The Bank of Canada has raised its benchmark interest rate by 0.25 percentage points for the first time in three years, increasing it from 2.25% to 2.50%. Bank of Canada Governor Tiff Macklem said the decision was aimed at keeping inflation under control amid economic pressures caused by a sharp rise in crude oil prices. The central bank had held its policy rate at 2.25% for seven consecutive decisions. Following the latest increase, mortgages, car loans and other commercial borrowing are expected to become more expensive, putting additional financial pressure on Canadians. Citing elevated oil

U.S. Ambassador to Canada Pete Hoekstra has reportedly warned that Canada could be held responsible if President Donald Trump’s Republican Party loses the upcoming midterm elections. According to reports, Hoekstra hosted a private business lunch at his official residence in Ottawa on Tuesday, where he specifically mentioned border states such as Michigan and Maine. Republican victories in these states are considered important for the party’s efforts to maintain its Senate majority. Hoekstra reportedly told business leaders that if these states swing in favour of Democrats, Canada could fac

Canada and the United Arab Emirates have signed a historic free trade agreement in Ottawa. The Comprehensive Economic Partnership Agreement (CEPA) was signed during a ceremony on Parliament Hill attended by Prime Minister Mark Carney and Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan. Canada’s Trade Minister Maninder Sidhu and UAE Minister of Foreign Trade Thani Al Zeyoudi signed the agreement, which was concluded in a record 47 days after free trade negotiations began. The deal aims to eliminate tariffs, reduce regulatory barriers and create new business opportunities

U.S. President Donald Trump has congratulated Lorne Doerkson on the Conservative Party’s historic victory in British Columbia’s provincial election. In a post on his social media platform, Truth Social, Trump wrote, “Congratulations to Lorne Doerkson on your big win. Conservatives are making strong gains in Canada.” During the election campaign, the BC NDP and David Eby had attempted to appeal to voters by portraying the BC Conservatives as being aligned with Trump-style politics. However, the Conservatives went on to win more than 60 of the 93 seats, marking their biggest electoral vi

A controversy has erupted ahead of the Canada-EU Summit in Montreal, with Quebec’s new Parti Québécois government accusing the federal government of refusing to allow Premier Paul St-Pierre Plamondon to deliver a speech at the event. In a statement posted on X, Plamondon alleged that Ottawa had rejected his request to speak, despite the summit being held on Quebec soil. He criticized Prime Minister Mark Carney, calling the decision disrespectful to Quebec. The federal government has rejected the allegations. Industry Minister Mélanie Joly said Premier Plamondon and other provincial leader

Olivia Chow has been re-elected as mayor of Toronto, Canada’s largest city, in Ontario’s municipal elections, while the incumbent mayors of Mississauga and Hamilton suffered defeats. Meanwhile, Patrick Brown secured a third consecutive term as Brampton’s mayor. Punjabi-origin candidates also performed well in Brampton. Incumbent Deputy Mayor Harkirat Singh won a city council seat, retaining his position on the council. Lawyer Sukhman Sangha won a regional councillor seat, while Navjit Kaur Brar returned to Brampton City Council. Another Punjabi candidate, Tarn Chahal, also won a city cou

The Canadian government is considering including gaming platforms in its proposed digital safety legislation to protect children from online exploitation. Identity Minister Marc Miller has signalled the possibility of expanding the proposed law, which currently includes a ban on social media accounts for children under 16. Child safety organizations and parents have raised concerns about platforms such as Roblox and Discord, where children and adults can communicate freely, potentially exposing young users to exploitation. Miller said he has met with representatives of several gaming companies

Prime Minister Mark Carney held a high-level meeting with premiers and First Nations leaders in Ottawa today ahead of the upcoming federal budget, aiming to address obstacles and opposition that could delay major projects. During the meeting, Carney pledged greater support for Indigenous communities and promised to build stronger partnerships with them. It was the first time in two decades that federal, provincial and First Nations leaders had gathered at the same table for direct discussions on key national issues. Carney said his government would announce new measures for First Nations in th

Canada’s central bank is set to announce its monetary policy decision on Wednesday, with many experts anticipating a possible interest rate hike. If the Bank of Canada raises rates, it would mark the first increase in three years. Economists say the Canadian economy is facing two conflicting challenges. On one hand, economic growth remains weak, which would normally support cutting interest rates to stimulate the economy. On the other hand, rising oil prices are driving inflation, and the central bank may not want to wait until price pressures spread to other sectors before taking action. Ma