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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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Ford’s Speed Camera Ban Sparks Clash with Cities and Police Chiefs

Premier Doug Ford speaks about roadway speed cameras at the Vaughan Joint Operations Centre in Vaughan, Ontario on Thursday, Sept. 25, 2025.


Ontario Premier Doug Ford has announced plans to ban the use of municipal speed cameras across the province, calling them an ineffective “cash grab” that burdens drivers without improving road safety. The move, expected to be tabled in legislation next month, has ignited pushback from municipalities and police organizations that argue the devices save lives.

Ford said his government will instead create a provincial fund to support alternative traffic-calming measures such as speed bumps, roundabouts, raised crosswalks, and flashing signs. “Enough is enough,” Ford declared, insisting that cameras don’t slow drivers down and only drain money from taxpayers’ pockets.

But municipal leaders and law enforcement disagree. The Ontario Association of Chiefs of Police and the Association of Municipalities of Ontario have both urged the province to maintain automated speed enforcement, citing studies showing cameras reduce speeding by nearly half in school zones. Toronto Mayor Olivia Chow warned the ban “signals to people that the provincial government is OK with speeding” and risks making roads less safe.

The controversy highlights a widening rift between Queen’s Park and local governments. While Ford frames the ban as an affordability measure, cities like Toronto, Mississauga, and Brampton point to data showing speed cameras cut average speeds and protect vulnerable road users.

As the legislation heads to Queen’s Park, the debate over whether speed cameras are a deterrent or a tax tool is set to intensify, with road safety and municipal autonomy at the heart of the clash.


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