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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...
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Kapuskasing Paper Mill to Idle Operations Amid Federal Funding Gap

                                            Kap Paper



A major employer in Northern Ontario is set to suspend operations after failing to secure immediate financial support from the federal government. Kap Paper, which operates the Kapuskasing paper mill, announced Monday that it will begin winding down production, leaving the future of hundreds of jobs in jeopardy.

The Ontario government has already provided more than $50 million in loans to help stabilize the mill, but company officials say that without federal assistance, they cannot continue operations. CEO Terry Skiffington called the decision “heartbreaking,” noting that about 420 employees work directly at the mill, with as many as 2,500 regional jobs tied to its operations.

Provincial officials expressed frustration with Ottawa, saying they have repeatedly urged the federal government to step in as an equal partner. Ontario’s Natural Resources Minister Mike Harris said the province will continue to support affected workers through retraining and re-employment programs.

For now, the company has not confirmed whether the shutdown will be permanent or if the mill could reopen under new ownership or with future funding.


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