A third of Canadians prefer EVs to deliver goods
Eco-consciousness is steadily becoming an important strategy a business can implement to become more attractive to Canadian consumers. Case in point, a new survey from Geotab and Angus Reid, found that 1 in 3 Canadians are more likely to purchase from companies using electric vehicles (EVs) to deliver goods. The desire to support a company using an EV is higher in Canadians between the ages of 18 to 34 with 48% saying they'd support businesses who uses EVs, compared to 33% of Canadians between the ages of 35 to 54, or 24% of Canadians 55 or older. "Achieving sustainability goals is a massive effort that requires collaboration right across the industry," explains Neil Cawse Geotab founder and CEO. "Advancements in connected vehicle data insights and [artificial intelligence] are helping organisations reach ambitious targets. Working together will help to accelerate progress as we share knowledge and real-world experiences." Two-thirds (66%) of survey respondents agree that commercial truck fleets should invest in EVs where technically feasible.
Eco-consciousness is steadily becoming an important strategy a business can implement to become more attractive to Canadian consumers. Case in point, a new survey from Geotab and Angus Reid, found that 1 in 3 Canadians are more likely to purchase from companies using electric vehicles (EVs) to deliver goods. The desire to support a company using an EV is higher in Canadians between the ages of 18 to 34 with 48% saying they'd support businesses who uses EVs, compared to 33% of Canadians between the ages of 35 to 54, or 24% of Canadians 55 or older. "Achieving sustainability goals is a massive effort that requires collaboration right across the industry," explains Neil Cawse Geotab founder and CEO. "Advancements in connected vehicle data insights and [artificial intelligence] are helping organisations reach ambitious targets. Working together will help to accelerate progress as we share knowledge and real-world experiences." Two-thirds (66%) of survey respondents agree that commercial truck fleets should invest in EVs where technically feasible.
EQ Bank launches new notice savings account
Want the flexibility and liquidity of a high-interest savings account but the high earn rate of a guaranteed investment certificate (GIC)? EQ Bank is banking on it. Earlier this month, the online banking giant launched a new savings account plan they've coined: Notice Savings Account. Like other EQ Bank accounts, if you opt to use a Notice Savings Account, you do not pay monthly fees and not required to maintain a minimum monthly balance. The difference is that you're money will be temporarily 'locked-in' — with customers choosing between 10 and 30-day notice periods in order to withdraw their money. The benefit is that account holders earn 4.0% or 4.25% interest, respectively. "The launch of our EQ Bank Notice Savings Account brings much-needed product innovation to Canadians who deserve the best from their banks," said Mahima Poddar, EQ Bank’s senior vice-president and group head, personal banking. "Notice savings accounts maintain a balance between flexibility and great interest rates, making them a perfect choice for Canadians who are willing to plan their withdrawals in advance to maximize their savings growth. Our no fee, no minimum balance and all-digital account offers all EQ Bank customers access to the same rates so they can save as much or as long as they want." To figure out if these new accounts work for your savings goals, here's a run down of this new EQ Bank product.
Want the flexibility and liquidity of a high-interest savings account but the high earn rate of a guaranteed investment certificate (GIC)? EQ Bank is banking on it. Earlier this month, the online banking giant launched a new savings account plan they've coined: Notice Savings Account. Like other EQ Bank accounts, if you opt to use a Notice Savings Account, you do not pay monthly fees and not required to maintain a minimum monthly balance. The difference is that you're money will be temporarily 'locked-in' — with customers choosing between 10 and 30-day notice periods in order to withdraw their money. The benefit is that account holders earn 4.0% or 4.25% interest, respectively. "The launch of our EQ Bank Notice Savings Account brings much-needed product innovation to Canadians who deserve the best from their banks," said Mahima Poddar, EQ Bank’s senior vice-president and group head, personal banking. "Notice savings accounts maintain a balance between flexibility and great interest rates, making them a perfect choice for Canadians who are willing to plan their withdrawals in advance to maximize their savings growth. Our no fee, no minimum balance and all-digital account offers all EQ Bank customers access to the same rates so they can save as much or as long as they want." To figure out if these new accounts work for your savings goals, here's a run down of this new EQ Bank product.
