The Canadian dollar has dropped to a six-year low at barely above 77 cents US on account of the prime lending rate cut tp 0.5%.
But not all is gloomy, as predictions suggest the real GDP will grow by 1% in 2015 and by about 2.5% in 2016 and 2017. If the predictions hold true things should be back to normal by 2017, but we don’t have great faith in predictions.
Finance Minister Joe Oliver recently stated that Canada is not in a recession despite 4 months of the economy shrinking. He feels that the economy will turn around soon while others are less optimistic and think the shrinkage will continue.
We will wait to see what the Bank of Canada announces on its July 15 rate annoucement.
See this article from the Globe and Mail Canada: Cellphone carriers lose court challenge over CRTC wireless code
If you have signed a 3 year cell phone contract in recent times, or not so recent times, as of June 3, 2015 you will be able to cancel it without penalty, regardless of how much subsidy is left and regardless of when it was signed. You can walk away from your contract and not pay subsidy or cancellation fees (of course fees remaining for cell phone services rendered still apply).
The Government of Canada has tools available at their Canadian Financial Literacy Database and self-assessment quiz page.