Sonia Sidhu
Sonia Sidhu
Member of Parliament for Brampton South
“The Bank of Canada lowered its overnight rate for the fifth time this year and our government is giving a two-month tax break to all Canadians” – Sonia Sidhu
December 14, 2024

The Bank of Canada's decision to lower interest rates for the fifth time, bringing much-needed relief to Canadians.

"The Bank of Canada's decision to lower interest rates for a fifth time is welcome news and relief for Canadians," said MP Sidhu. "Our government’s responsible plan has created the economic conditions for interest rates to come down. We’re on the right path; our plan is working."

Canada has set a precedent as the first G7 country to cut interest rates five times. This latest cut is particularly beneficial for homeowners and businesses, as it means lower payments for those renewing their mortgages or looking to buy their first home. MP Sidhu emphasized, "This interest rate cut is good news for all Canadians.”

As the Bank of Canada continues its independent work to keep inflation within target – where it has remained throughout 2024 – the government is committed to supporting these efforts.

The Liberal government's broader economic plan, which is delivering fairness for every generation. "Our Liberal government’s tax break for all Canadians has come into effect starting December 14th and it will end on February 15, 2025, we are removing GST/HST from essentials, like groceries and holiday gifts. We are building more homes, creating more good jobs, and putting more money in your pocket."

"Canada was the first G7 country to cut interest rates; the first G7 country to cut interest rates a second time; a third time; a fourth time; and now the first G7 country to cut interest rates a fifth time," MP Sidhu noted. "Canada’s economic growth is expected to be second best in the G7 this year and the best in the G7 next year. For Canadians, this strong growth means more jobs, higher wages, and a rising standard of living."

The government is building on Canada’s strong economic and fiscal position to make the investments Canadians need – in housing, in affordability, and in economic growth – ensuring that every generation has a fair chance at success.

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