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Bank of Canada Rate Decision Tomorrow: What Every Canadian Needs to Know Before June 10

Current Rate 2.25% Held since Oct 2025 Expected Decision HOLD 34/34 economists Announcement 9:45 AM Wed, June 10 (ET) Prime Rate 4.45% Most major lenders On Wednesday morning, June 10, the Bank of Canada will announce its interest rate decision at 9:45 AM ET — and for Canadians with a mortgage, a variable-rate loan, or a renewal coming up, the decision is just two days away. Governor Tiff Macklem will follow with a press conference at 10:30 AM. The short answer: expect no change. But the full picture is considerably more complicated — and the Bank's tone tomorrow could signal whether rate hikes are quietly creeping back onto the table. The Consensus: A Hold, Full Stop The economist community is remarkably united heading into this decision. In a Reuters poll conducted June 2–5, all 34 economists surveyed predicted the Bank would leave its overnight rate at 2.25%. More than 80% said it would stay there for the rest of 2026. "Under normal circumstances, today's sagging econom...
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Navigating Inheritance Tax: Understanding and Planning for Your Legacy

 

Inheritance tax is a levy on the assets bequeathed by a deceased person to their heirs. While many countries have specific inheritance taxes, Canada does not impose such a tax. Instead, the Canadian Revenue Agency (CRA) treats the estate as having been sold at fair market value immediately before death, which may result in capital gains taxes that the estate must pay before distribution to beneficiaries.

Who Pays Inheritance Tax? In jurisdictions where inheritance tax exists, it is typically paid by the beneficiary who receives the assets. However, in Canada, beneficiaries do not pay taxes on received inheritances directly. Any taxes owed are usually settled by the estate of the deceased before the inheritance is distributed.

How to Avoid Inheritance Tax Since Canada does not have an inheritance tax, Canadian residents need not worry about avoiding it. However, it’s important to plan for potential capital gains taxes on the estate’s assets. Strategies such as designating a principal residence, planning withdrawals from retirement accounts, and setting up trusts can help minimize the tax burden on an estate.

Understanding the implications of inheritance and estate taxes is crucial for effective estate planning. By being informed and prepared, you can ensure that your legacy is passed on to your loved ones with minimal tax impact.

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