According to the latest income data from the agency, 11% of Canadians were living in poverty as of 2024 (1). Compared to 2023, which saw the poverty level at 11.1%, this number is relatively unchanged. However, if you look back to 2020, the number was only 7%. In absolute terms, 11% of the population translates to 4.5 million Canadians living below the poverty line..

StatCan measures poverty based on the Market Basket Measure (MBM). Under the MBM model, a family is in poverty if they cannot afford the cost of a "specific basket of goods and services in their community, after adjusting for family size (2).” The basket of goods and services is not a measure of luxury, but of a basic standard of living. Goods and services in the basket include the cost of food, clothing, transportation, shelter and other modest expenses.

For example, a family of four in Toronto would need to have an income of $61,763 in 2024 to be considered above the poverty line. Calgary's income threshold for 2024 was $57,840, Vancouver's was $64,351, and Montreal's was $49,244 (3).

Regions that saw the largest amount of poverty in 2024 were mainly in Northern Canada, with Nunavut having the highest recorded level at 31.7%. British Columbia was second at 13%, Ontario at 12.5%, while Quebec had the lowest poverty rate at 7%.

StatCan's report also highlighted how the median after-tax income for Canadians in 2024 was $75,500, down slightly from $77,400 in 2023 after adjusting for inflation.

What's driving poverty in Canada?

Under StatCan's MBM model, poverty is directly related to Canadians not meeting a certain income threshold, which largely determines what goods/services they can afford. However, rising costs — especially for essentials like food and shelter — are making it harder for Canadians to stay above the line.

For instance, headline inflation (the total inflation rate representing the percentage change in the Consumer Price Index (CPI)) has risen nearly 20% since 2020 according to StatCan (4). And during some high-inflation periods, such as the COVID-19 pandemic, the median hourly real wage for Canadians fell by nearly 5% (5). The erosion of Canadians' income cuts their ability to pay for necessary goods and puts them at risk of falling under the poverty line.

But headline inflation is not the major issue. Core goods such as food and shelter have been rising faster than headline numbers — which puts even more pressure on Canadians to stay afloat.

Families of four are expected to spend $17,571.79 on food this year according to Canada's Food Price Report 2026, with the cost of food being 27% higher than it was in 2021 (6). In fact, grocery prices have risen more than 30% since 2019, even though overall inflation is settling, according to TD Economics (7).

Shelter prices — the cost of rent, mortgage payment, taxes, utilities and other municipal services (8) — have also risen considerably in the last half decade. The most recent data from StatCan shows that shelter costs rose 28.5% from 2020 to 2025.

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Current initiatives to tackle the cost of living crisis

The cost of living for one out of 10 Canadians is very difficult to navigate. Additionally, making predictions about the future costs of goods and services, and if wages will rise to meet these costs, is not a simple matter. But there are a number of initiatives aimed at helping Canadians tackle affordability challenges.

• Canada Groceries and Essentials Benefit. A new program that is slated to roll out this July, the Canada Groceries and Essentials Benefit (CGEB) will replace the current GST/HST credit model and provide more financial support. Quarterly payments are expected to increase by 25% for the next five years starting in July, the Federal Government notes (9). Eligibility for the CGEB will be the same as the previous GST/HST credit requirements. The program is expected to provide additional financial support to over 12 million Canadians.
• Build Canada Homes. Announced in September of last year (10), Build Canada Homes is a new federal agency mandated to "build affordable housing at scale". By working with local municipalities, provinces, territories and Indigenous communities, the agency plans to increase the supply of affordable, community and transitional housing to reduce homelessness and shelter costs for vulnerable individuals (11).
• Automatic Tax Filing. As of last fall, the Liberal government began implementing an automatic tax filing system for low-income Canadians (12). Many residents in this tax bracket — such as those receiving government assistance benefits — don't file a return as they don't owe the government any taxes. However, this means that they miss out on key benefits like the GST/HST return (now the CGEB), Canada child benefit, Canada workers benefit and the Canadian disability benefit, to name a few. These can provide potentially thousands of dollars in financial assistance to eligible Canadians. The automatic filing system is expected to start enrolling approximately 1 million individuals with "simple tax situations" starting in 2027, going up to 2.5 million in 2028, and hitting 5.5 million low-income Canadians by 2029, CBC reported.

Not enough, some groups say

While these initiatives are admirable, some groups suggest Canada's government needs to be doing more. Charitable foundation Maytree states in a release that Canada is not on track to "achieve its 2030 poverty reduction target of reaching 50 per cent below 2015 levels (13)." The organization also notes how the country was making "significant progress" in reducing poverty prior to 2021.

But with the erosion of government benefits, a rising cost of living outpacing wage growth and a lack of "meaningful investment in new income supports," Maytree has concerns about how Canada will tackle this issue.

It suggests two important changes:

1. Expanding financial support to individuals that are facing high poverty rates, by further developing the Canada Disability Benefit and the CGEB.
2. Implement a country-wide housing benefit that is permanent and will create portable, predictable housing benefits for low-income renters wherever they live.

"Above all, we need a whole-of-government approach to poverty reduction that binds these actions together – one that will truly build a stronger Canada for all,” the charity argues.

Maytree is not the only organization calling for more change.

Food Banks Canada (FBC) recently gave Canada a D on its Poverty Report Card (14), which includes responses from over 10,000 Canadians. The organization notes that nearly two-thirds of Canadians who receive government support are not getting enough help to fund their needs, and calling for additional government assistance. Out of the data collected, FBC suggested policy changes including adopting a national commitment to cut food insecurity in half by 2030, reviewing the "adequacy and accessibility of the Canada Disability Benefit," and establishing a national housing accord with provinces and local governments to access more funding to create affordable residences.

How lower income Canadians can stay afloat

Managing your financial situation in this economy is difficult, especially if you're one of 10 Canadians currently under the poverty line. Here are some easy-to-implement ways you can get a leg up this year.

• Maximize every benefit you're entitled to. Programs like the Canada Child Benefit, CGEB and provincial supports can add up to thousands per year, if you file your taxes. Filing your taxes on time, even with little or no income, is key since most benefits are calculated automatically.
• Lean on community resources. Food banks, community meal programs, subsidized childcare and local support services exist to help you make ends meet. Using them is a practical way to stabilize your finances when costs are rising faster than incomes. There's no shame in asking for help.
• Stretch your grocery budget with repeatable habits. Planning meals around discounted items, buying generic brands, or signing up for loyalty programs can make a noticeable difference over time. Bulk buying staples, when possible, and choosing lower-cost proteins can also help.

Article Sources

We rely only on vetted sources and credible third-party reporting. For details, see our ethics and guidelines.

Statistics Canada (1, 2, 3, 4, 8); CBC News (5, 12); Dalhousie University (6); TD Economics (7); Government of Canada (9); Prime Minister of Canada (10); Housing, Infrastructure and Communities Canada (11); Maytree (13); Food Banks Canada (14)

This geographic gap represents a massive "efficiency leak," but a new poll suggests Torontonians are ready to trade the long commute for a quicker departure.

Public sentiment shifts toward ease of travel

While the city is statistically split on airport expansion, the data reveals a significant trend: support for jets at Billy Bishop jumps into the high 50s and low 60s when the conversation shifts to convenience and more vacation destinations.

According to the latest Liaison Strategies poll, 46% of residents are currently in favour of expansion. However, for younger travellers and downtown residents, the promise of reclaiming lost weekend time is a powerful motivator that outweighs traditional noise concerns.

Plugging the "commute before the commute"

The proposed introduction of modern jet aircraft aims to solve the "Pearson problem" by turning the island into a gateway for the whole continent. Currently restricted to slower turboprops, the airport is mostly a regional hub. Allowing jets like the Airbus A220 — which are engineered to be significantly quieter than older models — would provide the range needed for direct flights to West Coast beaches and Sunbelt getaway spots.

"Billy Bishop Airport is an important and underused part of Ontario’s transportation network," Prabmeet Sarkaria, Ontario's Minister of Transportation said in a statement (1). The province estimates that a modernized airport could contribute up to $8.5 billion to Canada’s economy every year by 2050 by making the city a more accessible destination for everyone.

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Reclaiming 150 hours of life

For the frequent traveller, the true value is found in the math of the "15-minute airport." When you stop measuring travel in stress and start measuring it in time, the savings are life-changing:

• The trek: A 90-minute round trip to Pearson (minimum)
• The frequency: 50 trips per year (for frequent fliers)
• The dividend: Nearly 150 hours of reclaimed personal time

By eliminating the "commute before the commute," Torontonians can effectively add nearly four weeks of "real life" back into their annual calendar.

A high-speed portal to North America

The efficiency argument gained further ground in early 2026 with the opening of the U.S. Customs and Border Protection Preclearance facility at Billy Bishop. This means travellers can clear customs in Toronto and land in the U.S. as domestic passengers, skipping the massive lines at major American hubs.

"The airport is a vital piece of infrastructure for the city," said Robert Deluce, founder of Porter Airlines in a statement regarding the airport’s 2026 modernization strategy.. By adding jet capability to this preclearance service, Toronto’s downtown becomes a high-speed portal to the entire North American market.

As Premier Doug Ford moves to declare the airport a Special Economic Zone, the message to residents is clear: The era of transit-induced frustration is being replaced by a focus on getting you where you want to be, faster.

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Government of Ontario (1)

That said, the headlines aren't all positive. Between cyberattacks, price volatility and outright scams, investing in crypto still carries serious risks. A US$1.5 billion hack of the Bybit exchange (2) in early 2025 served as a stark reminder that even large, established platforms can be compromised. These risks, coupled with the complexity of crypto, can certainly be overwhelming for your average investor.

But if you're going to add crypto to your portfolio, there are ways to do it more safely by following these six basic rules.

1. Understand the risks

Before you invest in crypto, you need to understand what you're dealing with. Generally speaking, cryptocurrencies are subject to three key risks: cybersecurity, volatility and fraud.

Cybersecurity

Digital assets are prime targets for cybercriminals and hackers, even though blockchain technology is designed to be highly hack-resistant. For example, Bitcoin uses a double SHA-256 hashing scheme, and its network has never been successfully hacked.

The real vulnerability tends to be third-party platforms like exchanges and wallets. That's where most breaches happen, including the aforementioned Bybit hack.

Volatility

Cryptocurrencies are more volatile than mainstream asset classes, meaning that the price of bitcoin swings more wildly than stocks, bonds, or real estate.

According to BlackRock's iShares research, bitcoin's annualized volatility is approximately 54% (3), compared with about 15% for gold and 11% for global equities. Put simply, bitcoin's price can vary greatly from its long-term average, with gains and losses of 20% or more in a single week not unusual.

Fraud

The risk of being scammed by malicious creators or developers is real for crypto investors. Fraudulent projects and "rug pulls" — where developers abandon a project and abscond with investors' funds — remain a threat.

You can defend yourself against these practices by sticking with well-established cryptocurrencies and regulated platforms.

2. Follow reputable sources

Once you understand the major risks, the next step is filtering out the noise. There's no shortage of opinions in the crypto space, but not all of them are worth your attention. Focus on credible, well-known sources. For example, Ethereum founder Vitalik Buterin's updates are a reliable way to track developments on that network. Platforms like Bitcoin.org (4), Binance Academy (5), and Cointelegraph (6) can also help you stay informed.

If you're investing from Canada, make the Canadian Securities Administrators (CSA) website part of your routine. It maintains a current list of registered and banned crypto platforms (7), which is one of the simplest ways to protect yourself.

3. Focus on mainstream assets

Not all crypto is created equal. Newer coins tend to be more volatile and susceptible to fraud. On the other hand, established cryptocurrencies with long track records are generally more stable.

Bitcoin (BTC-USD) is a good example. It's been around for over 16 years, and at this point, the odds of it being a scam are extremely low. Other mainstream coins like Ether (ETH-USD) and Solana (SOL-USD) are generally less risky than newer niche cryptos backed by anonymous developers.

I should mention stablecoins here. While assets like Tether are designed to maintain a steady value, Canada's regulatory framework for stablecoins is still evolving. New federal stablecoin legislation is expected in 2026 (8), and the CSA currently requires any new stablecoin issuer operating in Canada to file a prospectus. Until the rules are clearer, approach stablecoins with caution and use only those available through a CIRO-registered platform.

4. Use the right tools and best practices

Crypto security isn't just about what you buy — it's also about how you store and protect it. For larger holdings, many investors choose to move assets off exchanges and store them in a hardware wallet, like a Ledger device. If you're just getting started, though, staying on a regulated platform, where assets are held in trust, may be the more practical option.

Account security is just as important. SMS-based two-factor authentication (2FA) is no longer considered sufficient due to SIM-swap scams (9). A better approach is to use an FIDO2-compliant hardware security key, like a YubiKey, or biometric authentication.

You should also avoid clicking suspicious links in emails or text messages to avoid phishing scams, and only use platforms registered with the CSA or CIRO (10). Unregistered platforms pose significant risks, and you may not be protected if something goes wrong.

Find the best platform for your needs. Read our full review of the top Canadian crypto exchanges to compare fees, security features, and available coins.

5. Start small

This is one of the simplest, yet most overlooked rules. Crypto becomes harder to manage as your portfolio grows. More assets, more platforms, more potential security risks.

By starting small, you have the room to learn without taking on unnecessary risk. You can always scale up later once you're comfortable with the process and best practices. Even then, it's worth keeping your exposure limited. Remember, crypto is still a highly volatile, emerging asset class. Only invest an amount you can afford to lose.

6. Know your tax obligations (new for Canadian investors)

The Canada Revenue Agency (CRA) (11) treats crypto as a commodity, not legal tender. That means that most transactions — including selling, trading, or spending crypto — trigger a taxable event. For most individual investors, crypto profits are treated as capital gains, so only 50% of your capital gain is included in your taxable income at your marginal rate.

For example, if you buy bitcoin for $1,000 and later sell it for $1,500, your gain is $500, and $250 would be added to your taxable income. If, however, your crypto activity is frequent or structured like a business, such as regular day trading or commercial mining, the CRA may treat 100% of your profits as business income.

You'll need to report capital gains on Schedule 3 of your T1 tax return. Make sure you keep detailed records of every crypto transaction, including dates, amounts in Canadian dollars and fees paid.

The bottom line

At the end of the day, crypto investing isn't for everyone. If you're looking for safe, predictable returns and security guarantees, this asset class may not be suitable for you. But if you're looking for outsized returns or portfolio diversification and understand the many risks involved, you could consider adding crypto as a (small) component of a well-diversified portfolio.

Whatever you decide, make sure you use a regulated platform, understand your tax obligations and start small.

Check out our Wealthsimple Crypto review to start buying and selling crypto on a regulated Canadian platform with commission-free CAD trading.

Article Sources

We rely only on vetted sources and credible third-party reporting. For details, see our ethics and guidelines.

Coinpedia (1); Amberdata (2); iShares by BlackRock (3); Bitcoin.org (4); Binance Academy (5); CoinDesk (6); Canadian Securities Administrators (7); Osler (8); Bitget Academy (9); CIRO (10); Government of Canada (11)

New research from Embark finds more than half (54%) of expecting parents say they feel only somewhat financially prepared to have a child, highlighting a significant gap between planning and confidence.

"What we're seeing is that families aren't waiting. They're taking action early, and RESPs are becoming one of the most common ways they're doing it," said Andrew Lo, CEO at Embark.

Costs are adding up early

For many new and expectant parents, the financial pressure builds quickly.

Among new parents, 37% report spending between $500 and $999 per month on their child, while another 26% spend under $500 — a range that reflects how early costs can vary, but nonetheless add up fast.

At the same time, certain priorities are shifting. For example, when asked how they would use an extra $2,500, more parents said they would save the money (22%) or pay down debt (20%) than spend it on immediate needs like baby essentials (13%) or housing (11%).

That suggests many are trying to balance immediate expenses with longer-term financial stability from the outset.

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Family support is key for many

Support from family remains an important factor for millennial parents.

More than one in three new parents (36%) say they've received financial help, including 21% who received a one-time contribution and 16% who receive ongoing support.

Access to that support, however, isn't consistent. According to Embark's survey, in British Columbia a majority of parents report not receiving financial help from family, underscoring how uneven those familial resources can be.

Long-term planning is a priority — but confidence is mixed

Despite the pressure, many parents are still focused on future costs, particularly education.

According to Embark, nearly three-quarters (73%) say they have opened a Registered Education Savings Plan (RESP), and 74% are aware of government matching programs that can help grow those savings.

At the same time, overall financial confidence remains strained. Only 33% say they believe they will be able to fully pay for their child's post-secondary education, while 27% say they won't be able to, and 26% expect it will be financially tight.

Financial pressure is shaping behaviour

The findings point to a broader shift in how younger families approach money management.

Financial concerns rank among the top challenges for new and expecting parents, second only to sleep-related issues — and in many cases, those concerns are already influencing decision-making.

When asked to choose between receiving $5,000 or a week of uninterrupted sleep, 84% of new parents chose the money — a signal of how central financial considerations have become, even in the earliest stages of parenthood.

For many families, the approach is practical: manage immediate costs, plan for future expenses, and adjust expectations along the way.

The 36-year-old recently lost his 96-year-old grandfather and learned he stands to inherit roughly US$3.5 million (C$4.8 million). But Brian isn't receiving the full inheritance all at once. He'll see US$100,000 (C$137,000) in cash within two years, a US$1 million (C$1.4 million) bond after his grandmother's death and a share of a US$10 million (C$13.7 million) commercial real estate trust — a structure his parents currently benefit from, with the principal eventually passing to the grandchildren.

In the meantime, Brian holds US$155,000 (C$212,000) in a non-registered investment account — one he vowed never to touch. He also has a US$40,000 (C$55,000) emergency fund, carries no debt beyond a US$500,000 (C$685,000) mortgage and contributes 4% of his income to his workplace retirement plan — enough to get his employer match, but no more.

Knowing the money is potentially coming, Brian's question to The Ramsey Show hosts Ken Coleman and Rachel Cruze was this: Is it reasonable to pull US$40,000 to US$50,000 (C$55,000 to C$68,500) from his investment account to fund home renovations — and owe roughly US$10,000 (C$13,700) in capital gains taxes in the process?

For Canadians in a similar position — perhaps expecting an investment account from an aging parent, a share of a family home or a piece of a family trust — the advice that Brian received is relevant.

Breaking it down

Coleman and Cruze's answer was essentially yes — but not because of the inheritance. Their approval came down to Brian's own stable financial position, which they deemed strong enough to support withdrawing the cash he needed.

"I think that's fine," Cruze said. "I would say you could pull 40 or 50 out of 150 in a brokerage account anyway, regardless of the inheritance. That's cash for you all to use now or later."

Cruze's emphasis on 'anyway' means a lot. Her point was that the withdrawal Brian proposed was acceptable, pending inheritance aside. It means that Brian's financial setup is already favourable without factoring in a single dollar of potential future wealth.

But the hosts pushed back sharply on his retirement savings rate. Contributing only 4% at age 36 — even with employer matching — made Cruze redirect.

"I would be investing 15%," she said, noting that the cash Brian expects to receive from the inheritance could help replenish his savings once it arrives.

The spending cadence Brian uses is the real lesson: Spend from existing savings only if current finances can support it, increase any retirement contributions immediately and treat any forthcoming cash as a top-up later rather than a green light to spend today.

Cruze summed up the bigger picture: "You've stayed out of debt and built up your own emergency fund, your own brokerage, you're doing it. And when money magnifies great habits and stewarding money well, that's a wonderful thing."

What this looks like for Canadians

While Brian's situation involves U.S. financial structures, the underlying dilemma is similar in Canada. If you're holding a non-registered investment account, the same math applies whether through Wealthsimple, Questrade or a bank brokerage and you're considering a large withdrawal.

In Canada, when you sell investments held in a non-registered account, 50% of your capital gains are included in your taxable income for the year — this is known as the capital gains inclusion rate (2). That taxable amount gets stacked on top of your regular income and taxed at your marginal rate based on your income bracket. So, depending on your income level and province or territory, the effective tax hit on capital gains can range from roughly 12% to 27%.

Withdrawing C$50,000 in gains from a non-registered account could trigger a C$25,000 taxable income inclusion — a sizeable but manageable cost if the renovation is necessary and the rest of your finances are solid.

Where Canadians have a significant structural advantage over their American counterparts is in the Tax-Free Savings Account (TFSA). Investment gains inside a TFSA are completely sheltered from tax — meaning no inclusion, no marginal rate impact and no tax bill on withdrawal (3). The 2026 TFSA annual contribution limit is C$7,000, bringing the total cumulative room for someone eligible since the account’s inception in 2009 to C$109,000.

If you have the flexibility to draw from a TFSA rather than a non-registered account, the tax story changes entirely. That should always be the first question.

On the retirement savings side, the Canadian equivalent of Brian's 4%-and-done approach is contributing just enough to your group Registered Retirement Savings Plan (RRSP) or Defined Contribution Pension Plan (DCPP) to get the advantage of the employer match — and stopping there. The Canada Revenue Agency (CRA) allows Canadians to contribute up to 18% of the previous year’s earned income to their RRSP, to a maximum of $33,810 for 2026 (4). Cruze’s 15% contribution benchmark treads closely to that ceiling — and, as she notes, is a target many people are still missing well into their working years.

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'Act like none of it's coming'

The broader lesson from The Ramsey Show is also very relevant to a veritable mix of Canadians: Anticipated inheritances aren't guaranteed. They aren't fully within your control, and often arrive very differently than expected.

A survey conducted on behalf of Vanguard Investments Canada found that roughly 34% of Canadians aged 18 to 34 say receiving an inheritance is crucial to them meeting their financial goals, while 61% said an inheritance would at least be an important part of their financial future (5).

But in reality, estates get contested, the probate process of validating a will can delay receiving an inheritance for months or even years and government administrative costs can significantly drain assets. In Ontario, for example, the estate administration tax runs at 1.5% of estate value above C$50,000 (6).

Complicating matters further: Canadian family trusts — the rough equivalent of a generation-skipping trust in the U.S. — are subject to a 21-year deemed disposition rule under the Income Tax Act (7). That means every 21 years, the trust is treated as if it sold everything it owns at fair market value, which means capital gains tax kicks in on any appreciation. For trusts holding large commercial properties, that can be a major tax bill that ends up cutting into what beneficiaries receive.

All of this is a realistic outlook for what to expect when you're named to inherit. The suggested approach is as Coleman states on the show: "Act like none of it's coming."

Brian's strong financial position — a healthy non-registered portfolio, a fully established emergency fund and no debt beyond his mortgage — already puts him ahead of the game. The pending inheritance, if and when it arrives, should only add to that foundation. It should never be the reason it exists.

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What Canadians should do instead

If you're in a position similar to Brian — solid finances and a potential inheritance on the horizon — here's how to approach it:

• Build your own financial base first. Maximize your TFSA before drawing from non-registered accounts for discretionary spending. Tax-free withdrawals are always preferable to taxable ones.
• Increase retirement contributions now. If you're contributing just enough to get the employer match, you could be leaving significant tax-sheltered growth on the table. Work toward 15% of gross income across your RRSP, DCPP and TFSA.
• Understand the capital gains cost before you sell. Any gains realized in a non-registered account are taxable at a 50% inclusion rate. Run the numbers with an adviser before withdrawing.
• Don't count an inheritance before it arrives. Estates take time to settle, assets can be subject to administrative costs and probate fees, while family disputes can change the final amount significantly.
• If you do receive an inheritance, use it thoughtfully. Top up your RRSP if you have contribution room, max your TFSA, pay down high-interest debt and consider speaking with a fee-only financial adviser before making major investment decisions.

Article Sources

We rely only on vetted sources and credible third-party reporting. For details, see our ethics and guidelines.

YouTube (1); Scotiabank (2); Government of Canada (3, 4); Vanguard Canada (5); Province of Ontario (6); Canada Revenue Agency (7)

A city split down the middle

The latest polling data reveals a community almost perfectly divided: 46% of Torontonians support welcoming jets to the island, while 49% remain opposed.

For those in favour, the "connectivity premium" — the idea that a jet-capable hub elevates the city's economic status — is a powerful motivator. However, this support is remarkably fragile.

The data suggests that while residents value the convenience of a downtown airport, their enthusiasm evaporates the moment the conversation shifts to the potential loss of parkland or restricted harbour access.

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The provincial power play

This local tension is unfolding against a backdrop of aggressive political maneuvering. In March 2026, the Ontario government effectively seized control of the narrative, announcing plans to take ownership of the airport lands (1). By declaring the area a Special Economic Zone, the province aims to bypass municipal hesitation and fast-track runway expansion.

The move has sent shockwaves through City Hall. "There is a distinct possibility that we may not be able to get those heights and those densities that are projected for the Port Lands," City Councillor Josh Matlow warned reporters (2). "That means there will be far less housing being built."

The density dilemma

At the heart of the conflict lies a technical invisible ceiling known as the "obstacle limitation surface." These federal safety regulations dictate how high a building can stand within a flight path. If jets require a longer runway or a shallower approach, billions of dollars in planned high-rise developments in the Port Lands could be forced to scale back.

In a city gripped by a housing crisis, the trade-off is stark: do we prioritize a more efficient runway over thousands of projected homes?

From "airport discount" to "connectivity premium"

Despite the concerns over density, a different narrative is emerging among those who see the airport as a catalyst for growth. Historically, living near an airport meant a "noise discount" on property values. However, in globalized hubs like London or New York, the convenience of a 10-minute commute to a jet-capable terminal can actually drive a luxury premium.

High-net-worth professionals and frequent business travellers often prioritize transit efficiency over total silence. As Toronto cements its status as a global financial centre, the traditional "airport discount" is being challenged by a new desire to be at the absolute centre of the action.

The ultimate gamble

"With an upgraded airport on the waterfront, Toronto and Ontario will be able to compete with world-class cities across the globe," Premier Doug Ford stated during the announcement of the provincial takeover.

For the residents and builders of Toronto's South Core, the gamble is now out in the open. Does the prestige of a globally connected Financial District outweigh the potential loss of housing supply on the eastern waterfront? As the province moves to "unlock Billy Bishop's full potential," the future of every development from Bathurst to Parliament hangs on which side of that 49/46 split ultimately wins the day.

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Government of Ontario (1); CBC (2)

Bill C-3, which passed into law on December 15, 2025, dramatically expands who qualifies as a Canadian citizen. Under the new rules, citizenship can now pass beyond a parent-to-child relationship. This means anyone who can prove a direct Canadian ancestor — including a grandparent or great-grandparent — may be eligible, but they must apply for a citizenship certificate (1).

Immigration lawyers on both sides of the border have been overwhelmed with requests from Americans seeking help with proof-of-citizenship applications, according to The Associated Press (2). In the U.S. alone, there could be millions of people who qualify, according to Amandeep Hayer, an immigration attorney based in Vancouver.

Who is a 'Lost Canadian?'

The term "Lost Canadians" refers to people who "lost or never obtained citizenship because of certain outdated rules in earlier citizenship laws," according to the Government of Canada (3). While previous changes in the legislation covered many of those cases, it still excluded one group — including the descendants of other Lost Canadians.

Bill C-3 is designed to address that issue. As a result, tens of thousands of people are now exploring a path to Canadian citizenship, driven by anything from politics to career opportunities.

"When I first heard about the bill, I couldn't believe it," Maureen Sullivan of Naples, Florida, told The Associated Press. "It was like this little gift that fell in my lap."

Another example is Nick Wallick, a film school graduate in Seattle who suspects he has French-Canadian heritage. He told KING 5 News that dual citizenship could give him easy access to Vancouver's booming film industry — without the need for a work visa (4).

Canadian immigration attorney Amandeep Hayer told The Associated Press his Vancouver-area practice went from handling about 200 citizenship cases each year to more than 20 consultations a day.

But not everyone in Canada is enthusiastic about this recent development. Fen Hampson, Professor of International Affairs at Carleton University in Ottawa, told The Associated Press that while Canadians are generally a "welcoming people," some may look twice at those with nothing more than thin ties who are "becoming Canadians of convenience."

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What dual citizenship means from a financial perspective

As a dual citizen, you'd have the right to live, work and study in Canada without the need for a work permit or visa. And citizenship by descent comes with no residency requirement — meaning you don't have to move to Canada first.

You would also be able to hold property in both countries and, critically, would be exempt from Canada's foreign buyer bans. That exemption could represent significant savings: the federal government's foreign buyers ban, introduced under the Prohibition on the Purchase of Residential Property by Non-Canadians Act, has been in effect since January 2023 and restricts non-Canadians from buying residential real estate in most of the country (5).

In education, students with dual citizenship pay domestic tuition rates. For the 2025/2026 academic year, tuition fees averaged $7,734 a year for Canadian undergraduate students. Compared to $41,746 a year for international undergraduate students, these costs reflect a difference of more than $34,000 each year, Statistics Canada reports (6).

Health-care coverage doesn't happen automatically

One important caveat: Getting dual Canadian citizenship doesn't automatically mean you get medical coverage from the country's publicly funded healthcare system. Since health coverage falls under provincial and territorial jurisdiction, you need to meet the residency requirements of the province or territory where you live.

For example, if you move to Toronto, you would need to apply for coverage through Ontario's Ontario Health Insurance Plan (OHIP). To be eligible, your primary residence must be in Ontario and you must be physically present in the province for at least 153 days of the first 183 days immediately after establishing residency in the province (7).

Some provinces and most territories have a three-month waiting period before new applicants can access health-care services. These include Alberta, British Columbia, Manitoba, New Brunswick, Nova Scotia, Ontario (in some cases), Prince Edward Island, Nunavut and Yukon territories (8).

The tax reality of dual citizenship

One financial consideration catches many people with dual citizenship off guard: Even if you permanently move to Canada, you're still legally required to file an annual U.S. tax return and report your worldwide income to the Internal Revenue Service (IRS) (9). The U.S. is one of only two countries in the world — the other is Eritrea — where taxes are based on citizenship regardless of where you live.

However, Canadian taxes are based on residency. When you live in Canada, you'd also owe Canadian taxes on your worldwide income. That scenario could potentially create a double-taxation situation.

The Canada-U.S. Tax Treaty exists precisely to help dual citizens avoid being taxed twice on the same income. The Canada Revenue Agency (CRA) allows a foreign tax credit for taxes paid to the U.S., and similar relief is available through the IRS. But the rules are complex, and they interact with Canadian registered accounts — including Registered Retirement Savings Plans (RRSPs) and Tax-Free Savings Accounts (TFSAs) — in ways that aren't always straightforward (10).

If you're planning a permanent move north of the border or are managing assets in both countries, it's strongly recommended you work with a cross-border tax specialist and a dual-licensed financial adviser.

How to apply for Canadian citizenship

To obtain Canadian citizenship under Bill C-3, you need to provide proof of your ancestor's Canadian citizenship. This might include birth certificates, old passports or other official records. If those documents aren't easily accessible, there could be additional costs to tracking them down.

The application fee is $75, equivalent to about US$55. Processing time for applications is around 10 months and, as of April 23, about 56,300 people were awaiting a decision, according to Immigration, Refugees and Citizenship Canada (IRCC) (11). Last year, IRCC reported 24,500 Americans gained dual U.S.-Canada citizenship.

What this means for your finances

Whether you're a Canadian exploring the implications of this law on your community and property values, or someone researching your own eligibility, there are some concrete financial steps to take:

If you think you may be eligible:

Gather records early

The cost of the application fee ($75) is low, but the time and cost of tracking down ancestral documents can make your timeline significantly longer. Start with birth certificates, naturalization records or old passports for your Canadian ancestor.

Understand the property implications

Canadian citizenship exempts you from the federal foreign buyers ban and foreign buyer taxes in some provinces, including British Columbia's 20% Additional Property Transfer Tax for people without Canadian citizenship (12). If real estate is part of your financial plan, citizenship status matters.

Don't assume healthcare is included

Budget for private health insurance until you have met your province's residency requirement — typically around three months after you've applied and have permanent residence.

Get cross-border tax advice before you move

The interaction between Canadian and U.S. tax obligations is complex, particularly around RRSPs, TFSAs and retirement accounts. A cross-border tax specialist can help you avoid surprises and make use of the Canada-U.S. Tax Treaty.

Verify your TFSA and RRSP strategy

If you hold U.S. citizenship and contribute to a TFSA, be aware that the IRS doesn't recognize the tax-sheltered status of TFSAs — meaning U.S. citizens may face U.S. tax on TFSA earnings. An RRSP is generally treated more favourably under the Treaty, but consult a professional before you restructure your savings.

Article Sources

We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.

Government of Canada (1, 3, 5); The Associated Press (2); KING 5 News (4); Statistics Canada (6); Province of Ontario (7); CanadianVisa.org (8); Internal Revenue Service (9); New Brunswick Student Leadership Association (10); KPTV News (11); Crease Harman LLP (12)

MTUs are small battery-powered devices attached to water meters that send water-usage data to the city for billing. If an MTU fails, the city stops receiving automatic water-usage information. Instead, a bill will be issued that is "based on a property's past consumption until an actual water meter reading is obtained or the transmitter is replaced," the release says.

Manjit Dhuga is one of potentially many Torontonians whose water bills are affected by these failing MTUs and the estimated billing process. Dhuga, who is also a landlord, said that she was sent a "catch-up bill" in the eye-watering sum of $31,702 for the past three years, according to CTV News (2).

She was flabbergasted, telling the news outlet: "Something must be seriously wrong, because this is not the bill (I should be receiving).”

After receiving her bill, Dhuga hired a plumber to check if leaks were a likely culprit. None were found. She also contacted the Toronto water department to verify if the invoice was a mistake.

Following an inquiry from CTV News, the City of Toronto confirmed via a spokesperson that it had been in contact with Dhuga "multiple times" to explain the issue and give support. The spokesperson also revealed that while the water meter was working properly on her property, the MTU had failed, so she was billed based on "historical building estimates for nearly three years," bringing her bill in alignment with her actual usage.

"Once a manual reading confirmed the meter's accuracy, a one-time catch-up bill was issued to account for the difference between estimated and actual use," the spokesperson said, adding: "We are continuing to work with the property owner to set up a payment plan. Toronto residents can be assured they are not charged for more water than they use, and anyone with billing concerns is encouraged to contact 311 for support."

Following CTV’s direct communication with the city, Dhuga told the outlet a staff member from the water department came to her property and inspected the water meter. They found a problem and chose to replace both the water meter and the MTU.

Thankfully, Dhuga's bill was reduced by nearly $20,000, down to $12,403. While she was not pleased to pay the bill, she was satisfied with the outcome.

Three-year MTU replacement program underway

Beginning in April, 2026, the city has officially embarked on a three-year MTU replacement program, as these devices have been failing earlier than expected in municipalities throughout North America. As of fall of last year, the City of Toronto reported that over 70% of the city's 470,000 MTUs were failing, with 11,000 to 12,000 additional units failing each month on average.

According to the city, customers that have a failed MTU are being "temporarily moved to estimated billing based on their property's historical water consumption data to ensure continued billing," the city's website states (3) — they will be notified of this change on their utility bill.

Customers will only see a difference between their estimated and actual water usage — potentially resulting in a catch-up bill — in one of three ways: by calling 311, reporting their water meter readings online (4) or having their MTU replaced.

After the MTU is replaced, the city will issue affected customers a "one-time separate bill" for water consumed up until the date of the repair — it should arrive within four to six weeks. All future bills regarding water usage will be based on actual water usage data.

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How you can avoid shock water bills

Unexpected water bills can upend your financial plans, especially if they are in the five-figure range. Here are some practical steps you can implement right now to help you handle the MTU replacement program and reduce your water bill in general.

Report your water meter reading

Calling 311 to report your water meter reading is the fastest way to get off estimated billing and back to bills that reflect your current usage. While there may be a catch-up bill that shocks in the meantime, the longer you wait, the larger the bill will become. Plus, Torontonians can set up a flexible payment plan for their updated water bill.

Check your water meter

A failed or dysfunctional water meter can also cause water bill spikes. If you have concerns your water meter may not be working properly, contact the City of Toronto at 416-338-1616 to book a water meter accuracy test. If it is found that your meter was overregistering your water usage, a credit will be applied on your following utility. Note that if your meter is found to be under registering water usage or working properly, you will be charged a meter testing fee on your next bill (5).

Check for water leaks

Routinely checking your water meter to determine if you have a potential leak is good practice to prevent unusually high bills. To do this, turn off the indoor and outdoor water use valves and watch the red triangle on your meter that measures water usage. If the triangle moves while the water is turned off, you likely have a leak (6).

Setup an emergency fund

If you aren't financially prepared for an unusually high bill, it might be time to start setting up an emergency fund. Not sure where the money might come from? Start by finding simple ways to reduce your monthly expenses in other areas, then set aside that money as though you are still paying those expenses. You'd be surprised at how quickly your savings can accumulate through minor adjustments.

How you can dispute your catch-up water bill

Disputing a water usage catch-up bill may seem daunting, but Dhuga's approach is a blueprint for Torontonians with failed MTUs. Those affected by a faulty MTU should contact the city for an explanation of their unusual bill right away. If they think the bill isn't fair, they'll need to review the facts about their water usage. That means checking for leaks that could have contributed to the increase and having a technician inspect their water meter to ensure it is reading properly.

If after disputing the issue, you're still faced with a major water bill, the City of Toronto has indicated consumers can go on flexible payment plans to pay off their bill. Making smart financial decisions like setting up an emergency fund or finding ways to trim your expenses can make all the difference.

Article Sources

We rely only on vetted sources and credible third-party reporting. For details, see our ethics and guidelines.

City of Toronto (1),(3),(4),(5),(6); CTV News (2)

Recent data from Statistics Canada (1) shows food prices rose 4.4% year over year in March, compared with a 2.4% increase in the overall inflation rate. That means one of the most essential parts of the household budget is still getting more expensive at a faster pace.

The increases are showing up most clearly in fresh food. Vegetables, in particular, have seen some of the sharpest gains, as supply challenges and rising transportation costs push prices higher.

Produce prices are driving much of the increase

Fresh vegetables rose 7.8% compared with a year earlier in March, according to Statistics Canada, with several commonly purchased items seeing even steeper increases.

In particular, items like cucumbers, peppers and celery were among the biggest contributors, reflecting tighter supply and more difficult growing conditions in exporting regions.

That combination has made certain items especially vulnerable to price swings, particularly those that are highly perishable and rely on steady supply.

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Fuel costs are starting to feed into grocery prices

Higher fuel costs are adding another layer of pressure to these inflationary increases.

Gasoline prices surged in March due to conflict in the Middle East, raising transportation costs across the supply chain. Because Canada imports a significant share of its produce — especially outside peak growing seasons — those transportation costs play a direct role in grocery pricing.

"In Canada, we are getting a lot of our food from very far away, so transportation costs are a key factor," said Leslie Preston, a senior economist at TD Bank, in comments to CBC News (2).

Why food inflation still feels high

Food prices tend to hit harder than other types of inflation because they're difficult to avoid.

Unlike discretionary spending, groceries are a fixed part of most household budgets. Even relatively modest increases can have a noticeable impact, particularly when they occur across multiple categories at once.

There are signs that some of these pressures may ease as the local growing season ramps up and supply improves. For now, though, grocery costs remain elevated — and for many Canadians, they're still one of the clearest places where inflation is being felt day to day.

Article Sources

We rely only on vetted sources and credible third-party reporting. For details, see our ethics and guidelines.

Statistics Canada (1); CBC News (2)

The Canadian Securities Administrators (CSA), the council of securities regulators from the nation’s provinces and territories, announced on April 23, 2026, that it adopted final amendments to lower the maximum active trading fee cap on securities priced at $1.00 or more. The new cap is set at $0.0017 per share — applying to both Canadian-listed stocks and U.S.-inter-listed securities, which are securities listed on both a recognized Canadian exchange and a U.S. registered national securities exchange (1).

The amendments come into force on November 2, 2026, provided all necessary ministerial approvals are obtained.

For most retail investors, this change won't show up as a line item in their brokerage app. But it matters — particularly for active traders, institutional investors and anyone holding dual-listed Canadian stocks.

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What are active trading fees — and who actually pays them?

When a trade executes on a Canadian stock exchange, the marketplace — the exchange itself or an alternative trading system — charges a fee to the broker routing the order. These are called active trading fees, sometimes called "taker" fees, and they're part of the market infrastructure most retail investors never think about.

Brokerages typically absorb or pass on these fees depending on their pricing model. Zero-commission brokerages often make up the difference through other mechanisms, while full-service or active-trading platforms may pass transaction costs on directly to the investor. Either way, high exchange fees can influence the spread between buy and sell prices that all investors experience.

Before this regulator-initiated change, the fee structure differed depending on whether a stock was also listed in America. The CSA's amendment brings all securities priced at $1.00 or more under a single unified active trading fee cap of $0.0017 per share.

Why dual-listed stocks are at the centre of this change

This amendment will directly impact trading costs for investors who held shares in major Canadian companies like Shopify (TSX:SHOP), Barrick Gold (TSX:ABX) or Royal Bank of Canada (TSX:RY), all of which trade on both the Toronto Stock Exchange (TSX) and a U.S. exchange.

In a related move, the Canadian Investment Regulatory Organization (CIRO) published amendments to align Canadian trading increments for certain U.S. inter-listed securities with the equivalent minimum pricing increment used in the U.S. (2).

Together, these small but critical updates help create greater cross-border consistency — and potentially reduce the arbitrage opportunities that arise from fee and increment mismatches.

For Canadian investors who trade major Canadian firms or companies cross-listed on U.S. exchanges, this more consistent pricing structure means tighter spreads and more predictable execution costs.

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What changes — and what doesn't — for retail investors

If you invest through a registered discount brokerage or a robo-advisor, the effect of this fee change is likely to be modest and indirect. The $0.0017 cap is charged at the marketplace level, not applied directly to your account like a commission.

That doesn't mean you won't benefit eventually. Lower infrastructure costs across the market tend to flow through over time — in tighter bid-ask spreads, lower per-trade costs for active traders and potentially reduced pricing pressure on discount platforms competing on commission-free structures.

The direct beneficiaries of these updates are active investors trading high volumes of dual-listed securities and institutional traders executing thousands of trades. Even a fraction-of-a-cent reduction per share can be meaningful at scale.

The CSA has stated it will monitor the impact of the fee cap change over time and assess whether further adjustments are required. Any future changes will be subject to public consultation.

Why regulators are tightening the screws on market fees

Canada's capital markets have undergone significant structural changes over the past decade, with multiple alternative trading systems competing alongside traditional exchanges for order flow. That competition has generally been good for investors — but it has also created a fragmented fee environment with varying caps across different security types.

The CSA received 10 responses during the public comment period following its January 23, 2025 request for comment. The final rule reflects consideration of that feedback.

The move to harmonize fee caps aligns with a broader global trend toward market structure reform — one that regulators in the U.S. and Europe have also been navigating. For Canada, the change reinforces that trading infrastructure costs are a legitimate investor-protection concern, not just a technical matter for exchanges and brokerages.

The November 2, 2026, implementation date gives brokerages, exchanges and alternative trading systems time to adjust their systems ahead of the change.

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What should investors do?

To confirm you are getting the benefits of the trading fee cap, you need to do the following:

Check the fine print. Check whether your brokerage discloses how active trading fees affect your transaction costs — look for "execution fees" or "marketplace fees" in its fee schedule.

Review dual-listed holding. If you frequently trade dual-listed Canadian stocks, ask your brokerage whether the November 2026 rule change will affect your per-trade pricing.

Watch for updates from the CSA after November 2026. The regulator has committed to monitoring the impact and may adjust the cap.

Keep in mind, if you use a discount brokerage or robo-adviser, no immediate action is needed. The change operates at the market-infrastructure level, not at your account. Still, it's a good idea to become familiar with what you are being charged for and when.

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Article sources

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Ontario Securities Commission (1),(2)

Almost two years ago, Equifax Canada said it would begin to explore whether payday loan repayment data could be incorporated into credit score calculations. This one change could help establish or strengthen scores for roughly five million Canadians (1) — people who struggle with budgetary constraints and can't get access to more cost-effective credit.

Unfortunately, the initiative remains in the research phase. To help, here is what Canadians need to know about payday loans and how they actually affect credit — plus, four strategies that genuinely help to build your credit score.

Why payday loans don't build your credit

There is no law in Canada — federal or provincial — requiring payday lenders to report borrowing and repayment data to Equifax Canada or TransUnion Canada. Reporting is entirely voluntary, and the vast majority of payday lenders opt out. That means months of on-time payments build zero credit history.

What's worse is that failing to repay a payday loan can result in serious consequences. The Financial Consumer Agency of Canada (FCAC), the federal consumer watchdog, confirms that failing to repay may result in collection agency involvement, which may then appear on a credit report (2) — further eroding your credit score.

That's because when this type of loan is unpaid, the lender sells the debt to a collection agency; the collector then reports it to the credit bureaus. That generates an R9 rating — the worst designation on Canada's credit scale and the equivalent of a bankruptcy — which stays on your credit file for up to six years.

FCAC data shows 44.8% of payday loan users reported a credit score decrease, compared with 23.9% of non-users (3). Meanwhile, 15.1% of payday loan users had filed a consumer proposal or bankruptcy, versus 1.7% of non-users.

4 better ways to build credit in Canada

If the goal is a stronger credit score, then skip the payday lender and use any or all of the following four options.

1. Get a secured credit card

A secured card works like a regular credit card, but you deposit cash as collateral — typically between $50 to $500 — which becomes your credit limit. Because issuers report to both credit bureaus monthly, every on-time payment builds a positive payment history, which is the single largest factor in your credit score.

Options include the Neo Secured Mastercard (minimum $50 deposit, no credit check) and the Home Trust Secured Visa (minimum $500, no annual fee option). Treat the card like a debit card — spend only what you can repay in full. Or check out our guide on the top secured credit cards in Canada to find the right one for you to build or repair credit.

2. Try a credit builder loan

Credit builder loans are designed specifically to establish a payment record. You make fixed monthly payments — often $10 to $100 — and the funds accumulate in a savings account you access at the end.

According to Borrowell, the average credit score increased by 41 points in five months among users who started with a credit score below 600 (4). Spring Financial's Foundation program accepts applicants with no credit history and reports to both bureaus.

3. Report your rent payments

For the 48% of payday loan users who are renters (5), turning monthly rent into a credit-building tool is one of the most practical options available.

Equifax Canada now accepts rent payment tradelines through services like Borrowell Rent Advantage ($10/month, no landlord sign-off required) and FrontLobby. (You can check out other rental programs here, just be sure it fits your budget and will actually help you.)

TransUnion Canada has not yet integrated rental data, so results currently appear only on your Equifax report.

4. Become an authorized user on someone's credit card

If a family member has a credit card in good standing with TD or RBC, ask to be added as an authorized user.

Unlike in the U.S., where almost every bank reports authorized users, Canadian banks are inconsistent about reporting the transactions from authorized cardholders. The good news is that some issuers, such as TD and RBC, will report to the bureaus, as will certain Amex cards (you just need to ask to be sure). Keep in mind, the primary cardholder's habits will directly affect your score, so choose someone whose payments are consistently on-time and carries low balances.

Need cash fast? Credit unions offer a better deal

If you need emergency funds — not just credit building — credit unions are a genuine alternative to payday lenders. Vancity Credit Union's Fair & Fast Loan (6) provides $100 to $2,500 at a 19% annual percentage rate (APR).

For example, a $500 two-week Fair & Fast Loan would cost you $2.20 in interest versus the $70 fee from a payday lender.

DUCA Impact Lab's Escalator Loan, which is expanding nationally, approves borrowers based on cash flow rather than credit score and charges prime plus 8%, with a 2% rebate for on-time payments.

If you'd rather shop online, first, check out a loan consolidator like Loans Canada. Consolidators help you compare and find the best rates, and you only need to fill out one application.

Free help is also available. Credit Canada provides national credit counselling at no charge (1-800-267-2272), and non-profit organizations such as Momentum in Calgary offer microloans up to $1,500 at 12% interest for borrowers who may not qualify elsewhere.

Payday loan FAQ

As of January 1, 2025, the federal government harmonized the maximum cost of borrowing nationally, meaning payday lenders can only charge a maximum of $14 per $100 borrowed. Plus, dishonoured payment fees are capped at $20 (7). So, if you borrowed $300 through a two-week loan, it would now cost a maximum of $42 in fees — still roughly seven to nine times more expensive than a line of credit or credit card cash advance for the same amount and period, according to the FCAC.

Article Sources

We rely only on vetted sources and credible third-party reporting. For details, see our ethics and guidelines.

Equifax Canada (1); Government of Canada (2),(3),(5); Borrowell (4); Victoria Times Colonist (6); Canada Gazette (7)

New research from the British Columbia Automobile Association (BCAA) suggests three in five people in the province either already earn money from their skills or would consider doing so. The work ranges from helping someone move to assembling furniture or tackling small repair jobs — tasks that are often informal but increasingly paid.

"British Columbians are finding creative ways to earn an extra buck and just as importantly to help each other out," said Mark Spencer, general manager, BCAA Task Marketplace, in a statement. "People are actively monetizing their inherent skills to build successful side hustles or even micro businesses which generate extra income while helping people tackle odd jobs."

More people are getting paid for everyday help

Helping friends or neighbours with small jobs has long been common, but the survey suggests more people are now turning that help into income.

According to the BCAA survey, around 73% of British Columbians say they've used their skills to assist with odd jobs, and just over a quarter of them report being paid for it. In many cases, that means work that once may have been done as a favour is now part of a growing pool of paid, informal work.

Further, respondents pointed to both earning extra money (71%) and helping others (72%) as key reasons for taking part, while half said they enjoy using their skills in a practical way.

Demand is building for local, flexible work

Interest isn't limited to those offering services. Nearly seven in 10 British Columbians say they would consider hiring someone locally to help with odd jobs, suggesting steady demand for this kind of work.

That demand covers a wide range of tasks, from basic home maintenance to everyday jobs that don't require specialized training but still save time.

"Beyond formal, professional skills like plumbing or electrical, we're seeing Taskers successfully transform a wide range of less obvious, yet helpful odd-job skills into valuable income," noted Spencer.

While such work isn't going to replace a primary income, it can still provide a useful supplement — particularly when combined with other sources of earnings.

The broader takeaway is that more Canadians are looking at practical, everyday skills differently. What used to be occasional help for friends or neighbours is increasingly becoming a way to bring in extra income, even if only on a part-time or flexible basis.

For investors caught in the August 5, 2024, U.S. market sell-off — a sharp drop in the market due to concerns over the U.S. economy — this is welcome, if late, news. When the 2024 sell-off occurred, thousands of investors using major U.S. brokerages, like Fidelity, suddenly found themselves locked out of their accounts or unable to place trades (1). The disruptions were tied to a surge in trading activity, with widespread reports of login failures and execution issues across multiple platforms.

However, this wasn't the first time. Similar outages occurred in the U.S. and Canada, including during the March 2020 COVID crash, as well as other high-stress market periods.

These events serve as a stark reminder that even the largest, most established trading platforms can struggle under pressure, which raises an important question for Canadians. When similar outages happen here, what options do investors actually have?

The hard truth is that there is limited legal recourse. But 'limited' doesn't mean 'none,' and that distinction matters.

What happens when your app crashes during a trade

A trading outage during a volatile market isn't just frustrating; it can cost you real money. If you were trying to sell during a decline, buy into a dip or trigger a stop-loss, an outage can create a measurable loss.

Imagine trying to sell during a sharp morning drop, getting an error message and then watching the position fall another 8% before the platform comes back online. That gap can hurt. Whether the loss is recoverable depends on what you can prove and how quickly you act.

You can always share your frustrations on social media, but it's unlikely to help your case. You'll need documentation to file a formal complaint.

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What investment app terms actually say about outages

Canadian trading platforms are regulated by the Canadian Investment Regulatory Organization (CIRO) (2), but the rules for outages are mostly governed by their user agreements. They are painstakingly written to mostly limit or exclude liability for losses caused by service interruptions, system failures, or high-volume traffic. In other words, if the app crashes during a busy trading session, the platform has likely already protected itself from being held responsible. But regulation still matters.

CIRO sets conduct standards for its members, including how they handle complaints, and those obligations exist outside of the contract you agreed to. That's where the complaint process comes in.

OBSI: How to use Canada's investment ombudsman

The Ombudsman for Banking Services and Investments (OBSI) is a not-for-profit organization that investigates complaints against participating financial firms. It's the main path for disgruntled investors — it is independent, free to use and designed specifically for situations like this.

In 2023, OBSI opened 662 investment cases (3). This was up sharply from 465 the year before, as market volatility and rising rates generated more disputes between investors and their firms.

When OBSI finds in favour of an investor, it can recommend compensation of up to $350,000 per complaint. But there's a catch. OBSI's recommendations are not legally binding. Firms are expected to comply, and most do, but not all outcomes match the full recommended amount. For example, between 2019 and 2023, 33 investment cases were settled for $1.1 million less than OBSI's total recommendation (4).

The complaint process itself is structured. Before you can file with OBSI, you must go through the investment firm's internal complaint process. That means submitting a formal written complaint and waiting for a response.

If you receive a response and are still not happy, or if 90 days have passed without one, you have 180 days to escalate your case to OBSI.

How to document a loss OBSI can actually evaluate

OBSI offers a guide to help investors understand what to expect when they escalate a complaint (5).

Generally speaking, to have any chance of compensation, OBSI will want to see evidence that you tried to execute a trade during the outage, based on screenshots of error messages, timestamps, or your account's order history.

You should also document your attempts to execute the trade through alternative channels during the outage, such as on the platform's telephone trading line. And you'll want to provide a clear calculation of the difference between the price at the time of your attempted trade and the price when the platform was back online.

During periods of extreme volatility, where intraday swings are frequent and sharp, that price gap could be substantial. Collecting this evidence immediately can make a difference in the outcome.

Which platforms have the strongest accountability record?

There's no public leaderboard for platform reliability, but there are signals you can use.

CIRO maintains a public database of registered firms and a record of regulatory and disciplinary actions (6). While uptime statistics are not publicly disclosed by most platforms, CIRO's complaint and enforcement records can offer a baseline for evaluating a firm's conduct history before opening an account.

Ultimately, before you choose a self-directed investing account, it's worth checking whether the firm has a transparent record of past disruptions and how it communicated with clients during them.

The bottom line

Trading app outages during volatile markets are fairly common. The platforms and regulators know it. What separates investors who are able to recover some of their losses from those who don't is almost always documentation and process.

If you experience a loss during a platform outage, act fast, as the 180-day window from OBSI closes quickly. If you haven't experienced an outage yet, it may be time to set up a backup trading option, such as a secondary brokerage or a phone trading channel, and become familiar with your platform's complaint process before the next selloff, not during it.

Article Sources

We rely only on vetted sources and credible third-party reporting. For details, see our ethics and guidelines.

CTV News (1); Canadian Investment Regulatory Organization (2, 6); Ombudsman for Banking Services and Investments (3, 5); Wealth Professional (4)

“If you’re looking for a side hustle you can do while the kids are napping or in your spare time, this is easy to fit in,” he told Business Insider (1).

Strahl works full time. He’s a husband and father of two. Despite his busy schedule, he spends no more than 20 hours a month on his side hustle — and the returns are significant.

For Canadians already stretched between the cost of groceries, housing and everyday expenses, the idea of earning a meaningful second income without an additional job is more than appealing. It’s a question worth asking: could a program like this work for you, too?

The Amazon Influencer opportunity

An Amazon Influencer is a content creator who inspires their audience with product recommendations, according to the official Amazon website (2). In plain language, the program pays creators like Strahl to funnel buyers to products through informative videos and affiliate links.

The model is straightforward: a viewer watches a video, clicks a product link and completes a purchase on Amazon, with the creator then earning a commission. Strahl’s product focus is on tools, camping gear, automotive accessories and household items — products he can demonstrate credibly as a tradesman.

“I made about US$5,800 (C$7,950) in revenue in my fourth month after joining the program,” Strahl said. “And it kept growing from there.” He recommends shooting and posting 100 videos as a way to learn the ropes — assuming Amazon approves your application.

To join, you must apply with an active YouTube, Facebook, Instagram or TikTok account. Amazon reviews follower counts and engagement, among other criteria (2). And if you’re accepted, the program can become a valid stream of additional income.

On a 2025 Reddit thread, Amazon influencer McKay Christensen also recommends the program — with some caveats (3). Christensen runs the GoTechGeek Amazon storefront and, like Strahl, earns through high-quality product videos. He calls the program “life changing,” despite recent changes that other influencers describe as making top-tier earnings harder to reach (4).

“When I got started in June 2022, it was pretty easy money,” Christensen posted. “Now, those days are gone.” Even so, he believes there are still real opportunities for creators willing to put in consistent work.

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The road to earning $10,000 a month

So what does it actually take to reach Strahl’s income level?

He credits his success to “in-depth, highly descriptive, long-form videos.” His content isn’t cinema quality, but it’s detailed — using B-roll footage (product visuals that play during a voiceover) to give viewers an accurate sense of what they’re buying.

Christensen echoes this, adding that the platform you post your video to matters just as much as the content itself. Most of his earnings now come from YouTube rather than Amazon directly. He estimates that he would only earn one-third to one-quarter of his current income without his YouTube channel.

Strahl launched his own YouTube channel in 2024 — a year after joining the Amazon Influencer program — reposting his best Amazon videos there to drive additional traffic. It took him 11 months to reach monetization.

“I started by reviewing products with no prior knowledge of video editing, and learned everything from scratch,” Strahl said. “I believe it’s still a good time to get started.”

Christensen cautions against treating the program as a get-rich-quick opportunity. He points to dedication, consistent learning and persistence as the real drivers of his success.

What Canadians can realistically expect

Big earners like Strahl aren’t typical, and income through the Amazon Influencer program varies widely. A popular 2024 thread on the r/Amazon_Influencer subreddit suggests the average creator earns roughly US$300 (C$410) a month. Many report inconsistent results, with one user noting earnings anywhere between US$165 and US$1,200 (C$230 to C$1,640) in a single month (4).

For Canadian context: Statistics Canada data shows that about 5.4% of employed Canadians held multiple jobs or supplementary self-employment activity as of August 2025 (5). Among digital content creators and gig workers, supplemental earnings can vary widely — the income potential is real, but it’s rarely instant and usually involves active participation.

The Amazon Influencer program isn’t limited to U.S. creators. Amazon.ca supports Canadian participants in the program, with commissions paid in CAD for purchases made through Canadian links (6).

What you need to know before establishing a content creator side hustle

Before you start reviewing camping stoves on camera, there are some important Canadian financial and tax considerations to keep in mind.

Self-employment income and the CRA: Income earned through the Amazon Influencer program is considered self-employment income by the Canada Revenue Agency (CRA). You must report it on your T1 personal income tax return, using Form T2125 (Statement of Business or Professional Activities). You can deduct legitimate business expenses — such as equipment, internet costs and home-office expenses — against your earnings.

GST/HST registration: If your gross self-employment income exceeds $30,000 over four consecutive calendar quarters, you’re required to register for GST/HST (and QST if you are in Québec). Below this threshold, registration is optional but still available.

RRSP room: Earning self-employment income creates more Registered Retirement Savings Plan (RRSP) contribution room — calculated at 18% of the prior year’s earned income, up to the annual maximum: $33,810 for the 2026 tax year. Reinvesting some of your creator income into an RRSP can reduce your taxable income.

TFSA strategy: If you’re already maximizing your RRSP, consider directing side-hustle income to a Tax-Free Savings Account (TFSA). The 2026 annual contribution limit is $7,000, and investment growth inside a TFSA isn’t taxed when withdrawn from.

Income smoothing: Side-hustle earnings are rarely predictable. Consider setting aside 25% to 30% of creator earnings for income taxes — especially if this income pushes you into a higher marginal tax bracket.

Next steps for Canadians

Whether you aspire to Strahl’s level, the Amazon Influencer program represents a low-barrier entry point to building supplemental income. Here are a few practical steps if you want to explore it further:

• Apply to the Amazon Influencer program at amazon.ca with an active social media account
• Start creating product videos in a category you know well — Strahl began with tools and household items
• Post at least 100 videos before evaluating your results
• Build a parallel presence on YouTube, TikTok or one of the Meta apps to multiply your reach
• Track all business expenses from day one for CRA purposes
• Once income is steady, consider routing surplus earnings into an RRSP or TFSA

Bottom line

The Amazon Influencer program isn’t a shortcut to easy money. But for Canadians willing to put in consistent effort, it could be a legitimate way to build a considerable stream of second income. Note that Strahl’s results are exceptional, and most creators will start somewhere closer to a few hundred dollars a month.

But in a reality where the cost of living is so high, every bit of breathing room counts. Even a side-hustle earning modest income can make a difference. Start with what you know, track your expenses from day one and treat any earnings as an opportunity to firm up your financial foundation — whether it’s contributing to an RRSP, a TFSA or acting as an emergency fund for the next unexpected bill.

-With files from Melanie Huddart

Article sources

We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.

Business Insider (1); Amazon Influencer Program (2); Reddit (3, 4); Statistics Canada (5); Amazon (6)

Then came a message that sounded too good to be true.

Someone claiming to work with financial crimes authorities said officials might be able to recover the stolen money. The caller identified himself as a lawyer named Dennis John Solis, said he worked for a firm called Edward International Legal Corporation and appeared on a video call sitting at a desk — framed certificates on the wall, a flag behind him, credentials ready.

But when Nick asked for more proof, those credentials fell apart instantly.

"The credentials included an AI-generated image of a man meant to look like the guy on the video call," Nick told The New York Times (1). "And that's when I immediately knew it was a scam."

Nick's family had narrowly escaped a recovery scam, a second-strike tactic that's increasingly targeting those who have already been victimized — and it’s happening to Canadians too.

The cruel second wave

Recovery scams, sometimes called refund scams, target people who have already lost money. Instead of posing as investors or romantic partners, fraudsters impersonate lawyers, government officials or investigators who claim they can retrieve stolen funds — usually in exchange for upfront fees (2).

The hook works because victims have already lost significant life savings and are desperate to recover them. The promise of getting everything back is powerful, especially when you don't have time to build your savings back.

The Canadian Anti-Fraud Centre (CAFC) has documented this new, devious strategy. The agency warns that fraudsters have even used its own letterhead and logo to impersonate CAFC investigators — claiming to assist with fund recovery operations while attempting to steal more money instead (2).

"Remember that the CAFC and police will never ask you to transfer funds or make a payment of any kind," its website warns (2).

Fraud is widespread in Canada and it’s costly, as residents lost more than C$638 million in 2024 — with reported losses since 2021 now passing the C$2 billion mark (3). And because only 5% to 10% of fraud is ever reported to authorities, the real total is almost certainly far higher.

For comparison, Americans reported US$16.6 billion (C$23 billion) in scam losses in 2024, according to the FBI's Internet Crime Complaint Center (4). However, the underlying dynamics are the same on both sides of the border: Once someone has lost money from a scam, they become a target all over again.

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Why victims are so vulnerable to a second attack

Scammers often already know details about their victims because criminal groups share or sell lists of people who have been previously targeted. Fraudsters can then impersonate law firms, RCMP officers or other officials to make their approach sound legitimate.

In the Jonas case, the alleged lawyer was impersonating a real licensed attorney, using his identity and bar licence number. The real lawyer only discovered the fraud after a regulatory investigator contacted him about complaints.

Some schemes go even further — building entire fake law firms, complete with professional websites and convincing attorney profiles.

The Canadian Securities Administrators (CSA) warns that new technologies are making these scams increasingly difficult to detect (5). Fraud rings can now make identification documents look authentic, build professional-looking websites and stage convincing video calls using AI-generated images or stolen identities.

In many cases, criminals also exploit unsuspecting victims using search engines and social media. They advertise fake "fund recovery" services, so when victims look for help online, the scammers appear at the top of search results.

And older Canadians face the greatest exposure to these sophisticated tactics. Seniors lost almost 40% of the total amount stolen by scams in Canada in 2024, according to federal government data (6) — despite accounting for a fraction of the population. Jeff Horncastle, a fraud expert and spokesperson for the CAFC, says AI has made the threat harder to recognize.

"AI is playing a huge role in fraud," he warns. "I hate to use the word 'scary,' but it's so difficult now to know what's real and what isn't."

Red flags to watch for

The CAFC identifies several warning signs that a supposed "recovery" offer is actually a scam (2):

• Lawyers or legal firms you have never contacted reaching out to you
• Requests for payment via cryptocurrency, gift cards or wire transfer
• Pressure to join secret group chats, pay third-party fees or act immediately
• Refusal to show verifiable credentials or appear on a live, unscripted video call
• Claims to be from the CAFC, RCMP, Canada Revenue Agency (CRA) or other government bodies who have recovered your funds

How to protect yourself

Verify the lawyer independently

Every province and territory in Canada has a law society that maintains a public directory of licensed attorneys. The Law Society of Ontario (LSO), the Law Society of British Columbia (LSBC) and similar organizations across the country have a directory where anyone can find a lawyer's current status, licensing information and any disciplinary history for free (7) (8). If someone claims to be a lawyer, check with your relevant provincial or territorial organization — do not blindly trust the credentials you were given by the people claiming to help you.

Watch out for unsolicited outreach

Legitimate law firms and government agencies don't contact fraud victims out of the blue offering to recover stolen money. The CAFC will never call you to initiate a fund recovery operation.

