It’s the first GTA stop in a five-year plan to move about four million Canadian addresses off door-to-door delivery. For most households, the shift is just a matter of convenience. But for anyone who still gets government cheques, bank cards or tax slips by mail, a less frequent trip to the mailbox can mean a delayed payment or a piece of personal data left exposed.

Here is a look at when your neighbourhood makes the jump, plus a few smart money moves you’ll want to tackle before the transition hits.

Which GTA postal codes lose home delivery, and when?

Canada Post confirmed in April that Etobicoke’s M9V and M9W codes are part of a first national wave of about 136,000 address conversions.

After Etobicoke, the rollout runs through 2031, based on a postal code schedule Canada Post shared with CTV News:

• Ajax, Pickering, Mississauga and Brampton between September and November 2027
• Many Scarborough codes (those starting with M1) in October 2028 and October 2029
• Most of downtown Toronto, parts of North York and Orangeville in September 2031

Early-scheduled neighborhoods usually border areas that already have community mailboxes, according to Canada Post. To find your date, match the first three characters of your postal code to the full schedule.

Why is Canada Post ending door delivery?

It’s all about cost. Door delivery costs about $284 per address per year, compared with $162 for a community mailbox, according to Canada Post’s 2025 annual report. Ottawa has said the full conversion could save close to $400 million a year.

Don’t worry — you won’t pay for the new mailbox. Canada Post says it maintains the boxes, including clearing snow and replacing locks.

What could the switch actually cost you?

The real costs are indirect, and most of them come down to timing and security.

• Payments that sit longer. When mail stops arriving at the door, people check it far less often. A tax refund cheque, a replacement credit card or a time-sensitive notice can sit in a compartment for days before anyone picks it up.
• Parcel trips. Over 80% of packages fit into community mailboxes, says Canada Post. Larger parcels and those needing a signature are delivered to the door or held at a nearby post office, which can mean an extra errand.
• Identity theft. Canada Post warns that thieves target mail, including mail people throw out. Never dump financial mail in bins near a shared mailbox site.

What if walking to a mailbox isn’t realistic for you?

Seniors and people with disabilities can apply to Canada Post’s free Delivery Accommodation Program, which already serves more than 17,000 households. Options include accessible compartments or weekly home delivery — available seasonally, temporarily or permanently. You can apply online or by calling 1-844-454-3009.

What to do now

Even if your neighbourhood isn’t scheduled until 2030 or later, most of these steps cost nothing and protect you right away:

• Check your postal code’s first three characters against the GTA schedule
• Sign up for Canada Revenue Agency direct deposit so tax refunds and benefit payments go straight to your bank account
• Set up CPP and OAS direct deposit through My Service Canada Account, not the CRA
• Switch bank statements, credit card statements and utility bills to paperless where you can
• Shred financial mail at home instead of tossing it at the mailbox
• Report missing mail to Canada Post and suspected identity theft to the Canadian Anti-Fraud Centre (CAFC) at 1-888-495-8501

Helping an aging parent? Switch their cheques to direct deposit first to eliminate the biggest risk before the move. If they’ll need help getting to the mailbox, Canada Post spokesperson Genevieve Joly told CP24 the company would “really encourage folks to look into” the accommodation program.

It’s tempting to connect the dots. Diesel moves the food Canadians eat from farms and ports to store shelves, so cheaper fuel should translate to cheaper groceries. But food researchers say the savings won’t show up at the checkout right away — and may not show up at all if fuel prices climb again.

The gap between the pump and the grocery aisle comes down to contracts, seasons and a number of pressures that have nothing to do with diesel. Here’s what to watch as you plan your food budget this winter.

Why did diesel prices drop so suddenly?

The Nova Scotia Energy Board, which regulates fuel prices in the province, made an unscheduled cut on Wednesday, citing a significant shift in market prices.

In the Greater Toronto Area, diesel fell 11 cents to 235.9 cents a litre, a level not seen since early September, according to Dan McTeague of Canadians for Affordable Energy, an advocacy group focused on fuel costs.

So what’s changed? Carol Montreuil, vice-president with the Canadian Fuels Association, an industry group representing Canada’s fuel refiners and distributors, told CTV News that crude oil prices have fallen on expectations for an end to the wars involving Iran and Ukraine, though neither conflict has been resolved.

Why won’t grocery prices fall as fast as diesel?

Will cheaper diesel mean a lower grocery bill this month? Probably not. Sylvain Charlebois, a food researcher and professor at Dalhousie University, told CTV News that the food being hauled to stores today is moving based on contracts signed months ago. Fuel prices, he said, “need to remain low for a while” before shoppers see the benefit.

Michael Mulvey, a marketing professor at the University of Ottawa, made a similar point to The Canadian Press back in October: many transportation contracts are set months in advance, and prices that rise with costs often take longer to come back down.

Timing is working against shoppers, too. Mike von Massow, a food economist at the University of Guelph, told CP that diesel matters less in summer, when more food comes from Canadian farms. After harvest, more food is imported from outside the country, and produce that travels far or needs refrigeration is most exposed. “As diesel prices go up, food prices go up relatively across the board,” he said.

Desjardins deputy chief economist Randall Bartlett also flagged a weaker loonie and the impact of retaliatory tariffs on some farm parts and machinery as pressures on food prices.

How much has diesel added to grocery costs so far?

The spike was steep. Diesel prices were up 75% year over year in August, according to the food price dashboard from Statistics Canada.

Yet grocery inflation has cooled. Prices for food purchased from stores rose 1.7% in the 12 months to September, the smallest annual increase since May 2024. Headline inflation hit 3.1%, driven largely by a 27.8% jump in gasoline prices.

Slower inflation isn’t the same thing as lower prices, though. StatCan says grocery prices are up 33% since September 2020 — so a basket that cost $100 then costs about $133 today.

What signals should Canadians watch this winter?

Watch for these four signs that will show whether grocery relief is on its way:

• Pump prices that hold or keep falling for several weeks, not just a few days
• Monthly inflation reports from StatCan, especially food purchased from stores and fresh vegetables
• The loonie against the U.S. dollar, since a weaker dollar makes imported winter produce pricier
• News on Iran and Ukraine, which impacts crude prices

McTeague predicted another 5 to 6 cents a litre in cuts by the end of this week, but cautioned Canadians that the longer-term direction of fuel prices is still uncertain.

What to do now

Rather than waiting on diesel, focus on what you can control:

• Buy Canadian-grown produce while it’s in season and freeze what you can
• Swap in frozen or canned vegetables when imported fresh produce gets pricey
• Compare unit prices and check flyers before you go to the grocery store
• Stock up on shelf-stable staples when they go on sale
• If you heat with oil or drive a diesel vehicle, consider topping up now, while prices are lower — StatCan says fuel oil prices were up 57.8% year over year in September

If pump prices stay lower through the winter, those savings can eventually work their way into new shipping contracts and, later, onto shelf prices. Until then, treat this week’s drop as a welcome break at the pump and an early signal — not a reason to loosen your grocery budget.

The organizing drive involves workers at facilities in Scarborough, Bolton and Ajax. It follows a landmark victory at Amazon’s YVR2 fulfilment centre in Delta, B.C., where workers became the first at an Amazon facility in Canada to secure union certification in July 2025, after a ruling by the B.C. Labour Relations Board.

“They’re making hundreds of billions in profit, and they’re paying us poverty wages”, Jack Cobb, an Amazon worker at the Scarborough facility, told CityNews.

“People can’t afford gas, groceries, rent, they can’t afford to have a dignified life. This company could make us all have a great job and they choose not to.”

Amazon and Unifor clash over organizing campaign

In an email statement sent to Money.ca, Amazon spokesperson Sam Stephenson accused Unifor of trying to impose itself on employees to collect union dues.

“Unfortunately, much of what Unifor is claiming is simply untrue. This appears to be another example of Unifor trying to force themselves upon our employees in order to fund their organization through union dues,” Stephenson said.

Justin Gniposky, Unifor’s Director of Organizing, called that “a classic rebuttal.” In an interview with Money.ca, he said the campaign was being driven by workers who had been organizing for years, rather than by the union.

“These guys live by putting people in fear. That’s the biggest thing their workers have to overcome,” Gniposky said.

“This is a worker-led initiative that we are supporting. It is not Unifor-led. This is workers who have been organizing for years, and Amazon knows them.”

What Amazon workers want from the union campaign

Higher pay is one key demand. Cobb told TorontoToday that he earns $27.60 an hour after working at Amazon since 2020. Starting pay at the Scarborough facility is approximately $24 an hour, he said, while workers are seeking $30.

But Gniposky said wages are only part of the issue. Workers want their pay to keep pace with the cost of living, but are also concerned about the physical demands of their jobs and the way management exercises control over working conditions.

Gniposky described Amazon warehouses as operating under what he called a “bully system,” where “health and safety is viewed as a hindrance.”

He said workers want meaningful health and safety committees that can address problems, rather than having safety treated as secondary to productivity. He also alleges that employees who fall out of favour with management can be assigned less desirable jobs or given breaks at inconvenient times.

Gniposky told Money.ca that injured workers in Ontario are being pushed onto WSIB benefits and back into retraining, rather than being supported in returning to their jobs.

Amazon defends its wages and workplace safety record

In its email statement to Money.ca, Amazon said it values direct relationships between employees and managers.

“We think there’s a lot of value in having a direct relationship between our teams and their managers, which means every person’s voice is heard, not just a few, and that when someone spots a way to improve their job, we can act on it quickly,” Stephenson said.

Amazon also defended its approach to workplace safety and productivity. The company said its global Recordable Incident Rate had improved 43% over the past six years, while its Lost Time Incident Rate had improved 70% over the same period. It said it invested hundreds of millions of dollars this year in safety innovation, training and other programs.

The company also said employees can take informal breaks during shifts to use the restroom, get water or speak with a manager or human resources. If a manager is found to be prioritizing productivity over safety, Amazon said it investigates and takes appropriate action.

Amazon also pointed to its 2026 pay increases. The company said it invested more than $78 million in pay increases for Canadian operations employees, raising average hourly base pay by 4% to $26.27.

Gniposky disputed the company’s account of its safety record, saying Amazon monitors its own figures and that workers’ experiences tell a different story.

Data reviewed by TorontoToday from the Workplace Safety and Insurance Board showed that lost-time injury claims at Amazon warehouse facilities in Ontario increased from approximately 1.5 per 100 workers in 2020 to 3.5 per 100 workers in 2025.

Amazon’s B.C. union dispute remains unresolved

Amazon has also challenged Unifor’s account of its success at the Delta facility. In its email statement to Money.ca, Stephenson said two employee votes in B.C. had been cast and sealed without being counted, adding that “there hasn’t been a single vote counted in favour of Unifor representing Amazon employees in Canada.”

Gniposky said that account leaves out the circumstances behind the certification.

“The problem is what they leave out,” he told Money.ca. He said the B.C. Labour Relations Board had found Amazon had broken the law multiple times, and that the remedial certification followed the company’s interference in the organizing process.

Amazon said it has appealed the B.C. Labour Relations Board’s ruling ordering binding arbitration with Unifor, while participating in the process as its appeal proceeds.

The dispute has also delayed the first collective agreement, according to Gniposky. He said Amazon had repeatedly challenged Labour Board decisions and had failed to put forward bargaining proposals.

“They stalled bargaining, and they refused to table any proposals,” he told Money.ca.

Gniposky said Amazon’s position that it was bargaining in good faith did not reflect what happened at the negotiating table.

“They have a facade that they bargain in good faith. They don’t. That’s why we have binding arbitration. That’s what the Labour Board found,” he said.

The Delta workers secured certification in July 2025, but the parties have yet to reach a first collective agreement. The Labour Board has directed the dispute toward binding arbitration.

The GTA campaign is at a much earlier stage. Gniposky said the public launch represents the culmination of years of organizing by Amazon workers across the GTA, many of whom have been working toward union representation long before the campaign became public. He described the announcement as “a huge step” toward formalizing their efforts and pursuing union certification.

On Nov. 1, Ontario’s regulated electricity prices reset for the year and the winter time-of-use schedule took over. The good news is that prices are a little lower than last winter. But the rebate on your bill shrank on the same day, and the cheapest hours have shifted — so habits that worked in the summer could quietly cost you now.

The good news is that heavy hitters like your washer, dryer and dishwasher are easy to shift to off-peak hours. Knowing which hours to avoid and which price plan fits your routine, can trim dollars from a long winter of bills.

What changed on Ontario hydro bills on Nov. 1?

The Ontario Energy Board (OEB), the province’s independent energy regulator, sets regulated electricity prices once a year on Nov. 1. For customers on the time-of-use (TOU) plan, the new prices per kilowatt-hour (kWh) are:

• Off-peak: 9.1 cents, down from 9.8 cents
• Mid-peak: 14.6 cents, down from 15.7 cents
• On-peak: 18.9 cents, down from 20.3 cents

Wondering why your bill might not shrink? The Ontario Electricity Rebate (OER), a provincial credit applied to most residential bills, dropped to 15.7% from 23.5%, according to Hydro One, the province’s largest electricity distributor. The new provincial rebate cuts about $23 off a typical 700 kWh monthly bill.

When are the cheapest hours to run the dryer and dishwasher this winter?

Winter flips the summer schedule. On weekdays from Nov. 1 to April 30, TOU hours are:

• On-peak: 7 am to 11 am and 5 pm to 7 pm
• Mid-peak: 11 am to 5 pm
• Off-peak: 7 pm to 7 am, plus all day on weekends and holidays

The OEB explains the two peaks: with less daylight, demand spikes when people wake up and again when they get home from work. Between 5 and 7 pm, power surges: dinner is cooking, towels are drying and the dishwasher is running all at once.

The fix can be as simple as waiting. Run the dishwasher after 7 pm, or tackle big laundry loads on weekends when lower rates rates last all day.

How much can shifting laundry and dishes actually save?

An appliance usage chart from the City of Saskatoon, which runs its own electric utility, estimates a clothes dryer uses about 106 kWh a month, a dishwasher about 48 kWh and a washer about 10 kWh.

In this example, a household runs all 164 kWh during on-peak hours. At 18.9 cents, that tacks about $31 a month onto your bill’s electricity charge. Moving the same loads to off-peak drops the cost to about $15 — a saving of roughly $16 a month, or about $96 over the six-month winter season. The dryer alone accounts for about $10 of that gap.

Those figures cover the price of electricity only. Delivery, regulatory fees, HST and rebates are calculated separately, and your appliances’ actual power use may vary.

Is the ultra-low overnight plan worth switching to?

Ontario households can choose from three plans. The Ultra-Low Overnight (ULO) rate: just 3.7 cents per kWh every day from 11 pm to 7 am. Weekend daytime costs 9.1 cents and weekday mid-peak costs 14.6 cents.

The catch: weekday peak hours (4 to 9 pm) spike to 37.7 cents — 10x higher than overnight and double standard TOU peak rates. Using the same example, 164 kWh would cost about $62 at ULO on-peak versus about $6 overnight.

If you drive an EV or have a dishwasher with a delay-start timer, switching to ULO could easily put money back in your pocket. For families home and cooking during the late afternoon, it can backfire.

Overnight savings also come with a clear safety limit. The City of Vaughan’s fire chief advises never running the dryer while you’re asleep or away from home. The safer bet: do laundry on weekend afternoons or weekday evenings before bed.

If shifting isn’t realistic, the Tiered plan charges 11.2 cents for the first 1,000 kWh a month in winter and 13.2 cents after that, no matter the time of day.

What to do now

• Check your bill to see which price plan you’re on
• Run the dishwasher after 7 PM on weekdays, using delay-start if you have it
• Batch laundry on weekends and holidays, when off-peak runs all day
• Only run the dryer when someone is home and awake
• Compare plans with the OEB’s bill calculator before switching

Price plans are a choice, not a permanent commitment. Track one month of habits against your bill, then decide whether a small schedule change — or a different plan — fits how your household actually lives. As the OEB put it, “The overall rate of increase for customer bills will remain consistent with previous years.”

In a landmark ruling released Oct. 30, 2026, Canada’s transport regulator ordered the airline to fly, rebook or refund any traveller whose medically necessary mobility aids can’t be collapsed below 35 inches. If WestJet can only accommodate those passengers on another airline, it must pay any difference in fare.

The case was triggered by a family vacation that never happened. In July 2023, Noa Fleischer, who uses a power wheelchair, went to book a trip and found that almost all of WestJet’s fleet couldn’t accommodate her chair. For Canadians in her position, the ruling shifts who absorbs the cost when the plane can’t accommodate travellers with mobility aids.

What did the CTA order WestJet to do?

The Canadian Transportation Agency (CTA), the federal tribunal and regulator that oversees air travel and other federally regulated transportation, ordered WestJet to accommodate passengers who give at least 21 days’ notice that they need to travel with a medically necessary mobility aid that can’t be collapsed below 35 inches. According to the ruling, there are three ways WestJet can meet that duty:

• Fly the passenger on their original WestJet flight, if the passenger shows the mobility aid can safely be tilted to fit through the baggage compartment door
• Book the passenger with another airline on the same route, or a comparable one, at a comparable time — and pay any price difference between the two airlines
• Give a full refund for the itinerary if no suitable alternative is available

The CTA rejected WestJet’s argument that booking passengers on rival airlines would put it at a competitive disadvantage. The airline failed to provide data on how many passengers would need the accommodation, or what it would cost, so the evidence didn’t show undue hardship, the agency found.

“This decision highlights that large corporations cannot simply rely on business decisions and procurement practices to escape their duty to accommodate people with disabilities,” said Devin Glim, a staff lawyer at ARCH Disability Law Centre (ARCH), a specialty legal clinic that practises exclusively in disability rights law and represented Noa. “Fundamental human rights must take precedence.”

The airline has until Dec. 14, 2026, to confirm to the CTA that the accommodation is available, and until March 11, 2027, to file its new policies and proof that staff have been trained on them.

Why couldn’t the Fleischers book a WestJet flight?

In 2023, Noa was unable to book WestJet travel to a resort destination because her wheelchair wouldn’t fit through the cargo door of the airline’s Boeing 737s. The agency found she faced an “ongoing undue barrier” on most of WestJet’s aircraft. It didn’t award her financial compensation; what she won instead was a change in how the airline must treat her and all passengers like her.

Her father, David Fleischer, says the barrier has shaped the family’s travel plans for years.

“For the past few years, every time we’ve looked at going on vacation, we’ve had to cross things off our list because no accessible flights were going there or to see the flights we could choose from really narrowed, for the same reason,” he says.

That narrowing has a financial implication, too. When only a handful of flights can carry your wheelchair, you lose much of the ability to shop around on price, timing or route.

“There are so many barriers to accessibility when you leave the comfort of home and start travelling that it definitely means a lot to see one of them falling,” David says. “The only catch there is that it feels like you literally have to make a federal case out of it to get that change. We weren’t seeking to be activists — just trying to go on vacation — but it’s exciting to be a small part of moving these changes forward.”

“I’m thrilled about the outcome of this case,” Noa said in a statement on the decision released by ARCH. “Traveling should be a universal experience that everyone has the right to enjoy, regardless of whether or not they have a disability.”

Money.ca reached out to the CTA and WestJet for comment, but had not heard back at publish time.

Does the ruling guarantee you a seat?

No, the ruling doesn’t secure a seat. The CTA states that its order doesn’t guarantee accessible flights will be available, or that a passenger will be able to travel in all circumstances. But if WestJet refuses to transport a passenger with a mobility aid, it’s expected to explain why it couldn’t meet the decision’s requirements and, where appropriate, provide supporting documentation.

Timing plays a role. The accommodation applies only with at least 21 days’ notice, which the CTA says gives WestJet sufficient time to find a seat on an accessible flight at a comparable price without unnecessary connections.

And complying with the order won’t, on its own, trigger compensation under the Air Passenger Protection Regulations (APPR), the federal rules that set airline payouts for delays and cancellations.

Even when a wheelchair fits on the plane, flying with one remains taxing.

“The real game-changer will be when people in wheelchairs can simply go right onto the plane, like everybody else,” David says. “For now the reality is that people who use their wheelchairs as part of their body have to give them up at the gate, endure a plane ride with limited or no mobility and then hope the chair arrives in one piece at the other end.”

Is this part of a bigger shift in air travel accessibility?

Yes. The decision comes in the wake of a case brought by Tim Rose against Air Canada, which dates back to 2016, when he was told his power wheelchair would not fit on an aircraft bound for Ohio. In 2023, the CTA ordered Air Canada, Canada’s national airline, to accommodate passengers whose power wheelchairs can’t fit through the cargo door of their scheduled aircraft.

The Federal Court of Appeal upheld that decision in March 2025.

Then in August 2026, the CTA ordered WestJet to scrap its 300-pound weight cap on mobility aids from most of its aircraft before July 2027, after a complaint by Steven Fletcher, a Winnipeg resident and former federal minister of state for transport.

“This isn’t happening in isolation,” David says. “The Tim Rose case versus Air Canada was a huge move forward that inspired us and Steven Fletcher’s case forced WestJet to remove unfair and impractical weight limits for wheelchairs. So there is a larger movement that is driving this change but it’s taking a lot of people and a lot of time.”