Food and drink industry creates job seeker program
As Boomers age into retirement, there will be a dearth of skilled Canadians to fill these positions within multiple industries — meaning talent acquisition, training and retention is paramount. Food Processing Skills Canada, a non-profit training and workforce development organization located in Ottawa, has taken note and launched Skills Training Across Canada, an initiative aimed at job seekers, new hires and frontline workers in the food and beverage industry. This was aided by $5.5 million in funding from the government’s Skills for Success Program. The program has been designed to improve foundational and transferable skills to 800 industry frontline workers and 1,500 jobseekers nationally through training, webinars and resources in both English and French. The curriculum is aligned to the Government of Canada's Skills for Success model and the industry's Learning and Recognition Framework. "Ensuring Canadian employers have the right tools to support their employees excel in their career is a top priority for Food Processing Skills Canada," Jennefer Griffith, executive director of Food Processing Skills Canada, said in a press release. "Over the years, we have learned that more than 90% of participants in our previous programs state improved job performance and improved company productivity. When new hires and employees feel valued through training and professional development, the confidence and competence of a business' workforce grows exponentially."
As Boomers age into retirement, there will be a dearth of skilled Canadians to fill these positions within multiple industries — meaning talent acquisition, training and retention is paramount. Food Processing Skills Canada, a non-profit training and workforce development organization located in Ottawa, has taken note and launched Skills Training Across Canada, an initiative aimed at job seekers, new hires and frontline workers in the food and beverage industry. This was aided by $5.5 million in funding from the government’s Skills for Success Program. The program has been designed to improve foundational and transferable skills to 800 industry frontline workers and 1,500 jobseekers nationally through training, webinars and resources in both English and French. The curriculum is aligned to the Government of Canada's Skills for Success model and the industry's Learning and Recognition Framework. "Ensuring Canadian employers have the right tools to support their employees excel in their career is a top priority for Food Processing Skills Canada," Jennefer Griffith, executive director of Food Processing Skills Canada, said in a press release. "Over the years, we have learned that more than 90% of participants in our previous programs state improved job performance and improved company productivity. When new hires and employees feel valued through training and professional development, the confidence and competence of a business' workforce grows exponentially."
Inflation makes holidays hard for small businesses
While inflation has cooled somewhat, with Bank of Canada (BoC) interest rates dropping as a result, its impacts are still being felt by small businesses and their customers across Canada. A new report from Constant Contact indicates 90% of Canadian small businesses surveyed have been impacted by inflation, and 56% of Canadian consumers have decreased their spending at small businesses this year due to inflationary pressure. "Small businesses are incredibly resilient, but as they head into a holiday season filled with uncertainty, they must get proactive in their marketing to ensure success," said Sarah Joran, chief marketing officer at Constant Contact. "Our study shows that despite inflation, shoppers still want to support small businesses, so the SMBs (small and medium-sized business) who thrive will be the ones who start their holiday marketing early, streamline their work with automations and engage customers consistently throughout the season." Just over a third of small businesses said they feel the most pressure to drive revenue for their businesses in Q4.
While inflation has cooled somewhat, with Bank of Canada (BoC) interest rates dropping as a result, its impacts are still being felt by small businesses and their customers across Canada. A new report from Constant Contact indicates 90% of Canadian small businesses surveyed have been impacted by inflation, and 56% of Canadian consumers have decreased their spending at small businesses this year due to inflationary pressure. "Small businesses are incredibly resilient, but as they head into a holiday season filled with uncertainty, they must get proactive in their marketing to ensure success," said Sarah Joran, chief marketing officer at Constant Contact. "Our study shows that despite inflation, shoppers still want to support small businesses, so the SMBs (small and medium-sized business) who thrive will be the ones who start their holiday marketing early, streamline their work with automations and engage customers consistently throughout the season." Just over a third of small businesses said they feel the most pressure to drive revenue for their businesses in Q4.
One third of Canadians manage their finances well
World Financial Group (WFG) has released its latest Financial IQ study to coincide with Life Insurance Awareness Month. The biggest reveal of the study is that only 37% of the Canadians surveyed are confident they manage their finances well enough to lead to security in the future — down from 39% the year prior. "The goal of WFG independent agents is to guide individuals and families in achieving financial security. Currently Canadians are anxious about their future and financial situation," said Rick Williams, president of World Financial Group Insurance Agency of Canada Inc. "Life Insurance Awareness Month is a great time to educate the lower and middle-market communities about the many available life insurance solutions and financial options," Williams added.