Be alert to upfront fees

Recovery scammers often demand large advance payments described as "investigative costs," "filing fees" or "release taxes" before they supposedly deliver recovered funds. No legitimate legal or government agency works this way (9).

Avoid accessing links and unfamiliar forms

Fraudsters may direct victims to fake websites built to collect personal data or payment information. Always refer to official government or law society websites rather than clicking links in unsolicited messages.

Report suspected scams

Victims and potential victims should report incidents to the CAFC online at antifraudcentre.ca or toll-free at 1-888-495-8501, and to your local police. Even if you didn't lose any money, reporting helps investigators track fraud trends and may protect others.

For families like the Jonases, the experience continues long after disconnecting from the scammers. Even after changing phone numbers and deleting messaging apps, Nick Jonas still receives messages from fraudsters — some of which included images of his father's driver's licence.

He now blocks and reports them, even when they arrive several times a week.

Once someone has been targeted, scammers may keep trying. And for victims who have already lost so much, the promise of getting their money back can be the most powerful trap of all.

What Canadians should do next

If you or someone you know has been a fraud target — or is approached with a recovery offer — here are immediate steps to take:

Report it right away. Contact the CAFC online at antifraudcentre.ca or reportcyberandfraud.canada.ca (10) or by phone at 1-888-495-8501. Also report to your local police. The CAFC estimates 90% to 95% of fraud goes unreported — each report helps build a case for law enforcement to investigate.

Contact your financial institution. If money was transferred, alert your bank or credit union immediately. Acting quickly may limit additional losses.

Verify before you engage. If someone claims to be a lawyer, look them up through your provincial law society before responding. If someone claims to be from the CAFC or RCMP, hang up and call those organizations directly using the numbers on their official websites.

Protect the person, not just the money. Consider a trusted family member or friend serving as a financial check for elderly relatives who can review large or unusual transactions before they go through. Discuss fraud openly. Shame and embarrassment are some of the main reasons victims don't report: Staying silent protects the scammers (10).

Know that recovery is rare — and promises of it are a red flag. In most fraud cases, money sent to scammers isn't recovered. Any unsolicited offer to retrieve stolen funds — particularly one that requires an upfront payment — should be treated as a scam until proven otherwise.

— with files from Melanie Huddart

Article Sources

We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.

The New York Times (1); Canadian Anti-Fraud Centre (2): Government of Canada (3); Federal Bureau of Investigation (4); Canadian Securities Administrators (5); Cyber-Seniors (6, 10); Law Society of Ontario (7); Law Society of British Columbia (8); Canadian Investment Regulatory Organization (CIRO) (9)

What's squeezing Canadian businesses right now?

The immediate pressure is not just one factor, but a mix of issues with immediate and long-term consequences. U.S. tariffs — currently averaging 5.1% on Canadian imports (1) — have been grinding down exports for more than a year. Steel exports to the United States have fallen by half. Lumber shipments are running roughly 20% below 2024 averages. Aluminum producers, facing a 50% tariff, watched exports collapse before partially recovering by redirecting sales to Europe at lower margins.

On top of that, the war in the Middle East has pushed Brent crude oil to around US$100 per barrel — well above the US$60 the BoC assumed in January, before all this global turmoil. Higher fuel costs mean higher transportation, freight and production costs, which are being passed along the supply chain. In the April MPR, the Bank notes that "higher gasoline and food prices weigh on household purchasing power," and businesses in consumer-facing sectors are feeling that spending squeeze directly.

In a recent statement to Money.ca, Principal Economist for the Canadian Chamber of Commerce, Andrew DiCapua, explained that the Bank is navigating a difficult balancing act. "The Bank finds itself in a tricky spot. Inflation expectations are climbing for both businesses and consumers. In the face of this, they are holding the line and projecting stability."

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How bad is the job market?

According to the MPR and recent Statistics Canada data, the labour market is soft without being in crisis. The Bank reports that the unemployment rate has remained in a range of roughly 6.5% to 7% for the past 12 months. Wage growth is holding between 3% and 3.5% — enough to roughly keep pace with inflation, but not enough to reflect a healthy, tight labour market.

The real issue is where the weaknesses lie — and it's not equal, but concentrated in a few key areas. As the MPR states:

"Employment growth has slowed overall since early 2025, with employment contracting in sectors hit hard by higher US tariffs."

That means workers in manufacturing, steel production, softwood lumber and auto parts are absorbing the sharpest shocks.

As the Bank noted, adjustments are occurring mainly through reduced hiring rather than outright layoffs — but for workers in tariff-exposed industries, fewer job openings mean fewer options.

Is CUSMA the wildcard that changes everything?

For business owners with exposure to the U.S. market, the single biggest unknown is the 2026 review of the Canada-United States-Mexico Agreement (CUSMA). The Bank identifies this as the main downside risk in its April MPR — and started to raise concerns over this agreement in early March.

The base case assumes the deal holds. But the Bank flags that a worse outcome — including possible U.S. withdrawal — could mean reduced access to U.S. markets, weaker business investment and a chill on spending and hiring that would extend far beyond tariff-affected sectors.

DiCapua notes that commodity costs are already complicating the picture. "Rising commodity prices are adding to inflationary pressures, and the Bank now expects headline inflation to remain above target this year. The reality is that global commodity prices are likely to stay elevated."

What's the outlook for the rest of 2026?

The Bank projects gross domestic product (GDP) growth of 1.2% in 2026 — modest, and barely above the pace of population growth. Consumption growth is expected to average just above 1%. Business investment intentions remain weak in tariff-exposed sectors, though there are signs of improvement in domestic-demand-driven industries.

Consumer price index (CPI) inflation is expected to peak at roughly 3% in April before gradually declining back toward the Bank's 2% target in early 2027 — assuming oil prices normalize. But that's a significant caveat. As a result of this energy-driven inflationary pressure, the Bank is now considering a scenario where persistently elevated oil prices will keep inflation close to 3% for more than a year; this scenario would require an interest rate increase (or more) to bring inflation back under control.

For now, DiCapua says the rate path looks relatively stable: "With the Canadian economy still facing headwinds, the risk of persistently high inflation remains relatively contained. For now, the path for interest rates looks largely flat for the time being."

What should business owners and workers do now?

For businesses with concentrated exposure to tariff-affected sectors — steel, lumber, aluminum, auto — this is the moment to assess diversification options: New markets, new products, different supply chains. The Bank notes that businesses reporting less hesitancy to enter new U.S.-alternative markets are faring better than those waiting for trade certainty to return.

Workers in trade-exposed industries should treat this as a signal to build a financial cushion. A larger emergency fund — closer to six months of expenses rather than three — offers meaningful protection against a labour market where new opportunities in your sector may be slow to appear.

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The Bank is not forecasting collapse. But it is describing an economy under simultaneous pressure that businesses and workers cannot afford to ignore.

Article sources

We rely only on vetted sources and credible third-party reporting. For details, see our ethics and guidelines.

Bank of Canada (1)

The Bank of Canada (BoC) held its overnight rate at 2.25% on April 29, 2026 — the fourth consecutive hold since the rate-cut cycle ended in October 2025 (1). The takeaway is unambiguous: Rapid rate relief is not coming.

The April 29 rate hold comes as Canada’s economy continues to face a triple threat: Ongoing U.S. trade tariff uncertainty, a Middle East conflict driving energy prices sharply higher, and a domestic labour market that remains soft after losing 84,000 jobs in February 2026 alone.

The result is a stagflation dilemma that leaves the BoC with no easy moves.

Why the BoC’s 4th consecutive hold matters

The Bank’s decision to hold rates in April didn’t come as a surprise. A Reuters poll of 41 economists found that 100% expected the April 29 rate to hold (2).

What is significant is that the Reuters poll also found that 80% of these 41 economists now predict there will be no change to the overnight rate for the rest of 2026. While a rate cut appeared to be on the horizon at the start of the year, it now seems unlikely given that Canada’s GDP is forecast to grow just 1.2% in 2026, down from 1.7% in 2025, due to constraints that include energy-driven inflation.

As stated in the BoC announcement press release:

“The evolving conflict in the Middle East is causing heightened volatility and U.S. trade policy continues to reshape global trade patterns. Both are ongoing sources of uncertainty. The Bank’s April outlook assumes tariffs remain unchanged and the global benchmark price of oil declines to US$75 per barrel by mid-2027.”

BoC rate hold: Impact on mortgage holders

The BoC’s decision to hold rates will impact millions of Canadian mortgage holders, according to the Canadian Mortgage and Housing Corporation (CMHC). Approximately 1.2 million fixed-rate mortgages — representing more than $300 billion in outstanding debt — came up for renewal in 2025, with over 85% of those mortgages originally taken out when the BoC’s policy rate was at or below 1%. Another 1 million mortgages are set to renew in 2026, and approximately 940,000 in 2027 (3).

“For people coming off 2021 rates and renewing into today’s market, this isn’t a small change,” explained Marshall Tully, an independent, Toronto-based mortgage broker, in a recent interview with Money.ca. “Rates can double, and payments can jump 20% to 25%.”

Mortgage delinquency: The pressure is building

While mortgage delinquency rates remain low by historical standards, pressure is building, and default trends are moving upward. According to Equifax Canada, the national mortgage delinquency rate reached 0.26% in Q4 2025, with severe delinquencies (90 or more days past due) rising 30% year over year by dollar value (4).

What’s alarming is the segment of mortgage-holders who are increasingly delinquent in paying their home loan. According to Equifax data, near-prime borrowers — Canadians with good to excellent credit scores between 660 and 880 — are experiencing the sharpest increases in missed payments. Among these mortgage-holders, data shows a 31% increase in delinquency rates, year over year. In Canada’s five priciest housing markets — Toronto, Vancouver, Brampton, Markham and Oshawa — near-prime borrower delinquency hit 0.64%, almost three times the national average.

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Stop waiting for the BoC to save you: The biggest mistake Canadian mortgage shoppers make

Tully urges Canadians to use this current rate freeze as motivation to break a dangerous habit: Treating the Bank of Canada rate announcements as a signal to act. They’re not.

“The Bank responds to data that’s already happening,” he explained. “Inflation is already sticking around, or the economy has already slowed. Meanwhile, fixed rates move ahead of that based on expectations. People waiting for [these] announcements think they’re getting ahead of the market, but by the time the announcement comes, the market has already adjusted.”

This is particularly true for home buyers and mortgage holders looking to lock in a fixed-rate loan. As Tully explains, fluctuations in fixed mortgage rates don’t wait for the BoC announcements. These rate changes are driven by bond yields, which move on economic expectations — and can shift by a full percentage point before a single BoC rate change takes effect.

“Instead of trying to time bond yields, borrowers should focus on where inflation is headed and what that means for their own risk. From there, locking in becomes a trade-off decision, not a prediction,” explained Tully.

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How to decide between a fixed or variable mortgage rate

The fixed vs. variable debate has no universal answer in this environment — but if you plan on buying a home or renewing your mortgage in the next three to six months, here are three questions you must ask yourself.

1. Do I need flexibility?

If there’s any chance you’ll refinance, access equity or sell in the next few years, variable often makes more sense.

“The penalty on a fixed mortgage can wipe out any rate savings if your plans change.”
— Marshall Tully, independent mortgage broker with Tully Mortgages

2. How sensitive am I to payment changes?

This is a practical, not a theoretical, question. If you can’t absorb a monthly increase in your mortgage payment or if adding tens of thousands in interest costs to the life of your mortgage throws your financial goals off track, then you may need to look for certainty when it comes to mortgage payments.

“If your payment goes up, what actually changes in your life? Do you have to cut back? Does it create stress? Are you losing sleep over it? If rising payments would materially affect your lifestyle, you’re probably better off with something predictable that you can plan around. For a lot of people, trying to win on the interest rate isn’t worth it. Peace of mind is.”
— Marshall Tully, independent mortgage broker with Tully Mortgages

3. What’s my strategy — and who’s helping me with it?

“Most people work with an advisor for their investments, but when it comes to their mortgage, they go straight to their bank. If you value guidance, you should be working with someone who can give you unbiased advice and help you think strategically.”
— Marshall Tully, independent mortgage broker with Tully Mortgages

The rate-hedging strategy: How to buy yourself time

One underused tactic is to use a rate lock as a hedge. Most borrowers treat a mortgage rate lock as a final commitment, but viewing it as a strategic hedge offers a far more powerful advantage, explains Tully. Instead of locking in and looking away, savvy homeowners use early locks to create options — key in a shifting market. The value is your ability to pivot: Accept the rate on hold, or negotiate something better.

“You can secure a rate up to four months in advance, then reassess around the three-month mark. At that point, you compare the rate you locked in, the current market rate, and the cost to break your mortgage. Even a 0.5% difference can add up to roughly 1.5% to 2.5% of your mortgage balance over a three- to five-year term. The goal isn’t to predict perfectly. It’s to give yourself flexibility to make a better decision.”

Article sources

We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.

Bank of Canada (1); Globe and Mail (2); CMHC — Mortgage Renewal 2026 (3); Equifax Canada / Canadian Mortgage Trends — Q4 2025 delinquency data (4)

Why is that a problem? In Canada, the average wedding costs between $30,000 and $42,000 (1). Most people start with their dream scenario and then try to make the math work.

Here’s a better approach to budgeting for a wedding: set a total you can actually afford, then build your wedding around it. This article will discuss exactly how to do that, every step of the way.

How much does a wedding actually cost in Canada?

As mentioned already, the average cost of a wedding in Canada ranges from $30,000 to $42,000. This budget range does vary based on the location, guest count and overall lavishness of the affair.

Not surprisingly, the location of the wedding has the biggest impact on the price. In major urban cities like Vancouver or Toronto, weddings can cost upwards of 25% more than the national average. A Toronto-based wedding with between 80 and 150 guests can easily cost $70,000 to $100,000. Meanwhile, the same wedding in Alberta might only cost around $30,000.

The number of guests is another major factor. By the time you factor in the cost of invitations, rentals, food and drinks, each guest will typically add $250 to $500 to the cost of your wedding.

You must also take into account the impact of seasonality. If your wedding is in the peak wedding season, you will pay a premium. A winter wedding can often come with a nice discount.

Before planning anything concrete, set yourself a realistic price range. The national average cost of a wedding is $32,000, which is a good benchmark to use when starting.

What’s the typical breakdown of a wedding budget?

Setting a budget is the easy part. Then comes the breakdown of that budget and allocating your hard-earned money to the many different costs for your big day.

Using a hypothetical $32,000 budget, here is a typical breakdown for wedding costs:

• Venue and catering (40% to 50%): ~$12,800 to $16,000
• Photography and videography (10% to 12%): ~$3,200 to $3,840
• Music and entertainment (5% to 8%): ~$1,600 to $2,560
• Florals and décor (5% to 8%): ~$1,600 to $2,560
• Attire (5% to 8%): ~$1,600 to $2,560
• Other (15% to 20%): ~$4,800 to $6,400 (officiant, invitations, rings, cake, hair and makeup)
• Contingency fund (5% to 10%): ~$1,600 to $3,200

For Canadian weddings, the venue and catering are the most common things to underestimate, especially in larger cities.

The contingency fund is the most overlooked part of a wedding budget. Staff overtime, gratuities and last-minute changes need to be covered, or those unexpected costs come straight out of your pocket.

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How do you set a wedding budget you can actually afford?

Here’s the simplest way to approach your wedding budget: start with what you have, not what you want.

1. Total what you have

Get a snapshot of your finances. Add up the savings or investments that you’ve set aside for the wedding. When factoring in any friend or family contributions, make sure you mark those as gifts, unless otherwise stated.

2. Set a savings timeline

If your wedding is 18 months away, you have 18 months to save. Figure out how much you need to put aside to meet your budget and then divide it by 18 to calculate what that monthly figure will be.

3. Choose the right savings vehicle

Utilize the right vehicles for saving: TFSAs work the best for couples, as do high-interest savings accounts (HISA). Avoid RRSP withdrawals as they are a tax implication.

4. Build your budget before booking anything

Before locking yourself into a venue or caterer, build out your budget. Deposits are often non-refundable, and can be a tremendous waste of money if you have to change your mind.

If you need help mapping this out, the Financial Consumer Agency of Canada offers a free budget planner that can help calculate your monthly savings target (2).

Should you borrow to pay for a wedding?

If you’re thinking about borrowing for a wedding, you’re not alone. Just keep in mind that the type of borrowing is what matters the most.

Personal loans

Depending on your personal credit score, rates for personal loans range from about 6.0% to up to 20.0%. While the rates can be high, they offer fixed payments and a clear timeline, which are easier to manage.

If you need a personal loan, consider comparison shopping using a loan consolidator, like Loans Canada. Consolidators help you compare and find the best rates, and you only need to fill out one application.

Credit cards

This is the riskiest way to borrow to pay for a wedding. For example, carrying a $10,000 balance at 20.99% interest will cost you about $2,100 in interest in the first year. Unless you are actively paying this down, this debt can linger for years.

Home equity line of credit (HELOC)

If you are already a homeowner, HELOCs can be an affordable way to borrow for a wedding. Interest rates are typically around 5.0%, making it the most reasonable of the three borrowing types. The danger is that your home secures the debt, and can add years to your mortgage.

Starting a marriage with $20,000 or more in high-interest consumer debt can cause a real strain on your finances.

The bottom line is that borrowing can be a viable solution if the amount and interest rate are reasonable. Have a clear repayment plan in place, because this debt can follow you around for years without one.

What are the fastest ways to reduce your wedding costs without sacrificing what matters?

If your initial budget does not work, you still have options. Here are some ways to cut down a budget that is growing out of control:

• Trim the guest list: Cutting from 120 to 80 guests at $300 per person saves about $12,000.
• Choose an off-peak date: Friday or Sunday weddings and winter dates can significantly reduce venue costs.
• Rethink the venue: If you are trimming the guest list, you can also go with a cheaper location.
• Adjust catering style: Buffet or cocktail receptions can save $30 to $60 per guest over plated meals.
• Prioritize photography over videography: If you need to cut one, videography is usually the first to go. All your guests will be taking their own videos, anyway.
• DIY strategically: Invitations and décor can be manageable DIY projects. Catering and florals usually are not. Plan accordingly without adding additional stress to your plate.

Here’s a simple checklist to get you started and keep you on track:

• Set a total budget before researching venues
• Confirm family contributions in writing
• Open a dedicated TFSA or HISA for savings
• Get at least two quotes per vendor category
• Build a 5% to 10% contingency into your plan

FAQs

How much does the average Canadian wedding cost?

The average Canadian wedding costs between $30,000 and $42,000, depending on the size of your guest list, location and style.

What is the biggest expense at a wedding?

The venue and catering are the biggest expenses and typically account for 40% to 50% of the total budget.

How do I start saving for a wedding?

Start by setting your total budget. Open a dedicated TFSA or HISA, and calculate how much you will need to save each month before your wedding.

Is it a good idea to take out a loan for a wedding?

It can be, if the amount and interest rate are reasonable. The key is having a clear repayment plan, so the debt does not hang over you for years.

How can I reduce wedding costs in Canada?

The fastest way is to trim your guest list and schedule your wedding during off-peak season. You can also have buffet catering and DIY decor, if it’s not too stressful.

Article Sources

We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.

Your Wedding Atlas (1); Financial Consumer Agency of Canada (2)

The Bank's decision wasn't a surprise, with most economists predicting the rate hold, given the ongoing U.S. trade tariff uncertainty, the Middle East conflict that is driving energy prices sharply higher, and a soft domestic labour market (1).

While the resulting stagflation dilemma presents no easy options for the BoC, the accompanying quarterly Monetary Policy Report (MPR) should help shed some light on how the central bank intends to proceed. The MPR updates the Bank's economic forecasts for inflation, growth, and employment — and sets the tone for near-term monetary policy.

As stated in the accompanying BoC press release (2):

"The evolving conflict in the Middle East is causing heightened volatility and US trade policy continues to reshape global trade patterns. Both are ongoing sources of uncertainty. The Bank's April outlook assumes tariffs remain unchanged and the global benchmark price of oil declines to US$75 per barrel by mid 2027."

What the rate hold means for 2026

The Bank's rate hold wasn't a surprise. According to a Reuters poll of 41 economists released a week before the BoC announcement, 100% predicted that the Bank would hold the overnight rate on April 29 (1). What changed was the certainty of future rate drops. According to the Reuters poll, 80% of the 41 economists interviewed now predict no rate changes for the remainder of the year.

• Most major bank economists — including TD, CIBC, BMO, National Bank, Capital Economics and Oxford Economics — expect the overnight rate to remain at 2.25% through 2026
• Scotiabank economists predict three rate hikes in the second half of 2026, with the year-end rate reaching 3%, citing inflation risk from sustained high energy prices
• BMO remains more dovish, projecting possible cuts to 1.75% to 2.00% if the economy deteriorates significantly

Adding further uncertainty is Canada's CUSMA trade agreement review, which is due July 1, 2026. Its outcome remains the single largest wildcard for the BoC's rate path in the second half of 2026.

Broader implications for the Canadian economy

At this point, the BoC faces stagflation — economic conditions that combine high inflation and unemployment, with slow economic growth. Forecasted GDP growth for 2026 is just 1.2%, down from 1.7% in 2025 (3), signalling soft growth. Simultaneously, energy-driven inflation has re-accelerated, putting upward pressure on prices.

Governor Tiff Macklem explicitly highlighted this 'stagflation' dilemma at the March rate announcement (4): "Economic weakness combined with rising inflation is a dilemma for central banks. Raising interest rates to slow inflation could further weaken the economy. Easing interest rates to support growth risks pushing inflation well above target."

The issue of slow growth came up again with the rate announcement press release, specifically addressing slow economic growth (2):

"The outlook for economic growth in Canada is little changed from the January Monetary Policy Report (MPR) projection. After a contraction in the fourth quarter of 2025, growth is forecast to have resumed in early 2026. Consumer and government spending are supporting economic activity, while tariffs and trade uncertainty are weighing on exports and business investment. Housing activity declined in the fourth quarter and is being held back by slow population growth, economic uncertainty and ongoing affordability issues. The labour market is soft, with subdued employment growth over the past year and job losses in sectors targeted by US tariffs. The unemployment rate remains in the 6½%‑7% range, reflecting both weak hiring and fewer job seekers."

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Impact on households

The BoC's stagflation dilemma — weak growth on one hand, energy-driven inflation risk on the other — leaves policymakers with limited room to manoeuvre. Holding rates steady may prevent conditions from worsening, but it is unlikely to reverse financial stress for households already under strain.

For instance, persistent geopolitical instability, particularly the Middle East conflict, increases the risk of prolonged higher global energy prices. If the BoC views these energy-driven spikes as a threat to its 2% inflation target, it may prolong high rates or even hike them further, severely burdening Canadian households with variable-rate mortgages or high consumer debt.

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For the millions of Canadians struggling with a high household debt-to-income ratio — 177.2% as of Q4 2025 (5) — the ongoing rate hold prolongs the potential for economic shocks. Labour market deterioration could rapidly accelerate mortgage and consumer loan delinquencies — and exacerbate the economic pressure felt particularly by millions of Canadians looking to renew their mortgage this year.

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For potential home buyers, this rate pause could help. Even the anticipation of a rate cut can stimulate buyer interest, pushing home prices up in major cities and worsening housing affordability. For those in a position to buy, this could be a good time to lean into negotiations and to comparison shop for the best mortgage rates. Sellers need to remember that ongoing rate holds — and even the threat of rate hikes — can suppress market demand as first-time buyers contend with high housing prices and elevated borrowing costs.

Get personalized mortgage options from Homewise. Just one application lets you compare rates from 30+ lenders — getting you the best rate in minutes.

Finally, the July 1, 2026, CUSMA review is the biggest non-monetary wildcard for Canada's economy and one of the biggest risks currently in the BoC's rate path. A smooth renewal would boost exports and could allow the BoC to ease rates. A challenging renegotiation, new tariffs, or the threat of a U.S. withdrawal would cause major uncertainty, harm business confidence, weaken the loonie, and potentially force the BoC to delay rate cuts to counter imported inflation.

As stated in the rate announcement press release: "Against this backdrop and taking into account the current projection, Governing Council decided to maintain the policy rate at 2.25%."

The next BoC rate decision is scheduled for June 10, 2026.

Article Sources

We rely only on vetted sources and credible third-party reporting. For details, see our ethics and guidelines.

The Globe and Mail (1); Bank of Canada (2),(4); CMHC (3); Statistics Canada (5)

Now 31, the commodities trader is chasing his next opportunity in Guyana, a small South American nation that's rapidly becoming one of the fastest-growing oil economies on the planet (2). Through his company, Petrichor Energy, Eppinger says he plans to invest up to US$60 million (C$83 million) in Guyana — buying a quarry, opening a trading office and bidding on government contracts to transport crude and fuel.

"I'm getting goosebumps," Eppinger told the Financial Times in a phone interview (1). "This is exactly what I was waiting for my whole life. I'm coming into a new market where everything is possible."

His story is more than a tale of extraordinary luck. It's a case study in the kind of disciplined, high-conviction investing that comes with enormous reward — but also enormous risk. For Canadians watching oil markets from afar, Eppinger's moves raise an important question: How do you know when to bet big, and when to walk away?

A small country, a massive oil boom

Guyana, a country of fewer than 1 million people, began its dramatic economic transformation in 2015 when ExxonMobil discovered an estimated 11 billion barrels of crude in the offshore Stabroek block — one of the largest finds in decades (3).

Since then, production has surged to more than 900,000 barrels a day, with further growth expected (4). Analysts at Wood Mackenzie estimate the Guyanese government could take in around US$10 billion (C$13.6 billion) annually in oil revenue by the end of the decade — a windfall already reshaping the country's economy.

Guyana's gross domestic product (GDP) has experienced unprecedented growth recently, with over 40% in some years. World Bank Group data reports the country's GDP grew by 43.4% in 2024, following massive surges in 2022 (63.3%) and 2023 (5).

"It's insane that nobody is looking at it," Eppinger said.

The idea to invest in Guyana came during a conversation with traders about Chevron's US$53 billion (C$73 billion) deal to acquire Hess Corporation — a key ExxonMobil partner in Guyana's offshore projects (6). Before turning to Guyana, Eppinger had explored deals in the Middle East, including fuel projects in Iraq and gasoline exports from the United Arab Emirates. He ultimately chose not to move forward — timing he now views as fortunate, given the heightened tensions in the region.

"I think some higher force or whatever was protecting me," he said.

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Commodity traders profit when markets break

Eppinger isn't alone in having found profit in global disruption. Commodity trading firms like Gunvor have also benefited from recent market dislocations, reporting roughly US$1.6 billion (C$2.2 billion) in gross profit in just the first quarter of 2026 (7) — roughly the same amount the firm made in all of 2025.

The gains underscore a well-known but difficult-to-execute strategy: Buy crude where it's cheap, sell it where supply is tight. When war, sanctions or logistics shocks send oil markets off-balance, skilled traders can capitalize on the price gaps that open up.

But Eppinger himself is clear-eyed about the limits of that strategy — and about knowing when to stop.

"You need to leave the casino when you're winning," he said, explaining why he's no longer interested in trading Russian crude. "I was really happy with the money I've made and I didn't want it to go much crazier than that."

A big bet in a volatile market

The same forces driving interest in Guyana also make oil a dangerous bet for those who are unprepared. Recently, prices have swung sharply (8) — in one recent move, benchmark West Texas Intermediate (WTI) crude dropped nearly 8% in a single day to US$91.28 (C$126.42), while Brent crude fell to about US$94.79 (C$131.28). Brent crude has risen roughly 82% in 2026 alone (9).

Morgan Stanley has suggested the current surge in oil prices could be nearing a peak, with signals pointing toward potential declines later in the year. A sharp pullback is most likely if geopolitical tensions ease or additional supply enters the market.

Guyana itself also comes with its own unknowns. Rapid development in infrastructure, regulatory frameworks and local markets means conditions on the ground are still evolving. Even so, the momentum is hard to ignore. Cranes now fill the Georgetown skyline as hotels and office towers go up, and construction vehicles crowd the streets.

"Everything is missing here for now but everything is being developed, and having the opportunity to participate in that whole environment is extremely interesting," Eppinger said.

Guyana's ruling People's Progressive Party secured another term in elections last year, and President Irfaan Ali has publicly committed to channelling oil profits into a sovereign wealth fund while ramping up infrastructure spending (10). Speaking alongside ExxonMobil executives in February, Ali said he aims to "showcase to the world a development in oil and gas that is strategic in every form. Here is where the rule of law applies, and here is where your investment is safe, sound and protected (1)."

Backed by growing oil income, major projects are already underway, including a US$260 million (C$360 million) bridge over the Demerara River aimed at anchoring a new industrial hub (11).

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What Canadian investors can learn

For most Canadians, the kind of high-stakes commodity trading Eppinger describes — flying into emerging oil economies, bidding on government contracts, putting up tens of millions of dollars — is far outside the world of personal finance. But the basic lessons apply at any scale.

Know your exit before you enter

Eppinger's most useful move wasn't jumping into the trade — it was knowing when to walk away. That's the real takeaway for everyday Canadian investors: Before you put money into anything volatile — whether it's energy stocks or commodity-linked ETFS on the Toronto Stock Exchange (TSX) (12) — decide in advance what a good exit strategy looks like and how much of a loss you're willing to accept.

Understand how Canada taxes commodity gains

If you're trading energy stocks, oil ETFs, or other commodities in a taxable account, profits may be treated as capital gains under CRA rules — but this depends on your trading activity (13). Casual investors who buy and hold are generally taxed on capital gains, meaning 50% of the profit is included in taxable income and taxed at your marginal rate. For example, if your marginal tax rate is 40%, your effective tax on a capital gain would be roughly 20% (50% × 40%) — not 50%.

However, if the CRA considers you an active trader — based on factors like trading frequency, short holding periods and whether your activity resembles a business — your profits may instead be classified as business income, which is fully included in taxable income and taxed at your full marginal rate (14).

This distinction matters significantly, and individuals who trade frequently should consult a tax professional to understand how their gains will be classified.

Use registered accounts strategically

A TFSA allows Canadians to hold equities, ETFs and other eligible investments and withdraw gains completely tax-free. The 2026 TFSA contribution limit is $7,000 a year, with total accumulated room now exceeding $109,000 for those who have been eligible since the program began in 2009. An RRSP defers tax on contributions and growth until withdrawal — a useful tool for higher-income investors looking to reduce their current-year taxable income while holding growth assets.

Don't chase the headline trade

Emerging market oil booms like Guyana's attract attention when prices and optimism are highest. By the time a trade is widely known, much of the gain may already be priced in. Canadian investors considering exposure to global energy markets should evaluate whether the opportunity is still ahead of them or already behind.

Speak to a registered adviser

Any investment in volatile commodity markets or emerging economies carries meaningful risk. Before making significant changes to a portfolio, consider consulting a registered investment adviser regulated by the Canadian Investment Regulatory Organization (CIRO) (15). CIRO maintains a public registry of registered advisers and dealers at ciro.ca.

Bottom line

Eppinger's story is compelling, but it's worth remembering that most of us aren't flying into emerging oil economies with tens of millions of dollars to distribute. What we can take from it is more practical: Know your limits, have an exit plan and don't chase a trade after its moment has passed.

For Canadian investors, the bigger opportunity often isn't in the headline — it's about the fundamentals. Using registered accounts like RRSPs and TFSAs to shield gains from tax, understanding how the CRA treats commodity income and making sure any move into volatile assets fits within a broader financial plan are the types of decisions that compound over time. It may not be as exciting as a US$250 million oil trade, but it's where the real wins happen.

— with files from Melanie Huddart

Article Sources

We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.

Financial Times (1); OilPrice.com (2); ScienceDirect (3); Council on Foreign Relations (4); World Bank Group (5); Chevron Corp. (6); The Wall Street Journal (7); The Wall Street Journal (8); Marketwatch (9); The New York Times (10); Guyana Department of Public Information (11); Reuters (12); TD (13); Government of Canada – Capital Gains Inclusion Rate (14); Canadian Investment Regulatory Organization (CIRO) (15)

The ubiquitous salad bar mainstay has seen major price spikes in the last few months. According to the latest inflation data from Statistics Canada (1), cucumbers rose 28.4% over the last year, starting with a major uptick in January. Its retail price was $1.54 in March of last year and currently sits at $2.21 according to StatCan.

Other key grocery items that have seen notable price hikes in the past are still sitting high as well. Ground beef has risen over 18% in the last 12 months — an increase of $2.55 per kg — while coffee has spiked just shy of 30% year-over-year.

Overall, StatCan reported that prices for groceries have jumped 4.4% annually in March (2). However, prices for fresh vegetables rose at the highest rate the agency has seen since August 2023 — a notable 7.8% in March alone.

So, what's behind the unique jump for the foods we arguably all need more of?

A classic case of tightening supply

The agency noted that the rise in certain vegetables (i.e. cucumbers, peppers and celery) were, "due in part to tighter supplies related to adverse growing conditions in producing countries."

Michael von Massow, a food agriculture professor at the University of Guelph told CBC News that cucumbers are highly susceptible to production shortages. "We don't have a very diverse supply of them in Canada, and they're highly perishable," he told the outlet (3).

In fact, according to a report prepared by Agriculture and Agri-Food Canada, Canada imports a large portion of its vegetables: over 49% of tomatoes, 39% of peppers and around 10% of its cucumbers are imported by volume (4). More to the point, the report notes that 84% of Canada's greenhouse vegetable imports are from Mexico, a country that has seen disease, insects and poor weather conditions hinder its cucumber crops, according to produce supply chain Markon (5).

While we are still coming out of the colder months, vegetables like cucumbers need to be imported. And the prices of these items are easily impacted by rising fuel prices, TD Bank senior economist Leslie Preston told the Canadian Press (6).

"In Canada, we are getting a lot of our food from very far away, so transportation costs are a key factor. That would be something we'd be watching for in the months ahead potentially to boost food prices," she added.

The conflict over the Strait of Hormuz has put immense tailwinds behind gas prices, as around 20% of the world's liquefied natural gas and oil pass through the Strait (7). With it being still disrupted, transportation of crude oil required to produce gasoline is severely lessened, which drives up the price of the commodity. StatCan noted the monthly price of gas surged 21.2% in March — the largest monthly price increase on record.

How Canadians are reacting, and when prices could come down

Rising grocery prices are hitting Canadians across the country.

In Calgary, the non-profit Guru Nanak Free Kitchen was distributing 8,000 pounds of potatoes, along with other vegetables, all for free, CTV News reported (8). The response was profound: Thousands of Albertans lined up around multiple blocks, some with suitcases, bags and wagons, the outlet noted.

Access to food banks in light of rising food prices is not an isolated incident. According to data from Food Banks Canada, there were over 2.2 million visits to food banks across Canada as of March 2025 — the largest amount of visits in history (9).

Prices like these shouldn’t last forever, right? What will it take for them to come down?

For fruits and vegetables, von Massow told CBC that prices are cyclical, dropping down each month from April to June as local produce comes to market. "We would expect over the coming months, even independently of the war in Iran and fuel prices, for prices to come down," he told CBC.

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How Canadians can shop smartly in the meantime

Waiting for fruit and vegetable supply to rebound with help from local producers isn't a one-size-fits-all remedy. While you wait for prices to head into another downturn cycle, here are some ways you can find lower prices right now.

• Shift to frozen options. While they do not have the same texture and flavour its fresh counterpart, frozen vegetables are still healthy and a price-friendly alternative.
• Shop based on meals, not preferences. Instead of building your grocery list around preferences, build it off of discounted items. Shopping for meals that you can create from flyer deals can be a major price-saving hack.
• Make use of the best rewards credit cards. Signing up for a rewards credit card focused on consumers with grocery-heavy budgets can net you solid rewards. In fact, the PC Mastercard was named our Best Rewards Card for 2025, perfect for Canadians focusing on grocery savings.
• Shop for more generic brands. Having name brands on the shelf might be nice, but they're also expensive. Opting for generic in-store brands such as No Name, Selections and Compliments can net easy savings.

Article Sources

We rely only on vetted sources and credible third-party reporting. For details, see our ethics and guidelines.

Statistics Canada (1, 2); CBC News (3); Agriculture and Agri-food Canada (4); Markon (5); Canadian Press (6); BBC (7); CTV News (8); Food Banks Canada (9)

Over the past couple of years, Canadian regulators have tightened the rules around crypto platforms. The result? Some apps have either left the market or been forced out. But millions of Canadians are still using crypto apps, and not all of them are operating legally.

Here's what's been happening, what "registered" actually means and how to quickly check where your platform stands.

What happened when regulators moved in

In 2023, Binance, the world's largest cryptocurrency exchange, exited the Canadian market due to increased crypto regulation (1). At the time, Canadian regulators gave cryptocurrency companies 30 days to comply with new guidelines that included enhanced custody rules, segregation of crypto assets and a ban on various forms of leverage, including margin and credit.

Binance was arguably the most prominent platform to leave Canada, but it's not the only one. More recently, OKX and Gemini also closed their Canadian operations (2).

This increased scrutiny from Canadian regulators extends beyond crypto exchanges. As recently as March 2026, it was reported that anti-money laundering authorities cancelled the registrations of dozens of cryptocurrency companies (3), many of which were engaged in converting crypto into physical cash.

Is your crypto trading app on the CSA's registered list?

The Ontario Securities Commission (OSC) provides a public registry that, as of April 2026, lists 12 platforms as registered or operating in the Province of Ontario (4). The list includes names such as Coinbase Canada Inc., Newton Crypto Ltd. and Wealthsimple Investments Inc., which was just added in December 2025.

Additionally, you can find a full list of crypto platforms authorized to do business in other jurisdictions on the Canadian Securities Administrators (CSA) website (5). Both organizations also publish lists of crypto platforms that are either unregistered or banned from doing business with Canadians.

If your platform isn't on the list of approved crypto platforms, you'll want to investigate further and potentially withdraw your assets from it. According to the CSA, all crypto exchanges that provide services to Canadians, including those located internationally, must be registered in Canada. It strongly advises against using any unregistered or banned platform.

With platforms like Kraken, buying and trading cryptocurrencies is straightforward, whether you're on desktop or using the mobile app.

You can buy and trade 600+ cryptocurrencies* on desktop or through their mobile app, or set up recurring buys to invest automatically.

There's also the option to add price conditions, so your trades only execute when the market hits your target.

Kraken provides guides on popular coins, helping you understand what you're buying and how to navigate the process from start to finish.

And if you have questions, 24/7 support is available via live chat, phone, or email.

For those who want greater control, Kraken PRO offers a more advanced trading experience.

Designed for active traders, it features a highly customizable interface with real-time market data, advanced tools and detailed order types like stop-loss and take-profit to help manage trades more precisely.

You can also trade across spot, margin and derivatives markets, monitor performance in one unified portfolio, and tailor your dashboard with multiple data widgets to suit your strategy.

Opening an account is quick, with a simple sign-up, verification and short investor profile to get started.

*Not investment advice. Crypto trading involves risk of loss. View legal disclosures at kraken.com/legal/disclosures. The views and opinions expressed in this article are those of the author and do not necessarily represent the views or opinions of Kraken or its management.

What happens to your money when a platform exits or is penalized

What happens to your crypto assets when a platform pulls out of the Canadian market depends on whether the move was voluntary or the result of being shut down by regulators.

In Binance's case, Canadian users had plenty of time to move their funds, but they could no longer trade. For platforms facing enforcement action rather than voluntary exit, the timeline is less predictable. Regulatory proceedings can take months. In the interim, platforms may suddenly restrict withdrawals or freeze account activity, particularly if a compliance condition or asset-protection order is in place.

It's important to note that crypto held on a centralized platform is not protected by the Canada Deposit Insurance Corporation (CDIC) and is not guaranteed in any way (6). If the platform becomes insolvent or exits without warning, recovery depends on the assets it holds and the terms of any regulatory wind-down process. That is materially different from holding cash in a bank account or securities through a registered dealer.

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How to safely remove your holdings

If your current platform is not registered with the CSA, the safest step is to begin withdrawing to a registered alternative or to a personal wallet you control.

Here are a few tips:

• If you're holding a large balance in a crypto platform, it may make sense to withdraw in stages rather than all at once. Withdrawal conditions can change quickly during periods of stress or regulatory action, and delays or restrictions aren't always predictable.
• Use a registered Canadian platform for re-deposit. The aforementioned OSC and CSA lists confirm current registrations.
• A personal hardware or software wallet gives you custody of your own private keys, removing reliance on crypto exchanges or other third-party platforms. The trade-off is that you're fully responsible for security.
• Capital gains or losses from selling, trading, or otherwise disposing of cryptocurrency are reportable to the Canada Revenue Agency (CRA). Simply transferring crypto between wallets or platforms you own is generally not a taxable event, as long as there's no change in ownership or asset type, but it's worth confirming your specific situation with a tax professional.

One check that could protect your crypto balance

At the end of the day, all of this comes down to a simple check. The OSC and CSA maintain public, up-to-date lists of registered crypto trading platforms, so you can use them as your starting point. If your platform is on those lists, you should feel safe continuing to use it, but you need to have a clear understanding of the risks that come with crypto. If it isn't, or it's still under review without approval, that's a sign that you should act.

Start moving funds to a Canadian bank account (if you want to liquidate) or fund a registered alternative for your crypto assets. Avoid leaving large balances exposed on unregistered platforms where withdrawal access could change quickly.

Finally, if you've already had your funds frozen, report the matter to your provincial securities regulator. Just remember that crypto held on centralized platforms isn't protected by deposit insurance, so if access is restricted, there's no built-in safety net to fall back on.

Article Sources

We rely only on vetted sources and credible third-party reporting. For details, see our ethics and guidelines.

Yahoo! Finance (1); Decrypt (2); International Consortium of Investigative Journalists (3); Ontario Securities Commission (4); Canadian Securities Administrators (5); Canada Deposit Insurance Corporation (6)

While gas prices have drawn attention in recent weeks, they're only part of a broader shift that has been slowly building since the pandemic.

Vehicle prices and fuel costs are driving the increase

Car prices surged during the pandemic and have yet to fully return to prior levels.

The average cost of a new vehicle remains well above pre-2020 levels, while used vehicles have also become more expensive due to supply shortages and strong demand.

"Cars are getting bigger and there's more in them," said Dave Power, partner and national automotive sector leader at KPMG in Canada, in an interview with CTV News (1). As a result of higher price points, Power notes that some are opting for much longer terms, sometimes up to eight years.

"It certainly can add to people's debt load," Power told CTV. "It certainly also might mean that people have a car for a lot longer than they might anticipate if they're not fully thinking through what that is."

At the same time, fuel costs have added another layer of strain.

Canadians are now spending an average of about $231 per month on fuel, according to a recent Ratehub report (2), with costs rising following global oil disruptions.

Fuel alone accounts for a significant share of overall vehicle costs, meaning even short-term price spikes can quickly affect monthly budgets.

The total cost is adding up — with little relief in sight

That combination of factors is pushing the overall price of car ownership higher.

For many households, the squeeze means less room for savings or discretionary spending. And unlike some expenses, car ownership can be difficult to scale back, especially for those who rely on a vehicle for commuting and daily life.

Even looking ahead, there's little expectation of meaningful relief.

According to AutoTrader (3), monthly payments are likely to remain elevated through 2026. "With no expectation of a significant decline in vehicle prices, limited prospects for meaningful interest rate cuts, and assuming consumer demand remains broadly stable, we expect monthly payments to remain elevated but largely steady in 2026," the company said in its latest price index report.

It also warned that payments could climb further if prices rise again amid trade uncertainty. "If new car prices climb due to the trade unclarity with the United States, we may see an increase in monthly payments to over $1,000, which would be a first in Canada."

For now, rising costs mean your car is likely taking up a larger share of your budget — something more Canadians are factoring into their overall financial picture.

Article Sources

We rely only on vetted sources and credible third-party reporting. For details, see our ethics and guidelines.

CTV News (1); RateHub (2); Auto Trader (3)

The problem? The text didn't come from your bank. It came from a device in the back seat of a car.

That's not a hypothetical. It's what Toronto police allege happened during a months-long operation involving a portable fake cell tower — called an SMS blaster — that silently pulled tens of thousands of Greater Toronto Area phones off legitimate networks and flooded them with fraudulent texts. These texts appeared to be from legitimate financial institutions or government agencies — they weren't (1).

On March 31, 2026, the Toronto Police Service (TPS) executed search warrants in Markham and Hamilton, ON, arresting three men as part of Project Lighthouse. Police laid 44 combined charges — and more than 13 million network disruptions were recorded in connection with the operation (2).

Police have not confirmed a total dollar figure in losses at this time, and no specific financial institutions were named in the press release. The arrests and charges are believed to be the first of their kind in Canada.

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What is an SMS blaster — and why is it so dangerous?

An SMS blaster — also called an IMSI catcher or "stingray" — is a portable device that impersonates a legitimate cellular base station. Nearby smartphones automatically connect to it because it broadcasts a stronger signal than real towers in the area. Once a phone connects, the operator can send text messages that appear to originate from a trusted sender — a bank, Canada Post or a government agency — rather than a phone number.

The devices are advertised for sale online for as much as $50,000 and are reportedly capable of reaching phones within a 500-metre to 2-kilometre radius. A blaster driven through a busy urban corridor can sweep up hundreds of devices in minutes — all without the phone owner ever knowing their handset briefly left the real network.

That combination — apparent legitimacy plus invisible interception — is what makes smishing (SMS phishing) attacks launched from a blaster so effective. A text that appears to come from your bank's actual short code is far harder to dismiss than one arriving from an unknown number.

How to tell if your bank text is real — or a trap

The core problem with SMS blaster fraud is that it defeats one of the mental shortcuts most Canadians rely on: If a text looks like it came from my bank, it probably did.

This recent arrest should be a wake-up call for all Canadians who use cellphones: Those text messages may not be legitimate. Here's what to watch for:

Need to click? Pass on it

Your bank will never ask you to click a link and enter login credentials or a one-time passcode in response to an unsolicited text.

If a message creates urgency — "your account has been locked," "verify now to avoid suspension" — that pressure is a signal to stop, not comply.

Validate the sender

Look at what the link actually says before tapping — not the display text, but the raw URL.

Legitimate bank communications route to domains you recognize. A convincing impersonation text often routes to a subtly misspelled or unrelated domain.

When in doubt, pick up the phone

If you are unsure whether a message is real, call the number on the back of your bank card. Do not call the number provided in the text.

Bank Safely Today

What to do if you clicked

If you received a suspicious text and tapped a link — or worse, entered credentials — act quickly:

• Contact your bank immediately to flag potential unauthorized access and change your online banking password.
• Ask about placing a temporary hold or alert on your account.
• Check your Canada Revenue Agency (CRA) My Account for any unauthorized changes to direct deposit information.
• Report the text to the Canadian Anti-Fraud Centre (CAFC) at antifraudcentre.ca or 1-888-495-8501
• Forward the suspicious message to 7726 (SPAM) — a shortcode that works with all major Canadian carriers and feeds into carrier-level fraud detection.
• If you entered personal information, consider placing a fraud alert with Equifax Canada or TransUnion Canada.

The broader warning from Project Lighthouse is that SMS blaster technology is commercially available and cheap enough, relative to potential fraud proceeds, that copycat operations are a real risk.

Article sources

We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.

Toronto Police Service (1); CBC News (2)

And that's it — no explanation, and zero guidance on what to do next.

A scenario like this reflects a growing problem: Financial institutions are increasingly offering dark-web monitoring as a safety feature, but don't follow up with support to customers whose SIN has been circulating on the darknet. For Canadians with a hard-earned nest egg waiting for them as they approach retirement, the stakes couldn't be higher.

Here's how to assess the potential risk and what steps to take if this happens to you.

How serious is a dark web SIN alert?

Finding your SIN on the dark web doesn't automatically mean it's being misused. Large-scale data breaches often mean personal information is bundled and sold in bulk, where it may sit unused for months or years. But the risk of it falling into the wrong hands is still very real.

A 2025 analysis by U.S.-based fraud-intelligence firm SentiLink found that 97% of people whose full personal information appeared on the dark web experienced attempted identity theft (1). The word "attempted" is critical because it means there's still time to prevent becoming a fraud victim.

In Canada, the Office of the Privacy Commissioner of Canada (OPC) tracks mandatory data breach reports under the Personal Information Protection and Electronic Documents Act (PIPEDA). The OPC has consistently flagged identity theft as one of the most harmful outcomes of a breach. Your SIN is one of the most sensitive pieces of personal information out there — and it's exactly the kind of data that ends up in the wrong hands when it isn't monitored (2).

In the event of an alert like this, the main priority is limiting what someone else can do with your identity.

The first line of defence: Put alerts on your credit file

One of the most effective actions Canadians can take is beefing up the protection on their credit file, as restricting access to it makes it much harder for fraudsters to open new accounts in your name.

In Canada, you can get credit protection through the two major credit bureaus: Equifax Canada and TransUnion Canada. They both allow consumers to request a fraud alert through their websites or by calling their fraud departments. Equifax also offers an identity alert, which stays on your Equifax credit report for six years (3). TransUnion Canada only offers a credit lock to residents in Québec (4). Contact both for current procedures and any applicable fees.

Protect your SIN account

Your SIN is administered by Employment and Social Development Canada (ESDC). If you believe it's been compromised, ESDC recommends contacting Service Canada directly and, in serious cases, filing a report with the Canadian Anti-Fraud Centre (CAFC) (5).

The CAFC — operated jointly with the RCMP, the Competition Bureau Canada and the Ontario Provincial Police (OPP) — is Canada's central agency for reporting fraud and identity theft. Filing a report with the CAFC creates an official record, which can be critical if problems arise later (6).

Also, log in to your My Service Canada Account to review your SIN-linked records, including your Canada Pension Plan (CPP) contribution history and employment record. Both of these can be affected if someone fraudulently uses your SIN.

Expanding your defences

Once you have the basics covered, there are a few more steps you can take to protect yourself against specific types of SIN-related fraud.

Tax fraud

Tax identity fraud — where someone files a fake return under your SIN — is a serious and growing concern. The Canada Revenue Agency (CRA) recommends registering for and monitoring your CRA My Account for any unfamiliar tax filings or refund requests made under your name. If you suspect someone is using our SIN for this type of scam, contact the CRA's security and identity protection team. The CRA can flag your account, which means you'll need to provide additional verification before you process your next return (7).

Employment fraud

If you suspect someone is using your SIN for employment purposes, report this to Service Canada and to the CAFC immediately. Fraudulent employment under your SIN could affect your CPP contribution record and, ultimately, your retirement benefit (8).

Free credit report review

Canadians are entitled to a free credit report from both Equifax Canada and TransUnion Canada. Reviewing these reports regularly — particularly after receiving a dark-web alert — helps you check for unfamiliar activity, credit inquiries or address changes that could indicate your SIN has fallen into the wrong hands.

Why this matters more near retirement

If you're in your 50s, someone misusing your SIN misuse can cause a lot more damage than just a fraudulent loan or credit card application.

A fraudulent tax return could trigger a CRA review, delay your refund or create complications with your RRSP or Tax-Free Savings Account (TFSA) contributions — errors that can take months or years to untangle.

Your CPP retirement benefit is another major concern, since it is calculated based on your lifetime earnings history. If someone uses your SIN for employment, those wages may be recorded under your name — potentially creating errors in your contribution history and affecting the benefit amount you're entitled to when it comes time to collect.

According to Service Canada, Canadians can review their CPP Statement of Contributions at any time through their My Service Canada Account. Assessing this statement regularly is important to detect fraud or errors — and any flags should be reported and corrected as early as possible (8).

Knowing that your SIN is circulating online is unsettling, but it's worth keeping things in perspective: Not every exposed SIN is misused. That said, with fraud attempts on the rise and the stakes especially high for Canadians nearing retirement, ignoring the risk isn't really an option either.

Remember: Effective tools to protect yourself already exist, many of which are free, government-backed and relatively quick to implement.

What Canadians close to retirement should do now

If you've received a dark-web alert involving your SIN here's a practical checklist grounded in Canadian resources:

• Place a fraud alert or security freeze with Equifax Canada and TransUnion Canada. Contact both bureaus directly, as processes and fees vary.
• Review your free credit reports from Equifax Canada and TransUnion Canada. Look for unfamiliar accounts, hard inquiries or address changes.
• Log in to CRA My Account and review recent filings, notices of assessment, and RRSP/TFSA contribution records for any unauthorized activity.
• Check your CPP Statement of Contributions through your My Service Canada Account. Confirm your earnings history is accurate and report any discrepancies to Service Canada.
• Report to the CAFC at antifraudcentre-centreantifraude.ca or by calling 1-888-495-8501. Filing a report creates a documented record.
• Contact Service Canada if you believe your SIN is being used for employment fraud. It can flag your SIN and advise on next steps.
• Contact the CRA directly if you suspect tax fraud using your SIN. The CRA's security team can add a flag to your account requiring extra verification on future filings.

The most important takeaway is this: Don't wait until fraud happens before you act, especially for Canadians who are nearing retirement, as the stakes of dealing with identity theft are too high to ignore.

Article Sources

We rely only on vetted sources and credible third-party reporting. For details, see our ethics and guidelines.

SentiLink (1); Eloise Gratton Privacy and Data Protection Law (2); Equifax Canada (3); TransUnion Canada (4); Government of Canada (5),(7),(8); Canadian Anti-Fraud Centre (6)

Some parents aren't waiting until their kids are adults to help them enter the housing market. They're buying property years — even decades — in advance before prices get too high.

A family in Australia recently paid more than US$500,000 (C$685,000) for a two-bedroom apartment they plan to eventually hand over to their child.

"They're scared that one day, their 5-year-old or 10-year-old will have to buy a home and they'll be out of the market," real estate agent Thomas Bale told Australian Financial Review (1).

It's a new strategy that reaches far beyond Australia. In Canada, where entering the housing market has challenged the late millennial generation, the fear of being permanently priced out is pushing some parents to act much earlier than any previous generation could have imagined.

Why parents are buying properties for their kids

The "Bank of Mom and Dad" isn't a new concept — but it's evolving. It used to mean helping an adult child pull together a down payment. Now, for some families, it means buying the home outright, years before the child can legally own it.

A Statistics Canada study found that people born in the 1990s are twice as likely to own a home if their parents are homeowners, compared to those whose parents aren't (2). For children of parents who own multiple properties, the odds nearly triple. The study concluded that "inequality of homeownership appears to be reproduced across generations" — a sign of how deeply parental wealth influences access to the market for younger generations.

That data reflects a housing market that's become increasingly difficult for younger Canadians to enter on their own. According to the Canada Mortgage and Housing Corporation (CMHC), Canada's national average home price sat at approximately C$673,084 as of April 17, 2026 (3).

And while prices have eased somewhat over a 12 month span, the national benchmark home price fell to C$661,300 in February 2026, down 4.8% year-over-year, according to the Canadian Real Estate Association (CREA) (4). These numbers show affordability remains a structural challenge, rather than a temporary blip.

First-time buyers: Older than ever

For parents anxiously watching the market, the data on first-time buyers may be the nudge the need to act.

In Ontario, the median age of first-time homebuyers has climbed from 36 in 2014 to 40 in 2024, Ontario Housing Market reveals (5). The report describes this shift as "a testament to the likely effects of the affordability challenges in the Ontario housing market."

The picture is even more stark in Canada's most expensive cities. A 2025 global affordability study cited by Canadian Mortgage Trends estimated that the typical first-time buyer in Vancouver now enters the market around age 46, which far later than in the past (6). In Toronto and Montreal, the ages are approximately 40 and 39, respectively. The study placed Vancouver, Toronto and Montreal among the least affordable cities for young buyers in a 70-city global index.

This trend toward later entry has clear trickle-down effects. The CMHC's 2025 Mortgage Consumer Survey found first-time buyers who are older than 35 accounted for 39% of purchases in 2025 — up from 33% in 2024 and 30% in 2023 (7).

For parents who bought in earlier when home prices were within reach, watching their children face these conditions creates a powerful emotional and financial motivation to offer support.

The 'Bank of Mom and Dad' is writing bigger cheques

As housing has become less affordable, more parents are stepping in to help, and they're contributing financially now more than ever.

A report by the Canadian Imperial Bank of Commerce (CIBC) found that just over 30% of first-time homebuyers received a monetary gift from their parents — up from 20% in 2015 (8). A 2022 survey by the Ontario Real Estate Association found that roughly 40% of young home purchasers got financial help from their parents, either as a cash gift averaging C$73,605 or a co-signed down payment loan averaging C$40,878 (9).

But for the Australian, or parents with sufficient capital, buying investment properties outright and holding them in trust for children who may be years away from adulthood may seem like the most logical move.

As Bale explained about his clients, many parents aren't thinking purely like investors. They're choosing homes they can picture their children living in one day — often close to their own neighbourhoods.

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The pros and cons of buying early

For families who have the finances, buying property years in advance carries real potential advantages.

Real estate has historically been one of the primary ways to build wealth in Canada, and a longer holding period gives more time for properties to appreciate. Some key benefits include:

• Mortgage payments acting as a form of forced savings, helping build equity
• Housing security — giving your child a place to live and hedging against future affordability pressures
• The option to rent out the property and generate income while it gains value

Despite the upsides, real estate markets can shift, and buying too early or in the wrong location could limit your returns.

As Bale noted, one client bought a home for their child — only to move away later, making the investment less practical. Other potential drawbacks include:

• High upfront costs and ongoing expenses, including property taxes, maintenance and insurance
• Less liquidity, since capital is tied up in property
• Uncertainty about where your child will ultimately want to live
• Budget strain if unexpected expenses arise

What Canadian parents need to know before buying a home for their child

Income attribution rules

If you buy a property and put it in a minor child's name, or generate rental income from a property held for a child's benefit, the Canada Revenue Agency (CRA) will attribute that rental income back to you under subsection 74.1 (2) of the Income Tax Act (10). This means any rent the property earns before the child turns 18 is taxed as your income — not theirs.

Note: Capital gains on the property aren't subject to attribution for minor children, which is crucial when it comes to long-term planning.

Deemed disposition and capital gains tax

If you transfer a property to your child — or eventually gift it to them — the CRA treats this as a deemed disposition at fair market value (FMV), even if no money changes hands (11). If the property has appreciated since you bought it, you'll owe capital gains tax on the increase in value. Under current rules, 50% of capital gains up to $250,000 are included in your taxable income. For anything above that threshold, the inclusion rate rises under proposed federal legislation.

The principal residence exemption can eliminate this tax — but only if the property qualifies as your principal residence, which it generally won't if it's being rented out or held as an investment.

Land transfer tax

In most provinces, transferring a property to a child — even as a gift — will trigger land transfer tax based on the FMV of the property at the time of transfer (12). Ontario, for example, levies land transfer tax at progressive rates: On a $1 million home in Toronto, the combined provincial and municipal land transfer tax can total approximately $32,950.

Holding title

In Canada, a minor child generally can't hold title to real estate. Parents typically need to either hold the property themselves, or use a trust structure — which gets more legally complex and adds up in costs. You'll need to work with a real estate lawyer or notary to set up a trust.

Double taxation risk

Selling a property to a child for below FMV doesn't save tax (13). The CRA will deem the sale of the home at FMV for the parent's capital gains calculation, while the child's adjusted cost base stays at the actual sale price. This creates the risk of double taxation when the child eventually sells.

Is this strategy right for your family?

In today's housing market, some parents see early property ownership for their children as a smart, proactive strategy. With the housing market becoming more expensive and first-time buyers entering the market later than ever, purchasing ahead of the curve can offer younger generations a decent financial head start.

But in Canada, this approach comes with a layer of tax and legal complexity that means seeking professional guidance before making any purchases. The strategy that worked for a family in another country may look very different on a Canadian tax return.

Whether it pays off depends on location, timing, long-term planning and a clear understanding of what the CRA will expect when the property eventually changes hands.

What parents can do now

If you're considering ways to give your child a leg up in the housing market — now or in the future — here are some practical next steps.

Open a First Home Savings Account (FHSA). The FHSA allows Canadians to save up to C$40,000 toward a first home on a tax-deductible basis, with tax-free withdrawals for a qualifying purchase (14). While you can't make contributions on behalf of a minor, you can gift funds to contribute once they turn 18 and become eligible to participate.

Consider the Home Buyers' Plan (HBP). The federal Home Buyers' Plan allows eligible first-time buyers to withdraw up to $60,000 from their Registered Retirement Savings Plan (RRSP) toward a qualifying home purchase — with no tax owed at the time of withdrawal, provided the amount is repaid to your RRSP over a 15-year period. Think of it as an interest-free loan from your own retirement savings. As a parent, gifting funds for RRSP contributions early can help your child build the capital needed for homeownership — just keep in mind that contributions must sit in the RRSP for at least 90 days before they can be withdrawn under the plan.

Get professional advice before taking title. If you're considering purchasing a property intended for your child, consult a real estate lawyer and a tax professional before signing anything. The ownership structure — whether it's in your name, a trust or a co-ownership arrangement — could have significant implications for land transfer tax, income tax and eventual capital gains.

Document gifts carefully. If you provide a cash gift to an adult child for a down payment, lenders will typically require a signed gift letter confirming there's no expectation of repayment. Keeping clear records protects both you and your child.

Start the conversation early. Parental wealth increasingly shapes who gets into the housing market and when. Whatever form your support takes, having an honest conversation about expectations — gift vs. loan, strings vs. no strings — can prevent family conflict down the road.

— with files from Melanie Huddart

Article Sources

We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.

Australian Financial Review (1); Statistics Canada (2); WOWA (3, 4); Ontario Housing Market (5); Canadian Mortgage Trends (6); Canada Mortgage and Housing Corporation (7); Canadian Mortgage Professional (8); Global News (9); Canada Revenue Agency (10, 11); National Home Realty (12); NBC.ca (13); Canada (14, 15)

"Through the Canada Strong Fund, all Canadians will have the opportunity to share directly in these benefits," Carney said during the announcement in Ottawa (1). "This is our country, this is your future, and we are building it together."

The most striking detail of the announcement is not just the government's investment in mines and ports but the promise of a retail investment product. This would allow individual Canadians to buy into the fund directly, effectively owning a piece of the nation's industrial growth.

Learning from giants: The Norway model

Canada is entering an arena where other nations have strategically played with staggering success. Norway, often cited as the gold standard for sovereign wealth management, established its fund in the 1990s to manage oil surpluses. Today, that fund has ballooned to more than US$2.2 trillion (C$3 trillion) (2).

The impact on the standard of living for Norwegians is profound. The fund currently holds more than US$390,000 (C$530,000) per citizen, providing a massive cushion that funds public services and offsets the volatility of global markets. Unlike a traditional pension fund, it reinvests profits from resources into global stocks, bonds and real estate. This strategy has allowed Norway to maintain one of the world's highest standards of living while ensuring that even after the oil runs out, the wealth remains.

Carney noted that Canada is looking to this jurisdiction for inspiration. "We take a lesson from other jurisdictions that had the foresight many decades ago to start sovereign wealth funds," he said.

Learning from giants: The Singapore model

Success in the world of sovereign wealth funds isn't just about having the most money; it is measured using a combination of financial performance, governance transparency, and strategic impact. Based on these measures, Norway is considered the gold standard, with exceptional transparency, financial performance and impact.

Another powerhouse is Singapore. With two SWF funds — the GIC Private Limited and Temasek Holdings, these SWFs are credited with turning a resource-poor island into a global financial hub.

Bridging the gap for everyday investors

The Canada Strong Fund is designed to power heavy-duty projects like critical mineral mines and shipping ports; however, there will also be an opportunity for Canadians to invest in the fund.

This strategy not only lets Canadians invest — and grow their wealth — based on the strength of their nation’s SWF, but it’s a strategic investment shift that may fundamentally change how Canadians save for the future. Historically, the average investor looking for stable growth has been limited to the usual suspects: high-interest savings accounts, GICs or broad market index funds. The creation of this national fund introduces a new player to the game — one that offers a stake in the literal backbone of the country.

By opening the door to a retail investment instrument, the federal government is essentially inviting citizens to move beyond being passive observers of national growth. Instead of only large pension boards and institutional firms holding the keys to major energy corridors and data infrastructure, individuals could soon find a place for these assets within their own portfolios.

The upcoming consultations on the fund's design will determine exactly how this fits into the family budget. If modelled after successful global benchmarks, this could translate into a steady-yield option for RRSPs and TFSAs, allowing Canadians to hedge their retirement against global volatility by betting on the growth of their own backyard. It transforms the concept of "national wealth" from a high-level economic statistic into a tangible line item on a monthly brokerage statement.

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Building for the next generation

Critics often point to the immediate pressure of the cost of living. With fuel and grocery prices rising, some may wonder if a multi-billion-dollar long-term fund is the right priority.

"The day-to-day is hard," Carney admitted when asked about affordability. "And this government is doing more than one thing at one time, getting up in the morning, thinking about affordability."

However, the logic of a sovereign fund is to prevent future crises by building "national self-sufficiency." By investing in domestic supply chains and clean energy now, the fund aims to insulate the Canadian economy from global shocks.

As the federal government prepares to release more details in the Spring Economic Update 2026, the message to Canadians is clear: The goal is to move from being a country that simply harvests resources to one that owns the wealth they generate.

"The Canada Strong Fund will invest in key, strategic Canadian projects and companies, creating good-paying jobs, supercharging innovation, and keeping Canada competitive in a rapidly changing world," Carney said.

