Canada & World

The Bank of Canada held its key interest rate steady at five per cent today, noting there are clearer signs of the economy cooling and inflation easing.

The Bank of Canada is widely expected to hold its key interest rate steady on Wednesday as the Canadian economy bends to higher interest rates and inflation resumes its downward trend.

Canada's premiers have sent a joint letter to Prime Minister Justin Trudeau asking the federal government to extend the repayment period for a year for interest-free loans given to small businesses and non-profits during the pandemic.

Statistics Canada says the annual inflation rate slowed to 3.8 per cent in September as prices year-over-year rose more slowly across the economy.

The Bank of Canada says its business outlook survey indicator fell in the third quarter as companies expect sales growth to slow over the coming year.

The PBO says higher interest rates will lead the economy to stagnate in the second half of the year, while the federal deficit rises significantly this fiscal year.

Bank of Canada Governor Tiff Macklem says the central bank will be deciding whether to exert patience at its next rate meeting or hike rates further.

The two departing organizations say the unification of the accounting profession will not be undone, and that they're doing what's best for their members, but CPA Canada says the decision puts the profession at risk.

Competition Bureau commissioner Matthew Boswell says new research from the bureau finds the competition intensity in the country has decreased over the last two decades.

Younger Canadians don't want to be their own bosses, intensifying the slowdown in entrepreneurship in Canada, according to a new RBC report.