Yes, as of January 1, 2025, the maximum criminal interest rate in Canada was lowered to a 35% Annual Percentage Rate (APR), replacing the previous, much higher, roughly 48% APR (60% Effective Annual Rate) cap. This amendment to the Criminal Code is designed to curb predatory lending and applies to most consumer loans.
On January 1, 2025, the federal government implemented a reduction in the maximum allowable rate from 47% annual percentage rate (APR) to 35%.
Effective as of January 1, 2025, the criminal rate of interest specified in section 347 of the Criminal Code (Canada) (the Criminal Code) was reduced to an annual percentage rate (APR) that exceeds 35%. Prior to the amendments, the criminal rate of interest was an effective annual rate (EAR) that exceeded 60%.
Getting a 35-Year Mortgage
You'll need to make a minimum down payment of at least 20% to get a 35-year mortgage. That's because mortgages with a down payment of less than 20% require mortgage default insurance, which is only available for mortgages with an amortization period of 25 years or less.
At its last meeting on December 10, 2025 – The Bank of Canada dug in for the long pause, halting its rate-cutting cycle at 2.25% and most prime rates at 4.45% (excluding lender discounts).
What date is the next BoC interest rate decision? The next interest rate decision by the BoC is scheduled for 2026-01-28.
Absolutely, seniors can obtain a mortgage in Canada. Age itself isn't a barrier; the real focus is on your financial situation and the property's value. Lenders are looking at several factors before making a decision. Income Stability: First, your income sources matter.
One key difference between Canadian and U.S. mortgages is the term length: In the U.S. your mortgage term spans the length of the amortization period. So, the mortgage will be paid in full at the end of the term. Canadian mortgages also have an amortization period, which determines the total length of your mortgage.
How can I get the lowest mortgage interest rate?
The wedge between the paths of policy interest rates widened further, and by the end of 2024: the Bloomberg Survey of Forecasters shows that the expected policy interest rate at the end of 2025 would be: 2.50% in Canada. 3.75% in the United States.
74% of Canadians with RRSPs have $100,000 or more in retirement savings. Less than half of Canadians with a high-interest savings account have surpassed $100,000 in savings.
On December 15, 2025, the Government of Canada passed Bill C-3, An Act to amend the Citizenship Act. This legislation changes the first-generation limit to citizenship by descent. On this page, we explain what this change means, how to check if you're affected, and what you need to do before travelling to Canada.
According to a new study published by the Fraser Institute, in 2024 the average Canadian family (including single people) paid $48,306 in total taxes. Given the average family's total cash income was $114,289 in 2024, this means families paid 42.3 per cent of their incomes in taxes levied by all levels of government.
Based on this data, approximately less than 10% of Canadians aged 55 to 64 have $1,000,000 or more saved up to carry them into retirement. However, there are ways to improve your odds of getting to $1-million-plus in retirement savings, but it will take work.
The $1,200 payment is a one-time direct deposit issued by the Canada Revenue Agency for seniors classified as low income based on their most recent tax return. The payment is not a loan, does not need to be repaid and does not replace existing monthly benefits.
He's long pushed for lower rates, which could boost economic growth and make it cheaper to borrow. He has also made no secret of his frustration with outgoing Federal Reserve Chair Jerome Powell, who has supported cutting interest rates at a fairly slow clip, wary of causing inflation to resurge.
The 3-7-3 Rule in mortgages isn't a loan type but a federal timeline from the TILA-RESPA Integrated Disclosure (TRID) rule, ensuring borrower protection by mandating disclosures within 3 business days of application, a 7-business-day wait between the initial Loan Estimate and closing, and another 3-day wait if significant changes (like APR) occur, giving borrowers time to review costs before committing to a loan.