Article sources

We rely only on vetted sources and credible third-party reporting. For details, see our ethics and guidelines.

CTV News (1); Norges Bank Investment Management (2)

New data from the MNP Ltd. Consumer Debt Index shows that three in five Canadians are experiencing what it calls "financial whiplash," as shifting economic conditions continue to disrupt household budgets.

"Many Canadians are not just feeling financial pressure — they are navigating a shifting environment, which increases uncertainty and makes it more difficult to plan, budget, and stay ahead financially," said Grant Bazian, president of MNP LTD, in a statement.

Inflation is rising again — led by gas prices

According to the MNP survey, nearly three-quarters (74%) say rising prices for essentials like food and gas are putting pressure on their finances, while a similar share report cutting back on spending and becoming more cautious about taking on new debt.

Inflation moved higher in March, reversing some of the slowdown seen earlier this year. Data from Statistics Canada shows the annual inflation rate rose to 2.4%, up from 1.8% in February, driven largely by a surge in gasoline prices.

Gas prices jumped 21.2% in March alone — the largest monthly increase on record — pushing energy prices up 3.9% year over year and lifting transportation costs.

Strip out gasoline, and the increase looks more contained. Inflation rose 2.2% year over year on that basis, pointing to how much of the recent jump is tied to a single, volatile category.

Everyday costs are still climbing

However, fuel isn't the only pressure point. Food prices rose 4.4% year over year in March, with fresh vegetables up 7.8% as supply issues and growing conditions tightened availability.

For households across Canada, these are the kinds of expenses that are harder to avoid or delay — which helps explain why many aren't feeling much relief..

More than four in ten Canadians say they are within $200 of financial insolvency each month, according to MNP, while nearly one-third say they don't earn enough to cover their bills and debt payments.

That leaves little margin for unexpected costs or further price increases, whether from fuel, groceries or borrowing.

While the rate of inflation may still sit within the Bank of Canada's target range, the impact on household budgets for many is far from moderate.

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What happens next for rates and inflation

The next question is whether this pressure eases — or builds further. The Bank of Canada will look to determine whether those higher energy costs will feed into broader, long-term inflation. While policymakers have suggested they may look through short-term spikes, a sustained increase could complicate the outlook for interest rates.

For many, the reality is already clear: costs remain elevated in the areas that matter most, and there's little room left in the budget to absorb further increases.

Andrew had just received a US$250,000 (C$345,000) insurance settlement — the result of being shot by a teenager who used a 3D-printed gun. He also carried US$70,000 (C$96,700) in debt. His plan for dealing with it? Wait it out.

"I want to play the waiting game. I just want to let it fall off on its own," Andrew told Ramsey and cohost Dr. John Deloney.

Andrew was betting on the statute of limitations to eventually erase what he owed. But Ramsey and Deloney pushed back hard — and their advice applies the same way north of the border.

Why waiting it out is risky in Canada, too

In Canada, the idea of waiting for debt to "fall off" is a common misconception — and a potentially costly one. While provinces do have limitation periods that restrict how long a creditor can sue to collect a debt, those periods can be reset under specific circumstances.

In Ontario, the Limitations Act, 2002 sets the basic limitation period at two years from the date the creditor "discovered" the debt (2). British Columbia and Alberta also use two-year limits, while Manitoba, Saskatchewan and New Brunswick give creditors up to six years (3).

What's important to know is that the clock on that time period can restart under some conditions. If you make any payment on the debt, acknowledge it in writing, or — in some provinces — verbally admit to owing it, the limitation period resets. That means anyone who owes money and "waits it out" hoping it will go away could restart the timer by making a single phone call or a small payment.

Additionally, even after the limitation period passes, the debt doesn't simply disappear. Unsecured debt typically remains on your credit report for six years from the date of last activity (4). Collectors may still contact you — but they can't successfully sue to collect.

"Fall off? No, honey, you owe the money," Ramsey told Andrew. He and Deloney insisted that paying what you owe — even at a negotiated reduced amount — is the right move. Integrity matters, and practically speaking in Canada, there's a smarter way to handle overwhelming debt: debt settlement.

How does debt settlement work?

Debt settlement is a process where you negotiate with your creditors to pay off a debt, often at a reduced lump sum. It tends to work best with unsecured debt, like credit cards, personal loans or lines of credit. Because these lenders have no collateral — like a home or vehicle — to fall back on, it gives the borrower some negotiating power.

A few important caveats apply in Canada:

Secured debt — such as a mortgage or car loan — is harder to settle, because lenders can repossess the asset. They have less incentive to cut a deal.

Government debt — including Canada Revenue Agency (CRA) tax debt or Canada Student Loans — is generally not negotiable through standard settlement (5). However, Canadians struggling with student loan debt may be eligible for the federal Repayment Assistance Plan (RAP), which lowers monthly payments based on income (6).

Also, while the government doesn't outright "forgive" loans, it starts covering both interest and principal in "Stage 2" — after 60 months of RAP or 10 years after school — to ensure the balance reaches zero by the 15-year mark (6). Additionally, the Canada Student Loan Forgiveness Program provides up to $60,000 in forgiveness for eligible doctors and medical residents and up to $30,000 for eligible nurses who work in rural or remote underserved communities (7).

Further, the Canada Revenue Agency (CRA) may consider forgiven debt as taxable income. Under Section 80 of the Income Tax Act, forgiven commercial debt can reduce a debtor's tax attributes — and in some consumer debt situations, the CRA may treat the forgiven amount as income (8). If you're negotiating a significant debt settlement, consult a tax professional to help you sort this out first.

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How to use debt settlement to clear up your finances

Ramsey's advice to Andrew was direct: call your lender, acknowledge the debt and ask them whether they'll accept a lower amount to settle it. For Canadians, the approach is the same. You may say something like: "According to my records, I owe $10,000 on this closed credit card account. I know I've fallen behind, but I do have some money available now. Would you accept $5,000 to settle this today?"

If there's context to your situation, share it — briefly. If you lost your job or had a medical emergency, mention it. You're explaining, not making excuses. Here are a few key things to keep in mind:

Start with an amount lower than you're willing to pay

The creditor's goal is to recover as much from you as possible. If you have a windfall, don't be up front about it. Start your offer about 25% below what you can actually afford to pay, leaving yourself room to negotiate.

Ask for a debt validation notice

Before acknowledging the debt in detail, ask the collector to send a written notice of the debt. In Ontario, the Collection and Debt Settlement Services Act requires collection agencies to send written notice within five days of first contact, including the creditor's name, the amount owed and information about your right to dispute the debt (9).

Similar protections exist in other provinces. If you're dealing with a collection agency that can't prove what you owe, that's worth diving deeper with a licensed insolvency trustee or consumer credit counsellor before you pay anything.

Make sure you're talking to the right lender

If your original creditor has sold your account to a collections agency, you'll need to negotiate with the agency — not the bank or credit card company. Collections agencies often purchase debts for a fraction of their face value, which means there's potentially more room to negotiate a lower settlement amount.

Get everything in writing

A verbal agreement about debt owing or repayment means nothing. Before you make any payment, ask for a written settlement offer that confirms the amount, the account it applies to and confirmation that the remaining balance will be considered paid in full. Keep a copy.

The trade-offs of debt settlement

Debt settlement can be a powerful financial tool when you're unable to pay what you owe in full. But it comes with significant trade-offs:

• Your credit score will take a hit. A settled account is reported to credit bureaus as "settled for less than the full amount," which results in a strike on your score. However, it's still less damaging than an ongoing, unpaid collection.
• You may owe taxes on the forgiven amount. Check with a tax professional or the CRA before finalizing any settlement.
• It doesn't erase your financial history. Debt settlement stays on your credit report for six years from the date of the first delinquency, according to Consolidated Credit (10).

Still, for many Canadians drowning in unsecured debt — yet have the funds to settle — it may be best to start fresh. As Ramsey put it: write the cheque, close the chapter and move forward.

What Canadians can do next

If you're sitting on a windfall — or even modest savings — and still carrying debt you've been avoiding, here are some practical next steps to get back on your feet:

• Know your province's limitation period. Find out how long creditors have to sue you, and understand what can reset that clock. Contact a licensed insolvency trustee (LIT) or a nonprofit credit counselling agency for guidance.
• Check your credit report. Request a free credit report from Equifax Canada or TransUnion Canada to confirm what debts are listed in your name, and their status.
• Talk to a LIT before settling. In Canada, LITs are federally regulated and can provide free initial consultations. They can help you evaluate debt settlement, consumer proposals and bankruptcy.
• Understand the tax implications. Before agreeing to any forgiveness or settlement, speak with a tax professional about potential CRA obligations.
• If you have student loans, explore RAP. Contact the National Student Loans Service Centre (NSLSC) to ask about the Repayment Assistance Plan, which can reduce or eliminate your monthly payment based on your income.
• Get everything in writing — always. Never make a settlement payment without a written agreement that confirms the amount and states the debt will be considered paid in full.

Keep in mind that a low credit score because of ongoing debt will lessen your creditworthiness. If you're ignoring the debt hoping it will "go away," the strike on your credit score will affect your eligibility to get approved for a loan, including a mortgage. Paying off balances as they arrive is the best thing to keep your credit score in top shape.

-With files from Melanie Huddart

Article Sources

We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.

YouTube (1); Government of Ontario (2, 9); Collection Agencies Canada (3); Hoyes and Michalos (4, 5); Government of Canada (6, 7, 8); Consolidated Credit Canada (10)

The change affects every redemption zone, but some travellers will feel the bite more than others. Canadians dreaming of business class to Europe or an economy fare across the Pacific face some of the steepest increases — and the window to redeem at the old rates is closing fast.

What's actually changing on June 1

Aeroplan prices flights based on distance bands and travel zones — North America, Atlantic, Pacific and South America. The updated reward chart, published in April 2026, raises the minimum and median point costs across most zones and cabin classes.

Some of the sharpest jumps are on routes between the Atlantic and Pacific zones. Under the new chart, business-class redemptions on those routes start at 100,000 points for Air Canada and select partners — up from a minimum that was 40,000 points lower in some distance bands.

According to analysis from @travelhacked, shared on X on April 25, 2026, the worst-hit corridor moves from a 60,000-point floor to a 100,000-point maximum — a 67% jump (2).

Transatlantic business class is also more expensive. On the closest distance band — 0 to 4,000 miles between North America and Atlantic zones — the median redemption with Air Canada and select partners rises from 107,500 points to a new median of 129,300 points per one-way flight. On the 6,001-to-8,000-mile band, the median rises from 130,000 to 150,000 points.

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Who gets hit the hardest?

Not every traveller is affected equally. Canadians flying shorter domestic or continental routes may see minimal changes — within the North America zone, many economy fares stay at their existing starting points, with median prices moving only modestly on shorter bands.

The real impact falls on three groups:

• Points hoarders saving for a premium long-haul flight — business class to Europe, Japan or Southeast Asia now costs meaningfully more
• Canadians planning round trips — a higher per-leg cost compounds quickly on a return itinerary
• Anyone redeeming through non-Air Canada partner airlines, where flat rates also rise in several zones

Economy redemptions within North America, and short hops within the Atlantic or Pacific zones, see smaller changes — in many cases, the starting rates hold. The pain is concentrated in long-haul and premium cabins.

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Why is this happening?

Aeroplan devaluations are not new, and Air Canada is not alone. As the @travelhacked post noted, nearly every major loyalty program has raised award prices in recent years, with rising fuel costs a contributing factor. Aeroplan's chart is also dynamic: point costs are based on actual distance flown, and Aeroplan sets both "starting at" floors and median redemption amounts based on real member booking data from January 2025 through December 2026 (3).

That means the chart reflects where demand and pricing pressure are highest. Premium cabins on long-haul routes — the most sought-after redemptions — absorb the steepest increases.

What should Canadians do before June 1?

The most straightforward move is to book now. If you have a trip in mind — even one that won't happen until later in the year or into 2027 — redeeming points before June 1 locks in the current award rate. Availability still applies, but the point cost freezes at the time of booking.

If you're not ready to book a specific trip, consider these steps:

• Audit your balance: Log in to your Aeroplan account and confirm your current points total, expiry status and any co-branded credit card earn rates
• Price your target redemption now: Use the Aeroplan reward chart to calculate what your intended route costs today versus after June 1 — the gap may be large enough to justify booking sooner
• Consider partner routes: Some partner airline redemptions are less affected; if your route isn't an Air Canada flight, check whether the partner rate also increases or holds steady
• Avoid letting points expire: If your balance is modest and your travel plans are distant, burning points on hotel nights or merchandise is typically poor value — look for transfer partners or lower-cost short-haul redemptions that still make sense

For Canadians who collect Aeroplan points through TD, CIBC, American Express or other co-branded cards, the earn side of the equation hasn't changed — yet. But if the program continues to raise redemption costs while keeping earning rates flat, the effective value of every point you collect goes down over time.

In the end

Aeroplan's updated Flight Reward Chart makes a clear case for acting sooner rather than later. The devaluation is not catastrophic for every member — short domestic trips and economy fares in North America remain accessible — but for Canadians holding points for a premium long-haul redemption, June 1 is a real and costly deadline.

Check your balance, price your trip and make a decision in the next few weeks. That free flight to Tokyo or Frankfurt isn't going to get cheaper.

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Air Canada (1, 3); X (2)

The Bank of Canada is set to announce the latest overnight rate decision on April 29, 2026, as well as its Monetary Policy Report (MPR) — the quarterly update to its GDP and inflation forecasts.

With 3 out of 4 market analysts now pricing in a chance of at least one rate hike by the end of 2026 (2) — a dramatic reversal from the expectations of just a few months ago — many Canadians will be focused on the BoC's rate announcement. But for Canadians wrestling with budgetary constraints and those facing money management decisions, the MPR holds the key. Here's what to watch out for — and how to respond — to the Bank of Canada's latest rate decision and policy report.

Interest Rates: What happens next? We break down the BoC's latest announcement and what it means for the Canadian dollar and your savings. Learn more

What to watch for on April 29

While the Bank of Canada's rate announcement typically takes centre stage, anyone faced with a money decision in 2026 needs to pay attention to the BoC's MPR. Here's what to watch for:

• Whether the BoC revises its inflation forecast above 2% for the full year
• Whether it introduces explicit concern about inflation expectations becoming unanchored
• Any language shift from 'data-dependent' to 'prepared to act' — the latter is often a pre-hike signal

The April 29 MPR will also give us the clearest indication as to how much weight the BoC is placing on tariff uncertainty versus domestic conditions. Both are relevant to the rate path — and both influence how much Canadians will pay for their debt throughout 2026.

Domestic conditions: What the March CPI jump means for April 29

Statistics Canada's Consumer Price Index (CPI), released on April 20, 2026, shows overall inflation accelerating to 2.4% — above the Bank of Canada's 2% target (3).

But don't push the panic button yet. The BoC's preferred core measures, which strip out volatile items like food and energy, remain closer to target inflation — a critical factor when it comes to monetary policy, even if the headline number is the one that moves markets and shapes public expectations.

In the March rate announcement, the BoC held its overnight rate at 2.25%, due to global uncertainty and the need to see more data before acting. Now, the March CPI numbers are out, and this data puts pressure on the Bank.

While many analysts continue to expect the Bank to hold rates on April 29, it's the overall tone and sentiment of the accompanying Monetary Policy Report that analysts will examine — in an effort to determine what comes next.

Why energy prices are the Bank of Canada's biggest problem right now

The March CPI report is explicit about the driver behind inflationary pressures (4): "Driving faster price growth in headline inflation were higher prices for energy, especially gasoline, due to the conflict in the Middle East."

With oil tracking around US$89 per barrel (at the time of publication), energy remains a wildcard that the BoC cannot control through domestic rate policy.

And that's the central issue. The Bank of Canada raises or cuts rates to manage demand-side inflation — the kind driven by spending, wages and credit growth. However, supply-side inflation, caused by global commodity shocks, doesn't respond to higher interest rates in the same way. That means raising rates to fight an oil-driven CPI spike is actually a risk that can slow the economy without actually solving the inflation problem.

The BoC can continue a wait-and-see approach, but there are risks with this hold-the-rate strategy: If the BoC waits for too long and inflation expectations drift upward, it risks a repeat of the 2022 problem, when it waited too long to act and was forced into a rapid series of outsized hikes.

Either way, the BoC aims to balance domestic economic goals with international pressures. This means the Strait of Hormuz remains a pressure point and any disruption to oil flows through the strait will probably increase energy prices — and Canada's CPI.

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How to react to the BoC announcement

Given the current volatile economic landscape, passive financial management is no longer a viable option for the average Canadian family, explains Marshall Tully, an independent, Toronto-based mortgage broker.

For households earning between $80,000 and $150,000, the traditional habit of "rate-watching" has become an outdated and often ineffective defence against shifting market pressures, explained Tully in a recent interview with Money.ca.

To better navigate market volatility, Tully suggests a pivot away from rate-watching and towards proactive strategies. A proactive strategy comes down to two things: advice and monitoring.

"Most people work with an advisor for their investments, but when it comes to their mortgage, they go straight to their bank. If you value guidance, you should be working with someone who can give you unbiased advice and help you think strategically."

As part of this strategy, you need to consider growth-oriented options designed to protect and amplify wealth regardless of interest rate fluctuations. As Tully explains: "Watching rates is passive. Having a strategy is active." Observe rates and economic pressures, look at penalties and opportunities to improve your position, act early on renewals to gather information and to rate hedging strategies, and adjust the plan as your life or finances change.

"This isn't a set-it-and-forget-it market anymore. Rates are more volatile, and it requires a more proactive approach, a clear strategy, and the right guidance to navigate it."

Variable vs. fixed: Which is safer if the Bank hikes rates?

Variable-rate mortgage holders are directly exposed to BoC policy changes. If markets are right and the Bank raises rates 0.50% over the remainder of 2026, the monthly cost increase on a $500,000 variable-rate mortgage would be roughly $130 to $150 per month (depending on amortization period and lender terms).

Fixed-rate mortgage holders are insulated from further hikes during their current term, but will face renewal into whatever rate environment exists at maturity.

For those renewing in the next six months, the question is whether to lock in now or gamble on rates easing again. The honest answer is that it depends on your risk tolerance and cash flow. If a 0.25% to 0.50% hike would stretch your household budget, locking into a fixed rate now — even at a slight premium — may be worth the certainty. If you have a buffer and believe energy prices will fall as geopolitical tensions ease, staying variable preserves flexibility and the ability to lock in at lower rates, if possible.

Thinking of selling or refinancing before your move? Get personalized mortgage options from Homewise — they’ll find your best rate in minutes.

What to do now

If you're on a variable rate, model what a 0.25% to 0.50% increase adds to your monthly payment — most lenders and mortgage calculators can run this scenario in minutes

Watch the April 29 Bank of Canada announcement and Monetary Policy Report — the updated GDP and inflation forecasts will shape the rate outlook for the second half of 2026

If you're renewing a mortgage in the next 6 months and have low risk tolerance, consider locking into a fixed rate now — even if it costs slightly more in the near term, the certainty may be worth it

If you carry variable-rate debt beyond your mortgage (lines of credit, HELOCs), factor potential rate increases into your monthly budget planning

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Statistics Canada (1),(3),(4); Altrua Financial (2)

By the end of 2025, Berkshire was sitting on US$373.3 billion in cash and Treasury bills (1), more liquidity than most countries have at their disposal. But Buffett wasn't being passive; he was being selective. Wait until the math makes sense, and when it does, move.

That same decision framework can be applied directly to a mistake millions of Canadians are making right now, albeit on a smaller scale.

If you are carrying a credit card balance at 19.99% to 22.99% interest, you're facing the same fundamental question Buffett asks before deploying capital: Where is my money earning the best return, adjusted for risk? For most Canadians right now, the answer isn't the market. It's sitting in their wallet.

Why eliminating 20% debt beats most investment returns — guaranteed

"Invest early and often" is good advice, but only if you're not simultaneously paying 20% interest. That's the part most people skip.

Over the long run, a diversified exchange-traded fund (ETF) tracking the Canadian or global market might return around 7% annually before tax. That is a reasonable assumption, but it's not guaranteed, and it won't show up consistently year after year.

Paying off a credit card with a 19.99% interest rate is different. It delivers a guaranteed, after-tax return of 19.99%, with no volatility or sequence-of-returns risk.

Let's put that into real numbers. Let's say you carry a C$5,000 balance on a standard credit card at 19.99%. Left untouched, that balance generates roughly C$1,000 in interest in the first year alone. That's money you're paying on purchases you've already made, like groceries, utilities, or other everyday expenses. Eliminating that balance is the financial equivalent of earning a 20% return on C$5,000, instantly and without risk.

I've never heard Buffett specifically say "pay off your credit card." But his philosophy is built on one principle: when the return is obvious, and the risk is zero, it's time to act.

What Buffett understands about holding cash vs. taking on high-cost debt

Make no mistake, Buffett's cash never sits idle. It's earning Treasury bill yields, which have been producing solid yields since 2022. But the more important lesson is what he avoids. That is, he does not borrow at high rates to chase unpredictable returns.

That's what you're doing when you're carrying a high-interest credit card balance while investing in the markets. You're borrowing at 20% to fund your current consumption, then betting that the money you invest will beat it in the market. For most Canadians, that's not the case.

The Canadian math: debt vs. RRSP vs. TFSA

This is where the decision becomes practical. Canadians are often told to maximize their contributions to registered accounts, such as their Registered Retirement Savings Plan (RRSP) or Tax-Free Savings Account (TFSA), before paying down "good debt", like a mortgage.

But credit card debt is never good debt, and the math of registered accounts is more nuanced than conventional wisdom suggests. Let's use a simple example.

Two Canadians each have C$300 per month to put to work. One decides to make Registered Retirement Savings Plan (RRSP) or Tax-Free Savings Account (TFSA) contributions with the money and invest in a broad-market ETF. The other applies it to their C$5,000 credit card balance at 19.99%.

The investor earns an expected 7% annually, with withdrawals taxable in the RRSP and tax-free in the TFSA. The credit card payer earns a guaranteed 19.99% equivalent return without worrying about volatility or the timing of their investment.

The TFSA case is the strongest argument for investing alongside debt repayment. Because gains are truly tax-free, a TFSA contribution does not lose its value to future withdrawal tax. But even here, the spread between a guaranteed 20% and an expected 7% is so wide that debt elimination typically wins the math, unless the TFSA contribution comes with an employer match or there is a compelling long-term case for the compounding head start.

The RRSP is a closer call only when the tax refund from the contribution is immediately redirected to the debt. In that case, the net cost of the debt drops, and the comparison becomes more balanced. Without that redirection, investing in an RRSP while carrying 20% debt is almost never the highest-return use of available cash.

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A simple framework for deciding: debt, RRSP, or TFSA

In most cases, the decision comes down to your order of operations, or putting your money where it does the most work first.

Start with high-interest debt. If you're carrying a credit card balance at or near 20%, that's your priority. There's no realistic investment that reliably beats that kind of guaranteed return. If your cash flow is tight, look for a 0% balance transfer credit card offer that can give you breathing room. Just remember that it's a temporary solution, and your goal should still be to eliminate the balance.

The one exception is an employer RRSP match. If you're being offered a 50% or 100% match, take it. It's free money and an immediate return that outweighs even high-interest debt. But beyond capturing the match, additional contributions can wait.

Once you've paid off the debt, the order becomes much clearer. While this won't apply to all Canadians, consider building your TFSA first. You're getting tax-free growth, flexibility, and no penalties for accessing your money. Then, layer in RRSP contributions based on your income and tax situation.

If your only remaining debt has a low interest rate, such as your mortgage or a student loan , the math shifts. At that point, investing alongside repayment is reasonable and often the better long-term play.

Buffett's approach isn't about rigid rules. It's about making sure your capital is always working in the highest-return place available.

Not sure which card fits your lifestyle? Use our Comparison Tool to filter by 135 different metrics and find your perfect match in seconds.

What to do now

If I haven't managed to convince you, run the math on your own situation. Take your credit card balance, apply the interest rate and look at what you're actually paying each year to carry it. Then compare that to what you realistically expect from your investments. Not the best-case scenario, but a reasonable one.

From there, focus on your highest-interest balance first. The avalanche method of debt payoff targets the highest rate before anything else, and will save you the most in interest over time, even if it doesn't feel as satisfying as clearing smaller balances first.

If you feel like you're not making progress, a balance transfer can help. Many Canadian cards offer 0% promotional rates for 10 to 12 months. Even with a 1% to 3% transfer fee, it's significantly cheaper than continuing to pay 20% interest, as long as you use that window to actually eliminate the debt.

And once your credit card balance is gone, use your freed-up cash wisely. Try redirecting the same monthly payment to your TFSA. That's where things start to compound in your favour instead of against you.

Remember, the biggest mistake most people make isn't choosing the wrong strategy. It's trying to do everything at once: invest, save and carry high-interest debt, when the math clearly says to focus.

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The Globe and Mail (1)

New data from Turo suggests demand is already building. Bookings in Toronto and Vancouver are up about 25% for June compared to last year, as visitors begin locking in travel plans ahead of the tournament.

That early demand is translating into promising income projections, with car owners in the two cities expected to earn a combined $1.1 million between June and the end of July.

A genuine income opportunity?

The World Cup is expected to bring a large influx of visitors to Canada this summer, with Toronto and Vancouver being Canada's two host cities.

Alongside the increase in visitor demand, more vehicle owners are listing their cars on peer-to-peer rental platforms such as Turo, which says that listings in Vancouver rose 73% in March compared to a year earlier, while Toronto saw an even sharper increase of 96%.

For many, the appeal is straightforward: Turning a car that sits unused for much of the week into extra income.

And in some cases, that income can be meaningful. For example, a Vancouver-based software engineer who listed a secondary SUV on the platform secured a 25-day booking from an international traveller, expected to bring in about $2,000 — enough to cover the vehicle's payments for the season.

In Toronto, a stay-at-home parent renting out a newer vehicle has already lined up multiple bookings this summer worth roughly $2,500.

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Why more people are trying it — and what to consider

Rising living costs appear to be a key factor behind the growing interest in car-sharing platforms.

"From groceries to gas to rentals, costs have climbed and stayed there," said Bassem El Rahimy, head of Turo Canada, in a statement. "Renting out your vehicle is an almost passive way to make hundreds of dollars every month."

That pitch is resonating, particularly in cities expecting a surge in tourism. For some owners, longer bookings from international visitors can help offset vehicle expenses, especially during peak periods like the World Cup.

Still, the income potential isn't entirely hands-off. Listing a vehicle comes with ongoing responsibilities, including maintenance, managing bookings and ensuring appropriate insurance coverage. Heavier usage can also lead to added wear and tear, which may eat into profits over time.

Returns can vary widely depending on the vehicle, location and level of demand, meaning not every listing will generate consistent income — particularly once peak travel periods pass.

A (temporary) demand spike

For vehicle owners looking to make some extra income by renting their car, keep in mind that the current surge noted by Turo is closely tied to the World Cup itself, which runs from June 11 until July 19 this year.

As travel peaks during the tournament, demand for short-term rentals — including vehicles — is expected to rise in host cities. But once the event wraps up, activity and demand will likely drop significantly.

For now, the trend highlights how some Canadians are looking for ways to generate additional income — particularly when short-term demand shifts in their favour.

It's a dream more Canadians are taking seriously as living costs continue to rise and your dollar doesn't stretch quite as far as it used to. And unlike Americans — who owe federal income tax regardless of where they live in the world — Canadians who move abroad and sever their ties with their native country can reduce or even eliminate their Canadian income tax obligations altogether (1).

This works out as a benefit that matters enormously when you're planning for retirement. But it comes with conditions — and a few traps worth knowing in advance.

Here are five countries that could make your retirement dollars last longer, along with the Canadian-specific tax and financial considerations you need to understand before you pack your bags.

How Canada's tax system treats non-residents differently

Before deciding on a destination, understand how Canada's tax rules apply to living in various popular destinations across the globe.

Canada taxes its residents on their income regardless of where it's earned. But if you sever your residential ties with Canada and permanently move to a new home abroad, the Canada Revenue Agency (CRA) generally considers you a non-resident — and your ongoing Canadian tax obligations shrink considerably (1).

Unlike American citizens, who must file U.S. taxes every year no matter where they live, Canadians aren't taxed based on citizenship. What matters is their residency.

That said, becoming a non-resident is more complicated than buying a one-way plane ticket. The CRA determines residency on a case-by-case basis, considering factors such as whether you own or lease a home in Canada, where your spouse or dependants live and whether you maintain a Canadian driver's licence or bank accounts (1).

What happens when you leave: Departure tax and your registered accounts

One of the most important — and often overlooked — considerations for Canadians retiring abroad is departure tax, also known as deemed disposition (2).

When you move and are no longer a Canadian resident for tax purposes, the CRA treats some types of property as if you sold them at fair market value on the day you left. This can trigger capital gains tax on your final Canadian return (2).

The good news? Registered accounts — including your Registered Retirement Savings Plan (RRSP), Registered Retirement Income Fund (RRIF) and Tax-Free Savings Account (TFSA) — are exempt from deemed disposition. So is Canadian real estate, which will be taxed separately when you actually sell your property (2).

Your RRSP and RRIF will stay tax-deferred, but any withdrawals you make after leaving Canada are subject to Canadian non-resident withholding tax — typically 25%, though this rate can be reduced under Canada's tax treaties with over 90 countries (3).

You can keep your TFSA after you leave, but you can't contribute to it as a non-resident, and your contribution room won't grow (4). Also many countries — including the United States — don't recognize the TFSA as a tax-exempt account. If you move to a country like this, your TFSA income may become taxable there (4).

To get started, open a no-fee RRSP high-interest savings account with EQ Bank. For a limited time, get up to $200 cash when you add new deposits to your EQ Bank RRSP account.

What happens to your CPP, OAS and GIS

Canada Pension Plan (CPP): Your CPP benefits travel with you. CPP payments are based on contributions you made during your working years, not on residency. Whether you live in Toronto or Thailand, your CPP payments will continue. The maximum CPP retirement pension in 2026 is $1,507.65 a month at age 65 (5).

As a non-resident, CPP payments are subject to a standard 25% non-resident withholding tax, though this rate is often reduced — or even eliminated — if you move to a country with a tax treaty with Canada (6).

Old Age Security (OAS): OAS can also continue while you live abroad, but there are residency requirements to qualify for payments — you must have lived in Canada for at least 20 years after age 18, or have lived or worked in a country with a social security agreement with Canada (7). The maximum OAS payment for those aged 65 to 74 is $743.05 a month in 2026 (8). Standard non-resident withholding applies here, too.

OAS is also subject to a recovery tax (clawback): If your net world income exceeds C$93,454 in 2025, your OAS benefit begins to be reduced by 15 cents for every dollar over that threshold (6).

Guaranteed Income Supplement (GIS): This benefit isn't portable. If you leave Canada for more than six consecutive months, your GIS payments stop (9).

5 countries where your retirement dollars can go further

Panama

Panama doesn't tax any income earned from foreign sources — which means Panamanian income tax rules don't apply to your CPP, OAS, RRSP and RRIF withdrawals.

Panama's Pensionado Program requires a minimum of US$1,000 (C$1,410) a month in guaranteed income, making it accessible to many Canadian retirees with modest pensions (10).

Panama accepts the U.S. dollar as its main currency. For Canadians drawing income in Canadian dollars, this means currency exchange is a consideration, though the country's overall cost of living remains significantly lower than Canada's. While there is a Tax Information Exchange Agreement (TIEA) in place between Canada and Panama, there isn't an official treaty — that means Canadian retirement income paid to a Panamanian resident is generally subject to the standard 25% non-resident withholding tax rate (11).

Greece

If Mediterranean living appeals to you, Greece offers a 7% flat income tax rate — covering pensions, investments, and other income — for foreign retirees who transfer their tax residency to the country, valid for up to 15 years. That rate is substantially lower than what most Canadians face at home on equivalent income.

The cost of living in Greece is roughly 14.6% lower than in Canada, even when you include rent (12). Real estate prices are lower, and property taxes are moderate to low.

Canada and Greece have a tax treaty, which may see a reduction — or removal — of Canadian withholding tax on your CPP and OAS depending on your specific circumstances (13).

Belize

A little further afield from the Canadian coastline is Belize, which offers tax exemptions on foreign income through its Qualified Retired Persons (QRP) program, including duty-free import of personal effects in the first year. To qualify, you must be at least 40 years of age and show proof of US$2,000 (C$2,820) per month in foreign income (14).

Belize is the only country in Latin America where English is the official language, which can make your transition there significantly easier. To maintain your QRP status, you only need to spend one month a year in the country.

However, Belize does not have a tax treaty with Canada (15). This means the standard 25% non-resident withholding rate applies to your CPP and OAS — making treaty research important when mapping out your destinations.

The Philippines

The Philippines offers tax exemptions on foreign-based income and a low cost of living, making it an increasingly popular destination for retirees from Commonwealth countries, including Canada.

The country's Special Resident Retiree's Visa (SRRV) is available to foreigners at least 40 years of age, and offers a travel tax exemption perk (16). English is widely spoken, and the Philippines is known for its hospitality.

Canada and the Philippines have a tax treaty, which can reduce non-resident withholding tax on CPP and OAS (17).

Costa Rica

Costa Rica doesn't tax foreign income, and its Pensionado program requires a minimum monthly income of only US$1,000 (C$1,410) (18). The program also includes an import tax exemption for household goods and a 20% discount on real estate transfers, valid through June 2026 (19). However, if the beneficiary transfers the acquired real estate within the validity period of the law, the acquirer must liquidate and pay the originally exempted taxes.

While Costa Rica isn't the cheapest destination in Latin America — costs are rising due to its increasing popularity — it's still considerably more affordable than Canada. It's also known for having one of the better healthcare systems in Central America.

Canada and Costa Rica have a Tax Information Exchange Agreement (TIEA), however this isn't a comprehensive treaty to avoid double taxation like in other countries (20).

What else Canadians need to know

Health coverage doesn't cross the border with you

Take note that your provincial and territorial health plans offer little or no coverage for medical expenses you incur outside Canada (21). If you retire abroad — even part time — you'll need to buy private international health insurance to cover you.

Most provinces also require you to be physically present in your home province for at least 182 days every calendar year to maintain your coverage. However Ontario's OHIP program requires you to be in the country for 153 days out of a 12-month period (22). If you plan to "snowbird", check the specific rules for keeping your provincial health care intact before you stay abroad for a prolonged period.

Property ownership rules vary

Before you fall in love with a destination, confirm whether you can legally own property there as a foreigner. In the Philippines, for example, foreigners can own a condo unit or apartment, but not land (23).

Laws can — and do — change

Tax-friendly agreements don't always stay that way. For example, Portugal's Non-Habitual Resident (NHR) program — once a popular 10-year tax haven for retirees — officially closed January 4, 2024, which means higher taxes for new arrivals (24). Always factor the possibility of policy change into your long-term planning.

What Canadian retirees should do before making the move

Get a professional opinion on your residency status. The CRA determines non-residency on a case by case basis. Before you leave, complete Form NR73 (Determination of Residency Status — Leaving Canada) and send it to the CRA's International Tax and Non-Resident Enquiries office to get an official opinion (25).

Plan for departure tax. Review which assets in your non-registered accounts carry unrealized capital gains. A cross-border tax specialist — ideally a Chartered Professional Accountant (CPA) with international experience — can help you time your departure and structure your holdings to reduce the departure tax hit.

Understand your CPP/OAS non-resident withholding rates. Look up whether your destination country has a tax treaty with Canada — and what rate applies to any pension income. The CRA publishes withholding rates by country. If the standard 25% applies, you may be able to apply for a reduction by completing Form NR5 (3).

Factor in GIS before you go. If you currently receive the Guaranteed Income Supplement, know that you'll lose it if you're outside Canada for more than six consecutive months (9). Make sure your retirement budget accounts for that gap.

Arrange private health insurance before your provincial plan lapses. Your provincial health coverage likely won't follow you abroad. Get comprehensive private international health coverage — including emergency, hospital and repatriation coverage — before your departure date.

Give it a test run. Try renting in your destination for a few months before making a permanent move. Getting out of vacation mode and into real daily life will tell you more than any guidebook can.

Article Sources

We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.

Government of Canada (1),(2),(3),(4),(5),(6),(7),(8),(9),(11),(13),(17),(20),(21),(25); International Living (10); Numbeo (12); Live and Invest Overseas (14); PwC (15); Prism Visas (16); International Citizens Insurance (18); Costa Rica Law (19); Canada Life (22); Kittelson & Carpo (23); Global Citizen Solutions (24)

According to Turo's fourth annual State of Car Ownership in Canada study (1), conducted by Angus Reid on behalf of Turo and surveying 1,509 Canadians aged 25 and older, the average Canadian now spends $4,999 per year to own a vehicle. And even though that number has dropped slightly from last year, 77% of owners say their monthly car expenses are more than they can comfortably afford.

You can see the strain in how people are behaving. Over half of Canadians have already changed how they use their vehicles to cut costs. And there's more pressure coming: 75% are worried that U.S.-Canada trade tensions will push vehicle prices even higher, and since 2024, the share of Canadians planning to buy a car in the next three years has dropped 11%.

The good news? You're not stuck with these costs. There are practical ways to reduce what you're spending, whether you keep your current vehicle or rethink your next purchase altogether.

5 ways to cut your car costs now

If your car is eating up more of your budget than you'd care to admit, here are five practical ways to start bringing those costs back under control.

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1. Trade down to a more cost-effective vehicle

Not all cars cost the same to own, and the differences can be bigger than most people expect.

Fuel efficiency, insurance costs, and reliability vary widely between models. Before you buy or lease, check out the Canadian Automobile Association's (CAA) Driving Costs Calculator (2) to compare the true annual operating cost of specific vehicles — not just the sticker price.

In many cases, moving from a mid-size SUV to a compact car or a hybrid can significantly reduce both fuel and maintenance costs. And with the average price of new vehicles over $63,000 (3), choosing a lower trim or a reliable used model can also ease your financing pressure.

If you have access to reliable charging, electric vehicles can be even cheaper to run. While hydro rates vary in Canada, the Government of Canada's Fuel Consumption Ratings Tool (4) estimates the cost of powering a Tesla Model Y (standard) at less than $50/month. That's based on driving 20,000 km annually.

2. Shop around for your insurance every renewal

Auto insurance is one of those expenses that tends to increase over time, but depending on where you live, you may have room to negotiate. In some provinces, such as Manitoba, auto insurance is offered through a single public system, so you really can't shop around for basic insurance coverage.

In other provinces, such as Ontario, insurance is delivered privately, so premiums can vary significantly between providers for identical coverage. If it makes sense, consider options like bundling policies, increasing your deductible and maintaining a clean driving record. All of these things can help lower your rate while maintaining critical coverage.

Many insurers reward loyalty, but that doesn't always mean you're getting the best deal. By comparing at least three quotes at renewal, using identical coverage and limits, you can ensure you're not overpaying.

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3. Drive less

This one may sound obvious, but it works, and Canadians are already doing it. In fact, 32% say they are actively driving less to reduce expenses, and the average Canadian is projected to drive 409 hours in 2026, down from 415 hours in 2025.

Consolidating errands, carpooling, cycling, or using transit for shorter trips reduces fuel costs, wear and tear, and can even lower insurance premiums tied to annual mileage. For city dwellers, the math is shifting further. In Toronto, just 72% of residents now own a vehicle, well below the national average of 85%, as transit and car-sharing alternatives reduce the need for full-time ownership.

4. Maintain your car to avoid expensive repairs

Skipping routine maintenance might save you money today, but it almost always costs you more later. Basic upkeep, including oil changes, tire rotations, brake inspections, and fluid top-ups, can help extend your vehicle's life and prevent more expensive problems down the road.

According to DesRosiers Automotive Consultants, Canadians pay an average of $796 per year on vehicle maintenance (5). Staying ahead of the maintenance schedule can help keep that number predictable and avoid turning a small repair into a major one.

5. Take advantage of a ride-sharing service.

If your vehicle spends most of its time parked, you're not alone. According to car-sharing platform Turo, the average Canadian car sits parked 22.6 hours per day, or almost 95% of the year.

Instead of your vehicle sitting in the driveway while you're not using it, you may want to consider renting it out on Turo. In case you're not familiar, Turo is like Airbnb, but for cars. It can be a great way to make some extra money to offset the cost of vehicle ownership.

According to Turo, the company has paid out over $300 million to Canadian hosts (6) since its launch in 2016, and in 2025, Canadian hosts earned an average of $657 per month. Turo is available in British Columbia, Alberta, Ontario, Quebec, Nova Scotia, New Brunswick, Newfoundland and Labrador, Prince Edward Island, and the Yukon.

The bigger picture

By all accounts, owning a car in Canada isn't getting any cheaper soon, which means that being intentional about your car ownership plans matters more than ever. If you're struggling to manage your vehicle expenses, you don't have to overhaul everything overnight, but cutting back in a few areas can put real money back in your pocket over time.

The key is to stay proactive instead of letting your costs continue to rise year after year. The steps you take now can make your vehicle feel less like a financial burden and more like the convenience it's supposed to be.

Article Sources

We rely only on vetted sources and credible third-party reporting. For details, see our ethics and guidelines.

Turo (1); Canadian Automobile Association (2); RateHub (3); Natural Resources Canada (4); Unhaggle (5); Canadian Auto Dealer (6)

That assumption shattered in 2014. A massive regulatory shift has since turned the simple act of living abroad into a financial minefield. Whether you crossed the border in the summer of 1968 or the winter of 2018, the IRS still brands you a "U.S. Person." This status carries the heavy weight of the Internal Revenue Code (the body of law governing federal taxes), and it follows you into every Canadian bank branch you enter.

The FATCA and FBAR net

The turning point was the Foreign Account Tax Compliance Act (FATCA), which arrived in Canada via a 2014 agreement between the two governments. This deal effectively turned Canadian banks into outposts for the IRS; they now report "U.S. Person" account details to the Canada Revenue Agency (CRA), which then hands that data directly to Washington.

If you’re caught in this net, staying compliant generally moves along two tracks:

• The FBAR (FinCEN Form 114): This is a report required if the total of all your foreign bank accounts exceeds US$10,000 at any point in the year. Following a 2023 Supreme Court ruling, if you make an honest mistake (known as a "non-willful" violation), penalties are charged per year/report rather than for every single account you own. Based on current inflation adjustments, these fines are estimated to reach approximately $16,500 for the 2026 tax year.
• Form 8938: Often overlooked, this is FATCA’s direct filing requirement. For U.S. citizens abroad, the limits are high: you must file if your assets exceed $200,000 at year-end or hit $300,000 at any point during the year. Penalties for missing this form start at $10,000.

The cost of "willfulness"

If the IRS determines you intentionally ignored these rules, the financial consequences are staggering.

While the maximum penalty was originally set at $100,000, annual adjustments for inflation have pushed this figure much higher. By 2024, the penalty reached $179,764 per violation. For the 2025-2026 period, this "penalty floor" is projected to exceed $180,000 or 50% of the account balance — whichever number is higher (1).

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The PFIC "Poison Pill"

The IRS views standard Canadian mutual funds and Exchange-Traded Funds (ETFs) through a skeptical lens, labeling them Passive Foreign Investment Companies (PFICs). Essentially, the U.S. government dislikes foreign pooled investments because they can be used to defer taxes.

The default tax treatment is aggressive: any gains are often taxed at high "ordinary income" rates (up to 37%), rather than the lower capital gains rates most investors expect. On top of that, the IRS adds an interest charge for the time you "deferred" paying those taxes.

While experts suggest specific elections (like the QEF or Mark-to-Market options) to lower this bill (2), these must be set up in advance. Without them — especially for investments held for a long time that have grown significantly — the effective tax rate can climb toward 50%.

The great retirement divide: TFSA vs. RRSP

In the eyes of the IRS, not all Canadian "tax-free" accounts are created equal:

• RRSPs and RRIFs: These are the "safe harbours." Under the Canada-U.S. Tax Treaty, the IRS allows you to defer your taxes. This means you aren’t taxed by the U.S. until you actually start taking money out of the account.
• TFSAs: This is where it gets tricky. The IRS does not recognize the "Tax-Free" status of the TFSA; any income earned inside it is fully taxable every year in the U.S. Furthermore, many tax professionals debate whether the IRS might classify a TFSA as a "Foreign Trust." If they do, it triggers specialized forms (3520 and 3520-A) that carry massive penalties for failing to file. Because this remains a legal gray area, many expats avoid TFSAs entirely to stay safe.

Finding a path to compliance

If you find yourself behind on your paperwork, the IRS offers a "lifeline" called the Streamlined Foreign Offshore Procedures. This allows you to catch up by filing three years of back taxes and six years of FBARs.

While this process waives most penalties, it requires you to formally certify that your failure to file was "non-willful" — meaning it was an honest misunderstanding and not a deliberate attempt to hide money. This is a serious legal statement; lying on this certification is perjury and can lead to a criminal investigation.

For some, the only way out is the "Nuclear Option": renunciation. However, walking away from U.S. citizenship requires five years of tax compliance and, for wealthy individuals, may trigger an "Exit Tax" (a final tax on the value of your global assets).

The "New Rules" are now the standard way of doing business. Staying informed through the tax code and IRS resources is essential. However, because cross-border law is complicated, this overview reflects professional opinion and isn't a substitute for advice from a qualified U.S.-Canadian tax attorney.

Taking action now is the only way to ensure your Canadian retirement remains yours.

Article sources

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National Archives (1); Cornell Law School (2)

New data from Royal LePage shows the national aggregate home price fell 2% year-over-year in the first quarter of 2026, even as prices edged slightly higher compared to the end of last year.

Meanwhile, the Canadian Real Estate Association (CREA) has lowered its forecast for 2026 (1), pointing to weaker-than-expected activity and a recent uptick in mortgage rates.

A slower start than usual

Spring is typically when Canada's housing market begins to pick up speed. This year, that momentum has been slower to build. A longer winter has played a role, according to Royal LePage, but broader concerns appear to be weighing more heavily.

Uncertainty around the economy, global tensions and the direction of interest rates has made some buyers more hesitant to act.

"In a typical spring, Canada's housing market would already be gaining momentum, but persistently low consumer confidence remains a drag on activity," said Phil Soper, president and CEO of Royal LePage.

That hesitation has been most visible in higher-priced markets. Home prices declined 4.7% in the Greater Toronto Area and 4.5% in Vancouver in the first quarter, while Montreal recorded a 3.3% increase.

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Rate uncertainty is changing behaviour

At the same time, expectations around borrowing costs have shifted again.

CREA noted that rising oil prices have increased the likelihood of a potential Bank of Canada rate hike later this year, pushing up bond yields and fixed mortgage rates in recent weeks.

For many buyers, the biggest question mark is around timing as much as affordability. Some are choosing to wait for more clarity on where rates are headed, even if that means sitting out part of the spring market.

A muted outlook for 2026

According to their latest report, CREA now expects roughly 475,000 homes to be sold in 2026, representing a modest 1% increase over last year and a downgrade from earlier projections.

Price growth is also expected to remain limited. The national average home price is forecast to rise 1.5% to about $689,000, with little to no growth expected in BC, Ontario and Alberta.

In other regions, where prices climbed more sharply in recent years, gains are expected to fall within a more moderate range.

Demand is still there — just delayed

Even with the slower start, there are signs that interest hasn't disappeared from the market. Royal LePage noted that activity has begun to pick up in recent weeks, suggesting some buyers may be returning as conditions stabilize.

Survey data from the Bank of Canada also points to underlying demand, with nearly one-third of Canadians saying they are likely to move within the next year — up from 22% a year earlier.

For now, though, that demand isn't yet translating into a more active market. Buyers are taking more time, sellers are adjusting expectations, and many are still waiting to see how interest rates and the broader economy evolve before making a move.

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CREA (1)

Surveillance pricing, also called algorithmic personalized pricing, uses detailed consumer information from multiple sources to create custom pricing for an item. Relevant data may include your demographics, location, purchase or subscription history, or even the device you're shopping on. The result is that different customers see different prices on goods offered to them even if they are shopping at the same retailer.

A discussion paper from Competition Bureau Canada (3) says that AI is further developing this pricing method to greater potential, as AI-driven pricing algorithms can learn in real-time from consumer data and adjust their recommended prices with the most recent data — without human intervention.

A clear case of this was on full display in the U.S. in March, when the Washingtonian reported that the Washington Post notified subscribers via email that their prices would be changing via an algorithm fuelled by their personal information.

"This price was set by an algorithm using your personal data," was the message found at the bottom of the price increase emails.

Consumers in both the U.S. and Canada are concerned that personal-data-driven practices could lead to unfair price adjustments. A recently consultation report on the practice of algorithmic pricing and competition from the Competition Bureau Canada (4) included responses from 77 consumers. Their top three concerns regarding these price-setting practices were unfairness, discrimination and price fluctuation.

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Digging into the debate

It's not only consumers and the federal NDP that are pushing back on surveillance pricing, a provincial government is also stepping up to the plate.

On March 17, the Manitoba government introduced Bill 49 amending the Business Practices Act to make it unfair for businesses to use consumers' personal data — algorithmically determined or not— to increase their personal price for goods (5).

The United Food and Commercial Workers union (UFCW) has also spoken up against the practice. In a news release (6), the UFCW called for a ban on the practice of surveillance pricing, noting that, "UFCW Canada members working across the grocery sector are seeing the impact firsthand, from rapidly shifting shelf prices to increasingly frustrated customers at checkout."

While the practice has a number of outspoken critics, others view the practice differently.

Some of the other stakeholders (i.e. businesses, legal experts, academics, consumer interest groups and industry associations) consulted in Competition Bureau Canada's report (5) noted that the practice creates more opportunity in the marketplace. "Some highlighted…how it improves competition and innovation by enabling firms to respond faster to market changes, price more efficiently, and adjust prices in real time," the report reads.

However, the consultation report also noted that algorithmic pricing can enhance anti-competitive behaviours as well. Deceptive marketing tactics were also a concern among respondents.

Brad Callaghan, the associate deputy commissioner for policy planning and advocacy for the Competition Bureau, told CTV News that personalized pricing has been around for years. And in some cases, has allowed for consumer price benefits, pointing to seniors discounts and student pricing (7).

Amid all of the critiques of the system, Callaghan told CTV the Competition Bureau will "continue to monitor the issue to ensure harms are addressed while allowing businesses to innovate."

Currently, Canada does not have laws in place that require companies to disclose when personalized pricing is used. But if Bill 49 in Manitoba moves ahead, businesses in the province would be required to disclose algorithmic pricing as a critical fact to consumers purchasing from them (8).

What Canadians can do in the meantime

Legislation on the practice of surveillance pricing is in flux in Canada. So, what can consumers do in the meantime to help them still get a fair price on goods and services? Here are some strategies you can implement immediately.

• Go incognito. Experts suggest using incognito browsing modes to price shop with your cache, cookies and login information minimized. This practice can cause a pricing algorithm to treat you as a new user and potentially offer better prices as a result (9). Using a VPN to block your location may also affect pricing options, though results may vary.
• Shop offline. Purchasing groceries in store or taking a taxi instead of an app-based transportation service could get you lower prices. Make sure to double-check the prices of items in store versus online if you have the option.
• Be aware of your online footprint. When shopping online, try and disable third-party cookies to limit the amount of data retailers can collect on you. Be aware of the amount and type of information you give to AI chatbots like ChatGPT when trying to find a product online as well.
• Review your loyalty plan privacy settings. Limiting as much of your personal data on loyalty plans and apps is another way to practice digital hygiene. Some loyalty plans such as Scene+ and PC Optimum allow users to constrain how their data is used for bespoke offers. Review the data-sharing and personalization options in your accounts.

Bottom line

While surveillance pricing is under criticism from multiple sides, the pricing system is still legal in Canada, and Manitoba, for now at least. While Canadians wait for the chips to fall, using smart data hygiene practices can help you find fair pricing online.

Remember, if you have concerns with how you're being treated as a consumer, contact your Member of Parliament and Provincial Member of the Legislative Assembly to make your voice heard and urge consumer-protection legislation like Bill 49 in Manitoba.

Article Sources

We rely only on vetted sources and credible third-party reporting. For details, see our ethics and guidelines.

CBC (1); Omnia Retail (2); Competition Bureau Canada (3),(4); Province of Manitoba (5); UFCW (6); CTV News (7); MLT Aikins (8); Neo Financial (9)

But a recent data breach at one of the world's largest accommodation and reservations sites is putting travellers at increased risk for phishing attacks.

The travel site Booking.com, based in Amsterdam (1), confirmed with CBC News that it was the target of a data breach and has been informing its customers of the issue (2). The travel site told CBC that no banking information was compromised as a result — only booking details and contact information were accessed — but the spokesperson did not disclose how many users were impacted by the event. However, the lack of financial data hasn't stopped bad actors from using the information for nefarious ends.

Mert Aktas, a resident of Istanbul, Turkey, who used the site to book a hotel in Greece months ago, told the news outlet that he received an odd WhatsApp message from an unknown number asking him to click on a link to complete his check-in. After discussing the issue with Booking.com for "days", Aktas was finally told there was a data breach, confirming his information was compromised.

"I was very actually upset for those people who will be getting scammed," he told the outlet. "Also, I was just a bit upset because my information has been stolen."

CBC reported that other clients of the site have received odd communications asking them to re-confirm their bookings, and some users have stated they've noticed large, unauthorized transactions on their credit cards.

In response to the breach, a spokesperson for Booking.com told CBC in an email that, "Booking.com will never ask guests to share credit card details by email, over the phone, Whatsapp or text, and it won't ask for a bank transfer."

A new twist on a familiar fraud

This recent wave of booking scams resulting from the data breach is a subset of phishing, and it's particularly dangerous.

Phishing scams use socially-engineered emails or texts to ask consumers for private information, often masquerading as legitimate companies (3). They'll use urgent "act now" language such as informing a customer their account has an issue and that they need to access a link to fix the problem.

Once sensitive information is shared with the scammer, such as credit card details or banking information, they'll use it to access bank accounts or make unauthorized transactions (4). If these transactions go unnoticed, users could end up with a damaged credit score.

The scams resulting from the Booking.com data breach are much more effective than typical phishing scams because of the travel-specific information the bad actors now have. This type is particularly valuable to scammers, as it allows them to craft messages that closely resemble legitimate booking communications.

Experts are dubbing these frauds "reservation hijacking scams".

"Reservation hijack scams have been around for some time, but this new data makes them much more dangerous because it gives criminals precision as they can reference the real property, the real travel dates, the right contact details to make the scam feel like routine customer service," Luis Corrons, security evangelist at Norton told the BBC (5).

This isn't the first time a reservation hijacking scam wave has appeared — the BBC has reported on multiple instances since 2023 (5), and phishing is one of the top 10 types of fraud in Canada based on the number of reported incidents.

According to the Canadian Anti-Fraud Centre's (CAFC) 2024 Annual Statistical Report, there were over 3,500 reports of phishing sent to the agency and over 1,000 targets (6). Phishing was one of two fraud types that increased in victimization. However, the CAFC also notes that reported fraud likely only accounts for five to 10 percent of all fraud in Canada (7).

How to spot reservation hijacking red flags

If you're one of 72% of Canadians planning to travel this year (8), you need to be on the lookout if you've made any reservations with Booking.com. Here are some expert tips to help you notice any signs of potential fraud (9).

• Be wary of external links. If you receive an email, text message or direct message with an external link, always exercise caution. Even if it appears to be legitimate, verify it by contacting the company you booked with first. Never click on a link you aren't certain is legitimate.
• Watch for urgent language. Be skeptical of language that prompts you to act quickly or immediately, especially if it is asking for personal information. Take special note of any threats in the email that seem out of character for the company, such as a warning your account will be closed if you don't confirm your booking information.
• Check for inconsistencies. While fraudsters can create compelling emails and other online traps, their efforts are not always impeccable. Review the email address or website link to see if there are any spelling mistakes or slightly odd phrasing (e.g. bookingsite.com instead of booking.com). These are strong warning signs.

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What to do if your information is compromised in a data breach

Hearing that your data has been compromised due to a breach can send you into a panic. Thankfully, there's a simple protocol for Canadians to follow if their information has been compromised (10).

1. Contact your service provider and financial institutions. As soon as you are aware that your data is compromised, alert any companies where that account information was used, as well as your bank.
2. Flag the issue to credit bureaus. The next step is to contact Equifax and TransUnion, Canada's main credit bureaus. Ask them to place a fraud alert on your credit report. Doing this prevents anyone from borrowing money on your behalf — lenders will need to contact you personally before approving any credit applications.
3. Report the issue to the authorities. Even if no fraud has occurred following the breach, reporting the incident to your local police and the CAFC is good practice.
4. Take precautionary measures. You can never be too careful with your online identity following a data breach. Don’t just change your password for the compromised account, do so for your email, online shopping profiles, banking accounts, etc. It's also critical to review your banking and credit card statements on a regular basis going forward to catch any odd transactions you didn’t authorize. Ordering a copy of your credit report and reviewing it is also a prudent choice.

Article Sources

We rely only on vetted sources and credible third-party reporting. For details, see our ethics and guidelines.

Booking.com (1); CBC News (2); Government of Canada (3); Cloudflare (4); BBC (5); CAFC (6); Competition Bureau Canada (7); Ipsos (8); Norton (9); Financial Consumer Agency of Canada (10)

The organization says it is currently holding over $222 million in unclaimed funds. Despite that huge sum, awareness of the fund remains low — fewer than 10% of BC residents say they’re familiar with the program.

"Canadians are often surprised by the large amount of unclaimed money in British Columbia," said Sherry MacLennan, executive director of the BC Unclaimed Property Society, in a statement. "People are almost always unaware that we have funds belonging to them."

What counts as unclaimed money

Unclaimed funds can come from a wide range of sources, including dormant bank or credit union accounts, unpaid wages, insurance payouts, pension funds, estate distributions and real estate deposits.

In some cases, funds are tied to inheritances or benefits that were never collected.

Accounts are typically considered dormant after a period of inactivity — anywhere from one to 10 years, depending on the asset. If the owner can’t be located, the funds are transferred to the society under BC’s Unclaimed Property Act.

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How much people are getting back

In 2025, about $3.8 million was returned to 638 individuals, with an average payout of just under $6,000.

Some claims are much larger. The largest unclaimed account currently held in BC is worth $1.9 million.

Since launching in 2003, the program has returned nearly $37 million to residents, though the total pool continues to grow. Last year alone, $17.6 million in new funds was added.

In many cases, the reason funds go unclaimed at all is due to lost contact. People move away, change names or switch financial institutions. In other cases, funds are tied to estates or accounts that fall out of view over time.

How to check if you’re owed money

The society maintains an online database where residents can search for unclaimed funds in their name. There is no cost to search or file a claim.

While not every search will turn up a result, the scale of unclaimed funds suggests it may be worth checking — particularly for those who have moved, changed jobs or may have links to older accounts.

At a time when many Canadian households are feeling the pressure, even a tiny fraction of that $222 million fund would go a long way towards managing expenses.

To find out if you have unclaimed money from the Canada Revenue Agency (CRA), log into your CRA My Account portal and look for the "Uncashed cheques" link under the "Related services" section at the bottom of the "Overview" page. This tool displays a list of any government-issued cheques that were issued at least six months ago but never deposited.

If you find a balance, you can download a pre-filled form from the site to request a replacement payment. While you're at it, residents of British Columbia can also check the BC Unclaimed Property Society for other types of forgotten funds, though federal CRA tax money is managed strictly through the federal portal.

For anyone paying attention, the message was clear: Canada has serious skin in the space game — and so might Canadian investors.

The global space economy was valued at approximately US$626.4 billion in 2025, reports Novaspace (2). The World Economic Forum projects it will grow to over US$1.8 trillion (C$2.5 trillion) by 2035 (3). Meanwhile, the report of Elon Musk's confidential filing of an initial public offering (IPO) on April 1, 2026 gave SpaceX a potential valuation of US$1.75 trillion (C$2.43 trillion) (4). If valuation holds at the time of listing, it would mean SpaceX would be the largest IPO stock in history, potentially surpassing Saudi Aramco's US$1.7 trillion debut in 2019 (4).

That news excites Anna Brady-Estevez, founding partner of American DeepTech — an investment firm focused on funding lunar ventures and the infrastructure needed to support them (5). She was on hand to watch the Artemis II launch with her daughters Marie, 8, and Theia, 11 — who wants to be an astronaut and travel to Mars.

"When a child tells their mom they're going to Mars, it's time to get cracking," Brady-Estevez laughed.

But she's serious about the space economy, and spoke about the opportunities ahead.

A stake on the moon

These are some of the key areas of the lunar economy Brady-Estevez sees growing within a 10-year horizon. Rising public-private partnerships — in both the U.S. and Canada — are expanding the range of ventures involved.

Mining on the moon

China supplies the majority of rare earth elements (REEs) globally — essential for electronics, clean energy and car production. Brady-Estevez notes that samples of lunar rock suggest the moon could be another source of REEs, reducing dependency on a single supplier (6).

Helium-3 — used for medical resonance imaging (MRI) technology and for cooling quantum computers — is also present on the moon. Valued at US$20 million per kilogram, mining it and transporting it back to Earth could be economically worthwhile (7). Finnish company Bluefors has partnered with American company Interlune to do exactly that (8).

"My best guess is (lunar resource extraction) will be far more valuable than terrestrial resource production," Brady-Estevez said.

"When you think about the tens of trillions in Saudi Arabia and Venezuela and then think about all the different resources off-planet in the moon, asteroids and other bodies, it's several multiples higher," she told Moneywise.

Human settlement and infrastructure

Supporting human life on the moon requires solving some very earthly problems — energy, food and communications. The U.S. Department of Energy and NASA are funding work to deploy a nuclear reactor to the moon by 2030 (9). Companies are also studying what types of crops can be grown in lunar soil, called regolith (10).

Brady-Estevez points out that people on the moon would need a lunar communications network that includes the internet — the kind of connectivity that companies in both the U.S. and Canada are already working toward. In Canada, Toronto-based Kepler Communications has developed the first commercial optical data relay constellation, with the federal government investing C$7 million in the company in April 2026 to help build out its defence capabilities faster (11).

Developing medicines and AI chips in microgravity

Brady-Estevez notes that microgravity — present on the moon and the International Space Station (ISS) — is a boon for medical research, especially cancer research. Aging of an experimental tumour can take up to 10 years on Earth but may take only nine days in microgravity.

"It leads to far faster scientific research and R&D," she says, noting that experiments on the ISS have already led to reformulations of drugs (12). Microgravity is also an ideal environment for growing defect-free crystals needed for semiconductors and artificial intelligence (AI) chips. A single crystal produced in space could seed more error-free crystals here on Earth (13).

Canada's growing stake in the new space race

Canada isn't a bystander in this economy. The CSA's planned spending for 2026–27 reaches C$857 million, with much of it going to national space priorities (14). In March 2026, the federal government committed C$200 million to a Canadian-owned spaceport in Nova Scotia as part of Canada's first Defence Industrial Strategy — marking a first step toward sovereign launch capability from Canadian soil (15).

The Canadian space sector employs approximately 22,000 people and generates over C$7 billion in annual revenue (15). Royal Bank of Canada (RBC) projects this could grow to C$21 billion by 2035 — a four-fold increase — with strategic investments (16).

Jeremy Hansen's seat on Artemis II was earned, in part, through decades of Canadian investment and innovation in space robotics. Canada was the first international partner to commit to the Lunar Gateway: Canadarm3 — being built by Brampton-based MDA Space Ltd. — represents the next generation of that legacy (17).

How Canadians can invest in the space economy

It's recommended for anyone interested in investing in the space economy to invest in promising Earth-based payoffs and space exploration. Here are some considerations:

Canadian-listed space stocks

For Canadian investors, the most direct domestic option is MDA Space (TSX: MDA). The company is Canada's largest space technology developer and manufacturer, has over 3,000 employees and reported a C$4.4 billion backlog as of Q3 2025 (17). Its stock climbed approximately 45% in the past year, and the company is profitable — unlike many space startups still in the early stages. Key growth drivers include Canadarm3, the Telesat Lightspeed constellation and the Globalstar next-generation satellite network.

Magellan Aerospace (TSX: MAL) is another Canadian option. The Mississauga-based company manufactures aerostructures, aeroengines and space components for governments, space agencies and airlines. It reported Q3 2025 revenue of C$255.7 million, up 14.4% year-over-year (18).

U.S.-listed companies accessible to Canadian investors

For Canadians with access to U.S. markets through their registered accounts, several companies involved in space missions are worth researching:

• Rocket Lab (NASDAQ: RKLB)
• Intuitive Machines (NASDAQ: LUNR)
• Northrop Grumman (NYSE: NOC)
• Lockheed Martin (NYSE: LMT)

Keep in mind that the U.S.-listed stocks held in a Tax-Free Savings Account (TFSA) are subject to a 15% withholding tax on dividends under the Canada-U.S. tax treaty. Registered Retirement Savings Plans (RRSPs) are generally exempt from this withholding tax under the treaty.

