Learn more about Canada’s top banks rates, rules and the latest news – read on!
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GIC comparison tool
Find the best and most up-to-date GIC rates in Canada using the comparison tool below. Plus, use the filters to assess your estimated rate of return based on the size of your balance.
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MoneySense is an award-winning magazine, helping Canadians navigate m.... More »
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Choppy trading. Prepare to keep seeing these two words in the headlines as the financial markets adapt to ongoing interest rate hikes by the Bank of Canada (BoC) and the Federal Reserve in the U.S. While this is causing volatility as some investors and pundits worry a recession is around the corner, I remain hopeful that the markets will recover and 2022 will end on a positive note. To explain, let’s take a step back and look at where we are and how we got here.
How much did the Bank of Canada raise interest rates?
On April 13, 2022, the BoC raised the country’s benchmark interest rate by half a percentage point. This was the country’s first interest rate hike to exceed 25 basis points in more than 20 years. Tiff Macklem, the BoC governor, has already stated the rate may go up another 50 basis points in June. The Federal Reserve increased its interest rate by 50 basis points on May 4, 2022.
Why? Central banks, including the BoC and the Fed, are under pressure to fight inflation, and raising interest rates is the go-to tactic to get soaring prices under control…
