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December 23, 2025
Publication: Summary of Deliberations
13:30 (ET)
A summary of monetary policy deliberations by the Governing Council for the policy decision that was announced two weeks earlier. -
December 23, 2025
Release of the Bank of Canada’s summary of deliberations
On Tuesday, December 23, 2025, the Bank of Canada will publish a summary of the deliberations that took place ahead of its interest rate decision on December 10, 2025. -
December 23, 2025
Summary of Governing Council deliberations: Fixed announcement date of December 10, 2025
This is an account of the deliberations of the Bank of Canada’s Governing Council leading to the monetary policy decision on December 10, 2025. -
December 23, 2025
Letter to industry - Update on Trust Tax Issue
This letter is in reference to the letter published by the Bank of Canada on September 8, 2025, indicating that there may be unintended consequences under the Income Tax Act for Payment Service Providers (PSPs) seeking to comply with the Retail Payment Activities Act (RPAA). Specifically, the September letter noted that there could be tax consequences or administrative burden under the Income Tax Act for PSPs seeking to safeguard end-user funds using the “in trust in a trust account” method while retaining interest income on the end-user funds they hold. -
Portfolio Rebalancing Channel and the Effects of Large-Scale Stock and Bond Purchases
We quantify the effects of large-scale stock purchases by a central bank and compare these to bond purchases. We find that the central bank’s equity purchases would lower the risk and term premiums on stocks and long-term bonds, respectively, and thereby stimulate economic activity. -
December 19, 2025
Case scenarios about marketplaces
The following fictional case scenarios illustrate the Bank’s approach to online marketplaces, and show examples of payment functions that are, and are not, incidental to a marketplace . These include the provision and maintenance of an account; the holding of funds on behalf of an end user; the initiation of an electronic funds transfer (EFT); authorization of an EFT and the transmission, facilitation or reception of an instruction in relation to an EFT ; and the provision of clearing or settlement services. -
The Sectoral Origins of Post-Pandemic Inflation
This paper quantifies the contribution of sector-specific supply and demand shocks to personal consumption expenditure (PCE) inflation. It derives identification restrictions that are consistent with a large class of dynamic stochastic general equilibrium models with production networks.