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Investing in space through ETFs

For those who prefer diversified exposure, several exchange-traded funds (ETFs) offer space-economy investing. Most are listed in the U.S. and can be accessed through Canadian brokerage accounts:

• Procure Space ETF (NASDAQ: UFO) — One of the most focused space economy ETFs. Top holdings include Planet Labs and MDA Space Ltd.
• ARK Space & Defense Innovation ETF (BATS: ARKX) — Delivered approximately 74% gains over the past year; top holdings include L3Harris Technologies and Rocket Lab
• SPDR S&P Kensho Final Frontiers ETF (NYSEARCA: ROKT)
• Roundhill Space & Technology ETF (BATS: MARS)

As with U.S. stocks, be aware of currency risk when investing in U.S.-listed ETFs through Canadian accounts.

The SpaceX IPO question

SpaceX filed confidentially with the U.S. Securities and Exchange Commission (SEC) in April 2026, reportedly targeting a valuation of up to US$1.75 trillion (C$2.43 trillion) in a June 2026 listing (4). The company generated approximately US$16 billion (C$22.2 billion) in revenue in 2025, with Starlink driving most of its profits.

Once SpaceX goes public, Canadian investors will be able to buy SpaceX shares through their regular brokerage accounts — and holding them in a TFSA could mean tax-free growth, while RRSP holders may benefit from the treaty exemption on U.S. dividends. That said, with a targeted valuation of 130 times revenue, some analysts warn there isn't much room for the company to miss expectations (19). Be diligent with your research before investing.

What Canadians should consider before investing in space

Space investing is genuinely exciting — but it's also genuinely risky. These are still frontier investments, and timelines in the space industry routinely slip: The Artemis II mission itself was delayed from 2024 to April 2026. Here are a few grounding principles for Canadian investors:

Use registered accounts wisely. Space stocks can be highly volatile, so it's worth thinking carefully before putting them in registered accounts. Holding them in a TFSA means gains are tax-free, but losses can't be used to offset capital gains elsewhere. Before committing registered contribution room to a high-risk sector, make sure it fits with your goals and your portfolio.

Anchor to companies with actual revenue. Consider Brady-Estevez's advice here: Look for companies with Earth-based business models that also benefit from space-economy growth. MDA Space, for instance, provides satellite communications, Earth observation and robotics services that generate revenue today — not just in a future lunar economy.

Diversify through ETFs if in doubt. If picking individual stocks feels like too much of a gamble, a space-economy ETF can give you exposure to the sector across multiple companies without putting all your eggs in one basket.

Watch for Canadian IPO opportunities. As Canada's space program develops and more domestic companies come into their own, TSX listings of Canadian space firms could create some interesting ground-floor opportunities for domestic investors.

Think long-term. The World Economic Forum's US$1.8 trillion (C$2.5 trillion) projection is for 2035 — nearly a decade away. Investors with a shorter time horizon should consider that timeline against their financial goals.

You don't need to wait for a moon landing to have a stake in the space economy. But as with any frontier, do your research before you plant your flag.

-With files from Melanie Huddart

Article Sources

We rely only on vetted sources and credible third-party reporting. For details, see our ethics and guidelines.

Refdesk (1),(15); New Space Economy (2); World Economic Forum (3); Reuters (4); Morningstar (5); U.S. Geological Survey (6); SpaceNews (7); Bluefors (8); World Nuclear News (9); European Space Agency (10); Government of Canada (11); NASA (12); CNN (13); Canadian Space Agency (14); RBC Thought Leadership (16); NAI 500 (17); Motley Fool (18),(19)

That's concerning. Not being properly insured can cost you — and in some cases, leave the people you love exposed to financial hardship.

The good news is that figuring out how much coverage you need doesn't have to be complicated. Before you call an agent or click through an online quote, you can get most of the way there by answering three simple questions.

Do you actually need life insurance?

The main job of life insurance is to replace your income if you die and someone else depends on it. That's why your first step is to figure out who relies on your income; don't just factor in the needs of loved ones today, but consider how the loss of your income will impact your family in 10 or 20 years.

When viewed through this lens, determining whether you actually need life insurance becomes much easier.

For instance, if you've got young kids, a mortgage, or support a lower-earning spouse or partner, you almost certainly need life insurance. After all, without your income, they could face serious financial hardship and be forced to make difficult decisions, like selling the family home, scaling back education plans, or delaying retirement.

Don't let the loss of a steady paycheque catch you off guard. With PolicyMe, you can build a plan to protect your loved ones for as little as $21 per month.

If your savings are strong enough that your family would be financially intact without you, a life insurance policy may not be worth the cost.

The need for insurance is less clear if you're single, debt-free, and have no dependents. You may not need it today, but life doesn't tend to stay that simple.

If you expect that to change in the next few years, you may want to lock in coverage earlier, while you're younger and healthier. Premiums tend to be lower, and you avoid the risk of becoming harder to insure later.

You can get a PolicyMe term life insurance policy with coverage up to $5 million with premiums starting at just $21 per month — making it easier for you to secure your family's financial future. Just answer four questions, and PolicyMe will provide you with an instant, no-obligation quote which is valid for up to 90 days. Most policies are approved without any medical tests, and you can opt for term lengths ranging from 10 to 30 years.

Term or permanent life insurance: Which type fits your situation?

This is where many Canadians overspend. Permanent life insurance — whole life or universal life — offers lifelong coverage and can include an investment component. However, it can cost from five to 15 times more than term life coverage (2).

For most Canadians, term life insurance is the more practical choice. It covers you for a defined period, typically from 10 to 30 years. A term life insurance policy ensures that you are protected while your financial obligations are at their highest — while your mortgage is active, your kids are in school, and your partner still depends on your paycheque. In theory, as those obligations subside, so should your need for coverage.

Permanent insurance can make sense in specific situations. For example, if you're using it as part of an estate or tax planning strategy, or if you have a dependent with lifelong needs. But for the majority of working Canadians building a family and paying down a home, a well-structured term policy does the job at a fraction of the cost.

There is one detail you should check before buying. Most term policies include a guaranteed renewal or conversion option. This allows you to extend or convert your policy to permanent coverage without a new medical exam, and can be useful if your health changes before the policy ends. If you decide that you want to continue paying for coverage — perhaps to provide financial security for loved ones after you pass — consider renewing or converting before your current term policy expires.

How much coverage is enough?

Having the right amount of insurance coverage matters more than most people realize. If you have too little, it may leave your family short and unable to pay down debt or pay bills. Too much, and you could be paying unnecessary premiums for years. Unfortunately, while Canadian households have record levels of insurance coverage today, many remain underinsured, on average (3).

To find out how much you need, start with your debts. Add all outstanding mortgage balances and any car loans, lines of credit, or student loans that would otherwise have to be paid by your estate.

But don't stop there. You also need to account for future expenses, such as replacing income for your family and covering childcare or education costs. For example, if your youngest child is two years old and you expect to pay for their education, you're looking at a minimum of 20 years of support.

While your insurance needs will depend on your individual situation, a general rule of thumb is to pay for coverage equal to seven and up to 10 times your annual salary. That puts the target range for a $90,000 salary between $630,000 and $900,000 — a figure that will surprise many who assume that $250,000 of coverage was plenty.

Don't leave your family’s future to chance. Secure a tax-free lump sum payment today to ensure your mortgage and debts are covered no matter what happens.

What to do now

Once you've answered these three questions — do I need it, what type of coverage should I get, and how much — you're ready to move from guesswork to obtaining quotes.

As you do, here are a few things to keep in mind:

• Get at least two or three quotes from different providers before you commit
• Confirm whether the policy includes a guaranteed renewability or conversion clause
• Always consult with an insurance professional who can help you make the best choice

Finally, always read the premium schedule on your policy. Many term policies increase the premiums at renewal. If you're in good health, obtaining a new term policy at renewal may be cheaper than staying on an automatic renewal.

The key is to treat life insurance as an active decision, not a one-time purchase. Paying attention now, and revisiting it at key moments, can save you thousands of dollars and ensure your coverage works as intended when it matters most.

Article sources

We rely only on vetted sources and credible third-party reporting. For details, see our ethics and guidelines.

PolicyMe (1, 3); Money.ca (2)

Rita, a caller on The Ramsey Show, reached out to hosts Rachel Cruze and George Kamel after her fiancé called off their engagement when he found out about the extent of her debt and spending habits (2). Her story offers a candid look at what happens when financial incompatibility reaches a breaking point — and what to do when it does.

'Money can become such an identity marker in us'

Rita told Cruze and Kamel that after her father passed away — when she was just 19 years old — she took on significant financial responsibility for her younger siblings. That burden, layered on top of student debt, left her in a difficult financial position. She's still navigating a situation where her finances are closely tied to her sister and her semi-retired mother.

"Money is very emotional for me, because I don't have a good relationship with it, and my family doesn't. So when it came time to start going through the finances, it didn't go well," she said.

Cruze and Kamel acknowledged the hurt Rita was feeling, but challenged her to rethink how she sees herself in relation to money.

"He broke up with the most vulnerable part of you," Cruze told her. "Money can become such an identity marker in us, and it shouldn't be. Your money mistakes, your net worth, none of this is who you are as a person."

Kamel pushed her to use the breakup as a turning point: "You asked, 'How do I heal?' Well, learn from what broke, and rebuild trust in yourself. Then create the habits and become the person that you want to be. The person who changes your family tree and actually gets out of debt. This just might be one of those forks in the road where you look back and go, 'Man, that was a pivotal time in my life.'"

Ready to become debt-free? Use the Money.ca comparison tool to see how much you could save by moving your high-interest balance to a low-rate card today.

Money, identity and relationships in Canada

Rita's experience reflects a larger pattern. In Canada, household debt is a significant and growing issue. Statistics Canada data shows that for every dollar of disposable income, Canadian households carry approximately $1.77 in debt (3). That kind of financial pressure can't be separated from a serious relationship.

Separating a person's identity from their money mistakes — the way Cruze and Kamel advised Rita to do — is useful for couples trying to navigate different financial backgrounds and habits. It doesn't mean excusing genuinely harmful financial behaviour: red flags like problem gambling, compulsive spending or financial dishonesty are serious concerns in any relationship.

But a partner who's carrying debt from a difficult period in their life, and who is actively working to address it, is a different story. Instead, Cruze and Kamel advised a mindset shift from "I'm bad with money" to "I've made money mistakes I can fix" as the foundation for anyone in Rita's position to start from.

Financial compatibility: What it looks like

Financial compatibility doesn't mean two people have identical bank balances or spending habits. Instead, it includes:

• A willingness to talk openly about money, debts and financial goals
• Similar or complementary savings habits and attitudes about investing
• A shared approach to managing or paying down debt
• Aligned goals around major financial milestones — homeownership, retirement savings, emergency funds
• Honesty and consistency, even when the picture isn't flattering

These conversations don't happen all at once, and they don't need to. What matters is that they happen at all — and that both partners are willing to keep having them as circumstances change.

Marriage and debt in Canada: What you need to know

One important point for Canadians: if Rita and her fiancé had married, he wouldn't automatically be legally responsible for her premarital debts. In Canada, debt incurred before marriage generally remains the sole liability of the person who took it on. Under provincial family property legislation, only debts taken on during the marriage are subject to sharing between partners in the event of a separation, and even then, the rules vary by province and by the nature of the debt (4). Pre-marital student loans, for example, wouldn't become a shared debt simply by getting married.

That said, a partner's debt load can still affect a couple's financial life in practical ways. If one partner carries significant debt — particularly high-interest consumer debt — it can drag down their credit score. In Canada, credit scores are calculated by Equifax and TransUnion on a scale of 300 to 900, with scores above 660 generally considered "good" (5). A low credit score can affect a couple's ability to qualify for a mortgage, secure a car loan or get competitive interest rates on joint credit products.

Getting your finances ready for a serious commitment

If you're in Rita's position — carrying debt into a relationship and wanting to get your finances in order — the steps are straightforward, if not always easy:

• Build a realistic budget based on your real spending, not how you wish you spent.
• Choose a debt repayment strategy that works for you. For example, the snowball method involves paying smallest debts first for psychological wins, versus the avalanche method, which pays highest-interest debts first to save the most money.
• Consider reaching out to a non-profit credit counsellor. The Credit Counselling Society (CCS) offers free or low-cost services across Canada.
• Explore a debt consolidation loan through your bank or credit union to simplify payments and potentially lower your interest rate.
• Once high-interest debt is under control, build an emergency fund of at least three to six months of living expenses.
• Start contributing to a Registered Retirement Savings Plan (RRSP) or a Tax-Free Savings Account (TFSA), even in small amounts, to build long-term financial security.

Be honest with your partner about where you are in this process, and keep them updated on your progress. Financial transparency is one of the strongest foundations you can build a relationship on.

When your partner's finances are a dealbreaker

Rita's fiancé made the decision to walk away. That is a deeply personal choice, and not always the wrong one. A partner who makes promises about changing their financial habits but doesn't follow through may not be ready for a serious financial commitment. Some red flags include:

• Accumulating more debt rather than reducing it
• Hiding spending, debts or financial obligations from you
• Gambling or making high-risk financial decisions without discussion
• Refusing to talk about money or dismissing your financial concerns

Protecting your own financial health isn't selfish — it's a form of care for your shared future.

Canadian next steps: Turning your financial story around

If Rita's story resonated with you, here are concrete steps you can take:

• Contact the Credit Counselling Society at creditcounsellingbc.ca (6) or 888-527-8999 toll-free for confidential debt advice
• Use the Financial Consumer Agency of Canada's (FCAC) Budget Planner tool at fcac-acfc.gc.ca/BP-PB/budget-planner (7) to map your income and expenses
• Request your credit report for free from Equifax and TransUnion to understand your credit standing
• Talk to your bank about a debt consolidation loan or line of credit to roll high-interest debts into a single, lower-rate payment
• Open or maximize contributions to a TFSA — contributions grow tax-free and can be withdrawn at any time without penalty
• If you have earned income, contribute to an RRSP to reduce your taxable income today and build retirement savings for tomorrow
• If your financial situation involves a spouse or common-law partner, speak with a licensed financial planner about how to structure your money in a way that protects both parties

Debt isn't a permanent identity — it's a problem with a solution. The key, as The Ramsey Show's hosts told Rita, is to stop seeing yourself as someone who is "bad with money" and start making the choices that show you who you actually want to be.

-With files from Melanie Huddart

Article Sources

We rely only on vetted sources and credible third-party reporting. For details, see our ethics and guidelines.

CIBC (1); YouTube (2); The Globe and Mail (3); Canada Life (4); Credit Card Genius (5); Credit Counselling Society (6); Financial Consumer Agency of Canada (7)

He counted four Apple TV+ accounts, three ChatGPT subscriptions and device contracts for phones and tablets that had been discarded years ago. And then there was Uber — a habit that had been silently draining him of US$34,000 (C$47,000) every year, he admitted during a recent Business Insider interview (1).

Galloway has spent his career as a sharp, skeptical critic of how the tech industry squeezes money out of consumers, and he's done well for himself along the way. So it's a bit ironic how he could let his own subscriptions get so out of control.

But that's exactly the whole point. Big Tech has deliberately made it as easy as possible for consumers to spend money without even noticing. That US$34,000 (C$47,000) Uber bill didn't show up out of nowhere. It slowly crept up ride by ride, on autopilot.

And if it can happen to someone who's built a career pulling apart these business models, it can surely happen to anyone — including Canadians who think they have a solid grip on where their money is going.

The numbers say it's already happening to Canadians

Galloway's story hits close to home. Research shows Canadians aren't only susceptible to this problem of being over-subscribed — they may actually be among those most affected by it.

A 2024 survey by personal finance app Hardbacon found that the average Canadian holds eight recurring subscriptions while thinking they only have four (2). That's double the reality, and it gets more telling from there. Elsewhere in the survey, more than 66% of Canadians admit to having paid for a subscription they had completely forgotten about, and 73% say they signed up for a free trial they forgot to cancel before getting charged.

"This result shows how pernicious recurring subscriptions are from a budgetary standpoint, as few people know how many subscriptions they have or how much all these subscriptions cost them annually," noted Julien Brault, CEO of Hardbacon.

Even when Canadians try to correct the problem, the process works against them. More than half — 55% — say they've postponed unsubscribing because the process is too difficult, often requiring a phone call despite setting up the subscription entirely online (2).

That rub is deliberate: The companies Galloway called out in his campaign — Amazon, Apple, Google, Microsoft, Paramount+, Meta, Uber, Netflix, OpenAI and X — have built their billing systems with a very specific goal in mind: Make it as easy as possible to start spending money and as annoying as possible to stop (3).

What the Canadian streaming picture looks like

According to a 2026 Couch Potato Report from Convergence Research, subscription revenue across more than 55 streaming services in Canada grew 15% to C$4.8 billion in 2025 (4). The average Canadian household paying for streaming now juggles nearly three subscriptions — meanwhile in 2024, the top streaming providers raised their prices for Canadian consumers by an average of 8% (4).

At the same time, a 2025 study commissioned by Roku found that nine in ten Canadian TV streamers are now using ad-supported tiers — a sign that household budgets are feeling the squeeze (5). And that's exactly what streaming companies are counting on: It's easier to downgrade than to cancel. For those who do neither, the bills keep climbing, often without anyone noticing until the annual cost has risen by double digits.

The math behind "It's only $20 a month"

One of the sharper points Galloway made in his campaign is how we think about a small monthly charge, and why we probably shouldn't think of them "small" to begin with. As Adweek reports, cancelling a single ChatGPT subscription at $240 a year translates to roughly $10,000 in lost market capitalization for the company (6). That's how much your $20 each month is truly worth to the company.

Reframing subscription behaviour that way reveals a lot about consumer psychology. A $20 monthly charge that barely registers to the owner may not sound like much. But it adds up fast when you look at it annually — and for the companies behind the charges, even small recurring payments are valuable. Many people never consciously decide to keep paying, they just never get around to stopping.

But the math works in your favour, too. Every subscription you cancel and forget about is money that can be put to building an emergency fund, beefing up a Tax-Free Savings Account (TFSA) and/or a Registered Retirement Savings Plan (RRSP), or paying a grocery bill that has gotten a lot bigger than it was two years ago.

Build your emergency fund faster. Open a high-interest savings account with EQ Bank — earn more while keeping your money accessible.

Running the audit

Galloway's experience gives us all a practical lesson. He found duplicate services he'd forgotten about, subscriptions tied to devices he no longer owned and an easy spending he hadn't consciously budgeted for.

The financial audit most Canadians haven't run starts with four categories:

1. Streaming and entertainment
2. Artificial intelligence (AI) and software tools
3. Food delivery and ride-sharing services
4. Cloud storage

Ride-share and food delivery can hide some big surprises for users because the services are billed based on each transaction rather than fixed subscriptions. Flying under the billing radar like this makes them especially easy to go unnoticed. Galloway's Uber total illustrates how quickly those rides add up when you're not keeping score.

Add software tools, cloud storage tiers and delivery memberships and the monthly total piles up fast — often well past what you may have budgeted for when you signed up for each service.

But the good news is, you don't have to cancel everything. If you run an audit once a year like Galloway did, you'll eliminate duplicates and know how much ride-shares and delivery services have cost you over the past year. It's practicing basic financial hygiene.

"Just as Dry January offers an opportunity to scale back on alcohol," Galloway wrote in his campaign essay (7), giving yourself a subscription audit "provides a chance for people to reset their consumption patterns."

What Canadians can do right now

Galloway's experience is a useful nudge toward running your own subscription audit — here’s how you can get started:

Pull all your statements. Go back three months through your credit card and bank statements. Look for recurring charges, especially small ones below $15 or $20 that are easy to overlook. Check for charges on debit cards and accounts like PayPal, as well — the Hardbacon survey found that 27% of Canadians pay for subscriptions via Visa or Mastercard debit and 11% through PayPal (8).

Count what you actually use. Hardbacon's survey found that Canadians think they have roughly half the subscriptions they actually hold. List every recurring charge and ask yourself: Have I used this in the last 30 days?

Check for duplicates. Galloway found multiple ChatGPT subscriptions and multiple Apple TV+ accounts — a direct result of other members of the household adding accounts, which accumulate without anyone auditing. This is especially common on shared family accounts or after switching devices.

Cancel forgotten device contracts. If you're paying for a data plan, warranty service or insurance tied to a device you no longer own or use, cancel it. These subscriptions are the ones most commonly forgotten about.

Redirect the savings to a TFSA or RRSP. Even $50 a month recovered from unused subscriptions adds up to $600 a year. Redirect that "found money" to a TFSA so that it works for you instead of disappearing completely unnoticed. If you have unused RRSP contribution room, use the same strategy — while gaining the added benefit of a current-year tax deduction.

Set a recurring calendar reminder. Do this audit once annually. Treat it the way you would when filing your taxes: It may not be exciting, but it's essential.

— with files from Melanie Huddart

Article Sources

We rely only on vetted sources and credible third-party reporting. For details, see our ethics and guidelines.

Business Insider (1); Hardbacon (2); No Mercy/No Malice (3, 7); CP24 (4); Business Wire (5); Adweek (6)

In her decision, Honourable Justice Hamilton noted that the plaintiff, Douglas Beckman, was a "successful businessman,” having gone public with a renewable energy company named Pinnacle Renewable Energy in 2017 and selling his shares for "millions of dollars.” Beckman also found success through owning five car dealerships and handling multiple ventures such as real estate, pre-fabricated housing and taking over his father's mobile home business.

However, Beckman was struggling, Justice Hamilton's decision notes, as he was under stress from his company going public, the end of a romantic relationship and his battle with Huntington's disease — a condition that affected him both physically and cognitively. According to the decision, Beckman met Karen Vinci in late 2017 and she was hired as his personal assistant to help with his daily tasks.

But the relationship quickly became much more than just professional.

"Within approximately one month, Doug became infatuated with Karen. In January 2018 and repeatedly thereafter, Doug told Karen he loved her. Karen sometimes texted Doug that she loved him too, although she told others that she was not interested in a romantic relationship with Doug," Justice Hamilton's decision reads. She speculated that Beckman's infatuation with Vinci may be, "fuelled by challenges regulating his emotions and tendency to fixate or obsess, both of which are common effects of Huntington's disease."

As their relationship progressed, Beckman started transferring large amounts of money to Vinci, starting in April 2020 and continuing until April 2022, Hamilton wrote. The funds were used for a variety of functions, but mostly to purchasing property — totalling approximately $5.1 million.

Following these transfers in April of 2022, Beckman fired Vinci, stating at a trial he, "...fired Karen because he realized that he was missing millions of dollars." the decision reads. Beckman sued Vinci, alleging that the money he gave her was not a series of gifts but loans, and further argued that if the court determined they were gifts, they were only made because Vinci exerted "undue influence" over him (2).

Vinci countersued, alleging that Beckman terminated her employment wrongfully, was sexually assaulted and that the funds were intended as gifts.

Not loans and not gifts, court rules

One of the core legal questions within this case is the question of how loans differ from gifts, especially in the context of close relationships.

In her decision, Justice Hamilton made it clear that the funds transferred to Vinci from Beckman were neither loans or gifts. Why?

Hamilton notes in her decision that the funds transferred were clearly not loans because in her deliberations, "A loan is a specific form of contract. It requires a mutual agreement between the parties as to the existence, nature and scope of their respective rights and duties," she wrote.

She found that Beckman did not have sufficient documentation to show that the funds transferred were intended as loans, and practically speaking, Vinci did not have the means to pay interest on the funds if they were loans — she was making $60,000 a year.

So, why were the funds not considered gifts?

Hamilton noted in her decision that funds transferred for nothing in return (i.e. no consideration) are not automatically treated as gifts under law. Instead, they are presumed to be "gratuitous transfers.” This means that courts treat any financial transfer made without consideration as a resulting trust rather than a gift.

The person who received the funds bears the burden to overturn this presumption with evidence. If the recipient can't prove it was a gift, the law treats the money as still belonging to the giver — meaning it will typically have to be returned (3).

Interestingly enough, Vinci's ex-husband — a man with a background in banking — suggested to her that she should get Beckman to sign "gift letters" to put his intention in writing, Hamilton's decision noted. These letters were drafted, but were never signed — Vinci was unable to explain why.

Hamilton reasoned that if it was Beckman's intention to give the funds over to Vinci with no expectation of repayment, then, "...there would be no reason for Karen to avoid giving Doug the gift letters to sign," she wrote. Because of Vinci's actions and testimony, Hamilton reasoned that the defendants were unable to rebut the presumption of a resulting trust, and therefore she did not recognize the transfers as gifts.

Undue influence clearly present

Hamilton wrote that even if the transfers were to be recognized as gifts, they should not be kept by Vinci due to her "undue influence" on Beckman. In her decision, she explained that undue influence is a legal doctrine created to protect vulnerable individuals from being taken advantage of. Citing previous cases, Hamilton explained that the courts need to examine the relationship between the giver and receiver to determine if a "potential for domination inheres in the nature of the relationship itself.'“

If a potential for domination exists, then the recipient needs to prove otherwise in order for the transfer to be valid.

Given Vinci's relationship with Beckman, and his "physical and cognitive issues related to Huntington's disease," Hamilton concluded that Vinci did have the opportunity to influence Beckman in her favour.

"Karen was in a position to dominate Doug's will," she clearly states in the decision. Hamilton concluded that Vinci and the other defendants were unable to rebut this presumption of undue influence.

Because the transfers were not proven to be gifts or loans, the court treated them as gratuitous transfers subject to a resulting trust, meaning the defendants were effectively holding the money and assets for Beckman's benefit.

As a result, they were required to return the value of those transfers. Since much of the money had already been used to purchase or renovate properties, the court ordered that certain properties be held in trust for Beckman, that the title of others be transferred to him, and that a lien be imposed on a previously sold property to recover remaining value.

If you need a personal loan, consider comparison shopping using a loan consolidator, like Loans Canada. Consolidators help you compare and find the best rates, and you only need to fill out one application.

How to make financial gifts properly

Beckman v. Vinci is a major case study for Canadians that are thinking of making a sizeable gift to a close friend or family member. As Hamilton's decision shows, for gifts to be seen as proper by the courts, they need to be clearly documented, fair and uninfluenced. Here are some other tips Canadians should note before they decide to give large sums to those close to them.

• Chat with an expert. This is especially important for Canadians making sizeable gifts to family members. The tax landscape is complex (4), and using your own common sense when making a large gift is going in blind. At minimum, chat with an accountant before committing to the decision.
• Document your intentions. Gifts that aren't clearly intended might not hold water. So, if you're giving funds to someone close to you, make sure you put your objective in writing. A gift agreement (5) is a common document used to formalize a financial gift between parties.
• Keep relational dynamics in mind. When it comes to giving money, there's the financial side of the gift, but there’s also the relational side to consider. Having open communication with other family members/friends that may be affected by the gift is important to reduce miscommunication and feelings of inequality — transparency is key.

Remember to protect your financial assets

If you feel you are in a vulnerable position physically, emotionally or cognitively, it's paramount that you get help to keep your assets protected — a Power of Attorney (POA) is your best option (6).

A POA allows a person of your choice to make decisions for you. In most jurisdictions, your agent — or attorney-in-fact — has a fiduciary duty to act in your best interest, which can help protect against financial abuse (7). POAs can be general or specific, may contain restrictions on your agent's authority, and can require the them to keep detailed records of all transactions made on your behalf.

If you are interested in getting a POA written up, reach out to a legal professional in your area.

Article Sources

We rely only on vetted sources and credible third-party reporting. For details, see our ethics and guidelines.

B.C. Courts (1); CTV News (2); Lawson Lundell (3); MNP (4); Miller Thomson (5); Canadian Bankers Association (6),(7)

That’s according to a new report from RE/MAX Canada, which found that just 10% of Canadians say they plan to move to a smaller home within the next decade.

“While downsizing won’t happen all at once, the direction is clear,” said Don Kottick, president of RE/MAX Canada, in a statement. "Canada's aging population will undoubtedly shift demand and availability of housing over time, but progress will depend on improving access to housing that meets seniors' needs."

Few plan to move, even as population ages

Canada’s changing demographic is playing a key role in housing market shifts. Citing a 2024 Statistics Canada report, RE/MAX notes that nearly one in five Canadians are now over 65, with that figure expected to rise to roughly one in four by 2030.

Typically, that trend leads to more downsizing, as homeowners look for smaller or more manageable living arrangements.

But the RE/MAX data points to a slower transition in Canada. Even among those aged 65 and older, just 16% say they plan to move to a smaller home within the next 10 years, while 46% say they intend to stay where they are.

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Lack of suitable homes is a major barrier

According to the survey from RE/MAX, nearly half of Canadians (49%) say there is low availability of downsizing options in their communities, while another 8% say there are none at all. That concern is even more pronounced among those most likely to consider moving, with 65% reporting limited or no availability.

“We’re seeing many homeowners who would consider downsizing, but they’re struggling to find suitable options in their communities,” Kottick said. “Without sufficient inventory, many are choosing to stay in their homes longer.”

For many households, downsizing isn’t just about moving into a smaller space. It often means finding a home that is accessible, well-located and suited to long-term needs — options that can be hard to find in many markets.

What this means for the housing market

Downsizing is often seen as part of the housing market’s natural cycle, helping free up larger homes for younger buyers. But when those moves don’t happen, supply can remain tight.

At the same time, demand continues to build. The survey found that 23% of Canadians aged 18 to 34 plan to buy their first home within the next decade.

There’s also little consensus on how much downsizing would help. About one-third of Canadians (34%) believe it would make it easier for younger buyers to enter the market, while others say it would have little impact or could even make things more difficult.

Even among those considering downsizing, hesitation is common. Nearly three-quarters say they’re concerned about their options, including about one in three who are very concerned.

“Downsizing is an important factor in the natural churn of the housing market,” Kottick said. “Without it, many homeowners may delay or abandon their moving plans entirely.”

The outlook suggests any broader shift toward downsizing is likely to unfold gradually — and may depend as much on the types of homes being built as on the number of people willing to move.

For many Canadians carrying a reverse mortgage into retirement, that’s the real question — not whether the numbers work on paper, but whether the peace of mind of paying it off is worth drawing down the savings you’ve spent decades building.

Consider this scenario: Samantha is 69, retired, and a few years ago she took out a reverse mortgage at 6.75%. Her home has about $375,000 in equity, her outstanding loan balance is close to $250,000, and she has roughly $300,000 in savings.

One option is to use a large portion of those savings to wipe out the mortgage and live on the Canada Pension Plan (CPP) — but is this wise? Or does it make more sense to leave the savings intact and let the reverse mortgage run its course?

How does a reverse mortgage work?

A reverse mortgage allows homeowners who are at least 55 to borrow money based on the equity in their home. (Your equity is based on how much you’d get if you sold your home, minus how much you have left on your mortgage.)

Unlike a traditional mortgage, you don’t make monthly loan payments. Instead, the lender pays you, using your house as collateral.

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The benefits of a reverse mortgage include:

• Ability for a homeowner to borrow from their home equity without selling — financial institutions sometimes call this ‘equity release’
• No monthly mortgage payments
• Funds are tax-free
• Funds are not considered income, so the money won’t generally affect your CPP or Old Age Security (OAS) benefits

Keep in mind, you still have to pay utility costs, home insurance and property taxes.

Plus, interest accrues on the loan balance, meaning the amount you owe grows over time. If you have a high interest rate, that can add up — and fast. That’s because a reverse mortgage increases your debt while decreasing your equity, and the interest added to your balance each month can use up much — or even all — of your equity over time.

As of April 2026, reverse mortgage rates in Canada range from roughly 6.44% to 7.69% for fixed-rate products, depending on the lender, term length and loan-to-value ratio (1). While those interest rates are meaningfully lower than the 7% to 10% range borrowers were paying a few years ago, the rates are still well above conventional mortgage rates. And the compounding effect matters: At 6.64%, a $250,000 balance doubles in roughly 11 years if no payments are made.

The total (including interest) must be repaid either when you move out and sell your home, or after you pass away — in which case it must be repaid by your estate.

If you sell your home, you can use part of the proceeds to pay off the loan. This could make sense if you want to downsize, move in with family, or transition to an assisted living facility.

However, if you continue living in your home until you pass away, your heirs will inherit the house — and the reverse mortgage.

Canadian reverse mortgages include a no-negative-equity guarantee, meaning your estate will never owe more than your home’s fair market value, as long as the loan terms are met.

Options for paying off a reverse mortgage early

Maybe Samantha wants the peace of mind of owning her home outright, or maybe she wants to leave the house to her children without burdening them with debt. Whatever the reason, she has a few options.

One option is to do nothing.

This option lets her remain in her home, with income from CPP and her retirement savings covering her day-to-day expenses. When she passes away, her children could sell the home and use the proceeds to repay the reverse mortgage. It’s a trade-off: Samantha lives more comfortably and leaves less to her children, or she lives more frugally to leave them more.

For context, the maximum monthly CPP payment for someone starting at age 65 in 2026 is $1,507.65, up from $1,433 last year — though most Canadians receive less than the maximum, depending on their contribution history (2).

Another option is to repay the reverse mortgage loan early.

If Samantha does decide to pay the loan off early, she could consider paying it all off in one lump sum, making a partial payment, or making voluntary payments to reduce interest over time. (You usually have the option to pay off the principal and interest in full at any time.)

However, depending on the conditions established with the lender, early repayment may incur a prepayment penalty — so it’s always best to check with your lender before acting. If you’re still on the fence about early repayment, consult with a trusted financial advisor who has a holistic view of your overall financial situation. This can help you make an educated decision based on numbers rather than anxiety.

Finally, Samantha could keep the reverse mortgage and invest her savings conservatively as part of her long-term retirement plan. By keeping the money working in a Tax-Free Savings Account (TFSA) or Registered Retirement Income Fund (RRIF), she could potentially earn a return that offsets some — or all — of the mortgage’s carrying cost.

Even if Samantha can live off her CPP and savings, she’ll still be responsible for property taxes, insurance and home maintenance. She may also want to preserve a cash buffer in case of a medical emergency or unexpected expense.

With the extra cash she has, she could build a comfortable emergency fund using a high-interest savings account.

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Final considerations

There’s no universal right answer for Samantha — or for any Canadian weighing whether to pay off a reverse mortgage early. The decision hinges on her interest rate, how long she plans to stay in her home, what she wants to leave her heirs, and whether she’d sleep better debt-free or with a larger financial cushion.

What’s clear is that reverse mortgage interest compounds quickly — especially at rates above 6%. Still, you worked hard, so comfort in your retirement shouldn’t be at the bottom of your priority list. Instead, consider this a fact-finding mission: An opportunity to find out how you can live comfortably and not leave your loved ones scrambling for answers or repayments.

Article sources

We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.

Reverse mortgage rates have dropped to 6.44% in Canada (1); Canada Pension Plan (2)

"I actually think we are at war with the U.S. and people don't realize it," Newman told CNN (1).

Newman's change of heart shows something bigger than one man's birthday plans for his wife. It reflects a financial decision millions of Canadians are shifting to today — and it's reshaping travel habits and household budgets.

Billions at stake — on both sides of the border

The numbers behind Canada's travel boycott to the U.S. are staggering. In 2024, Canadian tourists generated US$20.5 billion (C$28.6 billion) in spending and supported 140,000 American jobs, according to the U.S. Travel Association (2).

That revenue stream has been drying up fast. CBC News reported the U.S. Travel Association now forecasts a US$5.7 billion (C$7.9 billion) loss in international tourism spending for 2025 — a decline it largely attributes to the drop in Canadian visitors (3).

The trend is continuing into 2026. According to Statistics Canada, Canadian-resident return trips from the United States fell 14.5% in February 2026 compared with February 2025, and 31.5% compared with February 2024, before trade tensions began (4). Return trips by air were down 17.6%; trips by automobile declined 12.9% (4).

Canadian land travel to the U.S. fell 30.9% across all of 2025 — a difference of roughly 7.6 million vehicles — according to StatCan's annual border data (4).

The BBC reports some U.S. destinations are being hit particularly hard from the travel boycott (5). Between January and July 2025, Vermont saw 30% fewer Canadian visitors compared to the same period in 2024. Las Vegas reported an 18% year-to-date drop, and other popular destinations for Canadians like Fort Lauderdale and upstate New York have noted similar drops in Canadian tourists.

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Why Canadians are staying away — and why it's not a quick fix

This isn't a typical tourism slump driven solely by exchange rates or the economy. The Canadian dollar has weakened in recent years, yet Canadians are still spending on travel. However, they're spending it to explore elsewhere.

In October 2025, an Angus Reid Institute survey found 70% of Canadians were uncomfortable travelling to the U.S. (6). Similarly, a 2025 Abacus survey found that 56% of travellers who initially planned to tour the U.S. either cancelled or changed their plans (7).

"Tourism boycotts do come up over one issue or another, but in my 37 years in the travel industry, I have never seen anything like what the Canadians have pulled off," Amir Eylon, President and CEO of Longwoods International, told Forbes (8). "This is one that's being felt and it's not going away quickly."

Discounts and marketing campaigns are unlikely to reverse sentiment rooted in political principle rather than price. Airlines are already responding to the sustained shift. Air Transat has suspended all U.S. routes for summer 2026 (9). WestJet has cut U.S. capacity by 19%, while Air Canada has trimmed its U.S. capacity by 7% (10).

Canada's tourism economy is picking up the slack

Here's the flip side of the story: The money Canadians are keeping at home is fuelling a domestic tourism boom.

Canada's tourism sector generated nearly C$60 billion in revenue between May and August 2025 alone — a 6% year-over-year increase and a record high, according to Destination Canada (11). Domestic tourism spending surged 6.9% over summer 2024, reaching C$44.37 billion, with inter-provincial travel posting the highest growth as Canadians explored new destinations right at home (11).

For the full year, StatCan reported that domestic tourism spending by Canadian residents rose 2.5% in 2025, continuing similar growth (2.4%) from 2024 (12). Tourism GDP also outpaced the broader economy, growing 2.2% in real terms in 2025, compared with 1.6% for the economy writ large (12).

"As many as 64% of Canadians planned to travel domestically in 2025," according to a TD Bank Group survey cited in a TD Economics analysis, "with Airbnb reporting a 20% in domestic searches (12).”

The World Travel & Tourism Council (WTTC) also projected that domestic visitor spending in Canada would reach nearly C$104 billion in 2025 — more than double the year-over-year growth rate of 2024 (13).

What this means for your travel budget

If you're one of the many Canadians rethinking your travel plans, it helps to understand any financial trade-offs before you book.

U.S. alternatives cost more up front. Flights to London, Paris or Mexico City are typically more expensive than equivalent routes to sunny destinations directly south of the border. A direct return flight from Toronto to Orlando might run C$400 to C$600 in the off-season, whereas a comparable trip to Cancún can be around C$700, and return flights to Lisbon could run you C$1,200 or more. That difference adds up quickly for a family of four.

But the Canadian dollar goes further in some alternatives. Mexico's lower cost of living means many Canadians find their daily spend — food, activities, accommodation — is comparable to or cheaper than an American location, even after accounting for higher airfare. However, European destinations require more planning and research to find equal value.

The good news is that domestic travel is cheaper than you think. Canada's summer 2025 boom wasn't driven by budget travellers staying close to home out of necessity: It came from Canadians choosing to invest in their own country's tourism economy. With the Canada Strong Pass offering free access to all Parks Canada national parks, historic sites and marine conservation areas, the cost of a cross-country trip dropped significantly for many families (14).

Currency risk is real either way. The Canadian dollar has hovered well below par against the U.S. dollar, meaning any U.S. trip comes with a significant premium. In early 2026, one Canadian dollar bought approximately US$0.72 to US$0.74 (15). This exchange rate means a US$200 hotel night effectively costs roughly C$280 to C$290 before meals, activities or taxes.

Travel insurance factors in — for any destination. Canadians who travel to the U.S. are covered by provincial health plans for some emergencies, but coverage gaps remain significant — particularly for hospitalization or emergency evacuation. For any international travel, comprehensive travel insurance is essential. Costs vary by your destination, age and length of your trip, but expect to budget 4% to 10% of your total trip cost for coverage (16).

5 financial steps before you reroute your vacation

Whether you're redirecting your travel budget south of the border or exploring a new part of Canada, a few smart moves can protect your finances while you navigate the ever-changing travel landscape.

1. Price the full trip, not just the flight. Flights are the most visible cost, but accommodation, food, activities, ground transport and travel insurance determine the real price of a trip. Use a full-budget comparison before deciding between a domestic road trip or a flight abroad.
2. Lock in exchange rates early. If you are travelling to the U.S. or Europe, consider purchasing currency or using a no-foreign-transaction-fee credit card to manage exchange rate risk. Some financial institutions allow you to lock in a rate in advance.
3. Check your travel insurance before you book. Government of Canada travel advisories affect what your insurance will and won't cover. As of early 2026, the Government of Canada had not issued a formal "Avoid Non-Essential Travel" advisory for the U.S., but had issued a travel advisory recommending Canadians exercise caution and be aware of their rights at the border (17). Confirm your policy terms with your insurer before you book.
4. Consider the Canada Strong Pass for domestic travel. The federal government's Parks Canada pass, available through the Parks Canada website, eliminates admission fees to more than 80 national parks, historic sites and marine conservation areas. For a family planning a domestic road trip, this can represent hundreds of dollars in savings (14).
5. Don't let politics decide your finances — let your budget make the final call. Deciding where you travel is personal. Whether you choose to boycott U.S. travel as a matter of principle or continue crossing the border for value, make sure the decision is grounded in your financial reality rather than headlines. Build a travel budget before you commit to any destination and factor in the real cost of the Canadian dollar where applicable.

Wherever you end up going, a little planning goes a long way in helping you save some dollars. If you only get to travel once a year, make sure it's a trip you get to enjoy safely and without worrying about how it will impact your finances once you return home.

— with files from Melanie Huddart

Article Sources

We rely only on vetted sources and credible third-party reporting. For details, see our ethics and guidelines.

CNN (1); U.S. Travel Association (2); CBC News (3); Statistics Canada (4, 12); BBC (5); Angus Reid Institute (6); Abacus Data (7); Forbes (8); The Travel (9); OAG Aviation Worldwide Ltd. (10); FTN News (11); World Travel & Tourism Council (13); Parks Canada (14); OFX.com (15); Square Mouth Travel Insurance (16); Government of Canada (17)

That's exactly the situation Susan, 59, described when she called into The Ramsey Show and told co-hosts Rachel Cruze and Ken Coleman that her husband of six years has kept their finances almost entirely off-limits (1).

He controls the accounts, handles the major bills and gives her a small allowance for groceries and everyday expenses.

"This is an overlord, not a husband," Coleman responded.

When she recently started asking questions — and pushing for more transparency — his response wasn't to open the books: he threatened divorce.

The financial deceit

Susan's situation goes deeper than a simple disagreement about spending habits.

She claims her husband asked her to sign a blank prenuptial agreement — known in Canada as a marriage contract — the day before their wedding. On another occasion, he went to the bank to refinance their house without telling her. She isn't listed on the mortgage, and she suspects he may have refinanced it to resolve debt tied to his struggling business.

When the hosts asked what she needed help with, Susan didn't have a clear answer — because she had no idea where her own finances were.

She isn't sure how much her husband owes, what she'd be walking into if the marriage ends or what she's entitled to.

The hosts told her there may be a small silver lining: if her name isn't on any loans or accounts, she likely isn't directly liable for his debt. But without visibility, there's no way to know for sure, and that's the real problem.

"But that doesn't really help you with your problem," Coleman added. "You don't know what he's done. You don't know what he's put in your name."

And Cruze warned of a particular risk around the home's equity, since Susan isn't listed on the mortgage.

"Any equity that's built into this thing, either you don't have, which is a negative," Cruze said. "But also, if he is underwater a hundred grand in business loans and he has to file bankruptcy, they're going to take the house and use the equity."

Susan said she just finished a degree in esthetics but doesn't yet have the means to support herself. The hosts advised her to make a choice as soon as possible — and, at the very least, to get a job.

"Either he changes and chooses to be a spouse in this relationship, which means commitment and transparency," Cruze said. "If he doesn't do that, which he probably won't, then you need to make a decision."

What this means under Canadian law

The legal landscape for someone in Susan's position looks somewhat different in Canada than it does south of the border, and understanding that distinction matters.

On debt: In Canada, being married doesn't automatically make you responsible for your spouse's debts (2). Your liability depends on the contracts you sign — not from your marital status. For example, if Susan's name isn't on her husband's loans, she's generally not on the hook for those debts directly. That said, in provinces like Ontario, a spouse's debts are factored into the equalization of net family property (NFP) calculation at separation (3). A spouse with significant debts will have a lower NFP, which affects how much, if anything, they owe the other spouse as an equalization payment. This means Susan's financial picture at separation could be more complicated than it seems.

On the home: Even if Susan isn't on the mortgage or title, she may still have rights. Under Ontario's Family Law Act — and similar legislation in most provinces — both spouses have an equal right to possession of the matrimonial home during a marriage, regardless of whose name is on title (4). However, the equity risk Cruze describes is real: if there's significant debt against the home, there may be little or no equity left to divide, and a creditor could pursue the home's equity in a bankruptcy scenario.

On the marriage contract: A marriage contract signed without full financial disclosure — or signed under duress, such as the day before a wedding — faces serious legal challenges in Canada. Under s. 56(4) of Ontario's Family Law Act, a court may set aside a marriage contract if a party failed to disclose significant assets or debts, if one party didn't understand the nature or consequences of the agreement, or if the contract is otherwise unconscionable (5). A blank prenup presented at the last moment would raise all of these flags. If Susan signed a marriage contract under those conditions, she should speak to a family lawyer about whether she can challenge it.

The importance of financial trust in a relationship

Talking about money may not be the most romantic conversation, but it's crucial in any healthy relationship.

Financial infidelity — hiding debts, opening secret accounts, undisclosed spending — is more common in Canada than many people realize. A Leger survey conducted for Credit Canada and the Financial Planning Standards Council found that 36% of Canadians have lied to a partner about a financial matter and 34% are currently keeping financial secrets from a current romantic partner (6). The most common offences include hidden credit card debt, undisclosed purchases and secret bank accounts.

Research also shows that money arguments are among the strongest predictors of relationship breakdown. A longitudinal study published in Family Relations found that financial disagreements were a greater predictor for divorce than other common conflicts, including time spent apart and disagreements over household tasks (7).

Financial infidelity can carry many of the same emotional consequences as traditional infidelity — it degrades trust and creates a sense of betrayal that can be difficult to recover from. Common warning signs include sudden surprise purchases, defensiveness when money is discussed, hiding bills or mail and not being transparent about large transactions.

How to protect yourself

If you suspect your partner is keeping financial secrets — or if you simply don't have a clear picture of your shared finances — there are steps you can take to keep yourself safe.

Pull your credit reports. Every Canadian is entitled to a free credit report from both Equifax Canada and TransUnion Canada, either online or by mail (8). Review both reports: not all lenders report to both bureaus, and errors or unknown accounts may appear on one but not the other. The Financial Consumer Agency of Canada (FCAC) recommends checking both at least once a year.

Open an account in your own name. If you don't have a personal bank account, open one and direct any income there. Build a small emergency fund — even a few hundred dollars provides a buffer.

Seek professional advice. A family lawyer can help you understand your rights, such as what you may be entitled to on separation, whether a marriage contract is enforceable and how the equalization process works in your province. The Law Society in your province can provide a referral.

A financial adviser can help you map out your financial position and start planning for independence. FP Canada can help you find a fee-only financial planner through its Planner Directory (9).

If a partner refuses transparency, that's both a relationship issue and a financial risk. The sooner it's addressed, the better position you'll be in.

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What Canadians can do next: Lessons from Susan's situation

Susan's story is a reminder that financial vulnerability in a relationship can happen gradually — and that the consequences of not acting can compound over time. If any part of her situation resonates with you, here are some practical next steps.

Know what's in your name. Request your free credit reports from Equifax Canada and TransUnion Canada today. Review every account, inquiry and balance. If something looks unfamiliar, flag it.

Understand your rights. Property division rules vary by province and territory, but in most of Canada, married spouses are entitled to equalization of the value of property accumulated during the marriage. Knowing your province's or territory's rules — before a crisis — is essential.

Challenge a marriage contract that wasn't fair. If you signed a marriage contract under pressure, without independent legal advice or without full disclosure of your partner's finances, it may not be enforceable. Consult a family lawyer to find out.

Build your own financial foundation. Keep an account in your name, a modest emergency fund and income of your own. These aren't signs of distrust — they're signs of financial health, and that you can take care of yourself.

Get help early. Whether it's a financial adviser, a credit counsellor or a family lawyer, professional guidance is far less costly than navigating a financial crisis alone.

-with files from Melanie Huddart

Article Sources

We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.

YouTube (1); Harris & Partners Inc. (2, 3); Government of Ontario (4); Prenup.ca (5); CBC News (6); ResearchGate (7); Government of Canada (8); FP Canada (9)

The Metro Vancouver newlyweds have gained national attention for an experiment that sounds impossible in the current economy. They have capped their monthly food budget at just $160 for the both of them. That works out to roughly $40 a week to cover every meal and snack.

“We just picked the lowest number we thought we could make it on,” Michelle said in a recent interview with CTV News. “We're making it a fun challenge rather than just cutting back.”

While their approach is extreme, it highlights the growing desperation and creativity Canadians are using to navigate a brutal grocery landscape.

The reality of the Canadian grocery aisle

The Nijdams are fighting an uphill battle. According to the Canada Food Price Report 2025 (2), food prices are expected to rise between 3% and 5% this year. For an average family of four, that means an extra $801 on the annual bill, bringing the total to nearly $17,000.

For the Nijdams, the challenge is not just about the math. It’s about the discipline. Michelle spends hours scouring flyers and visiting multiple retailers to find the absolute lowest prices. She might go to Superstore for flour and eggs, Safeway for cheese and Walmart for peanut butter. For produce, she often sticks to local markets like Kin's Farm Market or Persia Foods in North Vancouver.

“If we weren't choosing to do this, it would be frightening,” Michelle said.

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Trading convenience for cost

Their strategy relies on "forgoing convenience" in favour of raw ingredients. Meat is almost entirely off the menu. Instead, the couple relies on bulk dry goods like rice, pasta and beans as their primary protein source.

“We are on week 12 and we've managed to buy meat one time,” Michelle told CTV.

A typical day might see them eating a homemade bun with an egg for breakfast and a vegetable and bean combo for dinner. It’s a labour-intensive lifestyle. Michelle does massive batches of baking to stretch ingredients, and the mental load of planning is significant.

“If I don't soak the beans on the right night, or if I don't feel like cooking it's stressful because it's like, will I have the protein I need?” she said.

How you can bridge the budget gap

You don’t have to live on $40 a week to find relief. If you’re looking to take control of your spending, several tools can help you track every cent.

You Need A Budget (YNAB): This is the gold standard for zero based budgeting. It forces you to give every dollar a job, ensuring you do not overspend in one category without seeing exactly where that money is coming from.

Wizezer / Flipp: These are not budgeting apps per se, but they are essential for the Nijdam method. They aggregate weekly flyers so you can price match and find which store has the 49 cent onions before you leave the house.

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The bottom line for your wallet

The economic context remains challenging. With supply chain vulnerabilities and the potential for new trade tariffs, food price stability isn’t guaranteed. However, the Nijdams show that even in a high cost environment, there are levers you can pull.

Start by auditing your "convenience tax." If you are buying pre-cut vegetables or name brand snacks, you’re paying for time. By reclaiming that time and planning meals around versatile staples like lentils and grains, you can significantly lower your monthly overhead.

As Michelle Nijdam put it when looking at her intentionally sparse kitchen: “It's a strange feeling. It's strange to see your fridge so empty.”

But for this couple, an empty fridge is the sign of a successful budget and a step toward a more secure financial future.

Article sources

We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.

CTV News (1); The Canada Food Price Report 2025 (2)

Maybe you still have years left on your mortgage, or you’re wondering whether you’re saving enough for retirement, stressing about whether your Registered Retirement Savings Plan (RRSP) contributions are on track.

If you have kids, your accounts might be stretched across day-care costs, Registered Education Savings Plan (RESP) contributions, or a budget that’s suddenly ballooned because your adult child has moved back home.

These are the hallmarks of the sandwich generation — a term for those who are simultaneously caring for their own children and their aging parents. And for many Gen X Canadians, the weight of that dual-caregiver role is becoming quite burdensome.

Juggling too much

Let’s take a hypothetical situation: Imagine Beth, a 50-year-old single mom to two kids, ages 24 and 18. Although she earns about $80,000 a year, she struggles to manage all her expenses.

On top of mortgage payments, her home insurance and extended health care costs have climbed recently, along with utility and grocery bills. Beth’s oldest child finished university, but has struggled to find work and has moved back home. The youngest just started university in the fall, and Beth worries she won’t be able to offer much financial support.

Then, last fall, Beth’s parents — both 75 — moved in after a medical issue that left her mom with limited mobility. Her parents receive both Canada Pension Plan (CPP) and Old Age Security (OAS) benefits, but have few other assets or retirement savings. As of January 2026, the average CPP retirement pension for new beneficiaries is $925.35 per month, and the maximum OAS pension for those 75 and older is $817.36 per month (1, 2) — though what seniors actually receive depends on what they contributed throughout their working years and how long they’ve lived in Canada.

Beth isn’t sure how to raise the subject of finances with her parents. Currently, she’s spending more than ever before, but they haven’t offered to help pay for anything — not even groceries.

Savings takes a backseat

Beth isn’t alone. According to Statistics Canada’s 2024 report, 1.8 million Canadians, or 13% of all unpaid caregivers, were part of the sandwich generation in 2022 (3). That figure covers people looking after both children and adults with a long-term condition or disability.

The toll these responsibilities have on caregivers is significant. The StatCan report found that 86% of sandwich caregivers said their responsibilities negatively affected at least one aspect of their health and wellbeing. Two-thirds (66%) of non-retired sandwich caregivers said their duties had affected their employment, including reduced hours, adjusted schedules or missed career opportunities.

Meanwhile, a 2024 study by HomeEquity Bank and Ipsos Canada found that 70% of sandwich generation Canadians worried about the economic burden of supporting both their parents and their children (4). What’s equally striking is 71% said they would need professional financial planning advice to help them support all their caregiving responsibilities.

Putting your own financial wellbeing on the back burner can have serious consequences — especially in the years typically considered to be your high-earning phase of life. If you find yourself in a scenario like Beth’s, it’s important to take action before the financial pressure becomes unmanageable.

Steps to getting back on track

The first step is getting an accurate picture of your financial situation.

If you’re in a position similar to Beth’s, this means doing a thorough audit of your spending. Look at monthly expenses since your parents moved in and compare that to the same period a year ago. If you don’t typically track expenses, examining bank and credit card statements, utility bills and any receipts for health-related expenses can give you a useful snapshot. Remember to factor in inflation when comparing year-over-year figures.

Once you have a clear picture, it’s time to have an honest conversation with your family. It may be uncomfortable, but avoiding the subject allows resentment to build — and if you’re already under financial pressure, that silence will become deafening.

Someone in Beth’s situation could take her parents through the household budget, explain the increase in monthly costs since they moved in and the additional time their care requires from her throughout the week. She could also offer to help her parents review their own financial situation and set up a realistic household contribution plan — one that accounts for their CPP and OAS income and includes contributions toward housing, utilities and groceries.

Since Beth’s adult children are also living at home, she’d be wise to include them in the discussion as well. Adult children can contribute to a household significantly — by paying rent, help with caregiving or splitting grocery costs.

Ready to see where your money is really going? Try YNAB for free for 34 days — no credit card required. Just powerful budgeting tools for less than your daily coffee.

Don’t forget your retirement savings

Once household contributions are worked out, draw up a revised budget. Whatever your constraints, try to build savings into the plan — even in small amounts. Prioritize an emergency fund first, aiming for enough to cover three to six months of essential expenses.

After that, keep up on RRSP contributions. For 2026, Canadians can contribute up to 18% of their prior year’s income, to a maximum of $33,810 (5). Contributions are tax-deductible, meaning they reduce taxable income in the year they’re made and could result in a significant refund. If your employer offers an employer-matched group RRSP or Registered Pension Plan (RPP), contribute enough to get the full match at least. Not taking advantage of this perk means leaving money behind.

Leaving retirement savings as your last priority doesn’t only put your own future at risk — it can put your children in the same situation you’re in now.

To get started, open a no-fee RRSP high-interest savings account with EQ Bank. For a limited time, get up to $200 cash when you add new deposits to your EQ Bank RRSP account.

A tax credit you may be missing

If you’re supporting an aging parent with a physical or mental disability who lives with you or is financially dependent on you, look into whether you’re eligible for the Canada Caregiver Credit (CCC) — a non-refundable federal tax credit administered by the Canada Revenue Agency (CRA).

For the 2025 tax year, eligible Canadians may be able to claim up to $8,601 for an infirm dependant aged 18 or older, such as a parent (6). Several provinces also offer their own caregiver tax credits, so it’s worth reviewing both federal and provincial options.

The credit won’t eliminate the financial pressure of caregiving, but it can help offset some of the cost at tax time.

Plan for your parents’ future — and yours

Think ahead about your parents’ longer-term care needs: What provincial health coverage will or will not pay for, if home care support is available in your area and whether your parents have considered long-term care insurance.

If you’re in a position where you may eventually need to manage your parents’ finances or healthcare decisions on their behalf, now is the time to put a plan in place. Talk with your parents about powers of attorney (POA) — legal documents that designate someone to act on their best interests.

In Canada, POA rules are set by each province and territory (7). The most common types include:

• Continuing or enduring POA for property: Takes effect when signed and remains valid even if the person loses mental capacity. This is the document most estate planning lawyers recommend for financial affairs.
• Springing POA for property: Takes effect only when a specified health event occurs — typically one that leaves you mentally incapacitated. It offers more control up front, but can be harder for financial institutions to accept quickly.
• POA for personal care (called a Representation Agreement in B.C. or a Personal Directive in Alberta): Covers health-care and personal decisions, such as making choices for medical treatment.

Without a valid POA in place, a family member seeking to manage an incapacitated person’s finances or health care may have to apply to the courts — a process that’s both time-consuming and expensive (7).

The bottom line for Canadian sandwich generation caregivers

The emotional and financial strain of caring for two generations at once is real — and it’s being felt by many Gen Xers across Canada. If you don’t protect your own financial wellbeing now, your capacity to care for others will eventually be compromised as well.

Be transparent about what you can afford, ask for contributions from those who can give them and take advantage of available tax support. These moves aren’t selfish — they’re necessary to keep the situation sustainable.

What Canadians in this scenario can do next

Here are practical next steps if you recognize yourself in Beth’s circumstances:

• Audit your spending: Compare your current monthly expenses to the same period one year ago. Identify exactly how much more you’re spending since your caregiving responsibilities increased.
• Start the money conversation: Have an honest, numbers-based discussion with your parents and adult children about household contributions. Bring a budget to the table.
• Protect your RRSP: Even a modest monthly contribution to your RRSP keeps the tax-deferred growth working in your favour. Don’t let retirement savings go to zero.
• Claim the Canada Caregiver Credit: If you’re supporting a parent who requires care, check with the CRA or a tax professional about whether you qualify for Line 30425 of your federal return.
• Set up powers of attorney now: Talk to a lawyer to prepare a continuing or enduring POA for property and a POA for personal care for your parents while they’re still mentally capable of giving consent.
• Explore provincial and community supports: Depending on your province, home care support, respite care and caregiver relief programs may be available. Contact your local Community Care Access Centre (CCAC) or equivalent provincial health authority.
• Consider professional financial planning advice: A certified financial planner (CFP) can help you restructure a household budget that accounts for caregiving costs without gutting your retirement plan.

— with files from Melanie Huddart

Article sources

We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.

Government of Canada (1, 2, 6, 7); Statistics Canada (3); HomeEquity Bank (4); Canada Revenue Agency (5)

So if signing mortgage papers causes people to think about life insurance, then the next question they should be asking is how much coverage is enough and what policy makes the most sense.

Why does getting a mortgage make Canadians think about life insurance?

A mortgage creates an immediate, measurable financial obligation that doesn't disappear if you die. That debt can fall to your partner or dependants and potentially put the family home at risk.

That's why a mortgage is often a trigger to start thinking about life insurance. The PolicyMe data shows that "family well-being" ranks even higher than the mortgage as a reason to buy life insurance. This seems to suggest that Canadians aren't just thinking about paying off debt, but also about protecting their loved ones' financial future.

You can get a PolicyMe term life insurance policy with coverage up to $5 million. Premiums start at just $21 per month — making it easier for you to secure your family’s financial future within minutes. Just answer four questions, and PolicyMe will provide you with an instant, no-obligation quote which is valid for up to 90 days. Most policies are approved without any medical tests, and you can opt for term lengths ranging from 10 to 30 years.

Should your coverage match your mortgage balance?

Buying enough life insurance coverage to cover your mortgage balance seems sensible. However, most Canadians choose to buy more.

According to PolicyMe's data, the average outstanding mortgage balance among customers was $451,681 in 2025. The average life insurance coverage was over 50% higher at $692,335.

That gap shows that people buy life insurance to protect their family's overall financial stability. If you only buy enough life insurance to pay off your mortgage, surviving family members may struggle to cover living expenses, especially since the income you were earning is presumably also gone.

The Canadian Life and Health Insurance Association says people typically use life insurance to protect their families against financial disruption that goes beyond a single debt.

How much more coverage do homeowners buy — and why ?

Homeowners tend to buy more life insurance than non-homeowners. But the detailed data from PolicyMe is even more revealing. For example, Canadians aged 25 to 29 with a mortgage buy 59.9% more coverage than their renting peers. That gap narrows for Canadians in their 30s as non-homeowners take on additional financial responsibilities and rises again at age 45 to 49, where homeowners carry 55.0% more coverage.

There's another factor at play. Canadians are buying homes later. Between 2021 and 2026, the peak mortgage-holding age group moved from the ages of 30 to 34, to the ages of 35 to 39. According to the Canada Mortgage and Housing Corporation, higher home prices have forced first-time buyers to delay their entry into the housing market (2). The theory is the delay in becoming a homeowner has a knock-on effect that impacts other big financial decisions like the purchase of life insurance.

What's the difference between mortgage life insurance and term life insurance?

The type of insurance offered through your mortgage provider works differently from traditional forms of life insurance, such as term life insurance.

Mortgage life insurance is an optional insurance policy that pays the balance on your mortgage if you die. It's key to remember that as you pay down your mortgage, your premiums stay the same but usually cover an increasingly smaller amount of money. What's more, the insurance payout goes to your mortgage lender rather than someone you've designated beforehand (2).

Term life insurance pays out a fixed amount of your choice if you die within a specific period. The amount of the coverage does not decrease over time, and the payout goes to whomever you select as a beneficiary. "That's the key difference between regular mortgage protection insurance and term life – its flexibility allows you to protect your overall family financial wellbeing, instead of only covering a single expense," says Andrew Ostro, CEO of PolicyMe.

Despite providing a higher payout, PolicyMe says term life insurance often costs two or three times less than mortgage life insurance.

So how do you figure out the right amount of life insurance coverage?

When deciding how much coverage you need, consider all the financial demands that may fall on your dependents if you weren't around. A common rule of thumb in the industry is that your term life insurance coverage should be seven to 10 times your annual salary. But that's just to replace lost income. You also need to think about your mortgage, other debt that needs to be paid off, as well as ongoing and future expenditures like education and healthcare.

For example, if you earn $100,000 a year, have a $600,000 mortgage, an outstanding $20,000 loan on your vehicle, and plan to spend close to $50,000 on each of your two children for post-secondary education, you would need about $1.5 million in total life insurance coverage.

• $600,000 + (8x $100,000) + (2x $50,000) + $20,000 = $1,520,000

In other words, a lot more than simply the balance of your mortgage.

That's why it's a good idea to look at your household's full financial picture instead of just one loan balance, even if it is a big one like a mortgage.

Stop overpaying for coverage. Find the most affordable life insurance rates from Canada’s top life insurance providers in under five minutes.

Final consideration

A mortgage may be the thing that gets you thinking about life insurance, but it shouldn't necessarily act as a limit on how much coverage you buy.

The data from PolicyMe shows Canadians tend to choose coverage that goes beyond their outstanding mortgage balance. The challenge is making the best decisions about a policy that actually matches your needs.

Your mortgage is only one part of a bigger financial picture. It might start the conversation about life insurance, but it shouldn't be where it ends.

Survey methodology

These are the findings of an analysis of over 1,450 customer interactions with PolicyMe completed between January 1 and March 31, 2026; over 800 interactions completed between January 1 and December 31, 2025; and over 190 interactions completed between January 1 and December 31, 2021. Responses were recorded in English and French by Canadians aged 18 and over. Customer data is self-reported and not subject to independent verification.

Article Sources

We rely only on vetted sources and credible third-party reporting. For details, see our ethics and guidelines.

PolicyMe (1); Canada Mortgage and Housing Corporation (2); Government of Canada (2)

As of July 1, 2025, roughly 8.1 million Canadians were aged 65 or older, representing 19.5% of the total population, according to Statistics Canada (1). Baby boomers are retiring en masse, life expectancy is rising and the financial questions that come with aging are growing more urgent.

One of the most pressing — and most overlooked — is: Who will pay for your care if you can no longer look after yourself?

The honest answer may surprise you.

Financial blind spot

Many Canadians underestimate the risk of needing long-term care for two reasons.

