Canadian and international business news relevant to local business leaders here in Ottawa. Includes stories related to inflation, interest rates, employment, major government announcements and more.
It can take oil producers a while to ramp up production, especially after some smaller producers shut down or went bust during the depths of shutdowns last year.
Canadians have accumulated an average of $5,800 in extra savings as spending dropped over the last year while many businesses were closed or faced restrictions.
The central bank says its key interest rate target will stay at 0.25% until the economy recovers and inflation is back at its 2% comfort zone, which it doesn't see happening until 2023.
The comments came ahead of a Bank of Canada interest rate announcement Wednesday that is expected to reveal how the central bank is thinking about the economy and setting interest rates.
The government said under the current plan, seniors aged 75 and older will start getting the shot in April, while everyone 60 and older will receive the first dose by the end of May or early June, if not earlier.