Breaking News: Bank of Canada Increases Benchmark Interest Rate to 1%

Beth Graddon

In an anticipated move intended to help rein in inflation, the Bank of Canada announced an increase of the benchmark interest rate by half a percentage point to 1% this morning. It’s the biggest increase from the central bank in more than two decades.

This is the second increase from the Bank of Canada this year, with further increases still anticipated to come. More details on the effects of this change will be provided in future issues of Knowledge Bureau Report and will be a focus on the May 18 Virtual CE Summit on Budget, Retirement and Estate Planning. Be sure to RSVP by April 20 to take advantage of early-bird tuition prices for you and your team.