The first is cost. According to the Canadian Medical Association, the combined annual cost of long-term care (LTC) and home care in Canada is expected to reach $58.5 billion by 2031 — nearly double the 2019 level of $29.7 billion (2). At the individual level, costs vary widely by province, but the numbers are sobering: in Ontario, as of July 1, 2024, a basic room in a government-licensed LTC home costs $2,036.40 monthly, while a semi-private room costs $2,455.24 and a private room costs $2,909.36 (3). In Nova Scotia, standard accommodation charges reached $114 a day as of March 1, 2026 (4). Private retirement homes — which aren't covered by provincial subsidies — can run from $1,500 to $8,000 a month (4).

Those numbers compound over time. If you require private care accommodation at $48,000 a year for three years — a realistic scenario, given that the average LTC stay in Canada is roughly 18 months to four years — you're looking at $144,000 or more in out-of-pocket costs (5).

While Canada's publicly subsidized system offsets some of that burden, it doesn't cover it entirely.

The myth of 'free' long-term care in Canada

This brings us to the second reason Canadians are caught off guard: they assume their provincial health plan will cover them for long-term care.

It won't — at least not entirely. And this is the most dangerous financial error in retirement planning.

While Canada's universal health care system covers medically necessary hospital and physician services, long-term care isn't included as an insured health service under the Canada Health Act (6).

The reality is that provinces do subsidize a significant portion of LTC costs. According to a 2023 working paper cited by the Library of Parliament's Hill Notes research service, approximately 78.4% of LTC home costs in Canada are covered by provincial, territorial and municipal plans — but that leaves the remaining 21.6% paid by residents out of pocket or through private insurance (7). And the subsidies in many provinces are income-based, meaning the more assets and income you have, the more you pay.

For Canadians who require care in a private retirement home or need home care services not covered by their provincial plan, the gap can be substantial. Private home care in Canada runs between $10 and $85 an hour**,** depending on the province and the type of care required (8).

Most alarmingly, nearly 74% of Canadians have no financial plan to cover long-term care costs, according to a Leger Marketing survey commissioned by the Canadian Life and Health Insurance Association (CLHIA), an industry group representing 99% of Canada's life and health insurers (9). Meanwhile, fewer than 2% of Canadians hold an LTC insurance policy (10).

The disconnect between the likelihood of needing care and the lack of preparation for it could be one of the biggest financial mistakes Canadians make in retirement.

Cover what provincial health care doesn’t with affordable plans from PolicyMe.

What is long-term care insurance?

As the name suggests, long-term care insurance helps pay for the everyday support you may need as you age — like nursing care, assistance with bathing and dressing, meal preparation and household tasks — or if you become unable to care for yourself at all (11).

To qualify for benefits, policyholders typically need to demonstrate they can't perform at least two of six "activities of daily living" (ADLs) — such as bathing, dressing or eating — without substantial assistance, or that they have a cognitive impairment requiring supervision (12).

Canadian LTC insurance policies generally follow one of two models:

• Reimbursement-style: The insurer reimburses you for eligible care expenses up to a capped amount.
• Income-style: The insurer pays out a predetermined monthly benefit for a set period, regardless of actual costs incurred.

One important note for Canadian policyholders: LTC insurance benefits are tax-free in Canada (13). There's also typically a waiting period — usually 30 to 90 days — before coverage kicks in after a qualifying event.

LTC insurance isn't a one-size-fits-all product. Options range from standalone policies to hybrid plans that combine life insurance with LTC coverage. Premiums vary based on age, gender, health status and the level of coverage selected. As with any insurance, the best time to buy is before you need it — and before health conditions make you uninsurable or dramatically raise your premiums.

Skipping LTC coverage in your 50s and 60s is a bit like riding a motorcycle without a helmet — the risk feels abstract until it suddenly isn't.

What Canadians can do to prepare

The data on long-term care is clear: the need is real, the costs are significant and the public system will not cover everything. Here are practical steps to consider moving forward:

1. Get a realistic picture of your provincial coverage: LTC rules, costs and subsidies vary dramatically across Canada. Contact your provincial or territorial health authority to understand what's covered — and what isn't — in your area. Don't assume your provincial health plan will pay for a private LTC facility, home support services or a retirement home.
2. Factor LTC into your retirement plan early: Financial advisers recommend starting LTC planning in your 40s or early 50s, when premiums are lower, and health conditions are less likely to affect eligibility. Waiting until your 60s or 70s can mean higher premiums — or being denied coverage entirely.
3. Ask about hybrid products: Many Canadian insurers offer policies that combine life insurance or critical illness coverage with an LTC rider. These can offer more flexibility if you end up not needing LTC, since some products include a return-of-premium feature.
4. Explore the Canada Caregiver Credit: If a family member is providing informal care, they may be eligible for the Canada Caregiver Credit through the Canada Revenue Agency (CRA). While this doesn't replace insurance, it can offset some of the financial burden of informal caregiving.
5. Talk to a licensed financial adviser: LTC insurance is a complex product. A licensed financial adviser — look for credentials such as a Certified Financial Planner (CFP) or Chartered Life Underwriter (CLU) — can help you assess whether LTC insurance makes sense given your assets, your provincial coverage and your retirement plan.

Give your loved ones a tax-free safety net. Help your family cover the mortgage, tuition, and daily expenses with reliable, straightforward term life insurance.

With a PolicyMe term life insurance policy, you get coverage up to $5 million with premiums starting at just $21 per month — making it easier for you to secure your family’s financial future. Just answer four questions, and PolicyMe will provide you with an instant, no-obligation quote which is valid for up to 90 days. Most policies are approved without medical tests, and you can opt for term lengths ranging from 10 to 30 years.

Article sources

We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.

Statistics Canada (1); Canadian Medical Association (2); Ontario Ministry of Long-Term Care (3); Nova Scotia (4); Insurance Business Canada (5, 8, 12, 13); Government of Canada (6); HillNotes (7); Policy Advisor (9, 11); Million Dollar Journey (10)

A layoff, a health scare, a difficult workplace or simply a deep desire to reclaim their days — any of the reasons people retire early vary widely. And sometimes, the timing works out beautifully.

But not always.

Recent research shows that when early retirees look back on their decision, a significant share of them wish they had delayed retirement — and not only for financial reasons (1). According to the Financial Consumer Agency of Canada (FCAC), 41% of retirees say they find themselves financially worse off in retirement than they had predicted (2).

Here are six of the most common regrets early retirees report in Canada — and what you should consider before making the call on when to stop working.

1. Not saving enough

Having more free time quickly loses its appeal when it comes with constant financial anxiety. Among the most common complaints from early retirees is that savings and other retirement income don’t stretch nearly as far as they expected.

The numbers tell a story many Canadians who are approaching retirement should note. The Healthcare of Ontario Pension Plan (HOOPP) found in its 2025 Canadian Retirement Survey that 59% of unretired Canadians don’t believe they will ever be able to retire given their current financial situation — and half hadn’t set aside any money for retirement in the past year (3).

Meanwhile, BMO’s 15th Annual Retirement Survey, released in February 2026, found that 36% of Canadians are worried they won’t have enough money to support their retirement because prices continue to climb. Combine that with the belief that they’ll need an average of $1.7 million to retire comfortably, and you can understand the concern (4).

Retiring early creates a compounding problem: The number of years your savings need to support you keeps growing, while the time you have to contribute keeps shrinking. What felt like a comfortable nest egg at 58 may feel very different at 78.

To get started, open a no-fee RRSP high-interest savings account with EQ Bank. For a limited time, get up to $200 cash when you add new deposits to your EQ Bank RRSP account.

2. Underestimating costs — especially the health-care gap

Many early retirees assume their spending habits won’t change much in retirement. What they often underestimate is the long-term cost of inflation and another financial risk: The loss of employer-provided supplemental benefits covering prescriptions and other medical needs.

Canada’s publicly funded health-care system covers physician visits, hospital care and some medications. But it doesn’t cover dental care, vision, hearing aids, paramedical services or most prescriptions for those under 65. According to Statistics Canada, approximately 66.8% of employed Canadians have workplace medical or dental benefits through their main employer (5). When those benefits disappear at retirement — particularly for those leaving before age 65 — the financial gap can be significant.

If you retire early, you’ll likely need to buy private health insurance coverage to fill any gaps. This can run anywhere from $80 to $300 monthly depending on your age and the plan you choose. While most provinces step in with some additional support once you turn 65, the amount of help you receive varies on where you live. That means many retirees still end up paying out of pocket for prescriptions, dental, vision and paramedical services such as physiotherapy (6).

Data from PolicyMe’s health insurance access and affordability study found that 47% of Canadians aged 55 and older are already deferring medical care due to high cost — including 35% who have postponed dental care and 28% who have delayed vision care (7). While the federal government has introduced the Canadian Dental Care Plan (CDCP), which may cover seniors who fit both the income and residence parameters, it is not as comprehensive as a private plan would be, according to PolicyMe.

Long-term care costs add another layer of risk. Canadians benefit from provincially subsidized long-term care (LTC). However, “subsidized” doesn’t mean free. In Ontario, as of July 1, 2024, the copayment for a basic room in LTC is $2,036.40 a month, whereas private rooms can run around $3,000 month (8). Nova Scotia’s rate for standard accommodation in a nursing home was $114 a day as of March 1, 2026 (9).

And these costs will likely rise over time. According to the Canadian Medical Association, the number of Canadians needing long-term care and home care services is forecast to exceed 2.4 million by 2031, with annual elder-care service costs estimated at $58.5 billion (10).

These numbers mean planning for health care — including potential long-term care — is one of the most important and most frequently overlooked parts of early retirement planning.

Cover what provincial health care doesn’t with affordable plans from PolicyMe.

3. Claiming CPP too early

For many Canadians, the Canada Pension Plan (CPP) is one of their most important sources of retirement income. And when you claim it can have a lasting impact on how much you receive for the rest of your life.

You can start collecting CPP as early as age 60, but claiming it before the standard age of 65 comes at a steep price. Payments are permanently reduced by 0.6% for every month you collect before age 65, up to a maximum reduction of 36% if you start at 60 (11). On the other hand, if you defer CPP past age 65, payments increase by 0.7% a month — or 8.4% annually — for a maximum increase of 42% if you wait until age 70.

Old Age Security (OAS) begins at 65. As of 2026, OAS pays a maximum of $743.05 a month for those aged 65 to 74 (12). Like CPP, OAS can be deferred up to age 70, increasing payments by 0.6% each month, for a potential increase of 36% (12).

Both decisions — when to claim CPP and when to start OAS — are specific to your circumstances and depend on health, other income sources and life expectancy. But for early retirees who start drawing CPP at 60 out of financial necessity, the permanent reduction can erode your long-term income security for decades to come.

It may be worth discussing with a financial advisor whether using personal savings and delaying CPP and OAS would be beneficial to max out your lifetime government pension income. Withdrawing from your Registered Retirement Savings Plans (RRSPs) or Tax-Free Savings Accounts (TFSAs) in the early years of retirement can help bridge any income needs while you build up your government pensions.

4. Skipping long-term care insurance

Long-term care insurance is something that most Canadians don’t think about until it’s too late to make it work within your budget.

Premiums tend to be lower when you’re younger and in good health. Once serious health conditions emerge, coverage can become significantly more expensive — or unavailable altogether. A 2023 working paper from the National Bureau of Economic Research (NBER) found that more than a quarter of retirees cited failure to purchase long-term care insurance as a financial regret (13).

While provincial governments subsidize LTC homes, there is still a risk for costly out-of-pocket expenses. Even subsidized care involves significant copayments, and private or semi-private accommodation costs are considerably more (14). Without supplemental insurance, a multi-year stay in a private LTC facility could lead to a serious decline of decades worth of savings.

The Canadian Life and Health Insurance Association (CLHIA) notes that long-term care insurance policies are available in Canada and can help offset the costs of care that government programs don’t cover — approximately 22% of the total cost (15). Considering the rising demand and growing wait lists for subsidized LTC, financial planners are recommending exploring coverage options while premiums are still manageable.

5. Missing structure, purpose and social connection

Money isn’t the only thing people miss when they leave the workforce early. Routines, professional identity, daily interaction with colleagues and a clear sense of purpose can all be harder to replace.

Academic research shows that leaving the workforce early is often accompanied by a reduction in social networks and mental engagement, both of which are strongly associated with overall well-being (16).

The National Institute on Ageing’s (NIA) 2025 Ageing in Canada Survey found that 57% of Canadians aged 50 and older feel somewhat or very lonely, with 43% at risk of social isolation — levels that have remained virtually unchanged since 2022 (17). For early retirees whose social lives were anchored in their work environment, these risks can intensify quickly.

Financial advisers and retirement coaches encourage people on the verge of retirement to develop a concrete plan — not only for their finances, but also their time, social connections and sense of purpose.

6. Difficulty re-entering the workforce

Many early retirees assume that if retirement doesn’t work out, they can simply return to work. The reality is often more complicated.

Age discrimination in Canadian workplaces is a documented challenge. According to a study by Indeed Canada, 14% of all Canadian workers perceive their age as a barrier to employment — a figure that doubles to 28% among those aged 65 and older (18). A separate report from Access Work Service estimates that approximately 60% of Canadians aged 45 and older have experienced workplace age discrimination (19).

Further, Statistics Canada data confirms the average age of retirement in Canada rose to 65.1 in 2023 — its highest level since the late 1970s. And the labour force participation rate among Canadians aged 55 and older reached 36.4% in April 2024, up from 25.7% in 2001 (20). While more older Canadians are working longer, re-entering the workforce after stepping away for a period of time is a different challenge.

For early retirees who find they need or want to return to work, a skills or resume gap, or outdated credentials can make the process significantly harder.

What to consider before leaving work prematurely

Early retirement can be immensely satisfying — but without a solid plan, the excitement of leaving the workforce can turn into lasting regret. Before stepping away, consider the following:

Estimate your retirement needs: Calculate how much money you’ll realistically need every year. Factor in housing, food, transportation, health care, inflation, unexpected expenses and the added leisure costs that often come with more free time. Then extend that estimate across a timeline that could reach into your 90s or beyond. It’s better to overestimate than end up short.

Stress-test your retirement income: Use scenario planning to see how your finances would hold up under different market and economic conditions. Canada’s federal government offers a free Retirement Income Calculator at Canada.ca to help estimate CPP, OAS and RRSP/RRIF income.

Plan for the health-care gap: If you retire before 65, understand everything the provincial programs cover. Explore private supplemental insurance for vision and prescription costs, apply for the CDCP (if you’re eligible) and factor potential LTC costs into your plan.

Strategize your CPP and OAS timing: Delaying CPP and OAS can permanently boost your lifetime pension income. If your health and other income sources allow, working with a certified financial planner (CFP) to model different claiming scenarios can be one of the most valuable steps you take.

Maintain your purpose and social connection: Identify how you’ll stay active, connected and mentally engaged after leaving work. Part-time consulting, volunteering, taking on board roles or returning to education can all help fill the social and structural void that employment often provides.

Consider phased or partial retirement: Gradually reduce your work hours rather than stopping all at once to ease the emotional and financial transition. This will provide continued income, social engagement and structure. Some employers and self-employment arrangements make this easier than others — it’s worth investigating early.

Careful planning may not eliminate every risk, but it can significantly improve the odds that your early retirement is sustainable and fulfilling. You want to be sure your that this momentous decision isn’t one you wish you’d made differently.

What Canadians can do right now

If you are thinking of taking a closer look at your retirement readiness, here are some practical next steps:

Check your CPP Statement of Contributions: Log into your My Service Canada Account to review your CPP contribution history and use the government’s online calculator to estimate your future benefit at different ages.

Review your employee benefits: Before you retire, confirm exactly when your employer group benefits end, whether a conversion option exists and what it will cost. Don’t assume your coverage will continue.

Maximize your TFSA: If you retire before 65, a TFSA can be a powerful tool for bridging income needs without triggering CPP clawbacks or affecting OAS eligibility. Because withdrawals don’t count as income, they’re tax-free.

Consult a certified financial planner (CFP): The decisions around CPP timing, RRSP/RRIF drawdown strategy, OAS deferral and long-term care planning are all connected. A fee-for-service CFP can model scenarios specific to your situation, and won’t push you to purchase financial products.

Build a retirement life plan, not just a financial plan: Think carefully about what your days will look like, who you’ll see regularly and what will give your life structure and meaning. The answer to this question is as important as your portfolio balance.

Article sources

We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.

Kerry Hannon (1); Financial Consumer Agency of Canada (2); HOOPP (3); BMO Financial Group (4); Statistics Canada (5); PolicyMe (6, 7); Ontario Ministry of Long-Term Care (8); Nova Scotia (9); Canadian Medical Association (10); Government of Canada (11, 12); National Bureau of Economic Research (13); Fairstone (14); Advisor.ca (15); Oxford Academic (16); Benefits and Pension Monitor (17); Indeed (18); Navacord (19); Policy Options (20)

Here’s a breakdown of the new ways you can keep more of your money or even get the government to help fund your next big project.

Not sure which tax software to choose? Check out our comparison table to see which tax platforms offer the best features to help you find all your tax deductions.

Turn your home into an income generator

One of the most exciting developments for homeowners this year is the Canada Secondary Suite Loan Program. While not a direct tax credit, it’s a massive financial benefit that works alongside your housing taxes. If you’ve been thinking about building a basement apartment or a garden suite, the federal government is now offering up to $80,000 in financing at a fixed interest rate of 2%.

According to CMHC guidelines (1), the goal is to help homeowners create more long-term rental units. The beauty of this is in the math. As Ottawa General Contractors recently noted in a program summary (2), an $80,000 loan at 2% results in monthly payments of roughly $515, which is often far less than the rental income such a suite would generate.

Just remember that once you start renting, that income is taxable. However, you can also deduct expenses like a portion of your mortgage interest, property taxes and utilities.

A new thank you for personal support workers

If you work as a Personal Support Worker (PSW), the 2026 tax year is bringing a specific "thank you" in the form of a refundable tax credit. This is a brand new measure aimed at supporting those in the healthcare sector who are often underpaid for their vital work.

According to BDO Canada (3), this temporary credit allows eligible PSWs working for eligible healthcare establishments to claim a refundable credit of 5% of their earnings. The maximum value of this credit is $1,100 per year. Because it’s a refundable credit, you can get the money even if you don’t owe any income tax at the end of the year. It’s a significant win for those in the industry who are helping our aging population.

The non-refundable "top-up" credit

Because the federal government lowered the lowest tax rate from 15% to 14%, it accidentally made other tax credits less valuable. Most non-refundable credits — like the basic personal amount or the age amount — are calculated using that lowest rate.

To fix this, the 2025 federal budget introduced a "top-up tax credit." As noted by CIBC's tax analysts (4), this ensures that Canadians don’t lose money on their other credits just because the main tax rate dropped. If your taxable income is above $57,375, you should see this top-up applied automatically to protect your savings.

Small business and donor perks

For the entrepreneurs among us, there’s a big change coming to the Ontario Trillium Benefit. The province is increasing the lump-sum payment threshold to $500 from $360. According to the 2026 Ontario Budget (5), if your total entitlement is $500 or less, you will get the whole thing in one shot in July rather than waiting for monthly installments. It’s a small change that helps with cash flow.

Finally, if you made charitable donations in early 2025 during the Canada Post strike, double-check your records. The government allowed a special extension where donations made in January and February 2025 could be claimed on your 2024 return. As BDO Canada warns (6), "ensure you don't inadvertently claim the same amounts in your 2025 tax return" if you already used them to boost last year's refund.

Get your ducks in a row

The 2026 filing season is shaping up to be one of the most complex in years because of these overlapping credits. The best way to stay organized is to keep your receipts for everything from home renovations to professional certifications.

As a taxpayer, it is your right and expectation to get all of the refunds, benefits or credit payments you may be eligible for. You can find all the official dates and links on the CRA benefits page (7).

Do any of these new professional or housing credits apply to you this year, or are you just happy to see the lower tax rate on your paycheque?

Article sources

We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.

CMHC (1); Ottawa General Contractors (2); BDO (3, 6); CIBC (4); Doane Grant Thornton (5); CRA (7)

Kamruzzaman refused and counter-offered $50, which the landlord eventually accepted. However, Kamruzzaman is not the only Montreal tenant facing massive rent hikes.

A Montreal-based housing advocacy group, the Comité d'Action de Parc-Extension (CAPE), told CBC that tenants of 18 neighbouring rental buildings also received rental increase notices ranging from 5% to 20%. These notices came from two of the new landlords that utilize the same property manager, CBC found. These landlords purchased the buildings last summer.

CAPE noted how over 50 files have been opened with the organization to contest these rent hikes. Amy Darwish, a co-ordinator with CAPE, told CBC that, “People who have lived in the area for decades are now making tough financial choices with the little money they have left after rent is paid.”

Marc Lemieux is one of the landlords who owns some of the buildings mentioned. He defends the large increases, citing heating issues and non-conformity notices regarding “safety and security concerns issued by the City of Montreal” CBC noted. As a result of these issues, Lemieux and the other landlord invested $3.1 million in the buildings and chose to raise the average rent of their tenants by about 9%.

“The problems were related to the heating,” Lemieux said, adding, “So we addressed these issues, we changed the furnaces, we secured access to all units, we installed surveillance cameras, we converted the factory-made panels to breaker panels. We adjusted the system, we replaced the windows. Then we implemented an extermination program.”

Understanding Montreal’s rental landscape

Rent increases like the ones Lemieux has implemented are not new in Montreal. In fact, according to the latest data from Statistics Canada, asking rent prices in Montreal increased approximately 71% from 2019 to the first quarter of 2025 (2). What’s more, the online rental company rentals.ca noted that the average rent across apartment types in Montreal was $1,913 as of January 2026 (3).

The Canadian Mortgage Housing Corporation’s (CMHC) 2025 Rental Market Report found that rent growth spiked 7.2% in 2025 outpacing “...income increases, making it increasingly difficult for households — especially the most disadvantaged — to access housing (4).”

Increasing rent prices in Montreal are part of a larger, upward trend. But are landlords allowed to simply increase rent prices at will?

How rent hikes work in Montreal

In Montreal, the legal framework for setting rent prices is defined under the Civil Code of Quebec, which gives authority to Quebec’s rental board, the Tribunal administratif du logement (TAL), to provide guidelines for calculating rent increases based on a number of factors (5). The TAL publishes annual “applicable percentages” used in its rent calculation model, including a base percentage tied to inflation (CPI), as well as additional percentages for property taxes, insurance costs, maintenance and major capital expenditures (6, 7). These figures are part of a standardized calculation method used to estimate reasonable rent adjustments and are commonly treated as a benchmark in disputes.

Landlords may request any rent increase they consider reasonable. However, if an increase exceeds what would be justified under the TAL’s calculation model, they must provide financial evidence to support it if the matter is challenged before the TAL by a tenant.

While this is the regulatory framework, the TAL is clear regarding what power landlords have regarding rent price adjustments: “At the time of lease renewal, the landlord is free to request a rent increase that he considers fair and reasonable.” However, the TAL only officially sets rental rates using its calculation model when the tribunal is involved to resolve a price dispute between landlords and tenants.

In practice, when a landlord is increasing rent, they are required to send a notice to the tenant based on the length of their lease (8). For instance, a year-long lease or longer would require the landlord to give a notice of a rental increase between six and eight months before the lease ends. When they receive the notice, a tenant can either accept the new terms, refuse the modifications and renew the current lease, or choose to not renew at all.

A tenant that refuses the rent increase must do so in writing within one month of receiving the notice from their landlord. If they do not send a notice within the proper timeframe, the lease modifications will be implicitly accepted without dispute.

If a tenant refuses, the landlord may apply to the TAL to have the rent set within a month of receiving the refusal notice. However, landlords carry the costs of involving the TAL, and they must justify the increase with detailed financial evidence. Both parties will be bound by the tribunal’s subsequent decision.

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Can Montreal tenants fight back against unfair rent hikes?

While rent increases are sometimes financially devastating, Montrealers do have some recourse to fight back. Here are some of the most common steps tenants can take.

Contact your local housing committee. Tenants that are in the process of contesting a rent increase — or plan to in the future — should get in touch with their local housing committee for support. These committees can provide assistance to tenants in understanding and defending their rights (9). They can also access the tenant advocacy group le Regroupement des comités logement et associations des locataires du Québec (RCLALQ) for guidance.

Remember to negotiate. Because the landlord requesting the increase must be ready to petition the TAL and provide evidence to justify their increase, it isn’t uncommon for tenants and landlords to come to an agreement before matters escalate. But for that to happen, tenants need to remember to negotiate. Bringing up issues with the rental unit, such as broken appliances or water damage, can be a good start to show that a rent increase is not justified given the state of the unit.

Be prepared for a hearing. If worse comes to worst, tenants should be prepared to present evidence at a hearing as to why the rental increase is not fair. Note that this is a complex process, so tenants should enlist the help of their housing committee or the RCLALQ when preparing. However, tenants do have a way of arguing for lower rent that is precedented: improper dwelling conditions and can use this as evidence to argue for a lower rent (10).

Remember, if a landlord requests a rent increase substantially above the recommended 3.1% guideline for 2026 across Quebec, it is within a tenant’s right to challenge the rate. In doing so, the landlord will need to justify why this raise is fair before the TAL.

Bottom line

For Montrealers, recent rent hikes can be financially defeating, especially given the rising prices of core goods and services. Although landlords may impose new rates, tenants have access to various housing organizations/committees to help dispute these proposed increases.

In Montreal, landlords can ask for almost any rent increase — but whether they can justify it is what ultimately matters.

Article sources

We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.

CBC (1); Statistics Canada (2); Rentals.ca (3); CMHC (4); TAL (5, 6, 8, 10); CTV News (7); RCLALQ (9)

That question is at the heart of what Katrina and Kevin Middleton did when they decided their fixed costs had gotten out of hand. The Middletons hail from Arbroath, Scotland, and sold their home for more than US$260,000 (C$478,000) in February (1). They moved aboard one of the world’s largest cruise ships — and say they haven’t looked back.

“This is the best decision we could’ve made, and we’re definitely a lot happier,” Katrina told People. “We realized this is more affordable, and we’re actually saving money while travelling.”

It sounds like a financial stretch. But it begs the question: How could the math work for the average Canadian household?

How living on a cruise ship compares to life on land

The Middletons didn’t arrive at this decision overnight. It was the result of a multi-step financial reset — one that started when they sold a larger home in September 2025 for over US$400,000 (C$736,000) and downsized, curbing spending and building extra capital along the way (1). Once they sold their downsized home in February, they set a course for the high seas.

Katrina, 29, works as a marketing manager and Kevin, 43, is an IT consultant (1). Their jobs are based on U.K. hours, which means that when they’re at sea, they occasionally need to wake up at any odd hour to log on from whatever time zone the ship happens to be crossing at the time.

Their monthly fixed costs in the U.K. had been significant: more than US$3,000 (C$5,520) a month on their two cars, over US$1,700 (C$3,128) on their mortgage and almost US$800 (C$1,472) on energy (1). Add to that property taxes, groceries, gym memberships and dining out — and the number climbed quickly.

For Canadians, those figures may hit close to home. According to Statistics Canada’s most recent Survey of Household Spending from 2023 (but released in 2025), the average Canadian household spent C$76,750 on goods and services in a year — with shelter alone consuming 32.1% of that total, followed by transportation at 15.8% and food at 15.7% (2). For homeowners carrying a mortgage, shelter costs averaged C$38,718 annually — or roughly C$3,226 a month.

The Canada Mortgage and Housing Corporation (CMHC) and StatCan use a benchmark of 30% of before-tax household income as the key affordability threshold for shelter. Many Canadians are already at or beyond that line (3).

Aboard the Royal Caribbean Allure of the Seas — a 1,181-foot-long ship that holds up to 6,300 guests (4) — the Middletons’ all-in monthly spend looks much different. Their fare, accommodations, food and onboard entertainment run about US$5,200 (C$9,568). WiFi costs US$460 to US$525 (C$847 to C$966), and shore excursions can range from $0 to about US$400 (C$736).

“My love for cruises started a long time ago, but I think we love the fact you unpack once and you get to see the world,” Katrina said.

There are trade-offs, of course. The couple misses family and home-cooked meals, and they manage time zone logistics using a spreadsheet so they can log on to work at the right hour.

“When you’re home, you never fully switch off and you’re still in that environment,” Katrina said. “On the cruise, there’s less stress.”

Why more Canadians are exploring unconventional living options

The Middletons’ story resonates far beyond Scotland. Housing affordability, grocery costs and rising household overhead are squeezing budgets in Canada, too — and may cause some to investigate unconventional approaches to where and how they live.

Canada’s headline inflation rate fell to 1.8% year-over-year in February 2026, according to StatCan — down from 2.3% in January — though food inflation remained elevated and energy prices have climbed in recent months (5). Food prices are forecast to rise another 4% to 6% in 2026, potentially adding close to $1,000 more annually in groceries for a typical family of four (6).

The Middletons are not a unique case. CNN Travel reported Sharon Lane, a retired California teacher who made the Villa Vie Odyssey her home in July 2025 — part of a growing trend of retirees and early retirees contemplating life at sea (7). Closer to home, StatCan reported that cruise arrivals at Canadian ports totalled 1.9 million in 2025, as interest in extended cruise travel continues to grow among Canadians (8).

For most, the appeal isn’t the high seas per se — it’s the idea of collapsing dozens of fixed monthly costs into a single, fixed number. The Middletons’ story highlights how much of any household budget can be tied up in costs that feel unavoidable: mortgage or rent, car payments, utilities, food, subscriptions and gym memberships. Bundled differently, those same dollars might go further.

For a small group of travellers, life at sea may genuinely work. For most Canadians, though, the smarter move may be identifying where those fixed costs are hiding — and finding ways to bring the bundled savings back to shore.

What Canadians can take away from the Middletons’ story

You don’t have to sell your home and book a cruise to take advantage of the lesson here. The Middletons’ experience points to a set of financial principles that are just as relevant on land as they are at sea.

Do a fixed-cost audit. List every recurring monthly expense — mortgage or rent, car payments, insurance, subscriptions, utilities, gym memberships and food. Many Canadians underestimate how much of their income goes to fixed costs before they spend a single discretionary dollar.

Know your affordability benchmark. CMHC and StatCan define affordability as spending no more than 30% of before-tax income on shelter. If your housing costs — including mortgage or rent, utilities and property taxes — exceed that threshold, it may be worth exploring your options, whether that means refinancing, downsizing or renegotiating.

Question what’s “fixed.” The Middletons discovered that costs they assumed were fixed — two cars, a large home — were actually choices. Before concluding that your expenses are unavoidable, ask which ones are tied to habits or assumptions rather than genuine need.

Consider the downsize before you consider the dramatic move. The couple’s financial reset actually began when they sold their larger home and moved to a smaller one. That step alone freed up capital and reduced monthly overhead. For Canadians, a strategic downsize — or a move to a lower-cost market — can have a similar effect without needing a passport.

Build a buffer before making a major lifestyle change. Whether you’re considering a move, a career change or a radical cut to your fixed costs, make sure you have an emergency fund in place first. Financial advisers generally recommend keeping three to six months of living expenses on hand in a liquid, accessible account. Major life changes like the one the Middeltons made often cost more than expected at the outset.

— with files from Melanie Huddart

Article sources

We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.

People (1); Statistics Canada (2, 5, 8); Government of Canada — Housing, Infrastructure and Communities (3); Royal Caribbean (4); Canada Food Price Report 2026 (6); CNN Travel (7)

A new poll from CIBC found that 55% of mortgage holders are concerned about making the wrong choice when renewing, while nearly half (48%) say they’ll need help from a financial advisor to navigate the process.

“With today’s changing rate environment, Canadians are looking for more certainty,” said Mudit Jain, senior vice-president, Borrowing Solutions at CIBC, in a statement.

Fixed rates gaining favour as borrowers seek stability

The CIBC survey suggests many homeowners are prioritizing predictability over flexibility as they approach renewal.

Among those expecting to renew in the next two years, 60% said they plan to choose a fixed-rate mortgage, pointing to a continued preference for stable payments even as rate expectations shift.

That trend comes as a large wave of mortgages taken out during the pandemic-era low-rate period begins to reset at higher borrowing costs. For many households, that means weighing whether to lock in now or wait for potential rate cuts — a decision that can have long-term financial consequences.

At the same time, more than one-third (35%) of mortgage holders say they expect to renew within the next two years, underscoring how widespread these decisions will be across Canadian households.

Renewal decisions becoming more complex

Beyond rate selection, borrowers are navigating a range of competing considerations when renewing their mortgage.

Factors such as amortization periods, payment frequency and overall affordability can all influence the total cost of borrowing, particularly in a higher-rate environment.

Jain noted that the renewal process can feel overwhelming, with homeowners balancing current financial pressures against longer-term goals.

“We understand that renewing a mortgage can feel overwhelming as there is a lot to consider,” he said, noting that borrowers often need to weigh both immediate payment changes and broader financial planning.

That complexity may help explain why many Canadians say they’re seeking outside guidance, whether through financial advisors or by comparing offers across lenders.

Banks push digital tools as renewal wave builds

Against that backdrop, CIBC said it is introducing a new digital tool aimed at helping borrowers explore their options ahead of renewal.

The tool allows users to generate a personalized estimate and potential rate in minutes, without affecting their credit score, while also connecting them with an advisor for further support.

While tools like this are becoming more common across the banking sector, they reflect a broader shift toward self-serve mortgage planning — particularly as more borrowers look to compare options before committing to a renewal.

For consumers, such tools might help to provide more visibility into potential payment changes, hopefully without adding another layer to an already complex decision process.

Easiest place to start is with an online mortgage broker

If you want to secure a better mortgage rate, a good place to start is shopping around and comparing rates from Canada’s biggest banks and best lenders. However, doing so takes research, time and effort that you might not have, especially if you’re working full time — let alone if you have child care responsibilities.

That’s where online aggregators, like Homewise, can help. Rather than emailing back and forth with individual lenders, a consolidator lets you compare rates from a pool of over 30 banks and lenders.

It’s easy to get started: All you have to do is provide a few details, and Homewise will connect you with nearby providers to get you the best rates.

You can also get end-to-end support from Homewise Advisors — giving you almost-instant access to the best rates and peace of mind guidance from a professional. Even better, no credit check is required, so you can start comparing rates right away.

With the Iran war entered its eighth week with no concrete end in sight, global markets have been rattled. At the end of March, the S&P 500 finished last week at 8.7% below its all-time high, and both the Dow and Nasdaq were more than 10% below their records (1). Here in Canada, the S&P/TSX Composite Index fell 2% since hostilities began on February 28, 2026, according to The Canadian Press (2). As of April 17, the North American markets experienced a rebound, as the price of oil fell 10% and the S&P 500 jumped 1.5% — part of a larger trend of gains since the end of March slump — after Iran revealed the critical Strait of Hormuz was open (3). However, due to the unpredictability of negotiation talks and continued offensive/retaliatory strikes between the sparring nations, expect volatility to persist. Just a day later, on April 18, Iran announced it had closed the Strait due to a U.S. naval blockade, causing oil prices to spike as a result (4).

For Canadian investors, the picture is uneven in ways that are different from what investors are experiencing south of the border. Oil and energy stocks make up more than 16% of the S&P/TSX Composite Index (5) — a fact that’s a double-edged sword. Higher crude prices boost energy producers like Suncor Energy (TSX:SU) and Canadian Natural Resources (TSX:CNQ), but inflation fears and the threat of higher interest rates drag on the broader market.

Orman sat down with Fitz-Gerald — a private investor, analyst and market researcher with more than three decades of experience — to cut through the noise. “Everything now is dependent on one thing and one thing only,” she told Fitz-Gerald. “And that is oil, in my opinion (6).”

Orman reminded listeners that stock fundamentals, including earnings and profitability, had been solid right up until the war began. “Now we're watching oil go up and up and up and sometimes it comes back down. And when it comes back down, that’s when we see the markets go up.”

Crude oil prices have surged more than 50% since hostilities began on February 28, 2026, hovering around US$100 a barrel (7). This volatility and its impact on oil will likely continue for the near term, if not longer.

However, as Orman and Fitz-Gerald will discuss, peaks and valleys are part of the natural course of stock market performance, and shouldn’t thwart the compounding power of staying invested even if the going gets tough temporarily.

What investors can do right now

Orman and Fitz-Gerald shared their perspective on how everyday investors can navigate uncertainty in the market, regardless of what geopolitical unrest may be testing investor confidence. For Canadians, their advice applies whether you’re holding a Tax-Free Savings Account (TFSA), a Registered Retirement Savings Plan (RRSP) or a non-registered brokerage account.

To get started, open a no-fee RRSP high-interest savings account with EQ Bank. For a limited time, get up to $200 cash when you add new deposits to your EQ Bank RRSP account.

Stay with your investments for the long term

If you watch your portfolio daily and react in panic to every headline by selling or moving to cash, you won’t see the long-term benefits.

Both Orman and Fitz-Gerald agree that when the market stabilizes, we’ll see it skyrocket again. Fitz-Gerald warns that “everybody who thinks they’re being smart by stepping out right now is going to get left behind.”

For Canadian investors, history backs this up. The S&P/TSX Composite surged 833 points — its biggest single-session rally in nearly a year — on March 31, 2026, when fresh optimism about a potential end to the Iran war swept through Bay Street (8). Investors who had exited the week prior missed every point of that gain.

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Choose stable stocks

When Orman asked Fitz-Gerald what to do if your tech holdings are sinking, his answer wasn’t to sell — it was to rebalance with something steadier.

“If you're freaked out because all of your tech has gone in one direction, you can balance that like a little kid’s teeter-totter on the playground with a stable stock like Chevron,” he said. Fitz-Gerald noted that it offers reliable dividends and has remained stable over time.

For Canadian investors, the TSX offers strong domestic equivalents. Suncor Energy (TSX:SU) and Canadian Natural Resources (TSX:CNQ) are the two most widely cited names for investors seeking oil-sector stability and income.

According to The Motley Fool Canada, both companies offer long-life, low-decline oil sands assets, strong cash flow and dependable dividends — meaning they generate returns regardless of how the broader market is performing (9).

CNQ raised its dividend for the 26th consecutive year in early 2026, with a yield of approximately 4% (9). Suncor runs the full pipeline — from its oil sands production, refining and its Petro-Canada stations — and it pays a quarterly dividend yield of around 3.2%. It’s also been steadily raising that annual dividend year after year (10).

The point of a stable stock is to keep your portfolio steady when the market gets bumpy. Once you’ve got that base set, it’s time to think about where to put your next dollar, even if the market feels expensive right now.

Don’t be nervous to buy stocks at a high

Orman and Fitz-Gerald addressed a common concern: Investors who avoid buying because a stock has already climbed to a high will potentially miss out.

For example, when viewers were frustrated by recommendations to buy Chevron at what felt like a peak, the stock continued to climb even higher — those who passed on it missed the gains.

“I’ve learned that lesson the hard way. I thought I was being smart, I bailed out, I made mistakes, I lost money,” Fitz-Gerald told Orman. “But if you continue to lean in when you feel that way and you get uncomfortable, I’ve learned that’s a heck of a lot more profitable.”

Fitz-Gerald also recommended SGOV — a short-term U.S. Treasuries fund — as a “super safe” option with a decent return for investors who want to protect what they already have. Canadian investors can find a domestic equivalent in Government of Canada Treasury Bills (T-bills) or short-term Guaranteed Investment Certificates (GICs). As of March 25, 2026, the best GIC rates in Canada range from 3.25% to 4.00% for terms between one and five years. (11). Both GICs and T-bills can be held inside a TFSA or RRSP, allowing any interest earned to grow tax-free.

What Canadians should do next

The emotional instinct to protect your savings when markets fall is natural. Here are some steps to help you stay rational when headlines are anything but.

Review your asset mix, not your daily balance. A well-diversified portfolio should include Canadian equities (including energy), international exposure and a fixed-income component. Check your allocation against your timeline, goals and risk tolerance rather than against this week’s TSX close.

Use your registered accounts strategically. If you’re holding cash on the sidelines, a TFSA is one of the most flexible places to put it. Any growth — whether from GICs, dividend stocks, or equities — comes out tax-free. An RRSP is ideal if you’re set to earn higher income this year and want to defer taxes on contributions now.

Consider Canadian energy as your “ballast.” With energy stocks making up about 17% of the TSX, Canadian investors already have some built-in exposure (12). If your portfolio is heavy in tech or growth stocks, adding dividend-paying energy names like CNQ or Suncor can help take some of the edge off, as Fitz-Gerald suggests with his teeter-totter analogy.

Park short-term cash in something safe but productive. If you need stability right now, short-term GICs and Government of Canada T-bills are the domestic equivalent of Fitz-Gerald’s SGOV recommendation. The Bank of Canada held its overnight rate at 2.25% on March 18, 2026, meaning deposit rates are steady (13).

Don’t let the war dictate your retirement timeline. If your RRSP or TFSA is invested in broadly diversified index funds, geopolitical shocks are priced in over time. Selling in a downturn locks in losses. Staying put — or adding on dips — is the strategy both Orman and Fitz-Gerald advocate for.

— with files from Melanie Huddart

Article sources

We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.

The Associated Press (1); Yahoo! Finance via Canadian Press (2); CBC News (3); Global News (4); Morningstar Canada (5); YouTube (6); Morningstar Canada (7); News Anyway / Bloomberg (8); The Motley Fool Canada (9); NAI 500 (10); Ratehub.ca (11); TMX/Market Insights (12); Bank of Canada (13)

At the heart of the strategy is a tool: a balance transfer credit card. Used correctly, this tool can eliminate up to $1,000 in interest payments (assuming you carry a balance of $5,000 or more on your credit cards).

But before you apply for a balance transfer card, there are a few personal finance rules to follow — because breaking one can eliminate the benefits of this tool, and cost you more in the long run.

How the 0% offer actually works

A balance transfer moves the amount you owe on one credit card to a new card.

For example, by transferring another card's balance to the MBNA True Line card, you'd pay no interest for 12 statement periods, which amounts to roughly 12 months from the transaction date. After that, the balance transfer rate reverts to 17.99%. For Canadians who carry a $5,000 balance on a card that charges 22%, that's an annual savings of $1,100 (not including the one-time fee to transfer the balance to the new card).

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How the 0% balance transfer card strategy can fail

Unfortunately, most cardholders don't realize that once a balance transfer is complete, any missed or late payment on that card can immediately cancel this promotional 0% rate.

For instance, the fine print on MBNA cards states that the standard rate kicks in on the first day of the second statement period following any late minimum payment.

For cardholders managing a large balance, that risk is worth taking seriously. An easy way to avoid triggering a cancelled promotional rate is to set up automatic payments at least for the minimum amount for that card, to ensure the offer stays intact.

You should also avoid using the balance transfer card for any new purchases. That's because most balance transfer promotions do not apply to new purchases made on a card. These new purchases accrue interest immediately at the card's standard purchase rate, from the date of purchase.

To avoid these extra high-interest charges, always use a different card for everyday spending during the promotional period of your balance transfer card.

3 things that will cancel your promotional rate immediately

Most people who lose the 0% rate do so through avoidable mistakes. Here are three common mistakes to avoid:

• Missing a minimum payment. The promotional rate ends in the second statement period after a late minimum payment. Automatic payment for the minimum amount removes this risk.
• Waiting too long to transfer. The balance transfer must be initiated within 90 days of account opening. Applying and waiting will cost you the offer.
• Assuming new purchases are covered. They are not. New spending accrues interest at the standard purchase rate from day one. Treat this card as a debt-repayment tool only during the promotional window.

Do the math: How to tell if a transfer fee is worth it

Virtually all balance transfer cards will charge a fee. Typically, that fee is a percentage applied to the amount being transferred. For example, if you transferred $5,000, and the fee was 3%, then the fee paid is 3% of $5,000, or $150.

That’s the only cost you pay — provided you follow the rules and clear the balance within the promotional period (usually three to 12 months).

So is it worth it to transfer a card balance to a card with a promotional rate? To find out, you need to do the math.

Let's assume a cardholder carries a $4,500 balance on a card charging 19.99%. Left on that card for 12 months, the interest alone totals roughly $900. By transferring the balance, the cardholder would pay a 3% transfer fee, or $135. In the first year of 0%, that's a savings of $775. In this example, the transfer fee pays for itself within the first two months of avoided interest charges.

That means that any Canadian carrying a balance on a credit card needs to spend a few minutes doing this, which is a straightforward calculation. And if your savings are significant, it's time to use a tool that can help you get out of debt faster.

Our experts analyzed over 27,000 data points to rank the best credit cards in Canada — read our full methodology and find your best card.

What to do when the 12 months are up

The goal is to reach month 12 with a $0 balance. That requires a plan on day one. Divide your transferred balance by 12 and treat that amount as a fixed monthly payment. On a $4,500 balance, that means paying $375 per month. On a $3,000 balance, that means paying $250 per month.

If you cannot clear the full balance before the promotional period ends, the remaining amount will be subject to the card's standard rate. In that case, it may be worth evaluating your options. Consider another balance transfer card, a personal line of credit or a debt consolidation loan to help lower your interest costs and pay down the debt faster.

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Keep in mind that borrowers with strong equity or an existing line of credit, those options may have more flexibility for longer repayment windows. The 0% balance transfer is most powerful as a focused 12-month sprint — not a long-term debt management plan.

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Article Sources

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NerdWallet Canada (1)

Enhanced HST New Housing Rebate

A primary highlight of the 2026 Ontario Budget is a temporary enhancement of the Harmonized Sales Tax (HST) New Housing Rebate. Effective April 1, 2026, the provincial government, in partnership with the federal government, is removing the full 13% HST on qualifying newly built homes.

• Maximum relief: Eligible homebuyers can receive a combined rebate of up to $130,000.
• Price thresholds: The full rebate applies to homes valued up to $1 million. For homes between $1 million and $1.5 million, a flat reduction of $130,000 is available. Relief scales down for properties valued up to $1.85 million.
• Eligibility window: This measure applies to agreements of purchase and sale entered into with a builder between April 1, 2026, and March 31, 2027.
• First-time buyers: For those entering the market for the first time, separate relief measures have been aligned with federal rules, backdating eligibility to March 20, 2025.

Ontario Fertility Treatment Tax Credit

To assist with the costs of family expansion, the province has introduced the Ontario Fertility Treatment Tax Credit (OFTTC). This is a refundable credit, meaning it can be claimed even if the taxpayer has no tax liability for the year.

• Coverage: The credit covers 25% of eligible medical expenses related to fertility treatments, preservation, and surrogacy services provided in Canada.
• Maximum claim: Taxpayers can claim up to $20,000 in expenses for a maximum annual credit of $5,000.
• Effective date: This applies to eligible expenses paid on or after January 1, 2025. To qualify, the expenses must also be claimed under the Ontario Medical Expense Tax Credit (METC) on the same return.

Sunset of the Canada Carbon Rebate

Following the cessation of federal pollution pricing at the pump in early 2025, the Canada Carbon Rebate (CCR) program has concluded. The final quarterly payment was issued in April 2025.

However, a critical deadline remains for those with unfiled returns. The federal government has established a strict cutoff: no CCR payments or adjustments will be processed for tax returns filed after October 30, 2026. Individuals with outstanding 2024 returns must file before this date to receive any remaining rebate entitlements.

Key filing dates for 2026

Maintaining awareness of the CRA’s schedule ensures that taxpayers avoid late-filing penalties and interest:

• February 23, 2026: Official opening for online tax filing.
• March 9, 2026: Launch of the SimpleFile Digital service for invited users with straightforward tax situations.
• April 30, 2026: General deadline for filing 2025 returns and paying any balances owed.
• June 15, 2026: Filing deadline for self-employed individuals (though any tax owing is still due by April 30).

According to Statistics Canada’s most recent data, Canadian household wealth reached a collective high of $17.87 trillion in the second quarter of 2025 — and baby boomers remain at the top of that pile. Further, the average boomer household’s net worth rose to $1,458,282 in the second quarter of 2025, according to StatCan figures (1).

Meanwhile, TD Asset Management notes that baby boomers, born between 1946 and 1964, control almost 50% of Canada’s total wealth — while millennials, despite making up the largest share of the labour force, hold just 10% (2).

So how did boomers get here? Real estate appreciation was one way — boomers bought homes when prices were modest, and those properties generated wealth over the years. Many retirees received defined benefit (DB) pensions, something far less common today. And boomers hit their prime earning years during one of the longest stock and bond market rallies in history.

However, despite their edge, not all boomers emerged wealthy. And younger generations have advantages of their own. A comfortable retirement may still be within reach for all — if each generation leans into its strengths. Here’s what different generations can do to secure their financial futures.

Baby boomers

Baby boomers may hold more wealth than any generation in Canadian history, but it isn’t evenly spread out. TD Asset Management confirms that while boomers collectively hold close to half of Canada’s wealth, a large portion of that is concentrated at the top of the income ladder.

For boomers who are still working, timing is everything — especially when it comes to Canada Pension Plan (CPP) and Old Age Security (OAS) benefits. You can start collecting CPP as early as age 60 — but for every month you delay past age 65, your benefit increases by 0.7% (8.4% each year), meaning those who wait until 70 receive up to 42% more each month for life (3).

OAS payments begin at age 65 but can be deferred until age 70, increasing by 0.6% every month you defer — up to 36% more after five years (4). For boomers still in good health, delaying both CPP and OAS can add hundreds of dollars monthly in permanent, inflation-indexed income that will never run out.

Boomers should also consider the strategic benefits of downsizing. If a family home has appreciated significantly — as many have across major Canadian markets — unlocking that equity could give retirement savings a boost, reduce ongoing carrying costs and right-size living expenses to match retirement income.

Among boomers yet to retire, the 2026 BMO Retirement Survey found that 27% of those who are still employed say they don’t plan to stop working at all (5). For many, staying in the workforce — even part time — serves a dual purpose: it generates income that can be directed into a Tax-Free Savings Account (TFSA) or Registered Retirement Savings Plan (RRSP) and it delays the need to draw down existing savings.

To get started, open a no-fee RRSP high-interest savings account with EQ Bank. For a limited time, get up to $200 cash when you add new deposits to your EQ Bank RRSP account.

Gen X

Generation X may have drawn the shortest straw when it comes to retirement. This cohort — roughly those born between 1965 and 1980 — entered the workforce just as many private-sector employers were phasing out defined benefit (DB) pensions. They became the first generation to rely on defined contribution plans, where the savings burden falls entirely onto the worker.

However, the numbers aren’t exactly encouraging. StatCan data shows Gen X household wealth grew at the fastest pace of any other cohort in the second quarter of 2025. But your wealth written on paper doesn’t always mean you’re ready for retirement.

A 2025 Canadian Retirement Survey by Healthcare of Ontario Pension Plan (HOOPP) found that 59% of unretired Canadians don’t believe they’ll ever be able to retire due to their financial situation (6). More explicitly, the BMO 2026 Retirement Survey found that 20% of Gen X who responded say they don’t believe they’ll ever be able to retire (5). Many are also caught in the so-called sandwich generation squeeze — supporting aging parents while still raising children.

What can Gen Xers do? Maxing out RRSP and TFSA contributions is the most important starting point. The 2026 RRSP contribution limit is $33,810 — or 18% of the previous year’s earned income, whichever is less — and any unused contribution room from that carries forward (7). That carry-forward is a lifeline for anyone who couldn’t contribute in previous years, perhaps when income was lower. Additionally, the TFSA limit sits at $7,000 for 2026, with a cumulative lifetime limit of $109,000 for those eligible since 2009 (8).

Tackling debt is equally urgent. Gen X households aged 46 to 55 carry the highest average non-mortgage debt of any age group — $34,564 as of Q4 2024, according to Equifax Canada (9). Dragging that into retirement is a fast track to financial stress. Paying it down right away, along with getting a handle on future health-care costs, is how Gen X closes the retirement gap before it’s too late.

Millennials

For Canadian millennials — generally those born between 1981 and 1996 — debt is the biggest thing standing between them and a comfortable retirement. And the numbers paint a pretty bleak picture.

Millennials and Gen Z together carried $1.1 trillion in outstanding credit balances as of Q4 2024 — a 10% jump from the year before, according to TransUnion Canada (10). The average non-mortgage debt for each Canadian consumer hit $21,931, with debt-to-income ratios remaining high. Meanwhile, disposable income for millennials crept up to just 1.7% year-over-year in Q2 2025, compared to 3.9% for all households — making it harder to chip away at debt and save for retirement at the same time.

Meanwhile, the bar for retirement savings keeps climbing. The BMO 2026 Retirement Survey found that Canadians believe they need an average of $1.7 million to retire comfortably. Millennials tend to set the highest retirement targets: Many estimate they’ll need around $2.1 million in savings (11).

However, more than one-third (36%) of Canadians say they’re unlikely to meet their retirement savings target (5).

The good news: Millennials who are young enough to still have two or three decades of earning ahead of them have two of the most powerful financial tools available — time and compounding growth. Automating savings — directing even a small, fixed percentage of each paycheque into an RRSP or TFSA — removes the decision-making tension that can lead to missing contributions.

Trying to pay down debt and building retirement savings at the same time is a lot to juggle — and that’s exactly where a financial adviser comes in handy. A study by IG Wealth Management found that, generally, people who work with a financial professional to prepare for retirement are more likely to reach their goals (12).

For millennials raising children, the Registered Education Savings Plan (RESP) is worth taking note of. The federal government kicks in a grant of up to $500 a year — 20% on the first $2,500 you contribute annually — which can take some future financial pressure off and help keep your retirement savings intact (13).

Gen Z

Data shows the youngest generation of Canadian adults may be the most financially self-aware of all. The National Payroll Institute’s 2025 Annual Survey of Working Canadians by Canada’s Financial Wellness Lab found that Gen Z workers are saving an average of 11% of each paycheque — a higher proportion than any other generation. Gen X and boomers averaged 8%, while millennials saved 9% (11). A 2024 TD Bank survey also found that 68% of Gen Z Canadians invest consistently each year — the highest rate of any demographic (14).

Meanwhile, StatCan data confirms that Gen Z contributed a median amount of $1,880 to their RRSPs in 2023 — 20% more than millennials were contributing at the same age in 2009 (15).

Motivated savers have one enormous advantage: compound growth. The earlier money is invested, the longer it has to multiply. For example, a Gen Z investor who started contributing at 22 and remained consistent throughout their working years will have accumulated dramatically more than a peer who started 10 years later — even if the late starter contributed more each year.

The main focus for this generation is maximizing employer matching in workplace pension or group RRSP plans — free money that too many workers leave on the table — while also taking full advantage of the TFSA for tax-free growth. With cumulative TFSA room growing at $7,000 every year, a young Canadian who starts contributing early and invests consistently can build a substantial, tax-free nest egg over a 40-year career.

What every generation can do right now

No matter your birth year, the fundamentals of building retirement security in Canada come down to a few key actions:

Know your government pension options. CPP can be taken as early as 60 with a permanent reduction, or delayed until 70 to receive up to 42% more each month. OAS begins at 65 but can also be deferred to 70 for up to 36% more. Understanding the break-even analysis based on your health, life expectancy and other income sources is essential.

Maximize registered accounts first. RRSPs provide a tax deduction today plus ongoing tax-deferred growth. TFSAs provide tax-free growth and flexible withdrawals. Most Canadians should use both, in the order that best fits their current income level and expected retirement income.

Get debt under control. By the end of 2024, Canada’s total consumer debt hit $2.5 trillion (10). Carrying high-interest debt — especially credit card debt, which grew 9.2% year-over-year in Q4 2024 — is one of the fastest ways to drain your financial future. Paying off balances as quickly as possible is one of the highest-return financial moves available.

Don’t wait for the inheritance. The Chartered Professional Accountants of Canada projected that $1 trillion in wealth would transfer from Canadian boomers to their heirs between 2023 and 2026 (16). But relying on an inheritance to fund retirement — rather than treating it as a potential bonus — is a plan built on uncertainty.

Get professional advice. Regardless of age, Canadians who work with a financial adviser are significantly more likely to be on track for retirement. Even one planning session can clarify goals, close knowledge gaps and set a course for a more secure future.

Article sources

We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.

Statistics Canada (1, 15); TD Asset Management (2); Canada.ca (3, 4); BMO Financial Group (5); HOOPP 2025 Canadian Retirement Survey (6); Canada Revenue Agency (7); Canada Revenue Agency (8); Equifax Canada (9); TransUnion Canada (10); BMO Annual Retirement Survey (11); IG Wealth Management (12); Government of Canada (13); TD Bank Group (14); CBC (16)

According to TransUnion's Credit Industry Insights Report, the average credit card debt per borrower reached just over $4,680 (1). At a standard rate of 20.99% — the posted rate on most major Canadian cards — that balance generates just over $980 in interest charges every year. This amount doesn't reflect emergency spending or missed payments — just the cost of carrying the average balance, month after month.

While $980 might not feel catastrophic on its own, the math showing what impact it could have on your future finances is startling. If that money was redirected into a Registered Retirement Savings Plan (RRSP), after 15 years, those earnings could exceed $30,000. (Figures are illustrative; a financial adviser can model your specific situation.)

This is the retirement math that credit card statements don't show.

The balance is growing — and so are the stakes

According to data, credit card balances across Canada have climbed for 31 consecutive months. Total outstanding card debt hit a record $124 billion in Q4 2024, up 9.2% year-over-year (2). Approximately 64% of that sum was revolving — meaning consumers carried it from one month to the next rather than paying it off.

The trend is even more pronounced among younger working Canadians who are now entering their peak earning and RRSP contribution years. Millennials and Gen Z collectively hold $1.1 trillion in consumer credit — a 10% year-over-year increase — and account for approximately 45% of all household debt in Canada. Among insolvent borrowers specifically, credit card debt among millennials surged 35% in 2024, according to research by licensed insolvency trustees Hoyes, Michalos & Associates Inc (3).

"For every person who files insolvency, many more Canadians carry unsustainable credit card balances, struggling silently with minimum payments that barely cover the interest charges," explained Ted Michalos, Licensed Insolvency Trustee at Hoyes Michalos, in a press statement.

That silent struggle carries a compounding cost that most people never see itemized.

Why paying 20% interest is the opposite of investing

Interest on a revolving credit card balance does not behave like a fixed annual fee. It compounds monthly.

On a $4,680 balance at 20.99%, the first month alone costs roughly $80 in interest charges — charges that get added to the principal if only a minimum payment is made.

Over time, that compounding works directly against the compounding that makes RRSP growth possible.

For example, if a borrower makes $100 monthly payments on that average $4,680 credit card balance, it would take more than eight years to pay off the debt. Plus, the borrower would end up spending approximately $5,170 in interest over that period — more than the original debt balance on the card.

But here's where the power of minimizing interest fees really comes into play: By redirecting that $980 per year into an RRSP, at a 6% average annual return, after 15 years, the total investment could exceed $27,000. Reinvest the RRSP tax refund on those yearly contributions (at a 33% marginal rate), for roughly $324 per year and your RRSP contributions would be more than $30,000.

That is the real cost of an average credit card balance held over time — it's not just the interest paid, but the retirement capital never built.

Looking for a new card? Compare hundreds of credit cards to find the option that fits your spending needs.

The balance transfer strategy that frees up RRSP room

For borrowers with good credit, a balance transfer to a promotional low- or zero-interest card can provide a window of 6- to 12-months. This would help accelerate debt repayment — as it eliminates the interest on the debt — and frees up cash to repay debt.

Another option is to take the money you would've spent on interest and pay down debt, while also contributing to an RRSP. Any RRSP tax refund generated by that contribution can then be applied back to the remaining debt repayments.

This strategy works best when the promotional period is long enough to meaningfully reduce the principal and when the borrower has available RRSP contribution room.

Canadians can confirm their available room by checking the most recent Canada Revenue Agency (CRA) Notice of Assessment or by logging into their My Account on the CRA website.

One caution: balance transfer cards typically carry a transfer fee of 1% to 3% of funds moved, and the promotional rate expires. Any balance remaining after the promotional period reverts to the card's standard rate, which may be similar to the rate the borrower started with. So, this strategy only delivers its full benefit if the repayment plan is realistic and disciplined.

When to call a debt counsellor before your retirement window closes

For Canadians carrying more than $10,000 in high-interest debt, the math of do-it-yourself repayment gets harder to manage alongside retirement contributions. In those cases, a non-profit credit counsellor can help identify a realistic repayment path without taking on new (and potentially expensive) borrowing.

The Credit Counselling Society (CCS), a registered non-profit, offers free and confidential credit counselling to Canadians in every province and territory, available in person, by phone or online. Initial consultations are free, with no impact on a borrower's credit report.

For borrowers in Quebec or Atlantic Canada, Credit Counselling Services of Atlantic Canada offers equivalent free counselling services.

The office of the Superintendent of Bankruptcy (OSB) notes that consumer insolvency filings reached 137,295 in 2024 — up from 90,092 in 2021 — which underscores how many Canadians are reaching a tipping point before seeking structured help (4). The earlier a borrower addresses a high-interest debt load, the more retirement runway remains.

Looking to consolidate debt? Trade your mountain of bills for a single, easy-to-manage monthly payment today. See your debt consolidation options in minutes without any commitment or upfront fees.

The final decision

Paying down high-interest debt and building RRSP savings are not competing goals — they are sequential ones. Keep in mind, a card balance with an interest rate of 20.99% or more is not a minor line item — it is an annual drag on your ability to build wealth. Clearing it, then redirecting that cash flow into an RRSP, is one of the highest-return financial moves available to most working Canadians. The math does not require a bull market or a raise. It requires eliminating the guaranteed 20% loss first.

Article sources

We rely only on vetted sources and credible third-party reporting. For details, see our ethics and guidelines.

TransUnion Canada (1, 2); Newswire (3); Government of Canada (4)

According to the Healthcare of Ontario Pension Plan (HOOPP), an administrator of one of Canada’s largest defined benefit pension plans, 59% of unretired Canadians say they don’t think they will ever be able to retire because of their financial situation (1). Half of unretired Canadians surveyed in 2025 had not set aside any money for retirement in the past year, and 39% said they have never saved for retirement at all.

The problem isn’t willpower — it’s purchasing power. The rising cost of daily living is the top concern for Canadians nearing retirement, and the gap between what the Canada Pension Plan (CPP) and Old Age Security (OAS) provide and what retirees actually need to live comfortably is widening. As of early 2026, the average monthly CPP payment for new beneficiaries was $925.35 (2), and the maximum OAS payment was $743.05 a month if you’re between 65 and 74 (3). Combined, that’s roughly $1,668 monthly in government income — a figure most Canadians would find difficult to live on.

Meanwhile, a 2025 BMO Retirement Survey found that 76% of Canadians are worried they won’t have enough money to retire comfortably with prices continually rising, and 63% say price increases have made it harder to save for retirement (4).

To bridge the gap, a growing number of Canadian seniors are staying — or returning — to work. In 2023, a record 15% of Canadians aged 65 and older participated in the labour market, up from just 6.6% in 1994, according to data from the Vanier Institute of the Family based on Statistics Canada’s Labour Force Survey (5). The average retirement age in Canada has also climbed to 65.1 years — its highest point since the late 1970s.

But not everyone wants to return to a full-time role. If you’re looking to top up your income without committing to a 40-hour week, here are five ways Canadian retirees are earning extra money in retirement — from home and on their own terms.

Part-time or flexible work

Not every working senior is trading in their retirement for a full-time schedule. Many are opting for part-time or contract roles that fit around their lifestyle — a model sometimes called “bridge employment.”

The Canada Statistics Survey of Older Workers found that 47% of Canadians would keep working in retirement if they could do so on a part-time basis, and 35% said they would continue if they could work from home (6).

There’s no shortage of part-time options for experienced workers. Roles such as administrative assistant, data entry clerk, tutoring and retail associate are consistently available across Canada and don’t require a university degree. According to job postings across Canadian platforms in 2025, many part-time positions pay between $18 to $36 an hour, depending on experience and location. Working 10 to 15 hours a week at that range can add $720 to $2,160 a month to your retirement income — a significant cushion on top of CPP and OAS.

One important note for Canadians: You can work while collecting CPP. If you’re between 60 and 65, you must continue contributing to CPP while working, but those contributions are converted into Post-Retirement Benefits (PRBs), which increase your future monthly CPP income. At 65, you have the option to stop contributing.

Coaching or consulting

Decades of professional experience don’t expire when you do. For seniors with C-suite, managerial or specialized technical backgrounds, consulting or coaching can be among the most financially rewarding — and personally fulfilling — ways to generate retirement income.

Platforms like Fiverr and Upwork are available to Canadian freelancers and allow you to market services ranging from executive coaching to business writing to financial modelling. For those with specialized professional backgrounds, positioning yourself as a fractional consultant — working with small or mid-sized companies on a contract basis — can command premium hourly rates while keeping your schedule flexible.

In-demand skills among Canadian retirees looking to consult include project management, human resources, tax and bookkeeping, communications and nonprofit governance. A professional advisor or career consultant can help you determine how to package your experience for the market.

Gig work

For those who want income that can be switched on or off with minimal commitment, Canada’s gig economy offers a range of options.

Uber and Instacart both operate across major Canadian cities and allow workers to set their own hours. TaskRabbit connects local workers with homeowners who need help with odd jobs — from furniture assembly to lawn care — and allows you to set your own rates. Gig income can be unpredictable, but even a few shifts a week can reduce the shortfall between fixed retirement income and monthly expenses.

