Canada’s higher interest rates hitting low-income households harder than wealthy: StatCan

Canada’s low-income households experienced a harder hit to their disposable cash in the third quarter of 2023 as higher interest rates made it more difficult for this group of Canadians to save, new data shows. As Sean Previl reports, with the Bank of Canada’s first interest rate announcement of the year looming, financial experts say it could be a while before a rate cut comes. And as a result, the rich may be seeing benefits while the poorest are finding it difficult to keep up.

• Higher interest rates are punishing low-income Canadians, data shows