The CDCP benefit itself is not taxable income. However, eligibility for the CDCP plan depends on annual tax filing, and the net family income thresholds that determine your benefit tier interact directly with the income calculations that govern GIS and many provincial supplements. A modest pension increase, a one-time RRSP withdrawal or even a timing mismatch between filing and benefit reassessment can ripple through multiple programs at once.

Here is what low-income Canadians — especially seniors and retirees — should understand before they assume their dental plan is working in their favour.

The CRA filing requirement most enrollees don’t know about

To qualify for the CDCP, applicants must have filed a tax return with the Canada Revenue Agency (CRA). Eligibility is assessed annually based on net family income from the previous tax year, and the CRA uses that return to determine which benefit tier — if any — a household falls into.

Still, households with an annual income of less than $90,000 — including seniors and retirees — qualify for partial or full dental coverage (depending on the income band). Households that earn more than $90,000 do not qualify.

But to qualify, you must file your tax return by the April 30 deadline; miss this deadline and your CDCP eligibility assessment can be paused or delayed. That does not just mean paperwork inconvenience — it can mean a gap in dental coverage.

For seniors already receiving GIS — which also requires an annual income declaration through Service Canada — late filing creates a compounding problem: Both programs can be disrupted simultaneously.

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Is your CDCP benefit putting other income support at risk?

The GIS is a non-taxable monthly benefit paid to low-income Old Age Security (OAS) recipients. It is heavily income-tested, meaning benefits are reduced — or “clawed back” — based on your net income from the previous year (excluding OAS itself).

However, contrary to popular belief, there is no $2,000 threshold you must cross before clawbacks begin. Reductions actually start on the very first dollar of outside net income you receive.

The $2,000 figure is significant because it is the threshold where a single senior’s maximum “GIS Top-up” benefit begins to phase out.

• Income under $2,000: Outside income (such as CPP or private pensions) triggers a standard 50% clawback ($0.50 lost for every $1 earned).
• Income between $2,000 and roughly $10,000: Once income crosses $2,000, the extra GIS Top-up is phased out at a rate of 25%. When combined with the standard 50% reduction, seniors in this specific income bracket face a steep 75% clawback ($0.75 lost for every $1 earned).
• The Employment Exception: If your outside income comes from working, the rules are much more generous. The first $5,000 of employment or self-employment income is completely exempt from any GIS clawback whatsoever.

That threshold is low enough that even modest income events can trigger a reduction.

Consider this illustrative example: a senior receiving the maximum GIS who makes a $5,000 RRSP withdrawal in a given year may see their GIS reduced the following year — not because they became wealthy, but because the withdrawal increased their calculated net income for that tax year.

Because both CDCP and GIS use tax-return-derived net family income as their primary eligibility metric, the programs interact in ways that are not always intuitive. A change in income that shifts a household into a higher CDCP tier — or over the $90,000 ceiling entirely — may also compress GIS payments. Provincial top-ups, which vary by province but often follow similar income-testing logic, can be affected in the same tax year or the following one.

Benefit cliff effects — where a small income increase triggers a disproportionate loss of supports — have been documented in the Canadian income support landscape by researchers, including Maytree, a Canadian social policy foundation.The CDCP adds a new layer to this dynamic for dental-care-dependent households.

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How GIS and CDCP interact — and why the cliff matters

The interaction is most acute for seniors in two situations:

• Those whose income sits close to a CDCP tier boundary — where a modest change could shift their cost-sharing structure or eliminate eligibility
• Those close to the GIS clawback threshold — where the same income event that keeps them on CDCP may cost them more in GIS reduction than the dental benefit is worth

For example, if a single senior receiving $900 per month in OAS and $500 in GIS, with $1,800 in annual investment income. Their net income sits comfortably below both the GIS reduction threshold and the lowest CDCP tier ceiling. Now assume that senior receives a $4,000 lump-sum pension adjustment. That alone could trigger a GIS reduction the following year — while doing nothing to improve their financial position in any meaningful way.

This is not a theoretical edge case. It is the kind of scenario that researchers say affects a significant share of low-income older Canadians — and one that the CDCP, however well-intentioned, does not resolve.

What low-income seniors should do before they enrol

For most low-income Canadians, the CDCP remains a net positive. But before assuming that is true for your situation, there are a few steps worth taking.

First, file taxes on time every year — even if you have little or no income. The April 30 deadline is not optional if you want uninterrupted access to CDCP coverage. Seniors who find the filing process difficult can access help through the Community Volunteer Income Tax Program (CVITP), a free service supported by the CRA that helps eligible individuals file returns at no cost.

Second, if your household income is near the $90,000 ceiling — or if you are planning a significant income event such as an RRSP conversion, a property sale or a pension adjustment — run the numbers before it happens. One income event can affect two or more programs at once.

Third, if you are a GIS recipient, consider speaking with a Service Canada advisor before significant financial changes. Service Canada staff can outline how changes in reported income affect your GIS and help you understand the timing of reassessments.

Final thoughts

The CDCP was designed to extend dental coverage to Canadians who have long gone without it. For many, that is exactly what it does. But benefit programs rarely exist in isolation — and for those living on modest fixed incomes, the income thresholds and filing requirements that determine access to one program can quietly reshape access to several others. Filing on time, understanding your income picture and asking the right questions before something changes are the steps most likely to prevent a benefit from becoming a liability.

The IAP, which advises the OSC on investor protection policy, identified eight major forces reshaping how Canadians invest — from AI-generated fraud to the explosive growth of complex exchange-traded funds (ETFs) to bank-employed advisors who, by their own admission, may not be recommending the best products for their clients.

This isn’t alarmism. This is the official watchdog speaking.

Is your social feed giving you financial advice — or just selling you risk?

According to the IAP’s 2025 report, “more investors are making investment decisions based on information found on social media.” The Canadian Investment Regulatory Organization (CIRO)’s DIY Investing Report confirms that platforms like YouTube, Reddit and Instagram have become primary financial education channels — particularly for Canadians aged 18 to 34.

The problem is that the vast majority of finfluencers, or influencers creating personal finance content, are not registered with any securities regulator. They are not required to assess whether their recommendations suit your financial situation. They carry no liability if you lose money acting on their advice. The CSA and CIRO issued guidance in 2025 on how existing securities laws apply to finfluencer activity — but the IAP has already called for the regulator to consider additional measures.

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AI deepfakes are now a financial weapon — and they’re getting better

The 2025 IAP report raises a direct warning: bad actors are deploying artificial intelligence (AI) to run investment scams at scale. The Osgoode Investor Protection Clinic documented fraud cases involving AI-generated deepfake videos — fake footage of credible figures endorsing fraudulent investment platforms.

Securities fraud in Canada is becoming more frequent and more sophisticated, while the country’s framework for tackling this crime remains, in the IAP’s words, “fragmented and disjointed.” The Panel has called on the OSC to accelerate freeze powers, increase enforcement capacity and expand inter-agency partnerships.

There is notable progress: Canadian securities regulators launched a new disruption initiative in 2025 that successfully deactivated fraudulent websites, including fake investment platforms and cryptocurrency sites.

Your trading app is designed to make you trade more — not invest better

The IAP’s 2025 report dedicates significant attention to digital engagement practices (DEPs) — the design features embedded in trading platforms that push users toward more frequent, often riskier decision-making including push notifications, “Top Trending” stock lists, reward programs and gamified streaks.

An OSC examination of DEPs found that these features can materially influence investor decision-making — not toward better outcomes, but toward greater engagement and, frequently, greater risk-taking. The IAP has called on regulators to reduce or restrict the most harmful DEPs not only in self-directed channels but across retail investing broadly. (1)

Not all ETFs are created equal — and the newest ones carry serious risk

Last year marked a milestone in Canadian investing: For the first time, the number of new ETF launches outpaced mutual fund launches, with 212 of 374 new products launched as ETFs (excluding single-stock ETFs, of which 50 launched in 2025).

That shift is broadly positive — ETFs tend to carry lower fees and offer broad diversification. But the IAP flags a significant catch: many of the new products are a notable departure from the traditional passively managed, diversified basket of investments. Single-stock ETFs concentrate risk in one company, sometimes with leverage. Digital-asset ETFs “are anticipated to exhibit much higher volatility than a more traditional ETF,” the OSC report states.

Your bank advisor may be offering you a deliberately narrow menu

In 2025, the OSC and CIRO jointly reviewed sales practices at bank-affiliated mutual fund dealers — and the results were troubling. The survey found that product recommendations have sometimes not been in clients’ best interests, and that clients have been given incorrect information.

The report found that 94% of bank branch respondents could only offer proprietary funds — their employer’s own products. Almost half agreed that clients would benefit from access to a broader range of mutual funds. The IAP has called on regulators to revisit what constitutes a “reasonable range of alternatives.”

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Good news: Your right to compensation is getting stronger

Not all of the IAP’s findings are cautionary. The Ombudsman for Banking Services and Investments (OBSI) — Canada’s primary dispute resolution body for investor complaints — is moving toward binding decision-making authority.

Currently, OBSI can recommend compensation, but firms can decline to comply. Binding authority would change this and force firms to legally pay when OBSI finds a complaint valid. The IAP — which has been pushing for this reform for years — called the progress “long overdue.” It also recommended that OBSI’s compensation limit, unchanged since the organization was established in 1996, be adjusted for inflation going forward.

What to do now, as an investor

• Verify any advisor or finfluencer at CIRO’s Advisor Report portal (ciro.ca) before acting on financial advice
• Use the OSC’s Check Before You Invest tool (checkfirst.ca) to confirm any investment platform is registered
• Disable push notifications on trading apps and ignore “trending” asset lists — these features are designed for engagement, not your returns
• Read the Fund Facts document before purchasing any ETF — a product name that includes “ETF” no longer guarantees diversification
• Ask your bank advisor directly what products outside their firm’s lineup they considered for you
• If you’ve suffered financial loss from advisor misconduct, file a complaint with OBSI now (ombudsman-bsi.ca) — documenting your case early positions you well when binding authority takes effect

After a steep sell-off rattled markets last month, Wells Fargo predicts that gold could surge to US$8,000 (C$11,120) an ounce in its bull-case scenario — a jaw-dropping jump from its current US$4,569 (C$6,351) price as of May 25. The bank's bear case, by contrast, puts gold at US$4,000 by the end of 2027.

This forecast raises a more practical question for everyday investors: Is there a real opportunity here, and if so, how should Canadians act on it?

Why some analysts think gold could skyrocket

The bullish case for gold is centred on what Wells Fargo strategist Ohsung Kwon calls a “debasement cycle” — a period when rising debt, deficits and inflation steadily chip away at the value of paper currencies like the U.S. dollar. Kwon argues the global economy has entered a fourth cycle like this, and when confidence in fiat money dwindles, investors have historically gravitated toward gold as a store of value.

Since around 2022, a mix of global shocks — Russia’s invasion of Ukraine, persistent inflation and aggressive central bank rate hikes — has reshaped the macro backdrop. In turn, central banks have responded by buying gold at a record pace. According to the European Central Bank's 2025 annual review, as reported by Reuters, gold surpassed the euro to become the world's second-largest reserve asset after the U.S. dollar. And, for the first time since 1996, it makes up a larger share of central bank reserves than U.S. Treasuries.

History suggests this is a familiar pattern. Similar debasement cycles have coincided with big economic turning points — from the Great Depression to the 2008 financial crisis. According to Wells Fargo, these cycles typically stretch about 8.5 years, meaning the current one may still be in its early-to-middle stages.

For Canadian investors, the dynamic is compounded by the loonie’s own sensitivity to commodity prices, trade uncertainty and the relative strength of the U.S. dollar. When the Canadian dollar weakens against the greenback — as it has over much of the past two years — the Canadian-dollar value of gold rises even without a change in the underlying gold price.

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Is now the right time to invest?

Despite the whopping US$8,000 target, the path forward for gold isn’t guaranteed nor straightforward.

Notably, gold recently posted its worst monthly drop in more than a decade, sliding nearly 11% amid ongoing geopolitical conditions including the US-Iran War. Wells Fargo views that pullback as a potential reset toward "fair value" around US$4,500 (C$6,255). The bank's bear-case scenario goes further, putting gold at US$4,000 by end of 2027 — a reminder that the US$8,000 bull case is one end of a wide range, not a guarantee.

However, not everyone is convinced the rally will run unchecked. Bloomberg has pointed to higher interest rates and bond yields that can weigh on non-yielding assets like gold, and a stronger U.S. dollar that can put pressure on prices by making bullion more expensive for global buyers.

Gold has typically been a hedge against inflation and economic uncertainty, but it’s not immune to sharp swings — as recent weeks have demonstrated.

According to the World Gold Council, most financial advisers recommend allocating between 5% and 15% of a portfolio to gold and precious metals. That makes this precious metal a supporting player in a well-diversified strategy, rather than the main attraction — a sensible guardrail for investors tempted by big headlines.

How Canadians can get exposure to gold

Canadian investors have several ways to add gold to a portfolio, each with its own trade-offs in terms of cost, convenience and tax treatment.

Physical gold — coins and bars — is available directly through the Royal Canadian Mint, in a range of weights and formats. Physical gold gives you tangible ownership, but also comes with storage and insurance costs.

For investors who prefer something they can hold inside a brokerage account, exchange-traded funds (ETFs) are a popular option. The iShares Gold Bullion ETF (CGL), listed on the Toronto Stock Exchange (TSX), tracks the gold price in Canadian dollars and is currency-hedged. The Sprott Physical Gold Trust (PHYS), listed on both the TSX and NYSE Arca, offers a structure backed by physical gold held in a Canadian vault.

Mining stocks and gold-focused mutual funds round out the options for investors who want exposure to gold’s price performance — and are comfortable with the added company-specific and operational risk those products carry.

What Canadians need to know about taxes

In Canada, gold — whether held as physical bullion, coins or through certain ETFs — is generally treated as capital property under the Income Tax Act. That means any profit when you sell is subject to capital gains tax, with 50% of the gain included in your taxable income (the capital gains inclusion rate). The Canada Revenue Agency (CRA) applies this rule to gold bullion and most gold-related investments held in non-registered accounts.

One important advantage for Canadian investors: gold ETFs held inside a Tax-Free Savings Account (TFSA) or Registered Retirement Savings Plan (RRSP) grow sheltered from capital gains tax. If gold does deliver the kind of returns Wells Fargo is forecasting, holding gold inside a registered account can meaningfully improve your after-tax outcome.

The bigger picture

While gold’s long-term case may be strengthening — particularly in a world of growing debt, geopolitical tension and currency uncertainty — the short-term path is still unpredictable. Chasing a big payoff can be tempting when a bold forecast dominates headlines. The smarter move, however, is to ensure any gold investment fits into a broader, well-diversified plan built for the long haul.

If you’re considering adding gold to your portfolio, start by reviewing your asset allocation, understanding your risk tolerance and speaking with a licensed financial adviser. Gold can play a real role in preserving wealth — but only when used with intention, not under impulse.

What Canadians should do next

If the Wells Fargo forecast has you thinking about gold, here are some practical starting points:

• Review your current asset allocation. If you hold little or no gold, consider whether a 5% to 10% position makes sense given your goals and time horizon.
• Look at tax-efficient vehicles first. Gold ETFs held inside a TFSA or RRSP are sheltered from capital gains taxes. Max out your registered room before opening a taxable account.
• Compare your options. The iShares Gold Bullion ETF (CGL), Sprott Physical Gold Trust (PHYS) and physical bullion from the Royal Canadian Mint each offer different cost and liquidity profiles.
• Don’t chase the headline. Gold can be volatile. A disciplined, modest allocation is more likely to serve you than a big bet timed to a forecast.
• Talk to a licensed financial adviser or portfolio manager. They can factor in your full financial picture before making any changes.

— with files from Melanie Huddart

Global oil prices have been on a volatile ride since the U.S.–Iran conflict began on February 28. West Texas Intermediate (WTI) crude oil prices surged more than 50% since the start of hostilities, sending shockwaves through financial markets worldwide — including in Canada, where energy stocks make up a significant portion of the S&P/TSX Composite Index.

Following the announcement of a two-week ceasefire on April 8, global oil prices briefly dipped below US$100 (C$139) a barrel before rising above that benchmark again days later, when negotiations between Iran and the U.S. broke down.

As of May 25, The Wall Street Journal reported that “The prospect of a possible peace deal with Iran sent oil prices falling and stock gauges around the world climbing Monday. The most actively-traded Brent crude oil futures slid roughly 5% to about $95 a barrel, the lowest since mid-April. That helped pull European bond yields lower as inflation worries cooled.”

This was also felt in Canada, where, according to Yahoo, the nation’s “main stock index was up more than 300 points while the price of oil fell in late-morning trading on hopes that U.S. and Iran could be nearing a deal to end their war and reopen the Strait of Hormuz.”

But the volatility hasn’t let up — and for investors, the temptation to cut losses has rarely been stronger.

That’s where Orman steps in.

‘I’ve learned that lesson the hard way’

In a conversation with markets expert Keith Fitz-Gerald on her YouTube channel, Orman made a direct appeal to investors feeling panicked: stay the course.

“Everybody who thinks they’re being smart by stepping out right now is going to get left behind,” Fitz-Gerald told Orman. “I’ve learned that lesson the hard way. I thought I was being smart, I bailed out, I made mistakes, I lost money.”

To illustrate why this moment is not the time to sell, Fitz-Gerald reached back two decades.

“In the early 2000s, Amazon lost 97% of its value,” he said. “That’s incomprehensible to people today, they simply forget their history. We’re going to get through this.”

Orman agreed: investors who hold through turbulent periods are the ones who benefit from the eventual rebound. Selling at the bottom — or near it — locks in losses and leaves you on the sideline when prices recover.

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Stay the course during turbulent times

The concern isn’t only oil. JPMorgan Chase’s CEO Jamie Dimon recently warned that a 2026 recession could be looming, citing both the conflict in the Middle East and the rapid rise of artificial intelligence as potential economic disruptors.

In his 2026 annual letter to shareholders, Dimon wrote that the economy faces “the potential for significant ongoing oil and commodity price shocks, along with the reshaping of global supply chains, which may lead to stickier inflation and ultimately higher interest rates than markets currently expect.”

For Canadian investors, those words carry significant weight. Canada is one of the world’s top oil producers, and commodity price swings ripple through the economy — affecting everything from the loonie to the TSX. When global markets panic, Canadian markets tend to follow.

But as Orman and Fitz-Gerald point out, panic is rarely a profitable investment strategy.

Historically, recessions — even severe ones — are temporary. The Bank of Canada notes that Canada has experienced several recessionary periods since the Second World War, with most lasting between two to five quarters. The 2008–09 financial crisis, one of the deepest in modern history, saw the Canadian economy recover within roughly 12 months of its trough.

The same principle applies to market performance. When the COVID-19 pandemic hit in March 2020, the S&P/TSX Composite Index fell sharply — losing more than 37% from its February peak to its March low. Yet by the end of 2020, the TSX had largely recovered those losses, and by mid-2021 it had surged to record highs.

“Investors who sell after the market has dropped substantially usually are setting themselves up to miss the future rally in asset prices,” the National Bank of Canada writes.

The takeaway is the same whether you’re watching the TSX or the S&P 500: Staying invested through turbulence has — historically — been the better path.

What Canadians can do right now

If you’re feeling uneasy about your portfolio, that’s understandable. But before making any moves, consider these steps:

Review your asset allocation, not your returns. Volatile markets have a way of revealing whether your portfolio is actually built for your risk tolerance. If watching the TSX drop keeps you up at night, it may be time to revisit how your investments are structured — not sell everything, but reassess the mix.

Think twice before selling inside your RRSP or TFSA. Your Registered Retirement Savings Plan (RRSP) and Tax-Free Savings Account (TFSA) are designed for long-term growth. Selling investments inside these accounts during a downturn doesn’t trigger capital gains tax — but it does lock in your losses. Re-contributing to a TFSA after a withdrawal only restores room on January 1 of the following year, meaning you may miss the recovery window.

Consider a TFSA for new contributions during downturns. If you have available TFSA contribution room, a market dip can actually be an opportunity to buy quality investments at lower prices — and have any future gains grow completely tax-free.

Avoid making emotional decisions with your RRSP. RRSP withdrawals are treated as taxable income in the year they’re taken. Withdrawing during a panic not only locks in losses, it could push you into a higher tax bracket.

Check in with a financial adviser — not social media. It’s tempting to follow what others are doing during a market downturn. A licensed financial adviser can help you stress-test your plan and make sure your strategy still makes sense for your goals, timeline and risk tolerance.

• With files from Melanie Huddart

According to Royal LePage, nearly 8 in 10 Canadians would consider asking for money toward a home down payment in place of a traditional wedding gift. The survey also found that 82% would consider scaling back or even forgoing a wedding celebration entirely to help afford a home purchase.

The findings highlight how continuing housing affordability pressures are reshaping major life decisions, particularly for younger Canadians trying to enter the market.

“As the cost of living puts pressure on household budgets across the country, more Canadians are finding themselves having to make difficult trade-offs between the two – and in many cases, it’s the wedding that gets scaled back,” said Anne-Elise Cugliari Allegritti, vice president of Research and Communications at Royal LePage, in a statement.

Many Canadians see a home as the more important investment

According to the survey, 83% of Canadians identified buying a home as the biggest or most important purchase a person will make in their lifetime.

That sentiment appears to be influencing how couples approach marriage and financial planning. More than half of married respondents said they now wish they had requested money toward a home down payment instead of traditional wedding gifts.

The survey also illustrates how attitudes may be shifting across generations, including among older Canadians reflecting back on their own experiences. “I’ve always thought it was a shame to spend all that money on just one day,” one Boomer respondent from Quebec said in the survey.

Another Boomer respondent from New Brunswick described home ownership as “a gift that keeps on giving because a home will always appreciate in value.”

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Housing affordability is changing how couples approach major milestones

Royal LePage says rising housing costs — particularly in markets such as southern Ontario and British Columbia’s Lower Mainland — are pushing more couples to prioritize building equity over hosting expensive celebrations.

In British Columbia, respondents were the most likely in Canada to say they would request money toward a home purchase instead of traditional wedding gifts.

The survey also found many Canadians are becoming more flexible about the traditional order of major life milestones. Rather than marrying first and buying later, some couples are choosing to purchase property together before planning a wedding.

“In Toronto, many couples are choosing to purchase a home before getting married,” said Tom Storey of Royal LePage Signature Realty in Toronto.

Other real estate professionals cited a growing preference for smaller weddings, delayed honeymoons and more modest ceremonies as buyers try to preserve savings for down payments and future housing costs.

Weddings are increasingly being viewed through a financial lens

That shift also reflects the wider financial pressures many households throughout Canada continue to face.

Royal LePage noted that the average wedding now costs roughly US$33,000 — or more than C$45,000 — before factoring in a honeymoon or wedding rings.

For many couples, that has turned weddings into another major financial decision, and not simply a personal or cultural milestone.

And while the survey does not suggest Canadians are abandoning weddings altogether, many appear to be rethinking how much they are willing to spend on a single event at a time when housing affordability continues to dominate long-term financial planning.

In a recent Impaulsive podcast episode, the billionaire investor and former Shark Tank star called taking out loans to pay for school “the dumbest thing you can do,” and laid out a two-step alternative he says makes far more financial sense. And while Cuban was speaking to a U.S. audience, his advice is equally applicable to Canadians.

His strategy: Start at a college, then transfer.

“Go to community college. Accounting class is accounting class, whether it’s at a community college or at Harvard,” Cuban said. “Psychology is psychology for the most part ... So get those first couple years of your introductory classes (and) transfer where you can afford to go.”

The case against student loans in Canada

Cuban’s argument is difficult to dispute — and it holds up north of the border.

The average university undergraduate tuition in the country was approximately $7,360 a year in 2024–25, according to Statista. At private universities — such as Quest University in B.C. — annual tuition can exceed $30,000. By contrast, tuition for college programs, including CÉGEP in Québec, typically runs between $2,400 and $3,600 a year.

Cuban’s strategy means completing foundational first- and second-year coursework at a college before transferring to a university degree program, which could save a Canadian student tens of thousands of dollars before a single loan is required.

The urgency of Cuban’s warning is backed by Canadian data, too.

The average federal student loan balance at graduation under the Canada Student Loans Program (CSLP) is approximately $15,091. In 2022, Maclean’s magazine reported the total student debt at graduation hovers between approximately $26,000 and $28,000 for a bachelor’s degree.

And like the U.S., Canadian student loan debt isn’t easy to walk away from.

Under Section 178(1)(g) of the Bankruptcy and Insolvency Act (BIA), government-issued student loan debt can’t be discharged in bankruptcy if the borrower has been a student within the past seven years. Discharge is possible after seven years — but the window can be shortened to five years in cases of demonstrated “undue hardship,” if a court agrees. Cuban specifically called out bankruptcy protection as a key reason post-secondary costs have spiralled.

“If everybody could borrow any amount of money and you couldn’t even declare bankruptcy to get rid of it, college prices went up,” he said.

The shifting landscape of post-secondary education

Cuban also flagged a trend in higher education that the data backs: Institutions are closing.

“You’re starting to see a couple colleges close to bankruptcy. I think you’re going to see more,” he said.

Canada isn’t immune. According to the Government of Canada, the number of degree-granting post-secondary institutions has remained broadly stable at approximately 280 public institutions, but smaller private career colleges have faced significant closures and regulatory pressure. Also, the Ontario Private Career Colleges Act has seen several programs wind down in recent years, leaving students scrambling for refunds or alternate placements.

The risk of choosing an institution primarily based on prestige — and taking on debt to attend — grows when that institution’s long-term viability is unclear.

A cost difference not worth the debt

Cuban’s broader argument is that the academic content at affordable institutions is largely similar at the elite alternatives — particularly for foundational coursework — and that the cost difference between the most expensive school and a solid public college simply isn’t worth the debt for most students.

“The delta between the most basic four-year school and the best public universities is really small,” he said.

What he valued most from his own time at Indiana University was “learning how to learn.” Cuban argued that skill translates far beyond the classroom and can be acquired without a five-figure price tag.

Cuban’s formula — and what the data says

If you or someone you know is weighing post-secondary options, the first question should be: Which school can you actually afford to finish?

To compare the two countries: U.S. Federal Reserve data found that among borrowers who carried student loan debt, only 44% said the financial benefits of their education exceeded the costs, compared to 68% among those who graduated debt-free. And in Canada, the Canadian Centre for Policy Alternatives (CCPA) documents a similar pattern — graduates carrying heavier debt loads and households with student debt face greater financial challenges.

Cuban’s formula — start cheap, transfer smart, avoid the debt trap — may not be glamorous, but the numbers suggest it’s more advantageous than the alternative.

What Canadians can do

Cuban’s two-step strategy translates directly to students seeking higher education in Canada. Here are concrete steps that can help reduce student debt and ensure a more stress-free transition into a professional life:

• Explore college-to-university transfer pathways. Most provinces have formal articulation agreements that allow students who complete a two-year college diploma or certificate to receive credit toward a university degree. The Ontario Council on Articulation and Transfer (ONCAT), the BC Transfer Guide and the Alberta Council on Admissions and Transfer are government-supported tools designed exactly for this purpose.
• Apply for Canada Student Grants first. Before taking out any loan, apply for Canada Student Grants through the Canada Student Financial Assistance Program (CSFAP). Full-time students from low- and middle-income families can receive up to $4,200 a year in non-repayable grant funding.
• Use a Registered Education Savings Plan (RESP) if planning ahead. If you have children, contributing to an RESP allows your savings to grow tax-sheltered. The government’s Canada Education Savings Grant (CESG) adds 20% on the first $2,500 contributed a year — that’s up to $500 in free money annually, to a lifetime maximum of $7,200 for each child.
• Know the seven-year bankruptcy rule. If you graduate with student debt and find yourself in serious financial difficulty, the Bankruptcy and Insolvency Act allows student loan debt to be discharged seven years after you cease to be a student. This isn’t a strategy to plan around — but it’s a legal protection to know about.
• Choose your institution based on outcomes, not prestige. Research post-graduation employment rates and median earnings by program and institution using Statistics Canada’s Education and Labour Market Longitudinal Platform (ELMLP). Some college programs outperform university degrees in employment rate and income in the first five years after graduation.

For the average observer, it’s a fascinating look at the limits of consumer spending. It turns out that even for one of the biggest sporting events on the planet, there’s a price point where people simply draw the line.

The pricing tipping point

When an event of this scale arrives, local hospitality sectors usually expect a massive financial windfall. However, the sheer cost of attending matches in host cities like Vancouver is forcing a significant shift in consumer behaviour. It turns out that when costs soar too high, they don’t just price out the average fan; they can actually chill the broader local economy.

According to data from Destination Vancouver (1), June hotel bookings in the city are actually down 20% this year when compared with the exact same period in 2025. While tourism officials remain optimistic about a late surge in bookings, the current numbers suggest that aggressive event pricing has made travellers hesitate.

Jarrett Vaughan, an adjunct professor at the University of British Columbia’s Sauder School of Business, points to the accommodation sector as a primary bottleneck.

“One of the biggest challenges that visitors have when coming to Vancouver is just simply the cost,” Vaughan said in an interview with CBC News (2). “Hotel accommodations are very expensive in Vancouver no matter what’s happening, and so you then add this layer of (more) visiting guests and this added pressure drives obviously room rates higher.”

Vaughan also noted that strict local regulations on short-term rentals have inadvertently driven room rates higher. While some residents are attempting to circumvent these rules by listing their homes informally on social media forums, the overall lack of affordable inventory is deterring the typical influx of summer tourists.

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When the secondary market overheats

The sticker shock isn’t limited to hotel rooms. The ticket market itself has reached a level of inflation that has left even die-hard international sports enthusiasts stunned.

Chris Van Brockhoven, a soccer fan from London, England, planned a trip to Vancouver nearly a year in advance. While his group managed to secure reasonable accommodations early on, the reality of the ticket market forced them to completely pivot their plans after experiencing standard secondary market prices hovering around $2,000 per ticket.

“We were flabbergasted at how expensive the tickets are and how much people are seemingly paying for them,” Van Brockhoven told the Canadian Press (3). For context, he noted that the price of a single match ticket was comparable to a full season of top-tier football back home. “We’d pay that for a season ticket over here for a top English club. We just can’t justify that sort of spend.”

This sentiment is echoed by local families who view soccer as a historically accessible community sport. Shushan Vardanyan, a Vancouver mother who has been looking for discounted youth tickets for her nine-year-old son, has found the market completely prohibitive.

“The prices are crazy,” Vardanyan told the Canadian Press. “Soccer is an affordable sport. It’s meant to be an accessible sport and it’s also an inspiration and encouragement for young athletes to attend.”

The broader financial takeaway

While you may have not now, nor ever had any intention of buying a ticket, FIFA ticket sales, at least this year, is a reminder of how major entertainment events can distort local microeconomies. When ticket and accommodation costs hit an affordability ceiling, it creates a ripple effect where fewer travellers arrive, impacting everything from local restaurants to independent retail shops.

Rather than paying exorbitant markups, many consumers are choosing alternative ways to participate. Travellers like Van Brockhoven are adjusting their expectations by skipping the stadium entirely and buying entry to local fan festivals instead.

“The whole reason we’re coming over was to see the football,” he said. “It’s not going to stop us watching the games and enjoying the atmosphere.”

Ultimately, the economic narrative of this tournament serves as a case study in market dynamics. When the cost of admission becomes a luxury, the public simply changes how they play the game.

Article sources

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

CTV News (1); Canadian Press (2, 3)

But she admits she’s “exhausted” — and she’s not getting encouragement from her boyfriend. So she turned to The Ramsey Show hosts Ken Coleman, Rachel Cruze and George Kamel for help.

“How can I manage burnout, stay motivated and help my partner understand why becoming debt-free matters so much to me?” she asked.

Norah said her boyfriend “doesn’t understand” why she’s so debt-obsessed. She puts every penny of each paycheque towards it — he thinks she should just make minimum payments.

Coleman asked if she’d explained the Ramsey Baby Steps method to him. She had — but it didn’t help. It just made things worse.

“He thinks it’s a cult,” she said, smiling.

The Ramsey Show co-hosts laughed when Norah raised the word “cult” to describe their work.

“I’ve never heard that before,” Coleman said.

But Norah’s boyfriend isn’t the only one to toss around that term in relation to Dave Ramsey. Over the years, online communities have described him and his followers as cult-like in their adherence to his approach.

It’s true that Ramsey, an evangelical Christian, links his financial advice to biblical principles. But being religious, charismatic and persuasive doesn’t mean he leads a cult. Ramsey’s fans are devoted to him and his advice, but he doesn’t use coercive techniques — and you don’t have to be Christian to follow his tips.

Still, he gets pretty intense when it comes to paying off debt. There may be a middle road for people like Norah — one between her all-in approach and the minimum payments her boyfriend suggests. In fact, that middle ground is exactly what Coleman, Cruze and Kamel recommended.

Finding debt-life balance

Coleman asked if part of the tension in Norah’s relationship was that she was always working. He praised her debt-free goal, and her commitment to a December 2027 payoff date. But he suggested she go easier on her goal and give herself more time to reach debt-free status.

“If you’re starting to get to a place of physical and emotional — and maybe spiritual and relationship — exhaustion, dial it back a little bit, you know, until you can get back up on your feet.”

Cruze agreed, and urged Norah to cut back on the overtime she’s working until she has the energy to get back to it.

That’s because it’s as important to have a debt-life balance as it is to have work-life balance.

Finding that balance is no easy task. In Canada, total household debt surpassed approximately $3.2 trillion as of the fourth quarter of 2025, according to Statistics Canada. Student debt alone is a significant contributor: The average Canadian borrower graduates with just over $15,000 on average in federal student loans, the Canada Student Financial Assistance (CSFA) program reported in its 2022–2023 statistical review.

Faced with crushing debt, some people may choose to ignore it — making minimum payments like Norah’s boyfriend suggests, or no payments at all. But that can lead to poor credit scores, delinquency and even bankruptcy, which isn’t a recipe for a happy life. Others, like Norah, may go all in on debt payoff, at the expense of their mental and physical health — and relationships.

How to strike an equilibrium

Paying off debt at a reasonable pace so you can take care of your own well-being should be your goal.

You can use Dave Ramsey’s recommended snowball method — paying off the smallest debt first and building up to the largest — or the avalanche method, paying off the highest-interest debt first and working your way down. Both approaches work, and both are available to Canadian borrowers.

You don’t have to do it alone, either. The Financial Consumer Agency of Canada (FCAC), a federal consumer financial regulator, offers free tools and guidance on debt management plans. Through an accredited, non-profit credit counselling agency, you may be able to access a debt management plan (DMP) offering lower interest, reduced monthly payments and a structured payoff period.

As Cruze says, paying off debt requires a marathon mindset. And the only way to win in the long run is to pace yourself.

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What Canadians can do

Whether you’re carrying student loans, credit card debt or a combination of both, here are Canadian-specific steps to manage your debt without burning out:

Know your numbers. Use the FCAC’s free Budget Planner to get a clear understanding of your income, expenses and debt load before choosing a repayment strategy.

Consider a non-profit credit counsellor. Organizations like Credit Canada and the Credit Counselling Society offer free or low-cost consultations and can negotiate with creditors on your behalf.

Check your repayment assistance options. If your debt includes federal student loans, the NSLSC’s Repayment Assistance Plan (RAP) allows you to reduce or pause payments based on income — a critical safety valve for borrowers under financial stress.

Pick a strategy and stick to it. The snowball method (paying smallest debt first) builds momentum; the avalanche method (paying highest interest first) minimizes total interest paid. Choose the one that keeps you motivated.

Build in breathing room. Even Ramsey’s own co-hosts told Norah to dial it back. Sustainable debt repayment means protecting your health, relationships and emergency fund — not sacrificing everything for an aggressive payoff timeline.

The contrast has gone viral. And for Canadians who receive stock options or restricted stock units (RSUs) as part of their pay, Oracle’s story is more than a headline — it’s a reminder of just how vulnerable you can be when a company decides to cut costs.

The new CFO’s deal

On April 6, Oracle filed a Form 8-K with the U.S. Securities and Exchange Commission (SEC) naming Hilary Maxson as its new chief financial officer, effective immediately. Maxson, 48, previously served as executive vice president and group CFO at Schneider Electric, a global energy management company with more than US$45 billion (C$62.5 billion) in annual revenue. Before that, she spent 12 years at the AES Corporation in senior finance, strategy and mergers and acquisitions roles.

Maxson’s compensation package includes an annual base salary of US$950,000 (C$1.3 million) and a performance-based bonus targeting US$2.5 million (C$3.5 million), prorated through Oracle’s fiscal year-end on May 31. Oracle also agreed to cover up to US$250,000 (C$347,000) in relocation costs over 12 months.

The centrepiece of the deal is a stock grant valued at US$26 million (C$36 million) under Oracle’s Amended and Restated 2020 Equity Incentive Plan — 80% time-based (US$20.8 million/C$29 million) and 20% performance-based (US$5.2 million/C$7.2 million) (3). Maxson can choose to take it as 100% in stock options or a 50/50 split of options and restricted stock units (RSUs). The time-based portion vests over four years on a front-loaded schedule: 40% after year one, 30% after year two, 20% after year three and 10% after year four. The performance equity vests over three years ending May 31, 2028, tied to revenue metrics.

Maxson reports to CEO Clay Magouyrk. Her appointment reinstates the CFO title at Oracle for the first time since 2014, when Safra Catz took on both CEO and principal financial officer roles. Bloomberg Intelligence analyst Anurag Rana noted in a research memo that hiring a CFO from an industrial company signals Oracle’s priority is infrastructure buildout — not databases or applications.

‘Especially those with outstanding stock options’

Under Oracle’s severance terms, employees who were laid off had their unvested RSUs forfeited immediately upon termination. Vested stock remained accessible through Fidelity.

Nina Lewis, a security alert manager who spent more than 30 years at Oracle, posted on LinkedIn that the layoffs appeared to “follow an algorithm of high-level individual contributors and mid-level managers — especially those with outstanding stock options.” The post drew more than 2,000 likes.

Lewis later clarified she had “No specific inside knowledge of any layoff algorithm” but that rumours circulating among employees “appear to match what we see around us as a possible pattern.” She added: “There must be some system/algorithm if you are laying off 30K people.”

On workplace forums including TheLayoff.com, other former employees echoed similar suspicions, with some reporting they were cut shortly before upcoming vesting dates. Oracle senior manager Michael Shepherd wrote publicly on LinkedIn that the layoffs were “not performance-based.” Oracle declined to comment.

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Debt, AI spending and a falling stock

Oracle posted a 95% net income jump last quarter, to US$6.13 billion (C$8.5 billion), and its remaining performance obligations — contracted future revenue — hit US$130 billion (C$181 billion) in Q3 2025, with record-breaking contracted future revenue reaching US$553 billion for Q3 2026 (C$769 billion). But the company is spending aggressively on artificial intelligence (AI) infrastructure, with US$50 billion (C$69.5 billion) in capital expenditure planned for this fiscal year. The company has also taken on more than US$100 billion (C$139 billion) in debt to fund the buildout.

TD Cowen estimated the layoffs could free up US$8 billion to US$10 billion (C$11 billion to C$13.9 billion) in cash flow. As of mid-April, Oracle stock was trading around US$193 (C$266), down roughly 41% from its September 2025 all-time closing high of US$325.76 (C$453).

During the same period, Oracle filed approximately 3,100 H-1B visa petitions in the U.S. across federal fiscal years 2025 and 2026 — including 436 in fiscal year 2026 alone — according to U.S. Citizenship and Immigration Services data. The H-1B program allows U.S. companies to temporarily hire foreign workers with specialized skills. In Canada, the closest equivalents are the federal Temporary Foreign Worker Program (TFWP) and the International Mobility Program (IMP), both administered by Immigration, Refugees and Citizenship Canada (IRCC). Oracle operates in Canada through Oracle Canada ULC, headquartered on Bloor St. in Toronto, ON, and would be subject to Canadian immigration rules for any foreign-worker hiring domestically.

What this means for Canadians with employer stock options

If you work for a company — Canadian or multinational — and stock options or RSUs are part of your compensation, Oracle’s story should prompt a review of your own situation.

In Canada, employee stock options are taxed differently than in the U.S. When you exercise an option, the difference between the exercise price and the fair market value is treated as a taxable employment benefit — not a capital gain. Under rules enacted through Bill C-30 on June 29, 2021, and administered by the Canada Revenue Agency (CRA), options granted on or after July 1, 2021 are subject to a C$200,000 annual cap on the value of shares eligible for the 50% stock option deduction — a limit measured at the fair market value of the underlying shares at the time of grant, per vesting year.

Importantly, this cap applies only to non-Canadian-controlled private corporations (non-CCPCs) with annual gross revenue exceeding $500 million. Options issued by CCPCs or smaller companies are not subject to these rules and continue to receive the full 50% deduction without a dollar limit.

Options above the C$200,000 threshold are designated as "non-qualified securities" and the employment benefit on those options is fully taxable as income, with no offsetting deduction. Employers subject to the rules must notify both the affected employee and the CRA in writing of any non-qualified designation.

The 2024 federal budget introduced a separate but related change: a new combined annual cap of C$250,000 applying to both stock option gains and capital gains together. Individuals whose combined gains exceed that threshold are eligible for only a 1/3 deduction rather than the standard 50%, effective for exercises or share dispositions on or after June 25, 2024.

This is materially different from the U.S., where incentive stock options (ISOs) can qualify for long-term capital gains rates if holding period requirements are met. Canadian employees don’t have this same benefit — making the timing of exercise, and the risk of forfeiture at termination, even more significant.

On termination, Canadian employment law adds another layer of protection many workers may not know they have. Provincially regulated employees, comprising the majority of Canadian workers, have rights under provincial Employment Standards Acts to minimum termination notice or pay. But beyond the statutory minimum, courts have awarded common-law reasonable notice periods that can be substantial, particularly for long-service employees. Depending on how your equity plan is written, unvested options or RSUs may need to continue vesting through a reasonable notice period — something Lewis’s Oracle situation clearly shows.

Federally regulated employees — those working in banking, telecommunications, interprovincial transportation and other industries — have additional protections under the Canada Labour Code, including the right to request reasons for dismissal in writing and protections against unjust dismissal after 12 months of service.

Canadian public companies also must disclose executive compensation in a Management Information Circular (MIC), filed on SEDAR+ (the System for Electronic Document Analysis and Retrieval), operated by the Canadian Securities Administrators (CSA). The level of transparency Oracle provided through its SEC Form 8-K has a Canadian equivalent — but most employees have no comparable public window into how their own equity was structured or why they were selected for a layoff.

What Canadian workers can do right now

Oracle’s story is a reminder that equity compensation can evaporate quickly — and that timing and paperwork matter. Here’s what Canadians with stock options or RSUs should be mindful of:

• Know your vesting schedule in detail. Log in to your plan administrator account and document exactly when each portion vests. Track these dates and know what happens to unvested equity if you’re laid off — this is in your plan agreement.
• Read your plan agreement before a layoff, not after. Some plans offer accelerated vesting on termination without cause, while others forfeit unvested equity immediately. You can’t negotiate what you don’t know.
• Understand the tax hit before you exercise. In Canada, the employment benefit is taxed in the year you exercise — even if you don’t sell the shares. This can create a large tax bill in a year when you have less income. Talk to a tax adviser particularly if your grants exceed C$200,000.
• Don’t assume your statutory notice fully covers you. If you’re let go and believe your vesting schedule should have continued through a reasonable notice period, consult an employment lawyer. Courts in Ontario, B.C. and other provinces have ordered employers to compensate employees for equity that would have vested during notice.
• Diversify your wealth. Holding a large concentration of your net worth in employer stock — whether options, RSUs or shares — is a risk most financial planners advise against. If your company’s stock falls 41%, as Oracle’s did from its peak, your retirement plan shouldn’t fall with it.

— with files from Melanie Huddart

If watching your portfolio dip had you frantically refreshing your brokerage app at midnight, agonizing over potential losses and rehearsing the speech you’d give yourself if things got worse, you may have missed the most important takeaway from the whole episode. And it has very little to do with global events, and everything to do with you.

Even Warren Buffett shrugged off the dip. Compared to historic market crashes, he saw it as “nothing” worth losing sleep over. And Berkshire Hathaway plays a long game — a small drop in value isn’t going to shake his strategy. For everyday investors, the same logic applies: a modest dip in your portfolio isn’t a reason to panic.

But if you found yourself rattled by the brief chaos rather than remaining calm, cool and collected, you should use this moment to review how you tend to your assets moving forward.

As Opulus co-founder Ryan Greiser told CNBC (1), “everyone has a plan until they get hit in the mouth” — a Mike Tyson quote that’s fitting for how the market, and investors’ plans, were completely shaken up by geopolitical uncertainty and surging oil prices.

The sell-off was a ‘useful stress test’ of risk tolerance

Buffett isn’t the only pundit who remained unfazed while others began liquidating their portfolios, terrified that the market would plummet even further.

Economists at Vanguard — the world’s largest supplier of mutual funds — urged investors to reflect on any “discomfort” they felt during the decline in a recent analysis of this year’s market fluctuations (2). They said it “reveals something about risk tolerances, which is information that a calm market simply does not provide.”

If the S&P 500’s roughly 9% fall between the end of January and March, or the S&P/TSX Composite Index’s similar pullback during the same stretch (3) “prompted portfolio reviews, hedging activity, or restless nights,” the Vanguard economists say, “that’s meaningful insight — not because this drawdown was particularly dangerous, but because the emotional signal it provides can help investors tailor portfolio allocations to their comfort zones.”

You shouldn’t feel bad about having an aversion to volatility, though, especially given how calm the last decade-plus has been for equity investors. This "unusually friendly" period, as Vanguard Senior Global Economist Kevin Khang calls it, has made negative shifts harder to stomach when they do hit.

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So you’ve discovered you may be a more cautious investor than you thought — now what?

Admittedly, it’s easy for someone like Buffett, worth more than US$140 billion (C$193 billion) (4), to shrug at single-digit losses — or missed opportunities for gains — that may have far larger consequences for the everyday Canadian investor.

But panic-selling because prices are down is never a recommended strategy (5), even from a cautious standpoint. Staying invested through positive and negative market fluctuations is almost always crucial for success in the long game, where real wealth grows (6).

As Greiser says, “what has proven over and over again not to work is making an emotional decision and cashing out when the market is down… If you can stick it out, the right decision is always to do that” (7).

Unfortunately, for those who haven’t been buying and selling for decades — and who have a smaller window of tolerance for sudden drops — this is easier said than done.

If you can learn to roll with the punches, make an objective and informed estimation of any potential long-term damage and learn to brace and pivot accordingly, you'll give yourself a better chance of making it out unscathed.

However, if this recent blip has revealed that the risk of any such stress is simply too much for you, and that your optimal pivot is likely more diversification into safer holdings, then so be it.

What Canadians can do after a market gut-check

Market volatility doesn’t have to derail your finances — but it’s a signal worth acting on. Here are some concrete steps Canadian investors can take:

1. Revisit your investor risk profile. Most online brokerage platforms and financial planning tools include a risk tolerance questionnaire. If you haven’t recently completed one, now’s the time. Your results will help determine whether your current asset allocation matches your actual emotional and financial capacity for loss.

2. Make sure your registered accounts are working as hard as they should. If you’re invested in a Tax-Free Savings Account (TFSA) or a Registered Retirement Savings Plan (RRSP), a market dip can actually be an opportunity: You can purchase more units of your existing investments at a lower price, a strategy known as dollar-cost averaging. The Financial Consumer Agency of Canada (FCAC) (8) recommends a “pay-yourself-first” approach. Regular, automated contributions are one of the most reliable ways to build wealth over time, regardless of market conditions.

3. Consider whether your TFSA or RRSP holds the right mix. The TFSA is often best-suited for investments you expect to grow significantly — since all growth comes out tax-free. The RRSP is generally better for income-producing assets and high earners looking to reduce their taxable income. If a market downturn had you questioning your holdings, it may be worth speaking with a financial adviser about rebalancing between these two registered accounts.