One caution: Gig income is taxable as self-employment in Canada. Self-employment earnings must be reported to the Canada Revenue Agency (CRA). If your net self-employment income exceeds $3,500 in a year, you’ll also be required to make CPP contributions (7). On the positive side, those additional contributions generate PRBs that add to your monthly CPP payments going forward.

Rental income

Real estate is one of the most reliable retirement assets for Canadians who own property. Many seniors use their home equity to supplement retirement income — either through downsizing, renting out a portion of their home or taking out a reverse mortgage through lenders such as HomeEquity Bank.

If you own a property and are willing to rent it out, rental income is a proven source of supplemental income. You can also consider listing a room, suite or secondary property on short-term rental platforms such as Airbnb or VRBO — both widely used across Canada. Some areas have implemented restrictions on short-term rentals, so be sure to check your local government’s regulations (8).

For those who want real estate exposure without the headaches of being a landlord, Real Estate Investment Trusts (REITs) are available through most Canadian brokerages and platforms such as Wealthsimple. REITs allow you to hold shares in diversified property portfolios — commercial, residential or industrial — and receive regular distributions without owning or managing a physical property.

Earnings from rentals in Canada are considered taxable income and must be reported to the CRA. If you rent part of your principal residence, it may also affect your principal residence exemption for capital gains purposes when you eventually sell. It’s worth consulting a tax professional before getting started.

Selling courses or digital products

If you’ve spent decades growing your expertise, there’s a growing market of learners willing to pay for it.

Canada’s online education market was valued at US$1.7 billion in 2025 and is projected to reach US$9.4 billion by 2034, according to market research firm IMARC Group (9). Platforms like Coursera and Teachable make it relatively straightforward to build, host and sell online courses on topics ranging from cooking and fitness to professional development and financial planning.

Building a course takes an upfront time investment, but once created, it can generate passive income. The challenge — as with any digital product — is marketing. If you already have a professional network, social media following or blog audience, reaching potential students becomes much easier. For those starting from scratch, hiring a digital marketing professional or working with a content agency can help bridge that gap.

Digital products such as e-books, templates, guides or workshops are another option that can be built once and sold repeatedly, with minimal ongoing effort.

What Canadians can do next

Whether you’re a few years from retirement or already in it, the financial picture is clear: CPP and OAS alone are unlikely to cover the cost of a comfortable retirement for most Canadians. The good news is that the options to supplement your income are broader — and more accessible — than they’ve ever been.

Here are some practical next steps:

Check what you’re entitled to. Log into your My Service Canada Account to review your CPP contribution history and get an estimate of your retirement benefits. Use the federal government’s Canadian Retirement Income Calculator to model different retirement scenarios based on savings, income and start dates.

Understand how work affects your benefits. Working while collecting CPP generates PRBs, which permanently increase your monthly payments. But gig, freelance or self-employment income above $3,500 a year also triggers CPP contributions — which may affect your cash flow. Review the rules with a financial adviser.

Consider a Tax-Free Savings Account (TFSA). If you haven’t maximized your TFSA contributions, doing so is one of the most tax-efficient ways to build retirement income. Withdrawals aren’t counted as income, which means they won’t trigger OAS clawback or affect income-tested benefits.

Get professional advice before diving in. Whether you’re exploring rental income, gig work or selling courses, a certified financial planner (CFP) can help you map out your tax responsibilities, the impact on your benefits and the best plan for drawing down your retirement savings.

The goal isn’t to recreate a full-time career. It’s to build enough income flexibility that retirement feels like a choice — not a financial emergency.

Article sources

We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.

Healthcare of Ontario Pension Plan (1); Government of Canada (2, 3, 7); BMO Financial Group (4); Vanier Institute of the Family (5); NICENET (6); Hospitable (8); IMARC Group (9)

But inside the hallways of Surrey’s public schools, a different story is being told. For the first time in decades, the desks are beginning to empty.

A community in flux

The Surrey school district recently revealed that enrollment dropped by 1,450 students this past year, with nearly 900 more expected to vanish from the rolls this fall (1). While "smaller class sizes" may sound like a win on paper, in the world of public education, fewer students means fewer resources.

Because provincial funding is tied directly to the number of students in seats, a shrinking head-count means a shrinking pool of support for the children who remain. As Trustee Terry Allen told the Vancouver Sun (2), this creates a "financial pressure" that ripples through every school library, music room and playground in the district.

The exodus to the east

Why is a city that is supposedly "booming" losing its children? The answer lies in the harsh reality of the Lower Mainland’s housing market.

Simran Kang, the district’s director of finance, points to a demographic shift that should give every resident pause (3). Families aren't just moving to a different neighbourhood; they’re leaving the region entirely. Driven by a cost of living that has become unsustainable for many young parents, the "Surrey dream" is being packed into moving trucks and headed further east — out of the valley and, in many cases, out of the province.

When young families leave, a city loses more than just tax revenue. It loses the energy of the next generation, the volunteers for local sports leagues, and the vibrant, chaotic life that schools bring to a community.

The impact on the student experience

For the families who stay, the "uphill battle" described by Trustee Bob Holmes (4) becomes a daily reality. When the district has to balance its books against a funding model that doesn't account for inflation, the "extras" are often the first to go.

We’ve already seen the impact: reduced busing services that make the morning commute a hurdle for working parents, and a reduction in educational assistants who provide vital support to our most vulnerable learners. This isn't just about "rising costs." It's about a thinning of the safety net that public education is supposed to provide.

The district is currently providing more inclusive education than it is funded for, stretching every dollar and every staff member to the breaking point to ensure no child is left behind.

Shaping the future together

Surrey is at a crossroads. It’s becoming a city of towers, but we have to ask ourselves if it remains a city for families.

The school board is currently in the midst of public consultations before the final budget approval in May. This is a moment for residents to look beyond the balance sheets and advocate for the kind of community they want to live in. Whether you have a child in the system or not, the health of our schools is the most accurate pulse of our city’s future.

If we want Surrey to be more than just a place where people live, but a place where families thrive, we need to address why the hallways are getting quieter — before the silence becomes permanent.

Article sources

We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.

Vancouver Sun (1, 2, 3, 4)

It may actually be a bigger achievement than you realize. Over 36% of Canadians have less than $5,000 saved, and 20% have no savings at all, according to a 2025 retirement survey conducted by Healthcare of Ontario Pension Plan (HOOPP) and Abacus Data (1).

And here’s the part most people overlook: What you do next matters even more than the saving itself. That money can open doors to opportunity. It can become leverage. Or it can quietly disappear.

If you’ve reached that milestone, you’ve built real momentum. Now it’s time to direct it.

Here are five things you must do when you’ve finally saved up $10,000.

Pay down high-interest debt

A smart first move is to use a portion of your $10,000 to pay down credit card debt, especially balances with the highest interest rates.

Even a partial payoff can reduce how much interest compounds over time. From there, you can decide whether to allocate more — or even the full amount — toward becoming debt-free.

If your debt load is larger, you still have options to become debt-free as soon as possible.

For example, if you have more than $10,000 in debt, consolidating with a lower-interest personal loan through Loans Canada. could simplify payments and reduce the total interest you may pay in the long run.

Instead of juggling multiple balances, you can combine them into a single, more manageable payment, often at a lower rate.

You can shop for the most competitive interest rates on personal and debt consolidation loans, since Loans Canada specializes in comparing rates offered by different lenders.

You don’t need a minimum credit score or annual income to receive personalized loan offers.

And if your total debt exceeds $30,000, it may be worth exploring structured debt relief solutions.

Loans Canada connects Canadians with licensed providers who can help negotiate with creditors, potentially lowering what you owe or creating a more sustainable repayment plan.

You can get a free consultation with a debt relief expert who can work with you to help clear your debts and rehabilitate your credit with a plan tailored to your needs.

Don't let debt hold you back any longer. Browse our list of the best consolidation loan providers in Canada and start your journey to being debt-free.

Establish a healthy emergency fund

Before investing or chasing higher returns, the next job for your $10,000 is simple: Protect yourself from the unexpected.

Surprise expenses happen to everyone: car repairs, medical bills, urgent travel, or even a job loss. Without a financial cushion, those costs often end up on high-interest credit cards.

Statistics Canada reports that 25% of Canadians cannot cover an unexpected $500 expense (2), a strong indicator of having little or no emergency cushion.

That’s why many experts recommend keeping three to six months of essential expenses in an emergency fund.

Just as important as the amount is where you keep it. Your emergency savings should be easy to access while still earning interest rather than sitting idle.

For example, accounts like the EQ Bank Personal Account combine the everyday convenience of a chequing account with the benefits of a high-interest savings account.

When you fund the account and set up direct deposit, you can earn 2.75% interest on every dollar, while still keeping your money accessible if you need it.

The account also comes with $0 monthly fees, no minimum balance requirements, and even free ATM withdrawals anywhere in Canada.

In other words, your emergency fund stays liquid and flexible, but it’s still quietly working for you in the background.

Stop leaving money on the table with high fees and low interest. View our top-rated Canadian banks and switch to a better account today.

Start sinking funds for known expenses

Not every big expense is a surprise.

Imagine your car suddenly needs a $1,200 repair. It’s not exactly shocking — cars need maintenance — but the bill may still land at the wrong time.

Other similar expenses show up like clockwork: Holiday shopping, annual insurance payments, home repairs, or travel. They may not happen every month, but you know they’re coming. Without a plan, these predictable costs can still feel like emergencies.

This is exactly the kind of situation sinking funds are designed to prevent.

If you’re saving for something a little further out — say, a vacation next year or saving toward a car purchase — it can make sense to keep that money in a safe place where it can earn interest while you wait.

For example, the EQ Bank Notice Savings Account lets you earn 2.35% interest with 10 days’ notice on withdrawals or 2.75% with 30 days’ notice, making it a useful place to park savings you won’t need immediately.

Deposits are also protected by the Canada Deposit Insurance Corporation (CDIC) — the federal agency that insures eligible deposits at member financial institutions — up to applicable limits. That means your sinking fund stays both secure and productive while it grows.

It’s a small shift in strategy, but it can mean the difference between planned spending and expensive surprises.

Ready to watch your savings grow? Check out the best HISA providers in Canada, including no-fee options and high-yield promotional offers.

Keep the momentum going

Saving $10,000 is a major achievement, but the next step is to invest and grow it wisely.

To get started, platforms like Wealthsimple Portfolios offer an easy, hands-off way to grow your money.

Their pre-built portfolios are tailored to your retirement goals, risk tolerance and investment horizon, so whether you’re saving for retirement, a home or building long-term wealth, there’s a portfolio that’s right for every investor.

Expert-managed and designed to weather market ups and downs, Wealthsimple takes care of the heavy lifting: automatic contributions, dividend reinvesting and smart rebalancing keep your investments on track.

You can invest through RRSPs, TFSAs or non-registered accounts, all from an intuitive online dashboard or their easy-to-use mobile app.

Trusted by more than 3 million Canadians, Wealthsimple manages over $100 billion in assets and provides $1 million in eligible coverage through the CDIC for chequing accounts and CIPF for investments. Plus, as licensed fiduciaries, Wealthsimple's advisors must put your financial interests first.

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Ready to take control of your portfolio? Use our ultimate guide to compare account fees, trading tools, and sign-up bonuses for Canada's leading investment platforms.

Aside from traditional investments, consider diversifying a portion of your savings into alternative assets, like cryptocurrencies, which can offer exposure to a growing, high-potential market — without risking your entire nest egg.

With platforms like Kraken, you can buy fractional shares of cryptocurrencies, including Bitcoin, Ethereum, Solana, XRP and more, as you continue to build your investment portfolio.

You can buy and trade 600+ cryptocurrencies✢ on desktop or through their mobile app, or set up recurring buys to invest automatically

There’s also the option to add price conditions, so your trades only execute when the market hits your target.

Kraken provides guides on popular coins, helping you understand what you’re buying and how to navigate the process from start to finish.

And if you have questions, 24/7 support is available via live chat, phone, or email.

For those who want greater control, Kraken PRO offers a more advanced trading experience.

Designed for active traders, it features a highly customizable interface with real-time market data, advanced tools and detailed order types like stop-loss and take-profit to help manage trades more precisely.

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Opening an account is quick, with a simple sign-up, verification, and short investor profile to get started.

✢ Not investment advice. Crypto trading involves risk of loss. View legal disclosures at kraken.com/legal/disclosures. The views and opinions expressed in this article are those of the author and do not necessarily represent the views or opinions of Kraken or its management.

Strengthen your family’s safety net

Finally, remember that building wealth is important — but protecting it is what makes it last. Without the right safeguards, one unexpected event can quickly undo years of progress.

That’s why it’s worth thinking about tools like life insurance, especially if others depend on you financially. A term policy can help replace income, cover major debts, and provide stability for your family if the unexpected happens.

For high-net-worth individuals — or even those who have worked hard to build their first $10,000 — life insurance is more than just a safety net. It’s a strategic layer of protection that helps preserve wealth, support your family, and ensure your financial progress isn’t undone by the unexpected.

Term life policies, like those offered by PolicyMe, can provide meaningful coverage to replace lost income, pay off debts, or create liquidity when it’s needed most, all while remaining flexible and cost-effective.

Getting covered is straightforward. With PolicyMe, you can receive an instant life insurance quote online by answering a few simple questions about your age, income, and smoking status, then choose the coverage amount and term that fit your needs.

Don't leave your family’s future to chance. Secure a tax-free lump sum payment today to ensure your mortgage and debts are covered no matter what happens.

Article sources

We rely only on vetted sources and credible third-party reporting. For details, see our ethics and guidelines.

HOOPP (1); Statistics Canada (2)

CTV News reported that the Technical Standards and Safety Authority (TSSA), which regulates and provides oversight of both fuel and other industrial stations, received three separate complaints from customers who had water in their fuel after filling up (1).

Ontarians that used the station started having vehicle issues soon after. Lindsay Fitzgerald from Tiny Township filled up her vehicle at the Esso location and found her car would not start the next day, she told the news outlet. After calling a local mechanic, Fitzgerald was told her fuel contained a significant amount of water — up to 50%. Once the contaminated fuel was drained from her vehicle’s gas lines, it started to operate normally.

Other residents were not so lucky. Jeremy Nadeau filled up his work truck at the same station. After driving a mere 10 kilometers, he had to have his vehicle towed — and pay over $1,000 for repairs, he told CTV.

After TSSA inspectors visited the station, they found that water had leaked into the station’s two fuel tanks, though it was unclear how the contamination occurred (2). For now, both fuel storage tanks are shut down and the TSSA said it will return to the station once the issues have been addressed.

What happens if you fill up with contaminated fuel

Vehicles that burn fuel contaminated with water can face a number of issues, such as a misfiring engine, rough idling and general poor engine performance (3). In cases where the water is present in the fuel system for an extended period of time, rust and corrosion can develop, hampering the flow of fuel and causing additional impairment.

The amount of damage caused from driving with contaminated fuel depends on how much water is present and how long it stays in the vehicle’s fuel system. The temperature outside also makes a major difference.

Jeff Whiteside, owner of Jeff Auto Repair, told CTV that if the motorists had used the water-heavy fuel when temperatures were colder, they could have faced very costly repairs.

“The only saving grace is this time of year, it’s not cold enough for the water to freeze, because if the water (was) to freeze, you’d be destroying fuel pumps, fuel injectors, fuel lines, possible tanks as it expands,” Whiteside told the outlet. “So, they got off really cheap.”

One expert told CBC News that it is not unreasonable to expect to pay $500 to $1,000 to fix the issues, so long as the fuel was not in their vehicle’s system for an extended period of time (4).

Who pays for the damages?

Situations like these are difficult to untangle when it comes to liability and consumer recourse.

Gas stations in Ontario are regulated under a number of different legislation such as the Gasoline Handling Act (5) and the Technical Standards and Safety Act (6) and the associated regulations. Ontario’s regulatory framework requires stations to monitor fuel tanks for issues like water contamination and take affected systems out of service when problems are detected.

Even if a gas station did not knowingly sell contaminated fuel, it may still be held liable if it failed to properly monitor or maintain its fuel systems, which lead to the contamination.

When a number of Edmontonians faced a similar issue at an Esso station, the owner of the store compensated them personally — even taking out a line of credit to cover the damages, CBC News reported (7). However, one customer that requested to be reimbursed for a $7,000 repair and towing bill, was not fully paid out at the time the news outlet published the piece. With negotiations not bearing any fruit, the customer was considering going through their insurer or taking the matter to small claims court.

Damage caused by contaminated fuel may be covered under optional comprehensive insurance, which applies to non-collision losses. However, because fuel contamination may not be a named peril, coverage often depends on the policy and the insurer’s assessment (8).

If all else fails, consumers that believe they are not being compensated may be able to take their matters before a judge.

Stop leaving money on the table with high fees and low interest. View our top-rated Canadian banks and switch to a better account today.

What to do if you think your car’s fuel is tainted

If you suspect your vehicle has contaminated fuel, you need to act quickly. Here are some expert-backed tips to make sure you get back on the road as soon as possible without damaging your vehicle.

• Act immediately. Even if you only have a suspicion, stop driving the vehicle immediately and have it towed to a mechanic to be inspected/repaired. Driving the vehicle with contaminated fuel could cause damage quickly.
• Document everything. Keep receipts from the gas station you filled up at, notes on anything odd you noticed with the vehicle, repair receipts and get an opinion on the issue from a local mechanic. In the event you try to negotiate with the station to receive compensation, or contact your insurance company to see if the issue is covered, you’ll need solid evidence in hand.
• Report the issue. Once the contamination has been confirmed, make sure to report the issue to the TSSA through their phone line at 1-877-682-8772 or email them at customerservices@tssa.org. It’s also important to notify the gas station so they are aware of the issue.

Article sources

We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.

CTV News (1, 2); Orchard Ford (3); CBC (4, 7); Ontario.ca (5, 6); ThinkInsure (8)

And that’s a mistake that could cost you.

Waiting until you’re older — or earning more — to start saving for retirement means losing valuable time for your investments to grow. If you haven’t started yet, one of the most powerful moves you can make is to start contributing to your employer’s group Registered Retirement Savings Plan (RRSP) — and make sure you’re getting every dollar of the employer match that’s available to you.

And if you’re among the roughly 9.1 million Canadian employees (1) who don’t have access to any workplace retirement plan, finding a company that does offer matching could be one of the best financial decisions you make this year.

How does employer RRSP matching work?

Those in Gen Z whose careers are just getting started might put off saving for retirement until their 30s or 40s, but that choice can mean potentially leaving tens of thousands of dollars on the table — especially if your employer offers an RRSP match.

With a group RRSP matching program, your employer contributes a specified amount to your group RRSP when you contribute your own money. Because that employer contribution effectively costs you nothing extra, these programs are often considered “free money” (2).

You’ll need to speak with your employer’s human resources (HR) department — or check your benefits package — to find out the specifics of your plan. Some employers will match a percentage of your pay: for example, $0.50 for every dollar on the first 6% of your salary. Others may offer a tiered match, such as a dollar-for-dollar match on the first 3% of pay and $0.50 for every dollar on the next 2%. Your employer may also set a maximum dollar cap on their contributions (3).

One important caveat: Employer contributions to a group RRSP are considered a taxable benefit under Canada Revenue Agency (CRA) rules, and they count against your annual RRSP contribution room (4). Your individual RRSP contribution room for 2026 is 18% of your prior year’s earned income, up to a maximum of $33,810 (5). It’s worth reviewing your most recent Notice of Assessment in your CRA account to confirm how much room you have available before enrolling in a group plan.

Why you should take advantage of the employer RRSP match

For lower-income workers or those just beginning their careers, it can be hard to fit retirement savings into a tight budget. But even small contributions can make a significant difference over time — and when your employer matches those contributions, the impact multiplies.

Let’s look at a hypothetical scenario: Say you’re earning $40,000 a year and you decide to contribute 3% of your salary to your employer’s group RRSP — that’s $1,200 saved every year for retirement. If your employer offers a 3% dollar-for-dollar match, that’s another $1,200 added to your account at no additional cost to you, giving you $2,400 saved for the year.

Investing always involves some degree of risk. But the longer your money stays invested, the more time it has to recover from short-term volatility and grow. The S&P/TSX Composite Index — Canada’s primary stock market benchmark — has delivered an average annual total return of approximately 7% to 10% over the long term depending on the period measured. For example, the average annualized return from 1971 to 2021 was 7.94% (6). Past performance doesn’t guarantee future results, but this track record illustrates the power of staying invested.

Based on our hypothetical scenario, if you were able to take advantage of your employer’s 3% dollar-for-dollar match and add an extra $1,200 to your group RRSP, an 8% average annual return could grow that matched contribution to roughly $1,763 in five years.

In 10 years, that match alone would grow to $2,591. In 20 years, it’ll grow to $5,593. And in 40 years, you’ll have roughly $26,061 — and that all came from your employer matching your 3% contribution for a single year. Now imagine what your group RRSP could look like if you contributed — with an employer match — over many years.

Young workers may choose not to participate in an employer-sponsored retirement plan because they don’t think they’ll stay at the job for long. But missing out on even a year of matching contributions can have significant consequences. And if you do change jobs, the money you’ve contributed to a group RRSP generally stays with you — you can transfer it to an individual RRSP or to your new employer’s plan (7).

It can be much harder for lower-income workers and young people to save for retirement, but giving your investments time to grow — and boosting them by taking advantage of an employer match — can go a long way when retirement finally arrives.

What to do if your employer doesn’t offer RRSP matching

More than half of working Canadians don’t have any employer-sponsored pension plan, and a significant portion of those who do are employed in the private sector where retirement plan coverage sits at just over 21% for registered pension plans (RPPs) (8).

If your employer doesn’t offer group RRSP matching or a pension plan, here are some considerations:

• Open an individual RRSP. Contributions are tax-deductible, and growth inside the plan is tax-deferred until withdrawal. The 2026 contribution limit is $33,810, or 18% of your prior year’s earnings — whichever is less.
• Use a Tax-Free Savings Account (TFSA). The 2026 TFSA contribution limit is $7,000, with a lifetime cumulative room of $109,000 for eligible Canadians who have never contributed (9). Unlike an RRSP, TFSA withdrawals are completely tax-free.
• Negotiate matching as part of your compensation. In a competitive job market, employer RRSP matching is an increasingly valuable benefit. If your employer doesn’t currently offer it, it’s worth mentioning during a salary or benefits review.
• Look into a Pooled Registered Pension Plan (PRPP). PRPPs are available to self-employed workers and employees of smaller businesses that don’t offer a workplace plan. While employer contributions are voluntary under a PRPP, it invests your contributions in one or more products on your behalf. The amount of your investment when you reach retirement depends on how well they performed (10).

Next steps for Canadians: What you can do starting today

Whether your employer offers matching or not, retirement savings don’t need to wait. Here are concrete actions to take now:

1. Find out what your employer offers. Talk to HR or your benefits administrator. Ask specifically whether a group RRSP exists, whether matching is available and what the vesting rules are.

2. Check your RRSP contribution room. Log in to CRA My Account or review your most recent Notice of Assessment. Your available room determines how much you — and your employer — can contribute before hitting the ceiling.

3. Contribute at least enough to get the full match. If your employer matches 3% of your salary dollar-for-dollar, not contributing 3% means you are leaving free money behind. Even on a modest salary, this is one of the highest guaranteed returns available to you.

4. Start early, even with small amounts. On a $40,000 salary, contributing 3% is $1,200 a year — or $100 per month. At an 8% average annual return over 30 years, that $100 monthly contribution alone could grow to over $150,000.

5. When you change jobs, don’t cash out. Cashing out a group RRSP triggers immediate taxation. Instead, transfer the funds to an individual RRSP or your new employer’s plan to keep the tax-deferred growth working for you.

Bottom line

If you’re fortunate enough to have an employer RRSP matching program, taking part in it is one of the simplest wealth-building tools available — and one that’s the most overlooked. Even small contributions early in your career can grow into serious money by the time you reach retirement, especially if your employer is matching what you put in.

If your workplace offers a this perk, contribute enough to get every dollar of it. If it doesn’t, an individual RRSP or TFSA can still go a long way. The most important move is the first one. Starting early gives your money time to grow.

Unclear on where to begin? A fee-only financial adviser can help you figure out how much to save, where to put it and how to make the most of any contribution your employer has to offer. To find a financial adviser, visit fpcanada.ca to access their Find a Planner directory.

— with files from Melanie Huddart

Article sources

We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.

Benefits and Pensions Monitor (1); Canada.ca (2, 7, 10); Questrade (3, 6); Canada Revenue Agency (4); TD (5, 9); Benefits Canada (8)

This benefit is specifically designed to provide long-term financial security for low-income Canadians living with disabilities. Eligible individuals may receive up to $2,400 annually, making it a critical component of your financial planning this year.

Understanding the Canada Disability Benefit

Launched in July 2025, the Canada Disability Benefit is designed to provide financial security for low-income persons with disabilities between the ages of 18 and 64. According to the Canada Revenue Agency (CRA), the benefit provides a maximum of $200 per month.

To qualify for this support, you must meet the following criteria:

• DTC Approval: You must have an approved Disability Tax Credit (DTC) certificate on file with the CRA.
• Income Status: The benefit is income-tested and intended for those with lower household incomes.
• Registration: Even if you have no taxable income and previously saw no reason to apply for the non-refundable DTC, you must be registered for it to receive these direct monthly payments.

Payments are issued monthly via direct deposit or cheque. For the remainder of the 2026 schedule, upcoming payment dates include April 16, May 21 and June 18.

The necessity of filing your taxes

Your income tax return serves as the application for this benefit. The CRA utilizes the information provided on your 2025 tax return to determine eligibility and calculate payment amounts. Failure to file will result in a suspension of benefits, as the system cannot verify your income requirements.

Additionally, be aware of changes to the federal tax brackets. The lowest marginal rate, which was previously 15%, has been reduced. For the 2025 tax year, a blended rate of 14.5% applies, and for 2026, the rate has officially moved to 14%.

Verifying financial relief information

The CRA has issued warnings regarding misinformation claiming a "universal" $2,000 relief payment. The Agency has clarified: "There is no new financial relief payment" of that nature. Instead, focus on verified programs:

• Canada Workers Benefit: For those earning modest employment income.
• Canada Groceries and Essentials Benefit: This is set to replace the GST/HST credit in July 2026.
• One-Time Top-Up: Eligible individuals can expect a one-time top-up payment related to the grocery benefit, issued no later than June 2026.

Resources and next steps

If you have a straightforward tax situation and modest income, you may be eligible for SimpleFile services, which allow for filing via phone or a simplified digital portal. Invitations for this service are typically issued by the CRA in early March.

To check your status for the Disability Tax Credit or to find your NETFILE access code, sign in to the CRA My Account portal. Ensuring your records are accurate and filed on time is the only way to guarantee you receive the full benefits to which you are entitled.

According to credit reporting agency Equifax Canada, close to 1.4 million Canadians missed at least one credit payment in the second quarter of 2025 (1). That number was 118,000 higher than the same period a year earlier, even as it dipped slightly from the first quarter. Over the same period, average non-mortgage debt per consumer rose to $22,147.

The disconnect is clear: balance transfer cards are best suited to people carrying substantial credit card debt, but most of those cards require a credit score of 660 or higher to qualify. Miss a payment, forget to pay a bill, apply for too many credit lines or miss paying the minimum and that credit score threshold can feel out of reach quickly.

If you're serious about getting out of debt, here's what the data means for your options.

What credit score do you need for a balance transfer card?

Most balance transfer credit cards in Canada require what lenders classify as a 'good' credit score — generally defined as 660 or above on the Equifax Risk Score 2.0 scale, which ranges from 300 to 900 (2). Some issuers also consider income, overall debt load and whether existing credit accounts are in good standing.

Being 'in good standing' is not a minor detail. Lenders want to see that the credit card account carrying the debt you want to transfer has an up-to-date payment history. A single missed payment, particularly if it's recent, can complicate approval even on entry-level balance transfer products.

Plus, your credit score takes a hit just to check if you qualify. Most applications for credit trigger a hard credit inquiry, which can temporarily lower a score by a few points. Applying for multiple cards in quick succession compounds that effect.

How a missed payment affects your chances of qualifying

Payment history is the single largest factor in how credit scores are calculated, accounting for roughly 35% of the overall score in most scoring models. A payment reported as 30 days late can lower a score meaningfully — in some cases by 60 to 80 points, depending on the starting score and overall credit profile (3).

What's worse is that the impact of missed payments is not evenly distributed among Canadian consumers.

The Equifax Canada data shows that non-mortgage holders missed payments at nearly double the rate of mortgage holders — 1 in 19 versus 1 in 37 (4). That missed payment gap widened sharply between 2019 and 2025. In 2019, roughly 45% more non-mortgage holders missed payments. By mid-2025, 96% of non-mortgage holders missed payments.

Age also had an impact. For consumer under age 36, their average non-mortgage debt climbed to just over $14,300, and their 90-plus-day non-mortgage delinquency rate rose to 2.35% — a nearly 20% jump year-over-year (5). Unfortunately, this is the demographic most likely to be carrying high-interest credit card balances and least likely, given recent payment history, to qualify for the products best positioned to help them.

"The affordability crisis seems to be hitting younger consumers the hardest," said vice-president of Advanced Analytics at Equifax Canada, Rebecca Oakes, in the recent report. "Between rising costs, employment uncertainty, and limited access to affordable credit, many are struggling just to stay afloat."

If your credit is damaged, what are your options?

A score below 660 does not mean debt relief is unavailable — it means the range of tools shifts.

Debt consolidation loans

Some credit unions and licensed lenders offer consolidation loans to borrowers with credit scores as low as 580. These carry higher interest rates than a 0% balance transfer promotional offer, but lower rates than most credit cards and provide a fixed repayment timeline.

Trade your mountain of bills for a single, easy-to-manage monthly payment today. See your debt consolidation options in minutes without any commitment or upfront fees.

Secured credit cards

A secured card — where a cash deposit serves as the credit limit — does not carry balance transfer functionality, but it is one of the most reliable tools for rebuilding a credit score. Consistent on-time payments are reported to the credit bureaus and begin to repair the payment history component of the score.

Take control of your credit score. Compare Canada's top secured cards and find your perfect card. Some cards, like Capital One, offer a no-annual fee secured card with guaranteed approval. (Terms and conditions apply, see the Money.ca review).

Negotiating with your current lender

Some credit card issuers will negotiate reduced interest rates or temporary payment arrangements directly with cardholders who are struggling. It is worth calling before assuming the only path is a new product.

Looking for a new card? Compare hundreds of credit cards to find the option that fits your spending needs.

Licensed Insolvency Trustees and credit counsellors

For debt that has become unmanageable — not just inconvenient — a Licensed Insolvency Trustee (LIT) can assess whether a consumer proposal or bankruptcy is appropriate. Initial consultations are free. A non-profit credit counsellor can also create a debt management plan, which typically closes credit card accounts and sets a structured repayment schedule.

Steps to rebuild credit before applying

If a balance transfer card is your goal and your score currently sits below the threshold, here is the path to eligibility.

First, you need to recognize that payment history is repaired over time and being consistent, not by a single action.

Track and work at keeping all accounts current — this means making at least the minimum payment by the due date. Do this for three months and your score will start to go up. Keep in mind, lenders typically want to see at least three to six months of clean payment history before approving new credit.

Next, check how much credit you have versus how much you've used. This is known as credit utilization — or how much you've actually borrowed from your available credit lines. Ideally, you want to keep credit utilization below 35% of total available credit.

Ideally, aim to reduce balances owing before applying for new credit — even a modest reduction can boost your score enough to clear the 660 threshold.

Next, check your score before applying for any new credit product. It costs nothing to check and can prevent a declined application and a hit to your score.

Finally, avoid applying for any credit during this rebuild period. Remember each application triggers a hard inquiry that temporarily lowers your score and signals risk to lenders.

Keep in mind that more serious debt loads may require more comprehensive solutions. This is where a free consultation with a Licensed Insolvency Trustee (LIT) can help.

Article Sources

We rely only on vetted sources and credible third-party reporting. For details, see our ethics and guidelines.

Equifax Canada (1, 4, 5); Loans Canada (2); Borrowell (3)

⁺ Disclaimer: Conditions apply. Must 1. be the age of majority in your province or territory of residence; 2. be a Canadian resident; 3. provide security funds; 4. be eligible for credit under Neo's policies.

1 Based on data collected by Neo as of November 1, 2025.

2 Cashback may be limited and varies by perks, offer, and partner. See the Neo Rewards™ Policy for additional terms and conditions.

For years, Canadians have been told to "shop the sales" and "buy in bulk" to survive the cost-of-living crisis. But what happens when the weight on the sticker is a lie? Recent investigations and social media outcries have pulled back the curtain on a practice that feels like a slap in the face to every hardworking person in this country: weight discrepancies that conveniently always seem to favour the house.

Your "one kilogram" of beef may be a lie

The math is simple and infuriating. When a retailer labels a package of ground beef as 1.2 kilograms, but it actually weighs 1.0 kilograms, they’ve effectively charged you for 20% more than you paid for — short-changing you on a transaction that directly impacts your everyday budget.

In a recent investigation by CBC News, shoppers documented cases where they were overcharged by significant margins because the scale on the store floor did not match the sticker on the meat (1).

One shopper purchased a pack of chicken from a Loblaw-owned store only to find it was 200 grams short. At today's prices, that’s not a rounding error — it’s several dollars gone from a family's weekly budget. The argument consumers are making is the double standard: If a customer walked out of the store without paying for a $5 item, the police would be called. When a grocery giant "accidentally" overcharges millions of customers by $5, it’s called a technical glitch.

The "weepage" excuse doesn’t hold water

When caught, the corporate response is predictably sterile. A spokesperson for Loblaw told CBC News (2): "We take these matters very seriously and have reached out to the customer to apologize and make it right."

These weight discrepancies are often blamed on "weepage"— the natural loss of moisture from meat — or human error in "tare" settings (the weight of the packaging). But let's be honest, these errors rarely (if ever) skew the other way. When was the last time you brought home a package of meat only to realize you’d received 200 grams of free steak?

It’s happened before

And these errors in pricing have occurred before. Loblaw’s parent company only recently settled a $500 million lawsuit for its role in the infamous bread price fixing scandal.

In most cases like this, corporations settle without a full formal admission of wrongdoing in the legal sense, even when they've made public statements that amount to the same thing. In the bread fixing case, Loblaw took the unusual step of self-reporting (and received immunity), and George Weston Limited made fairly candid public acknowledgments of the brand’s role in coordinating efforts to raise bread prices.

Now, Canadians must decide whether to believe these "weight errors" are mistakes or an effort to juice profit margins.

How to fight back against the grocery giants

You are already paying record prices for food. You shouldn’t have to pay for "ghost weight" too. Since the regulators at Measurement Canada cannot be in every aisle, the burden of proof falls on the Canadian consumer. Here’s what you can do:

• Use the produce scales: Before you put that expensive roast in your cart, take it to the produce section and weigh it on the digital scales. If the weight is lower than the sticker, bring it to the manager immediately.
• Challenge the "tare": You should never pay for the weight of the Styrofoam tray or the blood-soaking pad. If the weight on the scale matches the weight on the sticker exactly, you are likely being overcharged for the plastic.
• Report every instance: Don’t just ask for a refund. File a formal complaint with Measurement Canada (3).

The Competition Bureau of Canada (4) has already noted that a lack of competition in our grocery sector allows these giants to behave with impunity. They know you have nowhere else to go.

It’s time to stop being polite about being robbed. Check your labels, weigh your food and stop letting Galen Weston take an extra cut from your dinner table.

Article Sources

We rely only on vetted sources and credible third-party reporting. For details, see our ethics and guidelines.

CBC News (1, 2); Measurement Canada (3); Competition Bureau of Canada (4)

But a new card launched mid-April by NEO Financial aims to push back, even just a little.

The United MileagePlus Neo World Elite Mastercard will charge an annual fee of $89 versus the $120+ charged by competitors, and still keep those important travel perks Canadians want.

Here's how United MileagePlus Neo World Elite Mastercard stacks up.

Don't leave points on the table. Compare Canada's top travel rewards programs today to see which one gets you to your destination faster.

Why a $50 difference isn't trivial

The benefits of World Elite travel cards are the perks. These range from airport lounge passes, roadside assistance, travel companion vouchers, extensive travel insurance coverage and waived baggage fees — and the typical annual fee for these perks is $139. That is, until now.

At $89, the NEO card is $50 less than the current lowest annual fee charged for a World Elite travel card — meaning the savings alone roughly offset the card's annual fee by year two or three if you keep your existing card open. Granted, it's not realistic to keep two annual fee travel credit cards, but it helps travellers appreciate how these savings can add up.

But in a market where travellers are accustomed to paying a fee for perks, it's the benefits of the card that need to be considered.

With the United MileagePlus Neo World Elite Mastercard, cardholders get: DragonPass lounge access, a free first checked bag on United-operated flights, priority boarding, a credit covering the US$120 NEXUS application fee every five years, plus 14-day emergency travel medical, trip cancellation, flight delay, lost baggage and full purchase protection (1).

Why snowbirds should seriously consider this new World Elite Mastercard

For snowbirds and other frequent travellers to the U.S., it's the card's NEXUS rebate that deserves a closer look.

As of April 2026, the United MileagePlus Neo World Elite Mastercard appears to be the only Canadian card with an annual fee under $90 that includes a NEXUS rebate. Cardholders get US$120 (approximately C$165) reimbursed every five years. For Canadians who regularly cross into the U.S., that’s a meaningful structural advantage.

Stop guessing and start travelling. Use our comparison tool to see which Canadian travel rewards program offers the best flexibility and highest point value.

The first Canadian card to earn United MileagePlus miles directly

The NEO Financial card offers another first: it's the first Canadian credit card to accumulate United miles directly. Up until now, there's been no co-branded card option in Canada. For Canadians who fly United Airlines frequently, that meant building status and miles with this loyalty program was slower, and the program's deeper perks — discounted award flights, Saver Award access — were harder to reach.

The NEO card changes that with direct earn rates of 1.25x miles on United and Star Alliance flight purchases, 1.0x on groceries and dining and 0.75x on all other purchases. Keep in mind that the Star Alliance partnership is with 26 airlines worldwide, including Air Canada and Lufthansa.

New cardmembers can earn up to 25,000 miles — 5,000 on first purchase, then 15,000 after $3,000 in spend within the first three months, plus a recurring 5,000-mile annual renewal bonus with no minimum spend threshold required. That last piece is unusual. While some travel reward cards give you a renewal bonus just for paying the annual fee, an increasing number of cards now require a minimum spend target during the first year to unlock those secondary reward points.

How it fits a Canadian wallet — and what it doesn't replace

Since MileagePlus miles work across the Star Alliance network, Canadians flying out of Toronto, Vancouver, Montreal or Calgary have solid award routing options. Better still, MileagePlus is known for not imposing fuel surcharges on United-operated flights — a meaningful distinction compared to other loyalty programs that pass those costs on to the cardholder even on award redemptions.

What if you predominantly fly domestic or short-haul flights?

This card works best as a complement to an existing Aeroplan card rather than a replacement. That's because Aeroplan remains the dominant program for domestic travel and short-haul routes within Canada, and the earn rates on the NEO card aren't designed to replace everyday rewards.

For cardholders looking to maximize their travel rewards, think of the United MileagePlus Neo World Elite Mastercard as a strong second card — one that earns when you fly trans-border, saves at the bag drop, gets you through the trusted traveller line faster and opens lounge doors along the way.

Choosing the right program depends on where you want to go. Explore our comprehensive guide to find the reward points that offer the best value for your travel style.

What to do now

Check your current travel card fee. If you are paying $139 or more for comparable perks, run the numbers on whether the NEO card alone — or alongside your existing card — makes sense.

Apply for NEXUS if you cross into the U.S. regularly. The US$120 application fee is covered by the card; use the credit to get enrolled and save time at the border for years.

Assess your United flying frequency. If you fly United — including Basic Economy — even twice a year, you are now earning fewer miles without a co-branded card. That changes as soon as you apply.

Keep your Aeroplan card. This card is not an Aeroplan replacement. Stack them: use Aeroplan for domestic and Air Canada routes, MileagePlus for trans-border and international on United and Star Alliance partners.

Redeem strategically. MileagePlus Saver Awards on United Polaris Business Class are now accessible to cardholders — check availability before booking your next long-haul trip on points.

Final thoughts

For Canadians who fly to the U.S. or internationally even a few times a year, the math is simple. One round trip with a checked bag saves roughly US$80, while the NEXUS rebate covers the card fee. If you are already flying United — or plan to — not having this card now means flying at a structural disadvantage.

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NEO Financial (1)

A final disbursement of approximately $50 million is now available through a series of Canadian class-action lawsuits tied to allegations of illegal price-fixing on auto parts. The scheme allegedly inflated the cost of roughly 45 components installed in new vehicles — including air conditioning systems, door latches and shock absorbers — a scheme that lasted nearly two decades (1).

"It is one of the largest conspiracies in history in terms of scope and fines imposed by regulators around the globe," explained Linda J. Visser, a partner at Siskinds LLP, one of the Canadian law firms involved in the class actions, in a recent interview (2).

But the deadline to claim a portion of the settlement is fast approaching — and set for May 12, 2026. Here's what you need to know.

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What was the price-fixing scheme?

The alleged wrongdoing happened at the parts manufacturing level, not with the automakers themselves. Parts suppliers are accused of coordinating to keep prices artificially high on components that went into new vehicles sold across Canada.

"To be clear, no wrongdoing is alleged by the auto manufacturers, and they had no knowledge of the wrongdoing," Visser explained. "The alleged wrongful conduct is at the parts manufacturing level."

As part of the settlement, parts manufacturers were able to avoid formally admitting wrongdoing or liability. That is standard in class-action resolutions of this kind, but it does not affect eligibility for consumers to collect funds.

"In Canada, price-fixing conspiracies are prohibited by the Competition Act. The Canadian auto parts class actions allege that the defendants conspired to fix prices for certain automotive parts, causing Canadian businesses and consumers to overpay for vehicles containing those parts", explained Visser (3). "The settlements seek to redress that alleged harm."

In total, $104 million has already been distributed through earlier disbursements covering vehicles from Volkswagen, Chrysler, General Motors (NYSE: GM), Honda (NYSE: HMC), Nissan, Mazda and Toyota. The deadline to file for those earlier rounds has passed.

Who is eligible for the final $50 million?

The newly included vehicles cover six automakers and their brands, for specific date ranges (4):

• BMW/Mini Cooper — December 5, 2014 to May 31, 2017
• Ford (NYSE: F)/Lincoln/Mercury — August 1, 2015 to May 31, 2017
• Hyundai, Kia — January 1, 2007 to May 31, 2016
• Mercedes-Benz/Smart — November 29, 2004 to May 31, 2017
• Mitsubishi — July 1, 1998 to July 31, 2015
• Suzuki — July 1, 1998 to May 31, 2016

Visser says more than 900,000 notices have already been emailed to settlement class members, which means more than one million Canadians could ultimately qualify for settlement funds.

Anyone eligible will receive a minimum settlement of $25. Auto dealers and those with large vehicle fleets can expect significantly more, but should consult with a legal advisor about maximizing a claim.

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You do not need to have kept your car or your purchase records to file a claim, although having your vehicle identification number (VIN) will help confirm eligibility.

Why this matters beyond a $25 cheque

"Price-fixing conspiracies are harmful to the Canadian economy," Visser said. "They cause businesses and consumers to pay artificially enhanced prices. This class action sought to and did get money back into the hands of the victims of conspiracy."

For most individual claimants, the payout will be modest. But the broader principle — that coordinated price manipulation on widely-used consumer goods carries real legal consequences — is worth understanding. Class actions are one of the few practical tools that allow individuals to hold large corporations accountable without bearing legal costs themselves.

How to file before the May 12 deadline

Claims must be submitted online. The settlement administrator's website — accessible through the Siskinds LLP settlement page (5) — allows claimants to search eligible vehicles by make and model year, then submit a claim.

The process is free and does not require a lawyer. You will need to confirm your purchase or lease of a qualifying vehicle during the applicable window. Claimants who previously filed for an earlier disbursement are not automatically enrolled in this final round — a new submission is required if your vehicle falls in one of the newly eligible categories.

If you received an email notice about the settlement, that notice should include a claim ID and a direct link. If you believe you are eligible but did not receive notice, you can still submit directly through the claims portal.

Article sources

We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.

CP24 (1, 2); Newswire (3, 4); Siskinds LLP (5)

Eileen will receive nothing. “We’re just wondering if it would be ethical for us to ask her to split the inheritance if he pre-deceases me,” Eileen pondered during a recent episode of The Ramsey Show (1).

But hosts Rachel Cruze and Ken Coleman tell Eileen that asking their daughter for a cut of her inheritance feels “gross.” Here’s what the couple could do instead — and what they should have done earlier. For Canadians in blended families or second marriages, this story is worth paying attention to.

What exactly is a bloodline trust?

In Canada, you’ll likely have never heard the term “bloodline trust.” Instead, it’s a discretionary family trust structured to keep wealth within a direct bloodline — it’s an estate planning tool that’s entirely legal (2).

In a discretionary family trust, a trustee manages assets on behalf of beneficiaries the deceased person (settlor) names, typically their children and grandchildren. The trust can be structured so that assets are protected for direct descendants and are generally shielded from claims by in-laws, stepchildren, or a child's future ex-spouse. Because beneficiaries of a discretionary trust have no guaranteed right to distributions, those assets typically do not form part of divisible property in a divorce. That said, this protection is not absolute — Canadian courts have, in some circumstances, examined whether trust assets were used to fund a family's lifestyle, and a determined ex-spouse may still have legal grounds to challenge distributions. The strength of the protection depends heavily on how the trust is drafted and administered (3).

In Eileen’s case, her husband’s family set up this type of trust before he married her. As a beneficiary — not the settlor — he has no power to change the terms or add her as a beneficiary. Once the settlor dies and the trust becomes irrevocable, the terms are locked (3).

A trust like this bypasses probate — the court process of validating a will — meaning assets transfer directly to named beneficiaries and creditors generally can’t go after them (4).

The tradeoff? It also disinherits a beneficiary’s spouse and other loved ones because they don’t share the same bloodline. And there’s nothing a beneficiary spouse can do about it.

It can also backfire in unintended ways. For example, consider a couple with two children — one biological and one legally adopted. Under Canadian law, an adopted child has exactly the same legal status as a biological child for all purposes, including inheritance. This means that if a trust deed simply refers to 'children,' 'issue,' or 'descendants' without further definition, a legally adopted child would generally be included on equal footing with a biological kin. However, if the trust deed was drafted to explicitly define 'bloodline' or 'descendants' as meaning biological descendants only, then the adopted child could be excluded — receiving nothing while the biological child inherits the full trust (5).

Whether this outcome occurs depends entirely on the specific language used in the trust document. Families with both biological and adopted children should review any existing trust deeds carefully with an estate lawyer to understand how their children are defined

Does Canadian law protect a surviving spouse?

Canadian law diverges somewhat from U.S. law here — but the end result for Eileen is the same.

In most Canadian common-law provinces, surviving spouses do have legal rights to a portion of a deceased spouse’s estate. In Ontario, for instance, a surviving spouse may choose between their entitlement under the will of the deceased, or an equalization of net family property, which represents equal sharing of all marital assets under the Family Law Act (FLA) (6).

In Canada, there is no single federal law governing wills and estates (7). In Ontario, under the provincial Succession Law Reform Act (SLRA), if the deceased person had children, the surviving spouse is entitled to a preferential share of up to $350,000 of the estate, plus a percentage of the remainder (8). Provincial legislation differs between all provinces and territories, but all have similar protections regarding wills.

But here’s the catch: Assets held in a living (inter vivos) trust — meaning it’s set up while you’re still alive — generally don’t form part of the estate when you die. That means they’re not governed by your will, and your spouse typically can’t make a legal claim against them the way they could with estate assets.

For Québec residents, the rules differ again: the Civil Code governs inheritance, and a surviving spouse may hold a usufructuary right over the family residence, but descendants generally take priority when it comes to the estate. Common-law partners in Québec have had no automatic intestate rights — though legislative changes that took effect on June 30, 2025 may extend limited rights to common-law partners in a parental union (9).

The broader lesson: If your spouse’s family holds assets in a trust and you aren’t named as a beneficiary, your provincial spousal rights may not protect you.

Blended families in Canada — a growing financial planning issue

Blended family scenarios also offer an added nuance. According to the 2021 Census, there were more than 500,000 stepfamilies in Canada, representing 8.4% of all couple families with children (10). As divorce and remarriage reshape Canadian households, the question of who inherits what — and who gets left behind — is becoming more complex.

The divorce rate has reached a 50-year low in Canada, dropping to 5.6 for every 1,000 married people in 2020 (11). But many Canadians re-partner after divorce: Canadian-born individuals show a 31% rate of entering new relationships after divorce for those aged 35 to 64, according to Statistics Canada (12).

There are often children from first marriages — and where there are trusts in place from these relationships, surprises can arise when second marriages enter the picture.

What The Ramsey Show recommends

“I personally would feel gross about doing that,” said Ramsey cohost Ken Coleman, referring to Eileen asking their daughter to voluntarily split her inheritance.

So what should Eileen and her husband do instead?

Ideally, they would have purchased life insurance years ago to protect the surviving spouse. In Canada — as in the U.S. — life insurance provides a guaranteed, tax-free death benefit that’s paid directly to the named beneficiary. It bypasses probate entirely when a named beneficiary (not the estate) is designated (13). Premiums are typically more expensive if you purchase coverage later in life.

But Eileen and her husband had been counting on the trust money instead. Currently, they have approximately US$350,000 (C$483,000) in savings, including registered retirement accounts, with about US$99,000 (C$136,620) left on their mortgage. Both plan to keep working into their late 60s.

“Whatever you guys can do over the next seven to 10 years to invest a lot of money, that’s going to help you be far more comfortable in your 70s and 80s,” said Coleman.

The Ramsey Show’s advice: Instead of asking their daughter for a portion of her inheritance, Eileen’s husband could direct the trust income he already receives each quarter into an account in his wife’s name. By investing aggressively now, Coleman says that “sizeable chunk” of savings could provide his wife with a comfortable retirement — should she outlive him — without depending on a trust she has no legal right to claim.

What Canadians can do

If Eileen’s situation sounds familiar, here are the key steps to protect yourself and your spouse.

Review all trust documents before you marry or remarry. If your partner is a beneficiary of a family trust, ask a lawyer to confirm whether you would be entitled to any portion of those assets if they die before you. Don’t assume spousal rights extend to trust-held assets.

Name your spouse as a beneficiary on your registered accounts. In Canada, a Registered Retirement Savings Plan (RRSP) or Registered Retirement Income Fund (RRIF) can be rolled over to a surviving spouse or common-law partner on a tax-deferred basis. This means no tax is triggered at death if transferred directly to the spouse’s RRSP or RRIF. It’s is one of the most powerful and underused protections available to Canadian couples (14). To be valid, your spouse must be named as the designated beneficiary on the plan documents — not just in your will.

Consider life insurance as a financial safety net. Life insurance death benefits in Canada are paid tax-free to named beneficiaries and bypass probate, providing immediate liquidity to a surviving spouse (15). If a trust is structured to exclude your spouse, life insurance is one of the most direct ways to close the gap.

Understand your provincial spousal rights — and their limits. Rights vary significantly by province. In Ontario, a surviving spouse can elect an equalization of net family property under the FLA or a preferential share of the estate under the SLRA (16). In B.C., the preferential share is $300,000 (with natural children) or $150,000 (with only stepchildren). These rights generally apply to the estate, not to trust-held assets — so legal advice is crucial (17).

Consult an estate lawyer, not just a financial adviser. Trusts — especially those set up by a partner’s family — are legally complex and go beyond what a financial planner can advise on alone. A trust and estate lawyer can review the documents and advise on your exposure.

Article sources

We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.

The Ramsey Show via YouTube (1); National Bank of Canada (2, 4); Estateably (3); Lexology (5); Pallett Valo Lawyers (6,8, 16); Canadian Lawyer (7); Justice-Quebec,ca (9); Vanier Institute (10, 11); Statistics Canada (12); Invested MD / Sun Life Canada (13, 15); Canada.ca (14); BC Laws (17)

The Bank of Canada cut its overnight rate nine times between June 2024 and October 2025, bringing the policy rate from 5% down to 2.25% — a total reduction of 275 basis points. That is one of the steepest easing cycles in recent Canadian history (1). And for the hundreds of thousands of Canadians who hold their registered retirement savings plan (RRSP) or registered retirement income fund (RRIF) in a robo-advisor's conservative model portfolio, it has meaningfully changed the math regarding earned.

Robo-advisors do not proactively call you to reassess your allocation when the interest rate environment shifts. That is your job — and most people are not doing it.

Use Money.ca’s comprehensive guide to choose the robo-advisor that matches your risk tolerance and financial goals.

What the Bank of Canada's rate cycle means for bond income

When interest rates are high, bond funds earn more. When rates fall, newly issued bonds carry lower coupons, and the income generated by bond exchange-traded funds (ETFs) inside your robo-advisor portfolio declines over time as older, higher-yielding bonds mature and roll off.

The iShares Core Canadian Universe Bond Index ETF (TSX: XBB), a standard holding across major robo-advisor platforms, had an approximate yield of 4.8% in mid-2023 (at the peak of the rate cycle). As of early 2026, its yield sits at roughly 3.3% — a drop of about 150 basis points in income terms (2).

That may not sound dramatic, but on a $300,000 conservative RRIF portfolio — a realistic balance for a retiree in their late 60s — a 1.5% drop in bond yield translates to roughly $4,500 less per year in generated income. For a $500,000 portfolio, the gap is closer to $7,500 annually. That’s not theoretical. It’s what lower rates do to fixed-income-heavy allocations.

How robo-advisors set model portfolios — and when they rebalance

Robo-advisors build model portfolios based on your answers to a risk questionnaire, not on prevailing interest rates. Once you are placed in a conservative portfolio, the platform will generally rebalance your holdings back to the target allocation over time — but it will not automatically shift you to a more income-oriented or equity-tilted mix simply because the rate environment has changed.

According to Wealthsimple risk profiles, its conservative portfolio carries 60% to 100% fixed-income allocation depending on your assigned risk level (3). Risk level 1 is fixed-income only. These allocations make perfect sense in a high-rate environment where bonds generate meaningful income with minimal volatility. In a 2.25% rate world, that trade-off looks different for a retiree drawing down savings rather than accumulating them.

The issue is not that robo-advisors are doing anything wrong. They are doing exactly what they’re designed to do: maintain your risk profile consistently. The issue is that your risk profile or income expectations may no longer match the environment, and the algorithm cannot know that unless you update it.

Who is most exposed to this interest rate shift?

Not every robo-advisor client needs to act. But some cohorts face a more urgent review.

• Retirees drawing income from a RRIF: If your withdrawal plan assumed a certain level of bond income that no longer materializes, the plan needs updating.
• Pre-retirees within five years of retirement: The "glide path" toward more conservative allocation assumes bonds will provide stable income. That assumption needs stress-testing at current yields.
• Set-and-forget investors who last updated their risk profile in 2020 or 2021: The questionnaire you filled out during the high-rate period may have placed you in a conservative bucket that no longer serves your income needs.

Investors with a longer time horizon — Canadians in their 40s or early 50s — who hold conservative portfolios primarily for risk aversion are less immediately affected. But retirees and those approaching retirement have the least runway to wait out lower returns.

What you can do: Practical steps now

Reviewing your robo-advisor allocation does not require switching platforms or abandoning passive investing. The Financial Consumer Agency of Canada (FCAC) recommends that investors periodically review their investment profile to ensure it still reflects their goals, time horizon and tolerance for risk — not just when markets move, but when the broader economic environment shifts.

To help, here are concrete steps to take, today:

• Log into your robo-advisor account and locate the asset allocation breakdown, usually in the "portfolio" or "settings" tab. Identify the percentage in bonds versus equities.
• Compare what your bond ETF is currently yielding versus what it yielded when you set your allocation. A drop of one percentage point or more on a large balance materially changes your income.
• Book a free annual review with your platform's financial planning support line. Most Canadian robo-advisors, including Wealthsimple and CI Direct Investing, offer access to human advisers as part of their service tiers. Use it. Visit Wealthsimple for up-to-date terms and conditions.
• If you are within five years of retirement or already drawing down savings, consider a one-time consultation with a fee-only financial planner to stress-test your withdrawal strategy against current and projected bond yields.

If after reviewing your profile, you decide to shift toward a slightly more equity-weighted allocation — say, from a conservative to a balanced portfolio — understand that you are accepting more short-term volatility in exchange for higher expected income and growth. That may or may not be appropriate. The point is to make that decision consciously, not by default.

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Bank of Canada (1); iShares (2); Wealthsimple Help Centre (3)

The new format, set to open in fall 2026, will be about 43,000 square feet — roughly one-fifth the size of a traditional IKEA — and will focus on everyday essentials and quicker, more convenient visits.

"By offering the iconic IKEA store experience on a smaller scale, we are leaning into the physical store that we are best known for while delivering an innovative approach that reflects a rapidly changing retail landscape and customer preferences," said Selwyn Crittendon, CEO of IKEA Canada, in a statement.

"Customers have responded positively to pilot stores in other countries, and we will continue to listen to co-worker and customer feedback to renew and improve."

A shift toward convenience and flexibility

Unlike IKEA’s warehouse-style stores, the smaller format is designed for shorter trips and more practical purchases.

Customers will still be able to browse room displays and buy a curated selection of about 2,000 items on-site, but the full product range will remain available through online ordering, with delivery or pickup options.

That blend of in-store browsing and digital fulfillment reflects how many Canadians now shop — combining convenience with flexibility, rather than relying on a single, large in-person trip.

Why smaller stores make sense now

The move also highlights how retailers are adjusting to a more cost-sensitive environment.

Large-format stores require significant investment and depend on high, consistent foot traffic. Smaller locations, often placed in malls or urban centres, are faster and more cost-effective to open, while still maintaining a physical presence.

“These stores enable us to be present in more communities,” Crittendon said, adding that the format is intended to complement both traditional stores and online shopping.

What shoppers can expect

For consumers, the experience will likely feel more streamlined — but also more selective.

With less inventory available in-store, shoppers may rely more on delivery or pickup for larger purchases, while using the physical space for inspiration, planning and smaller, immediate buys. At the same time, the smaller footprint should help to make IKEA more accessible to people who live farther from its larger warehouse locations, reducing the need for longer trips.

And yes, there will be a selection of IKEA’s well-loved food items available, too.

The London store, which will be located in White Oaks Mall (in place of the Hudson’s Bay store) is the first confirmed location in Canada under this new format, with more potential openings expected as IKEA expands the concept.

With the next Bank of Canada rate decision scheduled for April 29, 2026, it's worth understanding why variable loan rates have dropped but credit card interest rates remain the same. The short answer is that the mechanism that lowers variable borrowing costs simply does not apply to most credit cards. Now what you can do, instead, is critical.

Why credit card rates don't move with Bank of Canada cuts

When the Bank of Canada lowers its overnight rate, commercial banks reduce their prime rates by the same amount. Products tied to prime — variable-rate mortgages, HELOCs and some personal lines of credit — get cheaper almost immediately. Credit cards work differently. Most are issued at a fixed rate set contractually by the card issuer, and that rate doesn’t change when the prime rate moves (3).

Some variable-rate credit cards do reference prime, but the standard Canadian credit card charges a fixed annual purchase rate in the range of 19.99% to 24.99%, regardless of where the Bank of Canada sets its policy rate. Canada's major banks have posted these rates consistently through the full cutting cycle.

Even the Bank of Canada explicitly differentiates, stating its policy rate influences prime, which in turn affects variable mortgages and lines of credit — not fixed-rate consumer products (4). So, no cut, however deep, will automatically reduce what you owe each month on a rewards card at 20.99%.

How much Canadians are losing by waiting

The numbers are significant. Consider a hypothetical Canadian carrying $43,000 across several credit cards at an average rate of 22.4%. Making only minimum payments — roughly 2% of the outstanding balance each month — over 14 months, that borrower would pay approximately $11,140 in interest while reducing the principal by less than $800.

That's not a fringe scenario. Canada's total outstanding credit card balances reached $124 billion in the fourth quarter of 2024, according to TransUnion (5), representing 31 consecutive months of year-over-year balance growth. The average credit card balance per borrower hit $4,681 in Q4 2024, up 6% year-over-year. At the national average purchase rate, that balance generates roughly $78 in interest charges every month — and minimum payments barely dent it.

At the same time, the Bank of Canada has indicated it expects to remain on hold for some time at 2.25%, with Bay Street analysts and financial markets projecting no further cuts through 2026 (6). Waiting for the overnight rate to rescue a credit card balance is not a strategy — it is a gap in understanding how these two rates relate.

What actually works to lower your credit card interest

There are three meaningful levers available to Canadians carrying card balances right now.

Balance transfer cards

Some issuers in Canada currently offer 0% promotional rates on balance transfers for up to 12 months, with a one-time transfer fee typically ranging from 1% to 3%. On a $5,000 balance transferred at a 3% fee, the upfront cost is $150 — compared to roughly $1,000 in interest you'd pay over the same period at a standard 19.99% purchase rate.

Cardholders should note that these offers generally require a credit score of 660 or higher, and any remaining balance at the end of the promotional period reverts to the card's standard rate.

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Debt consolidation loans

Unsecured personal loans and credit union loans at rates meaningfully below 20% can roll multiple card balances into a single fixed monthly payment. This approach requires qualifying for the loan but eliminates the time pressure of a promotional window — and it can save you thousands of dollars.

Get one predictable payment that fits your monthly budget by combining your credit cards and debt into one loan. Find a consolidation loan with a lower rate and keep more of your hard-earned money. Fill out one application and compare rates from dozens of lenders.

Licensed insolvency trustee (LIT) consultation

For balances above $10,000 that are growing faster than they can be repaid, a consumer proposal negotiated through a licensed insolvency trustee (LIT) can reduce the principal owed. Many LITs offer free initial consultations, and the Office of the Superintendent of Bankruptcy Canada maintains a public registry of licensed practitioners.

Your options right now

The Bank of Canada rate decision on April 29, 2026, will not change what you pay on your credit card. What does have an impact is actively deciding about what to do about your current balance.

First, calculate your monthly interest cost. Multiply your credit card balance by the annual rate, then divide by 12. If that figure is $80 or more, the minimum payment strategy is keeping you stuck in debt. Consider this the tipping point — when you should consider a balance transfer to a no or low-interest card, a consolidation loan or schedule a professional consultation with an LIT.

To be clear: None of these steps require waiting for a rate cut.

Article sources

We rely only on vetted sources and credible third-party reporting. For details, see our ethics and guidelines.

Bank of Canada (1, 4); NerdWallet (2); BDO (3); TransUnion Canada (5); The Globe and Mail (6)

According to the Government of Canada, about nine million Canadians currently share their financial data this way (1). Screen-scraping is the practice of giving a third-party app your banking login credentials so it can log into your account on your behalf, copy your transaction data and store it in its own servers. For millions of Canadians, it has become a quiet routine that’s part of their financial management practice. But despite the benefits of tracking and monitoring your spending and investments, the practice carries risks that most people don’t know about — until something goes wrong.

Canada’s new consumer-driven banking framework, commonly called open banking, is designed to replace screen-scraping with a far more secure approach. The question is: when?

What is screen-scraping and why is it risky?

Screen-scraping is not a quirk used by obscure apps. It underlies some of the most widely used budgeting and financial management tools in Canada. The mechanics are simple: you hand over your login credentials, the app logs in as you, reads your account data by copying what appears on screen and then stores it externally.

The problem is what that means for your protection. Most Canadian banks include an online banking guarantee in their account agreements that protects you from unauthorized transactions — but only if you’ve kept your credentials private (2). Once you share your username and password with a third-party app, that protection may no longer apply. For instance, if a fintech app is hacked and your account is drained as a result, your bank may argue that you violated the terms of your account agreement. Several major Canadian banks — including those that prohibit credential sharing in their terms of service — simultaneously offer products powered by screen-scraping (3).

“Everybody should be able to understand where this information goes, who’s going to use it, and what happens when things go wrong,” explained Geoff White, executive director of the Public Interest Advocacy Centre (PIAC), a consumer protection not-for-profit (4).

Stop leaving money on the table — discover which Canadian banks are offering the biggest welcome bonuses right now.

What happens if your data is breached under the current system?

Under the current system, there is no federal framework assigning clear liability when something goes wrong with a screen-scraping connection. The app has your password. If a breach occurs, tracing accountability — and recovering losses — becomes difficult.

Canada’s Consumer-Driven Banking Act (CDBA), enacted as part of Bill C-76 (Budget Implementation Act, 2024, No. 2), which received Royal Assent in December 2024, is designed to change that. Under the new rules, liability in the event of a security breach would rest with the firm that had control of the data at the time (5).

That shift is significant: it means consumers would no longer be left to fight banks and apps over who is responsible when something goes wrong.

The specific accreditation and liability rules under the CDBA are still being finalized through regulation — which means anyone harmed by a data breach through a screen-scraping app today should contact their bank immediately and file a complaint with the Financial Consumer Agency of Canada (FCAC) at fcac-acfc.gc.ca.

