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bank of canada interest rate

The Bank Of Canada Is Changing The Face Of The $5 Bill & These Are The 8 Candidates

The Bank of Canada has officially whittled down the shortlist for the newest version of Canada's $5 bill to eight candidates — all of whom are prominent historic figures.

Sir Wilfred Laurier, who served as Canada's first-ever francophone prime minister from 1896 to 1911, is the current face of the $5 note and has been since 1972.

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RBC Is Predicting A Recession In Canada For 2023 — Here's What That Would Mean

Canada's largest bank is predicting that current cracks in the economy will lead to a recession in early 2023. The Royal Bank of Canada warns that a cooling housing market, coupled with low employment levels and rising central bank rates will bring economic downturn sooner than previously thought.
RBC issued its first warning about a "moderate recession" in July, citing inflation and labour shortages as the primary driver. But an October report suggests there's now even more strain on the national economy and that "pressure is still building."

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bank of canada

The Bank Of Canada Schooled People Who Claim It 'Prints Money' To Fund The Trudeau Gov't

The Bank of Canada isn't just fighting against the current rise in inflation, but it's also combatting claims that it's "printing money" to fund the Government of Canada.

Conservative Party leader candidate Pierre Poilievre is one of many who have called out the central bank and Justin Trudeau for "printing money," an act he claims is what has led to the highest inflation in Canada in over 30 years, which Poilievre calls "JustinFlation."

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canadian housing market

Home Prices In Canada Could Drop By A LOT In A 'Historic Correction'

Canada's housing market could see a "historic correction" in the coming months, which could see house prices drop, according to a recent report from RBC.

The global housing market has faced a major crisis, with the cost of homes soaring during the pandemic. Now, RBC is predicting that national home prices could drop by more than 12% as of early next year.

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What The Heck Is A GIC? And When Is A Good Time To Invest? We Asked An Expert

With the Bank of Canada raising interest rates and inflation going berserk, many Canadians are now looking more closely at their finances — particularly how to improve their financial health. For millennials and Gen Z, this often entails looking at investments for the first time. One (relatively) simple investment vehicle are Guaranteed Investment Certificates or GICs.

What is a GIC, anyway?

According to Ryan Evans, a financial planner with the IQPF at Bank of Montreal, a GIC is "an investment vehicle that does guarantee your capital while offering you a specified rate of interest over a certain period of time." This means that your investment is held for a "locked term" and is guaranteed to grow at a fixed rate.

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Interest Rates Have Gone Up In Canada — Here's What That Could Mean For Your Wallet

As we've all heard by now, the Bank of Canada increased interest rates by 50 basis points in April, following a 25-point increase earlier in the year. This is sort of a big deal, prompted by the mess that has been the early 2020s. Rising prices spurred by the war in Ukraine — on top of already-high inflation — affected the Bank of Canada's recent decision.

But what does that actually mean for young Canadians? Let's focus on two financial areas that are being directly impacted by increased interest rates: bank loans and investments.

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