This Appendix presents the text of selected questions asked as part of surveys that the Bank of Canada conducted during the first quarter of 2025, including the Business Leaders’ Pulse, the Business Outlook Survey and the Canadian Survey of Consumer Expectations.
Chart 1
Right now, are you changing your spending or savings plans in response to the potential state of trade relations between Canada and the United States?
| More | No change | Less | Not applicable [default] | |
|---|---|---|---|---|
| Making a major purchase (e.g., a house or trip) | ||||
| Saving for precautionary reasons |
Chart 2
Respondents were randomly assigned one of the following two questions:
- How do you think your own job security (such as hours worked or availability of jobs) would be affected by US tariffs on Canadian goods and Canadian retaliatory tariffs?
- My job security would be stronger
- My job security would be weaker
- My job security would not change
- I don't know
Or
- How do you think your own job security (such as hours worked or availability of jobs) would be affected if trade relations between Canada and the United States were to change relative to prior to the US election?
- My job security would be stronger
- My job security would be weaker
- My job security would not change
- I don't know
Follow-up to questions 1 and 2: In which of the following industries is your job?
- Agriculture and forestry
- Mining and oil and gas
- Utilities
- Construction
- Manufacturing
- Retail and wholesale trade
- Transportation and warehousing
- Finance, insurance, real estate, rental and leasing
- Public sector: Education, health and public administration
- Information, culture and recreation
- Others, please specify
Chart 3
What changes, if any, do you see in your business operations due to the uncertainty arising from the threat of US tariffs on Canadian goods and retaliatory tariffs on US goods?
| Decrease | Remain unchanged | Increase | I don’t know | |
|---|---|---|---|---|
| Employment | ||||
| Capital expenditures |
Chart 4
If the business said it would increase prices charged to Canadian customers due to tariffs:
What portion of the tariff cost will you pass on to Canadian customers?
Chart 5
Consumers: How do you think your cost of living would be affected if trade relations between Canada and the United States were to change relative to prior to the US election?
Businesses: What changes, if any, do you see in your business operations due to the uncertainty arising from the threat of US tariffs on Canadian goods and retaliatory tariffs on US goods?
| Decrease | Remain unchanged | Increase | I don’t know | |
|---|---|---|---|---|
| Prices charged to Canadian customers |
Chart 6
Business Leaders’ Pulse
- What do you expect the rate of inflation to be over the next 12 months?
- What do you expect the rate of annual inflation to be in about 2 years from now?
- What do you expect the rate of annual inflation to be in about 5 years from now?
- There will be a deflation (decrease in consumer prices)
- The rate of inflation will be between 0% and 1%
- The rate of inflation will be between 1% and 2%
- The rate of inflation will be between 2% and 3%
- The rate of inflation will be between 3% and 4%
- The rate of inflation will be between 4% and 5%
- The rate of inflation will be between 5% and 8%
- The rate of inflation will be 8% or higher
Business Outlook Survey
Over the next two years, what do you expect the annual rate of inflation to be based on the Canadian consumer price index?
Canadian Survey of Consumer Expectations
- What do you expect the rate of [inflation/deflation] to be over the next 12 months? Please give your best guess.
- What do you expect the rate of [inflation/deflation] to be over the 12-month period between February 2026 and February 2027? Please give your best guess.
- What do you expect the rate of [inflation/deflation] to be over the 12-month period between February 2029 and February 2030? Please give your best guess.