You may have recently heard of the Bank of Canada lowering interest rates to 0.25%. This is done during economic downturns to help support the economy and potentially lower the financial burden that individual Canadians face. By lowering the interest rate that banks use to lend to each other (the overnight rate), individuals will see an impact on everything from their mortgages and loans, to credit card payments, to the interest received on savings accounts. Wealthsimple has put together an excellent piece covering just how the lowering of interest rates can affect one's financial situation. For the full article, please click HERE.