How Canada’s open banking framework changes response and responsibility

Open banking — Canada’s preferred term is consumer-driven banking — replaces credential sharing with a secure, encrypted connection called an application programming interface (API). Rather than giving an app your password, you authorize your bank to share specific data with a specific accredited provider. You control what’s shared, with whom and for how long. And you don’t give up your password.

The Government of Canada’s framework has three goals:

1. Replace risky data-sharing practices like screen-scraping
2. Give Canadians legal rights over their own financial data
3. Support innovation in the financial sector

That’s the problem open banking is built to solve. Under the new framework, FCAC — the federal regulator responsible for consumer protection in the financial sector — is the designated regulator for consumer-driven banking accreditation and oversight (6). The Bank of Canada’s separate role covers the broader payments ecosystem under the Retail Payment Activities Act.

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Timeline: When do the new rules take effect?

While the government and Canadians want open banking solutions, the timeline for when they’ll take full effect remains uncertain. The federal government aimed to launch the consumer-driven banking framework in early 2026. However, as of early 2026, the full accreditation and technical standards are still being developed under the CDBA, and the technical standards body required to set API rules has not yet been designated.

As for the prohibition on screen-scraping, it’s not intended to take effect until after the open banking framework is fully operational. In the meantime, screen-scraping remains legal and widely used.

Phase 2 of the framework — which would expand write access, allowing apps to initiate payments or switch accounts on a consumer’s behalf — is targeted for mid-2027, contingent on the launch of Canada’s Real-Time Rail payments network. Payments Canada’s Real-Time Rail has faced significant delays since its original target; that contingency means Phase 2 timing carries real uncertainty.

For now, Canadians using fintech apps should understand that the current system is not protected by the same rules that will eventually govern open banking.

What to do before open banking arrives

The regulatory solution is coming, but it isn’t here yet. In the meantime, there are practical steps Canadians can take to reduce their exposure.

• Review which apps hold your banking credentials. Log into each app you’ve connected to your bank accounts and check whether it requires your username and password. If you no longer use an app, revoke its access.
• Ask your provider directly. Ask whether the app uses screen-scraping or a secure API connection. Many established providers are moving toward API-based access.
• Read your bank’s account agreement. Understand whether sharing credentials with a third party affects your fraud protection guarantee.
• Monitor your statements regularly. Look for unauthorized transactions, especially if you have connected accounts to multiple apps.
• Know where to complain. If your data is misused today, contact your bank and file a complaint with the Financial Consumer Agency of Canada (FCAC) at fcac-acfc.gc.ca.
• Once open banking launches, use FCAC’s accredited entity registry to verify which apps are approved under the new framework before sharing data.

The new rules will eventually make the current workaround obsolete. Until then, Canadians bear the risk — and the responsibility — of knowing what they are handing over.

Article sources

We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines

Government of Canada (1); Financial Consumer Agency of Canada (2); The Logic (3, 4, 6); Open Banking Tracker (5)

But there is a catch, and it catches a lot of people. The moment you use that card for everyday spending, the 0% advantage starts working against you.

How does a balance transfer card work in Canada?

A balance transfer card lets you move an outstanding balance from one or more existing cards onto a new card at a low introductory rate — sometimes as low as 0% — for a defined promotional period of time. In Canada, promotional periods typically run six to 12 months. A one-time transfer fee applies, usually 1% to 3% of the amount moved.

The math can be compelling. On a $5,000 balance at 19.99%, you would pay roughly $1,000 in interest over a year making only minimum payments. Move it to a 0% card with a 1% transfer fee, and that $50 fee is the only cost — provided you clear the balance before the promotional window closes.

Once that window closes, any remaining balance reverts to the card's standard rate, which typically sits between 13.99% and 22.99%.

Stop letting high interest stall your progress. Compare Canada’s top balance transfer cards and find the 0% introductory offer that fits your budget.

Why new spending on a balance transfer card backfires

The promotional rate applies only to the transferred balance — not to new purchases. Any new spending begins accruing interest immediately, which typically ranges from 12.99% to 22.99%.

For people trying to pay down debt, this poses a problem.

But there is a second problem: payment allocation. Under most cardholder agreements, if you pay more than the minimum, issuers apply the excess proportionately across all balance categories. So, a $400 payment on a card carrying $3,000 in transferred balance and $500 in new purchases does not simply eliminate the high-rate purchase balance first. A portion goes to each, leaving interest-accruing purchases on the card longer than expected.

The result? A card designed to cost nothing in interest starts quietly generating charges on the side. By the time the promotional period ends, the transferred balance may not be paid off — and the standard rate applies to everything.

What's the right way to use a balance transfer card?

Treat it as a single-purpose debt-repayment instrument — not a card you carry in your wallet for daily use.

• Transfer the balance, then put the card in a drawer. Use your existing card or debit for everyday spending
• Calculate your required monthly payment before you transfer. Divide the full balance by the number of promotional months — on a $6,000 balance with a 10-month window, that's $600 a month
• Set up automatic payments for at least the monthly target — missing one payment can trigger the loss of your promotional rate immediately under some cardholder agreements
• Don't transfer more than you can realistically pay off. Clearing $4,000 entirely beats moving $8,000 and leaving $3,000 reverting to a 20%+ rate in month 13
• Keep your old card open but unused if it's long-standing — closing it can push up your credit utilization ratio

Ready to become debt-free? Use the Money.ca comparison tool to see how much you could save by moving your high-interest balance to a low-rate card today.

Who is a balance transfer card best suited for?

A balance transfer card works best for someone with a specific, manageable balance they can pay off within the promotional window — generally someone with a credit score of approximately 660 or higher who can commit to not using the card for purchases during the repayment period.

For Canadians carrying serious or multiple types of debt, a non-profit credit counselling agency can help determine whether a balance transfer is the right tool or whether a broader debt management plan makes more sense. Credit Counselling Canada member agencies offer free confidential consultations.

A balance transfer card is one of the lowest-cost ways to buy time on high-interest debt — but only if it's used as a one-purpose tool. The clock starts the moment you transfer. Every month you don't spend on it and do pay it down is a month you keep money that would have gone to interest. That is the point. Don't give it back.

Lower your total borrowing costs. Roll high-interest credit card debt into a more affordable loan. Find out how much you can save — get a personalized debt consolidation quote from Loans Canada in under 60 seconds.

Across Canada, the national average for regular gasoline sat at roughly $1.80 a litre in the second week of April — up from about $1.26 a litre before the war in Iran commenced (1). In some parts of the country, drivers are already crossing the $2-per-litre threshold, including Victoria at $2.10 and Vancouver at $2.13 (2).

For many Canadian households, that’s more than an inconvenience — it’s a budget shock.

And it’s prompting renewed interest in electric vehicles. Searches for EV models on the Rates.ca insurance platform climbed 40% in March 2026 compared to the same period last year (3). EV sales on the used-car platform Clutch have spiked 112% since early January due to ongoing gas hikes (4). Canadians are now rethinking their numbers and reconsidering their options in a volatile economic climate.

Why gas prices keep rising

The spike at the pump is tied directly to the war in Iran.

The Middle East produces about 31% of the world’s total oil, led by Saudi Arabia and Iran (5). About one-fifth of the world’s oil and liquefied natural gas (LNG) moves through the Strait of Hormuz (6) — and Iran has effectively closed the passageway to commercial shipping since hostilities escalated, thereby squeezing supply and driving up prices.

Israel bombed Iran’s South Pars natural gas field on March 18 (7) and struck again on April 6, targeting petrochemical facilities within the complex (8). According to Reuters, Iran retaliated by bombing energy hubs and LNG refineries across the Gulf Arab states (9).

QatarEnergy’s chief executive officer, Saad al-Kaabi, told the news outlet that Iranian attacks have destroyed 17% of Qatar’s LNG export capacity and could set the region back 10 to 20 years.

The longer-term damage could be significant, however. “A week ago or certainly two weeks ago, I would have said: If the war stopped that day, the long-term implications would be pretty small,” Christopher Knittel, an energy economist at the Massachusetts Institute of Technology, told The Associated Press (10). “But what we’re seeing is infrastructure actually being destroyed, which means the ramifications of this war are going to be long-lived.”

For Canadian drivers, that means elevated prices at the pump could persist — not just for weeks, but for years potentially.

The EV incentive in Canada

For a long time, the federal government’s Incentives for Zero-Emission Vehicles (iZEV) program helped offset the higher upfront cost of going electric — offering up to $5,000 off the purchase or lease of qualifying vehicles. The program was paused in January 2025 after its funding was fully committed, and EV sales fell sharply in the months that followed (12).

But federal EV incentives are back. The new Electric Vehicle Affordability Program (EVAP) launched February 16, 2026, offering up to $5,000 for battery-electric vehicles (BEVs) and fuel cell vehicles, and up to $2,500 for plug-in hybrid vehicles (PHEVs) — for models with a final transaction value of $50,000 or less. Notably, Canadian-made EVs have no cap on their purchase price to qualify for rebates (13). The program received $2.275 billion in funding over five years.

Some provinces also have their own incentive programs, though availability varies widely. Québec offers up to $2,000 in 2026 through its Roulez Vert program (winding down through December 2026). Manitoba’s provincial rebate program ran until March 31, 2026. The Yukon, Northwest Territories and Prince Edward Island continue to offer rebates and incentives. British Columbia’s passenger-vehicle rebate program ended in November 2025. Ontario and Alberta currently have no provincial EV rebate for individual buyers in 2026 (14).

How much money could you save driving an EV?

So, how much financial sense does it make to switch to an EV right now?

The upfront price is still a hurdle. The average new EV in Canada costs between $50,000 and $70,000, while entry-level models start around $35,000 (15). The average new vehicle (of any type) was priced at about $63,665 as of late 2025 (16). Used EVs average around $45,841 — compared to $36,816 for all used vehicles (17).

The EVAP rebate helps close that gap for eligible buyers, and cheaper models are on the way. Additionally, a Canada-China trade deal announced in January 2026 is expected to allow up to 49,000 Chinese-made EVs — some potentially priced in the high-$30,000 range — into the country (17).

Over the long term, owning an EV tends to cost less to operate. Clean Energy Canada estimates that the average EV owner saves roughly $15,000 over eight years compared to a gas-powered vehicle — or about $1,875 annually (18).

To put that in concrete terms, consider a popular compact SUV with a 60-litre tank. Priced at $1.80 a litre, a full tank costs about $108 and can take you roughly 600 kilometres. With an EV, charging 60 kWh at the national average residential rate of about 17 cents per kWh costs roughly $10 and can take you approximately 350 to 400 kilometres (19).

Based on the NRCan Vehicle Survey, the average Canadian drives about 15,200 kilometres each year (20). At that mileage, a gas-powered driver filling up roughly every 600 km would need about 25 fill-ups annually — adding up to around $2,700 in fuel. An EV driver charging at home would spend roughly $650 on electricity for the same distance. Over five years, that’s a difference of nearly $10,250.

Of course, real savings depend on where you live. Québec drivers benefit from some of the cheapest electricity in North America — just 7.8 cents per kWh — making EVs a particularly strong financial case (20). At the other end, Alberta’s average residential electricity rate is about 25.8 cents per kWh, which reduces — but doesn’t eliminate — the fuel-cost advantage. And B.C. drivers, who are already paying among the highest gas prices in the country, may find an EV’s potential savings a sweet deal right now.

However, there are real-world considerations beyond fuel costs. EV insurance premiums in Canada tend to run 30% to 35% higher than for comparable gas-powered vehicles due to higher repair costs (21). And while Canada’s EV charging network is growing — reaching more than 33,767 public ports as of early 2025, with DC fast chargers growing 28% year-over-year — many rural and remote areas still have limited access (22).

Home charging is the most practical and budget-friendly option for most EV owners, but installing a Level 2 home charger costs between $1,500 and $3,000, including the unit and installation (23).

Should you switch to electric now — or wait?

An analysis by Transport & Environment found that gas-powered cars were “five times more exposed to energy crises” than EVs (24). That kind of long-term energy resilience is part of the reason that interest in EVs spikes every time oil prices surge.

If you drive frequently, pay low electricity rates and park in a home with charging potential, the financial case for going electric is stronger than it’s ever been in Canada — especially with federal rebates back in play. If you’re in rural Alberta or Saskatchewan, where electricity costs are higher and charging infrastructure is thin, a hybrid may be a more practical middle ground.

Perhaps the best of both worlds — particularly for first-time EV buyers with range anxiety — is a used EV that still carries a manufacturer’s warranty.

What Canadians can do right now

Whether or not you’re ready to go electric, here are steps to take control of your transportation costs:

• Calculate your real fuel spend. Tally your monthly gas receipts and project the annual total. For many Canadians driving 15,000 km or more every year, that number is higher than they expect — and rising.
• Check EVAP eligibility before you shop. The new federal Electric Vehicle Affordability Program offers up to $5,000 at point of sale on eligible vehicles with a final transaction value under $50,000, or with no price cap on Canadian-made EVs. Confirm eligibility at canada.ca before visiting a dealership.
• Check your provincial or territorial program. Incentive availability varies widely across provinces. Québec and P.E.I. have active programs. Ontario, Alberta, British Columbia and Saskatchewan residents currently rely on the federal EVAP only. The Northwest Territories offers a home charger rebate ($500), while the Yukon offers several rebates, including a new EV rebate of up to $5,000 (25).
• Factor in the full cost of ownership. Price out insurance for the EV models you’re considering — EV premiums can run 30% to 35% higher than for equivalent gas vehicles. Add the cost of a home Level 2 charger ($1,500 to $3,000 installed) to the total price tag.
• Consider a used EV under warranty. Entry-level used EVs are increasingly affordable and offer lower depreciation risk for buyers uncertain about going fully electric.
• If not now, go hybrid. A plug-in hybrid vehicle (PHEV) offers a meaningful compromise: lower upfront cost, fuel savings on shorter trips and no range anxiety on longer ones. PHEVs also qualify for up to $2,500 under the federal EVAP.

— with files from Melanie Huddart

Article sources

We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.

CBC News (1, 2); Rates.ca (3, 15); The Logic (4); Visual Capitalist (5); U.S. Energy Information Administration (6); The Guardian (7); The Associated Press (8); NBC News (9); Reuters (10); Associated Press (11); Canadian Press / Yahoo Finance (12); Transport Canada – EVAP (13); ChargeHub / Wheelthrive (14); AutoTrader Canada / The Car Guide (16); The Globe and Mail (17); Mitsubishi Canada / Clean Energy Canada (18, 23); GlobalPetrolPrices.com / offgridsolarsystem.ca (19); NRCan Vehicle Survey / ThinkInsure (20); Insurance Portal (21); Natural Resources Canada / Electrum Charging / EVwire (22); Transport& Environment (24); Electric Vehicle Incentives (25)

The Strait of Hormuz carries roughly 25% of the world’s crude oil supply (2) and about 20% of the world’s liquefied natural gas (LNG) (3) — and Iran has blocked free passage of oil resources in response to the U.S.’s attack. The result is skyrocketing oil prices and, in some countries, serious fuel shortages.

As of the time of writing, a fragile two-week ceasefire is in place, and Iran has said it will allow “safe passage” for ships through the Strait, as long as they coordinate with their armed forces. But multiple reports indicate there are many obstacles to overcome for traffic to become balanced, and fewer vessels are travelling through the Strait (4). Iran is also pushing to charge tolls for ships to pass through the Strait (5), with the ceasefire already on shaky ground. In another update, as of 10 am on Monday, the U.S. has announced a partial blockade of the Strait and a full naval blockade of Iran’s ports (6), further complicating the matter at hand.

There is “near-universal agreement” that if Iran ultimately controls the Strait of Hormuz, the U.S. “will be judged to have lost the war, and Iran will be judged to have won,” according to Bridgewater Associates founder Ray Dalio in his Principled Perspectives newsletter (7).

But there’s more at stake than losing control of this critical transit chokepoint, says Dalio. Rather, it’s about whether the American-led global order — established after the end of the Second World War in 1945 — actually survives (8).

History repeats itself

Dalio gives several historical examples, including the Suez Canal Crisis of 1956 when Egypt challenged Great Britain’s control of this critical trade route — and won. Historians largely consider it the incident that marked the end of the British Empire (9).

It’s a pattern that’s repeated itself throughout history, “in which a perceived lesser power challenges the leading world power over the control of a critical trade route,” Dalio writes.

Whether the dominant power survives or falls, it “reshapes history because people and financial flows quickly and naturally run from the losers.” It will have an impact on “debt, currency and gold markets,” he added.

If the U.S. is able to “win this war by having free passage through the Strait of Hormuz and eliminating Iran as a threat to its neighbours and the world,” then Dalio says it will reinforce confidence in U.S. power.

But if that doesn’t happen, the fallout could affect everything from global trade to the future of the U.S. dollar.

Potential impacts on the dollar

If the world’s dominant power, which holds the world’s reserve currency, is “overextended financially,” a loss of both military and financial control "reveals its weakness," writes Dalio. “Watch out for allies and creditors losing confidence, the loss of its reserve currency status, the selling of its debt assets and the weakening of its currency, especially relative to gold.”

We’re already seeing potential impacts. While only a trickle of commercial vessels have been allowed passage through the Strait, multiple reports show Iran is already charging transit fees in the Chinese yuan rather than the U.S. dollar (10).

If Iran (and China) prevail, “it will encourage countries to diversify away from the dollar financial system so as to protect themselves from being held hostage to U.S. financial sanctions,” Kenneth Rogoff, former chief economist at the International Monetary Fund (IMF), told Al Jazeera (11).

What this means for Canadians at the pump — and at the checkout

Canadians are already feeling the pinch when filling their tanks. Canada imports roughly 500,000 barrels of crude oil per day, with approximately 24% still coming from overseas. primarily into Eastern Canada (10). As a result, ongoing disruption to global supply chains hits Canadian refineries, and ultimately, Canadian consumers.

Higher fuel prices also carry a trickle-down effect on consumer goods, including groceries. Increasing the cost to both produce and transport goods means those costs are passed on at checkout through higher retail prices.

The longer the war lasts and the longer it takes supply chains to recover, the more it could drive higher inflation — and potentially even stagflation. Even if the Strait fully reopens, oil prices could remain high for months or even years because of infrastructure damage to refineries, oil fields, gas plants and ports in the Middle East (12).

For Canada, that means the Bank of Canada (BoC) could face renewed pressure on its 2.25% inflation target — complicating any plans to further lower interest rates (13).

How to strengthen your finances

In times of economic uncertainty, it’s in your best interests to boost your resilience by ensuring you have enough money set aside in your emergency fund to cover three to six months of expenses — though you may want to put away more if your employment is unstable. The Financial Consumer Agency of Canada (FCAC) recommends keeping that emergency fund in a liquid, accessible account, such as a high-interest savings account (HISA) or a Tax-Free Savings Account (TFSA) (14).

You may also need to cut back on discretionary spending to build or boost that fund. When it comes to your investments, most financial professionals advise against making in-the-moment decisions based on panic and broad or sudden geopolitical events.

Dalio has previously said gold “is a very excellent diversifier in the portfolio,” which can serve as a hedge in times of geopolitical uncertainty (15). Canadian investors can access gold exposure through TSX-listed products such as the iShares Gold Bullion ETF (CGL) or the Sprott Physical Gold Trust — or purchase physical gold coins and bars directly through the Royal Canadian Mint (16).

That doesn’t mean you should run out and buy gold — which has seen mixed performance throughout the conflict. But it’s a good time to revisit or rebalance your portfolio to be sure it’s well diversified.

What Canadians can do now

The recent shockwaves from the war in Iran are a reminder that world events can quickly change how you manage your personal finances. Here are a few steps you can take toward keeping yourself safe financially:

• Build or top up your emergency fund. The FCAC recommends keeping three to six months of living expenses. Consider keeping it in a TFSA, where the interest you earn is sheltered from tax.
• Review your registered accounts. In a volatile market, keeping investments inside a TFSA or Registered Retirement Savings Plan (RRSP) means any gains and growth are sheltered from being taxed — giving your portfolio more room to recover.
• Don’t panic-sell. Most financial advisers warn against making sudden decisions in reaction to short-term global upheaval. A long-term, diversified strategy is still the most reliable path when markets fluctuate.
• Consider inflation hedges — carefully. Assets like gold, real return bonds or broad commodity ETFs can act as a partial hedge against inflation. Talk to a certified financial adviser for more information and before making changes.
• Watch the Bank of Canada. The BoC’s rate decisions directly affect mortgage costs, variable-rate debt and GIC returns. Energy-driven inflation could delay interest rate cuts — a factor worth keeping in mind for your budget.

Bottom line

The war in Iran has sent shockwaves through global energy markets — and Canadians are feeling it at the pumps and at the checkout counter. How far the ripple effects reach depends on what happens next in the Strait of Hormuz.

You can’t control world relations, but you can control how prepared you are for when conflicts like this arise. Top up your emergency fund, review your registered accounts and resist the urge to make impulsive moves with your investments. A diversified, long-term portfolio is still your best defence when the world gets unpredictable.

— with files from Melanie Huddart

Article sources

We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.

International Energy Agency (IEA) (1); UN Trade and Development (2); International Energy Agency (IEA) (3); Reuters (4); PBS (5); CBS News (6); LinkedIn (7); Business Insider Africa (8); Imperial War Museums (9); Al Jazeera (10); Canadian Association of Petroleum Producers (11); Offshore Engineer Energy News (12); Benefits and Pensions Monitor (13); Financial Consumer Agency of Canada (14); CNBC (15); Gold Stock (16)

The transition is part of a broader overhaul aimed at addressing the Crown corporation’s financial challenges. The federal government has already directed Canada Post to move forward with the plan, which will require changes to the Canadian Postal Service Charter.

For Canadians, that means a gradual move away from mail arriving at the front door to picking it up from a centralized location in your neighbourhood.

How soon will door-to-door delivery end?

The change won’t happen overnight, and it isn’t clear yet when anyone can expect to begin using a new community mailbox.

Roughly four million Canadian addresses still receive door-to-door mail delivery, and the transition is expected to take years. As reported by CBC News (1), Federal Minister Joël Lightbound has said the process could take up to nine years, with most of the rollout expected to occur within the first four years.

Before that happens, CBC reports that Canada Post still needs to consult with unions, municipalities and other stakeholders, and work with the federal government to update the rules that currently require delivery to every address.

What changes for households

For most households, the biggest difference will be how and where they receive mail.

Community mailboxes typically include:

• Individual locked compartments for letters
• Larger slots or shared compartments for small parcels
• Secure parcel boxes, with keys placed in personal mail slots

According to Canada Post, most (smaller) packages can still be delivered to these boxes. Larger items that require a signature will continue to be delivered to the door or held for pickup at a post office or depot.

Why Canada Post is making the shift - and what to expect next

The move to end door-to-door delivery is primarily driven by cost and efficiency requirements forced upon Canada Post by the federal government due to its unmanageable operational debt.

Delivering mail to individual homes is significantly more expensive than servicing centralized mailboxes, and in order to continue operations, Canada Post needs to make this change, among others.

While the shift is already underway, many details remain unclear, particularly in urban areas where space is limited and installation logistics are more complex.

What is clear is that door-to-door mail delivery, once a standard service for Canadian households, is set to become far less common moving forward. But for now, and for most Canadians, the change will come gradually.

Article sources

We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.

CBC News (1)

Financial expert Suze Orman addressed this anxiety in a recent blog post — and it relates to Canadians as much as her U.S.-based audience (2). And the numbers north of the border are sobering.

A survey released by the Healthcare of Ontario Pension Plan (HOOPP) found that 36% of Canadians have no savings or under $5,000 worth of savings (3). That startling shortfall lies in the shadow of other reports that suggest Canadians believe they need an average of $1.42 million to retire comfortably (4) — a figure that’s risen by about $500,000 from similar reports released in 2005.

Elsewhere in the HOOPP survey, 66% of unretired Canadians say they expect to keep working in retirement just to support themselves. Furthermore, the cost of daily living was the top concern for 67% of Canadians.

Meanwhile, FP Canada’s 2025 Financial Stress Index found that money remains Canadians’ primary source of stress (5). Unfortunately for many, that anxiety takes a mental toll: More than half of Canadians (55%) say they’ve experienced a negative impact on their lives due to financial stress, including anxiety, depression and reduced productivity at work.

And it’s not only retirement that keeps Canadians up at night. When it comes to emergency preparedness, an Angus-Reid survey found the majority of Canadians under 55 say they couldn’t absorb an unexpected expense of more than $1,000 (6). Additionally, more than half (56%) worry that any surprise bill — a broken furnace, a dental emergency, a car repair — would force them into debt or paying with a credit card (7).

Orman is known for her tough-love approach to money, so you might expect her to advise people to buckle down and sacrifice more. Instead, the finance guru recommends a more Zen approach — one firmly grounded in the present.

A zen approach to financial anxiety

It starts with what Orman calls a form of financial meditation.

“Whenever you feel financial stress, slow down and literally focus on taking a few slow and deep breaths,” she advises in her blog post. “Remind yourself you have what it takes to work toward the financial future you deserve.”

She encourages people to break down long-term financial goals into “small steps, not Olympic jumps.”

For example, rather than fixating on an overwhelming retirement savings goal, she recommends putting money aside weekly, or from each paycheque. The advantage of this slow and steady approach is that progress becomes visible and measurable.

“Any week or paycheque where you manage to put some money in savings, or contribute to a retirement savings plan, or pay down some credit card debt, is a victory,” she wrote.

Orman has personal experience with this approach: She once lived paycheque to paycheque while working as a waitress (8). But behavioural science backs her up: Researchers at the University of California and Cornell University found that people are four times more likely to start a savings program with a financial technology app when the required deposit is $5 a day rather than $150 a month (9).

The takeaway: Starting small isn’t a compromise — it’s the strategy.

Automate your savings to free your mind

Orman has another tool for the anxiety-addled: Automate your savings so you never have to make the decision.

“Technology is your friend here,” she writes.

In Canada, automation is easier than ever. Most major banks and credit unions allow clients to set up pre-authorized contributions (PACs) — automatic withdrawals from a chequing account into a Registered Retirement Savings Plan (RRSP), a Tax-Free Savings Account (TFSA) or a non-registered investment account.

For 2026, the RRSP contribution limit is 18% of the previous year’s earned income, up to a maximum of $33,810 (10). The dollar limit for a TFSA in 2026 is $7,000 (11). Both accounts can be funded through automated contributions with a deposit as low as $25 — and many Canadian robo-advisors, such as Wealthsimple and Questrade Portfolio IQ, make it simple to set recurring investments without lifting a finger.

Orman’s advice also applies to emergency savings. Many Canadian employers offer group savings programs through payroll deductions. Alternatively, most banks allow clients to schedule automatic transfers from a chequing account into a high-interest savings account (HISA) or a TFSA specifically intended for emergencies.

When you focus on what you can automate today, you may have a little less to worry about tomorrow.

What Canadians can do right now

The main takeaway from Orman’s advice is this: Take small, consistent steps and let automation do the heavy lifting — here’s where you can start:

Set up a PAC for your RRSP or TFSA. Contact your bank, credit union or robo-advisor and schedule an automatic weekly or monthly contribution, even if it’s only $25. Small, regular deposits compound over time — and automating deposits removes the anxiety of remembering to do it yourself.

Build your emergency fund first. Before maximizing your RRSP, make sure you have at least one to three months of essential expenses in a TFSA or HISA. Financial planners generally recommend having that buffer set aside. The TFSA is an ideal account because it’s easily accessible: Withdrawals are tax-free and there’s no penalty.

Know your CPP foundation. The Canada Pension Plan (CPP), administered by CPP Investments, provides inflation-protected, lifelong retirement income. The 2025 CPP enhancement — which completed its seven-year phase-in in January 2025 — means the program will now replace up to one-third (33.33%) of your average earnings (up from one-quarter previously) (12). Knowing what you have to work with from CPP can better reframe your retirement savings as a supplement rather than a total benefit.

Work with a financial planner. FP Canada’s 2026 Financial Stress Index found that Canadians who work with a Certified Financial Planner (CFP) professional are far less likely to lose sleep over money — 41% vs. 55% for those without a planner (13).

Review your numbers annually. Revisit your RRSP and TFSA contribution room each year through the CRA’s My Account portal. Any unused TFSA contribution room carries forward indefinitely, and catching up on unused RRSP room is possible up to age 71.

Bottom line

You’re not alone if you experience retirement anxiety. But obsessing over a $1.42 million savings target isn’t helping anyone. Suze Orman’s advice is simple and stress-free: Stop fixating on the big number and start making small, consistent moves today.

Build a habit by setting up automatic contributions to your RRSP or TFSA, even if it’s only $25 a week. Start putting away for an emergency. Know what your CPP outlook is. Then sit down with a financial planner to fill in any gaps. Progress doesn’t have to be dramatic to make a difference — it only has to be consistent.

A fee-only financial adviser can help set you on the right track by creating a plan that fits your lifestyle and budget.

Article sources

We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.

CPP Investments (1); Suzeorman.com (2); HOOPP (3); Yahoo! Finance (4); FP Canada (5); CTV News (6); H&R Block Canada (7); Forbes (8); CNBC (9); Canada Revenue Agency (CRA) (10, 11); Government of Canada (12); FP Canada (13)

The fact that Pichette himself left Canada to become senior vice president and CFO of Google in California — a role he held from 2008 to 2017 — may add a layer of complexity to his argument. He has since amassed a net worth of about US$269 million and is now a partner at Inovia Capital, based in London, England. But it is precisely because he benefited from the system that he says he understands what Canada is losing.

“...Canadians have subsidized my education to the tune of … half a million,” he told the panel, titled Building a Stronger, More Competitive Canadian Economy (1).

To be precise, the mechanism Pichette is criticizing is the TN visa under the Canada-United States-Mexico Agreement (CUSMA), which allows Canadian and Mexican citizens to work temporarily in the U.S. in specific, prearranged professional roles.

Pichette himself benefited from this opportunity; after graduating from the University of Waterloo, Pichette received an offer from Microsoft (NASDAQ:MSFT) for US$300,000 a year. All he had to do, he said, was “show up at the border, apply for a TN visa” — with a three-year option available for just US$30.

Pichette’s proposed solution: shut down the TN program entirely or charge departing graduates a $500,000 exit tax to recoup the public investment in their education.

“You want to go to the U.S.? Give me back my money,” he said (2).

Pichette’s comments were made during the 2026 Liberal Convention, while he was participating on a panel discussing the Canadian economy. (His suggestions were part of a discussion and not part of a Federal Liberal platform.)

Canada’s brain drain

Pichette’s comments were made during the 2026 Liberal Convention, while he was participating on a panel discussing the Canadian economy. While his suggestions were part of a discussion and not part of a Federal Liberal platform, there’s data to support Pichette’s assertion that Canada is experiencing what economists call a brain drain — the departure of highly educated workers seeking better pay and opportunities elsewhere.

According to data, the scale of the Canadian brain drain is now at a historic level. Net emigration — Canadians leaving the country — reached 65,372 in 2024-25, the highest level in the 50-year data series (3).

Research from the Bank of Canada found that roughly 40% of Canadians who would rank in the top 1% of earners have moved to the United States. The study also found that Canadian-born individuals in the U.S. are more educated than native-born Americans and earn substantially more (4).

This data, Pichette argued, shows not only the brain drain but also the loss of public funds spent on developing that Canadian talent. Based on past data, approximately 30,000 to 40,000 Canadians depart each year for the U.S. using the TN program.

“You want to save yourself $5 to $10 billion dollars? Shut the TN program. Keep them in Canada, or make them pay their half a million so that if they leave, I'm OK with that.”

The real Canadian drain

Behind the debate over policy tools is a more fundamental challenge: Canada's economic outlook is pushing many educated workers to look elsewhere. While an exit tax or visa restriction might slow departures at the margins, it does not address what is drawing people away in the first place.

High living costs, a sluggish job market in some sectors, and a widening wage gap with the U.S. are all factors driving Canadians — especially those in tech, finance and health care — to explore cross-border options. The TN visa makes that transition unusually frictionless for professionals.

But the irony, for Pichette, is that he used every advantage Canada provided: Left the country, built a fortune, and is now arguing that same path should cost the next generation far more to walk.

What this means for you

Whether Canada ultimately adopts an exit tax or restricts the TN visa is a policy question — and a policy decision that is not currently up for debate. But the brain drain debate has real implications for individual Canadians trying to manage their financial lives — whether they stay or go. To understand the impact, you need to:

• Understand your credentials' cross-border value. Professionals in tech, finance, engineering and health care are among the most sought-after under the TN program. Knowing your market value — in both Canada and the U.S. — puts you in a stronger negotiating position wherever you work.
• Use registered accounts to protect what you earn. Whether you stay or go, maximizing your registered retirement savings plan (RRSP) and tax-free savings account (TFSA) contributions before any potential move is one of the most tax-efficient steps you can take. If you do relocate to the U.S., RRSP accounts are recognized under the Canada-U.S. tax treaty, though your TFSA is not — a critical distinction to discuss with a cross-border tax adviser.
• Factor in hidden costs. Gross salary differences between Canadian and U.S. offers can look dramatic on paper, but factor in higher U.S. health-care costs (unlike Canada's public system), state income taxes and the cost of living in major tech hubs before drawing conclusions.
• Know your departure tax obligations. Canadians who become non-residents are subject to a deemed disposition — the Canada Revenue Agency (CRA) treats most capital property as sold at fair market value the day you leave. Getting a tax assessment before you go can prevent an unexpected bill.

— with files from Romana King

Article sources

We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.

CPAC (1); National Post (2); Statistics Canada (3); Bank of Canada (4)

According to the CRA, approximately 8.9 million cheques worth a combined $1.4 billion remain uncashed by Canadian taxpayers (1). The average uncashed cheque is worth $158, and some date back to 1998. If you've ever moved, missed a notice or simply forgot to cash a refund, one of these unclaimed cheques could be yours.

The good news: Government-issued cheques don't expire. Unfortunately, the CRA cannot void or reissue these cheques without a request from you, the taxpayer. This means your money is still there, still yours and still claimable.

Why do so many cheques go uncashed?

The most common reasons for uncashed government cheques are the typical and mundane reasons: A moved address, a name change, a misplaced envelope. Benefit payments and tax refunds sent by mail are especially vulnerable if the CRA doesn't have your current address on file.

The CRA began proactively notifying Canadians about unclaimed payments in 2020, when it launched its My Account portal feature for uncashed cheques. Since then, about two million uncashed cheques valued at $802 million were redeemed by Canadians between February 10 and May 31, 2020 — a sign of how many people didn't know they were owed anything.

The CRA also sent email notifications to tens of thousands of taxpayers encouraging them to log in and check their CRA My Account — but you don't need to wait for a nudge.

How to check in 2 minutes

If you're registered for the CRA My Account portal, checking for uncashed cheques takes less than two minutes:

1. Log in at My Account on canada.ca
2. Navigate to the "Related services" section
3. Click "Uncashed cheques"
4. If a cheque is listed, complete the duplicate payment request form online — or mail it to the Sudbury Tax Centre

Not registered for CRA My Account? You can call the CRA directly at 1-800-959-8281 to ask about uncashed payments. If you use a tax representative, they can also check on your behalf through the CRA's Represent a Client service.

What happens after you claim

If you're already signed up for direct deposit through the CRA, your reissued payment will arrive directly in your bank account. If not, a replacement cheque will be mailed to the address on file — which makes keeping your address current on your CRA account critical.

Keep in mind that uncashed cheques don't earn interest and won't increase with inflation. So, a cheque from 2005 is worth the same nominal amount today as it was then. The key, now, is to cash it sooner rather than later.

There's also an important offset rule. If you currently owe money to the CRA — for example, from unpaid taxes in a previous year — the agency will automatically apply your uncashed cheque to that outstanding balance rather than paying it out to you directly.

What to do with the money once you have it

A windfall of $158 — or more — is a good prompt to shore up your finances. Consider using the cash to help bolster these priorities, in order:

Pay high-interest debt first

Credit card balances at 19% to 22% interest cost you more than almost any investment will earn you. Even a small payment makes a meaningful difference.

Stop paying high interest. Switch to a 0% balance transfer card to pay off your balance faster. Compare hundreds of credit cards to find your best card, today.

Bolster the emergency fund

If you don't have three to six months of expenses set aside, a savings account with a high interest rate is the right place for found money.

Build your emergency fund faster with a no-fee Simplii Financial high-interest savings account. Open and fund an account before July 31, 2026 and earn 4.60% interest for 5 months. (Terms apply.)

Compare Canada's highest HISA rates and stop letting your savings sit idle in a low-interest account.

TFSA or RRSP contribution

If debt and emergency savings are covered, sheltering the funds in a registered account means the money grows without triggering tax.

The amount may feel small, but it's money you've already earned — money that belongs to you.

Get started with a no-fee RRSP high-interest savings account with EQ Bank. Earn 1.50% on your cash savings and enjoy tax-deferred growth with an EQ Bank RRSP account.

How Canadians can claim their money from the CRA

• Log in to CRA My Account and navigate to 'Uncashed cheques' under Related services
• If a cheque is listed, submit the duplicate payment request form online or by mail to the Sudbury Tax Centre
• Sign up for CRA direct deposit so future payments don't get lost in the mail
• Update your address and contact information with the CRA — especially if you've moved recently
• If you can't access My Account, call the CRA at 1-800-959-8281 or ask your tax representative to check on your behalf
• Once funds arrive, prioritize high-interest debt, then emergency savings, then registered accounts

Article Sources

We rely only on vetted sources and credible third-party reporting. For details, see our ethics and guidelines.

Government of Canada (1)

Depending on the source, as of March 2026, there are anywhere between 46 and 100 active conflicts globally, with Statista citing 27 conflicts worldwide that can be classified as wars (1). The war in Iran dominates U.S. and Canadian headlines. But other conflicts — including rising tensions between Afghanistan and Pakistan — are adding fuel to an already volatile global situation (2).

That anxiety is hitting close to home. A February 2026 Politico survey asked more than 10,000 adults in five countries how they view the global security situation. The majority of Canadians, Americans, Britons and French respondents said they believe a new world war is more likely than not within the next five years (3). The share of respondents predicting a global conflict has risen sharply since the same question was asked in March 2025.

So what should investors do? According to Warren Buffett, the answer is surprisingly straightforward.

“I will still be buying the stock,” Buffett told CNBC during a 2014 interview, referring to the broader stock market (4). The Oracle of Omaha has been making the case for staying invested in productive assets — stocks, real estate, farmland — through geopolitical chaos for decades.

Here’s why his view still holds, and what it means for Canadians navigating the markets right now.

The productivity shield

In general, geopolitical tensions tend to weaken investors’ appetite for risk, pushing money out of stocks and bonds and into safer-seeming assets like gold and cash.

But Buffett argues this is the wrong instinct.

“You’re going to be a lot better off owning productive assets,” he said. His reasoning draws directly from history. A Standard & Poor’s report, published shortly after September 11, 2001, noted that in the five months following the attack on Pearl Harbor — which ushered in U.S. involvement in the Second World War — the S&P 500 Index fell almost 17% (5). But by the time the war ended in 1945, the index had advanced 62% from its December 7, 1941 level.

The broader pattern holds up beyond the U.S. market. According to research by Hartford Funds and Ned Davis Research, stocks generated positive performance one year after an act of aggression in 73% of armed conflicts since the Second World War (6). In other words, the longer the investment horizon, the more likely the positive return.

Canada’s stock market held up incredibly well in 2025. The S&P/TSX Composite Index gained roughly 29% for the year — its strongest performance since 2009, according to Morningstar Canada (7) — even as tariff threats, Canada-U.S. trade tensions and geopolitical uncertainty dominated the headlines. The S&P 500 returned almost 17% over the same period (8).

The TSX’s composition partly explains that outperformance. Canada’s benchmark index is dominated by financials (roughly 32% of the index), materials (17%) and energy (15%) — sectors that can benefit from the kinds of geopolitical pressures that drag down tech-heavy U.S. indexes (7). When tensions in the Middle East pushed oil prices higher in late March 2026, Canadian energy majors Suncor and Canadian Natural Resources each rose more than 2%, even as the broader TSX dipped on the same day (9).

“The materials sector benefited from rising prices in gold, copper, and other critical minerals, as investors sought hedges against geopolitical and inflation risks,” Ashish Dewan, investment strategist at Vanguard Canada, told Morningstar Canada (10).

Canadian investors aren’t sheltered from global shocks — and 2026 has already made that clear. The TSX dropped 1.53% on March 26, 2026, as the Iran crisis rattled North American markets (11). But how the index is constructed provides a natural hedge that many investors don’t consider.

Cash is a clear loser

Beyond stocks, Buffett’s most important warning may be what not to hold during a conflict.

“The one thing you could be quite sure of is if we went into some very major war, the value of money would go down,” he told CNBC. “That’s happened in virtually every war that I am aware of.”

Buffett’s logic is simple. War drives government spending, disrupts supply chains and increases prices of consumer goods, all of which drive inflation so your money buys you less over time. A currency that’s steadily losing purchasing power isn’t a safe haven — it’s a slow drain on your finances.

The past year has reinforced that concern for Canadians. The Bank of Canada ranked geopolitical risk as the single biggest downside risk to Canada’s economy, cited by half of the 28 industry participants polled in its Q4 2024 Market Participants Survey (12). Meanwhile, 64% of Canadians surveyed by Scotia Global Asset Management in fall 2025 said current economic conditions had affected their retirement plans — and 38% said they were more worried about funding their retirement than they were a year earlier (13).

Had these investors turned to cash during this period, they would not have been protected. Rather, it would have cost them the TSX’s near 29% gain.

Buffett believes farmland, real estate and any other asset class that generates a tangible return can be ideal for holding during a global conflict. In 2022, he stated that if someone offered him a 1% stake in all apartment buildings in the country for US$25 billion (approximately C$36 billion at current exchange rates), he would write them a cheque (14). The logic: No matter what’s happening in the broader economy, people still need shelter — and rental income tends to rise with inflation.

For investors who don’t own rental properties outright, real estate investment trusts (REITs) offer an easier way to invest in the sector without buying a property. Canadian REITs trade on the TSX like any other stock, and they’re required by law to distribute most of their taxable income to investors every year — making them a practical option for Canadians to generate regular income.

What Canadians can do right now

Past performance is never a guarantee of future returns, and no one can predict exactly how markets would behave in a full-scale global war. But Buffett’s framework — stay invested in productive assets, avoid fleeing to cash, keep a long-term horizon — has proven to withstand time and conflict.

When markets reach this level of uncertainty, a Certified Financial Planner (CFP) can help you build a strategy suited to your situation and risk tolerance. Administered by FP Canada, the CFP is the gold standard for financial planning — and CFPs are held to a fiduciary standard, meaning they’re legally required to act in your best interest.

Canadians can verify a financial planner’s certification status and review their history through the FP Canada Planner Directoryc (15). For those specifically looking for an investment adviser, the Canadian Investment Regulatory Organization (CIRO) maintains a national registration database (16).

Next steps: What Canadian investors can learn from Buffett’s approach

Stay invested — but make sure your portfolio fits your risk tolerance. Buffett’s advice works best for long-horizon investors. If you would panic and sell during a 15% to 20% market drawdown, a 100% equity portfolio may not be right for you regardless of geopolitics. Review your investment policy with a registered adviser.

Understand Canada’s natural geopolitical hedge. The TSX’s heavy weighting in energy, materials and financials means Canadian investors already have some built-in exposure to assets that can benefit from commodity price spikes during global crises. This isn’t a reason to over-concentrate — it is a reason to understand what you already own.

Don’t flee to cash — but do hold a reasonable emergency fund. Buffett’s anti-cash warning is about investment portfolios, not money set aside for emergencies. Most financial planners recommend keeping three to six months of living expenses in a high-interest savings account (HISA) or Tax-Free Savings Account (TFSA). Beyond that, sitting on large cash positions in a high-inflation environment is a financial risk, not a safety net.

Consider productive assets beyond equities. Real estate (either directly owned or through TSX-listed REITs), farmland and broadly diversified equity funds all qualify as productive assets under Buffett’s framework. None of them require a billionaire’s capital to access.

Find a CFP or CIRO-registered adviser before the next crisis, not during it. The worst time to make a major financial decision is when fear runs high. A qualified Canadian adviser can help you stress-test your portfolio in calmer conditions so that when markets drop due to geopolitical unrest, you already have a plan — and stick to it.

— with files from Melanie Huddart

Article sources

We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.

Statista (1); Council on Foreign Relations (2); Politico (3); Sydney Morning Herald (4); Standard & Poor (5); Hartford Funds / Ned Davis Research (6); Morningstar (7, 10); Yahoo! Finance (8, 14); Trading Economics (9); Cooperators (11); Investment Executive (12); Scotia Wealth Management (13); FP Canada (15); Canadian Investment Regulatory Organization (16)

That’s the financial and emotional dilemma Leticia is facing in this hypothetical scenario — a 61-year-old woman who has spent three decades building her career in administration at a large manufacturing plant. She had been counting on a $15,000 bonus to push her retirement savings over the finish line. Then came a performance review she didn’t score well on — and with that, the news that the bonus was gone.

Now she’s wrestling with a question that many Canadians nearing retirement face: do you stay and fight? Or do you walk away on your own terms?

Should you stay or should you go?

Leticia has been with the same company for 30 years, earning consistently strong reviews and several promotions along the way. However, over the past couple of years the company has been cutting its workforce. Her responsibilities have piled up to fill in the gaps — along with her stress and exhaustion.

Her most recent performance review — the first poor one in her career — reflected none of that context. She’s convinced it wasn’t fair, and she may be right.

But before she decides whether to challenge the review or simply retire, she needs to answer two separate questions: What are her rights as an employee? And is she actually ready to retire?

One-off payments like bonuses, commissions or profit-sharing are never guaranteed. When they disappear — especially because of a substandard performance rating — they can create real financial uncertainty and significant emotional frustration.

If Leticia wants to dispute the review, she has options. Canadian employees have the right to challenge performance evaluations they believe are unfair.

Leticia’s first step is to check whether her company has a formal internal dispute resolution process. If it does, she should follow it. If not, she can submit a written rebuttal that clearly identifies what she disagrees with, and includes any documentation or evidence supporting a different assessment. This can include emails, project records, performance metrics, notes or chats about the workload increases she took on (1).

If the review seems discriminatory — for example, targeting her age or treating the burnout as a disability — she may have grounds to file a complaint with her province’s human rights commission (2).

That said, her goal here is focused: to restore the bonus she was anticipating. And depending on the company’s willingness to reconsider, that may or may not happen.

Timing your retirement

Even if Leticia doesn’t get the bonus, the story doesn’t necessarily end there.

She and her husband have been diligently saving for decades. Her financial adviser has confirmed they’ve hit a savings benchmark — their funds are sufficient to replace between 70% and 80% of their pre-retirement annual income. That’s within the range most Canadian financial planners use as a starting point for maintaining your standard of living in retirement (3).

Windfalls and bonuses can accelerate your retirement savings goals — especially early in your career. But depending on them as the final piece of the puzzle is risky. A solid retirement plan needs to stand independently from any income you may or may not receive.

The good news for Leticia is, her retirement plan mostly stands alone.

One of the most important timing decisions for any Canadian approaching their golden years is when to begin collecting Canada Pension Plan (CPP) benefits. The standard age for full CPP benefits is 65.

But you have flexibility: CPP can begin as early as age 60 with a reduction of 0.6% for each month you collect before your 65th birthday — for a maximum cut of 36% (4). On the other end, deferring CPP to age 70 increases your monthly payment by 0.7% per month, for a total gain of up to 42% (4).

For Leticia and her husband, waiting until 65 to begin collecting CPP — or even deferring for longer — is likely within reach if they have enough in savings to bridge the gap.

Old Age Security (OAS) also kicks in at 65, with a maximum monthly benefit of $742.31 for those aged 65 to 74 (January 2026 to March 2026 rates) (5). Akin to CPP, you can defer collecting OAS to 70 for a higher monthly benefit. The OAS clawback — or pension recovery tax — begins at a net income of $95,323 in 2026 (5).

Health coverage is another consideration that you might overlook until the last minute. Unlike the U.S., where retirees must plan for insurance gaps before Medicare eligibility at 65, Canadians have the benefit of provincial health insurance — OHIP in Ontario, MSP in British Columbia, RAMQ in Québec and AHCIP in Alberta, for example. Your provincial plan will cover you throughout your retirement for physician and hospital care.

However, any supplemental benefits you may rely on — dental, vision, prescription drugs and paramedical services — are typically provided through employer-sponsored group plans (6). These benefits often end at retirement. If Leticia’s husband carries the family’s extended health coverage through his employer and that plan extends into retirement, they have one less worry.

If not, Leticia will want to explore whether her own employer plan can be converted into a retiree plan, or whether a private supplemental policy makes sense. A PolicyMe–Angus Reid study found that 47% of Canadians aged 55 and over delay supplemental health appointments due to cost (6) — and that number rises when employer coverage ends. This additional cost is worth factoring into retirement planning before Leticia resigns.

If you’re deciding when to pull the trigger on retirement, know your finances — and also how you really feel about it. You’ll want to reflect on whether you’re emotionally ready to stop working, and if you have a clear sense of what comes next. For someone like Leticia, who has worked in the same organization for 30 years, the identity and routine that come with work are significant. Retiring on her own terms — rather than being pushed out by a bad review — may actually make that transition easier.

Steps Canadians can take

Whether you’re facing a situation like Leticia’s or simply thinking ahead, here are some steps worth taking now:

Know your CPP number. Log in to My Service Canada Account to review your CPP Statement of Contributions. This gives you a projection of your monthly benefit at age 60, 65 and 70 — and helps you decide which start date makes sense for your situation.

Map out your income sources. Retirement income for most Canadians comes from some combination of CPP, OAS, Registered Retirement Savings Plan (RRSP) or Registered Retirement Income Fund (RRIF) drawdowns, Tax-Free Savings Account (TFSA) withdrawals and workplace pensions. Know what each will provide and when.

Check the 70% to 80% benchmark. Most Canadian financial planners use 70% to 80% of pre-retirement income as a starting target for maintaining your lifestyle in retirement (3). Remember, this is a benchmark rather than a guarantee — your actual needs depend on your spending, health, lifestyle and whether your mortgage is paid off.

Understand your health benefits at retirement. Don’t assume your employer’s health plan follows you into retirement. Ask your HR department whether your group benefits can be converted at retirement, and get a quote for a supplemental private plan if needed.

Don’t resign without legal advice. If a poor performance review, a sudden shift in workload or workplace treatment is pushing you toward the door, speak with an employment lawyer before you make any moves. In Canada, some of these situations may constitute constructive dismissal — which means you could be entitled to severance even if you leave. Samfiru Tumarkin LLP, which provides free guidance through Canada’s only Employment Law Show, notes that you should never sign a performance-related document or resign under pressure without first understanding your rights (1).

Don’t build your retirement plan around a windfall. Bonuses, profit-sharing and inheritances are unreliable foundations for a retirement plan. If your savings can get you to your target income replacement rate without those extras, you’re in far better shape than you think.

— with files from Melanie Huddart

Article sources

We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.

Samfiru Tumarkin LLP (1); Canadian Human Rights Commission (2); Wealthsimple (3); Canada.ca (4, 5); PolicyMe (6)

“I came in from grocery shopping, I knew my balance was about $2,500, and I got a call — it showed ‘TD Bank’ on my phone,” she told Money.ca. The caller identified himself as a fraud agent and flagged a suspicious charge, then placed her on hold. The music and messaging sounded identical to what she would normally hear when calling her bank.

When he returned, the caller referenced details of a recent cheque she had deposited. He then told her he would send a text message and asked her to reply “yes” to confirm that she had not authorized the fraudulent transaction, which the caller said was tied to Montréal, a place Taron has no connection to.

Within a day, $4,650 had been withdrawn from her account.

How does this scam actually work?

At the centre of this type of fraud is the misuse of legitimate security tools.

In Taron’s case, the text message she received was a one-time passcode (OTP), a common feature banks use to verify identity or authorize activity. The caller framed it as part of a fraud check, asking her to respond in order to confirm that she had not made the transaction.

Scams like this are designed to feel routine. By combining familiar cues, like a recognized phone number, real account details and standard verification steps, they can closely resemble legitimate fraud checks, even for people who are actively trying to be cautious.

Because the interaction follows the same structure as a real fraud call, including verification steps and scripted language, it can be difficult to distinguish in the moment. Scammers often keep the person on the line while this happens, creating tension, and giving the impression that the issue is being handled in real time.

What did her bank say — and why does that matter for your money?

Taron ended the call while on hold after becoming suspicious, and contacted her bank directly. She was told her account had been breached and her debit card would be cancelled.

“By the time I contacted my bank, they were able to withdraw 93 dollars 26 times in a row. And this is without my account number, or my pin number,” shared Taron.

Over a short period, a large volume of withdrawals — about $93 at a time — drained roughly $2,500 from her account. In addition to that, the scammers were able to use mobile deposit features to repeatedly deposit the same $100 cheque, made out to a “Roy Scott,” then withdraw funds before the deposits were reversed.

This process was repeated 21 times.

In total, the scam resulted in a loss of $4,650, including a negative balance once the cheques bounced.

Taron reported the fraud soon after the call and filed a claim with her bank. In a letter dated March 2, Taron was informed by her bank that her claim had been denied.

The bank determined that the transactions had been authorized, citing its policies around protecting account information. That distinction matters: when activity is treated as authorized, reimbursement is not guaranteed, even if access was obtained through deception.

Taron has also had a second claim denied by TD, which has prompted her to take legal action.

Why didn’t the bank catch this scam?

The pattern and speed of the transactions raise serious questions about how fraud is detected in real time.

In Taron’s case, multiple withdrawals were made in quick succession, alongside repeated deposits of the same cheque. Despite the volume and repetition, the activity was not stopped before the account was drained.

Financial institutions use automated systems to detect unusual behaviour, but those systems often rely on identifying activity that falls outside expected patterns. When transactions are processed using valid credentials or verification steps, they won’t necessarily trigger immediate intervention.

In this case, the use of an OTP meant the activity appeared to be authorized within the bank’s systems, even though it was initiated through deception (scammer directing Taron to approve the OTP).

The cheque deposits followed a similar pattern. Under Canadian banking rules (1), a portion of a cheque deposit is often made available right away. That window can be exploited if funds are withdrawn before the cheque is returned unpaid, particularly when the same cheque is deposited repeatedly.

What should you do if this happens to you?

If you receive a call from someone claiming to be from your bank, the safest step is to end the call and contact the bank directly using the number on your card or official website.

If you suspect fraud has already occurred:

• Contact your bank immediately
• Ask for your account and cards to be secured or frozen
• Document the timing and details of what happened
• File a formal fraud claim as soon as possible

Acting quickly can help limit further losses, particularly if transactions are still in progress.

What can Canadians do right now to protect themselves?

One consistent feature of these scams is the use of OTPs or verification messages.

These codes are designed as a security measure, but they should only be used within a secure, self-initiated interaction — such as logging into your account or approving a transaction you initiated yourself.

Banks typically do not require customers to confirm or read back verification codes during an unsolicited call.

More broadly, it’s important to treat any unexpected contact involving your finances with caution, even if it appears legitimate. Caller ID can be spoofed, and scammers may have access to limited account information, which can be used to feign legitimacy.

For Taron, the experience has changed how she intends to handle unsolicited calls.

“Never trust a phone call. Moving forward… I'd say, "I'm sorry, I'm gonna have to call you back,” she said.

Article sources

We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.

Canada.ca (1)

Billionaire investor Ray Dalio — founder of Bridgewater Associates, the world’s largest hedge fund — says many people rushing into AI stocks may be fundamentally misunderstanding what they are buying.

“What a lot of people don’t realize in bubbles is that through all technologies, they think that they are betting on the technology when they buy the stocks in the companies,” Dalio said in a recent X short from The All-In Podcast (1).

“There’s a giant difference between the behaviour of companies and the behaviour of the technologies,” he explained. “The norm is ... a lot of companies won’t survive in the start. Very small percentage.”

It’s a warning to investors everywhere — including Canadians navigating a moment when AI-linked stocks are generating both enormous excitement and uneasiness.

You’re not betting on AI — you’re betting on companies

Dalio’s main argument is straightforward: A technology can transform the world while the majority of companies built around it collapse.

The dot-com era of the turn of the century is the perfect example. The internet changed everything — but not before a wave of early internet companies collapsed after their valuations grew far beyond what the businesses were worth (2). Even today’s tech giants — companies like Amazon, for example — survived a field of competitors that disappeared entirely.

Dalio has publicly stated he views the current AI boom at approximately 80% of the euphoria that preceded either the 1929 stock-market crash or the 2000 dot-com bubble.

Investor enthusiasm has pushed valuations higher across the tech sector, particularly in companies tied to chips, cloud infrastructure and generative AI tools. According to Goldman Sachs, generative AI could boost global GDP by about 7% over the next decade (3), showing how much capital AI tech has generated.

But when too much money chases a single movement, it can lead investors to overpay for exposure to a particular vertical — especially when it’s unclear which companies will ultimately dominate.

For Canadian investors, this story hits closer to home than it may seem. While the TSX is less concentrated in pure-play AI stocks than U.S. markets, Canadians with broad index or tech exposure aren’t immune. Some TSX-listed companies — including Celestica (TSX: CLS), Kinaxis (TSX: KSX), and OpenText (TSX: OTEX) — have seen significant valuation hikes based on AI-related confidence (4). In Q4 2025, Celestica alone posted revenue growth of 44% year over year, driven by demand for AI infrastructure (5). Promising numbers don’t always mean a fair price. When investor enthusiasm outpaces what a company is really delivering, bubbles start forming.

Why bubbles form around breakthrough technologies

When technology undergoes rapid change, investors tend to pile in. Historically this has been true — and it doesn’t always go well.

During the late 1990s, investors poured money into internet-related companies, many of which had little or no profit. When the dot-com bubble burst, many of those firms failed, even as the internet itself went on to reshape the global economy.

That dynamic — strong belief in a technology paired with uncertainty about which companies will succeed — can make it difficult for markets to accurately price assets.

The International Monetary Fund (IMF) has warned that AI is already reshaping financial markets and could increase the speed and scale of price movements as markets react to new information (6). In fast-moving environments like this, expectations can shift quickly. When those expectations outpace what companies are able to deliver, valuations can become disconnected from economic reality (7).

For investors, the challenge isn’t in successfully predicting a technology’s success — it’s determining which companies, if any, will translate that success into lasting profits.

Some investors hedge against tech bubbles altogether

If the outcome of a fast-moving technology cycle is unclear, some investors look toward other investment options.

Gold, for example, has long been viewed as a hedge during periods of economic and market uncertainty. Investors often turn to the precious during times of volatility, as it’s widely considered a safe-haven asset. Gold ended 2025 as one of the best-performing major asset classes, and Dalio himself noted it outperformed the S&P 500 by 47% that year (8).

For Canadians, getting gold exposure from inside registered accounts is straightforward. Gold ETFs — such as iShares Gold Bullion ETF (CGL) and the Royal Canadian Mint’s Exchange Traded Receipt (MNT) — can be held inside a TFSA or RRSP for either tax-free or tax-deferred growth, depending on the type of account (9).

Physical gold bullion can also be held in an RRSP provided it meets the Canada Revenue Agency (CRA)’s purity standards (99.5% for gold) and is purchased through an accredited refinery or financial institution (10). While you can hold gold-backed ETFs in a TFSA, directly holding physical bullion generally isn’t permitted and can trigger a 50% penalty tax (11).

As with any asset, gold is typically best used as one part of a well-diversified portfolio, rather than as a single strategy.

Why diversification matters more in an AI-driven market

Ray Dalio has spent decades driving home one main idea: Spread your portfolio across different types of assets. It’s one of the more reliable ways to protect yourself when markets get unpredictable.

In a fast-moving sector like AI, that discipline becomes more important. Rather than betting everything on one company or trend, spreading your money across different assets, industries and strategies is a smarter way to manage the risk.

A financial advisor can help build a plan that works for your specific situation, and it’s recommended that anyone seeking professional investment guidance check their advisor’s credentials. The CIRO AdvisorReport, available for free through CIRO’s website, lets you look up whether a financial professional is registered and in good standing with a CIRO-regulated investment dealer (12).

Moreover, the Certified Financial Planner (CFP) designation, administered by FP Canada, is the gold standard for financial planning advice in Canada. If your needs include investments, tax strategy and retirement planning, it’s the credential worth looking for (13).

What Canadian investors can do now

Whether you’re already invested in AI-linked stocks, or simply trying to figure out where you stand, here are practical steps to consider:

Review your concentration. If a large share of your RRSP or TFSA is held in a small number of technology companies — or in funds heavily weighted toward U.S. mega-cap tech — consider whether that concentration reflects your situation or risk tolerance.

Use registered accounts strategically. TFSA gains are completely tax-free, making it an ideal home for higher-growth — and higher-risk — positions. RRSP contributions reduce taxable income today and grow tax-deferred. Using each account for the right assets can improve long-term after-tax outcomes.

Consider a gold or commodities allocation. As Dalio has noted, gold significantly outperformed equities in 2025. A modest allocation — typically 5% to 15% of a portfolio — to gold ETFs held inside a TFSA or RRSP can act as a hedge during periods of equity market stress.

Verify your advisor. If you work with a financial professional, use CIRO’s AdvisorReport to confirm they’re registered and in good standing. For full financial planning, look for a CFP designation from FP Canada.

Do your own research — but be honest about limits. Tools available through Questrade, Wealthsimple and their research partners make it easier for individual Canadians to stay informed. But in a sector moving as quickly as AI, even professionals struggle to identify long-term winners. A diversified approach reduces the cost of being wrong.

Bottom line

Dalio’s core message is straightforward: Any technology can succeed without rewarding the majority of investors chasing it.

AI may transform industries and drive economic growth for years to come. But that doesn’t guarantee that today’s most popular companies will come out on top — or that the investors backing them today will come out ahead.

For Canadians, the challenge isn’t only recognizing AI’s potential — it’s navigating the uncertainty that comes with it, with a clear strategy, proper portfolio diversification and a healthy skepticism for any investment consideration built more on excitement than on real-life earnings.

In markets like this, discipline matters just as much as picking the right trend.

Article sources

We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.

Ray Dalio / The All-In Podcast (1); Corporate Finance Institute (2); Goldman Sachs (3); Motley Fool Canada (4); Yahoo Finance Canada (5); International Monetary Fund (6); Website Closer.com (7); Kucoin (8); Motley Fool Canada (9); Gold Stock Canada (10); Gold Stock Canada (11); Canadian Investment Regulatory Organization — CIRO (12); FP Canada (13)

Here’s the uncomfortable truth: You might not. And you’re not alone.

Wealth at this level puts you in what financial planners often call the “mass affluent” category — individuals with significant investable assets, but not quite enough to qualify for the personalized, white-glove wealth management services reserved for those with $10 million or more. In Canada, “mass affluent” is generally described as individuals with investable assets between $100,000 and $1 million. And, according to a 2020 report by Investor Economics, there are approximately 3.8 million mass affluent households in the country, accounting for roughly 24% of all households (1).

However, individuals with assets between $1 million and $5 million are in a more precarious position: They’re too wealthy for cookie-cutter, out-of-the-box financial planning, but typically below the thresholds for private banking or fully customized portfolio management.

Simply put, your wealth places you in an awkward position — and the retirement risks you face differ from both people just starting out and individuals with significantly more. Here are some of the unique challenges you might face, and how to address them.

Liquidity

For the mass affluent, liquidity could be a key risk, especially if home equity or real estate is a significant portion of your net worth.

The inability to quickly or cheaply convert assets into cash can be a challenge if you’re ever faced with an emergency. Plus, it can also affect your assumptions about cash flow and withdrawals in your retirement plan.

Coincidentally, 36% of millionaires don’t consider themselves “wealthy,” according to a Northwestern Mutual survey (2). If that resonates with you, consider diversifying your portfolio into more liquid assets, such as exchange-traded funds (ETFs) or bonds, to bolster your finances in retirement.

Longevity risk

Life expectancy has been steadily rising in Canada, and that has created a significant new challenge for retirement planners.

At age 65, Canadians can expect an additional 19.6 years for men and 22.2 years for women, according to Statistics Canada’s “Health of Canadians Report” (3).

A longer lifespan means more time to enjoy retirement and spend time with family, but it also means more time to experience inflation — and a higher risk of developing health concerns that require care.

At a steady 3% annual inflation rate, it takes nearly 23 years for prices to double. In other words, a $2 million nest egg could have half of today’s purchasing power if you retire at 62 and die at 85.

Amplifying this risk is the reality that your health care needs are likely to rise as you age, and the cost of care is rising faster than the general economy. The Canadian Institute for Health Information (CIHI) projects that health care spending in Canada will reach $399 billion in 2025 — growing nearly 2 percentage points faster than the economy (4).

Simply put, underestimating inflation, your lifespan or health-care costs could significantly increase your chances of outliving your money, even if you’re a multi-millionaire. That’s longevity risk.

Fortunately, there are several tools available to Canadian retirees to help offset this possibility.

Unlike their American counterparts, Canadians don’t have access to a Health Savings Account (HSA) — a tax-sheltered vehicle specifically for medical expenses. But a Tax-Free Savings Account (TFSA) can serve a similar purpose. TFSA contributions grow tax-free, withdrawals are never taxed and the funds you receive don’t affect your eligibility for government benefits. Intentionally building a dedicated TFSA reserve for health-care costs is one of the most effective strategies available to Canadian retirees.