4. Don’t confuse short-term volatility with long-term loss. Market dips are normal and, historically, temporary. Scotiabank research (9) shows that those who stayed invested through periods of sharp market decline consistently outperformed those who sold and tried to time their re-entry. Patience, combined with a diversified portfolio, is still the most reliable strategy for Canadian investors.

5. If the stress was genuinely overwhelming, talk to a professional. A fee-only financial planner or a certified financial planner (CFP) can help you design a portfolio that aligns with both your financial goals and your emotional boundaries. The Financial Planning Standards Council of Canada maintains a directory of accredited planners at fpcanada.ca/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.

CNBC (1); Vanguard (2, 3); Forbes (4); Wealthsimple Magazine (5); National Bank Investments (6); AOL (7); Government of Canada (8); Scotiabank (9)

I set out to do something beautiful: I bought a puppy for my daughter. We imagined years of walks in the park, wagging tails and a new source of love in our home. Instead, I spent seven days in a desperate, expensive battle for a life that was never given a chance, followed by a mountain of bills and a house full of items I had to throw away.

Our puppy we named Teddi, who started showing signs something was wrong within 24 hours of welcoming her into our family, died just one week after we brought her home.

I'm sharing this not just because I'm grieving, but because this is a type of rampant financial crime that preys on our most vulnerable emotions. If you’re looking for a dog, you need to know the reality of what happens when a "dream pup" is actually a product of a predatory system (1).

The financial ripple effect

When you’re sold a sick dog, the initial purchase price is just the beginning of the loss. The financial devastation spreads in ways you don't expect. My pup had parvovirus.

Canine Parvovirus is a highly contagious and life-threatening virus that aggressively attacks a puppy's gastrointestinal system, often leading to a fatal decline within days. Because the virus is extremely hardy and can survive on surfaces for months, it requires expensive medical intervention and a total, costly decontamination of your home. Its presence is a definitive sign of breeder neglect, as the disease is easily preventable through standard vaccinations.

As important, it’s an insidious disease: the virus is so resilient it can linger on surfaces and in the soil for a year or more, forcing grieving families to destroy crates, bedding and toys because standard cleaning often isn't enough to stop the cycle of infection.

That comes at a cost:

• The "emergency" drain: Within days, we were hit with specialized vet fees, emergency visits and diagnostic tests. When you love an animal, you don't check your budget — you just swipe the card, hoping for a miracle.
• The decontamination loss: Because of the nature of the illness, our home became a "hot zone." I had to discard everything: the brand-new crate, the plush bed, the toys and the blankets. Hundreds of dollars of supplies went straight into the trash. We also had to dispose of the food we bought our pup.
• The lost "investment": Beyond the purchase price, there’s the cost of the professional cleaning and the time taken off work to care for a dying animal and then to grieve.

The "ghost" victims

Perhaps the most painful part of my journey was discovering I wasn't the first. Far from it. I know for sure she has other victims, dating back well over 10 years (2). Nothing of note happened back then and while there have been hints of accountability along the way, no one and nothing has stopped her. Not enough people have come forward. But I know there are other victims. What I don't know is if these people all realized they were scammed, but some did. Some licked their wounds and moved on from the trauma of being sold a dying dog.

Because they stayed silent, the seller felt empowered to find their next target: me.

How to protect your family, your wallet and future victims

If your new puppy falls ill, the trauma can make you feel paralyzed. But you must act — for your finances and for the animals.

1. Demand a paper trail: Never pay in cash. Use methods that leave a digital footprint. A legitimate seller will provide a detailed contract and a health guarantee.
2. The "24-hour" rule: Take any new dog to your vet within 24 hours of purchase. If the seller discourages this, it's a red flag.
3. Report to the police (fraud): This isn't just a "bad deal"; it is fraud. The police need to know when someone is selling a "product" (in this case, a living being) under false pretenses.
4. Engage the courts: Small claims court exists for exactly this reason. Don’t let the seller keep your hard-earned money. Filing a claim holds them financially accountable when their conscience fails to do so. Even if they repay your adoption fee (which is what happened eventually in my case), you shouldn’t be on the hook for vet bills for an animal you bought that was unwell, not to mention the items you bought you had to discard. Know your rights.
5. Alert animal welfare, IMMEDIATELY: In Ontario, call PAWS (1-833-9-ANIMAL). They’re the ones who can investigate the "mill" behind the seller. They will also make sure there aren’t other infected animals being sold to similarly unsuspecting buyers.

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A hard lesson

My daughter didn't get her puppy. Instead, she got a lesson in grief, and I got a lesson in the cruelty of the "puppy broker" industry.

We are out the money, the supplies and the peace of mind we once had. Thanks to this incident, we can't safely have a puppy in our home for a year.

But I refuse to be the victim who stays silent. By taking legal action and reporting this to the authorities, I am making sure that this seller's "business model" becomes as expensive and difficult for them as they made life for us.

Don't let your silence fund their next crime.

Article Sources

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

Toronto Star (1); CBC (2)

After nearly 20 years of serving the east end, the store officially shuttered its doors on May 8, 2026. For many, the loss of this location represents a shift in how we value historic landmarks in an era of corporate consolidation.

A stadium reborn as a supermarket

The site at Quidi Vidi Lake holds a deep significance that resonates far beyond Newfoundland. Long before it was a grocery store, the land was home to the Memorial Stadium. Opened in 1955, the stadium was built as a tribute to those who served in the world wars. It served as the city's primary sports and entertainment hub for decades, hosting the AHL's St. John's Maple Leafs and even welcoming Pope John Paul II.

When the stadium closed in 2001, its future was the subject of intense debate — a scenario familiar to many Canadian cities struggling to repurpose aging civic infrastructure. Eventually, Loblaw Companies saw an opportunity to preserve the spirit of the location. In 2007, the Dominion Memorial Market opened its doors, becoming a national example of "adaptive reuse."

The design was unlike almost any other supermarket in Canada. It retained the original facade and shell of the hockey arena, incorporating features like underground parking, escalators, and shopping cart conveyors to manage the unique footprint. At its opening, former Mayor Andy Wells cut the ribbon on a project that many saw as a successful marriage of historic preservation and modern commerce. The store even famously retained the original stadium scoreboard as a nod to its past.

The trend of retail consolidation

The decision to close was not an isolated event but part of a larger strategic shift. Loblaw announced the move in January 2026, citing a need to consolidate operations. According to a report by VOCM News (1), the company stated the closure would allow them to "dedicate more resources to its stores on Stavanger Drive and Blackmarsh Road."

This move mirrors a wider trend across Canada where major retailers are moving away from unique, high maintenance "boutique" heritage locations in favor of standardized, high efficiency "power centres." While the business case may be clear for the parent company, the human cost remains significant. Approximately 100 unionized workers were impacted. Carolyn Wrice, president of Unifor Local 597, expressed the sentiment of many employees in a statement to Unifor (2), noting, "It's incredibly disappointing for our members, many of whom have dedicated decades of service to this company and community."

Why this matters for the Canadian consumer

For the average Canadian, the closure of a "landmark" store like the Memorial Market is a reminder of the "grocery gap" growing in urban centres. When a large scale supermarket exits a neighbourhood, it doesn't just change where people buy milk; it increases hidden costs. Residents often face higher transportation expenses and a loss of competitive pricing that only exists when multiple major players occupy a district.

Furthermore, the departure of an anchor tenant often leaves secondary community fixtures in limbo. In this case, Cygnus Gymnastics, which shared the facility, now faces an uncertain future. As of the closing date, there has been no official word on what will happen to the massive 85,000 square foot facility.

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Looking ahead at urban renewal

The Dominion at Quidi Vidi Lake was a rare example of a building that bridged the gap between a city's sporting past and its commercial present. Its closure serves as a case study for urban planners and residents across Canada: What happens to our history when it is no longer "efficient" for the private sector to maintain it?

As the lights dim on this legendary location, the community is left to wonder if the historic walls of the old Memorial Stadium will once again find a new purpose or if the era of the "stadium supermarket" has officially come to an end.

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VOCM News (1); Unifor (2)

Billionaire hedge fund founder Ray Dalio says the global economy has entered a stagflationary period — a difficult mix of persistent inflation and slowing growth. As a result, investors everywhere should be thinking carefully about how to protect what they’ve built.

His advice is direct: consider holding between 5% and 15% of your portfolio in gold.

“You want to come out of this with a win,” Dalio said in a recent CNBC interview (1). He pointed to gold as an “effective diversifier” at a time of heightened geopolitical and economic uncertainty (2).

Why Dalio sees stagflation as the real risk

Stagflation is one of the most challenging environments for investors because it puts pressure on both sides of a traditional portfolio. Stocks can struggle as growth slows, while bonds lose value if inflation stays elevated. That leaves fewer places to hide — and increases the need for assets that can hold their ground.

For Canadians, the stagflationary risk is real. Inflation — as measured by the Consumer Price Index (CPI) — was 2.4% year-over-year in March 2026, still above the Bank of Canada’s 2% midpoint target (3). At the same time, the ongoing tariff dispute between Canada and the United States has added a layer of economic uncertainty that isn’t going away quickly.

The BoC has already cut its key policy rate several times since mid-2024 in an effort to cushion slowing growth (4). But as Dalio has cautioned, cutting rates too soon, or too aggressively, can undermine confidence in fighting inflation and make markets more volatile. The BoC faces the same difficult balancing act.

In other words, the usual playbook may not apply right now.

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Why gold tends to shine in uncertain times

Gold has long been considered a hedge against inflation and a store of value during periods of instability. Unlike stocks or bonds, it isn’t tied directly to corporate earnings or interest rates — which can make it a useful counterbalance when traditional assets are under pressure.

That’s why Dalio’s suggested allocation of 5% to 15% is important. He’s not recommending a heavy bet on gold, but rather using it as a stabilizer within a broader portfolio.

Gold has historically performed well during periods of high inflation, currency volatility and geopolitical stress — all conditions that appear to be in play today. The loonie’s sensitivity to trade uncertainty and commodity prices make gold’s non-correlated nature particularly effective for Canadian investors.

How Canadian investors can follow Dalio’s strategy

For most investors, adding gold exposure doesn’t mean buying and storing physical bars. Several alternative options exist on Canadian exchanges.

Gold-focused exchange-traded funds (ETFs) are among the most accessible routes. The iShares Gold Bullion ETF (CGL.C) trades on the Toronto Stock Exchange (TSX) and tracks the price of gold bullion directly (5). The Sprott Physical Gold Trust (PHYS) also trades on the TSX and holds allocated physical gold, giving investors direct exposure without the hassle of storage (6).

For investors who prefer a managed approach, gold-focused mutual funds — available through most major Canadian banks and investment dealers — provide precious metals exposure as part of a diversified strategy.

Mining stocks represent another option. Canadian companies such as Barrick Gold (ABX) and Agnico Eagle Mines (AEM) trade on the TSX and can offer leveraged exposure to gold prices — though they tend to be more volatile than bullion-backed ETFs (7). Every option comes with its own trade-offs.

Don’t overlook your TFSA and RRSP

One advantage Canadian investors have over their American counterparts is the ability to hold gold ETFs inside a Tax-Free Savings Account (TFSA) or a Registered Retirement Savings Plan (RRSP). Both accounts accept eligible Canadian ETFs, including gold bullion funds listed on the TSX (8).

Holding a gold ETF inside a TFSA means any capital gains from price appreciation are completely tax-free. Inside an RRSP, gains are sheltered from tax until withdrawal — allowing the investment to grow in a tax-advantaged environment. This is a meaningful advantage for long-term investors looking to build gold exposure without triggering annual tax events.

Be sure to not overdo it

Dalio’s recommendation also comes with an important caveat: balance.

Gold can help diversify a portfolio and reduce risk, but it doesn’t produce income the way dividends or bond interest do. Too much gold can reduce long-term growth potential if other assets outperform (9) — so his suggested range, rather than a fixed number, matters. It gives investors the flexibility to adjust based on their risk tolerance, time horizon and market outlook.

A financial adviser can help you determine what percentage makes sense for your specific situation.

What Canadian investors can do next

If Dalio’s warning resonates, here are a few steps to consider:

Review your current allocation. Check whether your portfolio includes any exposure to gold or other real assets. If it doesn’t, even a small position — say, 5% — could add meaningful diversification.

Consider a gold ETF through your TFSA or RRSP. Products like the iShares Gold Bullion ETF (CGL.C) or the Sprott Physical Gold Trust (PHYS) are eligible investments for registered accounts and can be purchased through most Canadian discount brokerages.

Don’t try to time the market. Adding gold to a portfolio is a long-term diversification decision, not a short-term trade. Dollar-cost averaging — investing a fixed amount at regular intervals — can smooth out price volatility.

Talk to a licensed financial adviser. Given the complexity of today’s market environment, a qualified professional can help you build a strategy that reflects your risk tolerance, tax situation and retirement goals.

-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.

CNBC (1); goldsilver (2); Government of Canada (3); Bank of Canada (4); TMX Money (5); Sprott (6); Million Dollar Journey (7); Royal Canadian Mint (8); TradingView (9)

In a recent column for the Globe and Mail (1), Vettese — a well-respected thought leader on retirement issues — highlights how the first five years of retirement can set the course for comfortable and fulfilling sunset years — or lock you into a financial position that has you feeling trapped.

As Vettese explains, the average length of retirement in Canada is roughly 20.5 years — and the potential to make mistakes is high. But the author of four books on retirement planning, most notably the best seller, Retirement Income for Life, isn’t discouraged. He believes that with some foresight and the right planning, every Canadian retiree can dramatically reduce the risk of going off-course and end up truly living out their golden years.

To help, here are the crucial mistakes to watch for — and avoid.

Mistake #1: Claiming CPP and OAS at the wrong time

The timing of your Canada Pension Plan (CPP) and Old Age Security (OAS) claims is the most crucial financial decision you'll ever make — and you only get one shot to get it right.

CPP can be taken as early as age 60, but claiming before the standard age of 65 reduces your monthly payment by 0.6% for every month you collect early — up to a maximum reduction of 36% if you start at 60 (2). On the other hand, delaying CPP beyond 65 boosts your benefit by 0.7% for each month you wait, to a maximum increase of 42% at age 70 (2).

OAS is available from age 65 (with some exceptions for those born before 1958). Like CPP, deferring OAS past 65 — up to age 70 — increases your monthly payment by 0.6% for each month of delay, for a maximum boost of 36% (3).

In both cases, you only get one shot at this decision. Before making it official, weigh your household budget, your health, your life expectancy and the rest of your income plan carefully before locking in a start date.

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Mistake #2: Poor tax planning in early retirement

The first five years of retirement can be a golden window for tax planning — especially if you retire before converting your Registered Retirement Savings Plan (RRSP) to a Registered Retirement Income Fund (RRIF), which must happen by December 31 of the year you turn 71 (4).

If your income drops significantly in the early years of retirement, you may find yourself in a lower tax bracket. The window between retirement and age 71 is a smart time to make strategic RRSP withdrawals — before you're required to convert to a RRIF and take mandatory minimums. By drawing down on your registered savings while you're in a lower tax bracket and moving the after-tax proceeds into a Tax-Free Savings Account (TFSA), you can reduce what you'll owe over your lifetime and soften the tax hit of future RRIF withdrawals (5).

Ignoring this window — or failing to plan ahead for your taxes in early retirement — can create ripple effects that significantly increase your taxes later, when RRIF minimums are larger and your income may be higher.

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To get started, open a no-fee RRSP high-interest savings account. One good option is the EQ Bank RRSP account, which earns 2% or more on every dollar saved. Now, for a limited time, get up to $200 cash when you add new deposits to your EQ Bank RRSP account.

Mistake #3: Squandering your healthiest years

There's a reasonable chance the first years of your retirement will also be your most physically capable.

Statistics Canada reports the average Canadian's health-adjusted life expectancy at birth is approximately 66.9 years as of 2023 (6). That means if you retire at 65, you may potentially have a short time of peak-health years ahead. If you've dreamed of hiking the Inca Trail, cycling across Europe or finally tackling that bucket list, the case is strong for pursuing those experiences in your early 60s rather than waiting for your 70s or 80s.

In other words: Don't delay the activities that demand the most physical ability.

Mistake #4: Not planning for medical costs and long-term care

Canada's public healthcare system covers many medical expenses — but it doesn't cover everything, and long-term care (LTC) is one service that's largely overlooked.

Provincial long-term care programs are means-tested, and look widely different depending on where you live — and most require residents to contribute to the cost of their care, around 22% (7). In Ontario, for example, a long-term care home can run between $25,000 to around $36,000 a year, and the wait list for a publicly funded bed can stretch on for years (8).

Many Canadians assume provincial programs will pay most of their future care costs, but the reality is that personal savings, home equity and private LTC insurance are often necessary to cover costs. A 2023 survey by the Canadian Life and Health Insurance Association (CLHIA) found that less than 1% of Canadians have a long-term care plan in place for covering long-term care expenses (9).

A wiser approach is to build a realistic plan for medical and long-term care needs in your 50s and early 60s — ideally with the guidance of a qualified financial adviser.

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Mistake #5: Neglecting sequence-of-returns risk

Markets regularly move up and down, and that's nothing new. But a downturn in the early years of retirement is a different kind of problem. It can cause long-lasting damage to your portfolio in a way that a dip during your working years doesn't.

It's what's known as a sequence-of-returns risk. When you're drawing income from your portfolio, a big loss early on means you have to sell more of your investments just to keep the same level of income — and that permanently reduces the base you have left to recover when markets eventually bounce back.

One widely recommended approach is to create separate "buckets" for different phases of retirement (10). For example, keeping one to two years of living expenses in cash or low-risk assets means you can cover daily expenses without selling equities at a loss during a market downturn — giving the rest of your portfolio time to recover.

Financial Planning Standards Council (FP Canada) and many registered financial planners recommend building this kind of layered income strategy well before your last day of work — not after.

Canadian next steps: How to put this into practice

• Get a CPP and OAS estimate now. Log in to your My Service Canada Account to see your projected monthly benefit at various ages. Run the numbers to find the break-even point between claiming early versus deferring.
• Model your RRSP/RRIF/TFSA tax situation. A fee-only financial planner or a Certified Financial Planner (CFP) can help you map out optimal withdrawal sequencing between your registered and non-registered accounts to minimize lifetime taxes.
• Build a long-term care plan before you need it. Explore your provincial LTC program rules and consider whether private LTC insurance makes sense for your situation — this decision is easier and cheaper to make in your 50s.
• Stress-test your retirement income plan against a bad first five years in the market. Ask your financial planner to model a scenario where markets drop 30% in your first year of retirement, and see how your plan holds up.
• Book bucket-list experiences while you have the health and energy to enjoy them fully. Delaying high-effort experiences is a financial and personal cost that's easy to underestimate.

Bottom line

The first five years of your retirement set the tone for everything that follows. Making thoughtful, well-timed decisions about CPP, OAS, taxes, health, long-term care and market risk — ideally before you stop working — is the single most powerful way to protect your financial security for the decades ahead.

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); Government of Canada (2, 3, 4); TD Bank (5); Statistics Canada (6); Fairstone (7); Elderado (8); Million Dollar Journey (9); Fidelity (10)

Gary called in from Dallas, Texas, explaining that he wanted to relocate his family — himself, his wife and their 3-year-old son — to be near his parents. The reason was deeply personal: His wife is battling alcoholism, and he wants his family’s support as they work through it together.

What made it more complicated was the financial picture. Gary’s wife is the household’s only income earner, bringing in US$250,000 to US$300,000 (C$340,000 to C$408,000) a year. Gary is a stay-at-home father and hasn’t worked in five years.

Gary’s last role, a management position at a non-profit, paid US$50,000 (C$68,000). The home they were eyeing near his family would cost around US$700,000 (C$952,000) — roughly double the value of their current home.

Then things got even more serious. While house hunting — they had already made two offers — Gary’s wife was diagnosed with cancer due to her alcoholism. Everything stopped.

“We would be buying a house that’s probably about twice as expensive as the one we currently have … I’m pretty sure in two to three years after we make the move, we will not be able to afford it,” Gary told hosts Kamel and Cruze. “The doctors are saying if things continue with her, she’ll probably be dead in three years.”

Here’s what Cruze and Kamel had to say.

When renting is the right call

Gary’s situation is a reminder that even with good intentions and family support, a major home purchase during a period of financial and personal instability can quickly become a crisis of its own.

For context: The family currently owes US$280,000 (C$381,000) on a home they could sell for about US$375,000 (C$510,000), meaning they would walk away with roughly US$80,000 (C$109,000) in equity. Gary’s parents have offered to give him between US$100,000 and US$150,000 (C$136,000 to C$204,000) as a gift for a down payment.

Even so, Kamel’s advice was clear: Move closer to family, but rent — at least for now.

“That solves this problem temporarily until we figure out what’s going on with the finances,” Kamel said. He suggested Gary consider using part of his parents’ gift to cover rent while the family finds its footing: “I might use part of [their gift] to say, hey, cover rent. We just got to figure out our life and then you’ll know a whole lot more a year from now if things are going to get better or if they’re going to get worse.”

The numbers back up his warning. In Canada, the gap between renting and owning is significant. According to the Remax, the all-in monthly cost of homeownership — including mortgage payments, property taxes and maintenance — is frequently higher compared to rental costs by between $1,400 and $3,400 a month, depending on the city and property type. In high-demand markets like Toronto and Vancouver, that gap can be even wider.

In other words, renting isn’t a consolation prize. In times of income uncertainty, it can be the decision that keeps a family financially stable.

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The income risk that changes everything

Cruze zeroed in on the core vulnerability in Gary’s plan: His entire household income sits on one person’s shoulders — and that person is seriously ill.

“I don’t know if I would make a financial move, a big purchase like a home right now,” Cruze said. “There’s a lot of instability going on. And so, I would find a place to be renting. And then you guys could look up in a year, year and a half, and see where you’re at with her health and your job situation, family situation, all of it. But I wouldn’t tie myself down to a big purchase like a home right now.”

Kamel agreed — raised another concern about having a mortgage. “Personally I would not buy a home until she is sober because there’s too much risk that her income is floating this entire thing. If one thing happens, you’ve got a US$600,000 (C$816,000) mortgage with no income or even a US$50,000 (C$68,000) income and now you’re going to be facing [power of sale or foreclosure].”

In Canada, this is a particularly important consideration. Under the federal mortgage stress test, borrowers must qualify at the higher of the Bank of Canada’s posted qualifying rate or their contract rate plus two percentage points — meaning lenders already assume things could get harder.

But stress tests don’t account for a complete loss of household income. If Gary’s wife were to die or become unable to work, the family would have no way to service a mortgage of that size on Gary’s previous annual income of US$50,000 (C$68,000).

In most Canadian provinces, when a homeowner defaults, the lender can initiate a power of sale (most commonly in Ontario) or judicial foreclosure (in provinces like British Columbia and Alberta), ultimately forcing the sale of the home, often at a loss to the owner. Gary’s family could end up losing not only the home, but the equity and the parental gift that went into it.

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Getting back to work

Beyond the housing question, Cruze pointed Gary toward another gap in the plan: He has no income of his own.

Part of Gary’s reason for staying home is that he doesn’t feel comfortable leaving his son alone with his wife, given her alcoholism. That’s a personal decision that Cruze and Kamel respected — but they also encouraged him to think ahead.

Cruze suggested that once Gary is near his parents, he takes advantage of their help with childcare and begins rebuilding his professional career — not just for the financial security it provides now, but to support the family long-term if his wife’s condition worsens.

“Would [your parents] just cover rent for a year in the meantime as you guys kind of find your footing?” Kamel asked. Gary said they would.

It’s a plan that trades short-term stability for long-term optionality: Rent near family, use the financial cushion to rebuild and reassess your situation in 12 to 18 months. With more information about health, income and housing market conditions at that time, they can better decide whether committing to a mortgage is feasible.

What Canadians can take from this

Gary’s situation is an extreme case, but the lesson applies broadly: Don’t let emotional urgency override financial logic when making one of the largest purchases of your life. Here are some steps Canadians in uncertain financial situations can take before buying a home.

Wait for income stability before taking on a large mortgage. Canada’s stress test is designed to protect you from over-borrowing, but it’s a floor — not a guarantee. If your income picture is uncertain (illness, job loss, career transition), renting while you stabilize is a sound financial move, not a failure.

Understand what happens if you can’t make your mortgage payments. In Canada, power of sale and judicial foreclosure are the tools lenders use when borrowers default. Unlike a U.S. short sale, there is limited ability to negotiate a “graceful exit.” Knowing this risk in advance is essential.

Run the rent-vs-buy math. Use the Canadian Mortgage and Housing Corporation’s (CMHC’s) online affordability tools or consult a licensed mortgage broker to compare the true cost of ownership in your target market. In many Canadian cities, renting is still meaningfully cheaper than owning when all carrying costs are factored in.

Treat a financial gift as a lifeline, not a down payment. If family members are offering money to help, consider whether it can be used as a financial buffer to cover rent, living expenses or emergency savings, rather than being tied up in a property you may not be able to afford.

Seek professional advice. A licensed financial planner or mortgage adviser with Certified Financial Planner (CFP) or Asset Management Professional (AMP) designations in Canada can model multiple scenarios and help you understand your true risk exposure before you commit.

New research from Cashew Research suggests many Millennials are becoming far more strategic about how they manage grocery costs, using a mix of meal planning, loyalty programs, price tracking and selective spending to stretch household budgets further.

The survey, which polled 783 Millennial shoppers across Canada and the U.S., found that 68% are cooking at home more often than they were a year ago, with more than half saying saving money is the main reason. “This is a generation under pressure that has moved quickly into solutions mode,” said Addy Graves, CEO of Cashew Research, in a statement.

Grocery shopping is becoming more calculated

The findings show that many Millennials are approaching grocery shopping less as a routine errand and more as an ongoing budgeting exercise.

According to the survey, shoppers are increasingly splitting purchases across multiple stores, combining loyalty rewards, coupons, sale tracking apps and advance planning to reduce costs. Rather than relying on a single strategy, many appear to be layering several together at once.

The report also found that 59% of Millennials are deliberately “splurging and saving” within the same grocery trip — spending more on items they value while cutting back elsewhere.

That balancing act reflects a broader shift in consumer behaviour as food prices remain elevated even after overall inflation has cooled from recent highs.

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Social media is shaping grocery carts, too

At the same time, price isn’t the only factor influencing purchasing decisions.

Cashew’s survey found that 78% of respondents had purchased a food item specifically because they saw it on social media. That suggests platforms like TikTok and Instagram continue to shape grocery trends, even as consumers become more budget-conscious.

For many shoppers, affordability and experimentation now appear to coexist. Consumers may be cooking at home more to save money, while still trying new ingredients, recipes or trending products discovered online.

Millennials are finding new ways to stretch grocery budgets

The findings add to a broader pattern emerging across Canadian households as living costs remain elevated.

Recent inflation data from Statistics Canada showed grocery prices were still rising 4.4% year over year in March, outpacing headline inflation. Fresh vegetable prices climbed 7.8% over the same period. For many households, cooking at home more frequently has become one of the clearest ways to offset those higher costs.

But rather than abandoning spending altogether, the Cashew survey illustrates how many Millennials are adapting by becoming more selective, research-driven and intentional about where their grocery dollars go.

A study of 5,400 investors and non-investors by the Securities and Investment Management Association (SIMA) found that Canadians with higher income, greater levels of education and self-titled “expert” investors were more likely to access finfluencer content.

In surveying investors, SIMA found that 40% of those getting information from financial influencers were earning above $150,000, 59% of them self-identified themselves as investing experts and 35% of them held a university or postgraduate degree.

The study also noted that 44% of DIY investors who have a discount or online brokerage account were more likely to access financial influencer content to guide their decisions, whereas only 24% of investors not using those services said the same.

In terms of demographic, over half of Canadian investors aged 18 to 54 use financial influencer content, while only 15% of respondents aged 55 and up did so.

SIMA’s research reveals that reasons why Canadians turn to finfluencer content, with 60% citing affordability concerns, while others are interested in obtaining money-management advice (46%), specific recommendations for investing (45%) and investment strategy advice (41%).

“Investors are not turning to finfluencers because they are better, they are turning to them because they are there: free, accessible, always-on, and embedded in the digital spaces where younger investors already spend their time,” the SIMA paper notes.

Can you trust finfluencer content?

While it is acknowledged that finfluencers act as a sort of “stop-gap” measure for investors looking for inexpensive financial guidance, concerns have been raised about the quality of information being provided — especially if the content creators don’t carry recognized qualifications.

A core concern is that finfluencers walk a fine line between offering helpful advice and promoting a product or service, giving them a vested interest in putting forward an offer disguised as financial advice. In fact, a review of 350 pieces of finfluencer content by MoneySuperMarket, in partnership with Penguin Wealth, found that 77% of the short-form videos promoted a financial product or service. More alarming is that 76% of the content was considered “incorrect, misleading, high risk or potentially harmful.”

Vancouver-based certified financial planner (CFP) Nick Hearne, who advises clients and creates online finfluencer content on YouTube, told The Globe and Mail that he was not “surprised” by SIMA’s research, and in his experience, financial content lacks nuance.

“Online content comes with too much certainty, and there’s not enough context around who it’s appropriate for and what the tradeoffs are,” Hearne said.

Given the rise in online financial advice, the Canadian Securities Administrators (CSA) and the Canadian Investment Regulatory Organization (CIRO) released regulatory guidelines for finfluencers back in December of 2025. The organizations emphasized that existing securities rules and procedures can apply to finfluencers, regardless of the content they create.

While there are real risks with relying on online content, authors of the SIMA paper even-handedly note that investing finfluencers do fill a gap by providing free, accessible and relatable advice. For investors that have a strong handle on financial literacy and can sift out reliable content from promotional slop, finfluencers can be an educational tool.

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How to consume financial content responsibly

There’s no doubt that online investing advice is growing in popularity and becoming a staple of financially-savvy Canadians’ lives. The question is, however, how can this content be used wisely? Here are some tips to use before you watch another short-form finance video:

• Check for qualifications. Don’t just consume without reviewing a creator’s background. Finfluencers that have recognised qualifications (e.g. QAFP, PFP, or CFP) are likely to be more reliable in their advice and claims. Checking if a finfluencer is registered through the CSA’s National Registration Search will reveal how reliable they are.
• Treat it as one source of advice. Like any advice, getting multiple opinions is a good rule of thumb. When you consume financial content, if there is any recommendation or advice you think might be a good fit for your situation, check it against the advice of a trusted source before acting on it.
• Remember that popularity is not synonymous with reliability. SIMA’s findings reveal that investors were prone to confuse the popularity of a finfluencer with reliability. That may not be the case. Just because a creator is gaining traction online, does not mean they are a good source of information.

Tried and true sources of advice

Financial influencers are bridging the gap between expensive advisory services and Canadians who want affordable financial advice. But they are not the only resource.

Call me old-fashioned, but there is something to be said about reading a physical book on personal finance. Some top-rated options include:

• The Wealthy Barber by David Chilton
• How to Pay Less and Save More for Yourself by Rob Carrick
• The Intelligent Investor by Benjamin Graham
• The Psychology of Money by Morgan Housel

There’s also no substitute for professional advice when making a complex investment decision or setting your financial goals. While they can be expensive, consulting with a CFP can pay dividends in the long run.

Finfluencers represent a potential shift in how Canadians, especially younger ones, are looking for money advice. However, when it comes to your money, it pays to know who to trust online.

A recent survey by Vanguard, one of the world's largest investment management companies, found that a significant portion of women may not be using high-interest savings options, suggesting that they may not fully understand how inflation affects their savings rate (1).

In Canada, that gap has real consequences. Bank of Canada data shows inflation has been running well above the interest most traditional savings accounts pay, (2) meaning money parked in the wrong place isn't just stagnating — it's losing purchasing power. Understanding that distinction, and acting on it, is one of the most straightforward financial moves available to Canadian savers right now.

Why habit — not knowledge — may be the bigger barrier

The Vanguard survey points to a variety of forces keeping savers in underperforming accounts, including habit and inertia. Most people stick with the bank they've always used and the account that came with it, without stopping to ask whether it's still the right fit.

Another reason for the lack of strong savings could be that women are more likely to identify as "savers" rather than "investors" — and high-interest savings accounts (HISAs) are sometimes offered through investment firms or digital-first banks, which can make these accounts feel like something for a different type of customer. That framing can discourage exploration even when the product itself is simple and low-risk.

In Canada, it’s possible that consumers are not always aware of the full range of deposit products available to them, including higher-yield options at federally regulated institutions. The accounts exist — but the gap is awareness, not access.

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What inflation actually does to a low-rate savings account

Here are the mechanics: if your savings account pays 0.5% annually and inflation is running at 2.8%, your money is effectively losing 2.3% of its purchasing power each year. In this illustrative example, $10,000 sitting in a low-yield account for five years would be worth roughly $8,900 in today's dollars — even though the balance shows a gain.

The Bank of Canada's inflation target range is 1% to 3%, with a midpoint of 2% (2), and conventional savings account rates at Canada's major banks have frequently sat well below that threshold. High-interest savings accounts at federally regulated institutions, by contrast, have in recent periods offered rates meaningfully above the big-bank baseline — sometimes 10 to 20 times higher.

The annual percentage yield (APY) — or in Canadian terms, the annual interest rate — is the number to watch. If it isn't at or above the current rate of inflation, your savings are losing real value.

3 practical moves Canadian women can make right now

Sonia Fraher, Vanguard's head of Cash Management, argues that awareness is the first step in combating the issue of savings not keeping up with inflation.

Here are some things you can do:

Check your current rate first. Log in to your savings account and find the interest rate. The FCAC has an account comparison tool on its website that lets you easily compare things like interest rates (3). If you're earning less than 2% annually, your money is likely losing ground to inflation in real terms. That's the benchmark worth using when shopping for a better account.

Start small and automate. Even redirecting $25 to $50 a month to a higher-rate account builds a meaningful buffer over time, particularly when compound interest is at work. Many HISAs in Canada require no minimum deposit and carry no monthly fee. Setting up an automatic transfer removes the friction of remembering to move money manually — and the habit compounds faster than most people expect.

Compare accounts using the annual interest rate as your anchor. Canada Deposit Insurance Corporation (CDIC) protection applies to eligible deposits at member institutions up to $100,000 per depositor per category (4), so savers don't have to sacrifice security for yield. When comparing accounts, look for the annual rate, any introductory-period fine print and whether the rate is variable or guaranteed for a fixed term.

The simplest financial upgrade most savers haven't made

Investing in equities, real estate or complex financial products requires research, risk tolerance and time. Switching to a HISA requires none of those things — just a 20-minute account comparison and a transfer. For Canadian women who are already saving consistently, it's the upgrade that pays more with very little effort required.

The Vanguard data is a useful reminder that financial inertia has a cost — and that the cost falls disproportionately on those who were never explicitly told a better option exists. Now you know it does.

Article sources

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

Vanguard (1); Bank of Canada (2); FCAC Account Comparison Tool (3); Canada Deposit Insurance Corporation (CDIC) (4)

Well, $1,000 may not be anywhere near $1 million. But for plenty of Canadians, it can feel almost as life-changing — especially as companies lay off workers and cut employee benefits.

So, what’s the smartest way to use a $1,000 windfall? Seven financial advisers weigh in on your best possible move.

The basics: Open an emergency fund or pay down high-interest debt

Many financial advisers recommended starting or building an emergency savings fund (1).

“Ideally this should be between six and 12 months of core living expenses,” says Flavio Landivar, a certified financial planner (CFP) at Evensky & Katz Wealth Management. He recommends keeping the money in a high-interest savings account (HISA), where it can earn a higher interest rate than in a traditional savings or chequing account (2).

In Canada, HISAs are widely available through major banks and online-only institutions. Rates vary — typically between 3% and 5% annually depending on the institution and current Bank of Canada rate. Some promotional rates can reach up to 4.5% and 5%, depending on the same conditions (3).

Some experts say it’s acceptable to keep as little as three months of necessary expenses in an emergency fund (4). If you’re part of a two-income household, you might have a little more leeway in how much you set aside. Everyone’s situation is different.

Many financial advisers also recommend using that $1,000 to pay down any high-interest debt, a strategy that’s part of the snowball debt repayment method (5).

Debt is considered “high-interest” if it carries an annual percentage rate (APR) of 8% or higher (6). In Canada, this can include credit card debt — where rates can range from 19.99% to as high as 29.99% — as well as any personal loans you took on when your credit score was lower. Or maybe a payday loan was in order when you found yourself in a pinch. Payday loans can charge anywhere from 391% APR to over 650% APR, making the overall cost of the loan exorbitant (7).

Generally, lenders typically charge higher rates to borrowers with weaker financial profiles.

If you carry any of these types of debt, prioritize paying them off before tackling lower-interest obligations. Doing so can make a serious dent in what you owe, save money on long-term interest charges and even improve your credit score.

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Put the money into a retirement account and invest it

Maybe you already have the basics covered — a full emergency fund and no high-interest debt. Next, ask yourself: Do you have a retirement savings account? If not, opening one and depositing the $1,000 into it is a natural next step.

In Canada, the two most common registered retirement accounts are the Registered Retirement Savings Plan (RRSP) and the Tax-Free Savings Account (TFSA). Both offer tax advantages, though they work differently.

Contributions to an RRSP reduce your taxable income for the year, and withdrawals you take in retirement are taxed as income. The TFSA, by contrast, is funded with after-tax dollars — but all growth and withdrawals are completely tax-free.

Check whether your employer offers a group RRSP or a Defined Contribution Pension Plan (DCPP). Some employers match a percentage of what you contribute, up to a specific amount — essentially free money that can dramatically accelerate your savings growth (8).

So, how should you invest that $1,000 once it’s in a registered account?

“I’d just put it into a broad index fund and get it invested — no need to overthink it,” says Joon Um, a certified financial planner in Beverly Hills (9).

Nick Covyeau, a CFP and founder of Swell Financial, agrees that equities are a good starting point. “There is no one-size-fits-all approach, but I’d emphasize — on the equity side — investing in quality companies with strong brands, essential products and manageable debt,” he says. “These businesses tend to be more resilient, regardless of the inflation environment (10).”

In Canada, low-cost index funds and exchange-traded funds (ETFs) that track broad market benchmarks — such as the S&P/TSX Composite Index or a global index — are a widely recommended option for both new and experienced investors.

Consider lower-risk investments

Do you have a lower risk tolerance when it comes to investing? Then fixed-rate investments — such as bonds or Guaranteed Investment Certificates (GICs) — may be more to your liking than stocks.

These are also good options if you’ve already invested in the stock market but are looking for safer alternatives to diversify your portfolio.

“If it is for short-term needs, put it in cash, bonds or a CD,” says Nicholas Bunio, a CFP at Retirement Wealth Advisors. “Regardless of market values or inflation, sudden shocks can and will happen to the world (11).”

GICs are the Canadian equivalent of U.S. certificates of deposit (CDs), and are available through Canadian banks, trust companies and credit unions. They offer a guaranteed rate of return for a fixed term — typically ranging from 30 days to five years — and are eligible for Canada Deposit Insurance Corporation (CDIC) coverage on eligible deposits up to $100,000 per depositor, per insured category (12).

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Already thriving financially? Put that $1,000 toward your goals and values

Let’s say you receive a $1,000 windfall and you’ve already covered all the essentials: Your high-interest debt is paid off, and you have an emergency fund, a retirement account and an investment portfolio you’re happy with. Then what?

Eric Roberge, founder and CEO of the financial advisory firm Beyond Your Hammock, says your next move depends on your “goals, priorities, and values (13).”

“A specific example: Taking a long weekend trip with your kids because spending more time with your family is really important to you can be a great way to use this money if it’s truly ‘extra’ and you’re already financially thriving,” Roberge says.

“We so often focus on saving and investing — for good reason — that it’s easy to forget spending money well is also a reasonable use of your funds, as well as a skill,” he continues. “When you align your spending with your values, then using your money this way can be a smart way to actually get more of what is important to you in your life.”

When you have what you need, you have the privilege of spending $1,000 not just on what you want, but on what adds real value to your life.

What you can do right now: Next steps

Whether you’re working with a windfall, a tax refund or a small savings milestone, here’s how to put $1,000 to work the Canadian way:

• Start with your emergency fund. Aim for three to six months of essential expenses in a high-interest savings account. If you’re self-employed or in a variable-income field, consider targeting six to 12 months.
• Tackle high-interest debt first. Credit card balances with rates of 19.99% or higher should take priority over investing. The guaranteed “return” on paying off high-rate debt beats almost any investment.
• Max out your TFSA or RRSP. The 2026 TFSA contribution limit is $7,000 (with a cumulative lifetime room of up to $109,000 if you’ve never contributed and have been eligible since 2009) (14). The RRSP annual limit is 18% of your previous year’s income, up to $33,810 for 2026 (15).
• Ask about employer matching. If your workplace offers a group RRSP or DCPP with employer matching, contribute at least enough to capture the full match — it’s the highest-return investment available to you.
• Consider a GIC for short-term goals. If you need the money within one to five years, a GIC locks in a guaranteed rate and is CDIC-insured.
• Keep it simple when investing. Low-cost, broadly diversified ETFs — such as an all-in-one asset allocation ETF — are a straightforward way to invest without overthinking it.
• Align spending with your values. If all your financial foundations are in place, spending $1,000 on something significant — a family experience, a course, a health investment — is a legitimate and valid financial choice.

Article sources

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

Scotiabank (1); MarketWatch (2, 9, 10, 11); Bank of Canada (3); Financial Consumer Agency of Canada (FCAC) (4); Canadian Association of Insolvency and Restructuring Professionals (CAIRP) (5); Equifax (6); Spring Financial (7); iFinance Canada (8); TD Bank (12, 15); AOL (13); SG Wealth (14)

A new survey commissioned by Wealthsimple found that 87% of couples with children say finances have caused stress or conflict at home, while more than one in four admit they’ve put off financial conversations they knew they needed to have.

The findings suggest many families aren’t necessarily struggling with whether they can afford something outright, but with how to balance competing priorities at a time when everything feels more expensive. “Our clients’ financial lives are more complex than ever, with partners, kids, side businesses, and aging parents,” said Brett Huneycutt, co-founder and chief product officer at Wealthsimple, in a statement.

Rising costs are making financial planning harder

According to the survey, nearly half of couples with children say cost-of-living pressures have forced them to make financial trade-offs, while 39% say it has become harder to plan ahead financially.

The pressure appears even sharper among solo parents. More than half reported making financial trade-offs, and 41% said rising costs have made long-term planning more difficult.

The survey also points to a disconnect between shared finances and shared financial clarity. While two-thirds of Canadian couples say they combine at least some of their finances, many still struggle to communicate openly about spending decisions and household priorities.

In some cases, respondents admitted downplaying purchases or avoiding certain conversations altogether to sidestep tension at home.

Household finances are becoming more complicated

The findings also highlight how financial life has become increasingly layered for many Canadians.

Families are often balancing mortgages, childcare costs, investments, side income, shared expenses and multiple financial accounts all at once. Keeping track of it all — especially during periods of economic uncertainty — can become difficult even for households with stable incomes.

Wealthsimple says that growing complexity is part of the reason it is expanding further into family-focused financial tools, including shared household account tracking and products aimed at children and teens.

The company also announced new business banking features aimed at entrepreneurs and self-employed Canadians, including business chequing accounts and U.S. dollar payment tools.

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More families are having difficult money conversations

The findings mirror financial pressures many Canadian households are already dealing with day to day.

Over the past several years, higher housing costs, grocery bills and childcare expenses have pushed many families to pay closer attention to budgeting and spending decisions. In many households, money conversations that once happened occasionally are now happening far more often, even if they’re uncomfortable.

The survey suggests that tension doesn’t always come from outright financial hardship. In some cases, it comes from uncertainty, competing priorities and the feeling that there’s less room for financial mistakes than there used to be. Nearly four in ten couples with children said rising costs have made it harder to plan ahead, while more than one-quarter admitted postponing financial conversations altogether.

The data also points to how emotionally loaded household finances can become. More than one in five respondents said they had downplayed a purchase to their partner or household, while many parents reported making regular financial trade-offs to keep up with rising costs.

Rather than making dramatic lifestyle changes, many families appear to be adapting in smaller, ongoing ways: delaying purchases, shifting priorities, watching spending more closely and trying to create a clearer picture of where their money is actually going each month.

Kevin O’Leary, the Montréal-born venture capitalist and Dragons’ Den personality, recently told The Breakdownpodcast that altcoins are “screwed” (1) — a pointed declaration from an investor who once held 27 different cryptocurrencies and now holds only three.

In a caption shared to X, O’Leary summarized his strategy bluntly: “I cut the garbage and kept what works (2).”

O’Leary puts his faith in Bitcoin and Ethereum

The interview comes at a critical moment in crypto markets. After falling sharply in February 2026 to around USD$60,000, Bitcoin has remained below its all-time high of over US$126,000 — about C$173,000 a coin — recorded in October 2025 (3).

Bitcoin’s dominance over the rest of the market is so significant that every other cryptocurrency is simply called an “altcoin” by comparison. O’Leary says he sold 24 of them following the 2025 market collapse, keeping only Bitcoin, USD (a stablecoin) and Ethereum — the largest altcoin by market capitalization (1).

His assessment of other coins? In his view, “there’s no reason to own them.”

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Is this a fair assessment?

The size of the altcoin market suggests these assets still attract some investor interest. Crypto tracker CoinMarketCap pegs the total altcoin market at over US$700 billion, excluding Ethereum (4).

And sentiment is shifting. Mid-February 2026, the CoinMarketCap Fear and Greed Index plunged into a historic low of 5, signalling “extreme fear,” following the “10/10” liquidation cascade. That’s the historic flash crash where more than $19B in leveraged trading positions were wiped out within 24 hours in the largest single-day liquidation event in digital asset history, affecting more than 1.6 million traders globally (5).

People are paying attention to altcoins, especially now. But are they actually profiting from ownership?

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2025 was the year of dead coins

O’Leary says altcoins that collapsed in 2025 “never came back,” and there’s data to support that view.

Over 50% of coins tracked by CoinGecko became defunct between 2021 and 2025, with 11.6 million of those failures occurring in 2025 alone (6). CoinGecko’s analysis credits much of that failure to platforms like pump.fun, which make it easy to generate meme coins with names like Peanut, Fatcoin and Mother Iggy (7).

It would be unfair to blame the death of altcoins entirely on meme coin generators. After all, 91% of crypto coins that existed in 2014 are now completely abandoned. Some never took off. Others collapsed after investors were “rug pulled” — a term for when coin developers abandon a project and take investor funds with them (8).

Their short history suggests most coins die fast. Their performance is comparable to penny stocks — speculative shares that trade for less than $5 apiece. Research suggests roughly 60% of penny stocks approach zero value within three years (9).

The data suggests altcoins, like penny stocks, are high-risk ventures at best.

O’Leary says liquidity is concentrated in Ethereum and Bitcoin, which are easier to trade and tend to recover after downswings. They’re generally considered the most stable crypto assets — though “stable” is a relative term in a market known for dramatic swings.

Some altcoins are liquid and useful — for now

Recent regulatory developments have made it easier for Canadian crypto investors to separate scam from substance, though the framework here differs from what exists in the U.S.

In the United States, more than a dozen crypto assets have been classified as “digital commodities” by the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) (10). To qualify, an asset must derive its value from an underlying crypto system — not only from investors’ profit expectations, according to Fidelity (11).

In Canada, no equivalent “digital commodity” classification exists. Instead, the Canadian Securities Administrators (CSA), an umbrella organization of provincial and territorial securities regulators, oversees crypto asset trading platforms operating in Canada. Platforms that trade crypto assets deemed to be securities must register with their applicable provincial regulator — in Ontario, that means the Ontario Securities Commission (OSC) (12).

Like their American counterparts, most crypto assets in Canada are treated as securities. That filtering effect removes a large swath of speculative tokens — including the “poo poo” coins O’Leary dismisses — from the pool of assets accessible on registered, compliant platforms.

For investors who remain interested in crypto, two better-known altcoins — Solana and Chainlink — stand out for their real-world utility. Both are classified as digital commodities in the U.S. Solana is a smart contract platform and Chainlink secures on-chain transactions. This functional grounding makes them more likely to attract institutional interest than speculative meme coins (13).

A word of caution: Even the best-known altcoins are volatile. Bitcoin, sometimes called “digital gold,” is currently down over 30% from its all-time highs (14). As O’Leary says, patience is part of any crypto strategy.

