Updated Checked by the Tax-Services.ca editorial team How we check
This page shows the Bank of Canada’s policy interest rate, the prime rate, Canadian inflation as measured by the consumer price index, and daily exchange rates, each with the date it applies to. The figures are fetched from the Bank of Canada once a day, and below them short sections explain what each one does to a loan, a mortgage or a money transfer.
It is for anyone whose money moves with interest rates, prices or currencies: renewing a mortgage, shopping for a car loan, choosing a GIC, paying a bill in another currency. All of it ties back to numbers published by the Bank of Canada and Statistics Canada, and Statistics Canada’s consumer price index page is where inflation comes from. Inflation is published monthly, so its date will be older than the rest. How we handle official figures is on the how we check rates page.
The data is not real time. If you’re about to sign something, check the current rate with your lender or bank. This is an independent information site: we provide no services, we do not represent the Bank of Canada or any organization, and we do not guarantee the figures are accurate. Nothing here is investment advice, and we don’t tell you what to buy or when.
Which tools do readers open most from this page?
- Mortgage calculator
See what a different rate does to your monthly payment.
- Fixed vs variable mortgage
Compare the two on your own numbers before you commit.
- Mortgage renewal calculator
Check what a renewal at today’s rates means for your payment.
- GIC calculator
See what a given rate earns over the term.
- Personal loan calculator
Work out the payment and the total interest on a loan.
What are today’s rates?
Live from the Bank of Canada
| Bank of Canada policy rate | 2.5%As of November 2, 2026 |
|---|---|
| Prime rate | 4.45%As of October 28, 2026 |
| Inflation, year over year (CPI) | 3.1%As of September 1, 2026 |
| US dollar in Canadian dollars | $1.3978As of November 2, 2026 |
| Euro in Canadian dollars | $1.5660As of November 2, 2026 |
| British pound in Canadian dollars | $1.8752As of November 2, 2026 |
Source: Bank of Canada Valet API, using data from Statistics Canada for inflation. We show the figure and its date, and update it once a day.
What does the Bank of Canada policy rate mean for you?
The policy rate is the Bank of Canada’s target for overnight lending between banks, and you never pay it directly. It matters because banks set their own prime rates around it, and prime is the base for many variable-rate loans, lines of credit and mortgages.
The Bank carries out monetary policy by influencing short-term interest rates. It does this by adjusting the target for the overnight rate on eight fixed dates each year.
Policy interest rate, Bank of Canada, bankofcanada.ca
When the policy rate moves, variable rates usually move with it. Fixed rates follow bond markets instead, so they can change even when the policy rate doesn’t. If you’re renewing or shopping, the mortgage calculators show what a different rate does to your payment, and the loan calculators do the same for a car or personal loan.
What does one percentage point cost on a mortgage?
On a $400,000 variable-rate balance, one extra percentage point means about $4,000 more interest over a year, roughly $333 a month at the start. That’s a rough figure that ignores how your balance shrinks, and some variable mortgages keep the payment fixed and stretch the amortization instead. Ask your lender which kind you have before the next rate announcement, not after. The mortgage calculator will run your own balance.
Why does inflation matter to your money?
Inflation is how fast consumer prices rise, and Statistics Canada tracks it with the consumer price index. At 3% a year, $1,000 buys what $970 would have a year earlier. Savings that earn less than inflation lose buying power even while the balance grows, which is worth knowing before you pick a savings account or a GIC. The interest calculator shows what a given rate does to a balance.
Inflation also feeds into tax. Many tax brackets and credits are indexed each year, so the thresholds on the limits and rates page usually rise with it. The savings and retirement guide shows how the registered accounts fit in.
Do the exchange rates on this page match what a bank gives you?
No. The daily rates above are a fair guide if you send money home, buy from abroad or earn in another currency, but banks and card companies add a margin to them. Ask for the rate before you commit. Say a transfer carries a 2.5% margin: on $2,000 that’s $50 gone before the money lands, a few bucks you could have kept.
If you’re planning something bigger, the calculators cover pay, tax, mortgages and savings. Earning abroad also affects your return, so see the foreign income article for how Canadian residents report it.
What is the CRA saying?
The five most recent news releases from the Canada Revenue Agency are below, each linking to the CRA’s own page. We’re an independent publisher with no connection to the CRA, so we only point to what it has published. More headlines and context are on the tax news page.
Latest from the CRA
- Greater tax certainty for major investments in Canada
Canada Revenue Agency news release, September 14, 2026
- The Canada Child Benefit payments increasing in 2026-2027: Nearly 81,000 families in New Brunswick benefiting from more generous payments starting this month
Canada Revenue Agency news release, July 16, 2026
- Canadians experience improved service delivery and responsiveness from the CRA this tax season
Canada Revenue Agency news release, May 6, 2026
- Canada Groceries and Essentials Benefit one-time top-up payment to make groceries and other essentials more affordable is coming June 5
Canada Revenue Agency news release, April 17, 2026
- The Minister of Finance and National Revenue and the Secretary of State (Canada Revenue Agency and Financial Institutions) mark the launch of the 2026 tax-filing season
Canada Revenue Agency news release, February 23, 2026
Frequently asked questions
Where do the Bank of Canada rates and inflation numbers come from?
From the Bank of Canada. Inflation is the change in the consumer price index published by Statistics Canada, and we calculate it from the Bank of Canada series. Each figure shows its date.
What is the Bank of Canada policy rate?
It is the Bank of Canada's target for overnight lending between banks. You never pay it directly, but banks set their prime rates around it, and prime is the base for many variable-rate loans, lines of credit and mortgages.
How much does one percentage point cost on a $400,000 mortgage?
On a $400,000 variable-rate balance, one extra percentage point means about $4,000 more interest over a year, roughly $333 a month at the start. It is a rough figure, because your balance shrinks over time.
How often are the figures updated?
Once a day. If a source can't be reached, the last good figure stays on the page and its date shows how old it is.
Is the prime rate the same at every bank?
No. Each bank sets its own prime rate, so the figure here is the Bank of Canada's reference series, not your lender's rate. Check your loan paperwork for the rate you actually pay.
Can I rely on these for a currency exchange?
Not for what you'll pay. Banks and card companies add a margin to the daily rate, so the amount you get will be lower. Treat these as a guide, and ask for the rate before you send money.