Skip to main content

Featured

5 Things to Know Today: BoC Hike Odds Near 80%, Oil Tops US$100, Loonie Hits 5-Week High

  Canadian Money Brief  |  Saturday, October 24, 2026 The Bank of Canada is expected to raise rates on Wednesday, oil is back above US$100 and stocks slipped on AI worries. Here are the five things to know this Saturday, and what each one means for your wallet. 1 The Bank of Canada is widely expected to hike on Wednesday Markets are putting roughly an 80% chance on a quarter-point increase at the Bank of Canada’s Oct. 28 decision, which would lift the policy rate from 2.25% to 2.50%. A majority of economists polled by Reuters also expect a second hike by the end of March. The shift followed hawkish comments from Governor Tiff Macklem about a higher inflation outlook driven by oil. What it means for you Every 0.25-point increase adds about $250 a year (roughly $21 a month) for each $100,000 of prime-linked debt, such as a variable-rate mortgage or HELOC. Fixed-rate holders are not hit directly, but renewals are being priced off higher bond yields. Savers may see HISA and...
Post a Comment
Read more

article

Labels

CRA Extends 850 Call Centre Contracts to Ease Service Strain

                Canada Revenue Agency (CRA) national headquarters in Ottawa on Friday, June 28, 2024.

The Canada Revenue Agency (CRA) has granted contract extensions to approximately 850 call centre employees whose terms were set to expire in September. The move comes amid mounting concerns from the Union of Taxation Employees (UTE) over staffing shortages that have led to long wait times, dropped calls, and a surge in taxpayer complaints.

Union president Marc Brière described the decision as a “first victory” in their campaign to halt job cuts and restore service levels. Over the past year, the CRA has shed nearly 3,300 call centre positions, a reduction the agency attributes to budget constraints, the end of temporary pandemic programs, and government-wide savings initiatives.

While the extensions will keep the affected workers on staff until March 2025, both the union and the taxpayers’ ombudsperson warn that further cuts could deepen service delays. The federal government is currently reviewing departmental budgets with potential reductions of up to 15% over three years.


Labels:

Comments

Post a Comment