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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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Postal Workers Walk Out Nationwide After Ottawa Greenlights Canada Post Overhaul

 

                                            A Canada Post sign is seen in Montreal on Tuesday, Aug. 19, 2025.


The Canadian Union of Postal Workers (CUPW) has launched a nationwide strike in response to sweeping reforms announced by the federal government that will dramatically alter the way Canadians receive mail.

The government revealed Thursday that Canada Post will be permitted to end door-to-door delivery for the roughly four million households that still receive it, close or convert rural post offices, and relax delivery standards for non-urgent mail. Officials argue the changes are necessary to stabilize the Crown corporation, which has posted billions in losses and is described as “effectively insolvent”.

CUPW, however, condemned the reforms as an attack on both workers and communities. “In response to the government’s attack on our postal service and workers, effective immediately, all CUPW members at Canada Post are on a nationwide strike,” the union declared.

The strike halts mail and parcel delivery across the country, raising concerns for rural, remote, and Indigenous communities that rely heavily on postal services. Canada Post has 45 days to present Ottawa with a cost-savings plan, but with labour unrest escalating, the path forward remains uncertain.


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