And also in O’Leary’s words: “Discipline wins.”

What Canadian crypto investors should know

O’Leary’s approach raises practical questions for Canadian investors. Here are key considerations specific to holding and managing crypto in Canada.

How the CRA taxes crypto

The Canada Revenue Agency (CRA) treats cryptocurrency as a commodity, not a currency. That means every trade, sale or exchange of a crypto asset is a taxable event (14).

Gains are taxed in one of two ways:

• Capital gains: If you hold and sell crypto as a long-term investment, 50% of the gain is included in your income and taxed at your marginal rate (14). The federal government proposed increasing this inclusion rate to 2/3 (66.67%) for gains over $250,000 in the 2024 budget, but officially cancelled this proposal in 2025. As of April 2026, the capital gains inclusion rate sits at 50% (15).
• Business income: If you trade frequently or “mine” crypto, the CRA may treat the full amount as business income, and therefore fully taxable.

Selling, swapping or disposing of any crypto — including trading one altcoin for another — triggers a tax obligation. Keeping detailed records of every transaction is essential.

You can’t hold crypto directly in a TFSA or RRSP

One key difference for Canadian investors: Cryptocurrency can’t be held directly in a Tax-Free Savings Account (TFSA) or Registered Retirement Savings Plan (RRSP). Unlike stocks or bonds, raw crypto isn’t a qualified investment under the Income Tax Act (16).

However, Canadian-listed cryptocurrency exchange-traded funds (ETFs) — such as the Purpose Bitcoin ETF (BTCC) or Purpose Ether ETF (ETHH), both trading on the Toronto Stock Exchange (TSX) — can be held in registered accounts, allowing Canadians to gain exposure to Bitcoin and Ethereum with the tax sheltering advantages of a TFSA or RRSP (17).

How investors can assess altcoins through a Canadian lens

For Canadians curious about altcoins, the CSA’s investor caution framework provides a useful starting point. Before investing in any crypto asset, ask:

• Is the platform registered with your provincial securities regulator?
• Does the asset have a clear, real-world use case — or is it purely speculative?
• Can you afford to lose the entire amount invested?
• Have you accounted for the tax consequences of every trade?

O’Leary’s approach — simplify, cut the noise, hold only what you believe in for the long term — is a discipline many Canadians holding sprawling altcoin portfolios might benefit from applying.

Bottom line

Kevin O’Leary’s crypto cleanup from 27 coins down to three is a useful example for any Canadian investor sitting on a cluttered altcoin portfolio. Crypto’s short history backs his skepticism: Most coins fail, few recover and liquidity tends to concentrate in Bitcoin and Ethereum over time.

That doesn’t mean every altcoin has zero worth. A small number have real utility, regulatory footing and institutional backing. But identifying them requires the same discipline O’Leary preaches — and the will to cut out what doesn’t hold up.

For Canadian investors, the stakes are sharpened by a tax environment where every trade is a taxable event, registered accounts can’t directly hold crypto and the regulatory framework is still catching up on the market. This means crypto mistakes carry real financial consequences beyond a declining portfolio value.

O’Leary’s rule of thumb is simple: If you can’t explain why you own something, you probably shouldn’t.

Article sources

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

The Breakdown (1); Benzinga (2); CNBC (3); TradingView (4); Coin Gecko (5, 6, 7); Coinbase (8); Bitget (9, 12); Fintech Weekly (10); Fidelity (11); Binance (13); Changelly (14); Cardinal Point Focus Partners Canada (14); Zeifman’s (15); Taxpage.com (16); Purpose Investments (17)

Buffett — now in his mid 90s — recently departed his chief executive role at Berkshire Hathaway, the conglomerate he has led for decades. In May 2026, Berkshire surpassed a C$1.4 trillion market capitalization (1), and Buffett has given away billions over his lifetime. Critically, he built the majority of his net worth after the age of 65.

That timeline matters. For Canadians in their 60s staring down Canada Pension Plan (CPP) decisions, Tax-Free Savings Account (TFSA) room and the question of when to draw down Registered Retirement Savings Plan (RRSP) savings, Buffett’s core principles offer a practical, non-theoretical guide.

Here are five of his most applicable lessons — and what they mean for your money right now.

1. Own quality for the long term — not noise for the short term

Buffett has said it plainly: “It’s far better to buy a wonderful company at a fair price than a fair company at a wonderful price (2).” For Canadian investors in their 60s, this philosophy should inform how they build their portfolios.

The temptation in retirement is to chase income — pivoting hard into speculative positions, dividend-heavy picks that carry outsized risk or complex products sold on the promise of high yields. Buffett’s approach argues for the opposite: a smaller number of well-understood, durable holdings. In a Canadian context, that might mean anchoring a TFSA or RRSP in low-cost index funds tracking the S&P/TSX Composite Index or a global equity index, rather than rotating in and out of trends.

The practical payoff: lower turnover means lower tax drag and fees — both of which compound meaningfully over a 20-to-30-year retirement horizon.

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2. Stay patient when markets feel like a casino

A recent theme in Buffett’s letter to shareholders is to describe today’s markets as behaving more like a ‘casino’ than a productive economic system (3). That framing should prompt Canadians to check a common retirement-planning mistake: selling equity holdings too early out of fear.

According to the Canadian Institute of Actuaries (CIA), life expectancy for Canadian retirees continues to edge higher (4). This means that Canadian portfolios will have to bear even more inflation exposure. Pulling out of equities entirely at retirement to avoid volatility can quietly erode purchasing power over that span.

The Buffett principle here is patience — holding through downturns rather than locking in losses. For Canadians, this means revisiting asset allocation with a long time horizon in mind, not simply defaulting to bonds at age 65.

3. Protect what you have built — and understand what you own

Buffett has long warned against investing in things you do not understand. For Canadians nearing retirement, this is a risk-management lesson as much as an investment one. Complex products — certain structured notes, leveraged strategies, annuity products with opaque fee schedules — are frequently sold to retirees seeking income certainty.

The Financial Consumer Agency of Canada (FCAC) offers plain-language guidance throughout its website on common financial products and your rights as a consumer. Before you commit a nest egg to any savings vehicle you don’t fully understand, visit the FCAC website first or speak to a financially savvy friend or advisor you trust.

A related Buffett principle is the 'moat' concept — favouring businesses or assets with durable competitive advantages. In personal finance terms, this means you should favour accounts and products with predictable, low-cost structures (TFSAs, registered accounts, GICs with federally insured institutions) over those with layered fees and uncertain outcomes.

4. CPP and OAS timing is a quality-investment decision

Buffett’s framework of buying quality at a fair price maps neatly onto one of the most consequential decisions a Canadian retiree faces: when to start CPP and Old Age Security (OAS).

Taking CPP at 60 (the earliest option) locks in a permanently reduced payment. Deferring to 70 can increase the monthly CPP benefit by as much as 42% compared to taking it at 65, according to the federal government of Canada website (5). For a healthy 63-year-old with other income sources, deferring may be the highest-return, zero-risk ‘investment’ available — one that also comes with inflation protection.

The tradeoff is real: deferral requires income from other sources in the interim. But for Canadians with RRSP or RRIF assets, drawing those down earlier while deferring CPP can reduce a long-term tax burden and increase guaranteed lifetime income. A licensed financial adviser can help model which sequence fits your situation.

5. Legacy is part of the financial plan — not an afterthought

Buffett has pledged to give away virtually his entire fortune. While that scale is unique, the underlying principle is not: thinking about what you want your wealth to accomplish beyond your own lifetime is a wise financial plan, not just a sentimental one.

For Canadians, this relates to beneficiary designations for your registered accounts, estate planning, charitable giving strategies (including the use of donor-advised funds) and the question of how — and when — to transfer assets to family members. These decisions affect probate exposure, tax liability and the practical efficiency of wealth transfer.

Starting that planning in your 60s, rather than during a health crisis or at 80, is a Buffett-style principle: do the right thing early and let time do the compounding.

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What to do now

• Review your TFSA and RRSP asset mix and see if it reflects a 20-to-30-year time horizon, not just a 5-year one
• Model CPP and OAS deferral scenarios using the federal government’s Canadian Retirement Income Calculator at canada.ca
• Check product fees by reviewing any annuity, structured note or managed products against FCAC’s plain-language fee guides
• Regularly update beneficiary designations on all registered accounts — this takes 30 minutes and avoids probate delays
• Talk to a fee-only financial adviser (look for a Certified Financial Planner, CFP, designation) about a drawdown sequence that fits your specific tax situation.

Article sources

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

Berkshire Hathaway (1); Yahoo (2, 3); Willis Towers Watson (4); Government of Canada (5)

Across 32 years of fielding calls on The Ramsey Show, Ramsey has watched people make the same errors over and over. In one episode, he called these patterns out plainly: “Dumb! Really dumb (1)!”

“These things baffle me, that’s why I'm hitting them,” Ramsey said. “Because they’re just illogical.”

While Ramsey’s advice comes from his own experience, the three mistakes he flagged translate north of the border as well — with some important local nuances that make them even more financially treacherous in some cases.

1. Co-buying property with someone who isn’t your spouse

Ramsey has long opposed the idea of buying property with anyone who isn’t a married partner. His concern is practical: if the relationship ends — while not all do, some will — untangling shared assets between unmarried individuals can become an expensive, drawn-out and emotionally burdensome experience.

“Separating assets between an unmarried couple can be complicated,” Ramsey has said. “They do not always share the same property rights as married couples.”

In Canada, this warning carries added weight — because the property rights of common-law couples varies dramatically depending on the province or territory you live in.

In British Columbia, couples who have lived together for at least two years are treated similarly to married spouses under the Family Law Act when it comes to dividing property and debt (2). But in Ontario, common-law partners don’t have an automatic right to equalize net family property the way married spouses do under the Family Law Act — meaning a partner who contributed financially to a shared home may have to fight for their share in court (3).

Québec offers even less protection: under the Civil Code, de facto (common-law) couples have no automatic right to the family home or to any division of each other's property upon separation, regardless of how long they were together. Each partner walks away with what is legally in their own name (4). However, as of June 30, 2025, Quebec's new parental union regime — introduced through Bill 56 — automatically extends property-sharing and succession protections similar to those of married couples to common-law partners who have a child together, representing a significant shift for unmarried parents in the province.

The housing affordability crisis has made co-ownership a tempting solution, particularly for first-time buyers. Canadian Mortgage Trends News acknowledges co-ownership as a growing strategy, especially in high-cost markets — but strongly recommends that any co-buyers, particularly those who aren’t married, establish a formal co-ownership agreement drafted with legal advice before signing anything (5).

If you’re not in a position to purchase on your own or with a spouse, there are still ways to participate in real estate as an asset class. Real estate investment trusts (REITs) available on Canadian stock exchanges allow you to invest in a portfolio of income-producing properties — commercial, residential or industrial — without taking on the legal and financial complexity of co-ownership. REITs are available through self-directed brokerage accounts, including those inside a Tax-Free Savings Account (TFSA) or Registered Retirement Savings Plan (RRSP), which can further reduce the tax drag on returns.

If homeownership is the goal, the First Home Savings Account (FHSA), lets eligible Canadians contribute up to $8,000 a year (to a lifetime maximum of $40,000) to a registered account specifically for a first-home purchase. Contributions are tax-deductible, and qualifying withdrawals are tax-free — a powerful combination.

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2. Spending more on education than your career can repay

Ramsey’s take on post-secondary education is blunt: the return on investment needs to make sense.

“Don’t spend $250,000 getting a master’s degree in sociology so you can be a caseworker for the state making $38,000,” he said (1). He believes students should honestly assess their likely earnings before taking on debt for a degree.

Though the numbers look different in Canada, the same principle applies. Canadian universities are generally less expensive than their American counterparts, but tuition costs have risen steadily, and many graduates carry debt well into their working years.

As of the 2023–24 fiscal year, the federal government held approximately $22.6 billion in outstanding Canada Student Loans, according to the National Student Loans Service Centre (NSLSC) (6). That figure doesn’t include provincial student loan programs, meaning the total debt burden on Canadian students is certainly higher.

The lesson: before taking on student debt — whether for yourself or co-signing for a child — it’s worth calculating expected earnings against repayment obligations. The Canadian government’s student loan repayment estimator, available through the NSLSC, can help model different repayment scenarios (7).

For parents hoping to reduce the burden of post-secondary costs, the Registered Education Savings Plan (RESP) remains one of the most powerful tools available. Contributions to an RESP aren’t tax-deductible, but the money grows tax-sheltered. Also, the federal government adds a Canada Education Savings Grant (CESG) equal to 20% on the first $2,500 contributed a year — up to $500 annually and $7,200 over the lifetime of the plan for each child (8). That free money is difficult to beat.

For those who want to save beyond an RESP, or for adults saving toward their own continuing education, a Guaranteed Investment Certificate (GIC) can be a low-risk, predictable-growth option. GICs are offered by banks and credit unions and pay a fixed interest rate for a set term (9). Deposits held at member institutions are protected by the Canada Deposit Insurance Corporation (CDIC) up to $100,000 per depositor per insured category. Non-redeemable GICs typically offer higher interest rates but come with early-withdrawal penalties, so they work best for money you won't need to access mid-term.

For those already carrying student debt, consolidating higher-interest balances into a lower-rate personal loan — available through Canadian banks and credit unions — can reduce the total interest paid and simplify monthly payments. Speaking with a not-for-profit credit counsellor, such as someone certified through Credit Canada, is a free or low-cost starting point (10).

3. Upgrading your car when you don’t have to

Of all of Ramsey’s complaints, this one may be the most emotionally loaded.

“You were driving a $6,000 car,” he told one caller. “Your car gets totalled, you get a cheque for $6,000 and, suddenly, $6,000 cars aren’t good enough for you. That’s dumb (1)!”

According to Ramsey, a crisis or a windfall shouldn’t be the trigger for a lifestyle upgrade. A paid-off car is one of the cheapest vehicles to own — even if it’s old — because there are no monthly payments and, typically, lower insurance costs.

In Canada, the temptation to upgrade has never been more expensive. The average transaction price for a new vehicle in Canada reached approximately $63,000 by the end of 2025, according to AutoTrader (11). That figure doesn’t include financing costs, mandatory insurance, fuel or maintenance — all of which add hundreds of dollars to the monthly burden of a new vehicle.

If a vehicle replacement truly is necessary, Ramsey’s advice holds: Buy used, pay cash if possible and drive it as long as it runs. If financing is unavoidable, shop for the lowest interest rate available — and don’t let the monthly payment be your only measuring stick. A longer amortization lowers monthly costs but increases total interest paid significantly.

One area where Canadians can take action is auto insurance. Rates vary significantly by province and insurer. The Financial Services Regulatory Authority of Ontario (FSRA), for example, regulates auto insurance rates in Ontario — yet many drivers never shop around (12). Using an insurance comparison tool can unveil meaningful savings.

Next steps Canadians can take

Ramsey’s three mistakes share a common thread: they all involve making an emotional or reactive financial decision without fully understanding the long-term consequences.

Here’s how to apply the lessons in a Canadian context:

On co-buying property: If you’re considering buying property with someone you aren’t married to — a friend, sibling or partner — consult a real estate lawyer first. A co-ownership agreement can define each party’s contribution, share of appreciation, what happens upon sale or if one party wants out, and how disputes are resolved. The cost of that legal document is far less than the cost of a dispute later. Also, understand your province’s specific laws before signing.

On education costs: Before taking on debt for a degree or graduate program, research median earnings in your target field using StatCan’s data or the Government of Canada Job Bank. If you have children, open an RESP as early as possible — even small annual contributions can trigger years of compound growth and CESG matching that you can’t claim retroactively.

On buying a car: Aim to buy used, pay cash and stay in a vehicle until repair costs consistently exceed a monthly car payment. If you're financing, get pre-approved through your bank or credit union before stepping onto a dealership lot — it gives you negotiating power and helps you avoid dealer financing that may carry a higher rate. Additionally, compare auto insurance quotes at each renewal.

Most importantly: Build a written budget before making any major financial decision. The discomfort of looking at the numbers ahead of time is far smaller than the financial and emotional cost of cleaning up a mistake after the fact.

— 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); Province of British Columbia (2); Family Law Ontario (3); Justice de Québec (4); Canadian Mortgage Trends News (5); Employment and Social Development Canada (6); CanLearn Loan Repayment Estimator (7); Government of Canada (8); Financial Consumer Agency of Canada (FCAC) (9); Credit Canada (10); Newswire (11); Financial Services Regulatory Authority of Ontario (FSRA) (12)

A new survey from Mydoh found that while 90% of parents report having regular conversations about money with their children, only 9% strongly agree their child is ready to manage money independently when they eventually leave home. The findings point to a broader gap between understanding financial concepts and actually applying them in real-life situations.

"While many families are already having money conversations, the research suggests practical experience remains an opportunity area," said Angelique de Montbrun, chief executive officer at Mydoh, in a statement.

Understanding money isn't the same as managing it

The report suggests many children understand basic financial concepts, but don't have many opportunities to put them into practice consistently.

While 83% of parents said their child understands the idea of saving for a goal, only 64% said their child regularly works toward a money goal.

The survey also found that only 55% of children are handling money independently before age 12, whether through making purchases, managing an allowance or deciding how to spend savings.

Financial mistakes may be part of the learning process

The Mydoh report argues that hands-on experience plays an important role in building financial confidence over time.

For example, 16% of parents said their child has never experienced running out of money when they couldn't afford something they wanted.

"Financial resilience isn't built by knowing what to do with money — it's built by actually doing it," said Vanessa Bowen, CPA and founder of the personal finance coaching platform Mint Worthy, in the report.

Bowen added that earning, saving and making spending decisions independently can help children build confidence and better financial habits over time.

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Many parents still find money conversations difficult

The survey also highlighted that many parents remain hesitant to openly discuss finances.

More than one in five parents said they worry money conversations could create stress or anxiety for their children. At the same time, fewer than half said they regularly talk through financial mistakes with their kids to help explain what went wrong and how to improve future decisions.

For many families, the challenge appears less about introducing financial concepts and more about giving children practical opportunities to manage money, make mistakes and gradually build confidence before adulthood.

"Financial confidence is built through everyday habits and hands-on learning", said de Montbrun. "When kids and teens have the chance to practice managing money early, they build skills that can stay with them for life."

New data from the Office of the Superintendent of Bankruptcy (OSB) shows that 37,121 Canadians filed for insolvency in the first three months of this year (1). This level of insolvency filings in a single quarter has not been seen since 2009 — the year following the Great Financial Crisis.

Of the 37,121 insolvency filings, 29,545 were consumer proposals and 7,576 were bankruptcy proceedings. Compared to the last quarter of 2025, insolvencies increased 6.4% according to OSB.

"I'm not surprised by these numbers." Andre Bolduc, a licensed insolvency trustee and past chair of the Canadian Association of Insolvency and Restructuring Professionals (CAIRP) told CTV News, adding, "We know that half of Canadian households are living paycheque to paycheque, which means they have no savings and when something happens, they have to rely on credit. (2)"

What insolvency data reveals about consumer financial health

In Canada, filing for insolvency means you are unable to pay your debts and bills as they are due. Under the Bankruptcy and Insolvency Act, Canadians have two options: declare bankruptcy or file a consumer proposal (3).

Bankruptcy is the formal process of liquidating your assets (with some exemptions) and distributing the proceeds to creditors to release you from your payment obligations (4). It's a financial reset for those facing insurmountable financial difficulty.

Consumer proposals are formal agreements where the insolvent debtor agrees to pay their creditors a percentage of what they fully owe in exchange for the rest of their debt being forgiven (5).

People turn to bankruptcy or consumer proposals only when they are considered insolvent, as they are otherwise not eligible under Canadian law. In order to apply for either of these procedures, consumers must work with a licensed insolvency trustee.

Insolvency filings rising to heights not seen since the aftershocks of the Great Financial Crisis shows that Canadians are struggling with economic headwinds — potentially from multiple directions.

The cost of groceries has ballooned over 30% since 2019 according to TD Economics (6), despite general inflation stabilizing. Shelter prices — the cost of rent, mortgage payment, taxes, utilities and other municipal services — rose 28.5% from 2020 to 2025 according to Statistics Canada (7).

Financial experts are also watching another looming pressure point for insolvency risk in Canada: mortgage renewals.

The Office of the Superintendent of Financial Institutions (OSFI) notes that 22% — 1.3 million — of the mortgages being renewed leading up to 2027 are renewing for the first time since they were created in 2021 and 2022: a time when mortgage rates dipped significantly (8).

Combined, these financial pain points push vulnerable Canadians to rely more and more on credit, putting them at risk for insolvency if their income cannot keep up to cover their debts.

In fact, out of all the G7 countries, Canada carries the highest ratio of household debt compared to its overall GDP at 103% (9). According to StatCan, total household credit market debt (e.g. credit card debt, mortgages, lines of credit, bonds) across the nation reached $3.2 trillion at the end of 2025 (10). As a result, the ratio of household credit market debt to income is now 177%, which means for every $1 of income, Canadian households have $1.77 in household credit market debt.

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How to decide which insolvency option is best for you

Sometimes — through no fault of our own — life has a way of eroding our financial success. When this happens, you might find yourself having to choose between bankruptcy or a consumer proposal. How do you make that kind of choice? While not exhaustive, here are some expert-backed tips to help you select an insolvency option that fits your needs. If you are seriously considering filing for insolvency, consult with a licensed insolvency trustee (LIT) before making any major decisions.

• Review your debt load. In Canada, consumers can only file a consumer proposal if they have debts less than $250,000 (excluding their mortgage). If you have non-mortgage debts in excess of $250,000, a consumer proposal is likely off the table (11).
• Think about the effects on your credit report. Whether you file for bankruptcy or apply for a consumer proposal, both decisions vastly damage your credit report. Lenders will see a notification that you filed for insolvency, regardless of the type, when they pull your credit report. This notification can severely impact your ability to borrow down the road. That said, filing for bankruptcy typically has a longer effect on your credit report (12).
• Check cost differences. Consumer proposals typically cost much more than bankruptcy to complete, especially if you own a number of assets (e.g. equipment, multiple vehicles, etc.). This is because you are required to pay a percentage of your monthly payments to your LIT as part of the process. Those fees can add up quickly.

What you can do before going insolvent

Filing for bankruptcy or completing a consumer proposal are difficult paths to walk, but they are only available for Canadians who can't pay their debts. What about people who are nearly insolvent but want to change their trajectory quickly?

There are a number of options, such as: debt management plans (DMPs), debt settlement programs, or debt consolidation loans (13). If you're feeling at the end of your financial rope, get in touch with a credit counsellor through two government recommended organizations: Credit Counselling Canada (14) or the Canadian Association for Financial Empowerment (15).

Article Sources

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

Office of the Superintendent of Bankruptcy (1); CTV News (2); BDO Canada (3); Credit Counselling Society (4, 12, 13); Hoyes Michalos (5); TD Economics (6); Statistics Canada (7, 10); Office of the Superintendent of Financial Institutions (8); The Hub (9); MNP (11); Credit Counselling Canada (14); Canadian Association for Financial Empowerment (15)

Canada’s Consumer Price Index rate year-over-year averaged 2.4% in March of 2026, according to Statistics Canada. (1) A standard bank savings account paying 0.5% to 1% in interest — a common rate at the Big Six banks — means your $50,000 is quietly losing purchasing power every single month. Meanwhile, the registered accounts and guaranteed investment certificates (GICs) that could change that equation sit underused.

This is the moment to shift from saving to deploying — and putting your money to work smartly. Here are five moves every Canadian should make when their savings reach $50,000.

1. Max out your TFSA first

If you have unused contribution room in your Tax-Free Savings Account (TFSA), that is where your first dollars should go. Any growth — interest, dividends, capital gains — is completely sheltered from tax, now and upon future withdrawals.

The Canada Revenue Agency (CRA) sets the annual TFSA contribution limit at $7,000 for 2026. (2) For anyone who has been eligible since the TFSA launched in 2009 and has never contributed, cumulative room now exceeds $109,000 — more than enough to shelter your entire $50,000 balance.

Inside a TFSA you can hold high-interest savings accounts, GICs, ETFs or individual stocks — all tax-free. The Financial Consumer Agency of Canada (FCAC) notes the TFSA as one of the most flexible savings tools available to Canadians.

2. Move idle cash into a high-interest savings account or GIC ladder

For any cash sitting outside a registered account — or as the foundation inside your TFSA — a high-interest savings account (HISA) or a laddered GIC strategy immediately outperforms a standard chequing account.

As of early 2026, competitive HISAs in Canada are offering around 2% annual interest. (3) On a $50,000 balance, the difference between earning 0.5% and 2% is roughly $750 per year — without any additional contributions.

A GIC ladder — splitting funds across one, two, three and five-year terms — gives you both competitive yields and periodic liquidity. GICs held inside a TFSA or Registered Retirement Savings Plan (RRSP) amplify the tax advantage further. Deposits at federally regulated banks and credit unions are protected by the Canada Deposit Insurance Corporation (CDIC) up to $100,000 per depositor category.

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3. Contribute to your RRSP — especially if retirement is within 20 years

If you are 40 or older — or are in a higher income tax bracket now than you expect to be in retirement — the RRSP deserves serious attention alongside your TFSA.

RRSP contributions reduce your taxable income dollar for dollar, providing an immediate tax refund that can itself be reinvested. The CRA’s 2026 RRSP contribution limit is 18% of earned income from the prior year, to a maximum of $33,810. (4)

In this example: a Canadian in the 40.5% combined marginal tax bracket (Ontario, ~$100K income) who contributes $15,000 to their RRSP would receive approximately $6,075 back at tax time — money that can go directly into a TFSA or GIC.

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4. Build — or review — your financial protection layer

Reaching $50,000 in savings is also the moment to audit whether what you’ve built is properly protected. There are two areas most Canadians underestimate at this stage.

Life and disability insurance

Employer group plans often provide only basic coverage. Canadians should consider whether their life insurance benefit — typically one to two times their annual salary — is sufficient to cover debts, income replacement and the needs of their dependents. (5) Keep in mind that term life insurance bought at ages 35 to 45 is significantly cheaper than coverage purchased a decade later.

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Emergency fund

The FCAC recommends holding three to six months of living expenses in a liquid account before putting savings into longer-term investments. (6) For a household spending $4,500 per month, that means keeping $13,500 to $27,000 accessible — the remainder of your $50,000 can then be invested more aggressively.

5. Consider investing any surplus for the long term

Once your TFSA is funded, your emergency reserve is set and your insurance is reviewed, any remaining surplus can begin to work through a diversified investment strategy.

Low-cost index ETFs held in a TFSA or RRSP are among the most cost-efficient options available to Canadian investors. The Ontario Securities Commission (OSC) investor education calculators help show how even a 1% difference in management expense ratio (MER) can reduce a portfolio’s final value by tens of thousands of dollars. (7)

First-time homebuyers should also investigate the First Home Savings Account (FHSA), introduced in 2023. It combines RRSP-style deductibility on contributions with TFSA-style tax-free withdrawals — up to $40,000 per lifetime — when funds are used toward a qualifying home purchase. (8)

What to do now

• Log in to the CRA’s My Account to confirm your exact TFSA and RRSP contribution room.
• Compare HISA and GIC rates through federally regulated institutions — look for accounts insured by the Canada Deposit Insurance Corporation (CDIC).
• Set aside three to six months of expenses in a liquid HISA before locking funds into longer-term products.
• Request a review of your life and disability insurance coverage — especially if your circumstances have changed since your last policy was issued.
• If you’re a first-time homebuyer, open an FHSA before the end of the tax year to begin accumulating contribution room.
• Consider consulting a fee-only financial planner (one who does not earn product commissions) for an objective full portfolio review.

Bottom line

A $50,000 savings balance gives you real options. The risk now isn’t losing money to a bad investment — it’s leaving money in an account that earns less than inflation while the right vehicles sit empty. The steps above are sequential by design: registered shelter first, rate optimization second, protection third, growth fourth. Follow that order and your $50,000 becomes a foundation rather than a ceiling.

Article sources

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

Statistics Canada (1); CRA (2, 4, 8); Edward Jones (3); Financial Consumer Agency of Canada (5, 6); Ontario Securities Commission (7)

The landscape of provincial aid has shifted. Those basing a budget on figures from five or six years ago will likely face significant discrepancies.

Here is the essential breakdown of what to expect for the upcoming academic year.

The grant vs. loan reality

One of the most notable shifts is the ratio of grants to loans within the provincial portion of OSAP. While the system previously emphasized non-repayable grants, the model has swung toward prioritizing repayable loans.

• The 25% cap: As of the 2026-27 academic year, the provincial government has restructured funding so that a maximum of 25% of the provincial portion of OSAP is issued as a grant. The remaining 75% is provided as a loan.
• Long-term debt: When using the OSAP estimator, it’s critical to distinguish between "total funding" and "non-repayable funding." Affordability is no longer just about meeting the first-semester bill; it’s about the debt load a student carries into their career.

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The end of the tuition freeze

After a multi-year freeze, the Ontario government has introduced a new Tuition Fee Framework starting in Fall 2026.

• Annual increases: Public colleges and universities are now permitted to increase tuition by up to 2% annually for the next three years.
• Cost of living: While these increases are described as modest by the sector, they coincide with a period where OSAP funding has struggled to keep pace with the rising costs of books, food, and housing.

How family income is calculated

The expected parental contribution remains a primary factor for middle-income families. OSAP operates as a needs-based program, assuming that families earning above certain thresholds will contribute a specific portion toward tuition.

According to the Ontario Ministry of Colleges and Universities, "OSAP is a needs-based program, which means it provides financial aid to help students from lower and middle-income families pay for post-secondary education."

However, the "middle-income" sliding scale often fails to reflect the actual cost of living in major hubs like Toronto or Ottawa, where market realities can quickly outpace calculated aid.

The housing gap

Rent in Ontario university towns has historically escalated beyond the standard OSAP living allowance. For many families, the most financially viable option is attending a local institution where the student can commute.

The gap between the OSAP housing allowance and a bedroom in a shared house can often amount to thousands of dollars in "unmet need" per year.

Strategic financial planning

To stay ahead of these changes, families should avoid waiting until graduation to discuss finances.

1. Use the OSAP estimator early: Run numbers for various institutions to see the specific grant-to-loan breakdown.
2. Verify program approval: Ensure the chosen program is OSAP-approved, as some private career colleges are now ineligible for provincial grants entirely.
3. Leverage the student access guarantee: This partnership between the province and schools ensures that if OSAP does not cover the full cost of tuition and books, the university or college must provide additional financial help (bursaries or work-study) to cover the difference.

Affording post-secondary education in Ontario has become a game of strategy. Success requires balancing provincial aid with internal scholarships and maintaining a realistic outlook on living expenses.

FAQs

I'm a single parent. Will the new rules impact my child?

Yes, though perhaps differently than two-parent households. While single-parent families often qualify for higher needs-based aid, the grant-to-loan shift still applies to the provincial portion of their package. Your child may still receive the same total amount of money, but a larger percentage will likely be a loan rather than a grant compared to previous years.

However, federal grants for students with dependents or low-income status remain a significant (and often more stable) part of the total package.

If the tuition freeze is over, will my child's OSAP increase automatically?

Not necessarily. While OSAP assessments consider tuition costs, the provincial "grant cap" remains at 25%. This means that if tuition rises by 2%, any resulting increase in provincial OSAP funding will predominantly be in the form of a loan.

What happens if OSAP simply isn't enough to cover the bills?

This is where the Student Access Guarantee (SAG) becomes vital. Ontario universities and colleges are required to provide additional financial aid (such as bursaries or work-study programs) if OSAP does not cover the full cost of tuition, books, and mandatory fees for students in financial need.

Are these changes retroactive to existing student loans?

No. The new 2026-27 rules apply only to new funding issued for study periods starting on or after August 1, 2026. Previous grants will not be converted into loans, and existing debt remains under the terms of the year it was issued.

One Redditor is in the process of making this decision and took to the social media platform to ask fellow Canadians if the move made sense for them.

A remote worker living in a small detached home in the GTA, the Redditor is planning to move to Langley, BC, to be closer to family (1). Their main concern? "Is a 20% increase in budgeted monthly non-recoverable expenditure reasonable? Or can it be less? 10%?"

When you’re trading a home in a suburbs like Pickering or Oakville for the quiet, lush streets of Langley, the financial reality is more nuanced than a simple property exchange.

The short answer for our Reddit friend is that a 20% buffer is a safe, conservative bet, but once you factor in the "wins" of BC living, your actual lifestyle hit might be closer to 10% or 12%.

The real cost of the West Coast shift

Living in Vancouver and its surrounding areas like Langley often comes with a "mountain tax" on daily goods. However, British Columbia offers a few hidden discounts that Ontario lacks.

According to data from Arrive & Thrive (2), Vancouver remains the most expensive rental and lifestyle market in Canada, sitting about 5% higher than Toronto overall. But for a homeowner moving to Langley, the math changes because you’re exiting the rental market entirely.

Groceries and dining out

Expect to pay more at the checkout. Data indicates that Vancouver and BC markets often charge a premium over Toronto for the same basket of goods. Chicken prices in BC are historically among the highest in the country. If you currently spend $1,000 a month on groceries in the GTA, you should budget at least $1,100 in Langley.

Utilities and insurance

This is where the West Coast wins. BC Hydro rates are significantly lower than the delivery-heavy bills from Ontario providers such as Alectra or Toronto Hydro. The Canada Energy Regulator (3) notes that provinces with abundant hydro resources maintain lower average rates. You could see your monthly power bill drop by 20% or more.

However, home insurance in BC is often higher due to earthquake risk. While a Toronto home may average $150 a month, BC premiums can easily push higher depending on the age and construction of the property.

The car and the commute

Even though you work from home, you still have to get around. Historically, BC gas prices are the highest in North America due to provincial taxes. Conversely, Ontario has recently seen some of the most expensive average annual premiums for auto insurance. Moving your plates to BC may actually save you a few hundred dollars a year on premiums, even if the pump hurts a bit more.

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What salary do you need to thrive?

Comfort is subjective, but the numbers are firm. To live comfortably in the Greater Vancouver Area — meaning you can own a home, drive a car, eat out occasionally and still save for retirement — a household income of $180,000 to $210,000 is the current benchmark.

As the team at Katrina & The Team (4) points out: "Vancouver consistently ranks as Canada's most expensive city... the overall cost of living in Vancouver runs about 5-6% higher than in Toronto."

Balancing the ledger: Is the move worth it?

All that to say, yes, a 10% increase is likely your reality, while 20% is your "sleep-at-night" insurance policy. If you’re swapping like-for-like on your mortgage, your biggest non-recoverable spikes will be groceries and gas. However, those are often balanced out by your biggest saves: your electricity bill and your auto insurance. In the GTA, you may be used to the "death by a thousand cuts" of delivery fees and high insurance premiums; in Langley, the costs are more visible at the gas station and the grocery checkout.

Ultimately, the move to Langley shouldn't be viewed through the lens of a 20% "penalty." Instead, it's a reallocation of funds. That extra 10% you spend each month isn't just disappearing into the void — it's buying you closer proximity to family and a backyard in the Fraser Valley.

Before you pack the moving truck, get a quote for your specific Langley postal code; property tax and insurance nuances between Langley City and Langley Township can vary enough to swing your monthly budget. Always check the BC Assessment (5) website for the specific property history to avoid surprises.

The verdict? If you can handle a 10% shift in your monthly "burn," you aren't just surviving the move — you're thriving.

Article Sources

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

Reddit (1); Arrive & Thrive (2); Canada Energy Regulator (3); Katrina & The Team (4); BC Assessment (5)

In his 2025 annual letter to shareholders published April 9, 2026, Amazon CEO Andy Jassy made his clearest challenge yet to Nvidia's dominance in artificial intelligence (AI) semiconductors (1). Moreover, he frames the company's custom Trainium chips as a more cost-effective alternative to Nvidia's graphics processing units (GPUs) (1).

"Virtually all AI thus far has been done on Nvidia chips, but a new shift has started," Jassy wrote. "We have a strong partnership with Nvidia, will always have customers who choose to run Nvidia, and we will continue to make AWS the best place to run Nvidia. However, customers want better price-performance. We've seen this movie before."

The "movie" Jassy is referencing is Amazon Web Services' (AWS) experience unseating Intel in cloud computing. In 2018, Amazon developed its own central processing unit (CPU) chip, called Graviton (1). "In the CPU space, virtually all of the workloads ran on Intel chips until we invented Graviton in 2018," he wrote. "Graviton, which has up to 40% better price-performance than other x86 processors, is now used expansively by 98% of the top 1,000 EC2 customers."

"The same story arc is unfolding in AI," he added.

The AI chip business: By the numbers

Jassy laid out the Trainium roadmap in detail. Amazon's second-generation AI chip, Trainium2, delivered about 30% better price-performance than comparable GPUs and "has largely sold out (1)." Trainium3, which began shipping at the start of 2026, offers another 30% to 40% improvement over its predecessor and is nearly fully subscribed. A significant portion of Trainium4 — still about 18 months from broad availability — has already been reserved by customers.

Amazon's custom chips business — which includes Graviton, Trainium and its Nitro networking cards — has hit an annual revenue run rate above US$20 billion (C$27.8 billion) (1). That figure has doubled from the US$10 billion (C$13.9 billion) Amazon disclosed alongside its Q4 2025 earnings and is growing at triple-digit percentages year over year, according to the company's CEO.

"If our chips business was a stand-alone business, and sold chips produced this year to AWS and other third parties, as other leading chips companies do, our annual run rate would be ~US$50 billion (C$69.6 billion)," Jassy wrote.

For context: Nvidia reported record full-year revenue of US$215.9 billion (C$300 billion) for its fiscal year ending January 2026, with data centre sales climbing 75% year-on-year to US$62.3 billion in Q4 alone (2).

At scale, Jassy wrote, Trainium is expected to save Amazon "tens of billions of capex dollars per year, and provide several hundred basis points of operating margin advantage versus relying on others' chips for inference (1)." Amazon Bedrock, AWS's fast-growing inference service, already "runs most of its inference on Trainium."

"Our chips business is on fire," Jassy wrote, adding it "changes the economics for AWS, and will be much larger than most think."

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Who's actually using Amazon's AI chips?

The strongest evidence for Jassy's claims may be the customer list. Anthropic, the AI safety company behind the Claude AI assistant, is the most prominent Trainium customer (3). In April 2026, Anthropic revealed it is using 500,000 Trainium2 chips as part of Project Rainier — a massive AI compute cluster spread across multiple data centres — and that its models would scale to more than 1 million Trainium2 chips for training and inference (4).

According to a TechCrunch tour of Amazon's Trainium lab published in March, there are now 1.4 million Trainium chips deployed across all three generations, and Anthropic's Claude runs on over 1 million of the Trainium2 chips deployed (5).

OpenAI has also signed on in a commitment to AWS at a cost of more than US$100 billion, which Jassy referenced in the letter, making Amazon the exclusive infrastructure provider for parts of OpenAI's workloads (6). Apple is reportedly testing the chips as well to drive smart glasses similar to Meta's Ray-Ban Meta, according to TechCrunch (7).

The relationship with Anthropic goes beyond a typical cloud customer arrangement. Anthropic engineers had direct input into the chip's instruction set architecture, and Amazon agreed to open up its instruction set. This removed a pain point that Anthropic's engineers had experienced with Nvidia GPUs, where the company tries to obscure that information to keep competitors from seeing it, Semafor reported last month (8).

Nvidia's position — and its challengers

Despite Jassy's enthusiasm, Nvidia's position in AI is still considerably stronger. The company holds an 81% market share by revenue for data centre chips, according to IDC research (9). Bloomberg also reports Nvidia's CEO Jensen Huang recently projected US$1 trillion in cumulative AI chip revenue through 2027 (10). Nvidia's Blackwell Ultra chips are also the clear performance leader on several benchmarks (11).

But competition is intensifying: Almost every major cloud provider is building custom AI silicon. Google has been refining its Tensor Processing Units (TPUs) for a decade and is the furthest along among hyperscalers, semiconductor analyst Stacy Rasgon at Bernstein told CNBC (12) in November of 2025. Microsoft unveiled its second-generation custom AI chip, the Maia 200, in January; the company claims it delivers three times the performance of Amazon's latest Trainium on certain benchmarks, according to GeekWire (13). Meta is also scaling its own MTIA chips, and OpenAI is working with Broadcom on custom silicon expected by late 2026 through to 2027 (14).

Nvidia's market share in AI accelerators is expected to come down this year, from 87% in 2024 to around 75% in 2026 (15). Nvidia's overall revenue will keep growing since the total market is expanding faster than any share decline — but that's partly Jassy's point. Amazon doesn't need to "beat" Nvidia to win. It only needs Trainium to be good enough, and cheap enough, to capture a meaningful share of this rapidly expanding market.

"There's so much demand for our chips that it's quite possible we'll sell racks of them to third parties in the future," Jassy wrote.

What this means for Canadian investors

For Canadians with money in the market — whether through a Tax-Free Savings Account (TFSA), a Registered Retirement Savings Plan (RRSP) or a non-registered account — the AI chip story is already in your portfolio. Here's what to consider:

Check your index exposure

Nvidia and Amazon are among the largest holdings in the S&P 500, which means they're a significant portion of most U.S. equity index exchange-traded funds (ETFs) available to Canadians (16). If you hold something like a broad U.S. equity ETF in your TFSA or RRSP, you already have exposure to both companies. The competition between them isn't necessarily bad news for your portfolio — it may simply mean AI infrastructure spending stays elevated, benefiting both.

Understand concentration risk

Nvidia's dominance means it holds an outsized weight in many popular index funds. If Amazon's chip challenge succeeds, Nvidia's valuation premium could compress — dragging down indices that are heavily weighted toward it. Reviewing whether your portfolio is disproportionately exposed to a single company or sector is always worthwhile, particularly in fast-moving sectors like AI semiconductors.

Use your registered accounts strategically

The Canada Revenue Agency (CRA) allows Canadians to hold foreign equities — including U.S.-listed stocks like Nvidia and Amazon — within both TFSAs and RRSPs. Capital gains on these investments grow tax-sheltered inside registered accounts. Note that U.S. dividend income held in a TFSA is subject to a 15% withholding tax under the Canada-U.S. tax treaty; that withholding is generally waived inside an RRSP (17). If you hold dividend-paying U.S. tech stocks, account placement can make a significant difference over time.

It’s important to note that the RRSP withholding tax exemption does not extend to Canadian-listed ETFs that hold U.S. securities. In that case, the 15% withholding tax applies regardless of whether the ETF is held in a TFSA or RRSP. To benefit from the treaty exemption inside an RRSP, you must hold the U.S. securities directly or through a U.S.-listed ETF — not through a Canadian-wrapped fund.

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Bottom line

The AI chip boom is real, but so is the volatility that comes with it. Both Nvidia and Amazon have seen significant price swings over the past two years. Before making changes to your portfolio based on any single CEO's shareholder letter, consider your time horizon, risk tolerance and overall allocation. If you're unsure, speaking with a licensed financial adviser is the best first step.

— 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.

Amazon News (1, 3); Trading View (2); Anthropic (4); TechCrunch (5, 7); OpenAI (6); Semafor (8); The Motley Fool (9); The Globe and Mail (10); Nvidia Developer (11); CNBC (12); GeekWire (13); Reuters (14); Silicon Analysts (15); ETF Trends (16); Scotiabank (17); RBC Wealth Management (18)

The Greater Toronto Airports Authority (GTAA) has launched a massive, multi-billion-dollar investment program titled "LIFT" (Long-term Investment in Facilities and Terminals). While the name suggests a streamlined experience, the financial implications for travellers and the broader regional aviation landscape are substantial (1).

Why Pearson is accelerating infrastructure now

Pearson International Airport is currently facing the limitations of aging infrastructure. The GTAA has warned that without immediate upgrades, the airport will reach a "capacity wall" by the early 2030s, potentially stifling travel demand and driving up ticket prices due to constrained supply (2).

In May 2026, GTAA president and CEO Deborah Flint confirmed the launch of a $3 billion initial phase of the LIFT program (3). The investment aims to modernize the facility to handle a projected 65 million annual passengers by the next decade.

• Key focus areas: Upgrading high-speed taxi lanes, airfield lighting, and power generation.
• Passenger impact: While "efficiency" translates to fewer delays and modernized retail, these capital-intensive projects are primarily funded through debt and Airport Improvement Fees (AIF).

The Billy Bishop factor and market competition

The timing of Pearson’s expansion coincides with a pivotal debate regarding Billy Bishop Toronto City Airport. With its lease originally set to expire in 2033, the Ontario government introduced the Building Billy Bishop Airport Act, 2026 (4). This legislation seeks to facilitate long-term modernization, including runway safety enhancements and terminal upgrades.

The competition between Pearson and Billy Bishop is a critical factor in market pricing. A robust, expanded Billy Bishop provides a viable alternative for short-haul flights to hubs like Montreal and Ottawa. If Pearson becomes the sole outlet for regional growth, the resulting lack of competition could lead to higher base fares for travellers.

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Impact on travel budgets: The "infrastructure inflation"

Large-scale airport expansions are typically funded by the passengers using the facilities. Travellers should monitor the following areas for potential cost increases:

• Airport Improvement Fees (AIF): Pearson currently charges $40.00 for departing passengers (up from $35 in previous years). As the multi-billion-dollar LIFT project progresses, there is a continued risk of fee adjustments to service the resulting debt.
• Ticket price floors: Unlike promotional fares, the AIF is a fixed cost embedded in the ticket. Any increase in these fees creates a permanent "floor" that prevents ticket prices from dropping below a certain level, regardless of airline competition.

Strategies for navigating rising costs

As these expansions move forward, travellers can employ several tactics to mitigate the impact on their budgets:

1. Monitor fee breakdowns: Review flight receipts to identify changes in the AIF. Recognizing these as fixed costs helps in setting realistic travel budgets.
2. Strategic booking: During active construction phases, Pearson may experience "travel friction." Booking mid-week or during off-peak hours can often yield lower base fares that offset the rising mandatory fees.
3. Optimize loyalty programs: The "taxes and fees" portion of a points-based flight often remains a cash expense. Redeeming points before further fee hikes can maximize the value of rewards.

While the modernization of Toronto’s airports is necessary for global competitiveness, the "price of progress" will ultimately be reflected in the cost of a plane ticket.

Article sources

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

Travel Market Report (1); Toronto Pearson Airport (2); CityNews (3); Ontario (4)

As of January 1, 2026, cumulative TFSA contribution room for a Canadian who was 18 or older when the program launched stands at $109,000 — based on the annual limits set by the Department of Finance Canada each year since 2009. In other words, if you have never made a TFSA contribution, that’s the amount you could deposit today.

Understanding how room accumulates, where to find your exact limit and how to avoid the mistakes that trigger a penalty tax is not complicated. But for many Canadians, the gap between what they could shelter and what they’ve actually sheltered is wide enough to matter.

How TFSA contribution room accumulates

Every Canadian resident who is 18 or older and holds a valid Social Insurance Number (SIN) accumulates TFSA contribution room each calendar year, regardless of whether they hold an account or make any contributions. Room is not lost if unused — it carries forward indefinitely.

Annual limits are set based on inflation indexing, rounded to the nearest $500. If you withdraw from a TFSA, the withdrawn amount is added back to your contribution room — but not until January 1 of the next calendar year. Re-contributing the same dollar in the same year it was withdrawn will trigger a 1% per month penalty tax on the excess amount.

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How to find your exact TFSA limit

Your personal TFSA contribution room is not necessarily $109,000. If you have made past contributions or withdrawals, your available room will differ. The only reliable way to find your exact limit is to log in to Canada Revenue Agency (CRA) My Account and navigate to the RRSP and TFSA section. The CRA updates this figure annually, typically in the spring, using contribution data filed by financial institutions.

One caution: the CRA figure may not reflect contributions or withdrawals made in the current calendar year, since institutions do not report in real time. If you have made any TFSA transactions in 2026, subtract them manually from the CRA figure to avoid accidentally over-contributing.

The TFSA vs. RRSP question: Which to use first?

For many Canadians, this is not a binary choice — both accounts serve different purposes and can work together as part of a broader savings plan.

