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BoC Opens the Door to Rate Hikes: What It Means for Your Mortgage

  Published September 4, 2026 The Bank of Canada held its policy rate at 2.25% on September 2 — the seventh straight hold — but Governor Tiff Macklem didn't sound like a central banker done for the year. He told reporters the Bank is "prepared to raise interest rates, and if it takes more than one increase, we're prepared to do that," if inflation stays too high. That's a real shift in tone, and it lands right as a wave of Canadians hit their mortgage renewal date. Here's what changed, who's forecasting what, and what it actually means for your payment. Why the Bank Suddenly Sounds Hawkish Canada's annual inflation rate has climbed to around 3% — a full point above the Bank's 2% target — and the Bank is pointing squarely at energy prices. Oil has stayed elevated because of the Iran conflict and disruption near the Strait of Hormuz, pushing gas prices up and dragging headline CPI with it. Core inflation, which strips out food and energy, is still s...
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How to Safeguard Your Finances: Tips to Avoid a CRA Audit in 2024



As the tax season approaches, ensuring compliance and minimizing the risk of a Canada Revenue Agency (CRA) audit is crucial. Follow these practical steps to keep your financial records in check and reduce the chances of unwanted scrutiny:

  1. File on Time and Accurately: Submit your tax paperwork by the April 30 deadline. Late submissions attract attention and may lead to penalties. Double-check your forms to avoid errors.

  2. Work-from-Home Expenses: With the pandemic’s impact, the CRA has revised home-office deductions. Obtain a signed T2200 slip from your employer to validate remote work. Calculate costs meticulously, considering utilities, rent, and internet bills. Remember, proportions matter!

  3. Underused Housing Tax (UHT) and Trusts**: These new rules can be complex. Seek professional advice from a CPA or tax lawyer. Ensure consistency between UHT or trust filings and your regular income tax returns.

  4. Public Interest and Availability: To qualify for inclusion in the database, your work must be of general public interest. It should have been released in cinemas, online, or on TV. Repackaged content or trailers won’t make the cut.

Remember, accurate reporting and timely submissions are your best allies. Stay informed, consult experts when needed, and keep your financial house in order. 


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