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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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Canada Post Resumes Operations Tuesday After Month-Long Strike

 

 Mail is set to begin moving again on Tuesday, December 17, after a month-long strike by Canada Post employees. The Canada Industrial Relations Board (CIRB) ordered the postal workers back to work, declaring an impasse in negotiations between Canada Post and the Canadian Union of Postal Workers (CUPW).

While operations will technically resume on Tuesday, Canada Post has warned that it will take time to clear the backlog of packages and letters that accumulated during the strike. The company will not receive or pick up new products until Thursday, December 19, and will start accepting new international mail on December 23.

Canadians should expect delays into January 2025, and post office hours of operation may vary as the company ramps up operations. The CIRB has extended the current collective agreements until May 22, 2025, to allow for continued negotiations.

Canada Post and the union have agreed to implement a five percent wage increase, retroactive to the day after the collective agreements expired. Key issues in the dispute included wage increases and a push by Canada Post to expand delivery to the weekend.

The federal government had initially resisted intervening in the dispute but eventually directed the CIRB to order the workers back to work. Labour Minister Steven MacKinnon emphasized the need to address the structural issues facing Canada Post and find a sustainable solution.

As operations resume, Canada Post is committed to providing customers with as much information as possible regarding specific timelines and capacity. The company is also working to ensure that employees are compensated fairly during this transition period.




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