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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 and Greece Forge Partnership to Boost Tourism

In a significant step towards enhancing bilateral relations, Canada and Greece have signed a memorandum of understanding (MOU) to promote tourism between the two nations. The agreement, signed in Athens, underscores the importance of tourism in fostering economic growth, cultural exchange, and sustainable development.

The MOU focuses on institutional cooperation, the exchange of data and best practices, and the development of innovative tourism models. Both countries aim to address challenges such as climate change by sharing expertise and promoting sustainable tourism practices. The agreement also seeks to increase tourism flows, making it easier for Canadians and Greeks to explore each other's countries.

This partnership builds on the strong cultural and historical ties between the two nations, with nearly 300,000 Canadians of Greek origin and many Canadians living, working, and studying in Greece. The collaboration is expected to create new opportunities for tourism investment, education, and vocational training, benefiting both economies.

Canadian Minister of Export Promotion, Mary Ng, emphasized the economic and cultural benefits of the agreement, stating that it would strengthen ties and support prosperity for both nations. Greek Tourism Minister Olga Kefalogianni highlighted the commitment to a sustainable and innovative tourism model, reflecting shared values of democracy and cultural heritage.

This MOU marks a new chapter in Canada-Greece relations, showcasing the potential of tourism as a bridge between nations.

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