What does the ruling mean for your travel budget?

If WestJet books you on another carrier because you can’t be accommodated on a WestJet plane, it will pay any price difference within the same class of service, according to the decision. A pricier seat on a competitor shouldn’t come out of your pocket — though an upgrade to a premium cabin isn’t covered.

If no suitable flight exists, WestJet must refund the cost of the full itinerary. The order doesn’t mention hotels, tours or other prepaid trip costs, so check what your travel insurance covers before you book.

Existing rules help travellers with mobility aids, too. Under the Accessible Transportation for Persons with Disabilities Regulations (ATPDR), large carriers must quickly repair a damaged mobility aid or replace a lost one, according to a 2024 CTA briefing to a House of Commons committee.

If something does go wrong, the CTA says passengers should first try to resolve it with the airline, then file a complaint with the agency. As of early 2024, mediation resolved 96% of accessibility complaints, according to the CTA.

What to do now

• Measure your mobility aid’s height at its most collapsed, and note whether it can safely be tilted
• Book at least 21 days before departure and inform WestJet in writing that you’ll travel with a medically necessary mobility aid that can’t collapse below 35 inches
• Ask WestJet whether it will fly you as booked, rebook you or refund you — and get their answer in writing
• If you’re rebooked with another airline, confirm that carrier has your mobility aid details at least 48 hours before departure
• Keep all booking confirmations, emails and any written reason WestJet gives for a refusal
• If WestJet doesn’t follow the order, raise it with the airline first, then file a complaint with the CTA

For the Fleischers, the win is partly practical and partly personal. David says Noa knows that every trip means extra work for the family to find the right flight, rental car or accessible cab at the other end of their journey. The family makes a point of reminding her that the problem isn’t her — it’s the barriers in the world around her. Now, he says, she can take some pride in having helped remove one of them, for herself and many others.

“Wheelchair users often confront so many frustrating obstacles and I hope this victory makes it a little easier for Canadians with disabilities to experience traveling on an airplane in the future,” Noa said, “and that it will show air carriers how important it is to address our needs proactively.”

But new research from Statistics Canada (StatCan) suggests the picture is more complicated. A study examining hiring and job separation rates across Canadian occupations found “no broad evidence” that AI has substantially reduced hiring or increased job losses, including among younger workers.

Instead, researchers point to a wider hiring slowdown that began before ChatGPT became publicly available, with economic pressures such as population shifts, trade shocks and post-pandemic labour-market adjustments potentially playing a role.

What the study finds

The StatCan study, Hiring and job separation rates in the era of generative artificial intelligence: Early evidence, was published Oct. 28, 2026, by researchers Tahsin Mehdi and Marc Frenette.

For workers aged 15 to 29, hiring rates in highly AI-exposed occupations where the technology could complement workers fell from 2.9% in the six months before ChatGPT’s public launch in November 2022 to 2.5% in the six months leading up to August 2026. In highly exposed occupations considered more vulnerable to AI substitution, the rate declined from 3.2% to 3.0%.

But hiring also weakened in occupations with relatively little AI exposure, falling from 4.0% to 3.3% over the same period.

The researchers found no consistent pattern of substantial hiring decreases or separation increases in Canada so far, even for younger workers and those in jobs more amenable to AI substitution.

Fewer vacancies are making it harder to get a foot in the door

The decline in hiring comes after an unusually strong period for the Canadian labour market. According to the study, job vacancies surged in late 2021 and continued rising into 2022 as employers ramped up recruitment during the post-pandemic recovery. But as the labour market cooled, vacancies began falling towards their pre-pandemic levels.

Tahsin Mehdi, a senior labour economist at the agency, told Money.ca that “there are fewer job vacancies now compared to the 2021-to-2022 period.”

He also noted that “vacancies requiring fewer years of work experience fell relatively faster than others.”

For young Canadians or those just entering the workforce, the challenge is finding entry-level positions, which often provide a first chance to build professional experience, develop workplace skills and establish a track record.

Mehdi cautioned that the study does not directly measure individual job seekers’ experiences or establish that young workers are affected equally across occupations. It does, however, document the broader changes in hiring patterns.

Could AI still make it harder for young Canadians to find work?

The findings don’t mean AI will have no effect on young workers. One concern is that employers could use AI to make existing employees more productive, reducing the need to recruit and train junior staff.

But the longer-term effects remain uncertain. Mehdi stressed that the research should not be treated as a forecast for particular jobs or industries, but rather as “a snapshot in time.”

He added that labour markets respond to technological change alongside other economic forces.

“Continued tracking and monitoring of labour market indicators such as employment, hiring and job separations will be essential to understanding whether, how and for whom new technologies are reshaping the labour market,” he said.

AI may not be the main reason young Canadians aren’t getting hired, but finding an employer willing to give them that first opportunity remains the real hurdle.

After midnight on October 26, the bear climbed into an unlocked Subaru and tore the seats, door panels, and wiring apart before police could set it free. The family says the car had liability insurance rather than comprehensive, leaving them out of pocket to cover the damage.

It’s an unusual and extreme case, but still a good note for Canadian drivers to take. The mandatory portion of your insurance covers crashes, but it won’t pay to repair the type of damage done by a bear unless you’ve added the appropriate optional coverage.

What happened to the car?

A neighbour called 911 after hearing a car horn blaring and noticed a bear inside. Police arrived to wake the family and get the keys to unlock the vehicle, however, the bear had ripped out the wiring in a panic to free itself, making the power locks useless.

In their second attempt to free the bear, officers tied a rope to a door and pulled it open from a distance, and the bear ran off unharmed. By then, the vehicle’s interior was destroyed, according to the owner, Michael Wilson.

The family said that the same bear had broken into three other cars that same night. Wilson’s advice for other car owners: “Don’t put any candy in your car, and lock your doors.”

Problems like this happen in Canada, too. In 2024, a black bear broke into a vehicle in Larder Lake, Ontario, shredding the inside before taking a nap. Vehicle owner Kayla Seward was later told that her insurance company wouldn’t cover the damage because she didn’t have full coverage.

Why isn’t animal damage covered by basic insurance?

Vehicle insurance coverage is mandatory in every province, but the coverage typically only covers crashes, injuries and damage caused to other parties. For damage caused by something other than a crash, like a deer strike or a falling tree, coverage comes from an add-on.

The Insurance Bureau of Canada (IBC) lists four optional coverages for your vehicle:

1. Collision: pays when your vehicle hits another car or object, or rolls over.
2. Specified perils: covers for specific causes listed in your policy, such as fire, hail, windstorms, and theft.
3. Comprehensive: pays for damage not caused by a collision, including vandalism and falling objects.
4. All perils: includes both collision and comprehensive.

If a bear destroys a parked car, it’s not considered a collision, nor is it included on the typical specified perils list. In Michael Wilson’s case, comprehensive or all perils are the add-ons most likely to apply. IBC Director of Consumer and Industry Relations Anne Marie Thomas was able to shed more light.

“An animal causing damage to a vehicle would be a comprehensive claim. Specified Perils only covers listed perils such as: Fire, lightning, theft/attempted theft, wind and hail,” Thomas told Money.ca. “If a driver wants to ensure that they are covered for most vehicle damage they can opt to buy All Perils coverage. All Perils coverage is one coverage that covers the majority of damage.”

Many Canadian insurance brokers also list animal collisions under comprehensive, rather than a collision claim. Drivers who skip a comprehensive add-on may be exposed, particularly if you live in a rural area where animal strikes are more common.

If you lease or finance your vehicle, your lender may require you to carry this additional coverage. If you own your car outright, you can choose whether you add it on, and some drivers opt out to save money.

How much can damage from an animal strike cost?

You might be surprised. Over the past five years on British Columbia’s Sunshine Coast alone, bears have caused more than an estimated $277K in vehicle damage, according to the Insurance Corporation of British Columbia. That number spans across 110 claims between 2017 and 2021, breaks down to about $2,500 each claim and doesn’t include crashes with bears.

One bear can cause much more damage than you might expect. Tim Hamilton got an unexpected surprise when a young grizzly bear climbed into his Toyota Sequoia and became trapped near Waterton Lakes Provincial Park in southern Alberta. Within a few minutes, it caused over $60K in damage before smashing out the rear window. Thankfully, Hamilton had the right coverage, didn’t get any hassle with his claim, and the vehicle was a complete write-off.

The greater risk for Canadians is while driving — in Saskatchewan alone, SGI Canada reported paying roughly $83 million in wildlife collision claims in 2018. The average claim after a deer strike was just under $6,000, whereas a claim from hitting a moose averaged around $10,000.

Some seasons are higher risk than others — in the fall breeding season, deer and moose are active, and bears are still foraging for food to build their fat stores for winter hibernation. Animal movement increases the risk of coming into contact with your vehicle, and without the proper coverage, the bill could land right in your lap.

What can you do to keep yourself adequately covered?

You don’t have to live in bear country to learn from these stories. Consider these steps to help you avoid any nasty surprises.

• Check your insurance policy. Look for “comprehensive” or “all perils” coverage in your policy documents. If you only have the minimum mandatory coverage, it’s likely you aren’t protected from animal strikes.
• Know the gaps under “specified perils.” While this coverage is cheaper than comprehensive, it only covers itemized risks named in the policy. Ask your insurer or broker whether animal damage is one of them.
• Compare the additional cost against your vehicle’s value. Comprehensive makes sense for new, or financed vehicles. For older models that are worth less, the hike in premium and deductible may not be worth it.
• Choose a deductible you can easily afford. That’s the amount you pay to start your claim. A higher deductible means lower monthly premiums, but also means paying more out of pocket.
• Make sure your policy remains active. Make sure your contact details are current, and watch for renewal notices to ensure your insurance coverage doesn’t lapse without you knowing.
• Clean out and lock up. Don’t leave any food, wrappers, or containers behind when you exit your vehicle, and make sure your doors are locked — especially at the cottage or campground.

Most drivers associate their car insurance with covering them after a crash. But damage can happen even when your car is sitting in the driveway. A quick review of your insurance coverage before damage occurs could save you thousands later.

That squeeze is now showing up at the dinner table. Nearly a third of Canadians now skip meals to afford groceries — a four-year high in national tracking.

Food is the easiest line to trim because it doesn’t come with a late fee or an eviction notice. But skipping meals is an expensive way to balance a budget. There are better ways to protect your grocery money, and some come with government dollars attached.

How much of your paycheque is housing really taking?

How much of your take-home pay is actually going to shelter? For a lot of Canadians, it’s more than half. According to The Salvation Army’s 2026 Canadian Poverty and Socioeconomic Analysis, an annual survey from the country’s largest non-governmental direct provider of social services, 24% of Canadians spend at least half their after-tax household income on housing.

There’s little room to maneuver, either. Half of those surveyed aren’t confident they could find another suitable, affordable home in their community if they had to move, and 84% cite high rents or home prices as a barrier.

For context, the Canada Mortgage and Housing Corporation (CMHC), Canada’s federal housing agency, defines affordable housing as shelter costs totalling less than 30% of gross household income. At 50% of after-tax income, the math rarely works without cuts somewhere else.

Why is food the first thing to go?

So why does food take the hit? Groceries are flexible and rent isn’t. Survey results show that 31% of Canadians skipped or reduced meals due to grocery costs, rising from 27% in 2025. Concurrently, use of community food support services grew from 11% to 15%.

Younger adults are feeling it most. Young adults face disproportionate pressure, with 41% of Canadians aged 18 to 34 skipping or downsizing meals and 23% accessing community food programs.

Grocery inflation has slowed. Food purchased from stores rose 1.7% year over year in September, the smallest annual increase since May 2024, according to Statistics Canada. But cooling inflation isn’t the same as cheaper groceries. Food costs about 27% more than it did five years ago, according to Canada’s Food Price Report 2026, an annual forecast from Dalhousie University and partner universities. The report projects annual food costs could hit $17,571.79 for a family of four this year.

Could a federal benefit be covering more of your grocery bill?

If you earn a modest income, federal benefits can help significantly — but only if you file your taxes. In July, the Canada Groceries and Essentials Benefit (CGEB) replaced the GST/HST credit, and payments are 25% higher for five years, through 2031.

Your quarterly, tax-free benefit from July 2026 to June 2027 is based entirely on your 2025 tax return. The CRA says you could get up to:

• $679 if you’re single
• $890 if you’re married or living common-law
• $234 for each eligible child under 19

No application is needed: the CRA automatically assesses your eligibility when you file your taxes. That’s why filing matters even if you earned little or nothing. And young adults turning 19 need to file their previous year’s taxes to unlock these payments.

How can you stretch your grocery budget without skipping meals?

Budget by the week

Rent is monthly, but groceries are easier to control weekly. A weekly number helps you spot overspending before the month is gone.

Shop your kitchen first

Cook from your pantry and freezer first, then use weekly flyers to fill the gaps. Compare unit prices on the shelf tag rather than the package price.

Trade down, not out

Store brands, frozen veggies, eggs, oats and lentils give you cheap, filling meals without sacrificing nutrition. Swapping cheaper ingredients in beats removing meals.

Watch convenience creep

Takeout and convenience foods drain a food budget faster than anything else. Canada’s Food Price Report forecast restaurant prices would rise 4% to 6% this year.

What to do now

• If housing claims 50% or more of your take-home pay, groceries need a dedicated plan — not just whatever is left over
• Sign in to your CRA account to check your CGEB amount and next payment date
• File your tax return every year, even if you have little or no income
• Set a weekly grocery number and track it for four weeks
• If you’re skipping meals, contact a local food bank or call 211 to find community supports

Asking for help isn’t a budgeting failure. Fully 83% of people surveyed by The Salvation Army said accessing support services directly improved their family’s wellbeing. National spokesperson Glenn van Gulik says making ends meet is no longer just about trimming extras: “It’s about making difficult choices between food, housing and other basic necessities.”

Survey methodology

The Salvation Army’s 2026 Canadian Poverty and Socioeconomic Analysis was conducted by Edelman Intelligence from Sept. 11 to 18, 2026, among a nationally representative sample of 1,525 Canadians who are members of the online Angus Reid Forum. Results were balanced and weighted by age, gender and region. The sample included 180 current and past users of Salvation Army services. Residents of Yukon, the Northwest Territories and Nunavut were not included. A margin of error cannot be calculated for a non-probability sample. For comparison purposes only, a probability sample of 1,525 respondents would carry a margin of error of about +/- 2.5 percentage points, 19 times out of 20.

But the Ontario government has refused to open its main disaster relief program to them for one technical reason: the water came up from the sewer, not from a river or lake.

That distinction may sound like semantics. For a household budget, it can decide who pays for the cleanup.

Why won’t Ontario’s disaster program cover Niagara’s sewage floods?

St. Catharines NDP MPP Jennie Stevens has pressured the province to activate its Disaster Recovery Assistance for Ontarians (DRAO). The program pays up to $250,000 to cover emergency expenses, repairs and replacement of essential property in the wake of natural disasters.

On Oct. 27, Municipal Affairs and Housing Minister Rob Flack noted that “DRAO was not activated because it was not overland water,” adding that homeowners with sewer backups need to go through private insurance. On Nov. 2, the Town of Lincoln was told its own request was denied.

The province’s program guidelines support that position, which highlights that sewer backup insurance is widely available and preventive measures like backwater valves exist. A special provision lets low-income households apply for help with sewer backup repairs and have the program’s $500 deductible waived, but it only applies where DRAO has been activated.

Not everyone accepts that line. In a letter to Flack, Stevens noted that a meteorologist with Environment and Climate Change Canada confirmed the storms caused flash flooding. The City of St. Catharines has also said the flooding was the result of the storms, not an infrastructure issue.

Many households also dealt with more than one kind of water. St. Catharines residents experienced both severe sewer backups and widespread overland and surface flooding, Niagara radio station CKTB reported. It’s not yet clear whether Flack’s comments mean those residents will never qualify for the program.

The storms caused an estimated $360 million in insured damage, according to Catastrophe Indices and Quantification Inc, as cited by the Insurance Bureau of Canada (IBC), the national industry association representing private home, car and business insurers. In total, it’s estimated that Canada suffered $3.7 billion in insured losses over summer, the third costliest on record, with the Niagara region accounting for nearly 10% of that sum.

Does your home insurance actually cover sewer backup?

Not automatically. IBC guidance says basement damage from sewer backup is only covered if you purchased that specific optional coverage, as overland flood protection is a separate add-on.

Rob de Pruis, IBC’s national director of consumer and industry relations, has warned that a homeowner with sewer backup coverage but no overland coverage may not be covered at all. This is because many backups are triggered by an overland flood event. Limits are also important. One St. Catharines homeowner had a limit of $50,000 that was supposed to cover both clean-up — which was originally priced at $27,000 before being revised down to $20,000 — and restoration — which was quoted at $68,000, $74,000 and $120,000 by three contractors — for his flooded basement.

Even homeowners who have coverage are struggling. Stevens referred to a Northend Neighbours survey of nearly 450 homeowners, which found that more than 60% of respondents said their claims were still in limbo, and only 36.6% had a claim fully approved.

However, some respondents had a much faster experience. They said an adjuster called within days and remediation crews arrived soon after.

What help is available if you’re not covered?

Provincial aid is off the table for now and municipal money is focused on preventing the next flood rather than repairing the last one.

On Aug.26, the City of St. Catharines approved $20 million for its Emergency Flood Alleviation Program (Emergency FLAP). The program reimburses 90% of eligible costs, up to $5,000, for eligible flood preventative devices and related installation work including:

• Mainline backwater valves (normally open)
• Weeping tile disconnection from the sanitary sewer
• Reconnection of weeping tiles to a sump pump system
• Secondary (backup) pumps, including battery‑powered or water‑siphon systems
• Related discharge piping
• The cost of the initial contractor assessment
• The cost of the required Plumbing-Only permit

Your home must be a single- or semi-detached property built before 2012 and within city premises: single-detached homes include duplexes, triplexes and quadplexes. The property must also be connected to the city’s sanitary sewer, with work done by a licensed plumber under permit. You don’t need to have experienced a flood to apply, and rebates arrive in four to six weeks.

What to do now

The province has made clear that sewer backup is a private risk, making it essential to take these steps before the next catastrophic storm:

• Find the words “sewer backup” and “overland water” in your policy, and note the dollar limit for each
• Ask your insurer or broker whether your sewer backup coverage applies when a storm causes the backup
• If you have an open claim, keep photos, receipts and communication with adjusters in writing
• If your claim stalls, use your insurer’s complaint process and ask for a written explanation of any denial
• If you live in St. Catharines, apply for Emergency FLAP to better protect your home from any future flooding
• If you live elsewhere, inquire about any potential backwater valve rebates your municipal government may offer

Trump, who has been predicting a deal for more than a week, told Fox News the same day that one is coming “very soon,” but noted that work still remains.

It’s tempting to treat that as a sign that prices, interest rates and job worries will soon ease. But until a deal is agreed upon and its terms are public, tariffs on both sides of the border will stay in place. That includes Canada’s counter-tariffs on U.S.-made goods.

What changed in Canada-U.S. trade talks this week?

Carney said Washington has dropped demands that crossed some of Canada’s “red lines,” including language and culture and the nation’s right to negotiate trade deals with other countries. U.S. negotiators had also objected to rules that make French-language content easy to find on streaming platforms such as Netflix.

A 50% U.S. tariff on $27.6 billion of Canadian goods took effect on Aug. 22. The original list included wine, furniture, dairy, cement, clothing and hockey equipment, among others. The U.S. has since revised the list and banned some Canadian products outright.

Carney didn’t mention which issues remain unresolved, but CBC reports that autos are expected to be a key sticking point, as they were in August. He also said talks don’t require negotiators in Washington: “It’s not always necessary to have the trade negotiators go in formally into the U.S. trade representative’s offices or the Department of Commerce.”

The timing for this apparent reversal is notable. Democrats won control of both the House and the Senate in the Nov. 3 U.S. midterm elections in a major rebuke of Trump and MAGA. But Trump imposed the tariffs using his own executive powers, so the new Congress, which takes office in January, can’t simply cancel them.

Why won’t a deal lower your shopping bill right away?

Canada responded to the U.S. levies on Sept. 8 with dollar-for-dollar counter-tariffs of 15%, 25% or 50% on U.S.-made goods. The federal product list includes plenty of everyday items: cheese and toilet paper at 25%; perfume, makeup, cotton T-shirts and synthetic winter coats at 50%; gas stoves and kitchen knives at 25%.

Even if a deal removes some of these tariffs, retailers may need time to sell through stock bought at higher prices.

Tariffs also aren’t the only pressure on your wallet. Annual inflation rose to 3.1% in September, according to Statistics Canada. Gas prices were the biggest driver, having jumped 27.8% year over year. Excluding gasoline, prices rose 2.2%. The Bank of Canada expects inflation to reach about 3.5% by year-end, mostly due to high oil prices as a result of the conflict in the Middle East.

