This week’s news is more of the same around Bank of Canada interest rates.

The governor was in New Brunswick this past Wednesday told an audience that a sluggish economy, set to continue well into 2024, was likely to exert further downward pressure on inflation in the coming months.

Bottom line, he believes that we’re at the end of the rate hikes. This news isn’t much surprise though, since so much of the news is focused on how quickly rates will come back down.

We should expect things to move slowly over the next couple of years. Too fast, and we’ll ignite the housing market all over again.

If you are tired of hearing about Bank of Canada rate news, here are a couple other helpful articles below.

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Important Upcoming Dates

Registered Education Savings Plan (RESP) and Canada Education Savings Grant (CESG):

• RESP deadline for 2023: December 31, 2023

• CESG available until the end of the calendar year the beneficiary turns 17

Contributing to RESP is designed to help Canadians save for post-secondary education. By contributing to an RESP, you are building a fund that can be used to cover educational expenses such as tuition, books, and living costs.

First Home Savings Account (FHSA):

• Annual contribution period: January 1 to December 31

• Contributions must be made before December 31 to be deducted from 2023 taxable income

If you want the tax credit for this year, which can help you grow your down payment savings, you should contribute before the end of the year.

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