The Registered Retirement Savings Plan (RRSP) delivers a tax deduction in the year of contribution, which is most valuable when your current income is high and you expect to be in a lower tax bracket in retirement. The TFSA, by contrast, offers no upfront deduction but permanently shelters all future growth and withdrawals from tax — making it particularly valuable for lower and moderate-income earners, those who expect their income to rise or anyone who wants flexibility.

A general rule of thumb used by many financial planners is to contribute to the TFSA first if your income is below $55,000. If your income is above that threshold, consider maximizing RRSP contributions first as this produces a larger immediate tax benefit. Either way, the right answer depends on your individual situation, and a fee-only financial adviser can help model the tradeoff.

How to catch up if you have never maxed your TFSA

Because unused room carries forward, there is no deadline pressure on the catch-up itself. You can contribute any amount up to your available room at any point — in a lump sum or incrementally.

The most important first step is to start with the right account type.

Many Canadians hold a TFSA savings account through a bank — often because it’s easy to open. However, this type of TFSA investment typically earns low interest.

A self-directed TFSA, available through most online brokerages and investment platforms, allows you to hold stocks, exchange-traded funds (ETFs), bonds and other securities inside the same tax shelter. Over decades, the compounding difference between a 1% savings account or even 3% high-interest savings account and a diversified equity portfolio can be substantial.

For those catching up with a lump-sum contribution, keep in mind that contribution room is not retroactively indexed — $1 contributed today simply fills room that has been accumulating since 2009. There is no mechanism to retroactively claim growth that would have been sheltered had you contributed earlier. Start filling unused room as soon as you can.

The biggest TFSA mistakes Canadians make

The biggest mistake an investor can make is over-contributing to their TFSA. The CRA charges a 1% per month penalty for over-contributing (calculated on the excess amount). This penalty is triggered automatically when excess contributions are made, even if the over-contribution was an accident. The most common cause is re-contributing a withdrawal in the same calendar year it was made.

For instance, if a TFSA holder withdraws $10,000 in March 2026 to cover a large expense, then re-deposits $10,000 in October 2026 — before the room is formally restored on January 1, 2027 — this would trigger an over-contribution penalty. Even though the net balance in the TFSA is unchanged, that re-contribution is above the annual maximum amount that can be added to the TFSA, and triggers a penalty. The CRA guides how to resolve excess contributions through its TFSA administrative pages.

A second common error is contributing as a non-resident of Canada. TFSA room does not accumulate during years of non-residency, and contributions made while you are non-resident are subject to a 1% per month penalty tax — distinct from the excess contribution penalty.

How to prepare to maximize your TFSA contributions

1. Log in to CRA My Account. Go to your registered accounts and check your TFSA contribution room. This is the only reliable source for your personal limit
2. Subtract any 2026 contributions or withdrawals not yet reflected in the CRA figure before you contribute further
3. If you hold a TFSA savings account only, consider opening a self-directed TFSA through an online brokerage — you can hold ETFs and other investments inside the same tax-free shelter
4. Never re-contribute a withdrawal in the same calendar year — restored room is available January 1 of the following year only
5. Contribute $7,000 for 2026 (if you have sufficient room) and treat any prior-year unused room as a catch-up opportunity at your own pace
6. If your available room, income or retirement timeline is complex, a fee-only financial adviser can help you model the TFSA vs. RRSP tradeoff for your situation

Tax-free compounding is the TFSA's main advantage, but it only works while money is inside the account. The $109,000 in lifetime room available to eligible Canadians as of 2026 represents a significant opportunity — but the window for sheltering growth inside the TFSA is only valuable if funds are contributed.

The Shark Tank investor and real estate mogul declared on a recent episode of The Burnouts podcast — hosted by Phoebe Gates and her business partner Sophia Kianni — that she has never once tried to hang on to her money. "I don't believe in saving money," Corcoran said. "I've never saved a dime in my life (1)."

For context: Corcoran is worth around US$100 million — approximately C$138 million at current exchange rates (2). She built a real estate empire, the Corcoran Group, and sold it in 2001 for US$66 million (approximately C$91 million) (3).

When the sale went through, her first instinct wasn't to invest the proceeds. "What can I spend it on?" she recalled thinking. She gave half of it away — to friends, family, charities and investment funds (4).

Her philosophy was passed down from her mother, who raised 10 children on a tight budget: "Money is meant to be spent." In turn, Corcoran says she "never got rich by saving," but by "allowing money to come and go (4)." Her personal belief: "When you spend money, it comes back to you."

Her story is inspiring.

However, it's also not a financial blueprint most Canadians can realistically follow — here’s why.

Where most Canadians actually stand

Corcoran's relationship with money reflects a world that's far out of reach for ordinary Canadian households. The Financial Consumer Agency of Canada (FCAC), a federal body that oversees consumer financial protection, reports roughly 2 in 5 Canadians cannot cover three months of expenses from savings alone (5).

A 2025 report from Financial Wellness Lab at Western University found that over 60% of respondents had no emergency fund at all, and a $1,000 emergency would send them straight into debt (6).

Meanwhile, Statistics Canada data shows that the national household savings rate declined to approximately 6.1% in 2024 (7) — a figure that, while higher than the historical lows of around -0.10% in 2018, still reflects how little room many households have to build a financial cushion after covering housing, groceries and transportation (8).

The Bank of Canada's Financial System Review 2024 reinforced these statistics, noting that lower-income Canadians are particularly vulnerable when it comes to covering repayment of interest and principal on outstanding debt, and the high cost of living continues to crowd out any ability to save (9).

It's unlikely that these households believe money circulates back to them in the way Corcoran describes. Instead, it's far more likely that they simply have nothing left over.

Does Corcoran's strategy actually work?

Can Corcoran's "don't save" strategy work? Sometimes — but only in a very specific set of circumstances.

Her argument is that spending money on people, opportunities and reinvestment creates more value than hoarding it. The money she gave away after the sale of her company presumably generated goodwill, created relationships and opened doors to new business deals.

That's a version of an idea that is somewhat legitimate. Economists distinguish between consumption spending — buying things that don't generate returns but meet short-term needs — and investment spending, which is where Corcoran's career is largely built (10). Reinvesting in a business, hiring good people or funding new ventures can generate compounding returns in ways that a savings account never will.

The important distinction is that Corcoran has always been putting money into high-upside bets, not simply spending freely because she feels like it. She had income, assets and a very high tolerance for risk — a safety net that most Canadians, particularly younger ones, don't have (11).

For the average Canadian household, the more urgent financial problem isn't whether to save or spend. It's whether they could cover an unexpected emergency without going into debt.

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The real takeaway

Corcoran's ethos works as a mindset for entrepreneurs with income, assets and an appetite for risk. She didn't get rich by keeping money in a bank — she got rich by making money move.

Her mother's advice during the lean years — "Don't worry about the money, what a waste of time" — hits differently when you have no emergency fund and then a large, unexpected bill arrives.

The evidence-based version of Corcoran's philosophy? Don't let savings be your only strategy. Once you have covered the basics — managing everyday expenses and building a cushion for emergencies — think about investing in yourself and your future beyond just stashing money away.

What Canadians can do instead

Barbara Corcoran's story is a useful reminder that obsessing over penny-pinching isn't the only path to financial security. But for Canadians who aren't sitting on a US$66 million windfall, here are some grounded next steps:

Build the emergency fund first

The FCAC recommends having three to six months of living expenses set aside before pursuing other financial goals (12). Even a small monthly contribution — C$50 to C$100 — into a dedicated high-interest savings account (HISA) can build this buffer over time.

Use your registered accounts

Canada's registered savings accounts are among the most powerful financial tools available — and they are widely underused:

• Tax-Free Savings Account (TFSA): Any Canadian resident aged 18 or older can contribute to a TFSA. Investment growth and withdrawals are completely tax-free. The cumulative contribution room as of 2026 is C$109,000 for those who have never contributed (13).
• Registered Retirement Savings Plan (RRSP): Contributions are tax-deductible and investment growth is tax-sheltered until withdrawal. The 2026 contribution limit is 18% of your 2025 earned income, up to a maximum of C$33,810 (14).
• First Home Savings Account (FHSA): Introduced in 2023, the FHSA allows first-time home buyers to contribute up to C$8,000 a year (lifetime maximum C$40,000). Contributions are tax-deductible and qualifying withdrawals are tax-free — effectively combining the benefits of an RRSP and a TFSA (15).

Think like Corcoran — but start small

Corcoran's real lesson isn't "spend everything." It's that money sitting idle generates nothing. Once your emergency fund is in place, consider putting even a modest amount to work — whether through a low-cost index fund, a TFSA or a small side project. The goal is to make your money move productively, not to keep it under a mattress.

The difference between Corcoran and most Canadians isn't mindset. It's margin. Build the margin first — then spend boldly.

Article Sources

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

The Burnouts podcast (1); Parade (2); Britannica Money (3); Fortune (4); Financial Consumer Agency of Canada (5, 12); The Globe and Mail (6); Statistics Canada (7); Trading Economics (8); Bank of Canada (9); Economics Help (10); MSN (11); Scotiabank (13); TD Bank (14); Canada Revenue Agency (15)

Feeling "comfortable" in retirement is about more than having enough money to cover food, shelter and other living expenses. It's also about quality of life, social connection and a sense of purpose.

That's why even those who save millions for retirement can still feel anything but ready. Especially those whose identity is deeply tied to their work.

Imagine someone like 64-year-old Frank, a highly respected accountant who provides tax and investment advice to high-net-worth individuals.

A lifelong bachelor, he's devoted to his career and he admits to feeling anxious as retirement approaches. And it's not because he hasn't prepared financially: he's built a nest egg worth roughly $3.1 million.

But he's worried about leaving his career, his colleagues and his clients — where he feels his value is rooted. In other words: his financial assets are fine, but he knows there's a shortage on the personal side of his retirement balance sheet.

Surprisingly, this is a common problem that can seriously impact retirees' mental and physical health. Here's a look at how serious the problem is — and how to deal with it.

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When stepping down from a job feels more like a free fall

FP Canada's 2025 Financial Stress Index reveals only 34% of Canadians feel they've saved enough money for retirement — and the financial aspect is only one part of the challenge (2). Studies increasingly show that many people are emotionally and psychologically unprepared for retirement, and that gap isn't given as much attention as it deserves.

Research describes this as "sudden retirement syndrome" — a period of anxiety, disorientation and loss of identity that can follow a person to the end of their career (3). Success can make it even harder to step back if you're used to maintaining a particular lifestyle and social status.

Many professionals like Frank put off retirement because it means moving from a reliable world where everything is familiar — a place tied to identity, social connection and influence — into a world of unknowns. People may fear retiring because it brings up worries about aging, dependency or becoming irrelevant.

Warning signs that a retiree is struggling with a post-work identity crisis can include:

• Talking about their former job constantly
• Feeling envious of former colleagues who are still working
• Feeling uncomfortable when asked about their professional role
• Avoiding social situations where careers might come up

Social isolation is a real concern in retirement. Statistics Canada's 2021 Census data shows that just under one-quarter of Canadians aged 65 and older live alone — a figure that has grown steadily over the past two decades (4). The Public Health Agency of Canada (PHAC) notes that social isolation is more than a mental health concern: it can increase the risk of heart disease, stroke, diabetes, dementia, reduced quality of life and premature death (5).

For people like Frank who don't have a life partner, the danger of social isolation is even greater.

The good news is that with the right plan, you can find social connection, purpose and fulfillment in retirement. And if you've been successful at work, you likely already have many of the skills you need to do so.

How to retire with a rich quality of life

For many retiring workers, simply picking up a hobby or attending social events isn't necessarily enough.

Someone like Frank may be happier applying his skills and energy to volunteering for a meaningful cause or part-time work. For example, he could offer his accounting expertise to a registered charity or a not-for-profit organization. He could mentor younger generations through a financial literacy program or a community organization like Junior Achievement Canada.

His professional experience would carry extra weight in these roles — and in turn, it would expand his social circle to include people of all ages and backgrounds.

In the meantime, maintaining membership in professional associations such as CPA Canada could help Frank preserve long-standing relationships he built over a career.

These activities would also add structure to the wide-open days that retirement brings. Structure is essential to mental and physical health in retirement — from sleeping schedules to regular physical activity to planned social time.

Single retirees in particular can benefit from expanding their "chosen family" of close friends, and some may find value in exploring shared living arrangements, or retirement communities with built-in social networks. And for those who prefer their own space, a pet has long been shown to reduce loneliness, and provide daily routine and companionship (6).

The key is to plan for your retirement psychologically and emotionally, just as intentionally as you plan financially. Doing so can bring you a wealth of social connection and purpose that makes your golden years some of the richest of your life.

What Canadians can do next

Whether you're 10 years from retirement or already there, it's never too early — or too late — to build a plan that addresses both your finances and your emotional readiness.

Here are some steps to consider:

• Review your retirement income picture. Canada's retirement system rests on three pillars:

1. Public benefits such as Canada Pension Plan (CPP) or Quebec Pension Plan (QPP), and Old Age Security (OAS)
2. Employer pension plans
3. Personal savings in registered accounts such as an RRSP, RRIF or TFSA

Knowing exactly what income each pillar will provide helps reduce financial anxiety — and lets you focus on the emotional preparation (7).

• Know your RRSP-to-RRIF conversion deadline. The Canada Revenue Agency (CRA) requires that your Registered Retirement Savings Plan (RRSP) be converted to a Registered Retirement Income Fund (RRIF) — or used to purchase an annuity — by December 31 of the year you turn 71. Missing this deadline has tax consequences, so build it into your plan (8).
• Consider delaying CPP to maximize income. You can start collecting CPP as early as age 60 at a permanently reduced amount, or defer it until age 70 for an enhanced amount. For seniors who are in good health and have other income sources, deferral can substantially increase lifetime benefits (7).
• Work with a financial planner on your transition plan. An FP Canada-certified financial planner can help you map out not only the numbers, but the lifestyle planning that people often overlook. Many planners now offer retirement transition planning that addresses identity, purpose and daily structure alongside investment strategy.
• Start building a post-career purpose early. Whether it's through volunteering, part-time consulting, mentoring or a passion project, the people who transition most successfully into retirement are those who are involved in meaningful activities before they leave the workforce. Don't wait until your last day to figure out what comes next.

-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.

BMO (1); FP Canada (2); Rolling Green Village (3); Government of Canada (4, 5, 7, 8); PubMed Central (6)

A new report from Rentals.ca and Urbanation (1) found average asking rents declined 4.7% year over year in April to $2,027, marking the 19th consecutive annual decline.

"Rents in Canada are basically back to their level from three years ago," Shaun Hildebrand, president of Urbanation, told CBC News (2), also noting that average asking rents are now roughly $100 lower than a year ago.

BC and Ontario continue to see some of the biggest declines

The largest rent drops remain concentrated in Canada's most expensive markets, according to the Rentals.ca report.

Average asking rents fell 5.9% in British Columbia and 5.2% in Ontario compared with a year ago. Vancouver rents dropped 5.3%, while Toronto rents fell 4.4%.

Several suburban markets surrounding major cities posted even steeper declines, including Richmond, Burnaby, Coquitlam, Markham and Oakville.

But despite the recent slowdown, rents remain far above pre-pandemic levels. National asking rents are still nearly 22% higher than they were in April 2021.

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Rent may be easing — but renters are also getting less space

Part of the reason affordability still feels strained is that rental units themselves are shrinking.

The April report found the average available rental unit measured 827 square feet, down from 865 square feet two years earlier.

A separate analysis released earlier this year by Rentals.ca and Urbanation found the average rental unit size across Canada has fallen from 754 square feet in 2024 to 719 square feet in 2026.

"While headline rents have moderated, many renters are still feeling the impact of affordability pressures," said Hildebrand in a March press release. "Smaller unit sizes mean renters may be getting less space for their money, particularly in Canada's largest cities."

The differences are especially noticeable in high-cost urban markets. Vancouver renters now pay an average of $4.11 per square foot — the highest rate in Canada and more than double the level seen in Edmonton.

According to the Rentals.ca analysis, much of the recent rental supply in Canada's largest cities has come from condominium developments, where studios and one-bedroom apartments account for a growing share of new inventory.

Demand for centrally located housing also continues to push renters toward smaller spaces, particularly in markets where larger units remain significantly more expensive.

For renters across the country, the recent slowdown isn't likely to change the bigger picture by much, especially when square footage continues to shrink. And that means that in many of Canada's major cities, renters will continue feeling the squeeze – in more ways than one.

Article Sources

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

Rentals.ca (1); CBC (2)

Berkshire Hathaway's Government Employees Insurance Company (Geico) lost nearly US$1.9 billion on its underwriting operations in 2022 (2). By 2023, the same insurer posted a US$3.6 billion underwriting gain. That swing — a roughly US$5.5 billion correction in under two years — is not a uniquely American story. It is a case study in how insurers everywhere diagnose mispriced risk, shed unprofitable customers and rebuild margins. Canadian insurers are deep in the same correction cycle. Understanding the mechanics tells you whether rate stability is months away or further off than carriers are letting on.

How did Geico lose US$1.9 billion — and why does that matter to Canadian drivers?

Geico's losses were not caused by a single catastrophe. They grew from two compounding problems: claims inflation and a broken telematics pricing model.

Claims inflation — rising costs for vehicle parts, labour and total-loss payouts — accelerated sharply after 2020. Geico, like many insurers, was slow to reprice its book. Premiums it was collecting in 2021 were calibrated against claims costs from 2019. The gap between what policyholders paid and what claims actually cost created the underwriting deficit. At its worst, Geico's combined ratio — the industry metric that measures claims and expenses as a percentage of earned premium — climbed well above 100%. A combined ratio above 100% means an insurer is paying out more than it takes in on premiums. At that level, rate increases are not a choice; they are a business necessity.

Canadian property and casualty (P&C) insurers faced the same dynamic. Intact Financial Corporation, Canada's largest P&C insurer, openly signalled underwriting pressure during its 2022 and 2023 earnings calls as it repriced its auto book to restore margin (3).

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The claims inflation problem: same in Canada, same fix

Warren Buffett, in his 2024 shareholder letter, credits Geico’s recovery with more up-to-date underwriting and improved pricing discipline(2). The insurer's policy count fell sharply as it let unprofitable customers lapse. What remained was a leaner, better-priced policy.

Canadian insurers have followed a similar path. Rate filings — the formal process by which insurers apply to provincial regulators for permission to increase premiums — surged between 2022 and 2024. In Ontario, where auto insurance rates are regulated by the Financial Services Regulatory Authority of Ontario (FSRA), multiple carriers filed for increases. Based on FSRA premium average data, the cumulative effect across several renewals was an increase of up to 20% (4).

The secondary driver in Geico's case — telematics mispricing — also has a Canadian parallel. Usage-based insurance (UBI) programs, which set premiums partly based on driving behaviour data collected through an app or device, were aggressively marketed in Canada from 2019 to 2021. Early adopters were often offered deep discounts to enrol. As actual claims data rolled in, some UBI pricing proved too generous, and insurers began tightening the discount structure or converting policyholders to standard-rated products.

What the Geico turnaround signals about where Canadian premiums go from here

Geico's return to profitability is meaningful precisely because of how fast it happened. From a US$1.9 billion cumulative underwriting loss in 2022 to a US$3.6 billion gain in 2023 alone — that is a remarkable two-year correction. The lever Buffett's team pulled was underwriting discipline: tighter risk selection, faster repricing and a willingness to shrink the book.

The Canadian industry is not there yet, but the direction is visible. Intact's combined ratio has trended toward profitability across recent quarters (5), which is an early signal that the hardest part of the repricing cycle may be behind the largest players. Smaller regional carriers and those with higher catastrophe exposure may take longer to stabilize.

The practical implication: premium increases are unlikely to reverse sharply, but the pace of increases may moderate through 2026 as the biggest carriers reach combined ratios below 100%. Policyholders who renewed at a high rate in 2023 or 2024 may see smaller increases at their next renewal — or, if they shop, may find the competitive gap between carriers has widened.

How to read your insurer's financial health before renewal

Combined ratio data is public. Canada's largest personal lines insurers — Intact, Definity Financial and Aviva Canada — publish quarterly earnings reports that include P&C combined ratios. A carrier whose combined ratio has moved below 100% in recent quarters is no longer in recovery mode on underwriting. That matters because an insurer still correcting losses may apply larger-than-average rate increases to your renewal regardless of your personal driving record.

If your insurer has been acquired or has exited your province, compare immediately. A new parent's pricing model may not favour your risk profile and the underwriting rules that kept your rate stable under the previous carrier may no longer apply.

The Geico case is a reminder that insurers set prices based on the aggregate experience of a book — not just your individual history. When a book is mispriced, everyone in it absorbs the correction. Understanding that mechanism won’t lower your bill, but it changes how you shop: you are looking not just for the cheapest rate today, but for a carrier that has already completed its underwriting correction and is competing on price again rather than recovering losses.

What to do now

• Check your insurer's combined ratio — above 100% means they are losing money on underwriting and will raise rates. Intact, Definity and Aviva publish quarterly results
• A combined ratio trending below 100% signals rate stabilization. Use it as a signal of when to shop versus when to lock in a multi-year policy
• If your insurer has been acquired or has exited your province, compare immediately — the new parent's pricing model may not favour your risk profile
• Don't renew automatically. An insurer still in recovery mode may be aggressive on your rate even if your driving record has not changed
• Ask whether your usage-based insurance (UBI) discount structure has changed at renewal. If your discount has narrowed, shopping the market may recover more savings than the UBI program now offers

Article sources

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

Global News (1); Berkshire Hathaway 2024 Annual Report (2); Newswire (3); FSRA (4); Insurance Business Magazine (5)

Kevin O’Leary — best known to Canadian audiences as a Dragon on Dragon's Den and to American viewers as an outspoken investor on Shark Tank — got emotional recently while recounting his late mother’s investing strategy on an episode of The Diary of a CEO podcast (1).

What moved him wasn’t the size of her portfolio. It was the discipline she used to build it — and the fact that she’d kept it entirely to herself.

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A factory worker who built a secret fortune

Georgette Bookalam wasn’t a banker or a broker. She worked at Kiddies Togs, a clothing manufacturer in Montréal, while raising her two sons (2). She had no investment training. But over the course of 55 years, she built a portfolio significant enough to put both her boys through university, and support her family through hard financial times.

O’Leary says he had no idea how much she’d saved until after she passed.

“She’d take 20% of that cash each week and she would put it into two asset classes: stocks that paid dividends — large cap stocks — and telco bonds,” he told podcast host Steven Bartlett.

Her 4 rules — and why they worked

According to O’Leary, his mother’s strategy came down to four principles she never broke:

• Invest what you can — ideally 20% to 30% of your income
• Focus on dividend-paying stocks and bonds
• Never spend the principal — only spend the income it generates
• No more than 5% in any single investment and no more than 20% in any one sector

He was blunt about the simplicity: “No more than 5% in any one stock or bond… and no more than 20% in any one sector. Ever. When a stock ran up past 5, she’d sell it down. This is not genius — it’s just diversification.”

These aren’t complicated rules. But the combination of consistency, income focus, principal protection and forced diversification is exactly what most investors fail to maintain over time — especially during market downturns.

First, investing a fixed percentage of income creates momentum. Even if 20% feels ambitious, a consistent smaller amount still allows compounding to build wealth over years and decades (3).

By focusing on dividend-paying investments, Bookalam created a reliable income stream. Rather than selling assets when she needed money, her portfolio paid her regularly. Her rule about never touching the principal kept that stream flowing indefinitely.

And by capping exposure to any single stock or sector, she protected herself from catastrophic losses. One bad investment — even a spectacular one — could never derail her entire portfolio.

“I designed the whole platform around Georgette’s philosophy,” O’Leary said.

How Canadians can apply this strategy

You don’t need 55 years or a background in finance to make this work. The strategy translates well for an investor navigating the current market — and Canada’s tax-advantaged accounts make it even more powerful.

Start with consistency in a TFSA. The most impactful step is also the simplest: set a regular contribution amount and stick to it. A Tax-Free Savings Account (TFSA) is a natural home for this strategy — investment growth and withdrawals are tax-free, meaning interest earned stays in your pocket (4). As of 2026, the total TFSA contribution room for someone who has been eligible since 2009 is $109,000.

For retirement-focused saving, use an RRSP. A Registered Retirement Savings Plan (RRSP) lets you deduct contributions from your taxable income and grow investments tax-sheltered until you withdraw (5). Contributions are limited to 18% of your previous year’s earned income, up to a maximum of $33,810 for 2026 — a limit that closely aligns with Bookalam’s 20% rule.

Find Canadian dividend payers. Canada’s stock market has a deep bench of dividend-paying blue-chip companies — particularly in banking and energy (6). Canadian investors also benefit from the federal dividend tax credit, which reduces the effective tax rate on dividends received from Canadian corporations (7). This credit doesn’t apply inside a TFSA or RRSP where income is sheltered, but is relevant to taxable investment accounts.

Use ETFs to automatically diversify. Rather than picking individual stocks, using a broad-based Canadian dividend-focused exchange-traded fund (ETF) to maintain high diversification with automatic rebalancing replicates Bookalam’s diversification rules. Many Canadian dividend ETFs hold 50 or more companies and cap exposure to any single holding — mirroring her 5% rule without constant monitoring (8).

Protect your principal. Bookalam’s rule about never spending the principal requires a mindset that many Canadians struggle with. Treat your invested capital as permanently off-limits. When you need income, rely on dividends or interest — not on selling holdings, especially during market dips.

Start early and stay in. Bookalam’s greatest edge wasn’t stock-picking or timing the market. It was time itself — 55 years of staying the course. Even a modest monthly investment that’s left untouched for decades can grow substantially through compounding.

What Canadians can take away

Bookalam didn’t have a financial plan written by a Bay Street adviser. She had four rules she never broke — and the patience to let them work.

For Canadians, the tools to replicate her approach are readily available: TFSAs and RRSPs offer tax advantages that make disciplined investing even more rewarding. Canada’s dividend tax credit reduces the tax burden on dividend income in non-registered accounts. And Canada’s banking and energy sectors offer exactly the kind of reliable, dividend-paying companies Bookalam favoured.

The takeaway is the same whether you’re 25 or 55: You don’t need a complex strategy to build real wealth. You need consistency, diversification, income focus and the discipline to leave your principal alone.

As O’Leary put it — it’s not genius. It’s simply diversification.

-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); O’Leary for Canada (2); Fidelity (3); TD Bank (4); Scotiabank (5); Morningstar (6); Canada Revenue Agency (CRA) (7); Questrade (8)

For David Walentas, the answer came from years of hard, often humbling labour: milking cows as a child, scrubbing military septic tanks in Greenland for "10 hours a day, seven days a week," and selling his own blood for gas money and a meal (1). Today, Walentas — co-founder of the Two Trees Management real estate firm — boasts an estimated net worth of about US$2 billion (C$2.8 billion) (1).

His journey from near-poverty to billionaire status is remarkable on its own. But it's the strategies he used to get there — and the mindset he developed along the way — that offer practical lessons for anyone trying to grow their wealth, regardless of where you're starting from.

Walentas' wealth-building tips

Walentas has spoken about his strategies over the years, and his advice keeps returning to a handful of clear, actionable ideas.

Learn from adversity and those around you

As Walentas shared with the Democrat & Chronicle in 2014, the hardship he faced growing up — supporting his family after his father suffered a stroke, by "milking cows and shoveling s--t" on local farms (2) — ultimately shaped the grit and self-reliance that carried him through decades of setbacks, and ultimately drove his success.

He also told NYT he believes deeply in the value of education, which he once called "the great equalizer," adding: "Most people don't really care where you come from… It's, 'What do you know?' and 'What can we do together?'" Many of the peers he met through school, he says, "changed my whole perspective of life" — including Jeff Byers, with whom he co-founded Two Trees Management.

Be willing to fight for your goals

In 2010, NYT asked Walentas why he had the phrase "No guts no glory" embroidered on the cuffs of his dress shirts. His answer was simple: "To succeed in life you have to take chances — no risk, no gain."

His vision for turning a run-down stretch of Brooklyn waterfront into a vibrant neighbourhood — with artists, cafés, tech firms and luxury condos — was a bet that took decades to pay off, from raising investment dollars to pushing through rezoning approvals. The payoff was enormous.

Be patient

As Walentas put it to the Democrat & Chronicle: "Success in life in anything is time and effort and staying with it."

Financial experts back this up. The Financial Consumer Agency of Canada (FCAC) — a federal agency that provides financial literacy resources to Canadians — strongly advocates for patience and perseverance, noting that long-term investing tends to carry less risk than short-term investments, which are far more vulnerable to market swings and high-risk trends (4). In other words, staying invested through the ups and downs is one of the most reliable paths to growing wealth over time.

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Always maintain control

Walentas says one of his most instructive lessons came when a broker mismanaged one of his properties: "The lesson was, if I couldn't manage it, I shouldn't own it."

Whether you're investing in real estate, stocks or a business, the principle holds: Understand what you own, and don't leave your financial future to someone else's judgment.

Further strategies for accumulating wealth

Beyond Walentas's personal experience, financial planning professionals point to several core habits that tend to show up in people who have been able to build lasting wealth. They include:

Eliminating high-interest debt first

The more interest that accumulates on credit cards and lines of credit means the less money you have available to grow through saving and investing. Most financial advisers recommend aggressively tackling high-interest consumer debt before redirecting funds toward long-term goals.

Automating your savings and using registered accounts

Set up automatic contributions to your savings and investment accounts. Even small contributions add up, as compound growth does the heavy lifting over time. For Canadians, this means taking full advantage of registered accounts. Contributing to a Registered Retirement Savings Plan (RRSP) reduces your taxable income in the year you contribute, while your withdrawals are taxed in retirement — ideally at a lower rate. A Tax-Free Savings Account (TFSA) offers complementary flexibility: Contributions are made with after-tax dollars, but all growth and withdrawals are tax-free.

For those whose employer offers a group RRSP with matching contributions, financial planners widely consider this one of the most effective wealth-building opportunities available — it's essentially free money that gets left behind if you don't take advantage of the perk.

The Canada Revenue Agency (CRA) sets annual contribution limits for both accounts. The RRSP contribution limit is 18% of the previous year's earned income, up to a maximum of $33,810 for 2026 (5). The TFSA contribution limit for 2026 is $7,000, with unused room carrying forward from previous years (6).

Building an emergency fund

The FCAC recommends Canadians set aside three to six months' worth of living expenses in an accessible account — separate from investment savings (7). This buffer protects long-term financial goals from being derailed by surprise expenses, such as major car repairs or a job loss.

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Considering homeownership for long-term wealth

For Canadians who are able to enter the market, homeownership remains one of the most popular paths to building equity over time. The Canadian Real Estate Association (CREA) projects that the national average home price in Canada is expected to rise 1.5% to approximately C$688,955 (8).

Affordability is a real challenge here, particularly in big cities like Toronto and Vancouver. However, guidance from financial advisers generally states that real estate is still one of the best long-term assets that builds wealth. The key is to stay disciplined with your mortgage repayments to boost your equity over time.

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What Canadians can take away from Walentas's story

David Walentas didn't build his fortune because of where he lived. He built it through a combination of resilience, long-term thinking and a refusal to give up control of his financial future. The same principles apply in Canada, with tools available to support your financial journey:

• Start where you are. You don't need a large inheritance or a high income to begin building wealth. Open a TFSA or RRSP and make automated contributions, even small ones, immediately.
• Don't quit when markets drop. Long-term investing means riding out market fluctuation, not reacting to it. History shows that Canadians who stay invested through downturns are better positioned than those who panic-sell.
• Understand what you own. Whether it's a mutual fund, an ETF or an investment property, know what's in your portfolio and why. Walentas's rule — "If I couldn't manage it, I shouldn't own it" — is sound advice for any asset class.
• Use every registered account available to you. RRSPs, TFSAs and group RRSPs with employer matching are among the most powerful and tax-efficient wealth-building tools available to Canadians. Use them.
• Protect your progress. An emergency fund isn't a luxury — it's what keeps a setback from becoming a financial catastrophe.

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); Democrat & Chronicle (2); Financial Consumer Agency of Canada (FCAC) (3, 7); Government of Canada (4); CIBC (5); Canada Revenue Agency (6); Canadian Real Estate Association (8)

The single mother wakes up every morning to make tea and is greeted by a dozen or more cockroaches crawling over her countertops, she told the Canadian Press (1).

Her evening routine is not any better — at night she hears rodents scampering throughout her residence. Dunham told the Canadian Press that she has mentioned the issues to her landlord but nothing has come of her pleas.

"It's hard on my breathing with the mouse poop everywhere and the cockroaches… I'm terrified, I'm just terrified," Dunham told the outlet.

Her son, Martin Gorman, revealed that one morning he went to eat some cereal, only to find cockroaches filled his bowl.

Dunham and her son have been living in the Spryfield apartment for over a decade. Despite multiple requests to remove pests and infestations, and to repair previous flooding damage, nothing has been done.

Gorman feels that their landlords are trying to drive them out of their rental unit so they can renovate it and then charge higher fees.

"I honestly think he's trying to push us out of the building," he said.

Dunham told CP that they would find a different location to rent, but they can't find anything at an affordable price.

"Somebody should step in, somebody has to help us," she pleaded.

Not the only renters with a grievance

Dunham and Gorman are not the only Halifax renters fed up with squalid living conditions. A group of tenants are fed up with the "chronic infestations" in their residences and believe their landlords are neglecting to remedy the problem.

On May 6, a group of Halifax tenants attended a rally outside of Dunham's building, which was organized by the housing advocacy group ACORN.

Harold Kierstead, a Halifax resident who attended the rally on behalf of his friends facing "deplorable living conditions" did not mince words about the state of their residences.

"Bedbug infestations, cockroaches… doors that aren't working right, don't lock properly. People are getting tired of paying rent for this," Kierstead said, referring to his friends who live in an apartment building across the harbour in Dartmouth.

ACORN member Mariah Baker noted that it is difficult to pinpoint exactly how many tenants are facing infestation issues or living in homes with repair issues. That said, the advocacy group is aware of a number of "densely-populated buildings in the area that have pests."

The Canadian Press reported that the Halifax Regional Municipality did not respond to a comment request immediately.

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What are renter's rights to safe housing in Halifax?

In Halifax, the rights of renters and what types of living conditions they should have are outlined in the Residential Tenancies Act (RTA) and accompanying regulations (2). Under the Statutory Conditions section of the RTA, landlords are required to keep the renter's premises in a "good state of repair and fit for habitation…" In addition to complying with the RTA, landlords are also required to comply with any health, safety and housing laws, as well as city bylaws (3).

More specifically, landlords are generally responsible for keeping their units and buildings pest-free, which includes cockroaches and bed bugs — and landlords are required to foot the bill for pest-control measures (4).

The same principle generally applies to repairs and maintenance in rental units as well. Aside from minor maintenance (e.g. changing a lightbulb), landlords are required to keep their rental units in good repair and must not put the costs for these tasks onto tenants either (5).

However, in practice, having repairs completed on a unit is a struggle for tenants, as landlords often do not want to spend the extra money to fix up the residence. In some cases, tenants that are on a fixed term lease or other difficult housing situation may not want to broach the question of repairing their living area for fear they could not have their lease renewed.

How can tenants respond to poor living conditions?

If any safety issues in a tenant's residence showcase that their landlord has breached their Statutory Conditions under the RTA, a tenant may be able end their lease early. They may also pursue reimbursement (known as a rent abatement) with the residential tenancy board (6).

In situations where a tenant does not want to leave their home but needs it to be properly maintained, they can file for a rent abatement with the tenancy board. A Residential Tenancy Officer may issue a formal order for the landlord to fix the issue without the tenant having to end their lease.

While these options are theoretically available to Nova Scotian tenants facing harsh housing conditions, in practice they might not be feasible due to the lack of affordable housing. According to the April 2026 Rent Report from rentals.ca, Nova Scotia is now the least affordable province to rent in, with the average rent asking price making up 37% of the median renter's income (7). While that is a fair drop from the province's peak of 46% in 2022, it still puts financial strain on individuals and families who are stuck between a unit they cannot afford and one they can hardly live in.

For context, the Canadian government recommends that rent and other household-related expenses (e.g. utilities, maintenance) should not be higher than 35% of someone's gross household income (8). With Nova Scotians already topping the recommended line in rent costs alone, they face considerable pressure to not take a risk and look for a new rental unit.

A survey from the Dalhousie Legal Aid Service highlights these challenges are stopping renters from taking action. A survey of over 1,200 tenants found that only 6.2% took legal action to resolve tenancy issues with their landlords through the provincial government's Residential Tenancies Program (9). Their data found that renters were feeling hopeless — they did not think anything could be done to fix their situation. Others reported a fear that taking legal action would damage their relationship with their landlord/building manager and some reported a lack of familiarity with their legal rights as renters (10).

How tenants can fight back against unfair conditions

Dealing with financial pressure from high rent costs and poor living conditions is dispiriting. But renters in Halifax do have legal rights that can help them find support and compensation when their rental unit is not fit to live in. Here are some practical steps tenants can take right away if they are not in safe housing.

• Document issues closely. As a renter, documenting your issues closely with photographs, notes, communications between you and your landlord, and how these difficulties affect your daily life is paramount.
• Bring your concerns to your landlord in writing. Renters should bring their concerns about residential conditions to their landlords as soon as possible and put them in writing. Make sure to clearly identify the problem, ask for a timeline and keep a copy of the request on hand.
• Escalate the issue to the Residential Tenancy Board. If discussions with your landlord yield no results, it is time to bring the issue before the Director of the Residential Tenancies Program. To do so, you'll need to submit a Form J: Application to Director (11). After paying the appropriate filing fee, a staff person from the Residential Tenancy Program will set a hearing date. As the applicant, you are required to serve the Notice of Hearing to the landlord and give proof to the board. At the hearing you will need to present evidence and your side of the case on a conference call. Prior to the hearing, sometimes a residential tenancies officer will offer to have a mediation to resolve the issue through mutual agreement, rather than a legal order. If this mediation does not work, the hearing proceeds as usual (12).
• Get additional help. Trying to navigate a board hearing is daunting. A number of groups such as ACORN Canada (13), Dalhousie Legal Aid (14), or Nova Scotia Legal Aid (15) can help you find camaraderie or legal assistance at little-to-no cost when dealing with unsafe living conditions.

For renters living in public housing and facing similar issues, they should know they have the same rights under the RTA as private property tenants (16). Additionally, public tenants can raise concerns about their living conditions to the Nova Scotia Provincial Housing Agency (17).

Article Sources

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

The Canadian Press (1, 9); CanLII (2); Dalhousie Legal Aid: Tenants’ Rights Guide (3, 4, 5, 6, 12, 16); Rentals.ca (7); Government of Canada (8); Dalhousie University (10, 14); Government of Nova Scotia (11); ACORN (13); Nova Scotia Legal Aid (15); Nova Scotia Provincial Housing Agency (17)

No credit does not mean bad credit; it simply means that your personal credit hasn’t been scored yet. By the end of this article, you’ll understand why a Canadian can have no credit score, what it means and how to fix it in just a few months.

What does it mean to have no credit score in Canada?

Having no credit score, or being credit invisible, affects more people than you may think. Equifax Canada estimates that more than 2.5 million adult Canadians are credit invisible, while Statistics Canada estimates that 1.1 million Canadian families have no credit history at all (1).

Another huge portion of the population has what is referred to as a “thin file” credit score. This means that there has been too little activity to generate a proper credit score, and it’s a common status for young adults or newcomers to Canada. In fact, Statistics Canada found that nearly 15% of newcomer families to Canada are credit invisible, compared to just 7.5% of Canadian-born households (2).

In Canada, credit scores range from 300 to 900. Being credit invisible is not a sign of having bad credit, but rather, not doing enough to register as a credit score in the system. Unfortunately, even if one had a strong credit score in another country, it will start over at zero in the Canadian credit system.

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Why does not having a credit score matter in Canada?

Credit scores in Canada are a classic catch-22 problem: Lenders need credit history to approve you for things like loans, but you first need approval to build your credit history. It’s a chicken-and-egg problem that frustrates millions of Canadians who are trying to access basic financial services.

Without a credit score, it can be difficult to rent an apartment or qualify for loans, especially at competitive interest rates. You can pretty much say goodbye to being able to be approved for an affordable mortgage. For things like auto loans, a Canadian with no credit score may be stuck owing a 15% rate from a non-prime lender, rather than a much lower rate if they had established credit.

That gap can cost that person thousands of dollars over time.

What’s the fastest way to get a credit score in Canada?

To get a credit score in Canada, the only thing you need is to open a credit account that reports activity. Once you have that, the lender will report your activity to Equifax or TransUnion, which will start the process for building your credit score.

The easiest way to do this for most Canadians is to open a secured credit card. For this type of card, the user would put a deposit of, say, $500 for collateral, which then becomes the card’s limit. After that, the card functions as a normal credit card and with responsible usage, it can begin building your credit score within 90 to 180 days.

Another option is a credit builder loan. These are offered by some credit unions and fintech lenders. You make fixed monthly payments into a locked savings account, which are then reported to the bureaus. At the end of the term, the accumulated funds are returned, and a credit score is born.

Rent reporting is also gaining traction, especially among newcomers to Canada. Services linked to platforms like Borrowell or KOHO can report your on-time rent payments, helping build credit faster. This is a recommended method by Statistics Canada for newcomers to Canada. The only caveat is that your landlord must approve of it and participate in the program.

Finally, you can also become an authorized user on someone else’s credit card. This method takes some teamwork, as any missed payments by the primary cardholder can also have a negative impact on your own credit score.

How do you keep your credit score growing once you have one?

For most Canadians, the only two things that need to be monitored are paying bills on time and keeping balances low.

Payment history makes up about 35% of your credit score in Canada. Even one missed payment can have a negative impact on a new credit file. Setting up automatic scheduled payments is a smart safeguard to avoid any missed payments.

Credit utilization accounts for about 30% of your credit score in Canada. This measures how much of your limit you use. To ensure a strong credit score, you’ll want to stay below 30% and ideally, below 10%. This means that on a $500 limit, you’ll want to keep your balance below $150, but ideally below $50.

You’ll also want to avoid applying for multiple products at once. Paying off multiple credit cards or loans will not provide you with a good credit score faster in Canada. If you need to close an account, close a newer one. The age of the account can help your credit score over time.

How do you check your credit score for free in Canada?

Borrowell offers free weekly Equifax scores for Canadians. This is considered a soft inquiry and will not have an impact on your credit score. A hard inquiry is when a lender checks your file as part of a credit application. A

You can also request a full credit report directly from Equifax Canada or TransUnion Canada if you need to. Checking your own score never hurts it, as it’s considered a soft inquiry. If you require a full report, you should always check it over for errors. The Financial Consumer Agency of Canada (FCAC) has guidelines on disputing credit report errors if you find one (3).

FAQs

Can I get a loan in Canada with no credit history?

Yes, but your options are limited. You may need a co-signer or agree to take on higher interest rates from non-prime lenders. It’s always best to try to build some credit before attempting to take out a loan.

How long does it take to build a credit score from scratch in Canada?

Most people can generate a score within three to six months of consistent, reported activity. The easiest way is to sign up for a credit card and pay off your bills by the due date.

Does my credit score from another country count in Canada?

No. Canadian lenders only consider credit history reported within Canada. Unfortunately, people who are new to Canada will need to start from scratch.

Will checking my own credit score hurt my file?

No. Checking your own score is a soft inquiry and has zero impact on your credit score. When a lender or company does a hard check during a credit application, it can have an impact on your score.

What’s the difference between no credit score and bad credit?

No credit means no data. This means you have not had enough credit activity to even show a history. Bad credit refers to a history of negative items, such as missed payments or defaults.

Can I build credit in Canada without a credit card?

Yes. Credit-builder loans and rent reporting can also help establish a credit history, as long as your landlord cooperates.

Article sources

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

Equifax (1); Statistics Canada (2); Financial Consumer Agency of Canada (3)

Today, that conversation has shifted to a much quieter, more stressful topic: how to manage the debt that came along with it. According to the latest data from the Office of the Superintendent of Bankruptcy (1), the number of Canadians filing for insolvency has climbed to its highest quarterly volume since the global financial crisis in 2009.

During the first three months of the year, 35,082 Canadians filed for either bankruptcy or a consumer proposal. This represents a 14% increase compared to the same period in 2023.

While the numbers are clinical, the reality behind them is a reflection of a persistent "perfect storm" of economic pressures that have refused to let up.

The shift from bankruptcy to proposals

One of the most notable trends shown in the recent data is how Canadians are choosing to handle their debt. The majority of these filings are not "bankruptcies" in the traditional sense, where assets are liquidated. Instead, they are consumer proposals.

A consumer proposal is a formal agreement where a debtor offers to pay creditors a percentage of what is owed over a specific period, or extends the time they have to pay it off. In the first quarter, consumer proposals made up 78.5% of all insolvency filings.

"People are still struggling with the effects of higher interest rates and inflation," said André Bolduc, chair of the Canadian Association of Insolvency and Restructuring Professionals (CAIRP), in a public statement (2) regarding the figures. He noted that the cumulative impact of these factors is "pushing more individuals to the point where they can no longer manage their debt."

Why the pressure is mounting now

The surge in filings is largely attributed to the lag effect of interest rate hikes. While the Bank of Canada has held rates steady since October 2025, the impact of previous hikes continues to ripple through the economy.

Homeowners who renewed their mortgages at significantly higher rates have seen their monthly disposable income shrink. At the same time, the cost of essentials like groceries and transportation has remained elevated. For many, the "buffer" of savings built up during the pandemic has officially run dry.

According to the CAIRP, many Canadians are finding that their debt-to-income ratio is simply no longer sustainable. When the cost of servicing debt — the interest alone — starts to eat into the budget for food and rent, the system begins to fail for the average household.

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Taking the first step toward relief

The term "insolvency" often carries a heavy social stigma, but in a professional context, it’s simply a legal mechanism designed to provide a fresh start. For those feeling the weight of unmanageable credit card balances or lines of credit, the most important step is seeking information before a "debt crisis" becomes a "debt disaster."

Licensed Insolvency Trustees (LITs) are the only professionals in Canada authorized to administer government-regulated insolvency proceedings. Most offer a free initial consultation to review a person's financial situation and explain the differences between debt consolidation, consumer proposals and bankruptcy.

If you’re struggling to meet your monthly obligations, the federal government provides a searchable database to find a Licensed Insolvency Trustee in your area through the Office of the Superintendent of Bankruptcy.

Facing financial hurdles is increasingly common in the current climate. Understanding the available legal protections is the first step toward reclaiming a sense of stability and moving toward a more secure financial future.

Article Sources

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

Government of Canada (1); CAIRP (2)

What they're missing is a structured way to act on them.

The good news is that the moves that matter most in your 30s aren't complicated. They are, however, time-sensitive. Life insurance premiums rise with age. Compounding inside a Tax-Free Savings Account (TFSA) is time you can't recover. A mortgage renewal is a window — not always a guaranteed opportunity.

This is the checklist that connects those dots.

1. Get life insurance before your health changes

If you have a partner, a child or a mortgage — or any combination of the three — and no life insurance, you're carrying risk that compounds every year you wait. Life insurance premiums are calculated primarily on age and health at the time of application. A 32-year-old non-smoker in good health will pay meaningfully less than the same person applying at 40, even for identical coverage.

Term life insurance is the most straightforward solution for most people in this stage of life. A 20-year term policy can cover the working years when financial obligations are highest, and a $500,000 policy costs significantly less per month than most Canadians expect. Policies can now be applied for and approved entirely online, with no medical exam required for many coverage amounts.

For instance, Canadians can get a term life insurance policy from an online-only insurance company like PolicyMe, which offers coverage up to $5 million and premiums starting at just $21 per month. Just answer four questions, and PolicyMe will provide you with an instant, no-obligation quote that 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.

The advantage of using companies like PolicyMe is that they strip away the friction that is often cited as a reason that people don't get insurance earlier — long and tedious applications, delayed waiting times and strict medical underwriting. That friction is largely gone for standard coverage levels. If you have dependents and no policy, this is the single highest-leverage item on the list.