More price increases may be coming. In the BoC’s latest Business Outlook Survey, roughly half of firms said they plan to pass some or all of their cost increases on to customers, more than in the previous quarter.

Who is most exposed if talks stall again?

Workers in industries hit by U.S. tariffs carry the most direct risk, including steel, aluminum and lumber, dairy and furniture.

Auto workers face a separate deadline, as Trump has threatened to raise U.S. tariffs on Canadian cars, trucks, auto parts and steel to 50% on Jan. 1, 2027. Currently, Canadian-built vehicles face 25% on their non-U.S. content.

Markets are already reacting. The loonie reached its strongest level since mid-September on Oct. 30 as trade headlines turned positive. But strategists at Scotiabank said narrowing gaps between Canadian and U.S. interest rates drove most of the currency’s recent gains. Those gains could reverse quickly if talks stall again.

What to do now

• Check labels on big purchases, since counter-tariffs apply to goods made in the U.S., not ones that are just shipped from there
• Avoid delaying essential purchases on hopes of a deal, since no timeline has been announced
• Build bigger emergency savings if you work in a tariff-exposed industry
• Skip headline-driven trades in your TFSA or RRSP and keep your portfolio diversified

A deal would remove one source of uncertainty, but your budget should be built for the economy as it is today, not the one negotiators are hinting at. As Carney put it: “We’ve made progress but we haven’t finished.”

Most people accept that and move on. Safety is hard to argue with, and few people think to check what happened to the plane afterward.

A new investigation suggests many Canadians should push back. If the safety label was misapplied, a single disruption could be worth up to $1,000 per passenger — or as much as $4,000 for a family of four flying together.

Why are Air Canada and WestJet under investigation?

Rochon Genova, a Toronto-based class-action and aviation law firm, announced on Nov. 3, 2026 that it is examining how Air Canada, WestJet and other airlines use the safety-related maintenance exemption to deny compensation for delays and cancellations.

The firm confirms it’s investigating reports where airlines denied claims citing safety-related maintenance, despite flight-tracking logs showing the assigned aircraft was subsequently redeployed on different routes.

So the question isn’t whether an airline can ground a plane for safety. It’s whether aircraft reported as grounded due to maintenance remained active in flight service. Rochon Genova describes the matter as a potential class action, and the allegations have not been tested in court.

When does ‘required for safety’ let an airline skip the payout?

The Air Passenger Protection Regulations (APPR) are the federal standards defining airlines’ minimum responsibilities to travellers. The APPR splits disruptions into three tiers: outside airline control, safety-required, or controllable and non-safety-related. Only that last category triggers cash compensation.

For large carriers — those that carried at least two million passengers in each of the two previous calendar years — the payout depends on how late you arrive:

• $400 for a delay of three hours to less than six hours
• $700 for six hours to less than nine hours
• $1,000 for nine hours or more

That money is owed if the airline notifies you within 14 days of departure.

Here’s the detail many passengers miss: the regulations define “required for safety purposes” in a way that specifically excludes scheduled maintenance done to meet legal requirements. A genuine safety issue discovered at the gate can legally exempt the airline from paying compensation. Routine upkeep the airline planned for does not.

Exemption or not, airlines must still rebook your flight or issue a full refund.

Why can a valid claim take so long to pay out?

Don’t expect a quick response when you push back. The Canadian Transportation Agency (CTA), the independent, quasi-judicial federal tribunal that handles air passenger complaints, reported a backlog of more than 95,000 complaints at the end of fiscal 2025-26. In that date range, passengers filed 44,071 complaints.

Once a resolution officer starts on a file, a decision comes within 60 days on average — but that clock doesn’t include time spent waiting in the queue.

Don’t be discouraged — changes are in the works. Bill C-31, tabled in May 2026, proposes hiring a third-party dispute resolution organization to clear the backlog and allowing fines of up to $1 million for systemic violations. Proposed changes that would ditch all three disruption tiers — and close the safety loophole along with them — were introduced back in December 2025, but they still haven’t officially taken effect. For now, the current rules apply.

What to do now

If an airline denied your claim by pointing to safety or maintenance, it’s worth a closer look:

• Check the basics: an arrival delay of at least three hours, with 14 days or less notice before departure
• Ask the airline, in writing, for the specific reason for the disruption — carriers are required to give one
• Save all the evidence, including boarding passes, rebooking notices, emails, texts and receipts
• Note your flight number and date, then check public flight-tracking records to see whether the aircraft flew other routes after your flight was cancelled
• File in writing within one year — the airline has 30 days to pay up or justify its refusal
• If you’re denied or get no reply, escalate through the CTA’s complaint portal or consider small claims court

Travellers who meet Rochon Genova’s criteria (a cancellation or delay exceeding three hours, a safety-related maintenance justification and no payout from either the airline or the CTA) can contact the law firm directly. It says reaching out doesn’t mean you’ve retained it and won’t cost you anything.

A maintenance excuse isn’t automatically the final word. The rules draw a clear line between safety and scheduled upkeep. If the plane you were told couldn’t fly spent the afternoon flying somewhere else, that line is worth testing.

It’s the result many Canadians were hoping for. Trump’s tariffs on Canada were a battleground issue on the campaign trail, and the party now in charge of Congress has promised to try to torpedo the levies he has imposed.

But Congress doesn’t get the final word on laws in the U.S. — the president does. The gap between a historic night in Washington and real relief at Canadian checkout lines will shape your budgeting decisions for months.

What does a Democratic Congress mean for Canada’s trade fight?

The projections give Democrats both chambers — which is good news for Canada. As Trump’s influence fades, more Republicans could break with him on policy, joining those who opposed his trade war with Canada during the midterm campaign.

Democrats have also been very clear about their priorities. Before the vote, Sen. Ron Wyden, the top Democrat on the Senate Finance Committee, told Reuters: “One of the most obvious priorities would be repealing Trump’s tariffs on Canada.”

Why won’t the tariffs disappear right away?

The two major sets of tariffs, the Section 232 sectoral tariffs on steel, aluminum and autos and the sweeping 50% Section 338 tariffs, were imposed via executive order, not by Congress.

While Democrats can pass a repeal bill, Trump can veto it — and overriding a veto takes two-thirds of both chambers. While some Republicans have distanced themselves from Trump’s agenda toward Canada, the chances of reaching that threshold are slim. William Reinsch, an advisor to the Center for Strategic and International Studies (CSIS), a Washington think tank, put it bluntly before the vote: “I just don’t think anything’s going to get across the finish line.”

Where could relief show up first?

A negotiated deal between the two countries is the more realistic path. Strong congressional opposition to Trump’s trade agenda could strengthen Canada’s hand, and there were signs on election day that the White House was moving closer to a deal Canada can accept. Prime Minister Mark Carney said days earlier that negotiators would work toward an agreement in the coming weeks.

For Canadian shoppers, our own counter-tariffs matter most. They focus on products where Canadian alternatives exist, and any deal with the U.S. could see Ottawa scale them back. However, that’s a possibility, not a promise.

Tariffs also aren’t the only pressure on prices in Canada. Inflation hit 3.1% in September, led by gasoline prices that were up 27.8% year over year, which Statistics Canada tied that to uncertainty about the wars in the Middle East.

Who feels the tariff squeeze most?

Experts say the trade war shows up less as empty store shelves and more as higher prices, fewer choices and longer waits for some products. As Fraser Johnson, a professor at Western University’s Ivey Business School, told CBC News, “in the medium to long term, prices are going up.”

Owners of American-brand appliances are especially exposed, because a specific control board, pump or sensor may have very few direct alternatives. Small businesses in Canada are squeezed from both directions, which can mean higher prices at local shops. According to data from the Canadian Federation of Independent Business (CFIB), which represents small and medium-sized firms, 46% of small exporters are directly hit by U.S. levies, and 49% of small importers by Canada’s counter-tariffs.

What to do now

• Budget for current grocery and fuel costs through winter, not for a post-deal drop
• Before buying a U.S.-brand appliance or vehicle, check parts availability and warranty coverage here in Canada
• Swap in Canadian or non-U.S. alternatives on counter-tariffed items where quality is comparable
• If your job depends on exports in sectors like autos, steel or forestry, review and add to your emergency fund now
• Watch three signals: a Canada-U.S. deal announcement, changes to Canada’s counter-tariff list and the next CPI release

The U.S. midterm election gave Canada more allies in Washington, but not a quick fix. Don’t delay essential purchases on the bet that prices may fall soon. Treat any trade deal as a bonus, not a budgeting plan.

Nearly 1 in 3 Canadians say they’ve shrunk a meal, or skipped one entirely, because groceries were out of reach, according to a new national survey. Among Canadians aged 18 to 34, that figure jumps to 2 in 5.

Grocery inflation has cooled this fall, but the hit at the checkout isn’t easing.

How many young Canadians are skipping meals?

The Salvation Army is the country’s largest non-governmental direct provider of social services. Its newly released 2026 Canadian Poverty and Socioeconomic Analysis reveals that 31% of Canadians skipped or reduced meals because they couldn’t afford groceries, up from 27% in 2025. That’s the highest level in the study’s four-year tracking period.

Younger adults are feeling the pinch the most. Among Canadians aged 18 to 34:

• More than 2 in 5 (41%) skipped or reduced meals
• Nearly 1 in 4 (23%) accessed community food supports, up from 15% in 2025
• More than 3 in 4 (76%) report challenges managing limited financial resources, compared with 55% of those aged 55 and older

Food affordability has climbed the list to become one of Canadians’ top three national concerns, from 26% in 2025 to 37% in 2026.

“For many families, making ends meet is no longer about cutting back on extras,” said Glenn van Gulik, national spokesperson for the Salvation Army. He added that families now face hard trade-offs between food, housing and other essentials.

Why isn’t slower grocery inflation bringing relief?

According to Statistics Canada, prices for food purchased from stores rose 1.7% year over year in September, after increasing 2.8% in August. That was the smallest yearly increase since May 2024. But slower growth doesn’t necessarily mean lower prices. In fact, grocery prices have increased 33.0% since September 2020.

Nearly 1 in 4 Canadians (24%) spend at least half of their after-tax household income on housing, according to the survey. Trade uncertainty adds yet another layer, with 60% saying their household has felt a financial impact from U.S. tariffs or trade disputes.

When rent is fixed and groceries are the only flexible line in the budget, meals become the available shock absorber.

Are you missing out on the federal grocery benefit?

One of the most practical moves you can make to receive some relief is filing your tax return.

The Canada Groceries and Essentials Benefit (CGEB) replaced the GST/HST credit in July 2026. It’s a tax-free quarterly payment for individuals and families with low and modest incomes. A single individual could receive up to $679 for July 2026 to June 2027, plus $234 for each eligible child under 19. For a single person, that works out to roughly $170 per quarter at the maximum.

But there’s a catch. You may not get a payment if you did not file your 2025 tax return. New residents of Canada may need to apply separately using Form RC151. The next payment is scheduled for Jan. 5, 2027.

A quarterly cheque won’t close a grocery gap on its own, but it may be the difference between having something to eat and having no meal at all.

What to do now

If you’re struggling to afford three meals a day, there are options available to you to ease the burden:

• File any outstanding tax returns, even if your income is low, to be assessed for the CGEB and other credits
• Map your fixed costs with the Financial Consumer Agency of Canada’s (FCAC) free Budget Planner to see what’s truly left over for food
• If housing takes half or more of your take-home pay, treat that as the core problem rather than your grocery list
• Set up direct deposit with the CRA to receive payments faster and more securely

There is no shame in using of food support programs. In fact, 83% of surveyed support-service users said accessing them improved their family’s wellbeing.

The takeaway isn’t that young Canadians need to cut out the latte; their margins are already gone. A better starting point is money you may already be owed, then look hard at the biggest fixed cost in your budget. That’s where meaningful room is most likely to be found.

Survey methodology

The Salvation Army’s 2026 Canadian Poverty and Socioeconomic Analysis was conducted by Edelman Intelligence from Sept. 11 to Sept. 18, 2026. It surveyed a nationally representative sample of 1,525 Canadians who are members of the online Angus Reid Forum, weighted by age, gender and region. The sample also included 180 current and past users of Salvation Army services. Residents of Yukon, the Northwest Territories and Nunavut were not included. A margin of error cannot be calculated for a non-probability sample; for comparison, a probability sample of the same size would carry a margin of error of about +/- 2.5 percentage points, 19 times out of 20.

U.S. Commerce Secretary Howard Lutnick has quietly led a fresh push for a deal. But his focus is narrow: the national security tariffs on steel, aluminum, lumber and autos.

What’s on the table in the revived trade talks?

Sources in both countries told CTV News that Lutnick had pushed to restart trade talks just over 10 days ago. He has centred them on Section 232 tariffs, which the U.S. justifies on the grounds of national security.

According to the Trade Commissioner Service, the arm of Global Affairs Canada that supports Canadian exporters, these include tariffs of up to 50% on steel, aluminum and copper products (now charged on a product’s full value), and 25% on autos and trucks. Under Section 232, vehicles that qualify under the Canada-United States-Mexico Agreement pay the tariff only on their non-U.S. content. Softwood lumber faces a 10% tariff on top of existing anti-dumping and countervailing duties, and certain upholstered furniture, kitchen cabinets and vanities face 25%.

If formal negotiations resume, people familiar with the matter say U.S. Trade Representative Jamieson Greer could rejoin. Energy, including the Keystone XL pipeline and diesel exports, could also be added to the mix.

Lutnick’s focus doesn’t include the 50% tariffs the U.S. placed on a wide range of Canadian goods on Aug. 22 under Section 338 of the Tariff Act of 1930, from dairy and alcohol to furniture, electronics, wood products and clothing. Sources say a broader round could cover issues beyond Section 232, but they haven’t said whether it would include these tariffs.

Sources say the August talks offer a preview of a possible deal. Before they collapsed, Canada had reportedly secured three things: lower tariffs on steel shipments below a set quota, a cut to aluminum tariffs and an agreement for provinces to put U.S. alcohol back on store shelves.

Autos were the sticking point. The U.S. offered to cut its tariff on cars and light trucks from 25% to 15%, but Canada wanted larger Canadian-built trucks included. There has been some movement on autos over the past 10 days, though they expect it to remain one of the hardest issues to resolve.

Why shouldn’t Canadians count on tariff relief yet?

President Donald Trump told reporters in Dubuque, Iowa, on Nov. 1 that the two countries have the “concept of a very good deal.” Sources close to Canada’s negotiators remain skeptical he’ll compromise, but note that Prime Minister Mark Carney believes Trump is serious about wanting a deal. Carney has also said he can’t guarantee Trump will respect anything they sign.

Meanwhile, the costs are already landing. On Sept. 8, Canada responded to the Section 338 tariffs dollar for dollar with counter-tariffs of 15%, 25% or 50% on $27.6 billion of U.S. imports. The rates apply to a list of U.S.-origin products published by the Department of Finance Canada, which is responsible for tariff policy. The list includes certain steel and dairy products, appliances, furniture, clothing and electronics.

Who’s most affected by the trade talks?

The negotiations matter most if you work in an industry targeted by the tariffs, plan to purchase a big-ticket item of U.S. origin soon or carry variable-rate debt.

Workers in steel, aluminum, lumber and autos

These are the sectors directly on the negotiating table, and a broader deal could ease pressure on employers.

Households planning big purchases

Counter-tariffs may be built into the price of U.S.-made appliances, furniture and other goods. A deal could eventually roll some back, but there’s no timeline. Checking the country of origin and comparing Canadian-made or other non-U.S. options can save money in the meantime.

Almost two years after the collision, the 68-year-old nurse practitioner received and opened a 10-page invoice issued by the City of Toronto. It was a bill for more than $40,000 to replace a pole knocked down in the collision.

“I was actually in total shock, a complete shock,” she said.

The city billed her instead of the fleeing driver because she was turning left. That detail matters more than most Ontario drivers realize, and it can shape what you pay long after the dents are fixed.

Why was the injured driver billed for the pole?

The notice arrived in late July with an Aug. 22 deadline, and warned that failure to pay could result in court action and a suspended licence.

When Buckman pushed back, the city dropped the deadline but not the charge. The assessment cited a police collision report concluding she had failed to yield the right of way to the fleeing vehicle. After some back-and-forth, her insurer agreed to pay the bill in full because she had been found at fault. The city advises anyone receiving this type of bill to forward it directly to their insurer.

Her own costs didn’t end there. A neck injury that resulted from the accident forced Buckman into early retirement, ending a 40-year nursing career at Toronto General Hospital.

How do Ontario’s fault rules decide who’s to blame?

Insurers do not determine fault on an individual, case-by-case basis. They apply the Fault Determination Rules, a regulation under Ontario’s Insurance Act.

According to the Financial Services Regulatory Authority of Ontario (FSRA), the provincial agency that regulates insurance, the rules use diagrams covering more than 40 accident situations. They apply regardless of road conditions, weather, visibility or the point of impact.

One of the bluntest rules governs left turns. Under Rule 12(5), when a driver turns left in the path of an oncoming vehicle, the turning driver is 100% at fault. The diagram ignores why the other car was speeding.

Police charges don’t settle fault, either. FSRA notes that being charged with an offence doesn’t necessarily mean you’ll be found at fault for insurance purposes, and not being charged doesn’t clear you.

What does an at-fault finding cost you?

An at-fault finding goes directly on your insurance record. If you’re found 50% or more at fault, FSRA says there’s a good chance your premium will rise at renewal. Expect to pay your full deductible unless you’re found completely or partially not at fault.

Damage to external property, like a city pole, is covered under third-party liability. Ontario’s legal minimum is $200,000, though most policies start at $1 million. A $40,000 bill fits standard coverage, but crashes with multiple vehicles or injuries can quickly exceed minimum limits.

Injury coverage has also shifted. As of July 1, 2026, only standard medical, rehabilitation and attendant care benefits remain mandatory for new policies. If you opted out of income replacement at renewal, an injury like Buckman’s could hit your paycheque with nothing to cushion it.

What to do now

• Check your liability limit. If you carry the $200,000 minimum, ask your broker what it costs to increase coverage to $1 million or $2 million
• Review your accident benefits. If you renewed after July 1, 2026, confirm whether you kept optional income replacement, especially if you rely on job income
• Report crashes quickly. FSRA requires drivers to report any collision to their insurer within seven days
• Never ignore a third-party bill. Forward it to your insurer right away and keep copies of everything
• Question the fault finding. Ask your adjuster which rule applied. If they won’t reconsider, escalate to the insurer’s complaint officer
• Gather evidence. Dashcam footage, photos and witness names help you check whether the right diagram was used
• Rethink the yellow-light turn. Under existing rules, waiting it out is often the cheaper path

It turns out that Buckman’s insurer ultimately paid the city’s bill. That’s the real lesson in her story: when the invoice arrived two years after the crash, the coverage she had chosen years earlier was what stood between her and a $40,000 debt.

The decision comes as two parts of the Toronto-area condo market move in opposite directions. More buyers are picking up units in completed buildings, while fewer are committing to homes that exist only on paper. For someone shopping for a condo, that means there’s plenty of supply to choose from today, even as some pre-construction projects struggle to get built.

Why Meridian is sticking with the 70% benchmark

Condo developers typically sell units before construction to show lenders there’s enough demand for the project. The Globe reported that lenders generally expect developers to sell about 70% of units before providing construction financing. That target was much easier to achieve when individual investors accounted for most pre-construction purchases in the Toronto region. But that’s no longer the case. With many of those buyers on the sidelines, developers have been asking lenders to ease the threshold so more projects can proceed.

VanKampen told the Globe that lowering the threshold could leave lenders exposed to more unsold units if a developer ran into financial trouble. With condo prices falling, he said “that type of an environment would not be particularly inviting for lenders to take what some would perceive to be a bit of a speculative way of lending.” According to condo research firm Urbanation, there were 5,127 completed, unsold new condo units in the Greater Toronto and Hamilton Area (GTHA) at the end of Q3 2026. That’s down 7% from the previous quarter but still 40% higher than a year earlier. Those unsold units are exactly what lenders fear inheriting.

Projects that can’t hit 70% often don’t get built. Developers that can’t sell enough units to secure financing may have to postpone or cancel. Shaun Hildebrand, president of Urbanation, told the Globe he expects projects to keep getting shelved if the threshold stays where it is. One of the most recent casualties is M6, a planned 58-storey tower with nearly 900 units at the M City development in Mississauga. Developers Rogers Real Estate Development Ltd. and Urban Capital cancelled the project this summer after failing to reach the sales threshold needed to start construction. According to Rogers, all purchase agreements were cancelled and all deposits refunded. In October, Urban Capital bought the remaining M City lands, including the M6 site, from Rogers and said details of the next phases will be announced as plans progress.

A rebound in new condo sales masks a deeper presale slump

Urbanation reported 760 new condo sales across the GTHA in Q3 2026, double the number a year earlier. Completed buildings accounted for 648 sales, or 85% of the total. Investment groups also bought 339 units in bulk transactions, accounting for 45% of all new condo sales that quarter.

