The Bank of Canada cut its overnight lending rate by half percentage point to 1%. This interest rate is the lowest in history, even in 1958 the policy rate stayed at 1.12%. The overnight rate is the rate at which financial institutions borrow and lend overnight (short-term) money among themselves. This rate is also known as Key Interest Rate or Key Policy Rate.
Borrowers, such as those who have consumer loans and mortgages, may not benefit fully from rate cut (if their financial institutions do not match this cut fully). However, it is likely that at least they will receive some benefit. Savers, on the other hand, will get hurt by this rate cut. Lower interest rate typically translates into lower returns on savings accounts and GICs. Check with your own financial institution to see if your rate was reduced or not.