For longevity risk specifically, a life annuity — a contract purchased through a Canadian licensed insurer — can provide guaranteed income for as long as you live, regardless of market conditions or how long your other savings last. Retirees are revisiting annuities as a way to mitigate outliving their retirement savings, according to the Canadian Life and Health Insurance Association (CLHIA) (5). A deferred annuity, in particular, can be structured to begin payments later in life — protecting you if you live into your late 80s or 90s.

Tax planning

Mass affluent retirees often assume their tax burden shrinks once they stop working. In reality, it can get worse.

In Canada, the issue is the deferred tax liability sitting inside Registered Retirement Savings Plans (RRSPs) — investment accounts that were tax-advantaged on the way in are fully taxable on the way out. The pressure to withdraw begins no later than the end of the year you turn 71, when your RRSP must be converted to a Registered Retirement Income Fund (RRIF) or used to purchase an annuity (6).

Most people take the RRIF route, as it allows you to retain control over how your savings are invested and the amount of income you can draw down (7). But that flexibility comes with a catch: You must withdraw a minimum percentage each year, and that percentage increases as you age. The minimum withdrawal rate when you turn 71 is 5.28% of the fund’s total assets, rising to 5.40% the following year and increasingly each year thereafter (7).

For someone with $2 million in a RRIF, the mandatory first-year minimum withdrawal alone could exceed $105,000 — taxed as ordinary income at your marginal rate, whether you need the cash or not. As balances remain large, so do mandatory withdrawals, and this often pushes retirees into higher tax brackets than initially expected.

The cascading effects are where things can sting the most. Higher income can trigger the Old Age Security (OAS) pension recovery tax — commonly called the OAS clawback. In 2025, the clawback begins once your net income exceeds $93,454, with the Canada Revenue Agency (CRA) reducing OAS benefits by 15 cents for every dollar above that threshold (8). If your income reaches approximately $151,668 (for those aged 65 to 74), your entire OAS benefit would be clawed back (8).

Canada Pension Plan (CPP) payments are also fully taxable, which means stacking CPP, RRIF withdrawals and any other income can quickly create a significant tax surprise in retirement.

Partial RRSP “meltdown” strategies — gradually drawing down your RRSP in lower-income years before age 71 to reduce the size of eventual mandatory RRIF withdrawals — can help. So can pension income-splitting with a spouse, which allows up to 50% of eligible pension income (including funds from an RRIF if you are 65 or older) to be allocated to a lower-income spouse for tax purposes. And strategically drawing down a TFSA instead of an RRIF during higher-income years can help keep you below the OAS clawback threshold.

The terrain is complex, and the amounts and timing of these strategies heavily depend on your individual circumstances. Working with a fee-for-service certified financial planner (CFP) — one who charges a flat fee or hourly rate, rather than earning commissions — is often the most effective way to get objective guidance on managing your RRIF, TFSA and OAS strategies together.

To get started, open a no-fee RRSP high-interest savings account with EQ Bank. For a limited time, get up to $200 cash when you add new deposits to your EQ Bank RRSP account.

What Canadians in this bracket should do next

If your net worth falls in the $500,000 to $5 million range, here are some practical steps to protect your retirement:

Review your liquidity. Know how much of your net worth is tied up in illiquid assets like real estate. Make sure you have enough in cash equivalents or easily liquidated investments (GICs, ETFs, bonds) to cover at least 12 to 24 months of expenses without selling property.

Model your longevity. Use a conservative assumption — plan for at least 25 to 30 years in retirement. Tools like the federal government’s Canadian Retirement Income Calculator can help you model different scenarios.

Plan for health costs explicitly. Don’t assume your provincial health plan will cover everything. Budget separately for dental, vision, prescription drugs, hearing aids and potential long-term care costs. Consider using a TFSA as a dedicated health reserve.

Start your RRIF drawdown strategy early. If you’re in your 50s or 60s, consider whether a gradual RRSP meltdown makes sense — drawing down registered savings before age 71 to reduce future mandatory RRIF minimums and lower the risk of the OAS clawback.

Consider a life annuity for your essential expenses. Combined with CPP and OAS, a lifetime annuity from a Canadian insurer can guarantee that your core living expenses are covered no matter how long you live, reducing anxiety about market volatility.

Get professional advice from a fee-based CFP. The complexity of coordinating RRSPs, RRIFs, TFSAs, CPP, OAS and estate planning makes professional guidance valuable — especially from an adviser with no product-sales incentive.

Bottom line

Having between $500,000 and $5 million saved for retirement is a significant accomplishment that comes with its own set of challenges that cookie-cutter financial advice rarely addresses. Liquidity gaps, longevity risk and potentially higher tax bills in retirement are all real concerns for Canadians in this bracket.

The good news is that the tools to manage these challenges exist: TFSAs, annuities, RRSP meltdown strategies and pension income-splitting can all benefit you — but only if they’re thoughtfully coordinated and well-timed.

The most valuable action you can take right away is to sit down with a fee-only financial planner. Give them your full picture — registered accounts, real estate, CPP and OAS estimate plus your best guess on how long you’ll need your retirement savings to last.

You’ve done the hard part in saving for your sunset years. Make sure your retirement strategy matches the effort.

— with files from Melanie Huddart

Article sources

We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.

Campanella Group (1); Northwestern Mutual (2); Statistics Canada (3); Canadian Institute for Health Information (4); Canadian Life and Health Insurance Association (5); Canada Revenue Agency (6); Morningstar Canada (7); Government of Canada (8)

“I was already aware that taxes would be lower and dividend tax credit would be higher in BC but running real numbers today shocked me on how much of a difference it actually makes,” the retiree shared in a recent discussion (1) on the PersonalFinanceCanada subreddit.

Their experience highlights a critical but often overlooked reality of paying taxes in Canada: where you choose to live is one of the most impactful financial decisions you’ll ever make. While we often obsess over grocery prices or streaming subscriptions, the tax burden of your province can quietly siphon away a much larger portion of your wealth.

The heavy price of the east coast

Nova Scotia has long been noted for its high tax burden. According to current 2025 tax data from Fidelity Investments (2), the province's highest marginal rate of 21% kicks in at a taxable income exceeding $154,650. In contrast, British Columbia’s tax brackets are structured more progressively, with rates starting at just 5.06%.

The difference is so pronounced that professional planners are taking notice. As one commentator on the forum noted: “Everytime I prepare a retirement decumulation plan for someone residing in NS, which is relatively rare, I just can't believe how heavy the tax drag is. It becomes a viable retirement planning strategy to recommend a move to a different province, even if the cost of housing can sometime be meaningfully higher.”

This "tax drag" is particularly relevant for retirees who rely on investment income. In BC, the provincial dividend tax credit is significantly more generous than in the Atlantic provinces, allowing investors to keep a larger share of their payouts.

Beyond the income tax slip

While income tax is the most visible difference, it is rarely the only one. When comparing provinces, you have to look at the total cost of living. Alberta, for example, remains a popular destination because it has no provincial sales tax and a relatively flat income tax structure. However, even the "Texas of the North" has its quirks.

One user pointed out that “Alberta has a significant provincial property tax,” reminding hopeful movers that the government will always find a way to fund services. Other costs that vary wildly include vehicle and property insurance, electricity and heating costs.

In fact, some Canadians find that a lower salary in one province can actually result in a higher standard of living. “I make about 30% less than I would one province over, but I pocket about 18% more at the end of the month because of different taxes, social services and utility rates,” one worker shared.

Considering a move?

If you are considering a move to optimize your finances, do not just look at the headline tax rates. Instead, follow these three steps:

Run a shadow tax return. Use a reputable tax calculator (3) to input your current income into the tax software for your target province. Look specifically at your "after-tax" or "disposable" income rather than your gross salary.

Account for the December 31 rule. According to Canada Revenue Agency guidelines (4), you pay provincial tax based on where you reside on December 31. A move on December 30 could change your entire tax liability for the year.

Evaluate the hidden provincial costs. Research the specific PST/HST rates and look into provincial programs for things like childcare or healthcare premiums. For example, Ontario and BC use different systems for health funding that can affect your take-home pay differently than a province like Quebec.

As one Redditor eloquently put: “Taxes are usually the largest expense in anyone's budget.”

Before you commit to a new home make sure the math works in your favour. A lower tax burden may just be the best raise you ever give yourself.

Article sources

We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.

Reddit (1); Fidelity Investments (2); Wealthsimple (3); Canada Revenue Agency (4)

The number he landed on was sobering.

“For 10 years, I thought I was being smart … when in fact there were five things I was doing subconsciously that ended up costing me a lot of money,” he said. “Some of these mistakes will eventually cost me $750,000 or more over the course of my career (1).”

For context, US$750,000 is the equivalent of over C$1 million at current exchange rates — a number that illustrates how seemingly harmless financial habits can cost you more than you anticipate over time.

Here are the five common bad habits that derailed Yang’s finances — and what Canadians can learn from them.

‘If I can’t get rich fast, why even bother’

In his early 20s, Yang thought the only way to truly build wealth was to launch his own business or join a hot company before it went public. Steady, boring investing felt pointless.

It wasn’t until later that he recognized his mindset was a costly mistake.

“What I completely neglected from the ages of 21 to 26 was investing in index funds,” he said. “I didn’t really understand that 8% was quite a lot, and I thought it was a little bit boring (1).”

However, that “boring” approach has a strong track record. Canada’s main stock market benchmark, the S&P/TSX Composite Index, represents about 70% of the Toronto Stock Exchange (TSX) by market value. More importantly for investors, it has produced a 10-year annualized return of more than 9% as of April 2026 (2).

Canadian investors also have access to S&P 500 index funds and exchange-traded funds (ETFs) through registered accounts such as a Tax-Free Savings Account (TFSA) or a Registered Retirement Savings Plan (RRSP), which can provide exposure to both Canadian and U.S. equity markets within a single portfolio.

And if Canadians are still looking to build their portfolios themselves and make their own trades, it’s always a good idea to shop around to find trusted brokerages that also offer minimal commissions on trades and account fees. For these intrepid investors, there are online platforms like CIBC Investor’s Edge, which lets them enjoy the dependability and security of one of Canada’s biggest banks without having to pay exorbitant commissions or fees.

With their comprehensive online trading platform, it actually pays to trade more. Active traders making over 150 trades a quarter can enjoy a discounted commission rate of $4.95 per trade. Plus, CIBC doesn’t charge any account or maintenance fees if the combined market balance of all accounts is greater than $10,000.

Opening a discount brokerage account with CIBC Investor’s Edge can help you diversify your portfolio while not being dragged down by unnecessary charges — keeping your cash where it belongs, with you.

Inheriting a scarcity mindset

Yang’s upbringing also played a role in keeping him out of the market. He credits a deeply ingrained fear of losing money — shaped by his father’s experience growing up poor in war-torn China — as a key driver of what he calls a “scarcity mindset around money.”

“What people don’t tell you online is that a lot of your beliefs and behaviours around money are inherited from your parents,” he said.

For Yang, that caution carried a real price tag. “Even if I had just invested $500 a month … that would have been around $31,000 in total for those five years that I wasn’t investing,” he said. “If I just left it alone in a basic S&P 500 index fund, by the time I’m 65, it would be worth anywhere from $750,000 to over a million.”

The math holds up for Canadian investors, too. Five years of $500 monthly contributions into a TSX index ETF — left to compound at an 8% average annual return — would grow substantially over a multi-decade timeline. Inside a TFSA, that growth would be entirely tax-free.

Another advantage is that it takes a lot of the guesswork out of investing — you don’t have to do the research of finding investments or go through the anxiety of watching their values see-saw with the vagaries of the market. In other words, you can “set it and forget it.”

So, if you know you should be investing but don’t want the guesswork of doing it alone, Wealthsimple Portfolios offers an easy, hands-off way to grow your money.

Their pre-built portfolios are tailored to your retirement goals, risk tolerance and investment horizon, so whether you’re saving for retirement, a home or building long-term wealth, there’s a portfolio that’s right for every investor.

Expert-managed and designed to weather market ups and downs, Wealthsimple takes care of the heavy lifting: automatic contributions, dividend reinvesting and smart rebalancing keep your investments on track.

You can invest through RRSPs, TFSAs or non-registered accounts, all from an intuitive online dashboard or their easy-to-use mobile app.

Trusted by more than 3 million Canadians, Wealthsimple manages over $100 billion in assets and provides $1 million in eligible coverage through the CDIC for chequing accounts and CIPF for investments. Plus, as licensed fiduciaries, Wealthsimple's advisors must put your financial interests first.

As a Money.ca reader, get a $25 bonus when you open your first account and fund at least $1 within 30 days.

Visit Wealthsimple for up-to-date terms and conditions.

Not giving your money a job

When Yang finally started investing, he still kept the majority of his savings in cash. The problem wasn’t only fear — it was the absence of a plan.

“Ask yourself, what is every dollar for. ‘Just in case’ should not be an acceptable answer,” he said. “But let’s say you want to save for a down payment on a house in two or three years. That would be acceptable. Anything that doesn’t have a purpose should be invested or at least sitting in a high-yield savings account.”

In Canada, that means a high-interest savings account (HISA) — which earns more than a standard savings account while keeping your money fully accessible. As of late March 2026, some of the most competitive HISA rates in Canada ranged from 1.5% to 4.75% annually, depending on the promotional rates (3).

However, it’s always a good idea to look at the fine print for any promotions being offered. Many banks give you a high promotional rate that expires after a short period, typically after 90 days. Neo Financial takes the opposite approach: They reward you for staying committed to your goals.

With the Neo Savings account, your money works harder as your balance grows.

Unlock a very competitive 3% interest rate once your combined balance hits $20,000.

But even before you reach that milestone, you’ll earn a solid 2.25% right out of the gate.

You can even open a joint account to combine balances to earn the higher rate.

With no monthly fees to eat into your earnings and with your deposits eligible for CDIC protection, it’s an account designed to help you reach your next financial milestone faster, not just provide a temporary perk.

Earnings for the Neo Savings account, a Neo Cash account, are derived from the interest Neo earns on the funds. Earnings are calculated daily on the total closing balance and paid monthly. Rates are per annum. Minimum combined balance required to earn boosted rates. The minimum combined balance required to qualify and the corresponding rates are subject to change without notice. For more details see this page.

Ultimately, the concept behind these accounts align with Yang’s advice: Every dollar should have a purpose. For example, emergency fund dollars belong in a HISA. Short-term goal dollars belong in a HISA or a guaranteed investment certificate (GIC). Long-term wealth-building dollars belong in the market — ideally inside a TFSA or RRSP, to maximize tax efficiency.

Misunderstanding risk

Yang spent years thinking that staying out of the market was the safe choice. He later came to see it differently: The real “wealth killer” isn't volatility — it’s inflation chipping away at the purchasing power of idle cash.

“Inflation erodes your purchasing power by about 2.5 to 3% every year. So, in about 24 years that means you will lose about half the value of your purchasing power in dollars,” he said. “And … if your money isn’t invested in anything, well, that money could be working for you elsewhere, earning you actual money.”

Statistics Canada reports that the annual average Consumer Price Index (CPI) change in 2025 was 2.1%, with the 12-month rate rising to 2.4% as of March 2026 (4). While that’s still currently below Yang’s 2.5% to 3% figure, the principle stands: Cash that’s sitting in a low-interest account loses real purchasing power for every year inflation runs above the account’s interest rate.

The Bank of Canada, a Crown corporation responsible for monetary policy, targets 2% inflation over the medium term — meaning even in a stable environment, uninvested cash slowly devalues over time (5).

Not mingling with like-minded investors

Yang also links his late start in investing to who he spent time with. In his early 20s, his social circle simply didn’t talk about investing money or building wealth.

“Try taking a look at the people that you surround yourself with. If none of them are talking about wealth building or investing, you might want to look at different online communities or in-person where people are having these conversations that you really want to be a part of,” he said.

That doesn’t mean cutting off old friends, Yang adds — it means expanding your circle to include people and communities where financial literacy is part of the conversation.

Of course, that’s often easier said than done. Not everybody can just go out and find a circle of expert investors at their doorstep.

One way around this problem is hiring a financial advisor, who can certainly help guide you in your investing journey. But they can also be costly — and they aren’t always available when you need them.

For those who want stock tips at a moment’s notice, AI-powered stock advisors are another option, but many Canadians are still wary of using them for financial advice.

For example, a survey released by H&R Block in April 2026 found 56% of respondents said they still wouldn’t be comfortable using AI to help with their finances, while 82% didn’t like the idea of putting their financial personal information into an open AI tool for managing their finances (6).

If you’re looking for the best of both worlds — the accessibility and immediacy of an AI-powered platform but with the human touch — there are stock analysis platforms like Motley Fool’s Stock Advisor Canada, which offers expert insight to help you make smart investing decisions, when you need it.

With Stock Advisor Canada, you can join their online community of over 30,000 investors just like you, all benefiting from their monthly stock recommendations as well as Best Buys Now picks for the hottest opportunities.

They also get a variety of features to educate users, such as stock reports written by experts in the field and an extensive library of investment articles, all designed to help them make informed investment decisions. For this reason, it’s becoming increasingly popular among everyday investors who want timely — and accurate — information that is free of jargon and accessible to users of all levels.

What’s more, if Stock Advisor Canada isn’t for you, cancel within 30 days and you’ll receive every penny of your membership fee-back. No questions asked.

What Canadians can do next

Whether you recognize one or all five of Yang’s money habits in yourself, here are concrete steps to course-correct:

1. Open a TFSA if you haven’t already. The TFSA allows Canadians 18 and older to contribute up to $7,000 a year (the 2025 and 2026 limit), with all investment growth and withdrawals completely tax-free. Unused contribution room carries forward indefinitely. For many Canadians, the TFSA is the best first place to start investing for any goal — retirement, a down payment or general wealth building.

2. Start with a low-cost index ETF. If you’re overwhelmed by where to start investing, a low-cost ETF tracking the S&P/TSX Composite Index (or a global index including both Canadian and U.S. equities) is one of the simplest, most evidence-supported starting points for long-term growth. That way, you don’t need to find the next hot stock — you only need to be in the market, consistently, over time.

3. Give every dollar a job. Follow Yang’s framework and categorize your cash:

• Emergency fund (three to six months of expenses) → HISA
• Short-term goals (one to three years) → HISA or GIC
• Long-term wealth → TFSA or RRSP, invested in diversified funds

4. Maximize your RRSP if you’re in a higher tax bracket. RRSP contributions reduce your taxable income in the year you contribute. If you’re currently in a higher tax bracket and expect to be in a lower one at retirement, the RRSP offers immediate tax savings plus decades of tax-deferred growth. Your contribution limit is 18% of your previous year’s earned income, up to the annual maximum set by the Canada Revenue Agency (CRA) — which is $33,810 in 2026.

5. Audit your financial beliefs. Yang’s story is as much about psychology as it is about math. If you find yourself avoiding the market out of fear, or feeling like “real” wealth is only for people who get lucky — those beliefs are worth examining. Talking to a fee-only financial advisor, joining an investing community or simply tracking your spending for 30 days can shift your relationship with money significantly.

— with files from Melanie Huddart

Article sources

We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.

@humphrey (1); S&P Global (2); Yahoo! Finance (3); Statistics Canada (4); Bank of Canada (5); H&R Block (6)

Insurers base your premium on a combination of factors, from the type of vehicle you drive to how long you’ve held a policy. Understanding what moves the needle on your auto insurance costs is the first step to getting good coverage without overpaying.

Here are eight ways to help Canadians save money on car insurance.

1. Shop around

Although auto insurers use similar factors — age, driving history and location — to calculate your premium, they weigh these factors differently. That’s why comparing quotes matters.

Rates can vary by hundreds of dollars a year for the same coverage.

In private insurance provinces such as Ontario, Alberta and the Atlantic provinces, you have access to multiple competing insurers and brokers.

In provinces with public auto insurance — British Columbia through the Insurance Corporation of British Columbia (ICBC), Manitoba through Manitoba Public Insurance (MPI) and Saskatchewan through Saskatchewan Government Insurance (SGI) — mandatory basic coverage comes from a single government provider, but optional coverages may still be available through private insurers.

In private markets, getting quotes from at least three to five companies once a year is a good starting point. Rates at renewal don’t always stay competitive, and switching insurers can deliver meaningful savings.

Stop overpaying for insurance. Compare 50+ quotes on Rates.ca and save up to 20% when you bundle your auto and home policies.

2. Take advantage of car insurance discounts

Most insurers offer a range of discounts that can reduce your premium. Common options include:

• Bundling home and auto insurance with one provider, which can save 10% to 25% (2)
• Multi-vehicle discounts for insuring more than one car on the same policy
• Winter tire discounts are offered in provinces such as Ontario and Quebec
• Anti-theft device discounts for vehicles equipped with approved tracking or immobilization systems
• Loyalty or claims-free discounts for drivers with a clean history

Ask your broker or insurer to review all the discounts you may be eligible for. Just because a provider advertises many discounts doesn’t mean it will offer you the lowest overall price — always compare the final premium.

3. Drive safely

Speeding tickets, at-fault accidents, and other traffic convictions drive up your premiums. A rating surcharge for convictions and at-fault claims can stay on your record for six to 10 years, depending on the province.

If you receive a ticket, some courts allow you to attend a safe driving or traffic safety course to reduce demerit points — more points mean higher insurance premiums. Contact your provincial licensing authority to find out what options are available.

Auto theft is also a major driver of rising premiums across Canada. The Insurance Bureau of Canada (IBC), the national industry association representing Canada’s private home, auto and business insurers, estimates that auto theft adds about $130 to the average annual premium in Ontario alone (3).

4. Drop coverage you don’t need

Mandatory auto insurance in Canada varies by province, but it typically includes third-party liability, accident benefits and direct compensation for property damage. Optional coverages such as collision and comprehensive can be added, but you’ll pay more for this extra coverage.

To help, remember the following:

• Collision insurance pays to repair your car if it’s involved in a crash.
• Comprehensive insurance covers theft, vandalism, hail, flooding and other non-collision events.

Remember, if your vehicle is older and low in value, it may not be worth paying for both.

To help you assess, consider the following calculation: if your car’s market value is lower than your deductible plus what you pay annually for collision and comprehensive coverage, then these add-ons may not be cost-effective. That’s because collision and comprehensive never pay out more than the car’s actual cash value.

If you drop optional coverages, set aside the money you would have spent and put it into an emergency fund for repairs or as a down payment on a replacement vehicle.

Build your emergency fund faster. Open a no-fee high-interest savings account with EQ Bank — earn more while keeping your money accessible.

5. Drive a car that’s cheap to insure

The vehicle you drive directly affects your premium, particularly for collision and comprehensive coverage. Most Canadian auto insurers use the Canadian Loss Experience Automobile Rating (CLEAR) system to assess vehicles based on safety features, theft risk and the cost to repair or replace them.

The IBC’s How Cars Measure Up online tool lets drivers compare the insurance claim history of specific makes and models before buying. Safer, moderately priced vehicles — particularly small SUVs and sedans with low theft rates and inexpensive parts — tend to cost less to insure than high-performance or luxury vehicles.

Before buying or leasing a new vehicle, compare insurance quotes for the models you’re considering. A small difference in monthly insurance costs compounds into a significant amount over a three- to five-year ownership period.

In the market for a new car? Skip the dealership headache and get pre-approved for a car loan. Start your 180-second auto loan application with MyAutoApproved.

6. Increase your deductible

You can reduce your collision and comprehensive premiums by choosing a higher deductible — the amount you pay out of pocket before your insurer covers the rest.

For example, if you have a $500 deductible and your repair bill is $2,000, your insurer pays $1,500. Raising your deductible to $1,000 would lower your premium, but you’d need to cover more of any claim yourself.

Savings vary by insurer and province, so compare quotes at different deductible levels before deciding. Make sure you can actually afford to pay the higher deductible if you need to make a claim.

7. Understand how credit scores affect your rate

Unlike in the United States, where credit scores are commonly used to set auto insurance rates in most states, Canada’s rules vary significantly by province (4).

Ontario and Newfoundland and Labrador ban insurers from using your credit score to calculate your auto insurance premium.

In Alberta, insurers may use your credit score with your consent, but only for optional coverage — not mandatory basic insurance.

In public insurance provinces (British Columbia, Manitoba and Saskatchewan), credit scores are not among the rating criteria.

In most other provinces, including Nova Scotia and New Brunswick, insurers may consider your credit score with your consent, but you cannot be denied coverage if you decline.

If you live in a province where credit scores are permitted, improving your credit health can help. Focus on paying bills on time, keeping your credit card balances below 35% of your available limit and avoiding unnecessary new credit applications.

8. Don’t drive a lot? Consider usage-based insurance

If you’re a low-mileage or safe driver and don’t mind having your driving behaviour tracked, usage-based insurance (UBI) — also called telematics insurance — could lower your costs (5). UBI programs use a smartphone app or a device plugged into your vehicle to monitor habits such as speed, hard braking and the time of day you drive.

Canadian UBI programs are available in Ontario, Alberta, Nova Scotia, New Brunswick, Quebec and other provinces. Major providers include Intact myDrive, Aviva Journey and Travelers IntelliDrive. The Canadian Automobile Association (CAA) also offers MyPace, a pay-as-you-go program that charges based on kilometres driven rather than driving behaviour.

Discounts for safe drivers can reach up to 25% to 30% (6). Most programs offer a sign-up discount to start, with ongoing adjustments based on your driving score.

Under Canadian privacy rules, your data cannot be used to cancel your policy or raise your renewal rate above a capped surcharge — though some insurers may apply a modest surcharge for consistently risky driving. Review the program terms before enrolling.

What Canadians can do before renewing car insurance coverage

Car insurance premiums are rising across the country. A few targeted actions can make a real difference:

• Set a calendar reminder to shop for new quotes at least 30 days before your policy renews. Loyalty rarely pays in insurance.
• Call your broker or insurer and ask specifically what discounts you qualify for — bundling, winter tires, telematics, claims-free history.
• Use the IBC’s How Cars Measure Up tool before buying your next vehicle to compare insurance costs across models.
• If you live in a province where credit scores are a factor, order your free annual credit report from Equifax Canada or TransUnion Canada and address any errors.
• Consider a higher deductible only if you have an emergency fund that could cover it comfortably.
• If you’re a low-mileage driver, ask your insurer about UBI options — even a 15% discount adds up over a policy year.

Article sources

We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.

Buckler Insurance (1); CBC (2); Insurance Bureau of Canada (3); ThinkInsure (4); Ratehub.ca (5, 6)

The Mustang Drive-In PEC has stood since 1945, surviving decades of changing technology and the slow decline of the outdoor cinema across Canada. When it sold recently for $1.25 million (1), the real story was not the transaction, but the preservation of a communal "third space" for families.

The purchase by Ian Chislett and Aravind Selvaraj, two chefs who bonded over their shared love for the county, represents a rare win for community heritage over commercial redevelopment. In a region where nine acres of prime land is often viewed merely as a footprint for new housing, the commitment to keep the film rolling is a testament to the value of local tradition.

A legacy worth more than the land

For former co-owner Dawn Laing, the sale was fraught with the weight of history. Selling a business that has operated for nearly eight decades (2) involves more than finding a buyer with the right capital; it requires finding someone who values the "legacy business" enough to protect it from the wrecking ball.

“Something that most people don’t know is that when you’re selling a business, I can say I want them to keep it as a drive-in … the person on the other end of that could say, ‘Yeah, we’ll totally do that,’ and the second they get the keys, they can do whatever they want,” Laing told Toronto Star.

The risk of losing the Mustang was high. Since the mid-20th century, the number of drive-ins in Ontario has plummeted from over 150 to roughly 15 (3). The fact that the Mustang will remain a theatre is a rare reversal of this trend, ensuring that the nostalgia of the car-bound cinema experience remains accessible for another generation.

Creating a sanctuary of affordability

The preservation of the drive-in also addresses a growing concern in Prince Edward County: the loss of accessible spaces for residents and visitors who aren't looking for a high-priced excursion. As the area becomes more exclusive, the Mustang represents a deliberate choice to remain inclusive.

“There’s a lot of reasons to come to Prince Edward County. There’s a lot of beautiful things to see and do, but unfortunately, a lot of it is kind of priced out of people’s range,” Chislett said.

The vision for the site extends beyond movies. By planning a "giant sandbox" and involving local high school students in building picnic tables, the new owners are fostering a sense of ownership among the locals. It’s a shift from a seasonal tourist stop to a year-round community hub where the primary goal is simple: "just to play."

The human connection across generations

The drive-in experience is often tied to formative memories. For Chislett, the motivation to save the Mustang was sparked by his own childhood experience watching "Never Been Kissed" in Port Hope at the age of eight.

“Twenty-four years later, at this point, it’d be pretty cool to be part of building those memories for new people,” he said.

Selvaraj, who joined the venture after years of building his own culinary reputation, saw the move as a way of giving back "in more ways than one." By providing jobs for local teens and hosting events that go beyond the screen, the Mustang is being reimagined as a neighbourhood living room.

In an era of digital streaming and isolated entertainment, the Mustang Drive-In remains a place where people come together under the stars. The preservation of this site ensures that the county keeps its heart, one taco and one movie at a time.

Article sources

We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.

Toronto Star (1); The Mustang PEC (2); Drive-In Movie Database (3)

On paper, it sounds like a clean trade — but for a growing number of Canadians approaching their golden years, the numbers don’t add up the way they expect.

In fact, the decision is almost evenly split. A 2025 Royal LePage survey conducted by Leger found that 46% of Canadians approaching retirement plan to downsize within two years of leaving work, while 47% say they will not (1). A closer look at the financial mechanics of selling and moving explains why so many people hesitate.

The hidden costs of downsizing

On the surface, downsizing looks like simple math: Take the market value of your four-bedroom home, subtract the price of a two-bedroom condo and pocket the difference.

But this calculation leaves out a long list of costs that can eat into that windfall faster than you might expect.

In Canada, sellers typically pay 4% to 7% of the final sale price in closing costs — and real estate commissions are the single biggest line item (2). Across the country, commission rates range from 3% to 7% of the selling price, depending on the province and the specific agreement with your agent (3). On a $900,000 home, that alone could run between $27,000 and $63,000, before factoring in legal fees, adjustments and home preparation costs.

Then there’s the cost of actually moving. If you’re relocating to a different province — say, from Ontario to British Columbia to be closer to family — you could be looking at $7,500 to $14,000 or more just for a professional moving company to transport the contents of a 3- to 4-bedroom home (4).

And don’t overlook the mortgage picture. Many Canadians who purchased or refinanced during the pandemic locked in 5-year fixed rates at or below 2%. If you sell today and enter the market as a buyer, you’ll be looking at a new 5-year fixed rate of approximately 4.09%, or a variable rate of about 3.35% to 3.70%, as of late March 2026 (5). Even on a smaller mortgage, your monthly payment could be significantly higher than what you’re used to paying — precisely the opposite of what most people expect when they downsize.

The tax outlook is more favourable in Canada

Here’s where Canadian homeowners catch a significant break compared to their American counterparts: Canada’s principal residence exemption (PRE).

Under Canada’s Income Tax Act, if a property has served as your principal residence for every year you have owned it, the entire capital gain from the sale is exempt from tax — with no dollar cap (6). There’s no income threshold, no filing limit and no requirement to reinvest the proceeds within a set time. As long as the property was ordinarily inhabited by you, your spouse or common-law partner, or your children during the ownership period, you can sell a home that has doubled or tripled in value without owing a dollar in capital gains tax.

For context, when you sell a property that isn’t your primary residence, the CRA doesn’t tax the full profit. Only half of that capital gain — 50% — is included as taxable income for the year. That rate held firm after the federal government scrapped its proposed two-thirds increase earlier in 2025 (7). But for your primary home, the PRE means the inclusion rate is effectively zero, so you aren’t taxed on the profit.

There’s one important caveat: If you own more than one property — a cottage, a rental unit, a secondary home — only one can be designated as a principal residence in any given year. This is why strategic tax planning matters before you sell. Consult a tax professional or financial adviser to make sure you’re designating the right property as your primary.

So why aren’t more Canadians downsizing?

Even with the PRE reducing the tax burden of selling your home, downsizing isn’t always straightforward.

Financially speaking, moving makes sense when the savings are significant enough to offset the cost of selling. If you’re in an expensive market like Toronto or Vancouver and relocating to a neighbourhood with lower property taxes, condo fees and monthly expenses, recovery can happen faster than you’d expect.

Also, when your capital gain is fully sheltered by the PRE and you’re moving into a significantly cheaper market, the tax math also works in your favour — you can invest a significant lump sum to generate additional retirement income.

And outside of financial gain, proximity to family is still the most compelling reason to move. If your health is declining such that it may limit your independence, it could be in your best interest to relocate where you have support.

However, many retirees are choosing to stay put — and for good reason. Canada’s home equity has become increasingly central to retirement security, sometimes uncomfortably so. According to the 2025 Canadian Retirement Survey commissioned by the Healthcare of Ontario Pension Plan (HOOPP), 50% of working homeowners plan to use the sale of their home to fund retirement (8). Having most of your wealth tied up in a single, illiquid asset is a financial risk that many financial planners routinely caution homeowners about.

What Canadians should consider before deciding

If you are a Canadian homeowner approaching retirement and weighing a potential sale, here are practical steps to help you navigate the decision clearly:

Run the full cost of selling — not just the equity number. Add up agent commissions (3% to 7%), legal fees, land transfer tax on your new purchase, moving costs and any repairs or staging you need to do before listing. These costs can easily total 8% to 10% or more of your home’s sale price.

Confirm your principal residence exemption. If your home has been your principal residence for all years of ownership, you won’t pay capital gains tax on the proceeds. But if you also own a cottage or rental property, speak with a tax professional about which property to designate before you sell.

Check your mortgage penalty. If you’re still carrying a mortgage and want to sell before the end of your term, you may owe a prepayment penalty. For a fixed-rate mortgage, this is typically the greater of three months’ interest or the interest rate differential (IRD) — which can run into thousands of dollars, depending on your lender and remaining term.

Don’t let your home become your entire retirement plan. The HOOPP 2025 Canadian Retirement Survey found that 50% of homeowners plan to retire based on their home’s sale — but financial planners will caution you against relying on a single, illiquid asset to fund your retirement (8). Even if you plan to sell, continue to contribute to your RRSP or TFSA where possible to diversify your retirement income.

Consider lifestyle cost, not only the financial math. Proximity to family, amenities, single-level living and paid maintenance are the top priorities cited by Canadian near-retirees who are planning to downsize, the 2025 Royal LePage survey reveals. These factors have real financial value over time — factor them in.

Bottom line

Downsizing isn’t a swift slam dunk. For some Canadians, it’s the right financial and lifestyle decision. For others, the hidden costs, mortgage dynamics and emotional toll make it a far less obvious move. A closer look at your personal situation — ideally with a fee-only financial adviser or a certified financial planner (CFP) — can help you decide.

Article sources

We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.

Royal LePage (1); WOWA.ca (2, 4); Canadian Mortgage Trends (3); Discount Moving (4); Ratehub.ca (5); Canada Revenue Agency (6); Government of Canada (7); Healthcare of Ontario Pension Plan (HOOPP) (8)

Sunwing isn't alone. Across the Canadian economy, businesses are quietly passing elevated fuel costs on to consumers — sometimes as a visible line item, sometimes folded into higher prices across the board. Understanding where these charges appear and how large they are is the first step to managing them.

Why did fuel costs spike so fast?

What triggered fuel costs to spike so fast was the disruption of tanker traffic through the Strait of Hormuz, the narrow waterway near Iran that handles roughly 20% of the world's oil shipments. The disruption came after the U.S. and Israel attacked Iran in late February 2026. Crude oil prices climbed past US$100 (C$135) a barrel almost immediately (1).

For Canadians, the effect at the pump was fast and steep. The national average for regular gasoline rose from approximately $1.28 a litre to nearly $1.91 in just over a month, with Vancouver reaching as high as $2.18 a litre (2). According to John Gradek, an aviation management lecturer at McGill University, jet fuel — which tracks crude oil closely — saw an even sharper move, with the International Air Transport Association's (IATA) price tracker showing a 58.4% spike in a single week (3).

"I think what you're seeing happening now is a volatility in jet fuel that hasn't been seen in years," Gradek told Global News.

Where the surcharges are showing up

Fuel surcharges, due to the disruption in the Strait of Hormuz aren’t just showing up as an extra fee on your airline ticket; these charges are showing up in a variety of products and services used by Canadians every day. Here’s a list of sectors and businesses currently hit.

Travel and vacation packages

Vacation package operators are moving the fastest and most visibly. Sunwing Vacations announced a $50-per-person fuel surcharge on all new bookings made as of April 14, 2026, with bookings made before 11:59 pm ET on April 13 grandfathered in at existing prices. Existing bookings are not affected.

Air Transat has added a surcharge of $25 on flight segments departing Canada and approximately $23.50 on segments departing Europe, and Air Transat has raised fares on peak travel dates and routes with less competition (4).

Air Canada Vacations — the package-travel arm of Air Canada (TSX:AC.TO) — added a $50-per-passenger fuel surcharge to warm-weather destinations as of early April (5). Air Canada's mainline flights are not listing a separate surcharge, but the carrier confirmed in a CBC interview that pricing "has been and continues to be adjusted to reflect these higher fuel costs." WestJet confirmed to Global News that the situation "has already made operating flights more expensive" and that further pricing adjustments are likely.

Parcel delivery and shipping

The surcharges are particularly transparent in the shipping sector. According to CBC News, Canada Post introduced temporary fuel surcharges of 35% on domestic services, 20.75% on international parcels and 18.75% on international packets for the period between March 30 and April 5. FedEx (NYSE:FDX) and UPS (NYSE:UPS) also adjust fuel surcharges regularly based on current diesel prices.

Amazon (TSX:AMZN.TO) is applying a 3.5% surcharge to fulfillment fees for Canadian sellers using its Fulfillment by Amazon (FBA) program, starting April 17, 2026 (6). For small business owners who ship product to customers, those costs typically get passed on downstream.

Ride-hailing and delivery apps

For now, ride-hailing and delivery platforms appear to be absorbing more of the pressure rather than passing it directly to consumers. DoorDash (NASDAQ:DASH) is offering drivers up to $36 per week in fuel support, while Lyft (NASDAQ:LYFT) has rolled out a similar program. Uber (NYSE:UBER) is increasing cash-back fuel rewards for drivers rather than adding visible fees for riders (7). That balance may not hold if oil prices stay elevated.

What this means for your household budget

According to a report (8) from Claire Fan, a senior economist at RBC (TSX:RY.TO), "higher energy prices mechanically raise headline inflation, but lower household purchasing power — potentially weakening demand for non-energy goods and services." Fan notes that it is too early to know whether elevated oil prices will require a formal response from the Bank of Canada.

Supply chain expert Andre Cire, a professor at the University of Toronto, warns that grocery costs could also climb 10% to 15% if oil prices remain elevated, because transportation is embedded in virtually everything sold in a Canadian store (9).

What can Canadians do, right now!

You can't control the price of crude oil, but you can reduce your exposure where you have choices.

On travel bookings: if you have a Sunwing, Air Transat or other package vacation in mind, book before the surcharge cutoff if possible, or check whether flexibility on dates can land you on a less-affected route.

Loyalty points and travel rewards tend to hold their value more steadily than cash fares during fuel spikes — if you have unused air miles or credit card travel points, this is a reasonable time to redeem them.

Read any travel insurance policy carefully before purchasing: Acts of war are typically excluded from standard coverage.

On shipping and deliveries: if you run a small business, review your shipping cost structure now and consider whether surcharges need to be reflected in your own pricing before they erode margins further.

For personal shipments, consolidating packages can reduce per-item surcharges, or consider e-gifts such as e-gift cards.

On your grocery and household budget: build a small buffer into your monthly grocery budget before food transportation costs filter through to shelf prices. Buying staples now, while prices are relatively stable, is a modest hedge against an increase in grocery prices in the near future.

On variable-rate debt: University of Calgary Economist Trevor Tombe has noted that Canadians should prepare for prolonged inflation if the conflict continues, and that the Bank of Canada may not be positioned to lower rates while energy-driven inflation is running (10). If you carry variable-rate debt, speak with your lender about locking in a fixed rate before conditions shift further.

Another option is to consolidate high-interest debt into a consolidation loan — this gets you one low monthly payment and helps pay off debt faster. Use a loan consolidator, like Loans Canada. Fill out one application and compare rates from 20+ lenders — with access to cash usually within 48 hours.

Looking forward

The conflict is still unfolding, and no expert is forecasting a quick return to pre-war fuel prices. The best approach right now is to review where fuel surcharges affect your regular spending, make any time-sensitive booking or purchase decisions before announced cutoff dates, and avoid big financial commitments given today's elevated fuel prices. Costs could stabilize — or climb further. Building in flexibility is the most practical hedge available.

Article sources

We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.

Money.ca: Iran war hitting your grocery bill (1); Money.ca: Gas prices are up 49% in a month (2); Money.ca: Jet fuel prices are spiking because of the war in Iran and your next flight could cost a lot more (3, 4); Money.ca: Fuel surcharges are showing up everywhere (5, 6, 7); RBC (8); Vision Times (9); The Hub (10)

The reasons are real and compounding. Auto theft claims topped $1.5 billion in 2023, according to the Insurance Bureau of Canada (IBC), a national industry association representing Canada's private property and casualty insurers (2). Severe weather cost the Canadian insurance industry a record $8.5 billion in insured losses in 2024 (3). And the U.S. tariffs on vehicles and auto parts introduced in March 2025 are pushing repair costs even higher — costs that insurers will eventually pass on to policyholders.

In Ontario, the average annual premium reached approximately $2,120 as of mid-2025, a 4.1% increase from the year before, according to the Financial Services Regulatory Authority of Ontario (FSRA). In Alberta and Atlantic Canada, where private insurers compete for your business, premiums are rising even faster (4).

But you’ve got your own budgetary pressures. To help, here’s what you can do to get the best coverage and premium when it’s time to renew your car insurance.

Why your renewal quote may no longer be your best option

No two insurers price the same driver the same way. One company may have had an unusually costly year in your region — flooding in Southern Ontario, hail in Calgary, a surge in theft claims in the GTA — and will pass those losses on to all its policyholders at renewal, regardless of your personal record. A competing insurer that didn't absorb those losses may price the same driver significantly lower.

That gap matters. Industry data show that comparing quotes from multiple providers can save Canadian drivers hundreds of dollars annually. Yet many drivers renew automatically, assuming loyalty earns them a better rate. In most cases, it doesn't.

If you're in a province with private insurance — Ontario, Alberta or Atlantic Canada — you can shop the market.

By using a comparison platform like Rates.ca, you could potentially save $500 or more by comparing 20+ quotes from top-rated auto insurance providers. Just answer a few basic questions, and Rates.ca will show you the most affordable deals in your area in as little as three minutes — from paying a hidden ‘loyalty tax’ to your current insurer. Not only is the process 100% free, but you could also potentially save 20% by bundling your auto and home insurance together.

What you can actually control on your premium

Several factors affect your rate and are within your control.

Your deductible

The deductible is the amount you pay out of pocket before your insurance coverage applies. Choosing a higher deductible — say, $1,000 instead of $500 — directly lowers your premium. The tradeoff is that you'd pay more in the event of a claim, so only raise it to an amount you could realistically cover.

Your driving record

Insurers reward clean driving records. An at-fault accident or traffic conviction typically triggers a surcharge that can follow you for several years. Paying for a minor repair out of pocket, rather than filing a small claim, is sometimes the more cost-effective choice over a three-to-five-year horizon.

Bundling and multi-vehicle discounts

Combining your auto and home insurance with one provider — or insuring multiple vehicles under the same policy — typically unlocks discounts. According to insurance industry guidance, bundling can save 10% to 25% on premiums (5).

Paying annually

Many insurers add a monthly payment surcharge of 3% to 5% to cover administrative costs. Paying your annual premium in full up front eliminates that charge.

Considering a new car? Skip the dealership headache. Get pre-approved with MyAutoApproved before you even step onto a lot so you can shop with the confidence of a cash buyer. Start your 180-second application now.

Should you sign up for a telematics program?

Usage-based insurance (UBI) — sometimes called telematics — tracks your driving habits through a device or smartphone app and adjusts your premium based on real behaviour rather than demographic averages. The IBC notes that programs are voluntary and require your informed consent before any data is collected or shared.

Telematics programs are currently available in Ontario, Alberta, Nova Scotia, New Brunswick and Prince Edward Island. For low-mileage drivers, remote workers or anyone who drives primarily in off-peak hours, the savings potential is meaningful. The catch is that the data you share is real — speeding, hard braking and late-night driving can count against you with some programs, so understand what your specific insurer measures before you opt in.

One thing to be careful about before cutting coverage

The temptation when premiums rise is to strip back coverage. Don’t do this unless you fully examine the impact.

Comprehensive and collision coverage adds cost — but it also pays out if your vehicle is stolen, hit in a parking lot or damaged in a weather event. Given that auto theft and weather-related damage remain serious and systemic problems in Canada, dropping comprehensive coverage on a vehicle with significant replacement value could leave you exposed to a large out-of-pocket loss.

In Ontario, Direct Compensation Property Damage (DCPD) coverage — which pays for damage to your vehicle when another driver is at fault — became optional in 2024. Some drivers dropped it to save money. While removing this coverage does decrease your policy cost, it also means absorbing costs that were previously covered. Talk to your insurance broker to get a clear understanding of the risks.

Remember, before cutting any coverage, ask if you could realistically afford to replace or repair without insurance, as this tipping point is far more important than the monthly savings.

What to do before your next renewal

• Get at least three quotes from competing providers before you renew — not after
• Ask your broker specifically about multi-policy, multi-vehicle and loyalty discounts
• Review whether your deductible still makes sense given your savings and vehicle value
• Ask whether a telematics program is available and what it measures
• Check the IBC's free How Cars Measure Up tool before your next vehicle purchase — it scores Canadian models by their theft rate, repair costs and claims history, all of which affect your premium

Stop overpaying for insurance. Compare 20+ quotes on Rates.ca and potentially save $500+ on auto insurance.

Article sources

We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.

Statistics Canada (1); Insurance Bureau of Canada (2); MyChoice.ca (3); LowestRates.ca (4); BrokerLink (5)

That is why a small corner of The Cotton Factory in Hamilton is suddenly buzzing with the rhythmic clack of keys and the ring of return carriages.

Jonathan Marshall, known professionally as "Jonny Types," recently opened the Hamilton Typewriter Company. After a decade of tinkering with these mechanical relics, Marshall is offering more than just repair services; he is offering a way to slow down. At a time when efficiency is the ultimate goal, Marshall suggests that the friction of a vintage machine may be exactly what our brains need to produce better work.

The financial case for slow productivity

We often talk about the "time is money" equation. We buy apps and subscriptions to speed up our output. However, there’s a hidden cost to digital sloppiness. When tools make it too easy to delete, edit and pivot, we often spend more time fixing mistakes than we do thinking about the original idea.

Marshall notes that modern word processors can actually encourage a lack of focus.

"Using a modern word processor, my writing is a bit sloppy because I’m able to make mistakes," Marshall said in an interview with CBC Hamilton (1).

When you sit down at a manual machine, the stakes change. You cannot simply hit backspace. This forced intentionality creates a different kind of value — one rooted in high-quality, focused thought rather than high-volume, distracted clicking. For a freelance writer, student or entrepreneur, the discipline required to use a typewriter can translate into sharper communication skills and a more disciplined mind.

A growing community of collectors

You may think typewriters are exclusively for retirees or "nostalgia junkies," but the demographics tell a different story. Marshall’s opening drew over 200 people, with inquiries coming from as far away as the Northwest Territories.

"Typewriters, for the longest time have been sort of relegated to attics, basements, crawl spaces and thrift shops. What I wanted to do is give them a place where people could come in and interact with them," Marshall said.

The surge in interest coincides with a broader cultural pushback against generative AI. As Rachel Spence, a typewriter shop owner in Nova Scotia, told CBC News (2), writing without the crutch of autocomplete allows for greater creativity. It also teaches a vital life lesson: making mistakes is part of the process.

How to start your analog journey

If you are looking to diversify your "productivity portfolio" with some vintage hardware, Marshall suggests a low-barrier approach. You don't need to spend thousands on a rare antique to reap the benefits.

• Research the look and feel: Look at models like the Corona, Olivetti or the Royal Arrow. Marshall describes the best keys as feeling "like butter."
• Check the local market: Marshall frequently scours thrift stores and resale sites across the Greater Toronto Area, Niagara and Kitchener-Waterloo. He finds roughly a dozen machines hitting the market every month.
• Prioritize maintenance: If you find a machine in a basement, it may need professional help. Marshall’s shop functions as both a museum and a clinic to get these machines back into "working order."

Protecting your investment

Once you have acquired a machine, maintenance is surprisingly straightforward. Unlike a laptop, you’ll never have to worry about a battery dying or a software update slowing your system down. Marshall recommends regular dusting and keeping the machine in a dry environment free of moisture.

The best way to keep a typewriter healthy is simply to use it. These machines were engineered for daily labor, not for sitting on a shelf as a static decor piece.

In a world that demands we move faster, there is a quiet, rebellious power in choosing a tool that forces us to move slower. By reintegrating these machines into our daily routines, we aren't just preserving history—we are reclaiming our attention.

"My ultimate goal is just to have these machines re-enter our daily life and routines," Marshall said.

Article sources

We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.

CBC News Hamilton (1); CBC News (2)

Oil prices rose sharply due to the war in Iran and the closure of the Strait of Hormuz, and when energy costs spike, transport and production costs tend to follow. Those increases usually end up on your grocery bill, your rent and your Amazon delivery.

But Peter Schiff, a renowned economic forecaster and outspoken gold advocate, resists that conventional thinking.

In a recent post on X, Schiff argued that higher oil prices likely won’t directly drive inflation (1).

“Rising oil prices won’t cause higher inflation. More expensive oil means Americans will have less money to spend on other things. Reduced spending will cause a recession, which will result in larger budget deficits, rate cuts and QE. That’s what will cause higher inflation,” he wrote.

Although Schiff’s comment references the U.S., Canada isn’t exempt from this scenario. The Bank of Canada held its key interest rate at 2.25% as recently as March 18, 2026, and gas prices have already felt the pressure — hitting a national average of $1.91 a litre, up 49% since late February. That’s before the full trickle-down has worked its way through the supply chain.

The “QE,” Schiff is referring to is quantitative easing — a tool central banks use to stimulate spending when the economy slows. The Bank of Canada used it during the pandemic and could face pressure to do so again.

Schiff flips the story

Schiff’s argument focuses on sequencing. In his view, rising oil prices don’t directly cause inflation. Rather, they set off a chain reaction.

Higher oil prices mean consumers spend more on energy. That leaves less money for other spending, which slows the broader economy. As growth weakens, the risk of a recession rises.

From there, Schiff predicts the usual government response will follow — bigger deficits, lower interest rates and eventually quantitative easing. In his view, that combination is what really drives inflation. Higher oil prices are only the trigger.

A simple example of how Schiff’s idea plays out

When the war in Iran began in late February, we didn’t have to wait long to feel the effects. Gas prices climbed 50 cents from $1.28 to $1.78 on average in a matter of weeks. That’s a 27% jump at every station across the country (2) — it has since risen to an average of $1.91 a litre.

For a driver filling up a mid-size vehicle with a 55-litre tank, that’s roughly $27.50 more at each fill-up. For a household with two drivers filling up twice a week, that adds up to hundreds more over a span of several months. Multiply that across Canadian households and demand starts to weaken across the economy. Trevor Tombe, a professor of economics at the University of Calgary and director of fiscal and economic policy at the School of Public Policy, estimates that a sustained 50% increase in crude oil prices would add roughly $500 to the average household’s costs each year in direct fuel spending alone (3).

And those costs don’t stay at the pump for everyday drivers: trucking costs rise which pushes up grocery prices. Airlines face higher jet-fuel costs, which raise ticket prices. Furthermore, manufacturers will have to pay more to ship goods.

Tombe also estimates that higher fuel costs could push grocery prices up another 1% — or, around $75 each year for the average Canadian household. If the price of oil stays elevated, food inflation could rise from 5.2% to somewhere between 6% and 6.6% by mid-2026.

Canadians will have to adjust how they spend. It may mean fewer dinners out, fewer online purchases or cutting back on services. Multiply that behaviour across millions of Canadian households, and demand starts to weaken in other parts of the economy. That’s ultimately what Schiff is talking about.

How this looks in real life

Schiff’s thinking is more than just theory.

In the words of Steve Kopits, president of Princeton Policy Advisors: oil shocks coincide with recessions (4). This causal phenomenon can be witnessed throughout history. The energy crises of the 1970s pushed both Canada and the U.S. into a recession, with oil prices nearly quadrupling within several months (5). In 2008, a sudden increase in demand saw oil prices soar and set the stage for the 2008 financial crisis (6).

And it’s not hard to see why. When energy costs rise, everything gets more expensive: groceries, shipping, manufacturing and household heating. That leaves consumers with less to spend on everything else, and businesses with thinner margins. It’s less like a market correction and more like a slow tax that no one voted for.

Canada was already showing cracks before this most recent shock. The GDP contracted in the fourth quarter of 2025, and the country lost 84,000 jobs in February 2026, pushing unemployment to 6.7%. That doesn’t set a strong foundation heading into an oil-driven inflation spike.

It also puts the Bank of Canada in an uncomfortable position. A weakening economy normally calls for lower interest rates to encourage spending — but cutting rates when inflation is already climbing from rising energy costs risks making the situation worse. There’s no clear answer, and that uncertainty is what has investors on edge.

Why some investors turn to gold in uncertain markets

When investors start worrying about both inflation and a recession at the same time, traditional assets don’t always behave as expected. That’s one reason they’ll circle back around to gold.

Gold has a long track record of holding its value when inflation rises or currencies weaken. That’s why it’s often the first place investors turn when economic conditions become unstable.

Schiff, a vocal gold advocate and owner of gold-selling companies, recently posted on X: “Falling real rates are bullish for gold” (7).

For Canadian investors, gold is an accessible inflation hedge — and it can be held in a tax-advantaged account. The Canada Revenue Agency (CRA) allows investment-grade gold bullion of at least 99.5% purity to be held inside a Registered Retirement Savings Plan (RRSP) or a Tax-Free Savings Account (TFSA), as long as it’s purchased from an accredited source such as the Royal Canadian Mint (8). Either of these investment options mean Canadians can gain exposure to this precious metal while benefiting from either tax-deferred or tax-free growth.

For those who prefer not to hold physical metal, gold exchange-traded funds (ETFs) listed on the Toronto Stock Exchange (TSX) — such as the iShares Gold Bullion ETF (CGL) — are fully eligible for registered accounts and provide a simpler way to track the price of gold.

Many financial advisers suggest keeping precious metals to roughly 5% to 10% of a well-balanced portfolio as a diversification strategy and inflation hedge (9).

Gold is one way investors try to protect against inflation. But there are other options, too.

Real estate — and why it holds fast against inflation

Unlike assets such as gold, income-producing real estate can generate cash flow while also benefiting from rent increases over time.

For Canadian investors, real estate investment trusts (REITs) — companies that own and manage portfolios of properties and trade on the TSX — offer a way to gain real estate exposure without the capital requirements, maintenance costs or tenant headaches of owning a rental property.

By law, Canadian REITs are required to distribute at least 90% of their net operating income to investors annually, which is why their dividend yields tend to be materially higher than those of most other equities (10). Canadian REITs delivered an 11.8% total return in 2025, outperforming the global REIT benchmark of 8.3% (11).

Like gold, REITs can also be held inside a TFSA or RRSP, adding a tax-efficient layer to income-producing real estate. Most Canadian financial planners suggest keeping REITs to roughly 5% to 10% of a well-balanced portfolio (12).

Where there’s pushback

Not everyone agrees with Schiff’s theory.

In fact, many X users pushed back on his argument, claiming that rising oil prices can be inflationary right away — not only through policy responses later on.

Keith Woods, author of Nationalism, wrote: “Great illustration of how simplistic the libertarian understanding of economics is. For Peter, inflation simply has to always be central bank-driven and downstream of ‘money printing.’” (13)

He added that “an oil shock is the classic case of cost-push inflation because it raises production costs.”

The economic organization International Monetary Fund (IMF), also notes that supply shocks — such as those in oil — can drive “cost-push” inflation by raising production costs across the economy (14). In practice, that means higher fuel costs don’t just hit consumers at the pump. They affect everything a consumer pays for.

Randall Bartlett, deputy chief economist at Desjardins, made a similar point in the Canadian context, warning that the war in Iran could affect inflation through multiple channels: “You have to layer on the Iran conflict, in the oil price shock that we’ve seen, the rise in gasoline prices, transportation costs, supply chain disruptions,” he said. “And so that’s really thrown a lot of uncertainty into the outlook for the economy, for inflation and for monetary policy.” (15)

That’s where Schiff’s argument diverges from the mainstream view. While he focuses on how higher oil prices reduce spending and slow the economy, there’s also a real and immediate impact on prices — one that Canadian families are already feeling.

What rising oil and inflation mean for your wallet

Higher oil prices could eventually tip the economy into a slowdown, triggering rate cuts and renewed stimulus. That could bring volatility and a policy-driven rebound in asset prices.

But if inflation remains stubborn, the Bank of Canada keeping interest rates higher for longer will continue to put pressure on household budgets — particularly the wave of Canadian homeowners renewing mortgages, who are already facing higher fixed rates than a few months ago (16).

The yield on a five-year Government of Canada bond rose to 3.18% from 2.67% since February 28 2026 (17). Either way, any uncertainty and volatility won’t disappear overnight.

Getting a second opinion in uncertain markets

Figuring out how to structure your portfolio isn’t always straightforward during periods of economic strife.

A Certified Financial Planner (CFP) — the most widely recognized financial planning designation in Canada, administered by FP Canada — can help crunch the numbers and build a plan suited to your specific situation (18).

But finding the right adviser matters. When searching for one, look for a fee-only or advice-only planner — one whose compensation comes from you rather than commissions on the products they sell to you. The fee you pay eliminates any conflict of interest and ensures the advice you receive is genuinely in your interest.

In Canada, the Financial Planning Association of Canada and Canada.ca’s financial consumer agency offer free tools to help Canadians find and vet financial advisers in their province or territory (19).

What Canadians can do now

Rising oil prices, slowing growth and potential inflation are a lot to navigate at once. Here are some practical next steps:

Review your household budget for energy exposure. With gas prices up, calculate how much more you’re spending on fuel and transportation each month. Adjust discretionary spending before the squeeze hits your grocery bill and other indirect costs.

Consider inflation-hedging assets inside registered accounts. Gold bullion or gold ETFs held in a TFSA or RRSP offer tax-advantaged inflation protection. The CRA allows eligible gold bullion (99.5%+ purity) inside registered accounts. Gold ETFs such as iShares Gold Bullion ETF (CGL) or the Royal Canadian Mint’s Canadian Gold Reserves ETF (MNT) are TFSA- and RRSP-eligible.

Look at income-producing real estate through Canadian REITs. REITs listed on the TSX can be held in a TFSA or RRSP and provide regular income distributions that can rise with inflation over time. Canadian financial planners typically suggest 5% to 10% of a portfolio in REITs as part of a diversified strategy.

Don’t assume a rate cut is coming. The Bank of Canada has stated it’s watching inflation closely. If the oil shock persists, rate hikes — not cuts — are possible. Review your variable-rate debt, mortgage renewal timeline and overall interest-rate sensitivity.

Talk to a fee-only CFP. In uncertain markets, a second opinion from a qualified, independent adviser is worth more than any single asset call. Look for a planner who carries the CFP designation and who charges a transparent flat or hourly fee over commissions.

- With files from Melanie Huddart

Article sources

We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.

@PeterSchiff (1); The Globe and Mail (2); The Hub (3); Princeton Policy Advisors (4); BBC News (5); Expert Journal of Economics (6); MSN Money Markets (7); Royal Canadian Mint (8); Gold RRSP (9); TSI Network (10); Coldwell Banker Horizon Realty (11); MIllion Dollar Journey (12); @KeithWoodsYT (13); International Monetary Fund (14); BNN Bloomberg (15); Canadian Mortgage and Housing Corp. (16); Morningstar (17); FP Canada (18); Financial Planning Associates of Canada (19)

How much did FSRA's enforcement actions increase in 2025 — and what were the most common violations?

The Financial Services Regulatory Authority of Ontario (FSRA) oversees more than 16,000 mortgage professionals and almost 1,200 brokerages operating in the province. FSRA licences and monitors mortgage agents, mortgage brokers and mortgage administrators — and has the power to impose fines, suspend or revoke licences, and issue compliance orders (1).

In the 2024–25 fiscal cycle, FSRA initiated 100 enforcement actions, up from 65 the prior year. It imposed 80 unique sanctions — nearly double the volume over two fiscal years. The mortgage sector drove the bulk of that activity: 43 of those 80 achieved sanctions targeted at mortgage professionals, accounting for $875,000 of the $1.2 million in total administrative monetary penalties (AMPs) across all FSRA-regulated sectors.

What’s significant is that FSRA fines the year before were almost half what was imposed in 2025 — from $460,000 in 2024 to $875,000 in 2025, a jump of roughly 90%.

Common violations included:

• Failing to ensure mortgage suitability
• Operating outside an authorizing brokerage or without a licence
• Receiving remuneration from unauthorized sources
• Failing to disclose conflicts of interest
• Providing false or misleading information to the regulator

Who gets fined? The difference between brokers, agents and administrators

In Ontario, mortgage professionals operate at three levels.

Mortgage agents (level 1 and level 2) work under a licensed brokerage and deal directly with borrowers. Mortgage brokers hold a higher-tier licence and can act as principal brokers — effectively running and supervising a brokerage. Mortgage administrators service existing mortgage portfolios.

Because both agents and brokers are individual licensees, FSRA can act against them directly — unlike sectors where only corporate entities hold licences. That distinction explains why mortgage professionals accounted for the largest share of enforcement among all FSRA-regulated sectors (2).

The 2022 amendments to the Mortgage Brokerages, Lenders and Administrators Act also significantly raised maximum penalties from $10,000 to $100,000 for individuals, and from $20,000 to $500,000 for brokerages.

Some of the fines issued in 2024–25 were still calculated under the older, lower limits because the conduct predated the rule change — meaning future fine totals are likely to grow.

What do these violations actually cost borrowers?

What is the actual cost for borrowers when mortgage professionals do not adhere to their fiduciary responsibilities?

In one widely reported Ontario case, FSRA found that vulnerable clients — many on fixed incomes — were steered into complex, high-fee mortgages by a brokerage that failed to ensure suitability, obtain independent legal advice for reverse mortgages, and disclose conflicts of interest. In a statement released to the public, FSRA agents concluded that “many clients who fully owned their homes a few years ago are now in significant debt and are at risk of losing them (3).”

In another case, a borrower sought a mortgage of $100,000 mortgage, but after a consultation fee of $15,000 was factored into borrowing costs, the borrower was left with just under $61,500. The FSRA investigation found that the borrower’s quoted rate was 10% per month on a two-month term. Once fees were added, the borrower ended up with a stated cost of borrowing of 231% annually (4).

These aren't edge cases. Unsuitable product recommendations, undisclosed referral fees and falsified application documents are among the most common triggers for FSRA action.

How can you check whether your mortgage professional has a disciplinary record?

FSRA maintains two public registries that every Ontario borrower should know about:

• Licence lookup — search by name to confirm your broker or agent is currently licensed: fsrao.ca/consumers/mortgage-brokers-and-agents
• Enforcement actions and warnings — a searchable list of all past and pending actions: teao.fsrao.ca

Both tools are free and take under two minutes to use. Enforcement actions remain on the FSRA site permanently — so a search will surface past sanctions even if a licence was later reinstated.

Skip the bank-hopping. Let a licensed online brokerage, like Homewise, do the shopping for you. Access rates from 30+ lenders with one simple application and find your best fit instantly.

What red flags should you watch for when choosing a broker?

• Pressure to break an existing mortgage without a written suitability analysis
• Requests to sign a 'gift letter' for funds that are actually a loan
• Fees paid directly to the broker — not through the brokerage
• A broker who says they can arrange a mortgage 'outside' their brokerage
• Reluctance to provide the name and licence number of their authorizing brokerage
• Promises of approval for private or B-lender mortgages without reviewing your full financial picture

What to do if you think your broker has misled you

File a complaint with FSRA directly at fsrao.ca/consumers.

The Financial Consumer Agency of Canada (FCAC) also provides general guidance on consumer rights in mortgage transactions at canada.ca/en/financial-consumer-agency.

If you signed mortgage documents based on false or misleading advice, consult a real estate lawyer before taking any further steps — particularly if a private or second mortgage is involved.

Finally, before signing any mortgage commitment, spend two minutes checking your broker's FSRA licence status at fsrao.ca. It's the fastest due diligence step most Canadians skip.

Article sources

We rely only on vetted, credible sources. For details, see our editorial ethics and guidelines.

Financial Services Regulatory Authority of Ontario (FSRA) (1); Benefits and Pensions Monitor — FSRA enforcement report 2024–25 (2); Canadian Mortgage Professional — brokerage licence revocation and suitability case (3); Canadian Mortgage Professional — high-cost private mortgage case (4)