The Canadian Press ~ Dec 11, 2025
TORONTO – There’s been a lot to keep up with this year, so it’s easy to have missed new developments on the personal finance front even if they might mean more money in your pocket.
To help stay up to date, here’s a look at some notable changes for 2025:
Interest rates and inflation
Price growth steadied this year, allowing the Bank of Canada to push its key interest rate down by a full percentage point in 2025 to 2.25 per cent. But with higher prices already baked-in, an increasing number of consumers struggled with debt.
The annual rate of inflation slowed to 2.2 per cent in October, the most recent available data, though pressure remained in key areas.
“Essential costs remain elevated as grocery prices rose 3.4 per cent year-over-year, and food costs continue to outpace the general rate of inflation,” said Natasha Macmillan, senior business director of everyday banking at Ratehub.ca, by email.
“Add in higher tariffs and supply chain costs, and everyday spending remains a challenge for many households.”
The higher costs have also led to more Canadians falling behind on payments. Equifax Canada said the non-mortgage delinquency rate hit 1.63 per cent in the third quarter, up 14 per cent from a year earlier, while average non-mortgage debt was up $511 from the year before to $22,321.
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