Money Week Canada is Canada News Media’s Monday guide to the rates and money dates that matter this week.
The Bank of Canada’s next interest rate decision is Oct. 28, when the central bank will also publish its Monetary Policy Report, according to the bank’s published schedule.
The policy rate stands at 2.25 per cent after the bank held it unchanged on Sept. 2. The only other scheduled decision this year is Dec. 9. The bank’s 2027 calendar begins with a decision on Jan. 27.
Savings rates advertised by digital banks and fintechs remain above the policy rate, but most come with conditions. EQ Bank is advertising 2.75 per cent interest on its Personal Account, and says the rate is boosted when a customer sets up direct deposit.
Wealthsimple says its accounts pay up to 2.25 per cent, with the rate depending on the client tier: 2.25 per cent for Generation clients, 1.75 per cent for Premium clients and 1.25 per cent for Core clients.
KOHO says customers can earn up to 3.5 per cent on their balance, with no minimum balance and no cap. It says the rate depends on the plan a customer chooses.
These are the rates each company posted on its own site on Oct. 12. They can change at any time, and the advertised headline rate is not always the rate a new customer receives. Guaranteed investment certificate rates vary by term and issuer, and readers should check each issuer’s rate page before locking in money.
Benefit payments are the other main item on the calendar. The Canada Revenue Agency lists the next Canada Child Benefit payments for Oct. 20, Nov. 20 and Dec. 11. The agency advises waiting five business days after the expected date before contacting it about a missing payment.
The agency’s benefit calendar also lists the Ontario trillium benefit for Nov. 10 and Dec. 10, and the Alberta child and family benefit for Nov. 27. The Canada Groceries and Essentials Benefit, formerly the GST/HST credit, was paid on Oct. 5, and no further payment is listed for the rest of 2026.
Canada Pension Plan and Old Age Security payments arrive together this month. The Government of Canada’s benefits calendar lists Oct. 28 for October and Nov. 26 for November.
On the tax side, the Canada Revenue Agency’s schedule for individual tax instalments sets the final 2026 payment for Dec. 15. Instalments apply to people whose net tax owing is above the agency’s threshold, which is generally those with self-employment, rental or investment income not covered by source deductions.
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File photo: the Bank of Canada building on Wellington Street in Ottawa, April 12, 2022. Photo: 方畢可 via Wikimedia Commons, CC0.
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