confidence to strike out in new directions today and over the weekend. Yes, of course, there will be dangers but if you refuse to take risks now you may regret it later on when you look back and realize how much more was possible.

CANCER (June 22 - July 23):

What others say may be the opposite of what they actually mean, so you will need to read between the lines and work out for yourself when they are being honest and when they are making it up. Luckily, your deceit detector is highly developed.

LEO (July 24 - Aug. 23):

What you most need to recognize now Leo is that not everyone is as robust as you and that some of your comments could be unnecessarily hurtful. That may not worry you today but it could result in an unwelcome backlash later on.

VIRGO (Aug. 24 - Sept. 23):

The message of the stars today is that you must rely on your head rather than your heart. That kind of thing usually comes easy to a Virgo but the current cosmic picture warns you could easily be the victim of your own wishful thinking.

LIBRA (Sept. 24 - Oct. 23):

A creative project of some kind needs to be finished as quickly as possible, so put less important stuff on hold and get on with it pronto. The planets warn if you don’t finish it today and over the weekend it may never get done.

SCORPIO (Oct. 24 - Nov. 22):

If someone challenges your dominant position at work or in your social sphere you will have no choice but to meet that challenge head-on. If nothing else it will be a timely reminder that nothing stays the same forever, not even for you.

SAGITTARIUS (Nov. 23 - Dec. 21):

Start looking further afield than usual for new opportunities and don’t listen to those who say you should focus on the here and now. You are at your best when exploring new horizons and one very attractive horizon is getting closer by the hour.

CAPRICORN (Dec. 22 - Jan. 20):

You can easily dominate discussions with family and friends over the next 24 hours but don’t be so pushy that they decide it might be more to their benefit to talk to someone else. You need to remember that communication is always a two-way street.

AQUARIUS (Jan. 21 - Feb. 19):

The more friends and colleagues adopt a woe-is-me attitude to their troubles today the more you must remind them that their destiny is always in their own hands. You have never been the sort to just accept your lot in life – now teach them the same lesson.

PISCES (Feb. 20 - Mar. 20):

If you don’t get on top of a major task over the next 24 hours it may never get done and your reputation could take an unfortunate hit. Drop everything else and focus on the one thing that shows the world you can still be relied on.

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