2. Open and use your TFSA — not just hold it

As of 2026, the cumulative TFSA contribution room for a Canadian who has been eligible since 2009 is $109,000. However, that does not make it a savings account — it's a tax-sheltered investment account with a contribution ceiling, and most Canadians in their 30s are not using it to its full potential.

The distinction matters: Money held in cash inside a TFSA earns minimal interest. Money invested in a low-cost index fund or exchange-traded fund (ETF) inside a TFSA compounds tax-free. Capital gains, dividends and withdrawals are all sheltered from the Canada Revenue Agency (CRA). For a household building toward a down payment, retirement or financial independence, there is no comparable vehicle.

The practical barrier for many 30-something Canadians is the same one that stalls most financial behaviour: getting started. A self-directed investing account through the right brokerage can remove advisory fees and give direct access to low-cost ETFs. For these aspiring investors, there are online platforms such as CIBC Investor's Edge, which gives them 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, you can either play it safe with a low-cost index fund or ETF, or you can try your hand at a more active approach to investing. In fact, 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 can help you start your portfolio today without being dragged down by commissions and fees. And having that option to begin your investment journey without being penalized is vital when you consider that contribution room carries forward indefinitely and is restored when you withdraw it — meaning that there's no urgency penalty for starting today.

3. Build a cash buffer that actually protects you

The conventional guidance is three to six months of expenses in an accessible account. For a household with a mortgage, children and a single or dual income, the lower end of that range is a floor, not a target.

A high-interest savings account (HISA) is the right vehicle for this buffer — rather than a chequing account earning nearly zero interest or equity that could drop 20% the week you need it. In a rising-rate environment, HISA deposit rates have climbed significantly, reducing the opportunity cost of holding cash compared with a few years ago.

When shopping around for the right HISA, however, try to look for one that consistently offers high earning rates and strong promotions. For instance, the no-fee high-interest savings account from Simplii Financial lets you earn 4.60% interest for the first 5 months (on deposits up to $100K). But to get those kinds of rates, you have to open an account before July 31, 2026 (terms and conditions apply).

Once you've established that buffer, remember that its purpose is to give you liquidity when you need it, not to build long-term wealth. For Canadians who also want to grow their TFSA contributions alongside a liquid emergency fund, a good approach is to separate the two accounts by purpose — one for liquidity, one for long-term compounding. This prevents the common mistake of raiding invested assets when an unexpected cost arrives.

4. Look at your mortgage before your renewal arrives

A mortgage renewal is not a passive event. It's a negotiation, and the preparation you do in the 90 to 120 days before your term ends determines how much leverage you actually have.

Canadian lenders are not required to offer you a competitive renewal rate. The Office of the Superintendent of Financial Institutions (OSFI) stress-test rules mean that switching lenders requires requalification, but the same lender renewal does not. That asymmetry has historically encouraged inertia — and it costs borrowers.

For homeowners approaching renewal, there may be a lot of questions needing answers: What is the current posted rate versus the best available rate from a broker? Would a shorter or longer term better match your income and household outlook? Is a fixed or variable rate more appropriate, given where the Bank of Canada's policy rate currently sits?

Finding the answers to these questions on your own takes research, time and effort that you may not have, especially if you're working full time — let alone if you have childcare responsibilities. That's where online aggregators like Homewise can help. Homewise does the shopping for you, giving you access to rates from 30+ lenders with one simple application.

And if you're looking for answers to the deeper questions, you can get end-to-end support from Homewise Advisors, who will provide you with almost-instant guidance from mortgage professionals. Plus, 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 started. Even better, no credit check is required, so you can start finding the best mortgage for you right away.

5. Put your financial life in writing

The gap most 30-something Canadians have not closed is not a product gap — it is a documentation gap. Beneficiary designations on registered accounts, a basic will, powers of attorney for property and personal care: These are not estate-planning luxuries. For a household with a child, a mortgage or any accumulated assets, they are the minimum infrastructure required for an unexpected event not to become a financial and legal emergency for your loved ones.

Beneficiary designations on a TFSA, Registered Retirement Savings Plan (RRSP) or life insurance policy can be updated directly with the financial institution — no lawyer required. A basic will can be completed online in many provinces. In fact, you can create a legally binding will from anywhere in Canada in as little as 20 minutes with an online portal like Epilogue Wills.

That means in less time than it takes to get an oil change, you could prepare an affordable, legally binding will from an estate-planning platform that was actually founded and run by experienced estate lawyers. You can also create Power of Attorney documents and affidavits of execution, along with other estate-planning tools, from the comfort of your home.

Remember: The cost of having a will is low; the cost of not having it is not.

What to do now

• Get a term life insurance quote online — coverage amounts and premiums take minutes to compare
• Check your TFSA contribution room through CRA's My Account and open a self-directed account if you haven't
• Open a separate HISA for your emergency fund — keep it distinct from your investment accounts
• Note your mortgage renewal date and start comparing rates 90 to 120 days out
• Update or create beneficiary designations on all registered accounts and consider a basic will

None of these moves require a financial adviser or a six-figure income. They will require a decision and a starting point. In many cases, the Canadians who build financial resilience in their 30s are not the ones who earned the most — they're the ones who closed the infrastructure gap while the cost of doing so was still low.

But according to Sussex Insurance, EV owners in Canada pay up to 36.8% more in annual auto insurance premiums than drivers of comparable gas-powered vehicles. Analyzing 12 months of premiums and claims data, Sussex found that the average EV driver paid $3,131 per year in insurance versus $2,289 per year for gas-powered vehicles (1). For many buyers, the number comes as a surprise — because it arrived after the purchase decision was already made.

Why EVs cost more to insure — the repair cost reality

Insurance premiums are driven largely by expected claims costs. EVs present a different risk profile than gas vehicles at almost every point in the repair process, and that profile is more expensive.

Repair costs for EVs are significantly higher when collision or comprehensive damage occurs (2). Specialized components — sensors, cameras, aluminum body panels and proprietary software systems — require certified technicians and, in many cases, manufacturer-authorized facilities. In smaller Canadian markets and rural areas, approved repair shops are scarce, which extends claim timelines and drives up costs even further.

The availability of parts is also a constraint. While a conventional sedan might draw from a deep inventory of standard replacement components, EV parts can face longer lead times — particularly for newer models. Insurers price that uncertainty into the premium.

Stop overpaying for insurance. Use an online rate site to compare rates and find the best coverage and costs. For instance, Rates.ca lets you compare 20+ quotes and potentially save $500+ on auto insurance.

Battery damage: The coverage gap most EV owners don't know about

The EV battery pack is the most expensive single component in the vehicle — often valued between $7,500 to $25,000 or more depending on the model (3). What many owners don't realize is that battery replacement coverage is not uniformly included in standard comprehensive auto insurance policies.

Some insurers treat partial battery damage or degradation differently from total loss. In practical terms, a flood event, a severe impact or even a thermal incident can trigger a battery replacement claim that falls into a grey zone between what's covered and what isn't. EV owners should ask their insurer directly: Does the policy cover full battery replacement cost, and under what conditions?

Home charging equipment adds another variable. Standard homeowner or tenant policies may not automatically cover a level 2 charging unit installed in a garage. Some auto insurers offer riders that extend coverage to charging infrastructure, while others omit this coverage by default (4).

Get the coverage you need without the record-high price tag. Most online insurance brokers help you compare rates before committing to a policy. For instance, Rates.ca lets you answer a few simple questions before searching for the most affordable deals in your area. It’s 100% free with no impact on your credit score.

Which insurers have the most competitive EV rates in Canada

Premium variance for EVs is considerably wider than for gas vehicles. Two drivers with identical profiles — same age, same postal code, same driving record — can receive EV quotes that differ by several hundred dollars annually, depending on the insurer. That gap exists because not all insurers have built actuarial models with enough EV claims history to price confidently. According to analysis by the Insurance Institute, some carriers, particularly smaller regional carriers, have responded by pricing conservatively, which means pricing high.

The market for EV insurance is still maturing. Competition is expected to increase as EV penetration grows and claims data accumulates but that trend has not yet produced consistent pricing across the market.

The practical implication is that EV drivers need a strategy for keeping insurance and maintenance costs manageable. To help, here are four steps to securing the best policy rates:

• Get an EV insurance quote before you buy — not after. The premium difference is material to the ownership math and should inform your decision, not follow it
• Ask specifically about battery replacement coverage. Confirm whether your policy covers full replacement cost and under what conditions — flood, thermal event, partial damage
• Check whether home charging equipment is covered under your existing policy or requires a separate rider. Not all insurers include it automatically
• Compare at least three insurers specifically on EV coverage. Pricing variance is wider than for gas vehicles and smaller regional carriers often price more conservatively

Total cost of EV ownership: What dealers aren't showing you

Federal and provincial EV incentives are designed to reduce the purchase price gap between electric and gas vehicles. But incentives are just a one-off bonus. Insurance is an annual cost.

Take, for example, this hypothetical scenario: a driver who receives a $5,000 purchase incentive but pays an additional $900 more each year in insurance, compared to a gas-powered vehicle. In six years, the savings gained from getting an EV vehicle are wiped out, making the EV a more expensive proposition in the long-term. If insurance costs rise further as battery replacement claims increase, the payback calculation shifts again.

The more useful question isn't whether an EV saves money on fuel — it usually does. The question is whether the total cost of ownership, including insurance, adds up to significant savings overall.

Article sources

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

Surex Insurance (1); Mitchell International Canada (2); ExpertZoom (3); TD Insurance (4)

Stefano Zanetti, 44, believed to be from Montreal, was sentenced in May 2026 to 15 years in a U.S. federal prison after pleading guilty to conspiracy to commit wire fraud and money laundering (1). Through his plea deal, Zanetti accepted responsibility for between C$1.5 million and C$3.5 million in losses inflicted on elderly victims.

Most of the victims were located in Pittsburgh and other U.S. cities, but the scheme, which originated in Canada, serves as a warning to Canadian families.

How the grandparent scam works

The scheme is deceptively simple. Fraudsters — often working out of Canadian-based call centres — contact an elderly person and claim that a grandchild or family member has been detained in connection with a legal matter. The victim is told they must send cash immediately for bail.

In most cases, the victims of the fraud end up sending money through electronic transfers, but according to the U.S. Department of Justice (DOJ), Zanetti's crew was dispatched to Pittsburgh in September 2021 and February 2022 to collect cash directly from victims at their homes (2). The money was then laundered through cryptocurrency or shipped across the border to Canada.

A separate indictment in the District of Vermont charged 25 Canadian nationals for their connection to the call centres that fed Zanetti's operation. To be clear: None of the emergencies mentioned were real.

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Why seniors are particularly at risk

Fraud targeting older adults is not random. The Canadian Anti-Fraud Centre (CAFC), which tracks fraud and cybercrime in Canada, consistently finds that seniors are disproportionately targeted by impersonation scams — and they tend to lose more per incident than younger victims (3).

The grandparent scam exploits a specific vulnerability: The protective instinct toward family. Victims are pressured to act fast and stay quiet — often told not to contact a lawyer or other family members, for fear of making the situation worse. That isolation is deliberate.

"Zanetti and his co-conspirators inflicted severe financial and emotional injury upon numerous elderly victims and their families," said U.S. Attorney Troy Rivetti for the Western District of Pennsylvania (4). "This prosecution and the sentence imposed confirm that the Department of Justice and our law enforcement partners will use all of the resources at our disposal to investigate, identify, and bring to justice those who prey upon vulnerable members of our community."

The recent convictions

Zanetti and two of his co-conspirators were initially arrested in Panama in 2023 before being extradited to the U.S. In early May 2026, Zanetti was sentenced to 188 months in prison, ordered to pay a fine of US$35,000 and to pay restitution of US$780,870 following his convictions of conspiracy to commit both wire fraud and money laundering.

U.S. law allows a maximum total sentence of 40 years in prison and a fine of up to US$750,000, or both.

Most members of the Zanetti network — allegedly 25 other people, including Gareth West, who presented himself as a successful real estate developer, are currently facing charges and awaiting extradition to the U.S.

According to CBC reports, the Royal Canadian Mounted Police (RCMP) arrested West in Quebec in July 2025 on behalf of American investigators who charged West with conspiracy to commit wire fraud and conspiracy to commit money laundering (5).

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The red flags that signal a scam

Knowing what to watch for is the first line of defence. To help, here are warning signs as outlined by the CAFC and the Competition Bureau of Canada:

The call creates immediate urgency. A family member is in jail, injured or in danger, and money is needed right now. To add legitimacy, the caller's story involves a lawyer, police officer or bail bondsman.

The caller asks for cash, gift cards or cryptocurrency.

The victim is told to keep the call secret from other family members. A courier arrives at the home to collect money.

None of these elements is how a real legal or emergency unfolds, either in Canada or the U.S. and police and courts will never collect bail money through home couriers or cryptocurrency.

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What to do if you or a family member receives this call

• Hang up and call the family member directly — use a number you already have, not one the caller provides
• Do not send cash, gift cards or crypto to anyone claiming to resolve a legal or bail situation
• Report the call to the Canadian Anti-Fraud Centre at 1-888-495-8501 or online at antifraudcentre.ca
• If money was sent, contact your bank immediately — recovery is possible if reported quickly
• Talk to elderly relatives now, before a call comes — pre-emptive conversations are the strongest protection
• If a caller claims to be police, hang up and call your local non-emergency police line to verify

The Zanetti case may end with a sentencing, but the scheme it represents continues. The 25 Canadian nationals still facing charges in Vermont are a reminder that the call centres are active — and that the next target could be your parent or grandparent.

The best protection is a conversation that happens before the phone rings. Let older family members know how bail and legal proceedings actually work in Canada, and agree on a family code word or verification step for genuine emergencies. Scammers rely on panic — a plan removes it.

Article sources

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

U.S. Department of Justice (1),(2),(4); Canadian Anti-Fraud Centre (3); CBC (5)

Before the wedding, the couple had agreed to combine their finances and begin tackling his debt together. But almost immediately, her new husband pushed back. He refused to stop using his credit cards — because, in his view, credit cards aren’t really debt. The woman, who remained unnamed, called into The Ramsey Show to ask for advice on how to handle this scenario (1).

“I told him when we got married that we would combine our finances, follow Dave Ramsey, and then start paying off debt. So yesterday I said we should start paying off your credit cards and then start on your vehicle. And he’s just like, ‘That’s fine.’ I'm like, ‘But you got to promise me not to use them again.’ And he said, ‘No, I'm going to,’ because he doesn't see them as debt,” the caller told co-hosts Dave Ramsey and Rachel Cruze.

That attitude — dismissing credit card balances as something other than real debt — is more common than many couples realize, and it can quietly torpedo financial goals that took years to build.

What was Ramsey’s advice?

Ramsey noted how the disagreement over credit cards wasn’t really the issue. The real problem was what the husband’s behaviour said about how he viewed his wife and their partnership.

“What bothers me about this whole thing is not the issue of whether he thinks credit cards are debt or not,” Ramsey said. “The thing that bothers me is that you’ve married a guy that doesn’t give a crap about your opinion and can’t keep his word.”

Cruze agreed, noting how the caller’s husband is acting like a single person who doesn’t have to consider anyone else. “Sounds like he’s 14 years old,” Ramsey added.

Their advice? Don’t let this slide. Ramsey urged the caller to take the situation seriously and get into marriage counselling immediately. Cruze echoed that call, stressing how allowing the problem to fester only deepens the divide.

“I would bring in a third party as soon as possible, because if you let this linger, you guys will continue to create division in a new marriage that will continue on that way for a long time,” Cruze said.

Ramsey also raised the possibility of ending the marriage if things didn’t change — a serious consideration, but one he felt was worth mentioning. In Canada, civil annulments are extremely rare and courts seldom grant them; the legal path for dissolving a marriage is separation and divorce under Canada’s federal Divorce Act (2). For anyone in the early stages of a marriage in serious trouble, speaking with a family lawyer about their options is a crucial first step.

Moreover, money conflict is one of the leading contributors to marriage breakdown in Canada. Statistics Canada reports that roughly 40% of Canadian marriages end in divorce, and financial misalignment — including disagreements over debt, spending and shared goals — is consistently cited as a top driver (3).

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What Canadians need to know about debt and marriage

The average Canadian carries approximately $4,415 to $4,681 in credit card debt, according to the Financial Consumer Agency of Canada (FCAC) (4). Multiply that across two people entering a marriage with different financial habits and attitudes, and the gap can grow quickly.

Under Canadian family law, debt division at separation is a provincial matter — and the rules vary. In most provinces, debt you brought into the marriage generally remains yours. But debt accumulated jointly or in a spouse’s name for shared household expenses can be treated differently depending on the province. The federal Divorce Act governs the dissolution of marriages, while provincial legislation, such as Ontario’s Family Law Act or British Columbia’s Family Law Act, governs how property and debt are divided (5).

The short version: don’t assume your partner’s premarital debt automatically becomes your shared problem or that it stays entirely theirs once you’re married. If you’re combining finances, know what you’re merging.

How to make sure you and your partner are aligned on finances

Financial alignment with your partner isn’t only good for your bank account — it’s essential to the health of your relationship. Whether you’re engaged, newly married or a few years in, these steps can help.

Have the money conversation before marriage

If you haven’t yet had a detailed conversation about finances, have it now. Go beyond “how much debt do you have?” and get into values: How do you feel about credit cards? What does financial security mean to you? What are your long-term goals? If you’re already married and haven’t had this talk, make time for it immediately.

Consider the 3-account setup

Many couples — particularly those entering a marriage with established financial habits — find it helpful to maintain two individual accounts alongside a joint account for shared expenses such as rent/a mortgage, utilities and groceries. The individual accounts preserve each partner’s spending independence without requiring justification for every purchase. The joint account keeps shared financial goals on track.

Automate what you can

Once you’ve agreed on savings goals and a debt repayment plan, remove the friction. Set up automatic transfers to your joint accounts and any debt payoff plans. Less manual effort means fewer opportunities for disagreement — and saving tends to be easier when it happens before you see the money.

Check in with each other regularly

Your financial situation will shift over time — a new job, a pay raise, a baby, a layoff. Build in a financial check-in at least once a month, or whenever there’s a major life change, to confirm your plan still reflects where you both are. Think of it less like a formal budget meeting and more like a quick gut check: is this still working for us? What should we change?

Consider bringing in a third party

This is what Ramsey told the caller to do — and it’s good advice even before problems become serious. A fee-for-service financial planner with a Certified Financial Planner (CFP) qualification regulated by FP Canada, or a couples counsellor with experience in financial conflict can help you surface disagreements before they become dealbreakers (6).

Financial conversations aren’t a one-and-done discussion. Think of them as an ongoing part of your relationship, as routine as any other check-in you do as a couple.

Canadians’ next steps

If you recognize yourself in this story — or want to get ahead of potential financial conflict — here are some places to start:

Talk to a CFP: FP Canada’s adviser search tool can help you find someone qualified in your area to help you and your partner build a joint financial plan.

Know your provincial and territorial rules: Family law is provincial in Canada. If you have concerns about how debt or property would be divided in a separation, consult a family lawyer licensed in your province. Many offer a free or low-cost initial consultation.

Get help with debt: If credit card debt is already a source of stress, Credit Counselling Canada (a non-profit network of accredited agencies) offers free or low-cost counselling services across the country.

Use free government resources: The Financial Consumer Agency of Canada (FCAC) offers free tools and guides on budgeting, debt management and financial planning as a couple at canada.ca/money.

-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); Siskinds (2); Krol & Krol Barristers (3); Fairstone Financial (4); Department of Justice Canada (5); FP Canada (6)

According to a recent article in The New Yorker, there is a troubling trend of adults spiralling into debt, or spending tens of thousands they simply do not have, just to visit Disney theme parks (1). While borrowing a little money to see Elsa might not seem like the end of the world, the stories shared in the piece reveal financial decisions with consequences that will outlast any Mickey Bar.

And there is hard data to back up the anecdotes: Surveys show many visitors are borrowing to experience the World of Walt Disney as prices climb to new highs — a pattern that's not limited to any one specific country.

A Disney vacation comes at a cost most families can't afford

Anyone who has priced out a Disney vacation in recent years can understand why borrowing may feel like the only option.

According to the Walt Disney World website, a one-day ticket starts at US$119 (C$163), with prices climbing much higher during peak times or for multi-park passes (2). The cheapest on-site "value resort" — Disney's All-Star Sports — was discounted to US$99 to US$109 (C$135 to C$148) a night for two adults and two children in July 2026 at a summer special rate. The resort occasionally offers limited-time specials to Canadians, such as the four-day Canada Resident Ticket starting at US$115 (C$157) a day, totalling US$459 (C$627), plus tax for visits until October 4, 2026 (2).

Tickets and hotels alone quickly add up to thousands of dollars before factoring in food, flights or premium add-ons, like Lightning Lane passes that let guests skip long lines. During peak season, reports indicate ticket prices can top US$200 (C$274) a day (3).

For Canadian families, the tab climbs even higher. Aside from the unfavourable U.S.–Canadian currency exchange rate, travellers face the costs of return flights, travel insurance and accommodation that can easily push a family trip to several thousands of dollars before they purchase a single churro. While a five to seven-night trip is typically priced between C$6,000 and C$10,000, costs can easily soar above C$15,000 when including flights, luxury hotels, extensive character dining and Genie+ daily (4).

Stop leaving money on the table. Discover which Canadian banks are currently paying up to $700 just for opening a new account.

The happiest debtors on earth?

Despite these costs, many people are paying them rather than forfeiting the experience.

A LendingTree report found that 24% of people who have visited Disney borrowed money for their trip — a figure that climbs to 45% among parents with children under 18 (5). Those parents borrowed an average of US$1,983 (C$2,712), and 59% reported no regrets.

The pattern broadly extends north of the border. A 2024 Financial Post survey found that around 37% of Canadian travellers with children have taken on debt to fund a family vacation, even though over 40% of those polled say they were unable to save money after paying for necessary expenses each month (6).

Some Disney adults are putting their futures at risk

The original New Yorker piece profiled multiple Disney adults — grown-ups who visit the parks without children, often to recapture childhood nostalgia or build out merchandise collections that, for some, have become part of their identity.

One couple told YouTuber Caleb Hammer they had borrowed roughly US$70,000 (C$95,700), partly for Disney trips (7). Another fan reported spending US$15,000 (C$20,500) in savings, plus US$1,000 (C$1,370) on a credit card to buy food and merchandise, including a pin collection — despite having free park entry as a perk of the Disney College Program (1). A mom of two racked up thousands of dollars visiting the park more than 100 times (8).

AJ Wolfe, author of Disney Adults: Exploring (and Falling in Love with) a Magical Subculture, said the excess spending may be driven by addiction or a desire to earn "elder" status in Disney communities. "I compare it a lot to church," she said.

While Disney fans say the park provides peace, and that the so-called Disney Bubble is a worthy escape from a harsh world — but the price can end up far higher than expected, particularly when it interferes with building retirement savings, emergency funds and reaching long-term financial goals.

"My retirement plan is just going to Disney a lot and hoping it works out," one Instagram user posted (9). As alluring as the theme park may be, it's worth considering the kind of life you want to be living at 85, and whether waiting on a fairy tale that will never come true is a trade-off you can afford to make.

What Canadians can do

At its core, the Disney debt phenomenon is a story about how emotional spending outpaces financial planning. For Canadians, there are practical steps to enjoy life's pleasures without sabotaging long-term security.

Track what you actually spend on "experiences"

Use a budgeting tool to categorize your discretionary spending (10). If vacation and entertainment costs are absorbing more than 10% to 15% of your take-home pay, that's worth taking a second look.

Never put a vacation on credit if you can't pay it off within 30 days

With Bank of Canada benchmark rates remaining steady, carrying a balance on a credit card in Canada means paying interest rates commonly ranging from 19.99% to 25.99% (11). A US$2,000 (C$2,740) Disney trip financed at 20% interest and paid off over a year costs roughly $300 more.

Protect your RRSP and TFSA contributions first

Before booking a flight, confirm you have made at least a minimum contribution to your Registered Retirement Savings Plan (RRSP) or Tax-Free Savings Account (TFSA) for the year. These accounts offer tax advantages that compound over time — a benefit that a theme park visit could never duplicate.

Build a dedicated "dream vacation" savings fund

Open a high-interest savings account or TFSA sub-account and contribute to it monthly. Even $100 a month becomes $1,200 in a year — enough for a significant contribution toward a trip without borrowing a cent.

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.

Apply the 72-hour rule to big discretionary purchases

Before booking a vacation or purchasing expensive merchandise, wait 72 hours. Consumer Protection Ontario recommends using a cooling-off period before signing a contract — and the same principle applies to Disney vacations (12). This approach alone can significantly reduce the number of regrettable purchases you make.

The Disney magic is real — but so is compound interest. With a little planning, Canadians can chase their dreams without sacrificing their futures.

Article Sources

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

The New Yorker (1); Disney World Theme Park Tickets (2); WDW Magazine (3); NerdWallet (4); USA Today (5, 8); Financial Post (6); YouTube (7); Instagram (9); The Financial Consumer Agency of Canada (FCAC) (10); RBC (11); Consumer Protection Ontario (12)

According to the Canadian Anti-Fraud Centre (CAFC) (1), Canadians 60 and older account for approximately 28% of total fraud dollar losses nationally, while representing almost 25% of victims. The total dollar loss for this age group was over $179 million in 2024, according to the CAFC's Annual Statistics Report (2), with an average per-incident loss of approximately $21,000.

Here’s what you need to know about elder scams and how to protect yourself, or a loved one from being a bad actor’s next unsuspecting target.

Why retirement savings make Canadians 60+ a major fraud target

Fraudsters don't always choose their targets randomly. They are keen on people with access to wealth, specifically investible assets that can be liquidated.

Many Canadians approaching or in retirement hold large balances in registered accounts, like Registered Retirement Savings Plans (RRSPs), Registered Retirement Income Funds (RRIFs), Tax-Free Savings Accounts (TFSAs), and company pension plans. Unlike younger Canadians who still have decades of earning and saving ahead of them, retirees often have most of their lifetime savings accumulated and often accessible.

Social isolation can make the problem even worse. One of the most effective fraud-prevention tools is simply getting a second opinion from a trusted friend, family member, or adviser. Fraudsters understand this, which is why many scams are designed to create urgency, secrecy, or emotional dependence that gradually isolates the victim from their support network.

The scams that most commonly target older Canadians

Not every scam targeting older Canadians looks the same, but CAFC data shows that several categories disproportionately affect those over 60.

The investment scam is far and away the most expensive scam category for the 60+ age group, with over $111 million in reported dollar losses for 2024.

They often involve fake investment platforms, crypto schemes, or "exclusive" opportunities promising returns that seem far better than what's available in the current market. In many cases, the initial contact comes through an unsolicited phone call, email, text message, or even a social media message.

Romance scams, which accounted for over $23 million in losses, are also increasingly blending into investment fraud. Someone builds an online relationship over weeks or months before eventually introducing what they claim is a profitable investment opportunity. Canadian securities regulators have warned that these hybrid romance-investment scams are one of the fastest-growing fraud categories in the country.

Rounding out the top three are service scams, which accounted for nearly $10 million in total losses among those over 60. According to the CAFC, a service scam (3) is a type of fraud in which scammers pretend to offer a legitimate service or impersonate an existing service provider to steal your money or personal information. These scams often involve fake cell phone providers, immigration services, tech support, or home services such as air duct cleaning and furnace repair.

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How to protect a spouse or parent who may be vulnerable

An overlooked investment fraud-protection tool available to Canadian investors is something called a trusted contact person (TCP) (4).

Supported by the Canadian Investment Regulatory Organization (CIRO) (5), the TCP allows your financial adviser or investment firm to contact a trusted individual, such as a spouse, adult child, or close friend if they suspect that financial exploitation, fraud, or cognitive decline may be affecting the decisions you make with your account.

When you name a TCP, you're not giving that person authority over your accounts or investment decisions. It simply creates a communication channel if concerns arise.

Of course, you should also have regular conversations about finances within your family. You can reduce the time a fraudster has to operate undetected by reviewing your investment account activity regularly, discussing unusual transactions and knowing who to contact if something looks suspicious.

The call is coming from inside the home

Unfortunately, elder financial abuse is not always perpetrated by strangers. The Government of Canada notes that targeted elder fraud often involves family members (6), caregivers, or others in a position of trust.

This can include unauthorized withdrawals, pressure to change wills or beneficiaries, or the gradual takeover of financial decisions in ways the older adult may not fully recognize at first. These situations can be particularly difficult because they're often tied to family dynamics, emotional dependence, or fear of conflict.

If you suspect someone may be experiencing financial abuse, contacting their financial institution directly is often the best first step. Most major Canadian banks now have dedicated protocols for elder financial abuse. If necessary, you could also reach out to local adult protective services.

What to do now

You don't need to become an expert in cybersecurity or investment regulation to protect yourself from fraud. But you should slow things down, verify information independently and put a few safeguards in place before there's a problem.

Here are some practical steps you can take:

• Set up a trusted contact person (TCP) with your bank or investment adviser so they have someone to contact if they suspect fraud or financial exploitation
• Review your RRSP, RRIF and TFSA account activity regularly and immediately question withdrawals or transactions you don't recognize
• Have open conversations with adult children or trusted family members about your financial accounts and investment decisions
• Never rely on phone numbers, links, or contact information provided during an unsolicited call, email, or social media message. Always verify contact info independently through your financial institution's official website
• Report suspected fraud to the Canadian Anti-Fraud Centre at 1-888-495-8501 or through antifraudcentre.ca (7) for guidance and reporting support

The average $21,000 loss suffered by Canadians over 60 isn't just a number. For many people, it's years of retirement savings, investment growth and financial security wiped out in a single scam. The fraud system behind those losses is sophisticated and intentional, which is why Canadians need to protect their money with the same level of intention.

Article Sources

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Canadian Anti-Fraud Centre (1, 2, 7); Get Cyber Safe (3); Canadian Securities Administrators (4); Canadian Investment Regulatory Organization (5); Government of Canada (6)

New research from Desjardins Group found that nearly 70% of insured Canadians believe extreme weather could damage their home, while 80% say their vehicle is at risk. Yet only about one-third say they've actually taken steps to better protect their property.

The findings highlight a growing tension for many households: climate-related risks are becoming harder to ignore, but preparing for them can feel expensive or difficult to prioritize.

"Canadians are paying close attention to climate risks," said Valérie Lavoie, president and chief operating officer of Desjardins General Insurance Group, in a statement. "That said, many are not taking the next steps to better protect themselves."

Cost remains the biggest barrier

Affordability was by far the most common reason Canadians gave for not climate-proofing their homes.

Even so, many homeowners appear willing to invest at least something in prevention. Nearly half of respondents said they would consider spending between $1,000 and $5,000 to reduce the risk of weather-related damage to their property.

The survey also found that more than half of Canadians weren't aware of government programs or incentives designed to help homeowners make their homes more resilient to severe weather. At the same time, 82% said financial incentives would influence whether they decide to take protective action.

Overall, the findings suggest many homeowners are open to better preparing their properties, but they aren't always sure where to start — or what support may already be available.

Don't pay more than you have to for peace of mind — compare Canada’s top-rated home insurance providers in minutes.

Wildfire preparedness remains uneven

A separate recent survey from Intact Financial Corporation (1) points to a similar gap between climate risk and preparedness.

Despite several record-breaking wildfire seasons in recent years, Intact found that 61% of Canadians remain either unconcerned or only slightly concerned about wildfire risks.

That comes even as wildfire activity spreads beyond regions traditionally associated with major fire risk. According to federal sources, 2025 was Canada's second-largest wildfire season on record in terms of area burned (2).

"Wildfires are unpredictable, but our response to them doesn't have to be," noted Mel Wright, vice president of Intact Insurance, in a statement. "As wildfire risks are increasing across Canada, small actions taken today – such as clearing gutters, creating space around the house and moving combustibles – can help to meaningfully reduce the risks of wildfire damage."

For many households, preparing for severe weather is increasingly becoming part of a broader financial conversation — one that now includes insurance costs, home resilience and the long-term financial risks tied to climate events.

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Intact Insurance (1); Government of Canada (2)

On March 31, scammers had gained access to Gilbert-Leduc’s personal and business accounts with Scotiabank through a "personal token" with their Scotia Connect account (1), effectively allowing them to drain all the funds — an eye-watering $90,000.

Gilbert-Leduc told CTV that he had received a large number of missed calls from Scotiabank’s customer service line. He and his wife were cautious about answering at first, as they were aware that fraudulent activity was prevalent. When the couple finally picked up and were told information that seemed authentic — even having the alleged representative pick up after they called the same number back — the couple eventually gave the caller their personal information.

"We had nothing more to lose," Gilbert-Leduc told the outlet.

Unfortunately, Gilbert-Leduc confirmed that money had already been swindled from their account before they shared the information. To make matters worse, the couple feels stuck in financial limbo, as Scotiabank has not been clear as to whether the family will get the stolen funds back.

"They've been giving us 50-50 shots of getting our money back, even stating they know where the money is," Gilbert-Leduc revealed, adding: "They've been in contact with the bank that has the money they were able to trace everything to. Now they have just been saying they don't even know if they can get it back or do anything to support us."

CTV News reached out to the financial institution for comment. While the spokesperson could not speak to the individual matter at hand due to "privacy reasons" they did provide a general statement.

"The bank will never ask clients to disclose their PIN, password or a one-time code on a call they didn't initiate … Scotiabank's customer service line has not been compromised. Fraudsters may spoof phone numbers to make a call appear as though it is coming from the bank," the statement read.

How do banks typically respond in these cases?

Devastating fraud cases like Gilbert-Leduc's underscore how difficult it is to know how a bank will react in these situations. And that's for good reason: banks weigh a wide range of factors when responding to fraudulent transactions.

Under Canadian financial rules (2), federally regulated financial institutions must always investigate a fraudulent incident and "take all relevant factors into account before finding you at fault." According to the Financial Consumer Agency of Canada (FCAC), that includes deciphering whether the incident was reported within a specific amount of time under the bank's account agreement. If that deadline is missed, consumers could be left with no way to recover any missing money.

However, in most cases consumers will not be held responsible for transactions they did not approve or create themselves, so long as they took the necessary precautions. But what do "necessary precautions" look like in complex fraud cases?

The Ombudsman for Banking Services and Investments (OBSI) — an agency that resolves disputes between banks and customers, but is not a regulator (3) — outlines specific factors it uses when determining compensation for a dispute between a corporation and a consumer. For one, OBSI reviews the agreements between the bank and its customers to determine if either party acted improperly. When it comes to fraud, OBSI notes that account agreements usually state that consumers are "generally responsible for the transactions they authorize to anyone for any reason (4)."

When determining if an individual should be remunerated for being a victim of fraud, OBSI will only recommend compensation if, "based on the circumstances it is reasonable for the firm to be held responsible for the consumer's losses."

In practice, if OBSI determines the consumer failed to protect their personal information, the bank did not have the opportunity to warn or protect the consumer from fraud, or the bank acted reasonably regarding the incident, the agency typically does not recommend compensation when handling a dispute.

Experts have critiqued this model of banks having discretionary strength when it comes to determining fault for fraudulent issues, especially with the rise of extremely sophisticated scams that blur the line between a reasonable and unreasonable transaction. One expert's analysis on bank fraud in Canada noted that the bar to prove the bank made a mistake and acted incorrectly is on the consumer, even in cases of complex elder fraud schemes and bank impersonator scams.

"Complaint handling laws (FCPF s. 627.04 to s. 627.06) and requirements for fair investigation (Bank Act s. 627.26) mean banks can't simply wash their hands of responsibility after a scam. Yet in practice, Canadian banks retain broad wiggle room, and customers must often prove bank error, which is a high bar for traumatized, elderly or unsophisticated victims," writes Heidi J. T. Exner, founding partner of Ethical Edge PI & Corporate Advisors (5).

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What are your options?

Canadians who disagree with how their fraud case has been handled still have some options.. For starters, they should speak with a bank representative to see if they can find a resolution. If not, then consumers can file a formal complaint with their financial institution (6). If that resolution is not fair in the eyes of the client, they can escalate their complaint further to OBSI.

However, this option is only on the table if the bank has either spent 56 days dealing with the complaint with no resolution or it has provided a detailed response in writing and closed their complaint file.

The OBSI will handle the claim free of charge and will provide a final written recommendation to you and your financial institution within 120 days of receiving all the required information to deal with the issue (7). If a consumer is still not pleased with the result, they can consult with a lawyer for additional options.

How to react if you fall victim to fraud

If you fall victim to a fraud scam of any kind, it is important to act quickly. Here are the steps you should take right away according to the Canadian Anti-Fraud Centre (CAFC) (8).

• Gather evidence. Gather as much information about the fraud as you can including documents, receipts, text messages, emails and phone records.
• Report the incident. Reach out to your financial institution that transferred your funds immediately so they can act accordingly. They will place flags on your account and freeze funds from moving. Also report the issue to Equifax and TransUnion so they can place flags on your credit reports.
• Alert authorities. Make sure to also notify your local police about the fraudulent activity and report the crime to the CAFC by calling 1-888-495-8501.

Always be vigilant

No matter how informed you believe yourself to be about sophisticated banking scams, it’s important to stay vigilant for odd behaviours. Modern scams are designed to create panic and urgency, trying to stop victims from thinking critically. Be skeptical of unsolicited calls claiming to be from your bank — especially if the caller pressures you to move money, share verification codes or act immediately. For additional protection, enable two-factor authentication on all your accounts, and always check your banking history regularly. If something feels even slightly off, contact your financial institution immediately — the stakes are too high to not act quickly.

Article Sources

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CTV News (1); Financial Consumer Agency of Canada (2, 6, 7); OBSI (3, 4); Law360 (5); Canadian Anti-Fraud Centre (8)

The analysis, which used anonymized cell phone location data to track cross-border movement, covered 267 U.S. cities. Of those, only three saw an increase in Canadian visits compared to the previous year (1).

That is not just a travel story. It is a personal finance story — one that affects what Canadians spend their money on, where they go and how long the economic standoff between Ottawa and Washington could reshape everyday decisions.

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It's not just Canadian tourists staying home

The assumption most people make is that fewer Canadians visiting the U.S. means fewer people going to Disney World or Las Vegas — UofT’s data tells a more complicated story.

High-profile tourist destinations did see declines. But so did major commercial hubs: New York, Los Angeles, San Francisco, Dallas and Houston all registered significant drops in Canadian visits.

Researchers Karen Chapple, Yihoi Jung and Jeff Allen attribute those reductions not to fewer vacationers, but to fewer business travellers.

"High-tech and financial centres like San Francisco and Houston appear to be experiencing reductions not only in tourists but also in business-related travel, reflecting changing travel preferences due to broader economic uncertainties on both sides of the border," the researchers wrote (2).

Mid-sized cities felt it too. Grand Rapids, Michigan — which has close ties to Ontario's automotive sector — recorded the second-largest drop in Canadian visits in the dataset. Researchers linked that directly to the tariff uncertainty disrupting the auto supply chain that spans both countries.

What does a 42% drop actually mean?

Border crossing statistics previously suggested Canadian tourism to the U.S. was down roughly 25%. The cell phone analysis puts that figure closer to 42% — a gap that matters because it captures a wider range of travel behaviour, including short business trips, day travel and visits that do not involve an overnight stay.

That has implications for how long the rebound might take. After COVID-19, it took approximately three years for Canadian visits to U.S. cities to recover to pre-pandemic levels. The current decline is being driven by policy choices rather than public health restrictions — and, as of May 2025, these choices remain active.

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What this costs Canadians — and what it signals

For individual Canadians, the math is fairly straightforward. A weaker Canadian dollar, retaliatory tariffs on goods crossing the border and a general chill in Canada–U.S. relations have made American travel feel both more expensive and, for many, less appealing.

The dollar differential alone changes the arithmetic on a U.S. trip. Accommodation, dining and activities priced in U.S. dollars cost more in Canadian terms when the exchange rate is unfavourable — and that effect compounds across a family vacation or a multi-day business trip.

There is also a less tangible cost: The disruption to business relationships. Companies in sectors like automotive, technology and finance that have historically relied on regular cross-border trips to maintain partnerships, attend conferences or close deals are now navigating a more difficult environment. That friction has financial consequences that are harder to quantify but no less real.

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Where Canadians are likely redirecting their travel dollars

The shift away from U.S. travel does not mean Canadians are staying home. Industry signals suggest increased interest in domestic travel, as well as European and Mexican destinations that offer comparable experiences without the political undertone.

The financial impact is also a factor. While a trip to the U.S. previously made financial sense — driven by proximity, a strong dollar or familiar logistics — it now requires a more deliberate comparison. Travel insurance, cancellation terms and currency risk all carry more weight in a volatile bilateral environment.

What Canadians travellers can do right now

• Review your travel insurance: If you have a trip to the U.S. booked, confirm what your policy covers if conditions change or you choose to cancel. Standard cancellation coverage may not apply to policy decisions.
• Rethink your currency strategy: If you are travelling to the U.S., converting currency in advance when the rate is relatively favourable can reduce your exposure. Watch the Bank of Canada's exchange rate tracking for context.
• Compare destination costs: For leisure travel, running a side-by-side cost comparison between a U.S. destination and an alternative domestic or international option may reveal better value than you expect.
• Track the tariff calendar: Business travellers with U.S. commitments should monitor the ongoing Canada–U.S. trade negotiations through Global Affairs Canada for timeline signals that could affect travel demand.
• File business travel costs carefully: Canadian businesses with cross-border travel expenses should document costs clearly, as tariff-related disruptions may factor into future tax planning or claims.

The University of Toronto analysis is a data snapshot, not a forecast. Trade policy can shift, and travel patterns can normalize. But the pace of that normalization depends on decisions being made in Ottawa and Washington, not in airport departure lounges. For now, Canadians appear to be voting with their itineraries — and the economic signal is hard to ignore.

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University of Toronto School of Cities (1),(2)

Somerhalder, known to millions for his roles in The Vampire Diaries and Lost, told E! News that he walked away from acting seven years ago despite what he called "an insanely lucrative career in television (1)." It wasn't that roles dried up — it was that his attention and his money got pulled into a business that collapsed due to fraud.

Fraud involving an unnamed clean energy company left him and his wife, actress Nikki Reed, in what he describes as "an eight-figure hole." The exact figure was never disclosed, but the couple was at least US$10 million (C$13.8 million) in debt — a situation Somerhalder called "a true nightmare."

Instead of living off residuals from some of TV's biggest global hits, Somerhalder and Reed found themselves scrambling to scrape up every dollar they had to pay off the debt. Here’s how they did it, and what Canadians struggling with their finances can learn from their situation.

What they did to survive

According to Somerhalder, Reed was the one who ultimately led the way out. He said his wife "really negotiated [them] out of this deal, but [they still] sold houses, paintings, cars, watches, everything."

"This woman here decided that she didn't want to see her husband ruin his body/mind/spirit and pulled up her bootstraps and got down in the trenches assembling a team to get to the negotiating table to find a way out," Somerhalder wrote on Instagram in 2021. "She devoted her life to getting me out of that mess, and it almost killed her along the way (2)."

Today, Somerhalder is a co-founder of multiple businesses, including Brother's Bond Bourbon, a venture with his The Vampire Diaries co-star Paul Wesley (3) and the Absorption Company, a brand of high-absorption powdered supplements he co-founded with Reed (4).

Still, he says in hindsight he "should have been retiring off of one of the biggest TV shows in the world" instead of "starting companies that were not gonna pay [him] possibly ever."

Smart takeaways from Somerhalder's money setbacks

Somerhalder's story might sound extreme, but the lessons learned hit close to home for anyone who has ever poured money — or trust — into a promising venture that unravelled. In a time when side hustles and entrepreneurship are widely encouraged, here are some key takeaways to consider before you commit your hard-earned money.

High income doesn't equal financial security

Even with a steady, enormous paycheque from a hit series, Somerhalder's financial stability came apart quickly. Income can easily disappear — but debt hangs on, especially from failed business ventures.

The Canadian Securities Administrators (CSA) stresses the importance of diversifying your investments and building a plan that accounts for risk before committing capital to any venture (5).

Don't invest blindly

Starting a business can be rewarding, but it demands due diligence, clear structure and oversight. Somerhalder openly admits he didn't build his company properly — a costly mistake when large sums of money and your personal reputation are on the line.

The risk of fraud is real

Many entrepreneurs focus on growth while underestimating how easily fraud can derail a venture. According to the Canadian Anti-Fraud Centre (CAFC), a federal government agency that tracks fraud and cybercrime, Canadians lost over $704 million to fraud in 2025 — and investment fraud was the single most costly category, accounting for roughly $351 million of those losses (6).

Verify that any investment or business partner is legitimate, avoid phishing scams and stay informed about emerging threats. The CSA offers a free national registration search tool that allows investors across Canada to verify whether a financial adviser or investment firm is registered in their province or territory (7).

Liquid savings can protect you when things go sideways

Selling assets like homes and collectibles helped Somerhalder regain his footing, but doing so under pressure often means getting shortchanged. Keeping a portion of your wealth easily accessible to prevent fire-sale scenarios is crucial.

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A strong support system is key

Who you surround yourself with matters. Reed's role in navigating the negotiations was, by Somerhalder's own account, what got them through. Whether it's a partner, a licensed financial adviser or a mentor — having someone you trust, and who is capable in a crisis, can make a critical difference.

Recovering from a failed business

Even if you take every precaution, the unexpected can still hit hard. A failed business — whether due to fraud or other circumstances — is tough to navigate both financially and emotionally.

But experts say there's a path forward, and it starts with acceptance.

Mogul and bestselling author Neil Patel, writing in Entrepreneur magazine, says that by accepting it's over, "failing fast" can help you break out of denial and start rebuilding (8). Otherwise, you risk pouring more money into a venture that's already finished.

Once you've accepted the loss, Patel says, it's important to grieve — but not get stuck there.

"Give yourself the time you need to be upset, sad or angry," Patel writes. "That could take three months. It could take 30 minutes … You should avoid staying at this emotional nadir, however. There is benefit in negative emotion. The benefit is to give yourself the inspiration to pick up, move on and build again."

Research led by Bayes Business School on entrepreneurial failure found that taking time to accept the loss, grieve and then look forward can help people move onwards — and upwards.

"Entrepreneurs who take stock, grieve and acknowledge how they feel about their business failure might develop and engage in building networks, coaching and raising money," the researchers found (9). "A positive, resilient attitude to failure is associated with bouncing back, while prolonged grief jeopardizes chances of this."

Patel also recommends taking full responsibility for what went wrong — not searching for outside factors or other parties to blame. He argues that owning the experience allows you to learn from it: "To staunchly deny your culpability is to refuse to learn from the experience."

Once you've done that, Patel says, it's time to begin again — cataloguing what went wrong (spending issues, hiring problems, partner conflicts, marketing missteps) and using those lessons as the foundation for whatever comes next.

What Canadians can do

Somerhalder's story offers valuable lessons for anyone managing a business, a side hustle, or a significant investment. Here are some practical next steps for Canadians:

• Verify before you invest. Use the CSA's National Registration Search tool to confirm that any adviser or firm you work with is registered in Canada.
• Report fraud immediately. If you suspect investment fraud, contact the Canadian Anti-Fraud Centre (CAFC) at 1-888-495-8501 or online at antifraudcentre.ca. Early reporting increases the chance of recovery.
• Keep an emergency fund that’s separate from your business. Financial planners typically recommend three to six months of living expenses in a liquid, accessible account, kept entirely separate from any business capital.
• Seek licensed advice before committing large sums. A licensed financial adviser (CFP or CFA) can help structure investments, review business agreements and identify red flags before they become crises.
• Know your insolvency options. If a business failure leaves you personally on the hook for significant debt, the Office of the Superintendent of Bankruptcy Canada outlines options including consumer proposals and personal bankruptcy — both of which have legal protections (10).

Bottom line

Today, Somerhalder says his Hollywood career is firmly "in the rearview mirror." After his Netflix series V Wars was cancelled in 2020, he chose not to return to acting, focusing instead on family life and ventures tied to sustainability, farming and energy.

His financial setback forced him to rethink everything — and his story is a reminder that even the highest earners aren't protected from making money mistakes.

That said, recovery — even when it's painful — is still possible with the right strategy, the right support and the right mindset.

