# Canadian economic and fiscal developments > Developing situation record from CLSTR: https://clstr.news/situations/canadian-economic-and-fiscal-developments > Updated: 2026-11-08T15:00:10.000Z. Sources: 9. Developments: 3. The Canadian economic landscape has been marked by shifts in monetary policy and fiscal planning. In late October, markets anticipated a potential interest rate increase from 2.25 per cent, coinciding with a Canada-EU Summit in Montreal aimed at strengthening ties with Europe. This summit followed efforts by Prime Minister Mark Carney to bolster European relations, amid proposals regarding Canada potentially becoming the first associate member of the European Union. By early November, the Bank of Canada had implemented a quarter-point interest rate increase to 2.5 per cent. Economic focus shifted toward the federal budget delivery by Finance Minister François-Philippe Champagne and the release of labor force data following a loss of 68,000 jobs in September. Recent developments include Bank of Canada Governor Tiff Macklem and Senior Deputy Governor Carolyn Rogers appearing before the House of Commons standing committee on finance. The Bank is also set to release a summary of its deliberations regarding the recent interest rate hike. Concurrently, the economy continues to manage headwinds from new tariffs imposed by U.S. President Donald Trump, alongside ongoing monitoring of merchandise trade, manufacturing, and wholesale trade data. Corporate activity remains high, with a continuous cycle of quarterly earnings reports from major firms such as Barrick Mining Corp., CGI Inc., and Canadian Tire Corp. Ltd. In November 2026, the federal government announced changes to the Temporary Foreign Worker Program. Effective November 6, the maximum duration for low-wage Labour Market Impact Assessments has been extended from one year to two years to provide businesses with more flexibility. Additionally, early childhood educators have been added to the list of professions exempt from certain hiring restrictions in Census Metropolitan Areas with unemployment rates of 6% or higher. ## Timeline ### 2026-11-08: Canada extends low-wage temporary foreign worker permit durations Canada has doubled the maximum duration of low-wage temporary foreign worker permits to two years and added early childhood educators to the list of professions exempt from regional unemployment hiring limits. 7 sources. https://clstr.news/cluster/canada-business-outlook-key-earnings-and-economic-reports-ahead ### 2026-11-01: Canada business outlook: Key economic indicators for the week Canada faces a busy economic week featuring corporate earnings, central bank testimony, the federal budget, and new trade and employment data. 3 sources. https://clstr.news/cluster/canada-business-outlook-key-economic-indicators-for-the-week ### 2026-10-25: Canada business outlook: interest rates, summit, and earnings Canada faces a significant week featuring a Bank of Canada interest rate decision, a Canada-EU Summit in Montreal, and major corporate earnings reports from companies like Air Canada and Teck Resources. 2 sources. https://clstr.news/cluster/canada-business-outlook-interest-rates-summit-and-earnings --- Cite as: Canadian economic and fiscal developments. CLSTR, https://clstr.news/situations/canadian-economic-and-fiscal-developments