At the pre-construction stage, only 60 units were sold across the region during the quarter, down 61% from a year earlier. It was the 12th straight quarter of year-over-year declines. A developer trying to finance a proposed tower needs buyers for that specific building, and while sales at completed projects can help clear existing inventory, they won’t necessarily help a proposed project reach its presale threshold.

What to check before putting down a deposit

If you’re considering a pre-construction condo in Ontario, ask the sales team how many units have sold and whether the developer has secured construction financing. Once you sign, you have 10 calendar days to cancel without penalty, according to the Home Construction Regulatory Authority (HCRA). The clock starts once you’ve received three documents: the agreement of purchase and sale, the builder’s disclosure statement and the Condo Buyers’ Guide. Use that window to have a real estate lawyer review the Condominium Information Sheet and the addendum to your agreement. Look for the dates by which the developer must meet its sales and financing conditions, and ask what happens to your deposit if the project misses either deadline.

If you’ve already purchased a condo and receive a cancellation notice, send it to your lawyer along with your agreement and deposit receipts. Ontario’s Condominium Act requires condo deposits to be held in trust, and if a builder terminates your agreement, your deposit must be returned in full within 10 days. If the builder fails to return the money, Tarion’s deposit protection for condo units covers up to $20,000, plus a limited amount of accrued interest. Ask your lawyer to confirm how your deposit was held and what steps to take if the refund is late.

Late last month, the federal tax agency told hundreds of employees their jobs could be affected by its latest round of cuts. Up to 260 are expected to leave in the coming months — just as Canadians start collecting their tax slips for the 2026 tax year.

The agency claims services won’t be disrupted. The union representing many of the affected workers says the exact opposite. What isn’t in dispute: the CRA team is getting smaller, and its phone lines were struggling with long queues long before this announcement. While you could struggle to get answers to questions and concerns about the process, the good news is that most refunds and benefit payments don’t require talking to anyone — if you set things up right.

How many CRA jobs are actually being cut?

Not as many as the headline number suggests. The CRA notified 735 executive and non-executive employees on Oct. 28 that their positions may be affected, according to CTV News. It guaranteed continued employment to 110 of those employees, mainly in compliance roles, and expects up to 260 to leave the agency.

The Union of Taxation Employees (UTE), the arm of the Public Service Alliance of Canada (PSAC) that represents CRA workers, says 534 of its members received termination notices. Those include staff in the Assessment, Benefit, and Service Branch — the part of the agency that processes returns and benefits.

The job cuts are part of a broader trend. The CRA employed 48,774 people as of March 31, 2026, down from 52,499 a year earlier — roughly 7% fewer staff. Its 2026-27 departmental plan targets $1.2 billion in spending reductions planned over three years.

Will the cuts delay your tax refund?

So far, there’s no evidence that your refund could be processed slower as a result of the cuts, and, for their part, the CRA says it expects “services to Canadians will continue without disruption.”

PSAC national president Sharon DeSousa is unconvinced. “Cutting more jobs at CRA isn’t how you improve service — it’s how you increase delays and frustrations of people across Canada when they’re trying to access services,” she said in a statement.

Most refunds are processed automatically. The CRA’s goal is to send your notice of assessment and any refund within two weeks if you file online, or eight weeks for a paper return — if you file on time. Where staffing matters more is the exceptions: returns flagged for review, reassessments and anything that needs a phone call to fix. So basically, when you need them, they will be harder to find.

Can you count on reaching the CRA by phone?

If you’re hoping to sort out a problem by calling, the numbers aren’t encouraging. In the 2024-25 fiscal year, the CRA received more than 32 million calls, and just over 10 million reached an agent, according to the Office of the Auditor General of Canada (OAG), which audits federal departments for Parliament.

Callers who chose to wait out to speak with an agent waited about 31 minutes on average — nearly twice as long as the year before, and that audit was published a year before the latest round of cuts.

What happens to your benefits if you don’t file?

The biggest risk to getting your refund and benefits isn’t staffing — it’s paperwork. Both the Canada child benefit (CCB) and the Canada Groceries and Essentials Benefit (formerly the GST/HST credit) are calculated based on your tax return. If you don’t file or your details are out of date, payments can stop or be inaccurate — and fixing that may mean waiting on hold.

Young adults need to pay particular attention. To start receiving the CGEB soon after turning 19, you must file a tax return for the previous year. If you miss that step, the first payments can be held up until a return is filed and processed.

The CRA is cutting jobs but, according to them, you won’t notice a difference. Whether that promise holds will become clear by spring. In its statement, the CRA says it “remains dedicated to protecting services that Canadians rely on.” The safest move is to file in a way that never puts that promise to the test.

This isn’t simply a cash grab. Operators face climbing food, labour and rent costs. As a result, margins improved for fewer Canadian operators than U.S. operators (42% versus 64%) and declined for more (27% versus 16%), according to data from the Hospitality Operator Report 2026 by EconoLease, a commercial kitchen equipment financing company.

So if you’re not ready to give up your favourite dining spots, the question isn’t whether you should eat out at all. It’s how to get more value each time you do.

Why are Canadian restaurants raising prices again?

EconoLease data reveals that operators are passing a growing pile of rising costs onto customers.

Food and beverage costs topped the list of fastest-rising expenses at 64%, followed by labour at 55% and rent at 32%, respectively. Over the past year, 40% of operators estimate their overall costs rose either 5% to 10%, while 38% estimate the figure to be 11% to 20%.

Where you live matters. Western operators were more likely to have already raised prices, while those in Ontario are more likely to be planning increases over the next 12 months.

Canadian operators raised prices more often than their U.S. counterparts (80% versus 68%), yet fewer of them saw margins improve (42% versus 64%). Most of those gains were slight, and 27% of Canadian operators said their margins shrank, compared with 16% in the U.S.

Are restaurant prices rising faster than groceries?

They are, and that gap matters for your budget. According to Statistics Canada, the federal statistics agency, restaurant food prices increased by 3.1% year over year in September, ahead of grocery inflation at 1.7%, a gap of 1.4%.

As restaurant prices keep climbing faster than grocery prices, every meal made at home saves you more.

Who is cutting back on dining out?

Pretty much everyone. According to the Foodservice Facts 2026 survey for Restaurants Canada, the national foodservice industry association, 80% of respondents said they’re eating out less because of the cost of living, up from 75% a year earlier.

Lower-income households are still the most likely to cut back, with 87% of those earning under $50,000 saying they’re dining out less, along with 81% of households earning $50,000 to $100,000. The sharpest change, though, came at the top. Among households earning $100,000 or more, 78% are eating out less, an increase from 70% in 2025. As consumer and retail analyst Bruce Winder told Global News, diners increasingly feel “you’re getting less and paying a lot more.”

However, 61% of respondents said they’d visit table-service restaurants more often if they had more disposable income, up from 53% last year.

What to do now

Unlike rent or a mortgage, dining out is an expense you can cut immediately. But if you still enjoy eating or ordering out, consider these six moves:

• Set a monthly dining budget and track it with your flexible spending
• Go at lunch or happy hour, when many restaurants offer lower-priced menus
• Pick up your order instead of using delivery, so you can avoid app fees and a second tip
• Join loyalty programs at places you already visit and check their apps for deals
• Trim the extras — drinks, appetizers and desserts quickly inflate the final bill
• Check your receipt for automatic gratuities or service charges before adding a tip

Pick the outings that matter most — like birthdays or key catch-ups — and focus your spending there. Then cut the routine takeout that adds little.

Survey methodology

EconoLease/Leger: an online survey through Leger’s LEO panel of 250 Canadian foodservice and hospitality operators and owners, in field from June 22 to July 6, 2026. No margin of error applies because it’s a non-probability sample; a comparable probability sample would carry ±6.2%, 19 times out of 20.

Restaurants Canada: conducted by Angus Reid in May with 1,500 Canadian participants. The margin of error isn’t published, so per the guide this should be flagged with a Word comment.

The slide is driven by inflation and public debt weighing on national retirement finances, but a separate pressure sits closer to home: much of the wealth Canadians have accumulated is locked in real estate that is difficult to turn into daily income.

If your retirement plan rests on a paid-off house and a couple of government cheques, that drop is a timely prompt to check whether those assets will actually cover your bills.

Why did Canada drop to 21st for retirement security?

Natixis Investment Managers compiles its annual Global Retirement Index with CoreData Research, a global market research consultancy. It scores countries on 18 indicators in four categories: finances in retirement, material well-being, health and quality of life.

So what pushed Canada down in the ranking? In the 2026 edition, Canada fell four places to 15th for finances in retirement. Higher inflation and rising government debt weighed on its score, with the nation ranking 38th on government indebtedness. Its score for bank non-performing loans also fell as Canadian banks set aside more money for loans that could go bad amid rising household delinquencies.

Canada did manage to climb four places to 13th on health, driven by higher health spending per capita, though it slipped one spot to 24th on life expectancy. Still, a Canadian who reaches 65 can expect to live a long time: another 22.3 years for women and 19.7 years for men, according to Statistics Canada. About 15 of those years are expected to be spent in good health, which means savings need to stretch across a longer retirement, including the years when care costs may climb.

Is your house really your retirement plan?

Many near-retirees may expect home equity to do the heavy lifting. According to a C.D. Howe memo, StatCan data shows the median net worth of families whose main earner is 55 to 64 rose 91% between 1999 and 2023 after inflation, to $873,400.

The catch is that most of that wealth sits in housing, which authors John Stapleton, principal at Open Policy, and Colin Busby, director of policy engagement at the C.D. Howe Institute, call “a surprisingly poor retirement income tool.”

You still need somewhere to live, though. In 2019, research from HEC Montréal’s Retirement and Savings Institute, also cited in the C.D. Howe memo, found the average homeowner converting a home into an annuity could generate about $1,750 a month, which was less than the $1,940 national average rent at the time. While rents have eased since peaking in 2024, the national average asking rent was $2,034 in September, according to Rentals.ca and Urbanation, a real estate research firm.

Downsizing, a reverse mortgage or selling and renting can all unlock equity — but each comes with trade-offs: transaction costs, a smaller estate or exposure to rent increases. In some cases downsizing frees up meaningful cash, but it rarely works as a simple pension substitute.

How much will CPP and OAS actually pay you?

Government benefits are the other pillar most Canadians rely on during retirement, so it’s worth knowing what they deliver. The maximum Canada Pension Plan (CPP) payment at 65 is $1,507.65 a month in 2026. But the average new pension at 65 from October to December 2026 is $858.34.

Meanwhile, the maximum Old Age Security (OAS) pension for October to December 2026 for those aged 65 to 74 is $762.50 a month. Add that to the average CPP payment and you get roughly $1,620.84 a month, or about $19,450 a year, before tax.

That’s far from what most Canadians envision as a suitable retirement income. BMO Financial Group’s annual retirement survey, released in February, found Canadians believe they need $1.7 million to retire comfortably — that’s up from $1.54 million the year before. More than a third (36%) say they’re unlikely to get there, and 28% save less than 5% of their income for retirement.

Who faces the biggest retirement gap?

The Natixis data points to a widening split between households. Workers without a workplace pension, including self-employed and gig workers, carry the full weight of retirement savings themselves. In a 2025 Natixis survey of investors in 21 countries, 78% said funding retirement is increasingly their responsibility alone, up from 67% a decade earlier.

House-rich, cash-poor near-retirees are also exposed, as are middle-income earners with neither a private pension nor a home, a group the C.D. Howe memo singles out as under real financial pressure.

What to do now

Retirement security across North America is being reshaped by “inflation, rising public debt and changing expectations,” said Dave Goodsell, executive director of the Natixis Center for Investor Insight. If you find yourself in a state of apprehension, here are five moves that can help you plan around those pressures:

• Check your real numbers: get your personal CPP estimate through your My Service Canada Account instead of relying on averages
• Weigh delaying benefits: OAS rises 0.6% for each month you defer, up to 36% at 70, and CPP rises up to 42% at at that same age, but only if you can afford to wait
• Build savings outside the house: use unused registered retirement savings plan (RRSP) and tax-free savings account (TFSA) room to create income you can draw on without selling
• Decide your home’s role early: decide between downsizing, a reverse mortgage or staying put years before you need the cash
• Tackle debt first: Pay down high-interest balances, such as credit cards or loans, before permanently leaving the workforce so your retirement income isn’t going to interest instead

Survey methodology

The BMO Annual Retirement Survey was conducted by Pollara Strategic Insights, a Canadian research firm, through an online survey of 1,500 Canadian adults between Nov. 4 and Nov. 10, 2025. Results were weighted by gender, age and region using the latest census data. The estimated margin of error is +/- 2.5%, 19 times out of 20.

The Natixis Global Survey of Individual Investors was conducted by CoreData Research on behalf of Natixis Investment Managers in February and March 2025. The survey included 7,050 individual investors with at least US$100,000 in investable assets in 21 countries.

On Oct. 29, 2026, Prime Minister Mark Carney announced the federal government will take an equity stake of up to $1.6 billion in Toronto-founded AI company Cohere. He pitched the deal as a way for every Canadian to share in the company’s success.

Not everyone is cheering, however. In September, a national poll found three in five Canadians consider AI a threat to humanity. So when Ottawa commits tax dollars to a technology many of us distrust, it’s worth knowing how much of your money is already tied to AI — whether through your taxes and, indirectly, your pension — and how to protect it from the scams that tend to capitalize on headlines like these.

What exactly is Ottawa buying for $1.6 billion?

Cohere builds AI systems for businesses and governments that want tighter control over where their data is stored and who can access it. According to a news release from the Prime Minister’s Office (PMO), the federal money will flow in stages, instead of a lumpsum, and is tied to regular progress reports.

In return, Cohere has committed to create at least 1,000 technical jobs nationwide and spend at least $1.7 billion on Canadian computing infrastructure by 2030. It must also keep its headquarters and incorporation within Canada.

Ottawa’s money is part of a funding round targeting up to $7 billion that would value Cohere at $35.7 billion. And the federal government has backed the company before. In March 2025, it finalized up to $240 million toward a $725 million Cohere project to expand computing capacity in Canada. That money was earmarked for one project, but with its latest commitment, Ottawa is now taking an ownership stake in the company itself.

One detail the PMO release doesn’t include: what percentage of the company taxpayers will own.

How worried are Canadians about AI?

The unease around AI is growing. Research Co., a Vancouver-based public opinion firm, found 60% of Canadians think AI is a threat to humanity, which is up 10 points from 2025. Only 31% see it as an opportunity, while 18% would rather AI development be abandoned altogether.

The worry is backed by financial concerns. Nearly three in four Canadians (74%) fear AI bots could drain their bank accounts, and 61% sometimes feel it’s hopeless to protect themselves from AI-related encroachment.

Seeing AI as a threat is most common among Canadians 55 and older (63%), followed by those aged 18 to 34 (63%), while those aged 35 to 54 are the least worried (44%). Women are also more likely than men to expect AI to hurt them or their families, according to Mario Canseco, Research Co. president.

Is your money already invested in AI?

For taxpayers, the answer will soon be yes since Ottawa has committed up to $1.6 billion. But many Canadians may have had a small stake in Cohere before this latest announcement.

The company’s existing backers include the Canada Pension Plan Investment Board (CPP Investments), which invests the Canada Pension Plan (CPP) fund on behalf of working Canadians outside of Quebec. If you’re a federal public servant or a member of the Canadian Armed Forces or Royal Canadian Mounted Police, your pension is invested by another Cohere backer, the Public Sector Pension Investment Board (PSP Investments). Ontario hospital and healthcare workers have a link as well through the Healthcare of Ontario Pension Plan (HOOPP).

However, these are large, diversified funds, so one private company is just a sliver of their portfolios. And because CPP benefits and defined-benefit pensions — like those managed by PSP Investments and HOOPP — are calculated by formula rather than tied to individual investments, Cohere’s fortunes won’t directly impact your monthly cheque. What a single bet can affect, to a limited extent, is how well funded these plans are over the long term.

Cohere is growing, but it’s still working toward turning a profit. It brought in US$240 million in annual recurring revenue in 2025, beating its own forecast, according to an investor memo reported by The Globe and Mail. Cohere’s co-founder and chief executive Aidan Gomez has said he expects the company to turn a profit before 2029. Since Cohere isn’t publicly traded, there’s nothing to buy or sell in your registered retirement savings plan (RRSP) or tax-free savings account (TFSA) — and no reason to make snap trades in other AI stocks because of it.

Could the Cohere buzz make you a scam target?

Fraudsters routinely capitalize on splashy investment headlines to lure in unsuspecting victims. Watch for fake ads, “exclusive” pre-IPO offers and AI-generated videos of public figures pitching fictitious government-backed AI investments.

Canadians reported losing more than $704 million to fraud in 2025, according to the Canadian Anti-Fraud Centre (CAFC), the national agency that collects fraud reports. And 2026 is on track to match that eye-watering sum: Canadians reported about $351 million in losses in the first six months of the year, with investment fraud again the costliest type at roughly $139.6 million. The CAFC estimates only 5% to 10% of fraud is ever reported, so the real toll is likely far higher.

What to do now

While you can’t opt out of Ottawa’s bet, but you can control your own exposure and vulnerability to scams:

• Check your AI exposure: for each mutual fund or exchange-traded fund (ETF) in your RRSP or TFSA, look at the top 10 holdings in its Fund Facts or ETF Facts document, and review your workplace pension’s annual report
• Ignore pitches for “Cohere shares”: The company is private, so unsolicited offers to get in early are a red flag
• Verify sellers: Use the Canadian Securities Administrators (CSA) National Registration Search before handing over money
• Hang up and call back: If your “bank” contacts you, dial the number on the back of your card
• Report fraud: Contact the CAFC at 1-888-495-8501, even if you didn’t lose money
• Watch the scorecard: Ottawa has said it will track regular reports on Cohere’s job and investment commitments

You don’t have to love AI to have a financial stake in it, and for most Canadians that exposure is oftentimes small and indirect. The bigger day-to-day threat is the one that three in four already fear: someone using AI to gain access to their bank account. Guard against that first, then judge Ottawa’s bet on its results.

Survey methodology

The Research Co. online survey was conducted between Sept. 10 and Sept. 12, 2026, among 1,008 adults in Canada. Results were statistically weighted according to Canadian census figures for age, gender and region. The margin of error is +/- 3.1 percentage points, 19 times out of 20.

For many Canadians, that sounds like the boycott working as intended. However, more than a year and a half after most provinces pulled U.S. alcohol from their shelves, the costs aren’t landing only in Kentucky.

In Ontario, taxpayers are paying to store roughly CA$79 million worth of U.S. alcohol that the province won’t let the Liquor Control Board of Ontario (LCBO) sell. And since Sept. 29, a U.S. ban on most packaged Canadian alcohol has cut many smaller Canadian producers off from their largest export market. Here’s where the money is going and what it means if you still want a bottle of bourbon.

How hard has Canada’s booze boycott hit Kentucky?

According to the Distilled Spirits Council of the United States (DISCUS), a national trade group representing American spirits producers, U.S. exports to Canada have dropped from US$232 million a year before the bans to US$72 million. That’s a 70% decline.

Data from the Kentucky Distillers’ Association (KDA), the state’s industry group, shows Kentucky bourbon and whiskey exports to Canada fell 42.4% in 2025, to US$25.2 million.

“We’re just getting caught up in it and we’re suffering for it,” Bard told CTV News.

Where the boycott stands now

The boycott isn’t nationwide, though. Alberta and Saskatchewan resumed selling U.S. alcohol in June 2025, but the other eight provinces still haven’t restocked it. However, after trade talks collapsed and the U.S. imposed a 50% tariff on Canadian alcohol on Aug. 22, Saskatchewan retaliated with its own 50% levy on U.S. alcohol that took effect Sept. 8. In fact, the White House cited that tariff when it banned Canadian alcohol outright in September.

While American alcohol imports have resumed in Alberta, demand for U.S. wine has failed to rebound. “The mass boycott of American wines has really shifted the product mix like I’ve never seen before,” Calgary liquor retailer Andrew Ferguson told Postmedia in October 2026, noting that shoppers continue to leave U.S. bottles untouched on the shelf.

What is the boycott costing Canadian taxpayers?

Ontario took the hardest line. Unlike most provinces, Ontario barred the LCBO from even selling its existing American inventory.

That left roughly CA$79 million worth of U.S. alcohol sitting in storage, with the LCBO noting that taxpayers have spent about CA$8 million warehousing it. Roughly CA$2.6 million worth, or 3.3% of the original stockpile, has since expired.

In an analysis published in The Conversation in mid-October, Michael Armstrong, a professor of operations research at Brock University, puts the tab higher. He estimates about CA$20.4 million in inventory write-downs, close to CA$10 million in warehousing costs and nearly CA$3 million in implied interest. That adds up to CA$33.4 million over 20 months, or 42% of what the stockpile was originally worth.

Those costs land while the LCBO is already sending less money to the province. It generated CA$1.8 billion for Ontario in the fiscal year ended March 31, 2026, which is down CA$358 million from the year before. Most of that drop follows the province’s decision to let grocery, convenience and big-box stores sell alcohol. The cost of the stockpile adds to the shortfall.