Article Sources

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

E! News (1); Instragram (2); Brother’s Bond Bourbon (3); Xandro (4); Canadian Securities Administrators (5, 7); Canadian Anti-Fraud Centre (6); Entrepreneur (8); Bayes Business School (9); Office of the Superintendent of Bankruptcy (10)

In a move that has sent ripples through the Canadian film industry, the production is packing up its gear and heading south to Los Angeles for its fourth season. This isn't just a change of scenery for the actors; it’s a significant economic shift that highlights the fierce competition for "runaway productions" and the taxpayer-funded incentives used to keep them here.

The lure of the California sunshine — and record tax credits

The decision for Tracker to leave BC was driven by a massive US$48 million (C$65.7 million) tax credit from the California Film Commission — the largest incentive doled out by the state so far this year. This is part of a broader trend where jurisdictions are constantly outbidding one another to host big-budget projects.

BC has long been known as "Hollywood North," but the competition is heating up. According to reporting from Global News (1), the move is a material blow to the local economy. The show, which contributed heavily to the $3.1 billion the film sector brought to BC in 2024, provided steady, high-paying jobs for hundreds of local workers.

California Governor Gavin Newsom has been vocal about winning back such high-profile productions. Following the expansion of California’s tax credit program to $750 million annually, Newsom stated: "We’re making it easier and more affordable for productions to choose California, supporting thousands of good-paying jobs and the small businesses that depend on them."

The fiscal debate over film incentives

The departure of a major production like Tracker brings renewed scrutiny to how provincial tax dollars are utilized to attract foreign investment. British Columbia employs a basic production services tax credit — a refundable credit designed to lower the bottom line for both domestic and foreign studios.

While these incentives are credited with supporting thousands of local jobs for crews, caterers, and transport companies, they also represent a significant reduction in potential tax revenue from global entertainment corporations.

Economists remain divided on the true "multiplier effect" of these subsidies. While proponents argue that the local spending by film crews provides a net gain for the province, critics suggest the cost per job created can be steep. When a production leaves, the regional infrastructure built to support it, from specialized equipment rentals to local hospitality businesses, can face a sudden and significant "anchor tenant" vacancy.

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Navigating labour volatility in the creative sector

The "runaway production" phenomenon highlights the inherent instability of the gig-based film economy. For the thousands of British Columbians employed in the creative sector, the mobility of these projects necessitates a specific approach to career and financial stability:

• Extended liquidity buffers: Because the industry is sensitive to annual tax credit renewals and shifting studio priorities, many workers maintain six to nine months of emergency savings to weather the gaps between productions.
• Skill portability: Professional resilience in this sector often depends on the transferability of technical skills. Expertise in logistics, set construction, or digital post-production can often be pivoted toward more stable sectors like civil construction or corporate technology.
• Budgetary vigilance: Since provincial budgets dictate the competitiveness of film tax credits, industry professionals often treat legislative announcements as early warning signs for potential shifts in production volume.

The broader economic outlook for Canada

The exit of Tracker serves as a case study in the challenges of maintaining a stable domestic film industry. While B.C. remains a premier global hub, the intensifying "race to the bottom" on tax incentives makes it increasingly difficult to secure long-term commitments from major studios.

Ultimately, this move illustrates that the film industry is uniquely mobile. As jurisdictions like California increase their bidding power, Canada faces a critical question regarding economic development: is the current incentive model creating a sustainable industry, or is the province effectively "renting" jobs that remain subject to recall whenever a more lucrative financial deal appears elsewhere?

Article sources

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

Global News (1); CBC News (2)

The Canada Revenue Agency (CRA) is warning Canadians about a new surge in impersonation scams, including fraudulent text messages claiming recipients are owed a tax refund and must click a link immediately to claim it (1).

The messages can look very convincing. Some display the CRA name, reference a refund amount and include a link to what appears to be a government login page. But if you click the link and enter your information, scammers can gain access to your banking credentials, social insurance number (SIN) and other sensitive personal information, potentially setting off months or even years of financial headaches.

The CRA has been very clear about one thing: it does not send text messages or emails asking Canadians to click a link to collect a refund. If you receive one of these messages, it's a scam.

What the fake CRA text looks like

The new messages typically impersonate the CRA and claim you have an unprocessed tax refund. They will include an urgent call to action and encourage you to "click now" to verify your identity or lose your refund, along with a link to a spoofed website that mimics the government's official My Account portal.

The websites can be sophisticated, mirroring CRA branding closely enough to fool someone scanning quickly on their phone. Once you enter your credentials, the scammers have what they need.

In 2025, the Canadian Anti-Fraud Centre (CAFC) tracked more than $704 million in total fraud losses reported by Canadians (2), a figure that significantly understates actual losses because most fraud goes unreported, the agency notes.

And scammers are increasingly using a tactic called “smishing”, or phishing by text, in part because Canadians increasingly trust texts over emails and are more likely to act on them quickly.

Why this scam works — and who is most at risk

Like most forms of fraud, CRA tax refund scams rely heavily on urgency. The message creates pressure by implying there's a deadline to claim your refund, pushing people to act before stopping to think things through.

Timing also plays a major role. During and after tax season, many Canadians are already expecting refunds or correspondence from the CRA, so a text claiming a refund is available doesn't necessarily seem suspicious at first glance.

Scammers also take advantage of familiarity. Millions of Canadians regularly use CRA My Account (3), so seeing what appears to be a legitimate login page can feel routine enough that people let their guard down. While seniors, newcomers to Canada and first-time tax filers are often targeted because they may be less familiar with how the CRA communicates, these scams are sent out widely. Anyone with a cellphone number can receive one.

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How to tell if a CRA text is real or fake

There are a few important warning signs Canadians should know. First, the CRA will never send you a text message containing a link and ask you to log in or confirm personal information. In fact, the agency rarely communicates via text, and legitimate messages won't include refund amounts, threats, or urgent deadlines that pressure you to act immediately.

Official CRA texts also come from short codes, not random cellphone numbers. If you receive an unexpected message, avoid clicking any links. Instead, go to canada.ca/my-cra-account in your browser, or contact the CRA at 1-800-959-8281 to verify whether the message is legitimate.

What to do if you clicked

If you clicked one of these links and entered personal or financial information, it's important to act quickly. The sooner you respond, the better your chances of limiting any damage.

The CRA advises anyone who believes they may have compromised their My Account credentials to change their password immediately and contact the agency to flag the account for review.

Beyond your CRA account, take these steps:

• Contact your bank to report potential fraud and ask about placing a fraud alert on your accounts
• Report the scam to the CAFC at antifraudcentre.ca or by calling 1-888-495-8501
• Contact Equifax (4) and TransUnion (5) to place a fraud alert on your credit file
• If your SIN was compromised, report it to Service Canada
• File a report with local police if money was transferred

What you can do right now to protect yourself

CRA impersonation scams remain among the most commonly reported types of fraud in Canada, largely because they play on fear, urgency and the authority that comes with government communication.

The good news is that a few simple habits can dramatically reduce your risk:

• Log directly into your legitimate CRA My Account at canada.ca — never through a text or email link
• Enable two-factor authentication (2FA) on your CRA account
• Never click links in unsolicited texts or emails claiming to be from the CRA, even if they appear legitimate
• Save the CRA's official phone number (1-800-959-8281) in your phone so you can verify messages independently
• Share this warning with older relatives or newcomers to Canada who may be less familiar with how the CRA communicates

At the end of the day, the CRA will not text you a link to collect your tax refund. Knowing that one simple fact may be one of the best defences you have against becoming the next victim of a scam.

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Government of Canada (1),(3); Canadian Anti-Fraud Centre (2); Equifax (4); TransUnion (5)

But what happens if that wish is to spend US$25,000 (C$34,500) on a lavish funeral — including extras like US$400 (C$550) for a custom video tribute?

That's the gut-wrenching dilemma a caller named Jeff brought to Dave Ramsey and Jade Warshaw on The Ramsey Show (1). Jeff's mother — a senior living on a fixed income, with very little savings and a deteriorating home as her only asset — had toured a funeral home and was eyeballing the full package. The funeral home offered a payment plan, but Jeff wasn't sure it was the right move.

Ramsey made the situation clear for Jeff.

'You did not live your life in a Mercedes'

Ramsey was blunt: After hearing that Jeff would be covering the cost because his mother didn't have the money, he quickly rejected the idea.

"If she wants to spend HER money on her funeral, I don't mind that," he said. "But I'm not going to pay for it out of my pocket if I'm you. I think that's absurd."

Ramsey advised Jeff to sit down with his mother and set a firm budget — no more than US$5,000 to US$6,000 (C$6,900 to C$8,280) for the funeral. He said Jeff could pay for it after she passes, then seek reimbursement from her estate once the house sells, but only if she clearly documents that arrangement in her will.

He also urged Jeff to reason with his mother: Don't spend the last of your money enriching a funeral home.

"Mom, you did not live your life in a Mercedes, and you shouldn't die in a Mercedes," Ramsey added.

The emotional truth in that thought is universal, perfectly applicable in Canada, where funeral costs have climbed steadily and seniors on fixed incomes face similar pressures.

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What do Canadians live on in retirement?

Jeff's mother was surviving on US$1,600 (C$2,181) a month in Social Security. In Canada, the nearest equivalent is a combination of the Canada Pension Plan (CPP) and Old Age Security (OAS) — meaning many seniors are in a similar financial position.

As of April 2026, the maximum monthly OAS payment for Canadians aged 65 to 74 is C$743.05 — for CPP, that figure is $1,507.65 (2). For low-income seniors, the Guaranteed Income Supplement (GIS) can add additional support — but even with all three, many seniors are living close to the edge.

If you have a parent in that position, putting them — or yourself — on the hook for a C$25,000 to C$35,000 funeral isn't a tender tribute. It's a financial trap.

Should you prepay for a funeral in Canada?

Ramsey wasn't only opposed to Jeff spending a small fortune on his mother's funeral. He also warned against prepaying for funeral expenses altogether — advice that's important in a Canadian context as well.

"Do not write a cheque prepaying the funeral home because from that point forward, you make $0 on your money except for the inflation rate on a funeral," Ramsey said.

His argument: The opportunity cost of tying up cash with a funeral home — versus investing those funds — is significant. He argued that prepaying can leave a family with extravagant final expenses that make no financial sense.

In Canada, prepaid funeral contracts are provincially regulated — not federally — and the rules vary. For example, in British Columbia, funeral, burial and cremation services are governed by the Cremation, Internment and Funeral Services Act (3), while in Alberta, end-of-life services are governed by the Funeral Services Act (4). In Ontario, the Funeral, Burial and Cremation Services Act, 2002 requires that funds paid under a prepaid contract be held in trust or used to purchase a life insurance policy on behalf of the buyer (5).

All provincial legislation is similar in nature and provides some consumer protection that doesn't exist in all U.S. states.

Still, the Bereavement Authority of Ontario (BAO) — the delegated regulator protecting consumers and overseeing the death care sector — advises Canadians to read prepaid contracts carefully, understand cancellation and transfer rights, as well as confirm that funds are protected if the funeral home closes (6).

The BAO's guidance aligns with Ramsey's warning: Preplanning a funeral where you choose your preferences and document your wishes can be genuinely useful and reduce family stress. But prepaying is a different matter — and should be approached with caution.

How much does a funeral cost in Canada?

If you're not prepaying, how much should you set for a budget?

According to the Funeral Service Association of Canada (FSAC), the cost of a full funeral service with burial typically ranges from C$7,000 to C$16,000 or more, depending on the province and the services selected (7). Direct cremation is significantly less expensive, ranging from approximately C$850 (Vancouver) to over C$2,000 (Saskatoon) (8). Costs in major urban centres like Toronto, Montréal and Calgary tend to run higher than in smaller communities.

Funeral homes in most provinces are required by law to provide itemized price lists for their services so consumers can compare costs and avoid being upsold on extras they don't need or want.

As Ramsey told Jeff, the amount spent on a funeral says nothing about how much you loved someone.

"I really would advise her to spend money on the funeral, appropriate to her situation. There's no gain spiritually in what you spend on a funeral."

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What Canadians can do now

Whether you're planning ahead for yourself or navigating a difficult conversation with an aging parent, here are steps to help manage funeral costs wisely:

• Have the conversation early. Funeral wishes are easier to discuss — and more financially manageable — before a crisis. Ask your parents what matters most to them and find out what they can afford.
• Set a realistic budget. A dignified funeral can be arranged for well under C$10,000, including cremation services (9). You don't need to spend C$25,000 or more to honour someone's life.
• Get itemized quotes from multiple funeral homes. Provincial laws in most of Canada require funeral homes to provide written price lists. Ask for them.
• Understand what your parent actually owns. If a parent's only asset is their home, document any financial arrangements — such as an agreement for estate reimbursement — in a will that is signed and witnessed. Verbal agreements aren't enforceable.
• If considering a prepaid funeral contract, read it carefully. Confirm funds are held in trust, understand cancellation rights and check what happens if the funeral home changes ownership or goes out of business. Your province's specific funeral, burial and cremation legislation is a helpful starting point.
• Don't let any funeral home take advantage of your grief. Funeral homes are businesses, and upselling during an emotionally vulnerable time isn't uncommon. Having a budget in mind before you walk in is one of the best financial defences you have.

Bottom line

Losing someone is hard enough without adding in financial pressure. The decisions made in the thick of grief can feel like a reflection on how much you cared about the deceased — but the amount spent on a funeral has nothing to do with the depth of your love.

Ramsey's advice to Jeff is really about protecting the living. A thoughtful, dignified farewell doesn't require a C$25,000 price tag — and taking on debt or draining your savings to pay for one won't make your loss any easier. In Canada, where many seniors are already living close to the edge on CPP and OAS, a lavish funeral can leave families in a financial hole that takes years to get out of.

The kindest action you can take — for yourself and the people you'll leave behind — is to have the conversation early, clearly document your wishes and set a budget that reflects your specific financial situation. Planning ahead isn't morbid, it's smart financial thinking that is still sentimental.

— with files from Melanie Huddart

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Youtube (1); Service Canada (2); British Columbia (3); Province of Alberta (4); Ontario (5); Bereavement Authority of Ontario (6); Wagg Funeral Home (7); Haven Casket (8); Cleo Cremation (9)

That’s exactly the situation one caller found himself in on The Ramsey Show (1). Lance brings home about US$8,000 a month — roughly a six-figure salary — but feels like he’s “treading water” as he tries to tackle a US$65,000 debt. He’s been “living like a hermit" for six months, but his progress feels invisible.

When cohosts Rachel Cruze and George Kamel asked where his money was going, Lance responded: “The rest just trickles out there.” But as the hosts dug a little deeper, the problem wasn’t random trickle — it was big-ticket spending.

Lance had purchased a brand-new US$30,000 Harley-Davidson, a US$25,000 truck and was still paying off a US$8,000 personal loan. Looking at the numbers, the hosts urged him to sell the motorcycle and truck, and throw those proceeds toward his debt.

The real red flag for the hosts wasn’t the debt itself — it was the lack of financial awareness. As Cruze stated: “I want you to be able to know and control your money and where it’s going.”

Their advice highlights a financial reality that applies far beyond this one caller, even Canadians: high income can hide a spending problem, but it can’t fix one.

Juggling big debt and high income

High-income earners aren’t immune to financial strain — in fact, many struggle with debt and cash-flow gaps.

According to Statistics Canada, household debt levels remain high. Total household credit market debt exceeded C$33 billion in 2025, which means Canadians owe roughly C$1.77 for every dollar of disposable income (2).

Consumer credit — non-mortgage debt, which includes credit cards and personal loans — is also rising. Equifax Canada’s 2025 Market Pulse report shows consumer debt climbed to around C$2.58 trillion, with the average non-mortgage debt per person sitting at about C$22,147 as living costs keep rising. In fact, credit card balances are growing faster than any other spending category (3).

As consumers continue to carry a credit card balance, financial strain increases. A Bank of Canada analysis found that Canadians who carry a balance over multiple months are more likely to experience financial stress and risk falling behind on other payments (4).

Rising costs for living essentials such as groceries, transportation and housing are major contributors to this financial stress, and are greatly affecting Canadians’ ability to meet everyday expenses, according to a 2024 StatCan study (5).

At the same time, many Canadians report just getting by between pay dates. A recent survey by H&R Block found that about 85% of respondents say they’re living paycheque to paycheque, highlighting how common it is for households to feel their income doesn’t reach far enough — even before debt repayment (6).

That said, despite having a six-figure income, it’s entirely possible for debt loads to grow faster than disposable income — particularly if you don’t intentionally track and manage your lifestyle spending, vehicle financing, personal loans and credit card use.

To summarize the cohosts' advice to Lance, which holds true for all Canadians: having a clear picture of income and spending can help you take control of your financial commitments.

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People at all income levels need a budget

High income on its own isn’t enough to keep debt under control when food, housing, transportation and interest costs keep rising. The first step to breaking the cycle is knowing exactly where your money is going.

Start by building a monthly budget using your net pay — the amount you take home after taxes and deductions. List your essential expenses, like housing, utilities, groceries, transportation and insurance premiums, then add your minimum monthly debt payments. Whatever’s left over is the amount you can direct toward extra payments, savings or discretionary spending.

From there, choose a debt repayment strategy that matches your goals:

Debt Snowball. Pay off your smallest balance first to build momentum. As you see your debts disappear, your motivation will feed into that momentum until all debt is paid.

Debt Avalanche. Pay down the highest-interest debt first. This saves more money over time, especially with credit cards and personal loans.

Small behaviour tweaks can also make a difference. Some people pause discretionary spending for 30 days to “break the habit,” while others set weekly spending limits or delete saved cards from shopping sites to curb impulse purchases. Removing marketing emails and push alerts can also help limit any spending temptations.

The important part is to stop expecting perfection. These spending adjustments are about being aware and intentional with where your money goes. As Cruze noted in Lance’s case, the issue wasn’t his earnings, it was a lack of tracking: “You make great money, you work hard,” she said. “You’re changing for the better.”

With structure, even a six-figure salary can help you dig out of debt faster than you expect.

Bottom line

Lance assumed his income should have been enough to cover everything by default — but without a budget, his money “trickled out” and debt piled up. His situation is a reminder that higher pay doesn’t replace the need for a spending plan.

Whether you make C$50,000 or C$150,000, tracking your expenses, choosing a debt strategy and temporarily cutting back can free up cash quicker than you realize. If you’re feeling stuck, start by writing down where your money actually goes — clarity is the first step to control.

-with files from Melanie Huddart

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YouTube (1); Statistics Canada (2, 5); Equifax (3); Bank of Canada (4); Ontario Housing Market (6)

This is not a far-fetched scenario. In fact, it's quickly becoming one of the most disturbing forms of AI-assisted fraud targeting Canadians, and the nation’s top financial regulator is warning that banks may not be ready to stop it.

The Office of the Superintendent of Financial Institutions (OSFI) (1) is the federal agency that regulates and supervises Canada's banks, insurers, and pension plans. In its Annual Risk Outlook 2024–25 (2), it said it is monitoring threats to institutions' integrity and security. It noted that due to advances in technology, financial institutions are "facing more sophisticated and frequent threats to their security and operational resilience." It's a warning that should concern every Canadian who holds a bank or investment account.

What OSFI is telling banks to fix right now

OSFI's analysis identified technology and operational risk as one of the most pressing systemic threats facing Canada's financial system. These risks include AI-enabled fraud, such as voice cloning, that can be used against bank employees and their customers.

The problem is that much of the banking system's phone-based security was built around the assumption that only you sound like you. But AI voice cloning changes that completely.

Today, realistic voice-cloning tools are widely available online for less than $5 per month. Many only require about 30 seconds of audio to create a convincing imitation. That audio can easily come from social media videos, voicemail greetings, podcasts, or video calls.

How AI voice cloning makes fraud calls sound exactly like your family

The mechanics behind the scam are surprisingly simple. All a scammer must do is collect a short voice sample of a target's family member, often from social media, and feed it into a cloning tool. Within minutes, they can generate audio that mimics tone, cadence and speech patterns. In many cases, the results are convincing enough to fool both humans and some automated verification systems.

According to a recent Angus Reid report (3), more than 80% of Canadians say they've been targeted by digital or phone scammers since 2024, while nearly 30% report having money or personal information stolen. In response to the growing threat of phone fraud, the Ontario Securities Commission (OSC) has issued video guidance on how to avoid AI-voice scams (4).

The emotional pressure of a distressed voice, especially one that sounds like a child or partner in crisis, can override the hesitation that might otherwise stop someone from sending money.

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The authentication questions your bank asks are no longer enough

When dealing with banks or other financial institutions by telephone, one of the primary security measures has been verbal security questions like "What's your mother's maiden name?” or “Where was the last place you spent money on your account?"

However, these measures were designed to stop traditional identity theft, not AI-generated impersonation. There are two separate vulnerabilities here.

First, a fraudster impersonating you may already have access to your security answers through past data breaches or social engineering scams.

Second, and arguably more concerning, a fraudster pretending to be a family member doesn't necessarily need to fool your bank. They only need to fool you into authorizing the transfer yourself.

That second scenario is especially difficult for banks to detect because the transaction technically comes from a legitimate account holder acting under pressure or deception.

How to set up a verbal safe word with family members

One of the simplest protections you can put in place is also one of the most effective: creating a verbal safe word with your family.

If someone calls claiming to be a loved one in distress and asks for money, they must provide the agreed-upon safe word before you take any financial action.

Make sure that it is:

• Chosen by the family together
• Isn't used anywhere online or shared in messaging apps
• Is memorized and not written down
• Treated as non-negotiable

If the caller can't provide the safe word, end the call and contact the person directly using a trusted phone number.

Some financial institutions now offer customer passphrases or additional verbal verification codes for phone interactions. Ask your bank directly whether those options are available for your account.

What to do if you think you've been voice-scammed

If you transferred money or shared a one-time passcode during a suspicious call, you need to act quickly.

Contact your bank immediately and report the transaction as potentially fraudulent. Most financial institutions have escalation procedures for active fraud cases, and the sooner you report the issue, the better your chances of interrupting or freezing the transfer are. You should also report the incident to the Canadian Anti-Fraud Centre (5) at 1-888-495-8501 or through its online reporting portal.

If you authorized a wire payment or e-transfer that has already been received, your bank may not be able to recover the money. But reporting the incident still matters because it helps investigators identify patterns and connect related fraud cases.

Finally, don't feel embarrassed. These scams are specifically designed to exploit trust, fear and urgency. The technology is becoming increasingly sophisticated, and many victims are highly cautious people who simply reacted emotionally in a stressful moment.

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Office of the Superintendent of Financial Institutions (1, 2); Angus Reid Institute (3); Youtube (4); Canadian Anti-Fraud Centre (5)

Let's consider the hypothetical case of Luke, who potentially wants to retire at age 60. He earns $95,000 a year and has built a nest egg of $400,000 — roughly $300,000 in a Registered Retirement Savings Plan (RRSP) and $100,000 in a Tax-Free Savings Account (TFSA). He started saving seriously in his mid-40s and now contributes aggressively, putting away about $25,000 annually, including any employer matching contributions through a group RRSP.

His goal is to retire in a decade and live on around $70,000 a year, covering housing, healthcare top-ups and everyday living costs. Government benefits will help, but timing matters. In Canada, the Canada Pension Plan (CPP) can start as early as 60 — but with a significant reduction — and Old Age Security (OAS) doesn't kick in until 65. Retiring at 60 means relying entirely on personal savings for at least five years before full government support begins.

Can he do it?

How much is actually 'enough' to retire?

Many Canadians share a similar concern: how much do I need to retire? According to Statistics Canada's Survey of Financial Security, the median retirement savings for families headed by someone aged 45 to 54 was $335,000 saved in employer-sponsored pension plans and $120,000 in their RRSPs as of 2023 — Luke is on par with his peers (1). But averages can be misleading, and the real question is whether his savings can generate enough income to support his lifestyle once he stops working.

Popular benchmarks — like a $1 million retirement savings target — can distract from the real calculation. The widely used 4% rule suggests retirees can withdraw 4% of their portfolio in the first year of retirement, adjusting for inflation each year thereafter, and expect the money to last roughly 30 years (2). Applied to $400,000, that generates about $16,000 in the first year — far short of the $70,000 Luke needs.

But here's where the math gets more promising: If Luke starts with $400,000, contributes $25,000 a year and earns a moderate 6% annual return over 15 years, his portfolio could grow to roughly $1 million by age 65. That's five years past his target retirement date — but at that amount, a 4% withdrawal yields $40,000 annually. Combined with CPP and OAS payments, his total retirement income could come close to reaching his $70,000 annual goal.

At 65, a Canadian who has contributed to CPP for most of their working life could receive a maximum of $1,507.65 a month — though the average new CPP retirement pension was $925.35 a month as of January 2026 (3). OAS adds $743.05 each month from ages 65 to 74 (3). Averaged together, that's a potential government income floor of roughly $20,200, up to $27,008 a year if you bring in the maximum. It's significant support, but certainly not enough to live on alone.

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Is $400,000 saved at age 50 actually 'behind?'

In Luke's scenario, yes — he's behind traditional benchmarks, particularly because he started saving later in his professional life and has less time for compounding to do its work. Financial advisers often recommend putting aside the equivalent of roughly seven to eight times your annual salary by age 60 (4). Luke earns $95,000 per year, which would equate to a target of $665,000 to $760,000 — a range his current trajectory doesn't quite reach by 60, though it comes close by 65.

The industry standard sets a retirement income replacement target of roughly 70% of your pre-retirement yearly earnings (4). For Luke, that's about $66,500 annually — close to the $70,000 he's aiming for.

Retiring at 60 creates a "bridge period," where Luke must cover all living costs from personal savings before he starts collecting CPP and OAS payments. Taking CPP at 60 is possible, but comes with a 36% permanent reduction if you collect before 65. Waiting just five years preserves significantly more monthly income for the rest of his life.

Still, consistent contributions and investment growth make a solid retirement more realistic, even if the margin for error is narrower at his age.

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What needs to happen over the next decade

Luke has little room for distraction. Staying the course on his contributions is non-negotiable — those annual $25,000 deposits will account for a significant share of his eventual balance. With an RRSP limit of $33,810 in 2026 (5) and an annual TFSA room of $7,000 (6), he has room available to shelter most of his savings from tax.

Having some discipline over his spending matters, too. If Luke were to revert to his old habits of overspending, his plan could easily crumble. He needs a detailed, honest projection comparing retirement at 60 versus 62 or even 65, showing exactly how a few extra years in the workforce could shift the numbers in his favour.

In particular, delaying CPP can be a powerful strategy. For each month CPP is deferred past 65, benefits increase by 0.7%, up to a 42% boost at age 70. If Luke works to 62 or 65 instead of 60, and then defers CPP even a few years, the monthly income he can count on for life grows substantially.

Planning for the bridge period before government benefits begin is equally critical. Covering that five-year gap — from 60 to 65 — through savings withdrawals, part-time consulting or a side hustle prevents drawing down funds so much that his portfolio is permanently set back. StatCan data shows that as of 2022, income for retired households aged 65 in 2022 came to $72,400 annually (7), which anchors his $70,000 target as realistic — but tight.

Health care is another consideration in Canada that changes after retirement. While provincial coverage will account for most core medical costs, supplemental insurance for vision, prescriptions and paramedical services adds to the monthly budget — particularly as Luke ages.

What Canadians in this position can do now to reach their goal

If this scenario feels familiar — a late start to saving, some financial regrets and a real desire to course-correct — there are clear, actionable steps to take:

Maximize registered accounts first. Contribute to your RRSP up to its annual limit — 18% of earned income or $33,810 for 2026, whichever is lower. Additionally, don’t forget to put aside funds in your TFSA, up to $7,000 in 2026. Both accounts reduce or shelter investment income from taxation, compounding the benefit over time.

Run the CPP timing scenarios. Use Service Canada’s "My Account" portal to get a personalized CPP statement of contributions. A financial adviser can model the difference between taking CPP at 60, 65 or 70 — the gap can be significant.

Build a bridge-period budget. Map out exactly how much you'll spend each year from 60 to 65 before OAS and a more robust CPP kicks in. Having a clear picture of that funding gap is the first step to filling it.

Work with a fee-only financial planner. A Certified Financial Planner (CFP) can run detailed retirement income projections specific to your province, your tax situation and your family circumstances. A few hundred dollars for professional financial advice now can prevent you from making costlier mistakes later.

Don't underestimate the value of a few extra years. Working to 62 or 65 instead of 60 doesn't just add contributions — it shortens the number of years your portfolio must sustain you, while significantly boosting the government benefits you'll receive for life.

— with files from Melanie Huddart

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Fidelity (1, 4, 5, 7); Charles Schwab (2); Service Canada (3); Canada Revenue Agency (6)

While the image of the "basement dweller" used to be a punchline, today it’s a calculated financial strategy. With the cost of living climbing and housing affordability reaching historic lows, many young professionals are looking at their parents not just as family, but as the ultimate roommates.

The statistics behind the shift

This isn't just a feeling; the data backs it up. According to Statistics Canada (1), multi-generational households are the fastest-growing household type in the country. Data from the 2021 Census revealed that nearly 35% of young adults aged 20 to 34 were living with at least one parent.

The drivers are clear. Rent prices in major hubs like Toronto and Vancouver often consume more than half of a median starter salary. When you add the burden of student debt and the rising cost of groceries, the math for independent living simply does not add up for many.

Changing the family dynamic

For many families, this transition requires a total mental shift. You’re no longer dealing with a high schooler who needs a curfew; you are living with an adult who has a career, opinions and their own financial goals.

"The dynamic has changed," says personal finance expert Rubina Ahmed-Haq in an interview with Global News (2). "It's not just about 'I'm living at home because I can't afford to live on my own.' It's 'I'm living at home so I can eventually afford to live on my own.'"

The key to making this work without damaging family relationships is transparency. Financial experts suggest treating the arrangement like a business partnership. This means having "the talk" about expenses, chores and long-term exit strategies before the first U-Haul arrives.

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Financial strategies for a shared roof

If you are a parent welcoming a child back, or an adult child moving home, there are specific steps you can take to ensure this move serves your financial future:

1. Formalize a "rent-to-savings" plan: Instead of traditional rent, some parents charge a monthly fee that is tucked away in a Tax-Free Savings Account (TFSA) or First Home Savings Account (FHSA). This money is then gifted back to the child when they are ready to buy their own home.
2. Maximize the FHSA: If the goal is homeownership, the First Home Savings Account is a powerful tool. It allows Canadians to contribute up to $8,000 per year (to a lifetime limit of $40,000) with tax-deductible contributions and tax-free withdrawals for a home purchase.
3. Clarify household contributions: To avoid resentment, define who pays for what. Will the adult child cover the grocery bill or the high-speed internet? Setting these expectations early prevents the "freeloader" narrative from taking root.

The permanent shift in the Canadian life cycle

As the "empty nest" era fades into the rearview, Canada is witnessing a fundamental restructuring of the traditional life cycle. What began as a temporary response to a housing crisis is rapidly becoming a permanent cultural shift, redefining how generations interact and share wealth.

For most Canadian families, the goal is no longer about achieving total independence as quickly as possible, but rather about building collective stability in an increasingly volatile economy. Success in this new landscape isn't measured by how fast a child moves out, but by how well a family can manage their shared resources to ensure everyone’s long-term financial survival.

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Statistics Canada (1); Global News (2)

She had woken up one morning to her husband confessing he had lost US$100,000 (C$138,000) in a bad investment. He had withdrawn the money from his 401k (the American equivalent of an RRSP) and their Home Equity Line of Credit (HELOC), without her knowledge or consent. He had "invested" — or rather, lost — that large sum in an online investment scam that left the couple's finances in ruins.

Karen was surprisingly composed. She told the hosts she was giving her husband grace — but Ramsey wasn't having it.

"No! He ought to be on his knees begging for forgiveness," Ramsey fired back.

"Not only did he lie, but he was stupid with the money, and he's still walking around like this is okay."

Is financial deception like an affair?

Ramsey made it clear that what happens next should not be her husband's call. He urged Karen to demand marriage counselling starting immediately, and outlined two distinct problems: the financial loss and the deception.

Both Ramsey and cohost Jade Warshaw agreed the broken trust was the costlier damage. Karen's husband had gone behind her back, made unilateral decisions with shared family wealth and then waited a month before telling her.

When Karen got emotional and asked how to rebuild, Ramsey reminded her that "behaviour is a language." He recalled his own past, sharing that he used to make real estate decisions without his wife's knowledge — until one Christmas, he got it wrong, badly.

"We don't make decisions unless we make them together," he said. "That's a new system that went in place after Dave was stupid."

Ramsey compared financial secrecy to infidelity, noting "it's the same level of betrayal.”

He's not wrong — and in Canada, the pattern is more common than most couples realize.

Financial infidelity — which involves hiding, misrepresenting or concealing debt, accounts or spending from a partner — affects over 1 in 3 Canadian couples (or 36%), according to a study by Leger for Credit Canada (2). Meanwhile, financial disagreements cause between 20% and 40% of divorce in North America, according to the Institute for Divorce Financial Analysts (IDFA) (3).

In Canada, the legal stakes are even higher

This story illustrates a critical difference between the U.S. and Canada in the way that retirement and home equity accounts can be accessed and protected.

In the U.S., the husband withdrew from his 401(k), the American employer-sponsored retirement plan. In Canada, the equivalent is an RRSP. While RRSPs are individually held accounts, they are typically treated as family property in the event of a divorce. Under most provincial and territorial family law acts, assets accumulated during a marriage — including RRSP balances — are subject to equalization upon separation (4).

What this means in practical terms is that a spouse can't legally access or withdraw from the other's RRSP without consent or legal authorization, according to the Canada Revenue Agency (CRA) (5). But if that spouse did withdraw and the money is spent, recovering it can require legal action — a costly and emotionally draining process on top of an already devastating form of betrayal.

As for the HELOC: in Canada, they are capped at 65% of the home's appraised value — or up to 80% when combined with the outstanding mortgage balance (6). If a HELOC is registered in only one spouse's name, the other partner may not have to co-sign withdrawals, which gives way for the same kind of unilateral financial decision-making Karen described in her scenario.

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Scams are getting smarter — and Canadians are losing millions

The "online bank" investment from Karen's story is far from an isolated incident. Canadians lost C$705 million to fraud in 2025, according to the Canadian Anti-Fraud Centre (CAFC) (7). Investment fraud was the single costliest category — accounting to C$351 million of those reported losses.

The CAFC also notes that these figures represent only a fraction of actual losses, since most fraud goes unreported. And with artificial intelligence (AI) now making scams much more convincing, couples who keep financial secrets from each other are especially vulnerable.

How to protect your relationship from financial ruin

Ramsey's advice is relevant regardless of where you live. Setting financial rules that work for you as a couple, and holding each other to them, is paramount. What counts as a "major" financial decision is subjective, but it should be defined and agreed upon together.

It’s integral to review all shared accounts regularly. In Karen's case, she and her husband had an open HELOC that he could access without needing her signature. This illustrates the importance of knowing the access rules on every account you hold. It isn't paranoia — it's protection.

Make financial check-ins a regular habit — perhaps monthly, in a calm and non-threatening environment. Review all accounts, flag anything unusual and set a plan for the month ahead.

And when trust has been broken, investing in a marriage counsellor is crucial. A trained mediator can help rebuild open communication and trust, create a safe space for financial discussions and support better-quality decision-making going forward.

A strong relationship, Ramsey often says, pays dividends — for life.

What Canadians can do right now

Know your RRSP rules. Your RRSP is registered in your name only, but it's likely considered family property in the event of a divorce. Review your account access settings and consider a spousal RRSP — a tax-efficient option that builds your partner's retirement savings while benefitting from your contribution room.

Review your HELOC agreement. Check whether your HELOC requires both spouses to sign for withdrawals. If not, speak with your lender about adding both partners for joint authorization. The FCAC provides a plain-language guide to understanding your HELOC rights at canada.ca.

Report scams to the CAFC. If you or someone you know has been targeted by an investment scam, report it to the CAFC at antifraudcentre-centreantifraude.ca or by calling 1-888-495-8501.

Establish a big purchase limit. Agree on a dollar amount — C$500, C$1,000, or whatever works for your specific situation. Using that number as a benchmark, neither partner makes a financial decision without the other's approval if the purchase or investment exceeds that threshold. Put it in writing.

Schedule monthly money dates. Regular, low-pressure financial check-ins reduce the likelihood of secrets forming in the first place. Review all accounts, balances and goals together.

Article Sources

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

The Ramsey Show (1); Leger (2); Institute for Divorce Financial Analysts (3); Canada Life (4); Canada Revenue Agency (5); Office of the Superintendents of Financial Institutions (6); Canadian Anti-Fraud Centre (7); Financial Consumer Agency of Canada (8)

A 2024 study from Payments Canada found that 1 in 5 Canadians had sent money internationally using their bank account over the previous year, marking a 33% increase compared with 2022. Younger Canadians — particularly freelancers, gig workers and the self-employed — were among the most frequent users.

The survey also found that costs remain a major pain point. Canadians cited transaction fees, unclear exchange rates, transfer limits and delays as some of the biggest frustrations when moving money internationally.

Wise launches a new multi-currency interest feature in Canada

Against that backdrop, Wise has launched a new feature in Canada aimed at those holding money in multiple currencies.

The feature allows eligible customers to earn interest on balances held in Canadian dollars, U.S. dollars, euros and British pounds within a single Wise account. Customers can still spend, send or convert those funds without lock-up periods or minimum balance requirements, according to the company.

"Earning a return on your money across currencies shouldn't require opening and managing multiple accounts or giving up access to your funds, but that's the reality many Canadians have grown accustomed to," noted Vinay Nilakantan, Head of Product for North America at Wise, in a statement.

Wise says the feature is the first in Canada to combine interest earnings across multiple currencies within one consolidated account.

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Why this matters for consumers

For Canadians who regularly deal with multiple currencies, managing money can often feel like a hassle. Traditional banks often require separate foreign currency accounts or products for each currency, and some accounts come with minimum balance requirements, promotional rates or restrictions on how funds can be used.

And that matters more now than it once did with international payments becoming more common, especially among younger Canadians and people working across borders digitally.

According to Payments Canada, the U.S. remains the top destination for international payments sent by Canadians, accounting for about half of transfers tracked in the study.

Competition in cross-border banking is heating up

Wise is entering a growing cross-border banking market, where both traditional banks and fintech firms have been expanding foreign currency and international payment offerings.

Traditional financial institutions already offer foreign currency accounts, while fintech platforms have focused on lower-cost transfers, spending cards and cash management tools.

What's distinct about Wise's new feature is the ability to combine several functions in one account, allowing users to hold multiple currencies, earn interest and continue accessing their money without moving it into separate products.

In his first televised interview since stepping down as CEO of Berkshire Hathaway at the end of 2025, Buffett sat down with CNBC’s Becky Quick on Squawk Box on March 31, 2026 — and didn’t hold back (1).

‘I sold it too soon’

During the interview, Buffett openly admitted that Berkshire’s decision to trim its Apple stake was a mistake. “I sold it too soon,” he told Quick — a rare public concession from a man who has built a US$700 billion-plus empire, in part, by preaching the value of holding great businesses for the long term (1).

By the end of 2025, Berkshire had reduced its Apple position to a value of approximately US$61.96 billion (roughly C$86 billion). Before the reduction, Apple made up 40% of Berkshire’s entire portfolio (1). Despite the reduction, the tech giant remains Berkshire’s single largest holding, representing about 23% of the conglomerate’s stock portfolio (2).

“I’m very happy to have it [Apple] be our largest holding,” Buffett said during the interview. “I was not happy to have it be as large as almost everything else combined.”

That pressure — between wanting concentration in a winning stock but avoiding dangerous overexposure — is something Canadian retail investors regularly face, whether they’re holding Apple stock directly through a registered account, or simply managing a portfolio weighted toward a handful of favourite names.

Would Buffett buy more? Yes — but not yet

Following his concession on selling too early, Buffett made it clear that he hasn’t closed the door on adding to Berkshire’s Apple position. Timing remains the obstacle, however.

“It’s not impossible that Apple would get to a price, we would buy a lot of it,” Buffett said. “But not in this market.”

His hesitation is grounded in valuation. As he explained to Quick, Apple stock remained unattractive to him even after falling nearly 15% from its recent high — and after dropping more than 6% through March alone (2). Meanwhile, Berkshire’s new CEO, Greg Abel, confirmed in a recent letter to shareholders that Apple is one of the core positions the company expects to hold with limited trading activity going forward (2).

Buffett made his comments in the middle of an unusually choppy stretch for global equity markets. Both the S&P 500 and the tech-heavy Nasdaq Composite have been under pressure, pulled lower by the ongoing conflict in Iran and its effect on oil prices and supply chain disruption. However, the S&P 500 still managed to advance 3.4% in the week ending April 2, while the Dow Jones Industrial Average and the Nasdaq added 3% and 4.4%, respectively, following a five-week slide (3).

For Canadian investors, the picture is somewhat different. The S&P/TSX Composite Index has shown relative resilience during this volatile stretch, supported by Canada’s heavy weighting in energy and materials — sectors that have actually benefited from elevated oil prices tied to Iran-related supply uncertainty (4). As Matt Kacur, president of FSA Valuation Service, noted during an April 6, 2026 interview with BNN Bloomberg: “Canada is probably the number one supplier in terms of stability and quantity across a number of factors (5).”

Buffett’s biggest regrets aren’t about what he sold

Buffett’s Apple admission isn’t his first public reckoning with investment regret. During Berkshire’s 2001 annual meeting, when asked about his worst investment, he offered an answer that has stayed with investors ever since.

“The biggest mistakes are the ones that actually don’t show up,” he said. “They’re the mistakes of omission rather than commission (6).”

He explained that Berkshire had never lost enormous sums on a single bad investment, but it had, at times, missed life-changing gains by failing to act when the evidence was clear. “We have missed profits of maybe $10 billion in things that I knew enough to do, and I didn’t do,” he said.

The difference between the visible mistake of selling too early and the invisible mistake of never buying is worth consideration, no matter the size of your portfolio.

What this means for Canadian investors

Buffett’s Apple story carries lessons that translate directly to Canadians — here are the key takeaways for investors managing portfolios of any size:

Know where you hold your U.S. stocks

Apple shares aren’t listed on the Toronto Stock Exchange (TSX). Canadian investors who want direct exposure to the company’s stock must hold it through a brokerage account that provides access to U.S. exchanges.

For those who prefer Canadian-dollar exposure, Apple is available as a Canadian Depositary Receipt (CDR) on the NEO Exchange under the ticker AAPL. CDRs are currency-hedged and denominated in Canadian dollars, making them a more accessible option for registered accounts like a Tax-Free Savings Account (TFSA) or Registered Retirement Savings Plan (RRSP). (6)

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.

Understand the tax difference between account types

Where you hold a U.S. stock like Apple matters enormously at tax time.

• RRSP: Under the Canada–U.S. Tax Treaty, U.S. dividend withholding tax is generally waived on U.S. stocks held directly in an RRSP. This makes the RRSP the most efficient place to hold dividend-paying U.S. equities (7).
• TFSA: The Canada Revenue Agency (CRA) treats a TFSA as tax-free for Canadian purposes, but the U.S. Internal Revenue Service (IRS) doesn’t recognize TFSAs as retirement accounts. As a result, a 15% U.S. withholding tax applies to any U.S. dividends paid into a TFSA — and that tax cannot be recovered through a foreign tax credit (7). However, capital gains within a TFSA remain completely tax-free in Canada.
• Non-registered accounts: Capital gains from selling U.S. stocks like Apple are taxable in Canada. Under current rules, 50% of any capital gain is included in taxable income and taxed at your marginal rate. For the 2025 and 2026 tax years, the 50% inclusion rate applies to individuals — the proposed increase to 66.67% was cancelled by Prime Minister Mark Carney on March 21, 2025 (8).

Don’t try to time the market — even Buffett gets it wrong

Buffett’s Apple regret is a lesson in the limits of market timing, even for the very best. He trimmed a position in a company he admired and understood deeply — and still sold too early. For Canadian investors without Berkshire’s research resources, the risk of trimming a winning position prematurely is even higher.

Avoid the mistake of omission

Buffett’s deeper regret — the US$10 billion in opportunities he identified but never acted on — is a reminder that inaction carries its own cost. If you’ve been sitting on the sidelines waiting for the “perfect” moment to add to a position or begin investing, data consistently shows that time in the market outperforms timing the market.

Consider your total exposure — and rebalance with intention

Just as Berkshire found itself uncomfortably concentrated in Apple, individual Canadian investors can fall into similar traps. If a single stock — whether a Canadian bank, an energy company or a U.S. tech giant — has grown to dominate your portfolio, a disciplined rebalancing strategy can reduce risk without triggering unnecessary taxable events. Rebalancing inside a registered account (RRSP or TFSA) avoids capital gains tax entirely.

Bottom line

Buffett’s Apple admission is a good reminder that even the most experienced investors can make mistakes, and that both acting too soon and failing to act carry real potential costs. For everyday Canadian investors, the takeaway isn’t to obsess over timing. Rather, it’s to have a clear strategy before you buy, and a distinct reason to sell.

Practically speaking, where you hold U.S. stocks is as important as the ones you own. Keep dividend-paying U.S. equities in an RRSP to shield them from a withholding tax, while a TFSA completely shelters capital gains. If your portfolio has drifted toward heavy concentration in a single brand, rebalancing inside a registered account lets you reduce risk without triggering a taxation event.

And if you’ve been sitting on the sidelines waiting for the perfect moment to act, Buffett’s deeper regret is good to remember: the most expensive mistakes are often the ones you never see — the opportunities you had but never took.

-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.

CNBC (1); Yahoo! Finance (2); Investopedia (3); Morningstar (4); BNN Bloomberg (5); Economic Times (6); RBC Wealth Management (7); Skyline Wealth Management (8)

The short answer, according to the lawsuit and testing by Greenpeace Germany, is a toxic cocktail that includes "forever chemicals" (perfluoroalkyl and polyfluoroalkyl substances, or PFAS), phthalates and lead — some at concentrations far exceeding safety limits in the European Union (EU) and the United States (1).

Canada has no comprehensive federal testing program for chemical content in imported clothing. Health Canada doesn't screen, test or approve these products before they are sold online or in stores. Instead, the onus is on the importer or company to ensure its merchandise complies with the Canada Consumer Product Safety Act — which prohibits hazardous substances like lead and PFAS. However, manufacturers often use a loophole by claiming these chemicals are "incidental (2)."

Shein has denied the toxic product claims, even as the State of Texas launched a lawsuit against the fast-fashion firm.

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What the lawsuit and lab tests actually found

In February 2026, Texas Attorney General Ken Paxton filed a lawsuit against Shein in Collin County District Court, alleging the company violated the Texas Deceptive Trade Practices Act by selling products described in court filings as "silent carriers of poison." The lawsuit focuses particularly on children's products and clothing worn by pregnant women (3).

The specific allegations include:

• PFAS in outerwear: Greenpeace Germany published lab findings in late 2025 indicating that seven Shein jackets contained PFAS at concentrations up to 3,300 times the EU limit (4).
• Phthalates in children's products: South Korean regulatory testing cited in the lawsuit found some children's shoes and accessories with phthalate levels as high as 428 times the legal limit.
• Lead and formaldehyde: The Texas lawsuit further alleges the presence of lead and formaldehyde in children's clothing and accessories.

Shein has denied the allegations. The company has stated it conducts millions of its own safety tests annually and that its products meet applicable legal standards.

Why this matters for Canadian shoppers

Canada does not have EU-equivalent restrictions on PFAS in textiles, and the Canada Border Services Agency (CBSA) does not routinely test imported garments for chemical content. Health Canada can take enforcement action when a product is found to be hazardous under the Canada Consumer Product Safety Act (CCPSA), but that process typically follows reported harm or targeted sampling — not pre-arrival screening of every shipment.

This matters in practice because Shein operates one of the highest-volume parcel import flows into Canada. The platform lists thousands of new styles daily and ships directly to consumers, bypassing the retail shelf testing infrastructure that traditional importers must follow.

