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Where to Find the Best Savings and GIC Rates in Canada This Week

Canadians looking to stretch their savings a little further still have access to competitive high‑interest savings accounts (HISAs) and guaranteed investment certificates (GICs). Digital banks continue to lead the way, offering strong returns without sacrificing security. Here’s a quick snapshot of the top rates available this week. Highest High‑Interest Savings Account Rates Several online‑only institutions are offering some of the most attractive HISA rates right now: Saven Financial – 2.85% Oaken Financial – 2.80% EQ Bank – 2.75% Bridgewater Bank – 2.70% WealthONE Bank – 2.60% These accounts are typically insured either federally or provincially, giving savers both flexibility and peace of mind. Best GIC Rates This Week For those comfortable locking in their money for a set period, GICs continue to provide reliable, guaranteed returns. 1‑Year GIC Leaders Oaken Financial – 3.40% 5‑Year GIC Leaders EQ Bank – 3.85% Longer‑term GICs remain especially appealing for ...
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Liberals' GST Break Expected to Pass Today

 

Legislation to create a two-month-long GST holiday is expected to pass today in the House of Commons. The bill, introduced by Finance Minister Chrystia Freeland, aims to provide temporary relief to Canadians by eliminating the GST on a variety of holiday essentials from December 14, 2024, to February 15, 2025. 

The GST holiday will cover items such as children's clothes and toys, video games and consoles, Christmas trees, restaurant and catered meals, wine, beer, candy, and snacks. The government estimates that a family spending $2,000 on these items could save between $100 and $260, depending on the province.

The NDP has agreed to support the bill after Freeland separated the GST break from a proposed $250 rebate for working Canadians, which the NDP wants expanded to include non-working seniors and people with disabilities. The bill is expected to pass with the help of the NDP, despite opposition from the Conservatives, who have criticized the GST break as a "cheap gimmick".



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