RE:RE:RE:RE:RE:RE:RE:Many own this bttmfischer wrote: I am afraid IT WAS 23 % and I had to pay taxes to Revenue Canada on it. I still have the tax return, to remind me, of how bad things can get.
Hey FISHER__As I POSTED earlier__It was the PRIME RATE which the Big Banks charged in
August, 1981 which WAS 23% for just a FEW WEEKS
https://wowa.ca/banks/prime-rates-canada 1977 - 1991: Stagflation
After the upward change in 1955, the Bank of Canada rate continued to rise slowly throughout the 1960s and early 1970s. In October 1978, the benchmark rate hit double digits for the first time at 10.25%. This was due in part to the global oil crisis and the OPEC oil embargo. With record-high prices for oil in August 1980 that continued into 1981, the Bank of Canada rate hit an all-time high of 20.03% in August 1981. The lowest rate reached during this period was 7.14% (March 1987).
The ACTUAL RATE on the
1981 Canada SAVINGS BONDS was SET @ 19.5% LOCKED IN for a Full 7 YEAR TERM
https://www.nerdwallet.com/ca/banking/understanding-canada-savings-bonds#:~:text=CSBs%20offered%20an%20annual%20interest,return%20of%200.5%25%20in%202020. Can you still buy Canada Savings Bonds?
No. In the 2017 budget, the federal government announced it was discontinuing the sale of CSBs and CPBs that year, due to a decline in sales, consumers’ access to other investment vehicles and escalating costs to manage the program.
Indeed, the federal government says the CSB program reached its peak in 1987-’88, representing nearly $55 billion in total retail debt outstanding. CSBs offered an annual interest rate of 19.5% in 1981, compared to a return of 0.5% in 2020.