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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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GOP Races to Rescue Trump’s Sweeping Bill Amid Internal Discord

After a turbulent weekend marked by political infighting and procedural delays, Senate Republicans are scrambling to advance President Donald Trump’s ambitious “One Big Beautiful Bill Act” — a sweeping 940-page package of tax breaks, spending cuts, and immigration enforcement measures.

The bill, which faces unified Democratic opposition, has become a litmus test for GOP unity. Despite holding majorities in both chambers, Republicans are struggling to secure enough support within their own ranks. A dramatic late-night vote on Saturday narrowly cleared a procedural hurdle, with Vice President JD Vance on standby to break a potential tie.

The legislation includes $3.8 trillion in tax cuts and controversial reductions to Medicaid and food assistance programs. A Congressional Budget Office analysis estimates it would leave 11.8 million more Americans uninsured by 2034 and increase the deficit by $3.3 trillion over the next decade.

Senator Thom Tillis of North Carolina, who opposed the bill over its Medicaid cuts, announced he won’t seek reelection after facing pressure from Trump. Meanwhile, conservative senators are pushing for even deeper cuts, prompting Trump to warn, “Don’t go too crazy!”

With a self-imposed July 4th deadline looming, the Senate is bracing for a marathon session of amendment votes. The outcome remains uncertain — and the stakes couldn’t be higher.

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