World Financial Group (WFG) has released its latest Financial IQ study to coincide with Life Insurance Awareness Month. The biggest reveal of the study is that only 37% of the Canadians surveyed are confident they manage their finances well enough to lead to security in the future — down from 39% the year prior. "The goal of WFG independent agents is to guide individuals and families in achieving financial security. Currently Canadians are anxious about their future and financial situation," said Rick Williams, president of World Financial Group Insurance Agency of Canada Inc. "Life Insurance Awareness Month is a great time to educate the lower and middle-market communities about the many available life insurance solutions and financial options," Williams added.
Canadian salary increases to surpass inflation
As the Canadian labour market continues to work itself out in a post-pandemic world, especially with the subsequent inflation that has impacted many Canadians and their quality of life, there seems to be some glimmers of hope for the future. The national average base salary increase for 2025 is projected at 3.6%, according to Eckler’s third annual survey — although, this is below 2024’s actual increase of 3.8%. "As inflationary pressures dissipate, planned salary increases are moderating more slowly; resulting in larger real compensation increases for employees," said Anand Parsan, national compensation practice leader at Eckler. "We are beginning to see a reversion to pre-pandemic norms." However, Eckler’s predictions don’t include planned salary freezes.
As the Canadian labour market continues to work itself out in a post-pandemic world, especially with the subsequent inflation that has impacted many Canadians and their quality of life, there seems to be some glimmers of hope for the future. The national average base salary increase for 2025 is projected at 3.6%, according to Eckler’s third annual survey — although, this is below 2024’s actual increase of 3.8%. "As inflationary pressures dissipate, planned salary increases are moderating more slowly; resulting in larger real compensation increases for employees," said Anand Parsan, national compensation practice leader at Eckler. "We are beginning to see a reversion to pre-pandemic norms." However, Eckler’s predictions don’t include planned salary freezes.
Canada businesses' pay fraud higher than consumers
As technology becomes more sophisticated, the opportunity for bad actors to exploit these advancements and defraud both Canadian businesses and the general population increases significantly. One in five (20%) of Canadian businesses have experienced payment fraud in the last six months — however, that number drops to 13% for consumers. This is according to a new study from Payments Canada. "Addressing fraud risks is a central focus for the payment ecosystem. It requires a multifaceted approach that leverages technology, system innovations, evolving regulations and education through continued industry collaboration," said Donna Kinoshita, chief payment officer at Payments Canada. "Looking to the future, biometrics, multi-factor authentication, confirmation of payee systems, AI learning for fraud detection, centralised fraud systems, in addition to enhanced reporting and data sharing, are just some of the cross-industry innovations and initiatives that will play a role in helping protect Canadian businesses and consumers." The most common types of fraud were: impersonator fraud, originating from a phone call, text message or email that appears to be from a trusted business source (25%), intercepted business e-Transfers (22%) and credit card fraud (20%).
As technology becomes more sophisticated, the opportunity for bad actors to exploit these advancements and defraud both Canadian businesses and the general population increases significantly. One in five (20%) of Canadian businesses have experienced payment fraud in the last six months — however, that number drops to 13% for consumers. This is according to a new study from Payments Canada. "Addressing fraud risks is a central focus for the payment ecosystem. It requires a multifaceted approach that leverages technology, system innovations, evolving regulations and education through continued industry collaboration," said Donna Kinoshita, chief payment officer at Payments Canada. "Looking to the future, biometrics, multi-factor authentication, confirmation of payee systems, AI learning for fraud detection, centralised fraud systems, in addition to enhanced reporting and data sharing, are just some of the cross-industry innovations and initiatives that will play a role in helping protect Canadian businesses and consumers." The most common types of fraud were: impersonator fraud, originating from a phone call, text message or email that appears to be from a trusted business source (25%), intercepted business e-Transfers (22%) and credit card fraud (20%).
5 pros and 6 cons to recent mortgage changes
Are you sitting on the sidelines waiting for real estate prices to soften? After the recent federal government announcement, you’d better buckle up. Finance Minister Chrystia Freeland announced some major changes to mortgage rules in Canada. According to Freeland, these changes — billed as the “most significant mortgage reforms in decades” — are part of the federal government’s initiative to make housing more affordable (and, potentially, secure some love from the Canadian public). These reforms include: Increase in the mortgage insurance cap: The limit on insured mortgages was raised from $1 million to $1.5 million, allowing more home buyers to qualify for mortgages with less than 20% down payment. (Re-)Introduction of 30-year mortgages: First-time home buyers and purchasers of newly built homes can now opt for a 30-year mortgage, a move designed to make monthly payments more affordable. Easier mortgage renewals: Insured mortgage holders can switch lenders at renewal without undergoing another mortgage stress test, promoting competition among lenders and helping homeowners secure lower interest rates. These recent changes prompted a mixed reaction from housing experts, with some praising these initiatives for allowing first-time home buyers easier access to a limited housing supply. Others were critical, stating that the reforms were the equivalent of a bandaid solution to a systemic problem. To help, here’s an overview of how these mortgage changes will impact Canadians in 2024 and moving into 2025.
