Updated Checked by the Tax-Services.ca editorial team How we check
These are the Canadian numbers people check most when a loan, a mortgage or a money transfer is on the table: the Bank of Canada’s rate, inflation and exchange rates. Each one shows the date it applies to, and the page updates once a day. How we handle official figures is on the how we check rates page.
The page 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 or just wondering why groceries cost more than last year, all of it ties back to a handful of numbers published by the Bank of Canada and Statistics Canada. Here they sit in one place, each with its date, so you can see how current it is.
Below the figures you’ll find short explanations of what each one does to you in practice. The policy rate nudges your variable rate, inflation shrinks savings that earn too little, and exchange rates decide what a payment abroad really costs. After a few minutes you should be able to read a news story about a rate decision and know whether it affects you, and you can follow the links to calculators that show the effect in dollars. This isn’t investment advice, and we don’t tell you what to buy or when.
A word on freshness. The figures are fetched from the Bank of Canada once a day, not in real time, and each one shows the date it applies to. Inflation is published monthly, so its date will be older than the rest. If you’re about to sign something, check the current rate with your lender or bank.
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- Mortgage calculator
See what a different rate does to your monthly payment.
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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 | 2.25%As of October 20, 2026 |
|---|---|
| Prime rate | 4.45%As of October 14, 2026 |
| Inflation, year over year (CPI) | 3.1%As of September 1, 2026 |
| US dollar in Canadian dollars | $1.4057As of October 21, 2026 |
| Euro in Canadian dollars | $1.5785As of October 21, 2026 |
| British pound in Canadian dollars | $1.8826As of October 21, 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 do these numbers mean for you?
The policy rate is the Bank of Canada’s target for overnight lending between banks. 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?
Take 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.
Why does inflation matter to your money?
Inflation is how fast prices rise. 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.
What about exchange rates?
Sending money home, buying from abroad or earning in another currency? The daily rates above are a fair guide, but they aren’t what you’ll get at a bank or on a card.
Those add a margin, so 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 and we have no connection with 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 these 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.
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.