PFAS are of particular concern because they accumulate in the body over time and have been linked by health researchers to hormone disruption, immune system effects and certain cancers. Children and pregnant women face the greatest risk due to developmental sensitivity. Phthalates, which are used to soften plastics and are found in accessories such as bags and shoes, are regulated endocrine disruptors in Canada under the Prohibition of Certain Toxic Substances Regulations — but enforcement depends on detection.

What you can do right now

Shein's case has not been resolved in court, and the allegations have not been proven. But the independent lab testing conducted by Greenpeace Germany stands on its own. The results were gathered separately from the lawsuit and have been made public, giving Canadian shoppers plenty of reason to pay attention.

Ideally, anyone who has purchased Shein products can reduce harmful exposure by eliminating and replacing these items; however, for Canadians already relying on fast fashion for affordability reasons, this trade-off isn't easy.

While replacing an entire wardrobe with certified organic clothing may appear optimal, it's not practical for many Canadians. Instead, a more feasible approach is to reduce potentially harmful exposure by eliminating or replacing the highest-risk items — children's clothing, garments worn against skin for extended periods and products with rubberized coatings or waterproof finishes.

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Where possible, consider adopting the following mindset when shopping for clothing and accessories:

• Prioritize natural fibres — cotton, linen and wool — for items worn close to skin, especially children's pyjamas, underwear and base layers.
• Wash new clothing at least once before wearing, which reduces surface chemical residue, though it does not eliminate absorbed chemicals.
• Avoid Shein’s activewear, waterproof outerwear and children's accessories until more testing is available — these categories have the highest likelihood of chemical treatments.
• If you've purchased Shein products recently, consider reporting concerns to Health Canada's consumer product safety complaint line at canada.ca/en/health-canada/services/consumer-product-safety.
• Check the Competition Bureau of Canada and Health Canada's recall database regularly at healthycanadians.gc.ca for updates on fast fashion product recalls.

Article sources

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

Texas Attorney General (1),(3); CBC (2); Greenpeace Germany (4)

During the pandemic, Rejvold was forced to close her restaurant for two years and developed an illness during the same period, she told CTV News (1). Because of the closure, Rejvold applied for the Canadian Emergency Response Benefit (CERB) and the Canadian Recovery Benefit (CRB) — temporary financial assistance programs offered by the federal government during the pandemic.

Rejvold said she received over $24,600 in CRB payments during that time, saying the "government's offer to give us benefits was very welcome." However, Rejvold is now being told she was not eligible for the benefits in the first place and must pay them back.

Rejvold complied and repaid the $24,600. She was then advised she was also not eligible for the CERB program either and is now being asked to repay $14,000, CTV News reported.

Rejvold received a letter from the CRA outlining their reasoning: "We have determined you are not eligible for the Canadian Emergency Response Benefit (CERB). You did not earn at least $5,000 (before taxes) of employment or self-employment income in 2019 or in the 12 months before your application," the letter states.

While Rejvold appealed the decision in federal court, her efforts were effectively moot — she is still required to come up with the additional $14,000.

"I'm very disappointed and it's stressful," Rejvold told the outlet.

How CERB benefits worked and who was eligible

On March 25, 2020, the Canada Emergency Response Benefit Act was passed in order to provide income for eligible Canadian workers whose employment income was "disrupted by COVID-19 (2)." This act established CERB, which provided a taxable benefit of $2,000 every four weeks for up to 16 weeks to eligible Canadian workers.

CERB payments were available from March 15, 2020 to September 26, 2020, according to the CRA — Canadians could apply as late as December 2, 2020 (3).

Eligibility for CERB was based on two main requirements: the applicant having earned $5,000 or more before taxes in 2019 — or in the 12 months prior to applying — and having had their working hours severely reduced or cut entirely due to the pandemic. Additionally, applicants could not have earned more than $1,000 in income during each monthly claim period and had to be at least 15 years old (4).

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CRA continuing efforts to collect COVID-19 benefit payments

According to the Canadian Press (CP), the CRA began contacting individuals for repayment in 2023 (5). A spokesperson for the agency, Nina Ioussoupova, notes that as of November 2025, the CRA was owed over $10 billion in COVID-19 benefits and had "disbursed $83.5 billion in COVID benefits to Canadians, including $45.3 billion for the Canada Emergency Response Benefit."

Ioussoupova revealed that the massive debt resulted from overpayments, as well as from individuals who received financial assistance they were not actually eligible for.

"Emergency benefits needed to be delivered extremely quickly to millions of Canadians, leading to an attestation-based application process beginning with the Canada Emergency Response Benefit (CERB)," she said, adding, "Individuals were required to confirm they met the program eligibility criteria and were made aware that the CRA might verify this information at a later date."

As of November 30, 2025, Ioussoupova confirmed that around 1.4 million Canadians had repaid approximately $3.3 billion in debts related to pandemic benefits.

Why is there such a large amount of pandemic benefits to be repaid?

A Government of Canada briefing binder prepared for a parliamentary committee appearance in February 2023 (6) stated multiple reasons for COVID-19 repayments. One key issue was how eligibility was determined. The federal government relied on personal attestations from applicants to determine initial eligibility, using post-payment measures to verify suitability after the fact. This was done to provide fast emergency benefits to Canadians, but it came with a cost: it opened the door for many ineligible Canadians to receive overpayments — whether through application errors or fraudulent applications.

In fact, a report from the Auditor General of Canada from 2022 notes that this approach — combined with a lack of data at the time — resulted in "a significant amount of payments made to recipients who were ineligible or whose eligibility needs to be verified (7).”

"We found $4.6 billion of overpayments made to ineligible recipients of benefits for individuals. In addition, we estimated that at least $27.4 billion of payments to individuals and employers should be investigated further. The department and agency did not develop rigorous and comprehensive plans to verify the eligibility of recipients."

Additionally, the briefing explicitly noted that while CERB was "communicated to Canadians as one single benefit," it was made up of two income streams: CERB from the CRA and the Employment Insurance - Emergency Response Benefit (EI-ERB), administered by Employment and Social Development Canada (ESDC). Canadians could have applied for CERB through the CRA or through Service Canada using Employment Insurance (8).

As the CRA notes on its website, Canadians who applied for CERB and received income from the CRA and EI or Service Canada may be required to pay back benefits received. It is possible that the multiple ways of applying for CERB (through CRA or EI) could have created confusion for applicants during a very stressful period, resulting in applicants mistakenly applying for both programs and being overpaid.

What options do Canadians who are being asked to repay benefits have

Canadians are facing hard times, with new data from Statistics Canada showing that 11% (4.5 million Canadians) of the population is under the poverty line. Having to pay back thousands in benefits while struggling with the cost of living can be financially debilitating. Some Canadians who are dealing with CERB repayment issues have mentioned losing access to tax return repayments and tax benefits as a result (9). What can Canadians who are receiving repayment letters from the CRA do?

The first step is to work with the agency to provide documentation showing that they were eligible to receive the benefits. If the CRA determines they were ineligible based on the information presented, applicants can request a second review within 30 days of the initial decision. If the CRA denies an appeal again, the next step is to apply for a judicial review from the Federal Court within 30 days of receiving the second review decision (10).

Taking on the CRA in Federal Court is no small matter, so it may be best to get legal advice or representation before proceeding. Some firms have made efforts to assist Canadians on a pro bono basis when dealing with CRA repayment demands (11).

In the event you are required to make repayments after exhausting all available options, the CRA has indicated it has made instalments available and will not charge interest on these debts (12).

Article Sources

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

CTV News (1, 9); Government of Canada (2, 3, 4, 6, 7, 8, 12); The Canadian Press (5); Dentons (10); Osler (11)

Sun Life Financial Inc. recently announced a settlement in principle to resolve a long-running class action lawsuit involving hundreds of thousands of individual life insurance policies. The proposed deal, which is still awaiting court approval, could see up to $213.5 million distributed to eligible policyholders across the country.

Origins of the dispute

The legal battle didn’t start with Sun Life products. Instead, it centres on "legacy" policies originally issued by Metropolitan Life Insurance Company (MetLife) before Sun Life acquired the business. Between 1987 and 1998, MetLife sold universal life insurance products known as Universal Plus, Flexiplus and Optimet.

When interest rates were high in the 1980s, these policies were marketed as efficient investment vehicles. However, as interest rates fell in the following decades, the costs associated with the policies rose while the returns often underperformed. The class action, which officially began in 2010, alleged that the insurer breached contract terms by increasing the cost of insurance and administrative fees based on factors not permitted by the original agreements.

The lawsuit also initially included claims of misrepresentation by sales agents. However, Canadian courts eventually ruled that those specific claims were too "idiosyncratic" to be handled as a group, meaning individuals would have to pursue misrepresentation claims on their own. The current settlement focuses on the interpretation of policy language and the administration of fees.

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Checking your eligibility

The settlement is designed to provide "finality to a long-standing legal dispute and provide certainty for affected policyholders," according to a May 2026 report from Insurance Business (1).

You may be eligible to participate if you bought a Universal Plus, Flexiplus or Optimet policy between 1987 and 1998. The class includes residents from all Canadian provinces. Because Sun Life inherited these policies through its 2002 acquisition of Clarica Life Insurance Co., many current Sun Life clients may not even realize their original policy started with MetLife.

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What happens next

Sun Life has emphasized that this settlement does not involve any products it designed or sold under its own brand. In a press release issued through Canada Newswire (2), the company stated: "This matter does not involve any policies or products sold by Sun Life."

While the $213.5-million figure is the maximum settlement value, the exact amount each member receives has not yet been determined. The "liability or damages have not yet been determined, as there are many factors that will establish its outcome," according to details shared by CP24 (3).

If you believe you are a class member, the next step is to wait for the formal court approval of the settlement and the subsequent notice process. Sun Life expects to record an after-tax charge of approximately $145 million in its first-quarter 2026 earnings to account for the deal.

The company also plans to seek reimbursement for the costs. According to Sun Life, "MetLife provided an indemnity relating to these policies. Accordingly, if the settlement is approved by the court, Sun Life will seek full recourse from MetLife pursuant to the indemnity."

For those who still hold these legacy policies, keeping updated records of original contract dates and policy names is the best way to ensure you are ready when the claim period opens. Additional information and updates are typically posted at sunlifeclassaction.com as the court process moves forward.

Protect what matters most. Canadians can choose from a variety of life insurance providers, such as term life policies through PolicyMe and Blue Cross Life. Coverage starts at $15 per month with Blue Cross Life, with flexible term options ranging from 10 to 30 years. Using their 100% online application, you can get approved in just 20 minutes, usually without a medical exam.

Article sources

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

Insurance Business (1); Canada Newswire (2); CP24 (3)

The couple set a firm limit: They could afford US$1,500 (C$2,075) a month for a mortgage. His parents would cover whatever exceeded that. As it often does, construction ran over budget and the final monthly mortgage came in at US$3,600 (C$4,979). As they agreed, his parents would cover the US$2,100 (C$2,904) difference. Nothing was put in writing — just a verbal family agreement and a shared goal (1).

Both families each contributed US$100,000 (C$138,280) toward the US$660,000 (C$912,650) home. They moved in together in September 2024.

By June 2025, Ruth's father-in-law had died and her mother-in-law had moved out by August. She initially said she would keep paying her full share, but by January 2026, she cut her contribution to US$1,500 (C$2,075). Last month, she said she would stop paying altogether — but still expects her cut when the house is sold.

Ruth called in to The Ramsey Show for advice and Dave Ramsey didn't hesitate.

Ramsey's advice on what Ruth should do next

With only 18 months of payments on a US$660,000 (C$912,650) home, very little equity has been built. Sale proceeds may not fully cover what both families put in — meaning one or both sides could walk away with less than their original US$100,000 (C$138,280).

Ramsey had a clear formula for splitting the proceeds from the home's sale: "Deduct what she promised to pay, everything above $1,500 originally, and whatever she doesn't keep her promise on; deduct that from her half of the proceeds to make the deal fair (2).”

On the emotional cost of the arrangement, Ramsey was direct: "The way I would quantify that is, whatever money I lost, whatever tears I have shed over the stupidity of this deal was worth it for that precious six or eight months, and to be there when Pop passed. That was the cost of that.”

While this situation unfolded in the U.S. it is a story that will resonate with Canadians have grappled or will grapple with a similar predicament.

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Why Ruth's arrangement failed — and how to avoid the same trap

Ruth had no written co-ownership agreement with her in-laws. That single detail is what made her situation beyond repair the moment her mother-in-law decided to stop paying.

Under a joint mortgage in Canada, every co-borrower is equally responsible for the full payment — regardless of any private split they agreed to among themselves. If one party stops paying, the lender can pursue all co-borrowers for the outstanding balance. If you default on enough payments, every co-borrower's credit suffers (3).

A co-ownership agreement — drafted before closing and reviewed by a real estate lawyer — outlines where each borrower's responsibility lies when circumstances change. It specifies issues such as each party's monthly contribution, what triggers an exit, how buyouts are calculated and how proceeds are divided on sale. The Law Society of Ontario (LSO), which regulates the province's legal profession, recommends that anyone entering a joint property purchase have this agreement in place before signing any mortgage documents (4).

Multigenerational housing is growing in Canada — and so is the risk

Unfortunately, Ruth's experience isn't unique here in Canada. According to Statistics Canada's 2021 Census, around 2.4 million Canadians — or about 6.5% of the population — lived in multigenerational households, a 50% since 2001 (5, 6). Roughly 1 in 5 Canadians lived with adult family members such as a parent, grandparent, or adult sibling (7).

The appeal is understandable. Elevated house prices and steady mortgage rates have made solo homeownership difficult for many families. Combining incomes and down payments makes larger properties accessible — and for families with aging parents, it keeps everyone under one roof.

However, when the whole arrangement rests on a verbal agreement, the financial risk is real. And the more people involved, the more ways it can go wrong.

3 things Canadians should do before buying a home with family

If you're considering a multigenerational purchase here's what the experts recommend.

Get a co-ownership agreement before you close

Have a licensed real estate lawyer draft a co-ownership agreement that covers details such as:

• Each party's monthly contribution
• What triggers an exit
• How to price buyouts
• What happens to proceeds after selling the home

Include a buyout clause or first-right-of-refusal so no one's blindsided if someone wants out. In Canada, an agreement like this is governed provincially, so you'll need a lawyer licensed in the province or territory where the property is located (8).

Make sure you can carry the mortgage alone

Ruth's monthly limit was US$1,500 (C$2,075) on a US$3,600 (C$4,979) mortgage payment. She could never have covered it without her in-laws' contribution — which meant she was always barely one step ahead of this outcome.

Under Canada's federal mortgage stress test (Office of the Superintendent of Financial Institutions (OSFI) Guideline B-20), borrowers must qualify at the greater of the contract rate plus 2% or 5.25% (9). That means if you can't qualify for a mortgage independently at that threshold, losing your co-borrower could mean you're unable to refinance and may be forced to sell. Ask yourself before signing: Can I carry the full payment if the other party walks away?

Treat it like a business deal

As is our nature, we're most likely to skip the paperwork for the people we trust most. And that's exactly why the paperwork matters more. Ramsey's advice on this point was simple: When you have a bad feeling about a deal before you sign it, listen to your intuition.

"When the bell rings, the bell's ringing," he said. "Listen to the bell."

Canadian-specific guidance: What to do if you're in this situation

If you're already in a joint mortgage arrangement that's breaking down, here are your options in Canada:

• Talk to a real estate lawyer immediately. If no co-ownership agreement exists, a lawyer can help you understand what provincial property law says about your ownership share. They can also advise whether any verbal agreements can be documented and enforced.
• Contact your lender. If a co-borrower has stopped contributing, notify your lender before you miss any payments. Some lenders may allow a mortgage assumption — where one party assumes full responsibility for the mortgage — but this means you must independently qualify under current stress-test rules.
• Consider a formal buyout. If you want to stay in the home, you may be able to buy out the other party. This typically requires refinancing and qualifying at current rates.
• If selling is the only option, act proactively. As Ramsey advises, don't wait. The longer an unaffordable mortgage sits unpaid or partially paid, the more it damages every co-borrowers' credit — and the less equity there is to share.

— 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 Ramsey Show (1, 2); WOWA (3); Province of Ontario (4); Statistics Canada (5); Vanier Institute (6); The Globe and Mail (7); British Columbia Real Estate Association (8); Office of the Superintendent of Financial Institutions (OSFI) (9)

However, owning a car isn't cheap. In fact, according to data from car-sharing platform Turo (1), Canadians are now spending close to $5,500 per year on vehicle costs, and the number keeps climbing. Add a poor credit score to the mix, and financing that replacement vehicle can get very expensive, very fast.

If your credit score is still a work in progress, you may not qualify for a traditional loan through a bank or credit union. It doesn't mean you're out of options, but you may need to get creative with your approach.

Here’s a framework of how you can do that.

What is considered a bad credit score?

Your credit score is a three-digit number between 300 and 900 that tells lenders how risky it is to lend you money. In Canada, your score is calculated by our two primary credit bureaus — Equifax and TransUnion — based on factors such as your payment history, credit utilization and credit history length.

Generally speaking, a score of 660 or higher is considered good. Once you drop below that, your options start to narrow. Below 560, you're typically in "poor credit" territory, though exact cutoffs vary by lender. If your score is below the mid-600s, you may need to consider "bad credit" financing options, but, as I'll cover below, that's still very doable.

If you're not sure where you stand, you can check your credit score for free through platforms like Borrowell (2), which provides your Equifax score, Credit Karma (3), which uses TransUnion, or directly through Equifax (4).

Can you qualify for a car loan with a bad credit score?

The short answer is that yes, you can. Bad credit happens, and while you won't qualify for the lowest interest rate or the most favourable loan terms, it is possible to get a car loan in Canada even if you have bad credit or have declared bankruptcy in the past.

Where things get tricky, however, is with the cost.

As of February 2026, the average auto loan interest rate in Canada was around 6.7%, according to Statistics Canada (5). But while borrowers with strong credit might see rates in the 5%-7.5% range, bad credit auto loans can climb into the high teens or even approach 30%. On a $30,000 car loan over 5 years, that difference in interest could be over $20,000.

Structurally, bad credit car loans work the same way as regular car loans: you borrow, make your monthly payments and pay down the principal and interest. The main difference is who you are borrowing from (specialty or non-traditional lenders vs. banks and credit unions) and how much it will cost you.

Find the right loan in under 2 minutes. Connect with Canada’s leading auto finance experts and get a personalized rate without affecting your credit score.

Where to find bad credit car loans

If your bank turns you down, it's not a dead end; it just means you'll need to broaden your search. The biggest mistake people make here is walking into a dealership and accepting the first financing offer they're given. You want to compare multiple lenders and platforms to find the best available rates and terms.

With that in mind, here are a few online loan platforms worth looking at:

Loans Canada

Launched in 2012, Loans Canada is a Canadian-owned loan comparison platform that connects borrowers with multiple lenders, including lenders willing to work with buyers who have low credit scores.

Potential borrowers can search for loans on new or used cars, with interest rates ranging from 9.99% to 35% APR, loan amounts from $250 to $50,000, and loan terms of up to 60 months.

Note that the loan process isn't entirely online. After you submit your application, matched lenders will call you with offers. Loans Canada is available in all Canadian provinces.

My Auto Approval

As a loan comparison site, My Auto Approval is on a mission to create the easiest place to buy a vehicle, no matter where you live in Canada.

While you may not be familiar with the brand, My Auto Approval has been in the auto loan business since 2012 — and helped millions of Canadians find auto financing. As part of the Loans Canada brand, My Auto Approval works with a national network and a simple process to help you get pre-approved, locate a dealership and find a car that fits your budget and lifestyle.

Learn how easy it is: Select the type of vehicle you want to buy, set your monthly budget — from $0 to $500 or more — provide a few additional details such as estimated credit score, income, address and contact details, and licensed loan providers will contact you with your best auto loan options.

LoanConnect

LoanConnect is a lending search platform that offers car loans for Canadians with bad credit, including those going through a consumer proposal or bankruptcy. It directs potential borrowers to a network of lenders with interest rates starting at 4.99% APR, based on personal credit, and loan terms from 72 to 84 months.

According to LoanConnect, potential borrowers may receive pre-approvals for up to $60,000 in as little as 60 seconds. However, these limits may not apply to auto loans, since the company offers many types of personal loans. While the best loan terms are reserved for borrowers with the strongest credit profiles, LoanConnect does work with lenders who will consider those with a history of bankruptcy or a consumer proposal.

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CarLoans411

CarLoans411 is a car-loan matching service designed for Canadians with poor credit or no credit, including newcomers and those with previous bankruptcies. It offers a quick application process, doesn't require a SIN to pre-qualify and connects you with its dealership partners across Canada. The application process is free and takes less than two minutes to complete online.

Once you submit, a CarLoans411 representative will connect you with a suitable partner within their dealership network. According to CarLoans41, almost all applicants are approved for some form of auto financing, provided they meet the minimum income requirement. Down payments are not required, but interest rates will vary depending on an applicant's financial profile. CarLoans 411 is available in all Canadian provinces.

Knowledge is power, but savings are better. Now that you understand the basics, take the next step and see how much you can save on your monthly payments.

Car Loans Canada

Car Loans Canada can service people with most credit backgrounds. When you complete an application, it's submitted to local dealers and lenders for both new and used vehicles. It advertises Interest rates starting at 8.99% for used vehicles, but the rate you qualify for will depend on your credit profile and could be much higher. Applicants must hold a valid driver's license. Car Loans Canada is available to residents of all Canadian provinces except Quebec.

Getting approved for a bad credit car loan in Canada

Getting approved for a bad credit car loan is about more than just your credit score. Your lender will consider many factors to determine whether you can repay your loan, including:

Down payment: If you can put forward 10% to 20% of the vehicle's purchase price as a down payment, it shows lenders that you're financially prepared. A larger down payment also reduces your monthly payment and the total interest you'll pay over the lifespan of the loan.

Employment history: Your lender will want to confirm you have reliable employment, either through recent pay stubs or a written proof of employment.

Financial statements: To ensure you can afford to repay your loan, your lender may ask you to provide proof of employment as well as income verification documents, such as a pay stub or several months of bank account statements, along with proof of any investments or existing debt.

If you have to take out a bad credit car loan, you may want to consider a less expensive vehicle, in addition to a higher down payment. This will keep your loan principal, and therefore your total interest costs, as low as possible.

Get pre-approved before you hit the lot. Use our free tool to see which Canadian lenders offer the most flexible terms for your needs.

Use a free car loan calculator to model different scenarios — adjusting your down payment, vehicle price and loan term — to find a monthly payment that fits comfortably within your budget. The more manageable your monthly payment is relative to your income, the more likely a lender is to approve your application.

Take the opportunity to improve your credit score

If you can avoid it, don't enter into a car loan with bad credit. Take the time to build your credit score first. It's the difference between paying a reasonable rate and locking yourself into years of unnecessarily high interest.

Even a short period of focused effort on building your credit can improve your options and save you thousands. Here are some simple tips that can help:

• Pay your bills on time, every single time, whether that's a department store credit card, a utility bill, or your car loan payment.
• Make at least the minimum monthly payment if you can't pay your credit card in full. This preserves your credit score and protects you from increased interest rates on existing debt.
• Keep your oldest credit card open, even if you don't use it. The older your credit history, the better.
• Keep your credit utilization rate below 30% of your available limit on any one credit tool. Staying under 10% is even better for your score.
• Check your credit report regularly for errors. You can access your Equifax credit report for free through Borrowell, or your TransUnion report through Credit Karma.

A bad credit loan may feel like the only option right now, but it doesn't have to be. Put in the work up front, and you'll give yourself more flexibility (and much lower costs) when you're ready to buy.

Article sources

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

Turo (1); Borrowell (2); Credit Karma (3); Equifax (4); Statistics Canada (5)

However, new polling suggests that Torontonians are ready for a change, viewing increased competition as a key solution to high travel costs.

Public support driven by lower fares

While the city remains divided on the environmental impact of expansion, the latest Liaison Strategies poll reveals a significant opening for the business case. When residents are asked about the benefits of expansion, convenience and potential cost savings rank as the top reasons for support.

Among the 46% of Torontonians who back the jet expansion, the desire to break the current "island premium" — the higher fares often associated with the downtown hub — is a major driving factor.

Opening the "fortress" to new carriers

The lack of competition at Billy Bishop is a byproduct of infrastructure. Because only specific turboprop planes can land on the short runway, other major carriers with jet-heavy fleets have been effectively locked out of the downtown core.

The Ontario government's decision to facilitate jet operations aims to shatter this monopoly. By expanding the runway and updating the Tripartite Agreement, the province is signalling that Billy Bishop is finally open for a broader market.

"We're unlocking Billy Bishop Airport's full potential by expanding the airport so we can bring cheaper flight options, more routes, and more convenience," Premier Doug Ford stated in March 2026 press release.

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The laws of supply and demand

When more airlines utilize the same infrastructure, the basic laws of economics take over. The expansion would allow carriers like Air Canada or WestJet to operate their own quiet-jet fleets (such as the Airbus A220) to major hubs like Calgary or Miami.

For travellers, this means:

• Increased seat capacity: More flights per day to high-demand destinations
• Price compression: Downward pressure on fares as airlines compete for the same downtown passengers
• More destinations: Direct jet access to the U.S. Sunbelt and Western Canada

Democratizing downtown travel

The introduction of jets at Billy Bishop represents a shift toward the democratization of air travel in the city. The Toronto Port Authority estimates that once the expansion is complete, the airport could serve up to 10 million passengers annually.

For a city that has long struggled with the high cost of domestic flights, this transition acts as a market-based solution. By replacing a "fortress" environment with a competitive hub, Toronto is betting that increased volume and airline rivalry will finally make downtown flying affordable for a broader range of travellers rather than just the corporate elite.

The scenario sets forth a question financial planners often hear: is $850,000 in an RRSP enough to retire at 60? And like most things in personal finance, the answer is: it depends.

The numbers work — until they don't

A widely cited guideline — used by planners at Fidelity Investments, among others — suggests retirees can withdraw about 4% of their savings each year, adjusted for inflation, without entirely depleting their portfolio over roughly three decades (1). For Canadians with approximately $850,000 saved in an RRSP, that means withdrawing about $34,000 in the first year. Is this enough?

When you compare this sum against what Canadians actually spend, the difference is startling. According to Statistics Canada's most recent (2023) Survey of Household Spending, the average Canadian household spends about $76,750 annually — or roughly $6,395 per month (2). Even when taking into account a leaner retirement lifestyle, $34,000 a year is unlikely to cover expenses on its own — especially in the years before Old Age Security (OAS) kicks in. It's also worth noting that the Canada Pension Plan (CPP) can be accessed as early as age 60, but collecting before 65 reduces your benefit by 7.2% annually — up to a maximum 36% reduction if you start at 60.

It gets worse when you factor in the new withdrawal rate some financial planners are now recommending. Based on volatile markets and global economic uncertainty, financial planners are now advising a more conservative withdrawal rate between 3% to 3.5% — particularly if you’re retiring before age 65 (3). Based on this new withdrawal rate, a retiree could withdraw approximately $25,500 to $29,750 in that first year of retirement, based on an RRSP balance of $850K.

Why the updated withdrawal rate? The logic is to spend less early on in retirement, so you don't risk running short if markets dip or if you live longer than expected.

If you have a spouse who plans to keep working, that can ease some pressure as their income reduces the need to draw heavily on your RRSP in the early years. It could also mean ongoing access to employer group benefits, which is a meaningful perk in Canada, even with universal health care. Provincial plans don't always cover prescription drugs, dental or vision for early retirees.

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According to PolicyMe, the cost for supplemental health coverage (for expenses not included under provincial plans) falls between $75 to $150 or more per month for retirees (4). Actual costs are highly dependent on your plan tier, age and province.

The gap years: Before CPP and OAS

For anyone retiring at age 60, the trickiest stretch is the years between leaving work and when government benefits begin. CPP can start as early as age 60, but collecting early comes at a permanent cost. Delay collecting CPP until after age 65 and you add 0.7% to your monthly payments — or 8.4% per year — up to 42% at age 70.

OAS doesn't begin until age 65 at the earliest and can be deferred to age 70 for a 0.6% monthly increase — a 36% premium if you wait (5). Most financial planners suggest deferring OAS and CPP as long as you can afford to, using RRSP or TFSA withdrawals to bridge the gap between leaving the workforce and collecting benefits.

The main takeaway for early retirees is that your portfolio is working the hardest in the first 5 to 10 years you retire — before CPP and OAS can be optimized. Keeping withdrawals deliberately low in those years significantly improves the odds of making your savings last.

A smart tax strategy can make a difference

Retiring at 60 can open a short-lived — and often underused — tax opportunity. If you have little to no employment income, you'll fall into a lower tax bracket than you likely will in later retirement.

Drawing down RRSP funds while your income is low and moving the after-tax proceeds into a Tax-Free Savings Account (TFSA) is one of the smartest moves you can make. By withdrawing from your RRSPs when you're in a lower tax bracket, you reduce the overall tax you'll pay on those funds. Parking it in a TFSA lets you grow that money tax-free, giving you a more flexible pool of savings to draw from later in retirement when your income — and your tax rate — may be higher.

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The Canada Revenue Agency (CRA) treats every dollar you withdraw from an RRSP as taxable income in the year it's received. Still, if your withdrawals are modest, you may be taxed at a lower marginal rate than withdrawing that money at age 71, when Registered Retirement Income Fund (RRIF) minimum withdrawals kick in.

Another reason to be careful about income levels in retirement: The OAS clawback. The CRA states that if your net income exceeds $93,454 for the 2025 income year, OAS benefits are reduced by 15 cents for every dollar above that amount — and clawed back entirely above $152,062 for those aged 65 to 74, and $157,923 for those aged 75 and older. Triggering large RRSP withdrawals or investment income in a single year can push retirees above that threshold.

What looks like a smart tax move on paper can come with hidden costs if it's not carefully managed.

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What about passing money to your children?

Some retirees consider moving money into accounts in their children's names as a way to pass along wealth early and reduce their own tax exposure at death. In Canada, an in-trust account can help with this — but it comes with some trade-offs.

As the Bank of Montreal (BMO) notes, once you place money in an in-trust account for a minor, it legally belongs to the child (6). That means you give up the control and flexibility you may need later. Attribution rules under the Income Tax Act can also apply — meaning interest and dividends the account earns may still be taxed in your hands, though capital gains are generally not attributed back to the contributor.

For many families, a better approach may be to keep assets in the parents’ registered accounts until death or transfer, taking advantage of the spousal RRSP rollover — which allows a surviving spouse to receive an RRSP or RRIF as a tax-deferred transfer — or naming beneficiaries directly on registered accounts to avoid probate.

Timing adds another layer of risk. If you retire just before or during a market downturn, it could permanently damage your portfolio. Pulling money out while investments are down locks in losses and reduces the chance of recovery. Financial planners will often suggest you maintain a cash cushion — or keep a portion in lower-risk fixed income — so that you aren't forced to make RRSP and TFSA withdrawals during a market decline.

For someone with $850,000 in an RRSP and a plan to retire at 60, the goal is about more than simply reaching the finish line — it means staying flexible enough to adjust when your plan becomes real. Remember that taxes, markets and life don't follow a script.

What can Canadians do now?

If you're approaching early retirement with a strong RRSP balance, here are practical steps worth taking before you hand in your notice:

Map the gap years. Calculate how much income you'll need from age 60 to 65 — before OAS begins, and when taking CPP early means accepting a permanent reduction in monthly payments. That figure tells you how much you need to withdraw annually from your RRSP or TFSA, and whether your portfolio can sustain it.

Model your CPP and OAS start dates. Use the Canadian Retirement Income Calculator (7) to model the income difference between starting CPP at 60 versus 65, and 65 versus 70. You'll find the difference in lifetime income can be significant, and deferring often pays off if you're in good health. You should also factor in whether you can defer OAS until 70 to receive a permanent increase in payments.

Use the low-income window strategically. If your income drops sharply in the first few years of retirement, consider making planned RRSP withdrawals and moving the after-tax proceeds into your TFSA. TFSA withdrawals are tax-free and don't affect your OAS eligibility.

Watch the OAS clawback threshold. Keep an eye on your net income in any given year. If RRSP withdrawals, investment income and any part-time work push you above $90,997 (the 2025 threshold), your OAS will be reduced.

Pay attention to supplemental coverage. Confirm what your provincial health plan covers for early retirees, and budget for supplemental prescription, dental and vision coverage if you're leaving an employer plan. Costs vary by province and territory.

Get a written retirement income plan. A fee-for-service financial planner — not one paid on commission — can model multiple scenarios using your actual numbers. The earlier you stress-test the plan, the more time you have to adjust.

Article sources

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

Fidelity (1); Statistics Canada (2); SmartAsset (3); PolicyMe (4); Government of Canada (5); BMO Nesbitt Burns (6); Canadian Retirement Income Calculator (7);

This week, those frustrations reached a massive legal milestone. Apple has agreed to pay US$250 million (C$340.5 million) to settle a class-action lawsuit that accused the company of misleading buyers about the capabilities of its artificial intelligence assistant, Siri. (1)

The legal challenge centred on the rollout of "Apple Intelligence," the high-tech platform introduced alongside the iPhone 16 lineup. For many, the decision to spend over $1,000 on a new phone was driven by the promise of a smarter, more personalized Siri.

However, when the devices actually landed in pockets, many of those advertised AI features were delayed or simply unavailable.

Understanding the settlement terms

The settlement, filed in a California federal court, marks one of the most significant consumer-related payouts in the company's recent history. It addresses claims that the tech giant showed enhanced AI models in advertisements even though the features didn’t exist at the time of purchase. According to court filings, the settlement is intended for U.S. consumers who purchased an eligible iPhone 15 Pro, iPhone 15 Pro Max or iPhone 16 model between June 10, 2024, and March 29, 2025.

While the $250 million figure sounds enormous, the individual payout for each device is expected to range between $25 and $95. This depends entirely on how many people ultimately file a claim. Apple has denied any wrongdoing as part of the agreement, opting to settle to move past the litigation.

In a statement provided to the Financial Times, Apple noted: "We resolved this matter to stay focused on what we do best: delivering the most innovative products and services to our users." (2)

Why this matters up here in Canada

While this specific $250 million settlement is focused on U.S. buyers, it serves as a wake-up call for Canadian consumers regarding "vaporware" — a term used for software that is advertised but doesn't yet exist. Canadian privacy and consumer protection advocates have long monitored how big tech companies market their AI tools.

In fact, Apple has faced separate legal scrutiny in Canada over different Siri-related issues. A class action initiated by Lex Group Attorneys in Montreal has previously alleged that Siri-enabled devices intercepted confidential communications without consent. (3) These legal movements highlight a growing trend where consumers are holding tech giants accountable for both the privacy of their data and the honesty of their marketing.

Ryan Clarkson, the founder of the law firm that brought the U.S. suit, emphasized the broader impact of the case. "We are at an inflection point with AI, and the choices companies and regulators make now will shape how this technology impacts everyday people," Clarkson told The Guardian (4).

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How to manage your digital privacy

Whether or not you are eligible for a specific settlement, the situation is a great reminder to check the settings on your own devices. If you are concerned about how much data your voice assistant is collecting, you can take action right now.

To adjust your settings on an iPhone, you can navigate to the Settings app and select "Siri & Search" or "Apple Intelligence & Siri." (5) From there, you can toggle off "Listen for 'Hey Siri'" or "Press Side Button for Siri" to limit when the assistant is active. You can also review and delete your Siri and Dictation history to clear previously recorded data from Apple servers.

Staying informed about these settlements helps you stay in control of your digital life and your wallet. As AI becomes a bigger part of our daily routine, the value of knowing exactly what your tech can — and cannot — do has never been higher.

Article Sources

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

ConsumerAffairs (1); The Guardian (2); Lex Group (3); The Guardian (4); Apple Support (5)

This is a common misconception among Canadians: universal health care is not comprehensive. Depending on where you live and what you do, you could be paying out of pocket for some routine medical procedures.

If you’ve ever wondered what health insurance actually covers in Canada, you’ve come to the right place. We’ll break down what services it does and does not include, as well as the difference between private coverage and provincial or federal programs.

Does Canada have free health care?

Health care in Canada is often referred to as universal or free, since you are not left with a co-payment for most medical services. But that isn’t because the services are completely free — rather, you have already paid into the system through taxes.

This stems from the Canada Health Act (1), which sets the national standards that each province and territory must follow. To receive federal funding for healthcare, provincial plans must be:

• Universal
• Accessible
• Portable
• Comprehensive
• Publicly administered

But surprisingly, there’s no single national plan for Canadian health care. Instead, Canada has thirteen separate provincial and territorial systems, with each jurisdiction determining what is deemed “medically necessary”.

What does provincial health insurance deem medically necessary?

Across Canada, all provincial and territorial public plans must cover:

• Hospital services (including surgery, nursing care and diagnostics)
• Physician services
• Surgical-dental procedures performed in a hospital
• Certain diagnostic tests

For example:

• In Ontario, the Ontario Health Insurance Plan (OHIP) covers doctor visits and hospital care (2)
• In BC, the Medical Services Plan (MSP) covers physician and surgeon services, plus any dental or oral surgery performed in a hospital (3)

For expectant parents, pregnancy care is broadly covered by the public healthcare system, including prenatal visits and a hospital delivery. However, the option of having a private hospital room is usually not covered.

Mental health care is partially covered: visits to a family doctor or psychiatrist are included, but sessions with a psychologist or therapist generally are not.

What about emergency care away from home?

Travelling within Canada is usually safe. Your provincial plan will follow you as long as you stay within the country. Most provinces will bill each other directly from the hospital or the physician’s office.

The one exception is Quebec. Unlike other provinces, you may need to pay for your medical services up front and request reimbursement from your insurer when you return home.

If you leave Canada, the coverage is limited. It’s always advisable to get proper travel medical insurance before leaving on an international trip.

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What does provincial health insurance NOT cover?

This is where many Canadians are caught off guard. Universal healthcare does not mean complete coverage, and there are some pretty big gaps in the provincial healthcare systems.

These are the big three areas that are NOT covered under provincial health insurance:

• Dental care (cleanings, fillings, exams)
• Prescription drugs (outside hospitals)
• Vision care (for most adults 20 to 64)

These are the services that most Canadians will use at least once per year.

Other medical services that are usually not covered include:

• Physiotherapy and chiropractic care
• Psychologists and therapists for mental health issues
• Medical equipment (orthotics, prosthetics)
• Home care, assisted living and private nursing

What does that look like for the average Canadian? A typical resident with a comprehensive workplace plan can offset close to $2,000 a year in out-of-pocket expenses.

Also, remember that coverage isn’t the same across the nation. Since provinces decide what qualifies as “medically necessary,” you could be paying more or less depending on where you reside.

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What is the Canadian Dental Care Plan — and do you qualify?

A significant recent addition for Canadians is the Canadian Dental Care Plan (CDCP) (4). This is a federal program designed to provide access to proper dental care while removing financial barriers for individuals without private coverage.

To qualify for CDCP, you must:

• Be a Canadian resident
• Have no access to private dental insurance (through an employer or spouse)
• Have an adjusted family net income under $90,000
• Have filed your tax return with the CRA for the previous year

CDCP coverage uses a co-payment structure which depends on income:

• Under $70,000: no co-pay
• $70,000–$79,999: 40% co-pay
• $80,000–$89,999: 60% co-pay
• $90,000+: not eligible

There is the potential for balance billing. This means that the dentist can charge more than CDCP coverage, in which case, you’re on the hook for the difference.

CDCP services include preventive care (cleaning and scaling, fluoride), exams, X-rays, fillings, root canals and dentures.

Here are the current timelines for CDCP in 2026:

• 2025–2026 benefit year closed April 14, 2026
• 2026–2027 applications open June 2, 2026

CDCP is administered by Sun Life Financial alongside Health Canada. However, it’s important to note that not all dentists will participate in the program. Confirm with your provider before booking an appointment.

Should you get private health insurance in Canada?

For many Canadians, the answer comes down to one question: what isn’t covered? Nearly two-thirds of all Canadians have supplemental health insurance, usually through employment. Unfortunately, this doesn’t apply to those who are self-employed, a gig worker or an early retiree.

In Canada, private plans typically cover:

• Prescription drugs
• Dental care (beyond CDCP limits)
• Vision care
• Paramedical services (physio, massage, chiropractic)
• Semi-private or private hospital rooms

Remember to compare health insurance products based on your personal needs. Take into account things like the premium costs, uninsured services and your existing provincial coverage, which may include CDCP.

5 questions to ask before buying supplemental health insurance

1. What does my provincial plan already cover?
2. Do I qualify for CDCP or provincial drug programs?
3. Do I have access to employer or retiree benefits?
4. What health costs am I likely to face this year?
5. Do premiums cost more than I’d realistically spend out of pocket?

FAQs

Is dental covered by provincial health insurance in Canada?

In Canada, routine dental care, like cleanings, fillings and exams, are not covered in most provinces. However, the Canadian Dental Care Plan (CDCP) provides limited dental coverage for eligible Canadians who earn less than $90,000 and have no employer benefits.

Are prescription drugs covered in Canada?

No, prescription drugs are not universally covered in Canada. Provinces offer specific programs for seniors or low-income residents, and most working-age adults rely on private insurance.

Does OHIP cover physiotherapy?

OHIP covers limited cases of physiotherapy, mainly for residents who are under the age of 19 or over the age of 65. Most adults will pay privately or use employer benefits.

What is the waiting period for provincial health insurance?

For new residents to Canada, there may be a waiting period of up to three months before coverage kicks in. Private insurance can help to fill that gap.

Does provincial insurance cover mental health?

Yes, care from a psychiatrist or family doctor for mental health issues is covered. Further care, like appointments with psychologists or therapists, is typically not covered and requires additional private insurance.

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, 4); Government of Ontario (2); Government of British Columbia (3);

As such, Canadians lost a staggering $704 million in fraud in 2025, according to the Canadian Anti-Fraud Centre (CAFC) (1) — the most of any year on record.

What makes it worse is that, according to Statistics Canada estimates, only 5% to 10% of fraud victims ever come forward. There is no requirement to report fraud, and many people don't, often due to embarrassment, stigma, or a lack of confidence in the process. As such, the true annual toll is likely far higher.

The 3 fraud types draining the most money from Canadians

According to the CAFC's 2025 data, investment fraud led the way, with total losses of $351 million, followed by relationship scams at over $63.3 million and job scams, which exceeded $50.6 million in total reported losses.

Investment scams often involve fake crypto platforms, fraudulent trading portals, or so-called "pig butchering" schemes, where scammers build trust over time before persuading victims to transfer large sums.

Romance or relationship scams start when a fraudster creates a fake online profile and builds a relationship with you over time, often through dating apps or social media. They gain your trust by communicating regularly and creating an emotional connection, sometimes over weeks or months. Eventually, they come up with a believable reason to ask for money, and once you send it, it's usually gone for good.

Meanwhile, a job scam involves scammers pretending to be recruiters or hiring managers, who present a fantastic professional opportunity, only to ask for money or personal information as part of the application process (2). These opportunities often require little experience, promise high wages and often don’t involve an interview — instead, the bad actor will try to coerce their victim into providing banking information to launder money.

One trend worth noting is that “smishing,” which refers to text message scams sent at scale via rogue cellular networks, has grown sharply. According to a CBC report (3), the CAFC attributes this partly to the rise of new AI-powered technologies that enable bulk attacks on thousands of devices.

Law enforcement is taking action. Just last month, the Toronto Police Service (TPS), in coordination with the RCMP, arrested three individuals (4) for suspected use of a sophisticated cybercrime device, known as an SMS blaster. According to the TPS, these technologies "highlight an emerging threat to both public safety and financial security."

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The problem with not reporting fraud

Underreporting is not simply a data problem; it has real-life consequences. When fraud goes unreported, it lowers the odds that scammers will be caught. And it means that policy decisions, from enforcement funding to public awareness, are based on incomplete information.

The CAFC encourages every Canadian who suspects or confirms fraud or cybercrime to file a report online (5), even if you didn't lose any money. Every report adds to a national database that helps investigators connect cases across provinces and uncover larger criminal networks. What might seem like a small incident on its own could be a key piece of a much bigger puzzle.

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How to check if you've already been targeted

Many people don't realize they've been targeted until damage has already been done. Watch for unfamiliar transactions on your bank or credit card statements, unexpected credit inquiries on your credit report, new financial accounts you didn't open and emails or texts referencing financial details you never shared.

You can access free credit reports via platforms like Borrowell (6) and Credit Karma (7), or through Canada's primary major credit bureaus, Equifax (8) and TransUnion (9). Both bureaus also offer paid credit monitoring services that alert you in near-real time to changes in your file. If you believe you've been a victim, a fraud alert or credit freeze can prevent new accounts from being opened in your name without additional verification.

What banks and regulators can and can't do

The Financial Consumer Agency of Canada (FCAC) (10), a federal regulator responsible for protecting consumers, publishes guidance on fraud prevention and has pushed financial institutions to improve transaction monitoring. Meanwhile, Canada's major banks have invested in real-time fraud-detection systems, and many now offer features such as voluntary callback verification for large transfers.

What they can't do is protect a customer who voluntarily transfers money to a fraudster. In the industry, this is known as authorized push payment fraud. Once money leaves your account at your instruction, recovery is difficult and often impossible. This is a big reason why investment scams are so costly: victims believe they are making legitimate transfers.

What to do now

If you want to reduce your fraud risk or limit the damage if something has already happened, here are some steps you can take today:

• Turn on transaction alerts for every bank account, credit card and investment account you use
• If you've been targeted, place a fraud alert or credit freeze with both Equifax and TransUnion
• Report fraud to the CAFC online (11) or at 1-888-495-8501. Even if you didn't lose money, your report helps identify new patterns
• Obtain a free credit report through Equifax or TransUnion at least once a year

None of these steps is complicated, but together, they can significantly reduce your exposure and help catch problems early.

The bottom line

The $704 million lost in 2025 is the floor, not the ceiling. Because of underreporting, the CAFC's data captures only a fraction of what Canadians actually lost. Remember, the most expensive scams are often the ones that feel legitimate in the moment. Investment scams work because they build trust. Impersonation scams work because they borrow authority.

Your best defence is to be skeptical by default. If you receive an unexpected call, text, or email pushing you to act financially, don't respond right away, even if it appears to come from your bank, the CRA, or other government agency. Hang up, delete the message, and contact the organization directly using an official number. No legitimate institution will penalize you for taking a few minutes to verify.

Article sources

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

Canadian Anti-Fraud Centre (1); CIBC (2); CBC (3); Toronto Police Service (4); Government of Canada (5, 10, 11); Borrowell (6); Credit Karma (7); Equifax (8); TransUnion (9)

Take the hypothetical case of Susan, a 62-year-old who wants to end her marriage after almost 35 years. She hasn't worked since 2020 when her position was eliminated. Since then, her husband has been the family's sole income earner — and he's the only name on the title of their home.

Over the years, Susan built up $1.67 million in investments, but those savings aren't liquid and she isn't ready to tap into them. She knows she's likely entitled to a share of marital assets — but she's worried it won't be enough to support herself, especially in retirement.

Grey divorce is on the rise in Canada

While overall divorce rates are declining, grey divorce rates aren't falling as quickly (1). In Canada, divorces are occurring between couples at increasingly older ages, with grey divorces gradually rising since 1980 (2).

The financial consequences of a later-in-life divorce are significant, and retirement security — already a concern for many people in the 50-plus age group — becomes even more precarious.

Women are particularly vulnerable. A 2024 Statistics Canada analysis found that women aged 65 and older live on significantly less income than men of the same age — $28,600 a year versus $38,700 (these figures are average income) (3). Moreover, many women who left the workforce for years to raise children or care for family members have fewer Canada Pension Plan (CPP) credits and smaller Registered Retirement Savings Plans (RRSPs).

With grey divorce, partners have less time to recover financially than those who divorce earlier in life. That's what makes advance planning and knowing what your rights are extremely crucial.

Dividing marital assets in Canada

The general principle in most provinces for dividing marital assets — particularly Ontario — is equalization of net family property (4).

In Ontario, for example, the Family Law Act entitles each spouse to share equally in the growth of family property accumulated during the marriage — not the assets themselves, but the increase in their value (5). This is calculated through an equalization payment.