Are you sitting on the sidelines waiting for real estate prices to soften? After the recent federal government announcement, you’d better buckle up. Finance Minister Chrystia Freeland announced some major changes to mortgage rules in Canada. According to Freeland, these changes — billed as the “most significant mortgage reforms in decades” — are part of the federal government’s initiative to make housing more affordable (and, potentially, secure some love from the Canadian public). These reforms include: Increase in the mortgage insurance cap: The limit on insured mortgages was raised from $1 million to $1.5 million, allowing more home buyers to qualify for mortgages with less than 20% down payment. (Re-)Introduction of 30-year mortgages: First-time home buyers and purchasers of newly built homes can now opt for a 30-year mortgage, a move designed to make monthly payments more affordable. Easier mortgage renewals: Insured mortgage holders can switch lenders at renewal without undergoing another mortgage stress test, promoting competition among lenders and helping homeowners secure lower interest rates. These recent changes prompted a mixed reaction from housing experts, with some praising these initiatives for allowing first-time home buyers easier access to a limited housing supply. Others were critical, stating that the reforms were the equivalent of a bandaid solution to a systemic problem. To help, here’s an overview of how these mortgage changes will impact Canadians in 2024 and moving into 2025.
Warren Buffett is buying a Canadian P&C firm
Morningstar strategist Greggory Warren was right: The Canadian stock that Warren Buffett is purchasing is the P&C insurance firm Chubb. The Canadian stock that caught the attention of legendary value investor Warren Buffett was finally revealed. Morningstar strategist Greggory Warren was correct in his prediction—with the Berkshire Hathaway (NYSE:BRK-A) chairman buying shares in the Canadian property and casualty insurance firm Chubb (NYSE:CB). While the stock price for Chubb (NYSE:CB) already rose, with word of Buffett's interest circulating among trading circles for half a year, there are similar P&C insurance firms that investors could consider.
Morningstar strategist Greggory Warren was right: The Canadian stock that Warren Buffett is purchasing is the P&C insurance firm Chubb. The Canadian stock that caught the attention of legendary value investor Warren Buffett was finally revealed. Morningstar strategist Greggory Warren was correct in his prediction—with the Berkshire Hathaway (NYSE:BRK-A) chairman buying shares in the Canadian property and casualty insurance firm Chubb (NYSE:CB). While the stock price for Chubb (NYSE:CB) already rose, with word of Buffett's interest circulating among trading circles for half a year, there are similar P&C insurance firms that investors could consider.
Canada's pension plan sells commercial real estate
What would you do if you had a dollar to spare? For Boston Properties, one of America's largest publicly traded real estate developers, that $1 investment was used to buy a stake in a Manhattan office building — specifically, the Canada Pension Plan Investment Board’s (CPPIB) 29% share of 360 Park Ave. S in New York City. CPPIB selling its holding in one of North America’s most expensive cities — likely at a loss — has sent ripples through the commercial real estate (CRE) industry, which was already struggling with hybrid and remote work, high interest rates and record levels of office vacancies in Canada and the United States. CPPIB’s decision to unload the property could have lasting impacts on CRE, Canadians with pensions and investors.
What would you do if you had a dollar to spare? For Boston Properties, one of America's largest publicly traded real estate developers, that $1 investment was used to buy a stake in a Manhattan office building — specifically, the Canada Pension Plan Investment Board’s (CPPIB) 29% share of 360 Park Ave. S in New York City. CPPIB selling its holding in one of North America’s most expensive cities — likely at a loss — has sent ripples through the commercial real estate (CRE) industry, which was already struggling with hybrid and remote work, high interest rates and record levels of office vacancies in Canada and the United States. CPPIB’s decision to unload the property could have lasting impacts on CRE, Canadians with pensions and investors.
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