Bank of Canada Governor Mark Carney reiterated in a statement on Wednesday that the rate will need to remain low for some time before a rate hike is considered. It is one of Carney's final announcements before leaving to become the governor of the Bank of England.
The bank lowered its 2013 economic growth forecast for Canada to 1.5 per cent from 2 per cent.
CIBC World Markets economist Avery Shenfeld says the bank might not raise the rate until early 2015.
Carney, a Canadian, will become the head of the Bank of England on July 1. He is the first foreigner to be tapped for the position since it was founded in 1694.