The matrimonial home is treated differently, however. Even if the property is in one spouse's name — as it is in Susan's case — both spouses have an equal right to possession (6). In most provinces, neither spouse can sell or mortgage the house without the other's consent. This means Susan likely has a significant claim to their home's equity, even though her name isn't on the title.

Rules vary significantly by province. While Ontario, British Columbia and Alberta share similar equalization principles, Quebec operates under a different civil law framework (7).

If you're considering divorce, it's recommended you consult a family law lawyer in your province to understand your specific entitlements.

Splitting investments and registered accounts can be complex. Working with a financial adviser and a divorce lawyer experienced in late-life separation is wise. This isn't a time for a DIY approach, even if your split is amicable.

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What happens to RRSPs and pensions?

In Canada, an RRSP or Registered Retirement Income Fund (RRIF) can be transferred between spouses during a marriage breakdown without triggering immediate income tax — but only if the transfer is made based on a written separation agreement or court order, under s.146(16) of the Income Tax Act (8).

Defined benefit and defined contribution pension plans can also be divided at divorce under provincial pension legislation. The process and rules vary by province, so getting legal and financial advice is essential to ensure a seamless transition. These monies are easy to overlook — and can drastically reduce your income if they get left behind.

CPP and OAS: What Susan needs to know

You can collect CPP as early as age 60, but your monthly payments will be cut by 0.6% for every month you receive it before you turn 65 — that's a permanent reduction of up to 36% (9). On the other hand, delaying CPP past 65 increases the monthly amount by 0.7% monthly, up to age 70.

CPP can't be claimed based on a former spouse's earnings record. Each Canadian's CPP benefit is based on their own contributions. However, there's a provision called CPP credit-splitting: whereby credits earned during the marriage are divided equally between the spouses upon divorce, which can help a lower-earning spouse increase their eventual CPP benefit.

Meanwhile, Old Age Security (OAS) is available at age 65 to Canadians who meet residency requirements — it's not based on your earnings. Deferring OAS to age 70 increases the monthly amount you receive by 0.6% a month (10). Unlike CPP, OAS can't be split between divorced spouses.

What about spousal support?

Under the Divorce Act and provincial family law legislation, a spouse who has experienced financial setback by the marriage — for example, by reducing hours or leaving the workforce to raise children — may be entitled to spousal support from the higher-earning spouse (11).

The Spousal Support Advisory Guidelines (SSAG), developed by the Department of Justice Canada, provide a framework for calculating support amounts and duration. While the SSAG isn't a legally binding document, judges and mediators widely use it as a reference point.

For someone in Susan's situation — who left the workforce in part due to the marriage — spousal support could be a significant source of income during the transition and should be addressed.

Building a post-divorce budget — and a new retirement plan

Aside from any spousal support and settlement she might receive, Susan needs to build a realistic post-divorce budget. That means listing all expected income sources: CPP, OAS, any private pension income, RRSP/RRIF withdrawals and any investment income.

She'll also need to estimate new housing costs if she moves, as well as daily living expenses. The goal is to understand what she can truly afford as a single woman in retirement.

Many financial planners suggest a 3% to 4% annual withdrawal rate as a general guideline — not a hard rule — for making your retirement savings last. But that guidance has to align with your expected CPP, OAS and other income sources to be sure that monthly amount is sustainable over time and meets your needs.

It's also critical to understand the tax implications: Withdrawals from an RRSP or RRIF are taxed as ordinary income in the year they are taken.

A certified financial planner (CFP) can help model different scenarios — different withdrawal rates, housing situations and timelines for taking CPP and OAS to find a strategy that's realistic for your situation.

It's a lot to consider but it doesn't have to happen in a vacuum. Working with a divorce lawyer who specializes in later-life separations can help you avoid leaving money behind, while a financial adviser can help you assess the full picture and plan for a financially secure retirement.

What Canadians in this situation can do next

If you're considering a grey divorce — or simply want to be better prepared — here are practical steps to take:

• Know your provincial rules. Family property law varies significantly across Canada. Consult a family lawyer in your province before making any decisions.
• Get a net family property statement. Work with a lawyer or financial adviser to calculate yours and your spouse's net family property, so you understand what equalization payment you might be owed (or owe).
• Include RRSPs, pensions and the matrimonial home. These are often the largest assets in a marriage. Make sure everything is properly accounted for in any settlement.
• Apply for CPP credit-splitting. If you have fewer CPP contributions than your former spouse, apply to Service Canada to split credits earned during the marriage.
• Think carefully about when to take CPP. Taking it early reduces your lifetime benefit permanently. If you have other income sources to bridge the gap, waiting to collect can pay off significantly.
• Update your estate documents immediately. After separation, update your will, beneficiary designations on RRSPs, RRIFs, TFSAs and insurance policies, as well as any powers of attorney.
• Build your own credit history. If you've relied on joint accounts or your spouse's credit, start building your own credit profile now.
• Hire specialists, not generalists. A divorce lawyer, a certified financial planner and, if needed, a mediator are all worth the cost at this life stage.

— 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.

Krol Barristers and Solicitors (1); Statistics Canada (2, 3); Rabideau Law (4); Province of Ontario (5); Bortolussi Family Law (6); Torkin Manes LLP (7); Government of Canada (8, 9, 10, 11)

But it's easy to forget that your finances are only one dimension of your life — and optimizing for wealth too aggressively can mean giving up the very things that make life worth living.

That's hedge fund manager Bill Perkins' main point in his bestselling book Die With Zero: Getting All You Can from Your Money and Your Life. Perkins frames it clearly: people often optimize building their net worth over life satisfaction (1). The result, he argues, is millions of hours spent working for money that's never spent in the spirit in which it's intended.

Perkins encourages people to shift their mindset from accumulating wealth to what he calls net satisfaction. Here's why that shift — and a more intentional approach to retirement planning — might lead to a more fulfilling life for Canadians, too.

Optimizing for net satisfaction

For many Canadians, retirement planning focuses around a single, grand number. According to the 2026 BMO Retirement Survey, Canadians believe they need $1.7 million to retire comfortably (2).

Yet most fall far short of that benchmark — and that gap widens significantly by age. According to Statistics Canada's 2023 Survey of Financial Security, the median net worth for Canadian families where the major income earner is under 35 and own their principal residence is approximately $457,100. And for those aged 55 to 64, it rises to about $914,000 (3). In other words, the majority of Canadians never reach that seven-figure goal.

In an attempt to bridge the gap, many Canadians spend decades working harder, spending less and delaying personal milestones — sometimes at a real cost to their quality of life.

For instance, a 2023 Angus Reid Institute survey found that 50% of Canadians without children cited the high cost of living as a reason they haven't started a family (4). This number rises to three-quarters (74%) among 35- to 44-year-olds. Similarly, financial pressure is leading some families to delay homeownership or push retirement further down the road.

But this approach may not align with reality. You can backpack through Europe in your 50s, start a family in your 40s or take up kayaking in your 70s — but many of these experiences are physically easier and more fulfilling when you experience them earlier in life.

Physical capability and energy levels generally start declining as early as age 47, according to research published in the journal ScienceDaily (5). That said, deferring retirement and meaningful experiences until your late 60s or 70s may not be the best strategy for everyone.

All those extra hours of work and years of sacrifice mean little if the reward is wealth left sitting at the end of your life. As Perkins puts it, the goal isn't to die broke — it's to die with zero regrets.

What you should do instead

Instead of focusing all of your energy on balancing a spreadsheet and hitting a vague seven-figure target, try building your financial plan around personal priorities.

The most important step is to define a retirement target that's specific to you rather than an aspirational number. If you're willing to downsize your home, relocate to a smaller city, travel on a budget or live modestly, you may not need $1.7 million. Your number could be significantly lower.

On the other hand, if having children and being present for them is important to you, it's worth planning for the years in your 30s and 40s when your income may be lower and your expenses higher. Rather than sacrificing time your family, you could map out a plan to accelerate savings in your 50s and still retire comfortably in your mid-60s.

Ultimately, money is a tool — not the destination. Sacrificing your health, relationships and happiness to chase an arbitrary financial number could be counterproductive. For some Canadians, the worst outcome in retirement isn't completly depleting your savings: It's running out of life before you get the chance to spend it.

What Canadians can do now: Practical next steps

If Perkins' framework resonates with you, here are some Canadian-specific strategies for aligning your financial plan with your life goals:

Calculate your personalized retirement number

Rather than aiming for $1.7 million, consider your lifestyle during retirement. Use the Government of Canada's Canadian Retirement Income Calculator (6) to model your income from the Canada Pension Plan (CPP), Old Age Security (OAS) and your own savings (6). The average CPP retirement pension in 2024 was $925.35 per month for a 65-year-old; the maximum for those starting at 65 was $1,507.65 per month (7). Knowing what CPP and OAS will provide can give you a clearer sense of how much your Registered Retirement Savings Plan (RRSP) and Tax-Free Savings Account (TFSA) actually need to cover.

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.

Use your TFSA strategically — not just as a backup

The TFSA is one of Canada's most flexible financial tools. Withdrawals are tax-free and don't affect your eligibility for income-tested government benefits like the Guaranteed Income Supplement (GIS) (8). Consider using your TFSA to fund mid-life goals — a sabbatical, a bucket-list trip, a career change — without permanently derailing your long-term savings.

Don't assume you need to maximize your RRSP every year

RRSP contributions reduce your taxable income, but contributing aggressively to max it out early isn't always the best plan. When your income is lower — such as when you're raising young children or taking parental leave — it may make more sense to contribute to a TFSA first and carry forward your RRSP room to higher-income years when the deduction is more valuable (9).

Think in terms of life seasons rather than decades

Perkins recommends dividing your life into distinct chapters — career-building, family-raising, pre-retirement, post-retirement — and setting aside both money and time according to what you need from each chapter. A financial planner can help you model these scenarios and avoid the trap of over-saving during periods when spending on experiences, family or health would contribute more to your long-term wellbeing.

Work with a certified financial planner

A Certified Financial Planner (CFP) or fee-only financial adviser can help you stress-test your retirement plan against different scenarios — early retirement, a lower income period, unexpected health costs — and identify whether you're over- or under-saving for your specific goals. FP Canada, the national certifying body for financial planners, maintains a public directory of CFP professionals across the country (10).

-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.

Die With Zero (1); BMO (2); Statistics Canada (3); Angus Reid Institute (4); ScienceDaily (5); Government of Canada (6, 7); Scotiabank (8); Manulife (9); FP Canada (10)

The math is simple but daunting: ballooning passenger volumes from two million to 10 million annually doesn't just mean more planes in the sky. It means a massive, pulsing strain on the ground. Lake Shore Boulevard and the Gardiner Expressway are already gasping for air, and while the city craves convenience, there is a growing chill over the potential price tag.

The public’s "yes, but" conditions

A recent Liaison Strategies poll reveals a city divided by a "yes, but" mentality. While 46% of residents support the introduction of jets, that support is teetering on a thin wire of conditions.

When the conversation shifts to infrastructure trade-offs, the mood sours.

Most residents fear that the local transit and road networks simply aren't built to handle the weight of this ambition. It’s the "support gap": we want the luxury of a 15-minute airport, but we dread the 60-minute gridlock that occurs when five times the current traffic floods into the South Core.

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The special economic zone solution

To cut through the red tape and municipal squabbling, the Ontario government has played a high-stakes card: declaring the airport a Special Economic Zone. This designation gives the province the power to "streamline approvals," effectively sidelining local roadblocks to chase a projected $140 billion in economic output over the next quarter-century.

Yet, this provincial maneuver has sparked a heated debate over autonomy. Critics view it as a "power grab," questioning whether the city will ever see fair compensation for the land being seized beneath its feet.

Avoiding the "spillover" bill

The real danger lies in the "spillover" — the invisible costs that bleed out from a massive transit hub into the surrounding neighbourhood. While the airport promises to be a titan of industry supporting 9,000 jobs, that density requires more than just a longer runway. It demands a total transformation of the basics:

• Water and sewage: Heavy-duty utility expansions to keep a massive international terminal running.
• Transit connectivity: A desperate need for upgrades to the 509 Harbourfront streetcar and the tangled local road networks.
• Public safety: A permanent surge in policing and emergency services to secure a high-volume global gateway.

If the province’s fast-track timeline outpaces the city’s ability to build, the local community could be left holding the bill for crumbling services and maintenance gaps.

The fiscal balance sheet

"Our government will soon introduce legislation to take over the City of Toronto’s role... in exchange for fair compensation," Premier Doug Ford recently announced.

The success of this grand vision hinges entirely on the definition of "fair." If the provincial cheque book doesn't cover the long-term structural fatigue on the waterfront, residents could find themselves caught in a tax trap.

In this scenario, the airport’s commercial triumph becomes a local burden, where property levies are hiked just to patch the cracks left behind by progress.

Whether the expansion is a triumph for the city or a subsidized gift to the aviation industry depends on one thing: how the books are balanced between Queen’s Park and City Hall.

According to the 2024 Spring Survey of Calgarians, 7 in 10 residents still rate their overall quality of life as good. It’s a solid number that many cities would envy, yet it marks a notable slide from the 80% range we saw just a few years ago.

The disconnect is not about the "what" of Calgary living — it’s the "how" of getting around it.

While Calgarians are generally happy with their city, their patience is wearing thin the moment we shift the car into drive.

The traffic tax on our time

When you look at the data, it’s clear that "infrastructure, traffic and roads" has claimed the top spot on the list of local concerns. It’s not just about the frustration of a red light; it’s an issue that hits you right in the wallet. Time spent idling in traffic is time away from work, family or side projects.

According to the city's spring report, only 38% of residents feel Calgary is moving in the right direction to ensure a high quality of life for future generations. That’s a steep drop from 51% only a year prior. When the commute gets longer and the potholes get deeper, the perceived value of our tax dollars starts to shift.

"I think a lot of Calgarians have lost trust and confidence in this council," Ward 13 Coun. Dan McLean told LiveWire Calgary following the survey release (1). This sentiment is backed by the numbers. For the first time in nearly a decade, the perceived value of property taxes fell below a majority, with only 44% of respondents saying they receive good value for their tax dollars.

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Balancing the city budget with your wallet

This survey forms a roadmap for where municipal spending is likely to head. The City of Calgary has already earmarked $30 million for improving pavement quality on high speed corridors and another $10 million for critical slope and wall repairs.

For the average homeowner, this translates to a balancing act. The 2025 budget includes a municipal property tax increase of roughly 3.9% (2). For a typical household, that’s an extra $8.37 per month. While that might seem small, it comes alongside a 3.7% increase in waste, recycling and water utilities.

When analyzing these figures, the takeaway for homeowners is to track infrastructure developments within their specific quadrant. Property values in Calgary are often tied to accessibility. If a route to the downtown core is slated for major upgrades, the short term pain of construction usually leads to a long term gain in home equity.

Where the silver lining sits

Despite the gripes about gridlock, Calgary remains a powerhouse for "making a life." Even with the recent dips, 69% of people agree this is a great place to put down roots, and 63% view it as a great place to make a living (3).

The challenge moving forward is ensuring that the "living" part is not overshadowed by the "driving" part. As the city administration looks toward a potential $5 billion capital spending target to address aging infrastructure, the conversation for residents will remain focused on one question: is the smoother ride worth the higher tax bill?

"There is a disconnect, but the discontent is real," Coun. Kourtney Penner noted during budget discussions. For those of us watching our personal bottom lines, staying informed on these survey trends is the best way to anticipate where our tax dollars — and our time — will go next.

Article Sources

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

LiveWire Calgary (1); City of Calgary (2),(3)

Such is the case for millions of Canadians who search for life insurance rates in Canada and are hit with a less-than-helpful wall of jargon. It's enough to make most people believe this form of coverage is inherently unaffordable.

The cost of your life insurance premium depends on variables including your age, health, coverage amount and the type of policy you choose. A typical, healthy, non-smoking 30-year-old can expect to pay between $20 and $30 per month on a 20-year term life insurance policy that pays out $500K. To help you assess the costs and coverage, here are real numbers and examples, along with factors that actually influence the cost of life insurance in Canada.

How does age affect your life insurance premium?

Age is one of the biggest factors in determining life insurance rates in Canada. The general rule of thumb is the younger you are when you apply, the lower your monthly premium will be, and that rate is typically locked in for the length of your term.

When it comes to life insurance in Canada, it clearly pays to be locked in from an early age. For instance, on a $500,000 policy with a 20-year term (assuming you are a healthy, non-smoker living in Canada), you’ll pay the following based on your age:

• Ages 20 to 30: About $18 to $28/month
• Ages 31 to 40: About $28 to $50/month
• Ages 41 to 50: About $50 to $90/month
• Ages 51 to 60: About $90 to $140/month
• Ages 61 and over: About $140 to $220/month

In Canada, the cheapest life insurance rates are available to applicants in their 20s and early 30s who are in good health and don't smoke.

Remember that these posted figures are just estimates. Ultimately, the monthly premium will be different for everyone, depending on personal health, age, and other factors, including the provider’s pricing model.

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What other factors drive up — or bring down — your premium?

Of course, the biggest factor in life insurance premium cost is age, but other things play a factor, too. Here are a few other reasons why your life insurance premium might be higher or lower than you think.

Sex assigned at birth: In Canada, women typically pay 10% to 25% less than men due to longer life expectancy. Women tend to have lower engagement in riskier activities or employment, and are generally considered to be healthier on average.

Smoking status: This is a big one. In Canada, smokers can pay two to three times more than non-smokers. For example, a smoker in their 40s might pay $60 to $100/month for $500,000 in coverage, compared to $50 to $60 for a non-smoker. Quitting for at least 12 months can qualify you for lower rates if you are able to prove that you no longer smoke.

Health and medical history: Conditions like diabetes or heart disease can increase premiums or result in a "rated" policy. A rated policy has higher premiums due to what is deemed to be a higher health risk. Insurers will definitely look at things like blood pressure, cholesterol, BMI and family history when assessing the cost of the premium.

Occupation and lifestyle: High-risk jobs such as construction or trucking, and hobbies like skydiving or scuba diving, can increase premiums by 75% or more due to added risk. These surcharges can really drive up the cost of monthly premiums, but for good reason.

Term length and coverage amount: Longer life insurance policy terms will cost more. A 30-year term will carry a higher premium than a 10-year one. However, buying more coverage does not automatically translate to higher premiums. Remember that the pricing of life insurance premiums is not strictly on a linear scale.

For example, let's say two 38-year-olds apply for the same $500,000, 20-year term policy. In this hypothetical scenario, a healthy non-smoking office worker might pay around $35/month, while a smoker who regularly rock climbs could pay $70/month or more. The person deemed to be leading a riskier life will pay 100% more in monthly premiums due to the added risk to their health.

Term vs. whole life insurance — Which costs less and why?

When comparing term and whole life insurance, the former is the more affordable option. These policies provide coverage for a set period of time, such as 10, 20, or 30 years. They are also often used to cover mortgages, replace incomes, or protect any dependents.

For young families in Canada, most financial advisors will recommend term life policies as a good starting point.

On the other hand, whole life insurance can seem costly in comparison. Premiums can often be five or even 10 times more than term life policies, for the same coverage amount. The difference is that whole life insurance offers coverage for your entire life, while also building guaranteed, tax-deferred cash value.

Here's a comparison of premium costs for a 35-year-old non-smoker seeking $500,000 in coverage from a term life policy and a whole life policy:

• Term life (20 years): about $30 to $45/month
• Whole life: about $200 to $400/month

There is also universal life insurance, which combines insurance with investment features, though it is more complex and typically requires professional advice.

For most Canadians under 50 with dependents, term life offers the best balance of affordability and coverage. Many experts also suggest maximizing registered savings accounts (like TFSAs and RRSPs) before using life insurance as an investment tool.

How much life insurance do Canadians actually need?

Two common methods used by Canadian financial professionals to help estimate coverage needs are:

1. DIME formula: Debts, income replacement, mortgage and education costs
2. Income multiple: 7 to 10 times your annual income

For example, let's take the case of a 36-year-old who earns $75,000 annually, has a $400,000 mortgage, $20,000 in debt and two children:

• Income replacement (10x): $750,000
• Mortgage: $400,000
• Debts: $20,000
• Education (estimated): $100,000

That totals about $1.27 million in coverage. A $1 million, 20-year term policy for someone in this profile might cost roughly $45 to $70/month. The numbers may seem big, but the monthly payments for this plan are far less intimidating.

Many Canadians are underinsured

One common assumption is that life insurance provided by employers is enough. While convenient, these plans usually offer limited coverage and do not transfer if you change jobs.

Perhaps even scarier than Canadians being underinsured is that 28% of the country has no life insurance at all.

How can Canadians lower their life insurance costs?

If you're looking for cheap life insurance in Canada, a few strategies can make a meaningful difference to the cost of your premiums:

Buy early: Remember that premiums can rise 8% to 10% per year. A policy purchased at 30 will cost significantly less than one at 40. The earlier you buy in, the more you will save over the long term.

Quit smoking: Not only is this good for your health, but it also significantly lowers your life insurance premiums. By quitting smoking, you can usually save up to 50%.

Compare providers: Life insurance rates in Canada vary widely. Shop around and get quotes from multiple insurers to find the best rate for your situation.

Choose term over whole life: If you are worried about the cost of the premium, then choosing a term life policy will be the more affordable road to take.

Pay annually: Like with many policies, you can opt to pay in a lump sum once a year. Some insurers will offer a discount for an annual payment option.

Improve your health profile: This should be a priority even outside of life insurance shopping. Improving your health is the first step towards a longer, healthier life.

The best time to buy life insurance is when you're young and healthy. The second-best time is today.

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FAQs

What is the average monthly cost of life insurance in Canada?

For a healthy, non-smoker in their 30s, the average cost of life insurance in Canada is about $20 to $30 per month on a 20-year term policy worth $500,000. Costs for the premium will rise with age, health risks, or the type of plan.

Is life insurance cheaper if you're young?

Yes, life insurance premiums rise significantly with age, often by 8% to 10% per year. It's beneficial to lock in a policy early in your 20s for savings over the long term.

Does life insurance cost more for smokers in Canada?

Yes, being a smoker can be costly, especially when it comes to life insurance. Smokers in Canada can expect to pay two to three times more than non-smokers.

What is the cheapest type of life insurance in Canada?

In Canada, term life insurance policies are generally more affordable than whole life policies. For a $100,000 policy, a healthy Canadian will pay about $10 to $13 per month in their 30s.

How much life insurance coverage do I need?

Use the DIME formula (Debts, Income, Mortgage, Education) to calculate how much coverage you need. Another way Canadian financial professionals suggest is about 7 to 10 times your annual income.

Can I get life insurance in Canada without a medical exam?

Yes, there are life insurance policies you can get without a medical exam in Canada. These policies often come with higher premiums or rates and lower coverage.

Now the federal government wants to get rid of them — entirely.

As part of Canada's Spring 2026 Economic Update, Ottawa announced a proposal making it a criminal offence to operate a cryptocurrency ATM anywhere in the country (1). The reason: these machines have become, in the government's own words, a "primary method" for fraud and money laundering.

If you've never touched one, this change may not feel urgent. But if you've ever used a crypto ATM — or been told by a caller, online contact or even a family member to use one — you should understand what the government is saying, why scammers prefer them and what to do if you've already been targeted.

Why did Ottawa decide to ban them?

The federal government's decision follows a documented pattern of fraud that regulators and police agencies across Canada have flagged for years. Crypto ATMs appeal to scammers for a specific reason: transactions are fast, largely irreversible and, until recent regulatory changes, conducted with minimal identity verification.

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), Canada's financial intelligence agency, has identified cryptocurrency transactions as a growing go-to tool in money laundering and proceeds-of-crime cases (2). Scam victims are frequently instructed to use crypto ATMs to send money quickly, under the false impression that the transaction is legitimate or reversible.

Industry estimates put the number of crypto ATMs in Canada at approximately 4,000 at the time of the Spring Economic Update — one of the highest concentrations per capita in the world. That concentration, the government argues, creates a readily accessible pipeline for fraud.

How do crypto ATM scams work?

Crypto ATM scams follow a consistent playbook. A victim receives an urgent message — by phone, email or text — from someone impersonating a government agency such as the Canada Revenue Agency (CRA), a bank fraud department or a family member in distress. The victim is told they need to send money immediately and directed to a nearby crypto ATM to pay it.

Once the cash goes in and is converted to cryptocurrency, it’s transferred almost instantly to a wallet the scammer controls. Unlike a bank transfer or credit card charge, there’s no chargeback mechanism and no central authority that can freeze or recover the funds.

The Canadian Anti-Fraud Centre (CAFC), a federal agency, warns that legitimate organizations — including the CRA, police and banks — will never ask you to pay an outstanding balance using cryptocurrency (3). If you receive such a request, it’s a scam.

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Red flags: When to stop and verify

• Any caller demanding immediate payment via a crypto ATM
• Requests to keep the transaction secret or 'off the books'
• A government agency or bank claiming your account is 'frozen' and only crypto can unfreeze it
• A government official who demands that you make a payment through a specific ATM
• Pressure to act within minutes or face arrest, deportation or account suspension
• Instructions to scan a QR code at the ATM that sends funds to an unknown wallet

What does the proposed ban actually mean?

The federal government's proposal, announced in the Spring 2026 Economic Update, would make it a criminal offence to operate a crypto ATM in Canada, but this legislation has not yet been passed into law.

That distinction matters.

As of May 2026, crypto ATMs are not yet illegal in Canada. The proposal signals the government's intent and will require legislative steps before it takes effect. Canadians should monitor updates from the Department of Finance Canada for the timeline and enforcement details.

Operators of these machines — many of whom have pushed back publicly after the surprise announcement — are calling on the federal government to consult with industry before moving forward, arguing that legitimate use cases exist and that targeted regulation could address fraud concerns without a full prohibition.

For everyday Canadians, the practical impact of the ban, if passed, is straightforward: the machines will disappear from convenience stores, malls and gas stations. Anyone still operating one would face criminal liability.

What should you do if you've already used one?

If you sent money through a crypto ATM and suspect it was a scam, act quickly — but understand that recovery is difficult. Here are the steps to take.

• Report it immediately to the Canadian Anti-Fraud Centre at 1-888-495-8501 or online at antifraudcentre.ca. Even if recovery is unlikely, your report contributes to the data that supports enforcement actions.
• Contact your local police service and file a report. Some financial fraud units have the capacity to trace crypto transactions, particularly if reported quickly.
• If you were pressured by someone impersonating the CRA, report separately to the Canada Revenue Agency. The CRA has a dedicated scam-reporting channel and does not contact Canadians by demanding cryptocurrency payments.
• For older Canadians targeted by phone-based crypto scams, organizations like the RCMP's Fraud Prevention Month campaign and provincial consumer protection offices can provide guidance and support.

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Bottom line for Canadians

The proposed ban on crypto ATMs sends a clear signal: Ottawa views these machines as more of a fraud infrastructure problem than a legitimate financial tool. Whether the legislation passes quickly, the pattern driving it — instant, irreversible cash-to-crypto payments requested by strangers — remains one of the most effective scams in Canada.

No legitimate institution will ever ask you to feed cash into a kiosk and scan a QR code to resolve a legal or financial problem. If that request reaches you, stop, hang up and call the organization directly using a number you find independently.

Article sources

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

Government of Canada (1); FINTRAC (2); Canadian Anti-Fraud Centre (3)

It’s not a photo at all, but an illustration: clearly AI-generated, perhaps depicting a totally different person’s face pasted onto a billboard, or a bobble head, an anime character or an oil painting.

One weird picture might not be enough to raise alarm bells — seasoned swipers have seen much worse on the apps — but, as journalist Christophe Haubursin uncovered, it is a surefire sign of a romance scammer. And if you’re not careful, they can drain your wallet before you even meet for coffee (1).

How the scam works

Haubursin, a former Vox journalist and now independent YouTube creator, first heard about the issue when a friend showed him screenshots of strange Tinder matches. All the accounts were verified, and they all seemed totally normal — except for the AI images each one had at the end. She wondered if this was some kind of subtle signal. Could these people be in a secret society or private club?

Turns out, it was nothing of the sort. Haubursin figured out that, once you chat with one of these users, they quickly try to move the conversations to WhatsApp and steer the topic to cryptocurrency. They eventually pressure their would-be sweethearts to urgently send money. It’s obvious scammer behaviour.

So what’s with the odd images? They’re a way to get around security features like Tinder’s Face Check. To get a “verified” badge on a dating app, you need to take a video of your face from several angles, much like you would to set up FaceID on an iPhone. The app’s AI system then matches your profile photos to the video, confirming your identity.

But Tinder only requires one photo from a user’s profile to match the video. So scammers appear to be stealing or AI-generating several photos of the same person to build out the profile, then adding one heavily modified photo of their own face at the end to get verified on the app and gain users’ trust.

Haubursin tested this theory by making profiles filled with fake photos on both Tinder and Hinge, and adding one heavily modified image of his own face. He completed the Face Check, both systems confirmed the images were him and he received verification. However, the app Bumble got wise to his scheme and auto-deleted photos that didn’t match the video he submitted.

Match Group, the parent company of both Tinder and Hinge, didn’t answer Haubursin’s request for comment. However, it later responded to the news site Mashable, stating, “We’re aware of the concerns raised about our Photo Verification and Face Check features. In recent weeks, we’ve taken action to strengthen our Photo Verification badging logic, including requiring greater consistency across profile photos and additional reviews to achieve higher confidence in cases that warrant extra scrutiny (2).”

The company went on to say, “We are committed to continuously improving and investing in our systems to keep Tinder safe and authentic for our users.”

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How romance scams are hitting Canadians

Romance scams are a serious and growing financial threat in Canada. According to the Canadian Anti-Fraud Centre (CAFC), a joint operation of the RCMP, the Ontario Provincial Police (OPP) and the Competition Bureau Canada, Canadians reported $58.4 million in losses to romance fraud in 2024 (3). The CAFC consistently notes that the vast majority of fraud goes unreported, meaning the true financial toll is likely far higher.

Scammers love to trawl dating apps and social media sites for vulnerable people looking for love. Thanks to AI tools, it’s easier than ever to crank out fake photos, videos and voice notes, and generate messages that sound sincere.

Long-con romance scams that use fake crypto investing platforms — also called “pig butchering” scams — are particularly prevalent. In these schemes, scammers spend weeks or months building an emotional relationship before introducing a supposedly exclusive crypto investment opportunity. Victims feel financially and emotionally pressured to invest “before it’s too late.”

How to spot a romance scammer

If you think you’ve been caught by a catfish, take screenshots of all relevant communications and block the person on all platforms. Report the fraudster to the dating app, local law enforcement and the CAFC. If sensitive financial information was exposed, freeze your accounts, change your passwords and contact your financial institutions immediately.

You can also avoid this stressful situation by learning to identify a few red flags that indicate a potential romance scam:

Excuses for not meeting in person

Scammers will make up stories for why they can’t meet up or turn on video chat. Common ones include working on an oil rig, serving in the military in a “high-security zone” or having a broken phone.

False sense of urgency

Scammers want you to be in panic mode. They’ll manufacture some sort of emergency — or a limited-time buying opportunity that must happen now — to make sure you take action before you figure out what’s really going on. They may need money for a plane ticket to visit you, a surgery for a relative or a customs fee to have a package released.

Long-con romance scams that use fake crypto investing platforms will build up excitement over time, making you feel pressured to buy before it’s too late.

Payment instructions

The Competition Bureau Canada advises that anyone who asks for money before meeting you in person should be treated as a potential scammer. And remember, real people aren’t picky about how you pay. Scammers specify the exact form of payment they require, and it’s often something offbeat like cryptocurrency or gift cards (4).

What Canadians can do right now

Romance fraud is both underreported and rarely discussed. However, there are clear steps Canadians can take to protect themselves and their finances:

• Report it: If you suspect fraud, contact the CAFC at 1-888-495-8501 or online at antifraudcentre-centreantifraude.ca. Also report to your local police or provincial consumer protection office.
• Protect your accounts: If you’ve sent money or shared financial details, contact your bank immediately. Canadian financial institutions have fraud response teams. You may be able to reverse a recent e-transfer if you act quickly.
• Conduct a reverse-image search: Use Google Images or TinEye to check whether a match’s photos appear elsewhere on the internet under a different name.
• Video chat early: Insist on a live video call before building an emotional connection. Scammers who use stolen photos will almost always find an excuse to avoid it.
• Be skeptical of crypto “opportunities”: Any romantic contact who introduces a crypto investment platform — particularly one you’ve never heard of — is a major warning sign. Legitimate investment opportunities are never pitched through dating apps.
• Read the Little Black Book of Scams: The Competition Bureau Canada’s free guide outlines the most common scam tactics and is available in multiple languages. Download it at competitionbureau.gc.ca (5).

— 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); Mashable (2); CBC News (3); Competition Bureau Canada (4, 5)

At the centre of it all is something called a ramp-and-dump — a modern twist on the classic pump-and-dump scheme.

How does a ramp-and-dump actually work?

The playbook is surprisingly consistent. It usually starts with fraudsters targeting thinly traded or low-priced stocks. These are often in small, foreign companies, where prices can be moved more easily.

From there, they begin recruiting people through platforms such as Facebook or Instagram. Sometimes they'll build a relationship over days or even weeks before inviting you into a private "investment group" on platforms like WhatsApp, Telegram and Discord.

According to the CSA, scammers may pose as knowledgeable investors, claim to have access to non-public information, or impersonate well-known financial advisors, celebrities, athletes, or politicians to appear credible.

Once you're inside the group, things escalate quickly. The tone shifts from casual to urgent. You'll be bombarded with messages to "buy this stock, at this price, on this date."

Behind the scenes, the fraudsters already hold shares in the stocks they're pressuring you to buy. As more people pile in and push the price higher, they sell at the top. Then the price collapses, and the group disappears. Meanwhile, the investors who followed along are left with the losses.

Why are Canadians particularly vulnerable right now?

These types of schemes tend to thrive when there's uncertainty, and right now, there's plenty of it. With many Canadians worried about savings, retirement or keeping up with rising costs, the appeal of a "sure thing" becomes stronger. Scammers know this, and they take advantage of it (2).

Technology has also made their job easier. Encrypted messaging apps like WhatsApp and Telegram create closed environments that are difficult for regulators to monitor. Conversations happen out of sight, and by the time something goes sideways, the damage is often already done. Impersonation adds another layer of risk. With scammers frequently posing as registered advisors, financial professionals, or even public figures, things can appear legitimate on the surface. But, as the CSA points out, even claims of insider information should immediately raise a red flag, because trading on that information is illegal in Canada.

What are the warning signs?

Most of these scams follow a similar pattern (3). If you notice any of the following, it's time to step back:

• You've been added to a WhatsApp, Telegram, or Discord investment group you didn't ask to join
• The group is promoting a specific stock at a specific price on a specific date
• The advisor claims insider knowledge or guaranteed returns
• The stock is thinly traded, low-priced, or based overseas
• You feel pressure to act quickly or miss out
• The person contacting you is claiming to be a celebrity, advisor, or public figure

The CSA's National Registration Search (4) is a simple way to verify that anyone offering investment advice is properly registered. Another option is to check the CSA Investor Alerts page (5) regularly for firms and individuals flagged by regulators.

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What should you do if you've been targeted?

If you believe you've been contacted by a fraudulent investment group, the CSA recommends that you stop all contact with the group and refrain from investing any funds. If you have already invested, do not attempt to recover losses by continuing to participate. This is a common trap that leads to further losses.

Report the incident immediately to your provincial securities regulator. In Ontario, that's the Ontario Securities Commission (OSC); in British Columbia, the B.C. Securities Commission (BCSC); and so on across other jurisdictions. You should also consider contacting the Canadian Anti-Fraud Centre (CAFC) (6), your bank and local police.

If you invested through your own brokerage account as directed by the group, contact your broker right away. While there is no guarantee of recovery, early reporting improves the chance that regulators can investigate and, in some cases, freeze assets.

The CSA also offers a free subscriber service that delivers investor alerts directly. Signing up means you'll be notified as new scams are identified, before they reach your inbox or social feed.

At the end of the day, the rule here is pretty straightforward. If an investment opportunity arrives through a private messaging group, promises insider access, or pressures you to act fast, it's almost certainly a scam. Legitimate advisers don't operate that way, and neither do real investment opportunities.

Article sources

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

Ontario Securities Commission (1); Wealthsimple (2); Canadian Securities Administrators (3); CSA: Are they registered? (4); CSA: Investor Alerts (5)

Instead of chasing the highest returns, many investors start shifting their focus toward protecting what they've already built, while keeping enough growth in the mix to stay ahead of inflation and fund a retirement that could last 25 to 30 years.

For Canadians, that balancing act comes with its own layer of complexity. You're juggling Registered Retirement Savings Plan (RRSP) withdrawals, Canada Pension Plan (CPP) benefits, Old Age Security (OAS) income and personal savings — all while trying to manage market risk. Getting that balance wrong in the final decade before retirement is more than just a short-term setback. It can have lasting consequences well into retirement (1).

Why the last decade before retirement matters so much

The years leading up to retirement are sometimes considered one of the most financially delicate periods of your life.

At this stage, many people have accumulated the majority of their retirement savings. But with fewer working years ahead, there's also less time to recover from a major market downturn.

Financial planners in Canada warn about what's known as "sequence of returns risk,” which occurs when a steep market drop happens shortly before or just after retirement begins. If retirees start withdrawing money from their registered accounts while their portfolio is down, those losses can permanently reduce how long their savings last (2).

As retirement approaches, Canadian investors often begin adjusting their portfolios to include a mix of growth and lower-risk assets — a shift that can be tailored within both RRSPs and Tax-Free Savings Accounts (TFSAs), depending on your tax situation and timeline.

Here are five investment categories experts say to reconsider as you approach retirement:

Diversified equity funds

Even close to retirement, most portfolios still include stocks.

Diversified equity funds — like total market index funds or broad exchange-traded funds (ETFs) — let you stay invested in long-term market growth without putting all your eggs in one basket, spreading your risk across hundreds or thousands of companies.

Historically, stocks have grown faster than most other types of investments over the long term, which makes them an important part of keeping retirement savings ahead of inflation. However, many advisors suggest slowly dialling back your stock exposure as you get older — especially as you approach age 71, when you're required to convert your RRSP to a Registered Retirement Income Fund (RRIF) and start making mandatory withdrawals (3).

Dividend-paying stocks

Dividend stocks offer something many near-retirees begin prioritizing: income.

Companies that pay regular dividends share a portion of their profits with shareholders. This creates a steady stream of cash to help cover your retirement expenses while still benefiting when the market goes up.

There's also a tax advantage here: Eligible dividends from Canadian corporations qualify for the federal dividend tax credit, which can significantly lower the tax rate you pay on that income. That makes Canadian dividend-paying stocks especially efficient when held outside a registered account (4).

Reinvesting dividends over time has also been one of the biggest contributors to long-term stock market returns. That said, dividends aren't a sure thing — companies can and do cut them during economic downturns.

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Bonds and bond funds

Bonds tend to play a bigger role as retirement nears. Because they're generally less volatile than stocks, they can help smooth out the bumps during market swings while bringing in fairly predictable income through interest.

Many financial advisors suggest gradually shifting more of your portfolio into bonds in the decade before your retirement as a cushion against stock market drops. Canadian government bonds, as well as provincial and investment-grade corporate bonds, are commonly used for this purpose (5).

One thing to keep in mind: Bond prices and interest rates move in opposite directions — something Canadian investors have felt firsthand since 2022. As rate conditions continue to shift, bond fund performance can vary quite a lot, so it's worth looking at the duration and credit quality of what you're holding.

Annuities

Some Canadians also look into annuities — insurance products designed to provide guaranteed income for a set period, or even for life.

If the idea of outliving your retirement savings keeps you up at night, a life annuity purchased through a licensed carrier can act as a financial safety net — giving you a predictable income stream that works a lot like a defined benefit (DB) pension (6). Annuity income in Canada is also partially taxable, with only the interest portion counted as income, which can make them a tax-efficient option in the right situation (7).

However, annuities can come with fees and complicated terms, and once you sign on, you generally can't undo it. Most experts recommend taking a closer look before making the commitment — ideally with the help of a Certified Financial Planner (CFP).

Cash and capital-preservation investments

Cash alternatives — such as high-interest savings accounts (HISAs), money market funds and Guaranteed Investment Certificates (GICs) — can be a handy way to cover short-term expenses while keeping your money within reach.

In Canada, GICs held at Canada Deposit Insurance Corporation (CDIC) member institutions are protected up to $100,000 per depositor category (8). This makes them a solid option for preserving capital in the years leading up to retirement.

The tradeoff is that these tend to offer lower returns than stocks or bonds — but that's kind of the point. Having some cash alternatives on hand means you're less likely to be forced into selling long-term investments at a loss just to cover expenses during a market downturn.

A balanced approach

Being 10 years out before retirement doesn't mean it's time to move everything into ultra-conservative investments. According to FP Canada, what matters most is having a clear picture of where you stand financially and making adjustments where needed.

How you might do this:

• Reviewing your expected income sources — CPP, OAS, workplace pension or RRSP/RRIF withdrawals
• Setting aside money for near-term expenses in a TFSA or HISA
• Paying off high-interest debt before you stop working
• Stress-testing your portfolio to see how it would hold up in market downturns
• Planning ahead for when you'll convert your RRSP to a RRIF — mandatory by age 71 (9).

For many Canadian households, this is also a good time to revisit your risk tolerance, run retirement income projections and consider working with a licensed financial adviser.

The last decade before retirement isn't about making drastic changes — it's about making smarter ones. By shifting toward a mix of growth, income and lower-risk investments, you can help protect what you've spent years building while getting your portfolio ready for when you need it to start paying you back.

What Canadians can do next

If you're within 10 years of retirement, here are some practical steps to consider:

• Check your CPP entitlement: Log into your My Service Canada Account to see what your projected CPP benefit would look like at age 60, 65 or 70. Delaying CPP past 65 increases your monthly benefit by 0.7% for each month you wait, up to a 42% boost if you wait until age 70 (10).
• Maximize your TFSA room: As of 2026, Canadians who have been eligible since 2009 have up to $109,000 in cumulative TFSA contribution room. Unlike RRSP withdrawals, money withdrawn from a TFSA isn't taxed as income, making it a powerful tool for keeping your tax bill in check during retirement (11).
• Review your RRSP conversion deadline: You'll need to convert your RRSP to an RRIF — or use it to purchase an annuity — by December 31 of the year you turn 71. Having a withdrawal strategy mapped out in advance can help soften the tax implications (12).
• Consider a fee-only financial planner: A CFP who charges a flat fee rather than earning commissions on products can give you objective advice on your retirement income strategy.
• Build a "buffer" outside your registered accounts: Keeping one to two years' worth of living expenses in a high-interest savings account (HISA) or GIC means you won't be forced to sell investments at a bad time just to cover your costs.

— 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.

Wealthsimple (1); Plan Easy Inc.(2); Questrade (3); Alterna (4); My Own Advisor (5); Financial Consumer Agency, Government of Canada (6); Equitable (7); Canada Deposit Insurance Corporation (CDIC) (8); TD Bank (9); Government of Canada (10, 11); Canada Revenue Agency (12)

For one North Vancouver homeowner, this rule nearly resulted in a $45,156 bill after she moved out her tenants but then spent five months in China to care for her ailing father. However, a recent BC Supreme Court decision has shifted the narrative, offering a crucial lesson in how the law views family emergencies and procedural fairness.

The high cost of a 12-month penalty

The case involves Miyuki Shiino, who owned a property on Montroyal Boulevard. In June 2024, she evicted her tenants, Mike Nairne and Sujin Wren, stating she intended to occupy the unit herself. Under the Residential Tenancy Act (1), landlords must occupy the unit for at least six months (a requirement that has since been increased to 12 months for notices issued after July 18, 2024).

Shortly after the tenants moved out, Shiino's father fell ill in China. She flew overseas to care for him and did not return to North Vancouver until April 2025. Because she was away for five months, a Residential Tenancy Branch (RTB) arbitrator initially ruled she had failed to meet the occupancy requirements. The resulting order was staggering: more than $45,000 in compensation to the former tenants.

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When life gets in the way of the law

While the rules are designed to prevent landlords from evicting tenants just to hike the rent for someone new, the law does provide an "out" for genuine crises. The RTB has the power to excuse a landlord from paying if there are extenuating circumstances (2). These are defined as serious, unexpected situations outside a person's control, such as a death in the family or a major medical emergency.

In this case, the BC Supreme Court found that the RTB arbitrator failed to properly consider Shiino's evidence regarding her father's health. According to the decision from Justice Sandra Wilkinson, the arbitrator incorrectly stated that the landlord had not provided translations or explained her absence.

"The arbitrator failed to consider all of the landlord's evidence, including her documentary evidence, which was translated and submitted, and her oral testimony during the hearing," Wilkinson wrote in the ruling published online (3).

Turning legal lessons into financial security

The outcome of this court case serves as a vital reminder that if you are self-representing at a hearing, you must ensure your evidence is not just submitted, but heard. The court noted that the arbitrator "rejected relevant medical evidence without providing reasons," which undermined the fairness of the entire process.

For BC residents, the stakes of these hearings are higher than ever. With Vancouver's average two-bedroom rents hitting $3,326 in 2026, a 12-month penalty can easily exceed $40,000. If you find yourself in a similar situation, remember these three steps to protect your finances:

• Document everything. If an emergency forces you to change your plans, keep medical records, flight receipts and dated communications.
• Ensure all foreign language documents are professionally translated. All evidence must be clearly labeled for the RTB to ensure it is properly reviewed.
• Know your rights of appeal. If an arbitrator ignores your evidence, you have the right to seek a judicial review in the B.C. Supreme Court, as Shiino did.

The court has now sent the case back to the RTB for a new look. It serves as a powerful example that while the law is strict, it is not supposed to be blind to the realities of human life and family obligations.

Article Sources

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

Government of British Columbia (1); People's Law School (2); CTV News (3); Zumper (4)

The popularity of "frictionless" travel

While residents are divided on the environmental impact, the latest Liaison Strategies poll highlights that convenience is the strongest argument in favour of airport expansion. For the 46% of Torontonians who support the move, the primary appeal is the ease of access.

This public sentiment aligns with a broader economic reality: in a global market, "frictionless" destinations win. By allowing direct, jet-powered access to the foot of the Financial District, Toronto transforms into a more competitive product for the global event industry.

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Boosting the service economy's bottomline

The push to allow jets at Billy Bishop is a strategic move to capture the "downstream" economic impact that standard tourism often misses. "With an upgraded airport on the waterfront, Toronto and Ontario will be able to compete with world-class cities across the globe, supporting tourism and business travel," Premier Doug Ford noted during the March 2026 announcement.

This isn't just about airline revenue; it’s about filling hotel beds, restaurant tables and convention halls. Data from the Toronto Port Authority indicates that the airport already contributes $1.8 billion in economic output annually. Expansion is projected to skyrocket that contribution to $8.5 billion by 2050.

Delivering "high-velocity" tourists

The jet expansion translates to a steady stream of "high-velocity" tourists into the downtown core of the city. These are travellers who:

• Spend more in the local service sector
• Have more time to explore the city because they spent less time in transit
• Prioritize proximity to the Financial District and Entertainment District

"Cities grow by strengthening the connections that power their economies," said Giles Gherson, President and CEO of the Toronto Region Board of Trade in a statement(1).

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A revenue engine at the city's doorstep

Even Mark Carney, who was once the head of the Bank of England, has weighed in on the vision, noting the importance of infrastructure that supports global connectivity. For Toronto's service economy, a jet-enabled airport isn't just a transport hub; it's a revenue engine.

As the province moves toward its goal of "unlocking Billy Bishop's full potential," the city is betting that removing travel friction will bring the world's wallets directly to Toronto's doorstep— transforming the waterfront from a point of contention into a primary driver of the service sector's growth.

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Government of Ontario (1)

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.

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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.

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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."

As a result, a staff member from the water department came to Dhuga’s property and inspected the water meter and MTU. They found a problem with the latter but replaced both. In an email to Money.ca, the City of Toronto clarified that the meter was replaced at Dhuga's request and was "found to be recording accurate water use." The city confirmed there was no issue with the meter itself.

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

While rare, 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 over registering 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.

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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.

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.

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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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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.

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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.

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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 with Loans Canada 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.

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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)