Why are Canadian producers now feeling the squeeze?

On Sept. 29, 2026, the U.S. banned imports of most packaged Canadian alcohol, including whisky, vodka, beer and wine, covering roughly US$800 million in Canadian alcohol the U.S. imported last year.

Distillers have the most to lose. Analysts cited by the Canadian Press say Canadian spirits makers send more than half of their production to the U.S., a far larger share than brewers or wineries. In 2025, the U.S. imported US$691 million worth of Canadian spirits, according to DISCUS.

The ban does exempt whisky and liqueur sold in containers larger than 4 litres. But Cal Bricker, CEO and president of Spirits Canada — a trade association representing Canadian distillers — says few 4-litre bottles are sold in the first place. Big brands can work around the ban, as Crown Royal ships its whisky in bulk and bottles it in the U.S. Smaller distillers that bottle domestically don’t have that option.

Some are already changing course. Stratford-Fox Distillery, an Ottawa-area producer, shelved its plan to enter the U.S. market after trade talks collapsed in August, and is now pursuing listings in other provinces and in Europe.

Brewers are less exposed, as Canadian brewing is overwhelmingly domestic.

At home, Canadian producers are picking up the shelf space. In the fiscal year ended March 31, 2026, the LCBO added 1,060 more Ontario-made products, sales of Ontario-made spirits rose 9% and sales of all Ontario-made products grew 20%, or more than CA$500 million.

Can you still bring bourbon home from the U.S.?

Yes, but the duty-free allowance is smaller than many people assume. After at least 48 hours outside Canada, the CBSA lets you bring back one of the following duty-free: 1.14 litres of spirits, 1.5 litres of wine or 8.5 litres of beer. For spirits, that’s about one large bottle of bourbon. You must also meet the minimum drinking age of the province or territory where you cross, and same-day trips don’t qualify for a personal exemption at all.

Anything over the limit will trigger duties, taxes and any provincial or territorial levies.

Trade fights rarely have one-sided costs. For consumers who enjoy American-made spirits and live in a province with an outright ban, the practical play is to know the border rules and buy deliberately when visiting the U.S. For taxpayers, the question is how long a warehouse full of unsold bourbon and other products will keep billing the province.

DISCUS president and CEO Chris Swonger has called the provincial bans an “unforced error,” but says his group is working “to get both governments back to the table to get this resolved.”

According to Canada’s national housing agency, mortgage delinquency rates in Ontario are projected to continue rising through the middle of next year. The timing is awkward. Days following that forecast, Canada’s major financial institutions increased their prime rates, driving up borrowing costs for variable-rate mortgages and home equity lines of credit (HELOCs).

Not all Canadian homeowners are at risk but for households tied to manufacturing employment, variable-rate debt or escalating credit card balances, a passive stance is a significant risk. The next 12 months require a concrete financial plan rather than a wait-and-see strategy.

Why is Ontario seeing more mortgage stress than the rest of Canada?

A mortgage is considered in arrears once payments are at least 90 days overdue. In Ontario, those arrears rate reached 0.32% in the second quarter of 2026 and is expected to climb through mid-2027. That’s up from 0.21% a year earlier, and the report projects about 0.44% by June 2027.

Over that same 12-month stretch, arrears crept up across the board: Windsor climbed from 0.17% to 0.26%, London rose from 0.18% to 0.27% and Toronto jumped from 0.24% to 0.33%.

What’s driving the increase is jobs more than interest rates. According to CMHC, mounting trade tensions are hitting major manufacturing hubs across Southwestern Ontario and the GTA — especially the auto sector. That’s injecting serious uncertainty into the job market right as the housing market continues to lose steam. CMHC warns that a weaker housing market will make it much tougher for struggling homeowners to sell their way out of trouble. The ‘I’ll just sell’ safety net is thinner than many owners assume.

There’s some context to keep in mind. Arrears are still below historical peaks, and they’ve fallen in Alberta and Saskatchewan.

How does the 4.70% prime rate change the math for variable and HELOC borrowers?

At the Oct. 28 rate announcement, the Bank of Canada (BoC) raised its benchmark rate by 25 basis points to 2.50%, marking its first hike since 2023. The six largest banks then moved prime to 4.70%, up from 4.45%.

If your variable mortgage has adjustable payments, your monthly payments increase immediately. If it has fixed payments, more of each payment now goes to interest instead of principal. As an example, a quarter-point increase on a $500,000 balance adds roughly $1,250 a year in interest, or about $104 a month. Interest-only HELOC borrowers will see the increase on their next statement.

More households are exposed to this change than a year ago. Variable mortgages made up 36% of new loans in June, up from 29% a year earlier. Many of those borrowers chose variable to lower their payments, and that advantage just narrowed.

What are the warning signs before a missed mortgage payment?

Homeowners rarely fall behind on the mortgage first. CMHC notes that rising delinquencies on auto loans, credit cards and lines of credit may signal household stress before it fully shows up in mortgage arrears. Over the past year, delinquencies rose across auto loans (2.28% to 2.51%), credit cards (1.78% to 1.91%) and credit lines (0.92% to 1.05%).

The sharpest strain is among private lenders. Arrears at alternative lenders jumped from 1.83% to 2.57% nationally, compared to just 0.28% at chartered banks.

If you’re putting groceries on a card or drawing on a HELOC to cover the mortgage, treat that as your own early warning.

What to do now

Check your new payment and your trigger rate

Ask your lender for your updated payment. If your variable mortgage has fixed payments, check how close you are to your trigger rate. Guidance from the Financial Consumer Agency of Canada (FCAC) notes that hitting your trigger rate can mean higher payments, lump-sum payments or a switch to a fixed rate.

Build a cash buffer if your job is trade-exposed

Clear high-interest card debt first, then build accessible savings. A tax-free savings account (TFSA) works well for this.

Call your lender before you miss a payment

The FCAC expects banks to offer tailored relief to borrowers at risk of default, including waiving prepayment penalties if you sell your home. Extending your amortization lowers monthly payments, but increases total lifetime interest.

Weigh a lock-in carefully

Locking into a fixed rate buys certainty. Before switching, check what penalties or fees apply.

If you’re with a private lender, plan your exit early

Talk to a licensed mortgage broker well before your renewal date about whether you could qualify with a mainstream lender.

CMHC’s deputy chief economist, Aled ab Iorwerth, described the picture as regional pressure rather than a national crisis. He said the “early warning signs, particularly in parts of Ontario, need to be monitored closely.” The same goes for your own budget.

In Michigan, the Senate contest between Republican Mike Rogers and Democrat Abdul El-Sayed has become a de facto vote on the U.S. trade war with Canada. Both candidates now support ending the fight with Canada, and a surprise endorsement over the weekend has made the final stretch even more volatile.

For Ontario auto workers, households paying more for U.S.-made goods and anyone holding trade-sensitive stocks, the election outcome is worth watching closely, though not necessarily for the reasons you might think.

Why does a Michigan Senate race matter to Canadians?

The state of Michigan and Canada share deeply linked economies, built largely around cars. According to the Canadian Press, the auto industry on both sides of the border has been struggling with 25% auto tariffs for vehicles finished in Canada, which President Donald Trump has threatened to raise to 50% next year. That increase kicks in if there’s no trade deal by January 2027.

The fight widened this summer when Washington imposed a 50% tariff on $27.6 billion in Canadian goods on Aug. 22, 2026. Ottawa answered with dollar-for-dollar counter-tariffs of 15%, 25% or 50% starting Sept. 8.

Who wins the seat also matters for who controls the Senate. Securing the seat is crucial to Democrats’ hopes of a Senate majority, and the result could decide whether they can check Trump’s use of executive power for the rest of his term.

Where do Rogers and El-Sayed stand on Canada?

Rogers, a former congressman backed by Trump, changed his tone in October. In a campaign ad, holding a Labatt’s beer at a bar, he said Michigan residents “know that Canada is not our enemy” and called for an end to the tariff war. That was a shift: as recently as August, he praised the tariffs as “necessary” while cautioning they weren’t a one-size-fits-all solution. Trump said he interpreted the ad as Rogers saying Canada should make a deal.

For his part, El-Sayed has opposed the Canada tariffs the whole time. He says he supports targeted tariffs to restore Michigan manufacturing, but calls the action against Canada a “vanity trade war.” El-Sayed also argued that, unlike himself, Rogers backed the tariffs from the start.

Then, with less than 48 hours to go, El-Sayed’s former primary rival, Democratic congresswoman Haley Stevens, endorsed Rogers and was quickly rebuked by Democrats. Meanwhile, multiple polls show most Michiganders, across party lines, disapprove of the tariffs on Canada.

Can the winner actually end the tariffs?

No matter who wins the senate race in Michigan, they can’t actually end tariffs on their own. The latest U.S. duties came from three presidential proclamations. One Senate seat can’t and won’t reverse them.

What the race does, however, is add pressure. Sources in both countries told CTV News that U.S. Commerce Secretary Howard Lutnick restarted stalled talks with Canada just over 10 days ago, timed by design with mounting pressure on Trump before the midterms. The U.S. has reportedly offered to cut tariffs to 15%, but only on cars and light trucks, while Canada wanted larger trucks included.

In other words, any tariff relief may come partially and in stages, not all at once.

Which Canadians are most exposed?

Auto and parts workers are on the front line of the tariff war. Employment in motor vehicle and parts manufacturing fell nearly 6% from January 2025 to March 2026, according to the C.D. Howe Institute, an independent non-profit public policy think tank. Ontario’s Financial Accountability Office (FAO) projected in 2025 that U.S. tariffs could leave Ontario with 119,200 fewer jobs in 2026 than a no-tariff scenario, with manufacturing hit hardest.

Canadian shoppers feel the trade war, too. Canada’s counter-tariff list includes dairy, appliances, electronics, furniture, apparel and personal care products, all of which can raise the bill you pay at the till.

What to do now

The Michigan senate vote won’t settle the trade war, but the next few months could shape it. Here are a few practical moves you can make to insulate yourself from the impact of the trade war:

• Stress-test your income: If your job depends on autos, steel or cross-border trade, build up emergency savings now, before a possible January increase
• Check before you buy: For big-ticket purchases that are made in the U.S., search the federal counter-tariff list and compare Canadian or non-U.S. alternatives. Ottawa has encouraged consumers to switch to Canadian-made products to ease the burden of higher prices
• Don’t trade on election night: Trade-sensitive stocks may swing on results and headlines, so review your portfolio mix with an advisor instead of reacting to one vote
• Watch the deadline: A deal before January 2027, even a partial cut on cars and light trucks, would ease pressure on the auto sector

Whoever wins the Michigan senate race, the tariffs themselves will be settled between Washington and Ottawa, not on the Senate floor. But the race is one to watch because it’s adding pressure while negotiators are back at the table after months of stalled talks.

For your finances, the date to watch isn’t Nov. 3 but January 2027. That’s when, without a deal, tariffs on Canadian-made cars, trucks and auto parts are set to double to 50%. If a deal comes first, even a partial one, the pressure on auto jobs and prices eases. If no deal emerges, the fallout will hit hard. Households that build savings and reduce risk now will be the best prepared.

Alberta’s government is preparing legislation that could give it the power to approve new bike lanes and remove existing ones. Ontario Premier Doug Ford has already done the same in Toronto.

Whatever you think of bike lanes, the money for putting them up or tearing them down comes from taxpayers. The real question for your household budget is which tax bill it shows up on.

Where does Edmonton’s estimate come from?

The figure comes from an internal email that city administration sent to council earlier this month, obtained by CBC News. It’s based on a high-level review of bike lanes and active transportation infrastructure built between 2014 and 2026, limited to projects where travel lanes were affected. In other words, it’s a rough early estimate, not an actual tendered cost.

Coun. Thu Parmar, who requested the estimate, said a $170 million removal would amount to a 6.8% tax increase for that one single project. For context, the city’s 2026 increase works out to about $245 more for an average home assessed at roughly $465,500. A comparable one-time levy would land in a similar range, though council could also borrow, draw on reserves or cut elsewhere.

Parmar also opposes building more bike lanes, noting that most people who live in Edmonton drive. Coun. Michael Janz sees a different trade-off: removal would mean the city “can’t afford to build a new library, a new rec centre.”

Who foots the bill? The province or the city?

Nobody knows yet. Transportation Minister Devin Dreeshen told CBC the province backs bike infrastructure that is well planned, safe and doesn’t reduce capacity on the roads, but didn’t say whether it will ask Edmonton to remove existing lanes.

Columnist Rick Bell has reported that under the new law, the city would be responsible for removing any bike lanes. At this fall’s Alberta Municipalities convention, Edmonton Coun. Aaron Paquette asked Dreeshen directly whether the province would pay for any bike lane removals. The legislation is expected within weeks.

What does Ontario’s fight reveal about the real price tag?

Ontario’s handling of bike lanes shows that a province covering the bill doesn’t resolve the question of cost. The province promised to pay for removal but according to Global News, they didn’t agree to pay for soft costs like staff planning time or the money spent on the original installation.

Toronto spent about $27 million installing the targeted lanes and estimated removal at about $48 million. The province disputes that figure but hasn’t released its own. Premier Doug Ford called Toronto’s estimate “a bunch of hogwash.”

On Aug. 14, 2026, Ontario’s Court of Appeal unanimously ruled there is no constitutional right to bike lanes, and crews began removing a 1.2-kilometre stretch on Bloor Street West a couple of months later, on Oct. 13.

The takeaway for Albertans is that even if the province pays, the cost lands on provincial taxpayers, and early estimates can swing widely.

What’s the case for removal?

Those who support removal of the bike lanes frame it as an economic fix. The Ontario government has repeatedly said gridlock costs the province’s economy more than $56 billion a year, including in its response to the appeal ruling. That figure comes from a Canadian Centre for Economic Analysis (CANCEA) report cited in the province’s 2026 budget. The CANCEA report was commissioned by two Ontario construction industry groups, and only $12.8 billion of the total reflects direct economic losses. In Alberta, Dreeshen has argued that converting a driving lane to a bike lane helps a relatively small share of commuters, which he pegged at about 2%, at drivers’ expense

Alberta’s online feedback portal drew more than 14,000 submissions, though its preset options list only concerns, not benefits.

Mayor Andrew Knack frames the issue as one of affordability. Spending up to $170 million to “tear up work that’s already been done” is a cost every Edmonton budget line would feel.

A new national index looked at how ready Canadians are to live longer lives, and our financial readiness only managed a 66 out of 100. Housing — defined as having a safe, accessible home — scored just 53.

That gap matters. For many retirees, the family home represents both their primary financial asset and their preferred primary residence throughout retirement. But a flight of stairs, a narrow doorway or a bathroom on the wrong floor can force a costly renovation or a rushed move at the worst possible time. Planning now while you have steady income and choices beats reacting to a sudden injury or illness later.

What did the study find about Canadians and their homes?

The numbers come from the inaugural Longevity Preparedness Index (LPI). It came out of a partnership between Toronto-based financial company Manulife and the MIT AgeLab, a research group that looks into how we age. The index scores readiness across eight areas of life on a scale of 0 to 100.

Canadians averaged 60 overall. Participants scored highest in the community (75) and social connection (69) categories. They scored lowest on care (40), home (53) and health (55).

The care score is directly linked to housing. Only 11% of Canadians name future care needs as a top priority today, yet 26% expect those needs to matter to their well-being later in life. Where you live dictates how care is delivered and who provides it.

Why doesn’t a healthy retirement fund guarantee a retirement-ready home?

Financial readiness and home readiness are not the same thing. Joseph Coughlin, founder and director of the MIT AgeLab, told Investment Executive that homeowners often assume they can age in place. They plan to stay without asking if they can still manage the stairs or fit a wheelchair through the doors. You may have money in the bank and good health, he noted, “but have you thought about who would provide care?”

Then there’s the liquidity issue: home equity isn’t cash in hand. Home equity can pay for retrofits or care, but unlocking it usually means borrowing against the house or selling it. Those decisions are tough to make in a hurry. Major renovations also take time to plan, permit and complete.

That’s why Coughlin suggests preparing five to 10 years before leaving the workforce. It gives you room to weigh future living arrangements while you still have earning power.

Which parts of your home should you check before you retire?

Walk through your home as if you were recovering from a hip replacement or using a walker. Things to ask yourself:

• Is there a bedroom and full bathroom on the main floor
• Is the front entrance step-free, or could a ramp be added
• Are doorways and hallways wide enough for a walker or wheelchair
• Does the bathroom fit grab bars and a step-free shower
• Are laundry and other daily tasks on the same level
• Could you handle snow removal and yard care at 85, or comfortably afford to hire it out

If several answers are no, compare the cost of retrofitting with the cost of moving to a home that already fits. Before you jump to conclusions about which way is cheaper, get a few real quotes from licensed contractors. Location matters too: closeness to transit, health care and family can matter as much as the floor plan.

Can tax credits help pay for accessibility upgrades?

In some instances, yes. The CRA offers the home accessibility tax credit (HATC). It lets you claim up to $20,000 a year in eligible renovation expenses.

To qualify, you must be 65+ by year-end or eligible for the disability tax credit (DTC). Certain relatives who live with or support a qualifying person can also claim.

The work conducted must be permanent. It also has to improve access or mobility, or reduce the risk of harm. Routine repairs, appliances and financing costs are not eligible.

The HATC is a non-refundable credit calculated using the lowest federal tax rate. According to H&R Block Canada, that rate is 14% for 2026, so a full $20,000 claim could cut federal tax by up to $2,800. If an expense also qualifies as medical, the CRA allows you to claim both credits. Keep all of your invoices and receipts.

Family members providing support may also qualify for the Canada caregiver credit, and some provinces run their own programs.

What to do now

• Do a room-by-room audit using the questions above
• Get quotes for your one or two biggest fixes, such as a main-floor bathroom or a ramp
• Time renovations for years when you or a qualifying relative owes enough tax to use the non-refundable credit
• Review your powers of attorney for property and personal care, and document your care wishes in writing
• Raise housing and care with your financial advisor

That last step may pay off. The LPI found that working with a financial professional raised readiness scores from 57 to 63. The score rose to 66 when the advisor discussed longevity topics.

Scrutinize your retirement home as carefully as the portfolio that funds it. As Coughlin said in Manulife’s release, “Canadians are not unprepared because they are unwilling to plan.”

Ofcom, the U.K.’s communications regulator, which also oversees online safety, opened an investigation into Pornhub’s Montreal-based owner, Aylo, on Sept. 22. It’s looking at whether Aylo properly tested an age-checking process introduced in May that uses signals from Apple’s age checks.

For Canadians, this raises questions about how age checks could work here. More specifically, what personal information users might have to share and which companies would handle it. Two federal bills propose requirements to verify or estimate users’ ages, but neither has become law.

What Ofcom is investigating

Under the U.K.’s Online Safety Act, adult websites such as Pornhub must use highly effective age checks to prevent children from accessing pornography.

Ofcom is concerned that Aylo may not have completed sufficient testing and due diligence before adopting its new process. The investigation concerns how Pornhub uses Apple’s signals, rather than how Apple operates its own age checks. At this point, no breach has been established.

Aylo says it will cooperate fully. In a statement, the company defended Apple’s device-based approach, arguing that it offers strong protection against minors accessing inappropriate content. Aylo restored Pornhub access for eligible, age-confirmed U.K. iOS users in May.

If Ofcom finds a violation, its general enforcement powers allow it to require corrective measures and impose a fine of up to £18 million or 10% of qualifying worldwide revenue, whichever is greater. Those are potential penalties, not fines already imposed on Aylo in this case.

Canada’s proposals are moving forward

Bill S-209, the Protecting Young Persons from Exposure to Pornography Act, passed second reading in the House of Commons and was referred to committee on Oct. 28.

The bill would make it an offence for organizations to make pornography available online to people under 18 for commercial purposes. An organization seeking to defend itself on the basis that it believed a user was an adult would need to have implemented a prescribed age-verification or age-estimation method.

The government’s separate Bill C-34, the Safe Social Media Act, remained at second reading following debate on Oct. 28. It would require regulated services providing access to pornography to implement measures adequate to reduce children’s exposure. Canadian Heritage says its proposed framework includes user-uploaded adult-content services.

These proposals could add age checks to Canadians’ browsing experience, but they don’t establish that everyone would be required to upload a driver’s licence or passport. The methods accepted, the services covered, and the final requirements would depend on the legislation and accompanying regulations.

Proving your age carries privacy risks

Canada’s privacy commissioner supports age assurance as a way to improve children’s online safety, provided its privacy impact is proportionate to the risk being addressed.

The commissioner’s office warns that identification documents, biometric images and other information collected for age checks could be compromised in breaches or used for other purposes. Poorly designed systems could also identify previously anonymous users or allow activity to be tracked across services.

For consumers, this creates a potential financial risk if sensitive identifying information is exposed or misused.

Both Canadian proposals include safeguards. S-209 would require prescribed methods to collect only necessary information, use it solely for age checks and destroy it afterward. C-34 also includes purpose limits, protection requirements and destruction of personal information once the check is complete.

