The current interest rate in Canada is 2.75% as of the most recent interest rate announcement released by the Bank of Canada on June 4th, 2025. This is the policy interest rate also known as the target for the overnight rate which is set by the Bank of Canada.
The policy interest rate impacts short-term interest rates such as the prime rate in Canada.
Bank of Canada interest rate next date
The Bank of Canada has decided to hold the interest rate at 2.75% as announced on June 4th, 2025. This marks the second consecutive interest rate announcement where key policy rate has remained untocuhed. The Bank of Canada will continue to monitor the economy and make rate cuts accordingly. The next interest rate announcement will be on July 30th, 2025.
The previous interest rate announcement was April 16th, 2025 when the interest rate held at 2.75%.
The Bank of Canada releases interest rate announcements eight times a year. This table breaks down the upcoming interest rate release schedule for 2025.
- July 30th, 2025
- September 17th, 2025
- October 29th, 2025
- December 10th, 2025
Interest rate history in Canada
These are the historical changes to the policy interest rate in Canada. The Bank of Canada influences short-term interest rates by changing the policy interest rate also known as the target for the overnight rate.
| Date | Target | Change |
|---|---|---|
| June 4, 2025 | 2.75% | 0.00% |
| April 16, 2025 | 2.75% | 0.00% |
| March 12, 2025 | 2.75% | -0.25% |
| January 29, 2025 | 3.00% | -0.25% |
| December 11, 2024 | 3.25% | -0.50% |
| October 23, 2024 | 3.75% | -0.50% |
| September 4, 2024 | 4.25% | -0.25% |
| July 24, 2024 | 4.50% | -0.25% |
| June 5, 2024 | 4.75% | -0.25% |
| April 10, 2024 | 5.00% | 0.00% |
| March 6, 2024 | 5.00% | 0.00% |
These interest rates are sourced from the Bank of Canada.