Bank of Canada rate hike a pleasant surprise for savers: Dale Jackson
This week’s surprise interest rate hike by the Bank of Canada was another blow to the country’s over leveraged borrowers, but it was a double-blessing for the smaller sliver of the population that actually saves money.
Despite being late to react, policymakers led by Governor Tiff Macklem have taken a global leadership role in doing whatever it takes to ensure all Canadians don’t get crushed by runaway inflation; even if it requires some bloodletting. In addition to hedging risk, fixed-income investments can also generate tax savings in registered accounts such as a registered retirement savings plan , tax-free savings account , registered education savings plan and the just-introduced first home savings account . In comparison, fixed-income investments are fully taxed outside a registered account.
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