How to protect your personal and financial information

The information you share to prove your age could put your finances at risk if it falls into the wrong hands. Depending on what is exposed, criminals could use it to impersonate you, apply for loans or credit cards in your name, or try to gain access to your financial accounts. Unsurprisingly, Canada’s Competition Bureau identifies driver’s license and passport numbers as personal details identity thieves look for.

Before you complete an age check, read the verification provider’s privacy notice. Find out who will receive your information, what gets passed back to the website, and whether documents or photos are stored. If they do, find out how long they keep them and when they delete them.

Look for an option that requires less personal information. You may not need to share your full identity to prove that you’re over 18. If the provider doesn’t clearly explain how it handles your data, reach out and ask before you upload documents.

It sounds like consumer confidence is back — until you look at the actual numbers. Drivers spent more at the pump while buying less fuel, and spending at health and personal care stores has climbed for 10 straight months.

With inflation rising above 3% and the Bank of Canada scheduled to announce interest rates on Oct. 28, this fall is an ideal time to assess whether your household spending aligns with your budget or is beginning to exceed it.

What pushed Canadians back into stores in August?

So then what’s behind the rebound? Car buyers led the surge. Sales at motor vehicle and parts dealers rose 1.2%, powered by a 1.5% jump at new car dealers, while used car dealers saw sales slip 0.5%.

And everyday spending picked up, too. Core retail sales, which exclude gas stations and auto dealers, rose 1.1%. Food and beverage sales snapped a two-month slide, posting their first gain in three months (up 1.1%), general merchandise stores rose 1% and health and personal care stores climbed 1.6%.

The gains were far from even. Ontario led with a 2.2% increase, including a 4% jump in the Toronto area, and British Columbia rose 2.1%. Sales dropped in Alberta and three Atlantic provinces.

Crucially, sales also rose 1.2% in volume terms. Canadians weren’t just paying more — they were actually buying more.

Why are you paying more at the pump but getting less gas?

Here’s where the data hits closest to home. StatCan says sales at gas stations and fuel vendors rose 1.7% in August, yet fuel volumes fell 0.5%. Simply put, Canadians spent more on gas and drove away with less of it.

The latest inflation data explains why. StatCan’s Consumer Price Index (CPI) shows prices rose 3.1% year over year in September, up from 3% in August, with gasoline up 27.8% from a year earlier. Take out gas, and inflation was a milder 2.2%.

For long-distance commuters, rural households and anyone who drives for work, that gap matters. Grocery hikes have slowed, but fuel is taking a bigger bite out of household budgets.

Could strong spending keep borrowing costs high?

With spending rising and inflation above target, borrowers are left asking: is rate relief on the way? The Bank of Canada, the country’s central bank, has held its key policy rate at 2.25% since October 2025.

September’s 3.1% inflation reading sits above the top of the bank’s 1% to 3% target range.

While the outcome of the Oct. 28 decision remains uncertain, stronger consumer spending and above-target inflation typically reduce the likelihood of an immediate interest rate cut. If you have a variable-rate mortgage, a home equity line of credit or a credit card balance, it’s safer to budget as though borrowing costs won’t fall any time soon.

That retail momentum may be slowing. Statistics Canada’s preliminary estimate indicates retail sales rose 0.7% in September, though the agency notes this figure is based on incomplete survey data and subject to revision before official results are released on Nov. 20.

What to do now

National spending numbers can’t tell you whether your household is on track, but your own statements can. Before holiday shopping ramps up, consider these steps:

• Stack your August and September spending on fuel, groceries, and pharmacy runs against your actual budget
• Set a firm holiday spending cap now, before Black Friday deals start pressuring your plan
• Pay off high-interest card balances before charging anything new
• If you have a variable-rate loan or a mortgage renewal coming up, calculate your payment if rates hold steady or rise
• rim fuel costs by bundling trips, carpooling and leveraging pump rewards
• Direct any savings into an emergency fund held in a high-interest savings account or Tax-Free Savings Account (TFSA)

The Financial Consumer Agency of Canada (FCAC), the federal agency that protects consumers of financial products and services, offers a free budget planner that can help you separate fixed costs from flexible ones.

Finally, keep one month of data in perspective. StatCan notes that seasonally adjusted figures are revised as new data arrives, and those revisions “could even lead to a reversal of movement.” Treat August’s rebound as a snapshot, not a trend — and let your bank statements dictate your holiday budget.

According to Kola Ifabumuyi, a certified mortgage planner with Mortgage Architects, a borrower with a $500,000 mortgage and 20 years remaining on the amortization could save approximately $4,629 in payments over five years by securing a five-year fixed rate of 4.50% instead of 4.79%, he told The Canadian Press.

While that’s an illustrative calculation rather than a guaranteed saving, it shows why borrowers should be willing to negotiate for even a slight interest rate reduction.

How to ask your bank to match a lower rate

First, get your renewal offer and shop around for a competing quote. Make sure the alternative has comparable terms so you can assess whether the difference is meaningful.

Then use this suggested script when contacting your lender:

“Hello, my mortgage is coming up for renewal, and I’ve received a competing offer at a lower interest rate. I’d prefer to stay with [current lender] if you can match or improve on that offer.

Could you review my renewal rate and provide your best available offer in writing? I’d also like to confirm that the mortgage terms and prepayment privileges are comparable.

I’m considering my options before my renewal date and would appreciate your response.”

Be transparent about the competing offer and ask your lender to match or beat it. Get the revised rate and terms in writing before making a decision.

What if your bank refuses?

Ask whether the lender’s mortgage retention team can review the offer. If it still won’t match the rate, compare the cost of staying with the cost of switching.

The Financial Consumer Agency of Canada recommends shopping around a few months before renewal and negotiating with your current lender using competing offers. You may need to provide proof of the competing rate.

You don’t have to renew with the same lender, but a new lender must approve your application through its own process. Switching may involve legal, appraisal, discharge or registration fees, so ask which costs apply and whether the new lender will cover any of them.

Angela Calla, a mortgage broker and author of The Mortgage Code, recommends getting an independent review of your renewal offer.

“My recommendation is to obtain your lender’s renewal offer and take it to an experienced, independent mortgage professional for a comprehensive review,” she told Money.ca.

Compare the terms before you sign

A lower rate can reduce your borrowing costs, but make sure the competing offer is comparable and suits your plans. Before accepting an offer, check:

• Prepayment privileges: How much extra can you pay towards the mortgage without penalty?
• Portability: Can you transfer the mortgage to another property if you move?
• Exit penalties: What could it cost to break the mortgage before the term ends?
• Switching costs: Will fees offset some of the savings from a lower rate?

Calla cautions borrowers against judging a mortgage on interest alone. “The most expensive mortgage isn’t always the one with the highest interest rate. Sometimes it’s the one that costs you the most to leave,” she said.

That’s worth keeping in mind when comparing offers, particularly if you might move or need to break your mortgage before the term ends. It doesn’t mean you shouldn’t negotiate for a lower rate; it means you should compare the full terms alongside the potential savings.

Start sooner rather than later

Give yourself time to gather competing offers, negotiate and switch lenders if necessary. Federally regulated lenders must provide a renewal statement at least 21 days before the end of your term, but that’s a minimum notice period, not a reason to wait.

A lower rate could save you thousands over your next term. If you can land a competing quote, ask your bank to match or beat it, and compare the full mortgage terms before signing.

Your lender may not agree to match the offer, but you’ll be in a stronger position to decide whether staying or switching makes more financial sense.

The agency overseeing these gambling sites is now under scrutiny after the Toronto Star reported that iGaming Ontario concealed a study on problem gambling that it had commissioned before the market launched in 2022. The researchers on that study found problem gambling rates were “significantly higher than expected.”

Meanwhile, more young people using betting apps are treating them like part of their financial plan. Here’s what that $80-billion value means in reality, and why the math always works against you.

How does over $80B in bets become a loss for players?

The $82.7 billion number represents the total of all bets placed, rather than new money. When you win a bet and use those winnings for your next bet, that same money is counted twice. Most of it gets cycled around until it eventually disappears.

What the betting sites keep is the real figure. In 2024-2025, after online gambling operators paid out winnings, their earnings amounted to $2.9 billion in gambling revenue. That amount is roughly what players lost as a group.

Sports betting is a small slice of these earnings. Bets on sports, e-sports and novelty events made up $11.4 billion in bets, while $69.7 billion went to online casino games.

Which bet costs you the most?

The study estimated that for every dollar bettors spent on sports and other events, gambling sites kept about 5.7 cents. For casino games, the share was closer to 3 cents.

That amount may seem miniscule, but it adds up when you continue to play. Let’s say you deposit $100, and keep re-betting whatever is left. If a gaming site keeps 5.7% every time you play, you’d have about $55 left on average after 10 bets, and about $31 after 20.

When compared to a $50-a-week habit, you’d bet $26,000 over a period of 10 years. At a 5.7% house edge, you could expect to lose roughly $1,500 and you’d have no growth.

But when you deposit $50 each week on an investment assuming a 5% annual return, you could have about $33,700 from your $26,000 investment after 10 years. Returns vary and are never guaranteed, but over long periods, the odds of putting your money into a diversified portfolio weigh in your favour. When you “invest” using a betting app, the house always wins.

Why do some people see betting as investing?

Betting apps are designed to look and feel like trading apps. You pick a position, watch the live numbers and cash out. The line between investing and gambling becomes blurred even more by social media.

In a May survey by the Angus Reid Institute, 57% of Canadians who bet on sports over the past year did so with the intent of making money, ahead of viewing it as entertainment at 51%. Overall, in the past year, 13% of Canadians made sports bets, including more than one in five men under the age of 55.

There’s another growing concern: 28% of Canadians said they’re worried someone they know has become addicted to sports betting. That number rises to 37% for men aged 18 to 34.

The main distinction between betting and investing is ownership: A stock or ETF gives you a stake in real, profit-earning, dividend-paying companies versus a bet, which gives you a claim on a single outcome — and the odds are set so the operator profits regardless of who wins.

Money.ca reached out to Dr. Luke Clark, psychology professor and director of UBC’s Centre for Gambling Research for insight on why betting apps feel like investing for young people, and what makes the “house edge” so easy to overlook. At the time of writing, Money.ca has yet to hear back for comment.

What can you do?

• Know how the numbers work. The house keeps a cut of every dollar you spend. Treat betting as paid entertainment, not a way to grow your wealth
• Set a hard limit and stick to it. Regulated Ontario betting sites offer deposit and time limits. Set these before you play, not after a losing streak
• Pay yourself first. Automate a transfer — even $25 — to go into a Tax-Free Savings Account (TFSA) or a First-Home Savings Account (FHSA) every payday. You’d be surprised how much will add up over time
• Watch for addiction warning signs. Borrowing money to bet, chasing losses or hiding how much you bet are all signs it’s time to take a step back
• Access free help. In Ontario, ConnexOntario offers free, 24-hour confidential support for people with gambling concerns. You can reach them at 1-866-531-2600

The $80 billion flowing through betting sites in Ontario reflects how much money changes hands rather than what players make. Remember: the odds are set for the house to win. If you want your money to grow, put it where the odds favour you, instead.

Anjali Schludermann says she got Smarty about three years ago, after suffering a seizure, and recently added Kit Kat. Following a neighbour’s complaint, the town ordered her to remove both goats and threatened to take action at her expense. She has a doctor’s note describing them as emotional support animals, but so far, that hasn’t been enough.

The dispute is unusual. The money lesson, however, isn’t. When a bylaw order lands on your property, the cost of ignoring it — or missing the window to fight it — can follow you right into your tax bill.

Why doesn’t a doctor’s note make the goats service animals?

As CTV News Winnipeg reported, the town and the Eastern Interlake Planning District, the regional body that administers land-use planning for the area, obtained a legal opinion on the merits of the goats as emotional support. Their conclusion: there’s a critical difference between a service animal and a pet that offers comfort. The email Schludermann received says there’s no evidence that her goats meet the “training requirement” for service animals.

That line comes straight from Manitoba law. Under the Human Rights Code, a service animal is an animal that is trained to help a person with a disability with tasks related to that disability, like according to the province’s Accessibility Manitoba office. An emotional support animal, however helpful, doesn’t meet that test on its own.

Schludermann concedes her goats aren’t trained. And Manitoba has no regulated system to certify service animals.

Winnipeg has been here before. In 2016, the city gave a woman six months to prove her pot-bellied pig was trained to assist her. The city’s animal services head warned at the time that others might start claiming “my goat is a service animal,” according to CBC News.

What happens if you ignore a removal order?

Manitoba’s Municipal Act lets a designated officer order a person to fix a bylaw contravention, and if they fail to comply, the municipality can do the work and charge the person for it.

That bill won’t just disappear if you ignore it. Several Manitoba municipalities, including Morris and the City of Morden, allow unpaid enforcement costs to be collected the same way as property taxes. Under the Act, any unpaid taxes become a special lien on the land.

How much time do you have to appeal?

You’re not given much time to appeal. Under the Municipal Act, a person served with an order can appeal to council, which can uphold, cancel, change or suspend the order, or give more time to comply. The Morris bylaw sets the appeal window at 15 days from when you received the citation. Check your own order for the exact deadline.

Skipping that step can cost you. In St. Clements (Rural Municipality) v. Zucawich, the Manitoba Court of Appeal ruled that a property owner who neither complied with a clean-up order nor appealed it to council couldn’t later challenge its validity in court. By that point, the owner had already remedied the issue at their own expense.

Schludermann, for her part, is appealing the decision. The town declined to comment to CTV News, saying the matter is under investigation.

Are there zoning options besides an appeal?

Sometimes you have some options beyond an appeal. Under Manitoba’s Planning Act, local planning authorities can vary certain zoning requirements. Some uses can also be approved as conditional uses after a public hearing.

Neither option is free or guaranteed. Fees vary: the Rural Municipality (RM) of Reynolds lists $425 for a variation and $2,000 for a zoning bylaw amendment, while the RM of Ste. Anne charges $340 for a conditional use. Approval may also come with some conditions — or not at all.

What to do now

If a bylaw order lands in your mailbox — for an animal, a shed or anything else — don’t wait to do anything:

• Read the order for the deadline, the bylaw section cited and what the town says it will do if you don’t comply
• File an appeal with council in writing as soon as possible and definitely before the deadline, even if you’re still negotiating
• Ask the planning office whether a variation or conditional use is possible and what it costs
• If a disability is involved, gather medical documentation — but know it doesn’t mean your animal and your situation will automatically qualify
• Check zoning before you bring home an animal that isn’t a typical household pet
• Talk to a lawyer, if necessary, before the appeal window closes

Bylaw disputes tend to turn on paperwork and deadlines, not on how gentle, sweet or helpful the animal is. For now, Schludermann’s case rests on a simple argument: “The goats haven’t harmed anybody.” Whether council agrees they pose no issue could decide who pays for what happens next.

A new survey from the Canada Pension Plan Investment Board (CPP Investments) — the organization that invests the Canada Pension Plan Fund on behalf of more than 22 million Canadians — suggests many of us haven’t answered it. While 3 out of 4 Canadians know we’re living longer, only about 1 in 3 has a retirement plan that budgets for all those extra years.

That gap matters. A retirement that stretches years longer than planned can quietly bleed dry a nest egg that looks solid on paper. Yet the Canadians who do plan for a longer life report feeling far more secure, and some of the most useful first steps cost nothing.

Why isn’t saving enough to protect a long retirement?

Why isn’t setting money aside enough? Because saving and planning aren’t the same thing. According to the 2026 CPP Investments Retirement Survey, 75% of Canadians have set money aside for retirement, but only 42% have a financial plan for it. And 34% are saving with no plan at all.

The real difference shows up in how confident people feel. The survey’s new Retirement Longevity Index found that Canadians who’ve taken more steps to prepare scored an average of 58 out of 100 on confidence, compared with 35 for those who’ve taken few or no steps.

Averages can also be misleading. In its report The Longevity Dividend, CPP Investments notes that the bigger challenge isn’t average lifespan but how widely lifespans vary. Some retirees will live well past the average.

Who is most likely to feel the squeeze?

So, which Canadians are feeling the heat the most? Day-to-day money stress is climbing: 34% report high stress, up from 31% in 2025. That rises to 47% among households earning less than $50,000.

Women also face a steeper climb. In last year’s survey, 63% of women worried about running out of money in retirement, compared with 55% of men. CPP Investments flagged a tough combination: lower lifetime earnings, time away from work to care for family and the reality of living longer.

Middle-income earners have the most riding on the CPP. For anyone making between $50,000 to $70,000 a year, it can make up 50% to 70% of retirement income.

How much does understanding your CPP really help?

Does understanding your CPP matter? The survey says yes. Among Canadians very familiar with the CPP, 77% are confident their savings will last, compared with 22% of those unfamiliar with it or unsure.

But basic knowledge is thin. Only 30% knew CPP payments are linked to inflation, and just 53% knew payments reflect years of contributions and average earnings. Those details really count when retirement stretches on: having a pension guaranteed for life that adjusts for inflation gives you built-in insurance against running out of cash.

The Office of the Chief Actuary of Canada, which reviews the plan’s finances, projects the CPP will remain financially sustainable for at least the next 75 years.

Could delaying CPP help your money last longer?

Timing your CPP can help act as a hedge against a long life. According to the Government of Canada, you can start your pension anywhere between ages 60 and 70. If you start early, it permanently reduces payments by 0.6% a month, up to 36% at 60. Waiting past 65 permanently increases them by 0.7% a month, up to 42% at 70.

In this example, a pension of $1,000 a month at 65 would grow to $1,420 a month if started at 70, before annual inflation adjustments.

Delaying CPP isn’t for everyone. If you need cash now, face health issues, or must drain savings to get by, claiming earlier makes sense.

What to do now

• Check your CPP estimate. Log in to your My Service Canada Account to review your contribution history and projected pension
• Plan beyond average life expectancy. Stress-test for extra years, especially if you’re a woman or longevity runs in your family.
• Map every income source. Add up CPP, Old Age Security (OAS), any workplace pension and withdrawals from your Registered Retirement Savings Plan (RRSP) and Tax-Free Savings Account (TFSA)
• Make CPP timing a deliberate choice. Compare starting at 60, 65, and 70 based on your health, savings, and other income
• Get a second opinion. A financial planner can stress-test whether your money lasts into your 90s

You don’t need to predict how long you’ll live — just build a plan that works if you outlive your expectations. As Michel Leduc, senior managing director and chief public affairs officer at CPP Investments, puts it: “Living longer changes the way we need to think about retirement.”

Starting mid-October, Ukrainian officials said SpaceX had capped speeds on its military-grade Starlink service, causing drones at the front to lose connection. After a week of conflicting accounts from officials in Washington, D.C. and Starlink, the government division of SpaceX, Elon Musk acknowledged that SpaceX did, in fact, throttle Ukraine’s internet connection.

While Ukrainian President Volodymyr Zelenskyy has confirmed that connection speeds are now back to normal, this recent international situation is a reminder for investors — the impact one person can have on a publicly-traded trillion-dollar company.

Why can’t SpaceX shareholders rein in Musk?

Why can’t SpaceX shareholders hold Elon Musk accountable? The answer lies in who controls the voting power. When SpaceX listed on Nasdaq in June, Musk owned about 42% of the company but controlled roughly 82% of the voting power, according to the BBC.

That gap comes from a dual-class share structure. Investors who bought in the initial public offering (IPO) received Class A shares that came with one vote each. Insider-held Class B shares — what Musk holds — carry 10 votes for each share held.

Before the listing, Musk held 85.1% of combined voting power, according to PitchBook, a private-markets research firm.

This setup gives Musk “substantial value at the expense of public investors,” writes governance researchers Lucian Bebchuk and Kobi Kastiel, in the Harvard Law School Forum on Corporate Governance.

In practice, outside shareholders can’t realistically outvote him.

How did the Starlink fight affect SpaceX stock?

Starlink is central to SpaceX’s financial success, not just a Musk side business. According to the company’s filing, the satellite internet service generated nearly 70% of SpaceX’s revenue in 2025, serving approximately 10.3 million subscribers across 164 countries.

So, how did investors respond to the current controversy?

• Oct. 15: SpaceX (NASDAQ: SPCX) closed at US$148.62, down 2.33% from US$152.16, according to FinanceFeeds.
• Oct. 20: The Wall Street Journal reported that Musk had personally ordered the slowdown, citing U.S. officials and other sources. Musk had earlier said such limits were decided by the U.S. military and the president.
• Oct. 26: Barron’s reported that SpaceX shares had risen 1% over the preceding week, following strong third-quarter results, despite the controversy.

What this suggests is the initial selloff did not turn into a sustained decline; however, it has prompted U.S. lawmakers from both parties to demand answers. Republican Rep. Brian Fitzpatrick called it “a very, very serious matter” as members of Congress pushed for an investigation. In Canada, Prime Minister Mark Carney said Canadians don’t want to be “reliant on one provider that may change their view.”

How much SpaceX do Canadian ETF investors own?

