The Bank of Canada today held its target for the overnight rate at the effective lower bound of ¼ percent, with the Bank Rate at ½ percent and the deposit rate at ¼ percent.
The Bank of Canada today held its target for the overnight rate at the effective lower bound of ¼ percent, with the Bank Rate at ½ percent and the deposit rate at ¼ percent. The Bank is maintaining its extraordinary forward guidance, reinforced and supplemented by its quantitative easing (QE) program, which continues at its current pace of at least $4 billion per week.
The University of Alberta has won the Bank of Canada’s sixth annual Governor’s Challenge, a national student competition in which teams simulate the role of advisor to the Bank’s Governing Council. The winners were announced following the final round on Saturday, February 13.
In a normal year, taxes can be complicated. This year due to the COVID-19 pandemic, filing taxes will be different and potentially more confusing for many of us who experienced a change in income or employment terms, or received government financial support and benefits.
The 2021 Home Owner Grant threshold is set at $1.625 million, ensuring the same percentage of British Columbia homeowners continue to be eligible.
New in 2021, the Province is taking over full administration of the grant program to ease the burden on municipalities. The Province already administers the grant for rural homeowners. Homeowners in all municipalities will now submit their applications directly to the Province instead of through their municipal office. Similar to previous years, applications will open in May when a majority of property tax notices are received.
The Bank of Canada today maintained its target for the overnight rate at the effective lower bound of ¼ percent, with the Bank Rate at ½ percent and the deposit rate at ¼ percent. The Bank is maintaining its extraordinary forward guidance, reinforced and supplemented by its quantitative easing (QE) program, which continues at its current pace of at least $4 billion per week.
“As 2020 draws to a close, we look back on a year like no other. British Columbians came together to face the challenge of COVID-19 with resilience and strength, but the road to recovery is still ahead of us,” said Premier John Horgan. “We have worked hard to get the B.C. Recovery Benefit to people as soon as possible. We are united with the millions of people and families who are wrapping up a difficult year and look forward to a new year with hope and the promise of a continued recovery.”
Prime Minister Shri Narendra Modi delivered the keynote address at the India Ideas Summit today. The Summit is being hosted by the US-India Business Council (USIBC). The theme for this year’s Summit is ‘Building a Better Future’.
Today, Canada’s Finance Minister Bill Morneau provided the federal fiscal snapshot. It was forecasted that the deficit is estimated at $343.2 billion as a result of reduced revenues due to the economic shut down and additional, unexpected stimulus spending to support residents and businesses.
The charitable sector is facing a considerable challenge. COVID-19 has increased the demand on services that support our community’s most vulnerable—and decreased non-profit resources to provide these supports. Sadly, this lack of resources is also limiting these organizations in their ability to fundraise for donations they desperately need.
If you’re thinking of hitting the “pause” button on your mortgage, be mindful that a deferral is not mortgage forgiveness; the payment is being delayed and the interest accrued during that period of time is added to the balance owing; directly impacting the total interest you’ll pay over the long term.