Pattie Lovett-Reid: With interest rates staying lower for longer, what does this mean for you? PattieCTV
The Bank of Canada kept its key interest rate on hold at 0.25%
2. If you are carrying a lot of debt or have incurred debt due to the pandemic, the lower rates will help you service that debt and pay it down a little sooner. Individuals and small business owners in many cases have to watch their debt level balloon trying to make ends meet. 4. If you are currently unemployed and and collecting the CERB, which will likely come to an end come the fall, the potential is there to take advantage of the wage subsidy program, which has been extended to December as the economy starts to pick up and employers begin to hire again.
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