So, how heavily invested are Canadian investors? More than you’d realize. Canadians hold more than CA$19 billion in Nasdaq-100 ETFs, according to TD Securities research cited by The Globe and Mail.

SpaceX joined the Nasdaq-100 in July, so funds such as iShares’ XQQ and BMO’s ZQQ hold it, typically at a weight under 1%. Vanguard’s VUN, which also sits inside the all-in-one VEQT, tracks a U.S. total-market index — and VEQT added SpaceX five trading days after its debut.

S&P 500 ETFs don’t hold SpaceX yet because the index requires a record of profits. But this could change — and quickly.

Some Canadians also have exposure through pensions. For instance, the Ontario Teachers’ Pension Plan was among SpaceX’s pre-IPO backers.

What should investors do?

Owning a sliver of SpaceX through an index fund isn’t an endorsement. It’s a by-product of how the index is built. But investors still have choices:

• Check your ETF’s holdings page for the ticker SPCX and its current weight
• If concentration worries you, keep perspective: a sub-1% position is unlikely to make or break a diversified portfolio
• If your concern is values, S&P 500 ETFs currently exclude SpaceX, though that may not last
• Read your fund provider’s proxy-voting policy, since the issuer votes your shares
• Mark the lock-up calendar: more pre-IPO shares can be sold around early December, while Musk’s 366-day lock-up runs to June 2027
• Think twice before using single-stock SpaceX ETFs to bet on a rebound

Index investing means owning the market as it is, including companies that may not align with your current values or investing goals.

The documents, which were disclosed during proceedings involving Amazon and Unifor at the British Columbia Labour Relations Board, describe a system called Atlas used across more than 50 warehouses in Canada, the United States and Europe.

For workers, the concerns go beyond privacy. Union organizing can give employees more say over wages, benefits and working conditions. Unifor says the documents show Amazon views those efforts as a threat to its business. Amazon denies that Atlas is a surveillance tool and says people, not AI, decide how to respond to employee feedback.

Warehouses received scores for unionization risk

According to internal documents obtained by The Globe and Mail, Atlas used hundreds of data points to assess workplace conditions and potential labour activity.

One ranking placed facilities on a five-point scale, with the lowest tier indicating reported workplace disruption. A separate score ranged from 100 to 900, with higher numbers considered more favourable by Amazon.

The company’s YVR2 warehouse in Delta, B.C., scored 169 and fell into the lowest tier. Workers there were certified with Unifor in July 2025.

The documents also classified union card signing, protests and work stoppages as serious employee-relations events.

Justin Gniposky, Unifor’s director of organizing, told the Globe the material reinforced the union’s view that Amazon sees organizing as “a threat and a risk to its business.”

Several questions remain unanswered. The documents don’t make clear when they were created, what information the system used, or how it was collected. Amazon also did not tell the Globe whether Atlas is still used in Canada.

Amazon says humans review employee feedback

Amazon spokesperson Sam Stephenson told the Globe that the framework helps identify workplace trends and prioritize improvements. He said its inputs include safety incidents, access to leadership and training completion.

Stephenson disputed the surveillance label and said that Amazon requires a human review to interpret the information. However, he did not specifically answer whether Amazon monitored employee behaviour or communications to generate the scores.

Gniposky also told the newspaper that Unifor was not aware of Amazon secretly monitoring Canadian warehouse employees without their knowledge or consent.

The B.C. dispute has direct consequences for pay

The Atlas reporting comes as Amazon’s Delta employees await their first collective agreement.

In its latest posted bargaining update, dated Oct. 16, Amazon said arbitration sessions had concluded, and the parties were awaiting a decision. The company also said it continued to appeal labour board decisions, including proceeding with arbitration before processing a decertification application.

Pay has already been the subject of a separate ruling. In February, the board found Amazon breached B.C.’s Labour Relations Code by withholding an increase at YVR2 that it had applied at other local facilities. It ordered equivalent retroactive increases, initially staying implementation pending written reasons. That decision concerned wages, not Atlas.

What workers can ask about their information

Privacy rules vary by jurisdiction. In B.C., employers can collect some employee information without consent if they reasonably need it to establish, manage or end an employment relationship. They must tell employees beforehand what they plan to collect and why.

If you’re concerned about workplace monitoring, ask your employer’s privacy officer what information is being collected, whether it’s used to assess union activity and who sees the results.

B.C. employees can also request access to their own personal information in writing. Some legal exceptions apply, but employers cannot charge employees to access their personal information.

If you suspect you’ve been disciplined or lost work because of union activity, keep copies of relevant notices, schedules and correspondence, and contact your union promptly. In B.C., workers who don’t have a collective agreement can also file an unfair labour practice application directly with the labour relations board.

The Canadian economy shed roughly 110,000 jobs over August and September and then, on Oct. 28, 2026, the Bank of Canada (BoC) raised its key interest rate for the first time in more than three years.

Weaker hiring, sticky inflation and rising rates add up to what economists loosely call a stagflation-style squeeze. It doesn’t guarantee a recession. But it does mean households hoping rate cuts would ease stretched budgets will have to wait — and plan for further budget constraints.

How bad is the job market right now?

Employment fell by 68,000 in September after a drop of 41,700 in August, according to Statistics Canada. As a result, the unemployment rate rose to 6.5%.

And the losses weren’t always in the areas where Canadians expected. The largest losses were in public-sector work — health care, social assistance and education — primarily due to the restrictions from Ottawa that limited international student permits. Also, younger workers were impacted harder with Canadians aged 15 to 24 losing 48,000 jobs in September alone. Finally, the manufacturing sector, a sector exposed to U.S. tariffs, shed 12,700 jobs during this stretch.

While shedding jobs is rough, it’s the impact of these losses that hints at larger issues within the Canadian economy. According to Reuters the two-month slide ended up wiping out a year of progress — with a net loss of 41,200 jobs in 2026, compared to the same timeframe in 2025 when there was a gain of 211,300 jobs.

Why did rates go up while jobs went down?

It seems backwards to raise borrowing costs in a softening job market but the Bank of Canada is more worried about energy prices and the impact of pervasive fuel costs on inflation.

In its Oct. 28 decision, the BoC lifted its policy rate by 0.25 percentage points to 2.5% — the first target rate increase in over three years.

A major factor in this decision was persistent inflationary pressures. Consumer price inflation has hovered around 3% since April, 2026, and it’s expected to climb to about 3.5% by year’s end. The primary driver is persistently high oil prices tied to the conflict in the Middle East. While core inflation still remains close to 2%, the BoC is worried that businesses will need to pass on their higher fuel and transportation costs to shoppers. To fight these inflationary pressures, the BoC is using its target rate — and signalled it will continue to raise rates if required.

Meanwhile, paycheques are lagging. Average hourly wages for permanent employees rose 2.3% year over year in September, according to Statistics Canada — less than the pace of inflation. For many households, that means less real buying power each month.

Who feels the squeeze the most?

The hike lands hardest on households carrying variable-rate debt. Prime is the rate that variable mortgages and home equity lines of credit (HELOCs) are priced from. As of mid-October, prime sat close to 4.45% at most of Canada’s Big Six banks. Since most lenders typically adjust in step with the BoC rates, borrowers can expect additional increases to variable interest rates in the near future.

To illustrate, let’s assume a homeowner has a $500,000 variable-rate mortgage at 3.95%, amortized over 25 years. If their rate climbs to 4.2%, their monthly payment would rise from about $2,617 to about $2,685. That’s roughly $816 more a year — on top of higher costs at the pump and the checkout.

Fixed-rate mortgage holders aren’t directly affected until renewal.

Younger workers, new grads and anyone in education or health-care support roles face a different risk: job security.

There’s a modest upside for savers. Rates on high-interest savings accounts (HISAs) often move with the BoC, so cash savings may earn a little more over the next little while.

How to respond to job losses and interest rate increases

A squeeze like this rewards households that act before a layoff notice or payment-change letter arrives. To help, start with these five tasks:

• Know your numbers: Check your mortgage statement to see whether you have a fixed-payment or adjustable-payment variable mortgage and, if it’s fixed-payment, find your trigger rate
• Build a cash cushion: Aim for at least three months of essential expenses in an HISA or a tax-free savings account (TFSA), where interest grows tax-free
• Pay down variable-rate debt first: Lines of credit and credit card balances get more expensive with every hike
• Protect your income: If your sector is cutting, review your employment insurance (EI) eligibility and update your resume now, not after a layoff
• Don’t panic-lock: If your renewal is within 6 to 12 months, compare fixed and variable offers — fixed rates follow bond yields, not the BoC’s overnight rate

For those counting down to relief, be aware that many economists anticipate additional rate hikes — including the possibility of another rate hike before the end of the year. The BoC’s next decision is Dec. 9, which gives households about six weeks to shore up their budgets.

It’s actually such a problem that the National Institute on Ageing (NIA), a Toronto-based think tank, has called loneliness and social isolation the “hidden epidemic” among older Canadians (1). And they’ve got statistics to back up their claim.

The NIA’s 2025 Ageing in Canada Survey found that 57% of Canadians over the age of 50 experience loneliness, while another 43% are at risk of social isolation. In particular, older Canadians with less financial resources face higher chances of loneliness, with 65% of those with inadequate incomes at high risk of isolation (2).

This might come as alarming news to the social butterflies of the world, but there’s another side of the issue. What about older Canadians who choose isolation during retirement?

To some, a little time to yourself might not sound like the worst thing in the world. After all, if you’ve spent decades in a career where you’re constantly interacting with the public, it could feel like a breath of fresh air to go it alone for a while.

Too much time alone, however, can have negative consequences — not only on your mental and physical health (3), but also on your financial well-being.

Here’s a look at how that ‘me time’ in retirement could impact your finances.

The nest egg a Canadian retiree can expect

Heading into retirement age, you might be asking yourself where you stack up financially against other Canadians in your position. But the answer to that question isn’t exactly straightforward since many retirees have multiple sources of income.

For Canadians aged 65 and over, statistics from Statistics Canada show that the average amount held in a Registered Retirement Savings Plan (RRSP) or other tax-deferred retirement accounts is $248,700, not including employer-sponsored pension plans (4). When factoring in other financial assets, including cash accounts and Tax-Free Savings Accounts (TFSAs), that average is closer to $490,000.

At first glance, a nest egg of this size should yield a good income, depending on the strategy. For instance, using the 4% rule, it will bring in approximately $19,600 a year, or about $1,633 a month. Adding in the average Canada Pension Plan (CPP) benefit — about $858.34 a month if you retired at age 65 in July 2026 (5) — will get the average Canadian retiree a little under $2,500 a month.

Put together, that’s an income of about $30,000 a year, or $60,000 if you’re a married couple, not including employer-sponsored pension plans. It’s a modest monthly income that could allow you to pay the bills while still having some fun, particularly if your house is paid off and you have no outstanding debts.

Building a bigger nest egg for less

If a modest income in retirement isn’t enough for you, though, you might have to do a bit more legwork during your working years.

To help you get there, there are plenty of tools you can utilize — from little things, like setting up an automated savings plan, to striking out on your own and building a whole investment portfolio from scratch.

For these intrepid investors, it’s always a good idea to shop around to find trusted brokerages like CIBC Investor’s Edge, which gives them security of one of Canada’s biggest banks without having to pay exorbitant commissions on trades and account fees.

With their comprehensive online trading platform, it actually pays to trade more. Active traders making over 150 trades a quarter can enjoy a discounted commission rate of $4.95 per trade. Plus, CIBC doesn’t charge any account or maintenance fees if the combined market balance of all accounts is greater than $10,000.

Opening a discount brokerage account with CIBC Investor’s Edge can help you expand your portfolio while not being dragged down by commissions and fees — keeping your cash where it belongs, with you

Higher living costs, less fun

Something to remember about these income calculations is that they’re missing a crucial variable: the effects of inflation.

This could be very important because retirement accounts like RRSPs aren’t typically indexed to inflation, meaning that the cash sitting in them doesn’t automatically adjust or grow with inflation. Payouts depend more on contribution limits and the performance of investments within the accounts, so inflation could still take a bite out of their purchasing power years down the road.

It’s a problem that worries Canadians of all ages.

In the 2025 BMO Retirement Survey, for instance, almost three-quarters (74%) of respondents said they were worried about having enough savings to support them in retirement, while two-thirds (66%) reported their ability to save and invest for retirement was impacted by the pressures of inflation (6).

For Canadians who are retired or about to retire on a fixed income, the impacts of inflation could be far worse. Over time, you might find your budget gets more and more pinched as costs continue to climb faster than your savings grow.

As a retired couple, that prospect is scary enough. But you could end up struggling faster and more to cover your daily living costs if you don’t have someone to share expenses with. And even if you do have more savings than average, the more costs you bear alone, the less money you’ll have to pay for things that make retirement so fun, like hobbies and entertainment.

Lower fixed costs, more fun?

You could, of course, try to stretch your savings by trying to reduce the fixed costs of everyday life.

While there are plenty of ways of doing this, one that might not immediately occur to you is taking a second look at your car insurance premiums, which have soared in recent years.

For instance, auto insurance premiums climbed 18.9% in the five years between October 2020 and October 2025, according to Statistics Canada (7). If you were simply auto-renewing your policy during that time, you could be overpaying every month without realizing it.

However, by using a comparison platform like Rates.ca, you could get 20+ quotes from top-rated auto insurance providers and potentially save more than $500 in as little as three minutes.

Here’s how it works: Just answer a few basic questions, and Rates.ca will show you the most affordable deals in your area. That’s it. Not only is the process 100% free, but you could also save as much as 20% by bundling your auto and home insurance together.

Navigating big decisions without input

The price of solitude isn’t just losing out on sharing the costs of living. If you don’t spend enough time with other people, you might miss the opportunity to pick their brains for guidance — particularly on bigger financial decisions.

In fact, despite being increasingly open to using AI (8), Canadians are still most likely to seek financial advice from family and friends, according to the most recent Canadian Financial Capability Survey published by the Financial Consumer Agency of Canada (9).

The same study also found that older Canadians were far less likely to get financial advice from their peers.

And this habit could actually be hurting them, since there’s a correlation between older Canadians who struggle with finances and those who have limited access to their peers. According to the NIA, 72% of Canadians over the age of 50 who were struggling financially in 2024 also had weak social networks (10).

Retirement can be a financially tricky period of life, so it may actually be helpful to hear how your peers are managing their money. Those conversations are harder to have when you’re off doing your own thing all the time.

Rely on experts to manage your investments

If the idea of going to friends or family for financial advice still isn’t appealing to you, it’s always worth remembering that you aren’t alone in your investing journey. You can always rely on professionals to do some of the heavy lifting on your behalf.

For instance, if you know you should be investing but don’t want the guesswork of doing it alone, Wealthsimple Portfolios offers an easy, hands-off way to grow your money.

Their pre-built portfolios are tailored to your retirement goals, risk tolerance and investment horizon, so whether you’re saving for retirement, a home or building long-term wealth, there’s a portfolio that’s right for every investor.

Expert-managed and designed to weather market ups and downs, Wealthsimple takes care of the heavy lifting: automatic contributions, dividend reinvesting and smart rebalancing keep your investments on track.

You can invest through RRSPs, TFSAs or non-registered accounts, all from an intuitive online dashboard or their easy-to-use mobile app.

Trusted by more than 3 million Canadians, Wealthsimple manages over $100 billion in assets and provides $1 million in eligible coverage through the CDIC for chequing accounts and CIPF for investments. Plus, as licensed fiduciaries, Wealthsimple’s advisors must put your financial interests first.

As a Money.ca reader, get a $25 bonus when you open your first account and fund at least $1 within 30 days.

Visit Wealthsimple for up-to-date terms and conditions.

Not having a support system

Finally, while spending time alone can be fulfilling and liberating, you may reach a point where you also risk losing your support system. And that could have a number of negative consequences.

The people in your network are the ones you might turn to when you’re struggling with home maintenance or need a ride to the doctor’s office. They’re also the people who might provide care when you’re recovering from an illness or procedure.

Having a network to support you not only gives you peace of mind, it can save you the expense of having to check into expensive rehabilitation or nursing home facilities.

This isn’t to say that the people who care about you will abandon you because you opt to spend a chunk of your time alone. But you can strike a balance so the people you count on the most continue to feel important.

Create a banking system that supports you

The value of having a system in place can apply to more than social support. It can also apply to banking.

Depending on your banking needs and priorities, some chequing accounts offer comprehensive features — including a line of credit and premium services — that can help optimize your finances.

For instance, National Bank offers The Total® chequing account at a discounted rate of $23.95 a month for Canadians aged 60 and over. This package brings together many premium banking services into a single account:

• Unlimited digital and in-person transactions
• Unlimited Interac e-Transfer® transactions after completing certain steps within 120 days
• An integrated line of credit of up to $5,000 (subject to credit approval)
• Legal and estate planning assistance via phone or video conference
• An eligible Mastercard credit card with $150 applied as credit and $10/month discount on fixed monthly fees
• $0 fixed monthly fees with a $6,000 balance or more

What’s more, National Bank currently offers eligible customers up to $600 cashback when opening The Total chequing account.

You could also earn $300 for opening an account and completing certain steps within 120 days, plus up to $100 each if you add an eligible Mastercard, set up automatic mortgage payments or open a high-interest savings account. But the promotion ends on Nov. 3, 2026.

Learn more today about how The Total chequing account can support you during your golden years.

Finding the balance between solitude and support

Wanting more time to yourself after decades of work is normal, and it doesn’t mean something is wrong. But the NIA’s research shows that isolation and money trouble often go together. Cutting yourself off completely can make retirement both lonelier and more expensive.

You don’t have to fill your calendar. A standing coffee date, a regular call with family or a weekly class can keep your support system in place. It also gives you people to talk to before you make your next big financial decision.

Article sources

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

National Institute on Ageing (1), (2), (10); Canadian Geriatrics Journal (3); Statistics Canada (4), (7); Government of Canada (5); BMO Financial Group (6); TD Bank Group (8); Financial Consumer Agency of Canada (9)

Some had paid six figures for cabins that promised long-term living and global travel, with an itinerary that was supposed to visit all seven continents. Instead, they’ve been sent ashore in Sihanoukville, Cambodia, and the company now says it plans to file for bankruptcy protection.

Few Canadians will ever buy a cabin on a ship, but many more prepay thousands for cruises, tours or a long winter spent abroad. If the company stops operating mid-trip, who covers your money and your flight home?

What happened to the Odyssey — and why should Canadian travellers care?

Villa Vie Residences, a Florida-based residential cruise operator, suspended the ship’s three-year journey on Oct. 27, blaming fuel costs. The ship had been carrying 203 passengers, mostly Americans, alongside 156 crew members, according to Cambodian officials.

The company says monthly fuel expenses per cabin, which historically averaged US$1,800, reached an estimated US$6,000 to US$8,000 in parts of Asia due to the war in Iran.

Villa Vie first described the suspension as temporary. “Our focus now is on supporting residents, crew, and employees while we work toward restructuring and recapitalization over the next 60 days,” the company said in a statement. “That work is ongoing, and no outcome is assured.”

However, a day later, Villa Vie founder Mikael Petterson told CBS News the company had run out of money while looking for a financial partner and plans to file for Chapter 11 bankruptcy protection, a U.S. court process that lets a company keep operating while it reorganizes its debts.

Long Dimanche, deputy governor of Cambodia’s Preah Sihanouk province, told the Associated Press (AP) that the ship was expected to refuel and leave port on Saturday, Oct. 31. The company has not confirmed that departure.

The purchase price of a suite for the lifetime of the vessel began at about US$230,000 (aboutCA$323,000). Some residents told the AP they had been repeatedly asked to contribute extra money for fuel and other expenses.

Villa Vie said it was working with residents to coordinate disembarkation and find “temporary living arrangements,” but some residents describe little help. Lanette Canen and Johan Bodin told the BBC they learned early on the morning of Oct. 27 that they had to be off the ship by 2 pm that day.

The couple said the company’s money troubles were no secret on board, and that a potential investor had visited the ship but decided not to step in. “Although there were signs that this would happen, we still felt disbelief when it became real. We were heartbroken. It felt like our dream had been crushed,” they said.

Why is paying up front risky if the company runs into trouble?

When you prepay, you’re effectively lending the company money until it delivers a service. If it fails to do so, you join the line of creditors. And repeated requests for extra cash are a warning sign that the operator’s original pricing isn’t working.

Don’t count on the federal government to fill the gap, either. The Canadian Consular Services Charter, which sets out the help Global Affairs Canada can offer Canadians abroad, is clear: “You are responsible for your personal safety abroad and your financial needs.” Consular officials can’t reimburse you for hotel costs, delayed travel or cancelled trips, and they’ll only transfer emergency funds once all other options have been exhausted.

What protections do Canadians actually have?

