Money Week Canada: BoC decides Oct. 28, CCB pays Nov. 20

Money Week Canada is Canada News Media’s weekly guide to the rates and money dates that matter to households. Want to present Money Week Canada? Email [email protected].

The Bank of Canada will announce its next interest rate decision on Wednesday, Oct. 28, with the policy rate currently at 2.25 per cent, and the Canada Child Benefit’s next payment arrives Friday, Nov. 20.

The central bank lists Oct. 28 as the date of its next rate announcement, which comes with a Monetary Policy Report. At its previous decision on Sept. 2, it held the rate at 2.25 per cent. The Bank of Canada does not publish its decision ahead of time, so any call on whether it holds or moves is a forecast, not a fact. We will report the outcome once it is announced.

The decision arrives with inflation running above the Bank’s usual comfort zone. Statistics Canada reported on Oct. 19 that the consumer price index rose 3.1 per cent in September from a year earlier, up from 3.0 per cent in August. Gasoline prices were up 27.8 per cent year over year, compared with 22.8 per cent in August.

Outside of gasoline, the picture looked calmer. Prices for food purchased from stores rose 1.7 per cent in September, down from 2.8 per cent in August. Shelter costs rose 1.8 per cent, up from 1.5 per cent a month earlier, and rent rose 2.8 per cent, the same as in August.

For households budgeting around benefits, the Canada Revenue Agency’s payment calendar sets out the coming dates. The Ontario trillium benefit pays on Nov. 10 and Dec. 10. The Canada Child Benefit pays on Nov. 20 and Dec. 11. The Newfoundland and Labrador disability benefit pays on Nov. 25 and Dec. 24. The Alberta child and family benefit pays on Nov. 27.

The CRA’s Canada Child Benefit page notes that payments from July to December are calculated from 2025 tax information, since benefits are recalculated each July.

Canada Pension Plan and Old Age Security payments are scheduled for Nov. 26 and Dec. 22, according to the federal government’s benefits calendar. The December date is earlier than usual so deposits arrive before the holiday bank closures. The CRA advises waiting five working days after a Canada Child Benefit or Alberta child and family benefit date before contacting it about a missing payment, and 10 working days for other programs it lists.

Another date to mark is Nov. 5, when the federal government tables its budget. Our report on the budget date and the Parliamentary Budget Officer’s deficit outlook has the background. Households watching the labour market can also read our story on the public sector job losses.

This edition does not include savings account or GIC rates. The major banks’ and credit unions’ rate pages did not display verifiable figures when we checked on Oct. 26, and we publish only rates we can link to the institution’s own page. Readers comparing savings products should check each institution’s published rates directly, and note that the Bank of Canada’s Wednesday decision can move them.

Money Week Canada returns next Monday. Want to present Money Week Canada? Email [email protected].

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