Bank of Canada Rate Announcement: Next Date, Current Rate and 2026–2027 Schedule

The Bank of Canada announces the overnight rate target on eight fixed dates each year, and the next scheduled announcement is the first date on its schedule that has not yet passed. The Bank's key interest rate page, checked on November 4, 2026, lists for 2026: January 28, 2026; March 18, 2026; April 29, 2026; June 10, 2026; July 15, 2026; September 2, 2026; October 28, 2026; December 9, 2026; and for 2027: January 27, 2027; March 3, 2027; April 28, 2027; June 2, 2027; July 21, 2027; September 8, 2027; October 27, 2027; December 8, 2027. Dates after 2027 are not on the Bank's schedule. The Bank's explainer adds an exception: "In special circumstances, we may announce rate changes at other times—for example, on March 13, 2020, and March 27, 2020, in response to economic shocks from the COVID-19 pandemic." The Bank's schedule releases say: "All interest rate announcements will take place at 09:45 (ET)".

The Bank of Canada's releases of its 2026 and 2027 schedules state: "All interest rate announcements will take place at 09:45 (ET)", and the Monetary Policy Report is published concurrently with the January, April, July and October rate announcements. 09:45 (ET) is 9:45 a.m. Eastern Time.

In its press release of October 28, 2026 the Bank of Canada set its target for the overnight rate at 2.50%, with the Bank Rate at 2.75% and the deposit rate at 2.45%. The Bank's key interest rate page says a change takes effect the day after its announcement, which makes October 29, 2026 the effective date.

According to the Bank of Canada, it adjusts the target for the overnight rate on eight fixed dates each year. Its explainer adds that the Bank introduced the schedule of eight fixed dates in 2000 and that in special circumstances it may announce rate changes at other times, for example on March 13, 2020 and March 27, 2020.

The Bank of Canada's explainer calls its target for the overnight rate its policy interest rate: the rate it wants financial institutions to charge each other on one-day loans. The same explainer lists "the prime rate of commercial banks (used for loans such as mortgages and lines of credit)" among the interest rates that the policy rate affects. The Bank's explainer gives no prime figure, so none is given here.

The Bank of Canada's explainer says financial institutions can deposit money with the Bank at the deposit rate for one night or borrow money from it at the Bank Rate for one night; the range between them is called the operating band. In the Bank's press release of October 28, 2026 they are 2.45% and 2.75%.