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Top Savings and GIC Rates in Canada This Week

                                                                             Canadians looking to maximize their returns on safe investments have strong options this week, with both high-interest savings accounts (HISAs) and guaranteed investment certificates (GICs) offering competitive rates. High-Interest Savings Accounts KOHO Earn Interest Account continues to lead with an impressive 3.5% interest rate , offering unlimited transactions and cashback perks. Other online banks and credit unions are hovering around 3.0%–3.25% , making HISAs a flexible choice for those who want liquidity while still earning meaningful returns. Guaranteed Investment Certificates (GICs) For short-term savers, MCAN Wealth is offering 3.65% on a 1-year GIC , one of the hig...
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Canada's Inflation Rate Rises as GST Holiday Ends


Canada's annual inflation rate surged to 2.6% in February, up from 1.9% in January, according to Statistics Canada. This increase follows the conclusion of the federal government's two-month GST/HST holiday, which had temporarily reduced prices on various household staples, gifts, and restaurant bills. The tax break ended mid-February, contributing to a notable rise in consumer prices.

Economists had anticipated a more modest inflation increase to 2.2%, but the actual figures exceeded expectations. Without the tax holiday in place for half the month, inflation would have reached 3%, highlighting the significant impact of the temporary measure.

While gas prices saw a slight monthly increase, their annual comparison showed a deceleration, helping to moderate the overall inflation rate. However, provinces like Ontario and New Brunswick experienced the fastest price accelerations, reflecting regional variations in consumer costs.

This development comes as the Bank of Canada continues to monitor inflation trends closely, especially in the context of ongoing economic challenges. The end of the GST/HST holiday underscores the complexities of balancing temporary relief measures with long-term economic stability.

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