Commentary The Bank of Canada (BoC) has raised the key overnight rate to 5 percent and the Bank Rate to 5.25 percent. The increases of one-quarter of a percent were widely anticipated by market observers. Coincidentally, the U.S. Consumer Price Index (CPI) for June was released and the core rate, at 3 percent, was lower…

Annual financial statements show the federal deficit for the previous fiscal year was $23.6 billion lower than the projected in the spring budget. According to public accounts documents released Thursday, the federal deficit for the 2021-22 fiscal year was less than expected because of Canada’s strong economic recovery from the pandemic and the winding-down of pandemic supports. The federal deficit was $90.2 billion, while…

Despite large amounts of government assistance during the pandemic, Canadians borrowed more than they saved in 2020, according to Statistics Canada, while an economic analyst says some of the government’s pandemic aid wasn’t well targeted and went to high-income households that didn’t need it. The richest quintile of households, or the top fifth, saved $186.61…