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. Content Type(s): Upcoming events
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. Content Type(s): Press, Media advisories
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. Content Type(s): Publications, Summary of deliberations
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. Content Type(s): Press, Announcements
December 19, 2025 The Globe and Mail Tiff Macklem, Governor of the Bank of Canada. Interview with The Globe and Mail. Content Type(s): Press, Media activities
Portfolio Rebalancing Channel and the Effects of Large-Scale Stock and Bond Purchases Staff working paper 2025-38 Sami Alpanda, Serdar Kabaca 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. Content Type(s): Staff research, Staff working papers JEL Code(s): E, E3, E32, E4, E44, E5, E52 Research Theme(s): Models and tools, Economic models, Monetary policy, Monetary policy framework and transmission, Real economy and forecasting
December 19, 2025 Currency We design, issue and distribute Canada’s bank notes. We work to ensure that Canadians have access to secure, reliable and high-quality bank notes.