Ontario’s travel compensation fund

The Travel Industry Council of Ontario (TICO), the province’s travel regulator, runs a compensation fund that covers up to CA$5,000 per person for travel you paid for but didn’t receive because an Ontario-registered travel agency or tour operator, or any airline or cruise line, went bankrupt or became insolvent. To qualify, you must have booked through an Ontario-registered travel agency, and you have six months from the failure to file a claim. Coverage doesn’t apply if you bought directly from a cruise line or airline, or from an agency or tour operator outside the province. That means anyone who bought an Odyssey residence directly from Villa Vie, a Florida-based company, wouldn’t qualify.

Credit card chargebacks

If you paid by credit card and the company doesn’t deliver what you paid for, you can ask your card issuer to reverse the charge. This is called a chargeback. Your issuer files the claim under rules set by the card network, such as Visa or Mastercard.

Card networks set firm deadlines for these claims. For a service you never received, the clock usually starts on the date the service was supposed to be provided, but there’s also an overall time limit counted from the date you paid. That means deposits made long ago may be too old to dispute, even if your trip hasn’t happened yet.

Your issuer may also set its own, shorter deadlines, and some will ask you to try to resolve the problem with the merchant first. Call your card issuer as soon as you learn a company has stopped operating, and keep your contract, receipts and any emails showing what you were promised. For a step-by-step walkthrough, see our guide to disputing a credit card charge.

Supplier-default travel insurance

Some trip cancellation and interruption policies pay out when a travel company fails. Manulife, one of Canada’s largest insurers, includes default protection on some of its travel plans, reimbursing you if a travel supplier stops operating because of bankruptcy or insolvency. The limits are tight, though. Some plans cap this coverage at CA$3,500 per person, and Manulife caps total payout at CA$1 million for any one failed supplier, so individual reimbursements can end up smaller than what you paid.

Buy coverage early. Ontario Blue Cross’s travel insurance policy, for example, won’t cover a failure that was already known when you bought your coverage or made a later payment, and it caps these claims at CA$3,500 per person. Check how your policy defines a failure, too. Many, including Manulife’s, pay only when a company stops operating, so one that restructures under bankruptcy protection, as Villa Vie says it plans to do, may not qualify.

What to do now

• Book through a TICO-registered agency if you live in Ontario
• Pay by credit card and keep your contract, receipts and all correspondence
• Buy trip interruption coverage with supplier-default protection from an independent insurer, soon after paying your deposit
• Avoid prepaying more than one trip or season at a time
• Treat repeated requests for extra money as a signal to stop paying more
• Sign up for the Registration of Canadians Abroad service and keep enough savings or credit available for a last-minute flight home

The goal isn’t to avoid adventurous travel. It’s to size your prepayment to what you could afford to lose. Even one Odyssey resident who doesn’t regret her purchase saw it clearly: “Because it was a startup company, I believe that it was a risk.”

For Canadians approaching mortgage renewal, the decision raises a familiar question: Is it time to lock in a fixed rate, or could a variable mortgage still make sense?

Canada’s six largest banks have already raised their standard prime rates to 4.70%, effective October 29. But the hike doesn’t automatically make a fixed mortgage the better choice.

“The hike changes the math on renewal, but it shouldn’t cause panic,” Joe Jacobs of Mortgage Connection told Money.ca. Your budget, available rates and ability to manage further increases all matter too.

How the BoC rate hike affects your mortgage

Variable mortgage rates generally follow lenders’ prime rates, which tend to move when the BoC changes its policy rate.

The Big Six banks have raised prime from 4.45% to 4.70%, increasing borrowing costs for customers with prime-linked variable mortgages and home equity lines of credit (HELOCs).

Fixed mortgage rates, meanwhile, are influenced by bond yields and market expectations about inflation and future interest rates. They can move ahead of a BoC announcement, and neither type of mortgage is guaranteed to be cheaper over the full term.

When a fixed mortgage could make sense

A fixed-rate mortgage locks in your interest rate for the term, providing greater certainty about borrowing costs. That can be valuable if your budget has little room for higher payments.

“If a few more increases would break your budget, or you just need to know what your payment will be, a fixed term buys certainty,” said Jacobs.

The trade-off is that you may not benefit as quickly if rates fall. Breaking a fixed mortgage early can also trigger a substantial prepayment penalty, depending on your lender and contract.

Consider different terms rather than focusing only on a five-year fixed mortgage. A shorter term may offer a different balance of certainty and flexibility, although you’ll need to renew sooner.

When a variable mortgage could make sense

A variable rate may suit borrowers who have room in their budget to absorb further increases and are comfortable with uncertainty.

In its October 28 announcement, the BoC said inflation was expected to rise to about 3.5% by the end of 2026 and average 3% in 2027 before returning close to 2% around mid-2028. Further increases remain possible, depending on how the outlook develops.

“If you have room in your budget, expect to sell or refinance in the next few years, or want lower penalties, variable still makes sense,” Jacobs said. Breaking a variable mortgage typically costs around three months’ interest, although borrowers should check their contract.

It is also worth checking how your payments respond to rate changes. With an adjustable-rate mortgage, payments generally rise when rates increase. With a fixed-payment variable mortgage, payments may stay the same while more goes towards interest and less towards principal.

With a fixed-payment variable mortgage, your payments may stay the same as interest rates rise, leaving less money to pay down your principal. If rates rise enough to reach your mortgage’s trigger rate, your payment may no longer cover all the interest owed, and your lender may require you to increase payments or take other action under your contract.

What to do before your mortgage renewal

Jacobs recommends to start shopping four to six months before renewal. Many lenders offer rate holds for up to 120 days, giving borrowers time to compare options. Ask your lender or broker what terms apply to you.

The Financial Consumer Agency of Canada also recommends shopping around a few months before renewal. You can negotiate with your current lender using competing offers, and you don’t have to renew with the same institution.

Before committing:

• Compare the full terms. Check the rate, mortgage term, prepayment privileges, portability and penalties for breaking the contract early.
• Test your budget. Consider whether you could manage payments if rates rose another half-point to a full percentage point.
• Check payment flexibility. Ask about lump-sum payments and increasing regular payments without penalties.
• Review your wider finances. Extending your amortization can lower monthly payments but increase total interest. If you have other high-interest debts, consider whether consolidation makes financial sense after accounting for the full cost.

The BoC’s first rate hike in more than three years changes the outlook for borrowers, but it doesn’t settle the fixed-versus-variable debate.

As Jacobs puts it, “the question is which risk you can live with.” The goal is to choose a mortgage based on the rate and terms available, your plans and how much uncertainty your household budget can realistically absorb.

Mary Ann Demsar is one of the more than 200 residents ordered off the MV Odyssey after its operator ran out of money. Some aboard sold their homes to buy cabins. Now they’re juggling hotel bills, flights and the open question of whether any of their money is coming back.

For Canadians weighing a nontraditional retirement, the lesson isn’t to stop dreaming, it’s to make sure the dream isn’t holding your entire net worth.

What happened to the never-ending cruise?

Demsar’s story was first reported by the Toronto Star. Her ship, the Odyssey, is run by Villa Vie Residences, a Florida-based company that sells long-term cabins on a vessel circling the globe.

The ship arrived in Sihanoukville, Cambodia, on Oct. 23 carrying 203 passengers and 156 crew. Most passengers on board were from the U.S. and Canada.

So what parked the Odyssey? The company blames fuel. Villa Vie founder Mikael Petterson told CBS News that before the war with Iran began in late February of this year, Villa Vie paid an average of US$700 a ton for fuel. Since then, it has paid roughly between US$2,000 and US$3,000.

In a statement, the company said each cabin’s share of fuel costs rose from about US$1,800 a month before the war to between US$6,000 and US$8,000.

Petterson told CBS News the company’s monthly expenses climbed from about US$400,000 before the war to US$2 million, and that it now plans to file for Chapter 11 bankruptcy protection in the U.S.

Why is a home at sea riskier than it looks?

When the Odyssey initially launched in October 2024, residents could buy a permanent cabin starting at around US$$230,000 and were promised at least 15 years of residency, according to CBS. On paper, that sounds a lot like owning a home.

Is owning a cabin on a cruise ship as safe an investment as a house? Not really. A house doesn’t depend on fuel prices or one company’s cash flow. A cabin contract, on the other hand, does — and it can lose most of its value overnight if the operator fails.

Villa Vie hasn’t confirmed whether Odyssey residents will get refunds, according to Travel Weekly. In a Chapter 11 restructuring, a U.S. court process that lets a company keep operating while it restructures its debts, customers owed money usually stand in line behind secured lenders, so a full refund is far from guaranteed.

Will Canadian travel protections cover the losses?

Can Demsar and her fellow stranded Odyssey passengers count on a provincial safety net? Only partly, and it depends on where you booked as much as where you live. Just three provinces run travel compensation funds, according to the Travel Industry Council of Ontario (TICO), the provincial regulator for travel agencies and booking websites. TICO runs a compensation fund that covers travellers when an airline or cruise line stops operating, but only if they booked through an Ontario-registered travel agent. That means non-Ontarians who booked through an Ontario agency can qualify, while anyone who bought directly from a cruise line can’t.

Even then, the protection is limited. The fund pays up to CA$5,000 per person, with a CA$7 million cap on total payouts for any single failure. Claims must be filed within six months of the failure, and the fund only pays out when travellers haven’t been reimbursed another way, such as through a credit card dispute.

It’s also not clear the fund would apply to Odyssey residents at all. Villa Vie hasn’t ceased operations or filed for bankruptcy, and a residential cabin may not count as the kind of travel service the fund was built to cover.

Quebec and British Columbia are the only other provinces that offer this kind of protection. In Quebec, the Office de la protection du consommateur (OPC), the province’s consumer protection agency, runs a compensation fund that can reimburse travellers when a bankruptcy or unforeseen closure stops a cruise line or airline from delivering services. In B.C., Consumer Protection BC, the province’s consumer regulator, runs the Travel Assurance Fund, which applies only if you booked through a B.C.-licensed travel agent or wholesaler and is a last resort after options such as a credit card dispute.

All three funds share the same catch: if you booked directly with the cruise line, you’re not covered. Residents of other provinces and territories can only fall back on these funds if they booked through an agency licensed in Ontario, Quebec or B.C. Even when coverage applies, Ontario’s CA$5,000 cap is a drop in the bucket of a six-figure cabin.

A credit card dispute is another option to recoup funds, but timing matters. The Ombudsman for Banking Services and Investments (OBSI), an independent dispute-resolution service for Canadian banking customers, says consumers generally must dispute a charge within 30 to 45 days of their statement date. Residents of the Odyssey who paid in 2024 are likely outside that window, but recent charges may still qualify.

What help can stranded Canadians get abroad?

What about seeking help from the federal government? You can ask, but it won’t foot the bill. Global Affairs Canada, the federal department responsible for consular services, says travellers who need urgent cash abroad should first transfer funds from their own bank account or another private source in Canada. Those transfers can take two or more working days, and a CA$75 consular service fee may be deducted from the money sent.

Government financial help isn’t a right and depends on the circumstances of each case. Loans may also carry the CA$75 fee and must be repaid in full within 30 days of receiving the invoice. After that, interest may be added at a rate of 3%, compounded monthly.

Canadians abroad can also sign up for the Registration of Canadians Abroad service so the government can reach them with updates.

A forever cruise can still be a wonderful way to spend retirement, as long as you treat the cabin as an experience you’re paying for, not an asset you own. As Odyssey resident Benjamin Schatz told CBS News, “There are people now who are homeless and who have very little money and don’t know what they’re going to do.”

But events leading up to this year’s budget aren’t very forgiving — or positive. The budget lands two days after the U.S. midterm elections and a week after the Bank of Canada’s first rate hike in three years. Add to this a federal deficit that’s moving closer to $60 billion, and there’s cause for concern about that kind of relief — if any — the federal government can offer everyday Canadians.

For those watching their own budgets, this budget day is a good reminder to pay attention to what’s already locked in, what could change and money moves to consider.

What happens to the fuel tax break?

Ottawa suspended the federal fuel excise tax on April 20, 2026 — saving drivers 10 cents a litre on gasoline and 4 cents on diesel. Then again in September, the federal government extended the federal fuel excise tax suspension — setting a deadline of Jan. 31, 2027 for this temporary tax pause, according to Department of Finance Canada. After this deadline, the tax should return to fuel purchases, but not fully. From Feb. 1, 2027 to March 31, 2027, drivers will pay half the tax — 5 cents a litre on gas and 2 cents on diesel. Full rates come back on April 1, 2027.

The total cost to Ottawa for this relief? About $5.3 billion in uncollected tax revenue for the 2026-27 fiscal year.

When asked why the break wasn’t permanent, Finance Minister Champagne explained that the government needs to “see the state of the world” first.

What does this tax break mean for Canadians? Let’s assume a driver fills a 68-litre tank — the size of a minivan — once a week. The full tax break is worth about $6.80 per fill-up, or roughly $354 per year. For commuters, rural households and small businesses, this tax break can mean real cash savings in their annual budget.

Will the budget change your RRSP, TFSA or FHSA?

There are rumours that the federal government is considering increasing the contribution limits for a number of registered savings accounts. In particular, the House of Commons finance committee appears to be considering a broad review of the nation’s overall personal finance tax-system, along with targeted tax credits. According to a summary of this pre-budget report, by accounting firm KPMG, credits being considered include a home improvement tax credit and a renters’ tax credit.

So where does that leave the contribution limits for the most popular tax-advantaged savings accounts, the Registered Retirement Savings Plan (RRSP), the Tax-Free Savings Account (TFSA) and the First-Home Savings Account (FHSA)? At this point in time, there appears to be no intention of adjusting these limits or the calculations used to establish contribution limits. As such, the current, established contribution limits for these accounts, according to the Canada Revenue Agency (CRA), is as follows:

• TFSA: The 2026 Tax-Free Savings Account (TFSA) limit is currently set at $7,000, but there’s a good chance this will increase to $7,500 based on contribution limits tied to inflation.
• RRSP: Each year, your new RRSP room is the lesser of 18% of their previous year’s earned income or the annual dollar limit. The annual dollar limit for 2026 is $33,810 and for 2027 it’s $35,390.
• FHSA: Since its launch on April 1, 2023, the FHSA annual contribution limit has been capped at $8,000 per year, for a lifetime maximum of $40,000.

For Canadians, the 2026 Federal Budget will have little to offer in terms of updates on current tax-advantaged savings accounts. Even the potential increase for the 2027 TFSA contribution isn’t announced until late November, well after the federal budget details are released.

The bigger issue, for Canadians, is timing. In particular, investors sitting on equity positions with large losses or gains; if this is you, pay attention to any tax incentives introduced by the 2026 Federal Budget as this may impact tax-sensitive transactions.

What’s on the table for housing?

Canadians looking to buy property — or already holding property — will be particularly interested in any housing-related relief offered by the federal budget.

The good news is that one of the biggest measures is already in place: The first-time home buyers’ GST/HST rebate helps Canadians save as much as $50,000 when they purchase a qualified newly built or substantially renovated home. The full rebate applies to homes valued up to $1 million and phases out to zero at $1.5 million.

Another measure that impacts homeowners and prospective home buyers — and also not part of the budget — are interest rates. About a week before the federal budget announcement, the Bank of Canada raised its policy rate to 2.5% — its first hike since July 2023. For borrowers this means the cost of credit increased on variable rate loans, including mortgages and home equity lines of credit (HELOCs).

But there may be some hope. According to the KPMG summary, the federal finance committee has a wish list that includes a permanent, refundable home improvement tax credit for renovations that boost energy efficiency, climate resilience, accessibility or housing quality. Another suggestion is a refundable, income-tested federal renters’ tax credit.

Keep in mind, recommendations aren’t promises.

What should Canadians expect on budget day?

The Parliamentary Budget Officer (PBO), Parliament’s independent fiscal watchdog, projects a $63.3-billion deficit for 2026-27 and expects the deficit to peak at $70.2 billion the following year. At the same time, economic growth forecasts are being downgraded with 0.9% projected by the end of 2026 and 1.5% for 2027.

Given the anemic economic growth, higher borrowing costs and persistent inflation, Canadians probably shouldn’t anticipate sweeping relief in this year’s federal budget.

Instead, expect targeted measures rather than broad tax cuts.

What to do this federal budget season

Regardless of what is introduced in this year’s federal budget, Canadians can focus on maximizing their own budgetary savings — and plan for anticipated higher costs.

To help, here’s a list of budget considerations for the remainder of 2026 and going into 2027:

• Already planning a tax-sensitive move, such as selling investments with large capital gains? Ask a tax professional about completing it before Nov. 5 or consider how a taxation change could impact this planned investment strategy.
• If you have a variable-rate mortgage or HELOC, reach out to your lender to confirm how the Oct. 28 hike changes your payment.
• Buying a new home for the first time? Confirm your GST rebate eligibility before you sign.
• Check your RRSP, TFSA and FHSA room in CRA My Account and, where possible, maximize contributions for 2026.
• Budget for higher pump prices starting Feb. 1, 2027, and again on April 1, 2027, unless the budget says otherwise

The Nov. 5 federal budget may help a little, but for most Canadians the best strategy to weather current economic conditions is to create and execute a financial plan. Remember to read the fine print once the budget lands, because effective dates matter more than headlines.

And the timing here is everything — Dario Amodei, Anthropic’s own CEO, has spent much of 2026 warning that powerful AI could put human life at serious risk. Now, he’s asking investors to buy in.

Anthropic shares will trade on the Nasdaq under the ticker symbol “ANT,” possibly as early as November 2026, analysts say. Here’s what interested Canadian investors need to know before they buy shares.

How big is the Anthropic IPO?

It’s huge. Compared to the record US$86 billion SpaceX raised when it went public earlier this year, Anthropic could surpass that by about US$14 billion. Some analysts report its target valuation as high as US$2 trillion — which would make it one of the world’s most valuable companies on its first day.

Anthropic’s growth is the main reason for the hype. In the first half of 2026, the company earned US$16.3 billion in revenue, an increase from US$1.2 billion in 2025.

Interestingly, it’s also losing money. Anthropic reported a US$80.7 billion net loss for the same six-month period. Most of that — US$72.4 billion — was a one-time charge connected to financing deals. Despite that, the company still spends heavily on computer chips and data centres that support its AI functions.

Which risks does Anthropic flag?

Any company that files to go public must list all potential dangers. Anthropic’s list is almost 100 pages long.

These risks include losing key staff members, running into regulatory issues, and a decrease in computing power. The filing also flags tensions with the current leadership, microchip shortages, and slowing growth. It even plainly states the risk that AI could lead to human extinction.

Analysts at investment advisory firm Lightshed outlined the possible negative outcomes in a note before Anthropic filed for the IPO. They stated that Anthropic could either become the most valuable company in the world. Or it could go bankrupt.

Why is the CEO warning about his own AI while selling shares?

Amodei has been up front about his concerns. Last January, he published a long essay where he wrote that “we are considerably closer to real danger in 2026 than we were in 2023.” In September, he called for the industry to ease the pace of AI development, while simultaneously touting AI as a great way to improve people’s lives.

Anthropic’s investor pitch presents both ideas at the same time. The filing promotes AI as transformational to the global economy, while its co-founders ask investors to look beyond the deal as purely transactional.

For those interested in investing, that tension matters. When a company openly identifies a danger with its own product, stricter regulation could come into effect, as well as more lawsuits and public pressure than you might find in a typical tech stock.

Ontario Securities Commission (OSC) representatives did not immediately respond to Money.ca’s request for comment.

What can you do?

1. Know where to buy it. Investors won’t find Anthropic on the TSX. You’ll need to find a Canadian brokerage offering U.S. stock trading, such as Wealthsimple, Qtrade, Scotia iTRADE, or CIBC Investor’s Edge.
2. Check for IPO price access. In May of this year, Wealthsimple launched IPO Access, a platform where clients request shares of a specific IPO at its offering price, with no minimum and no fee. The company hasn’t yet confirmed if Anthropic will be one of those offered, and requests for a particular IPO are never guaranteed.
3. Watch the exchange on currency. The shares you buy will be in U.S. dollars, and your returns can quickly dwindle if you convert at your broker’s rate. Compare fees, or consider holding U.S. cash in a registered account that allows it.
4. Consider taking an indirect route. Since you can’t yet buy shares directly, you can gain exposure by buying stocks or funds that already own a piece of it. Google holds roughly 14% of Anthropic, and Amazon has invested billions. You can find both companies in many broad U.S. and global ETFs.
5. Don’t chase it all on the first day. New listings often take wild swings. If you want to buy in, set a budget — no more than you can afford to lose — and keep it only as a small portion of your portfolio.

Anthropic’s IPO may be the largest in history, but it comes with substantial risks — some that its own CEO is openly warning the public about. Interested Canadian investors can buy in through a U.S.-supported brokerage, but a small, planned position is worth more than a rushed bet on launch day.

Now, Washington D.C. is trying to lure those travellers back. Last July, U.S. Trade Rep. Jamieson Greer told a Senate committee he’d fully support a bipartisan bill aimed at boosting travel with Canada and Mexico. He agreed the decline in tourism is problematic and would support the proposal “100%,” according to the Las Vegas Sun.

Here’s the reason behind the slump, what this proposed bill would do and what it means the next time you book travel.

How did U.S. tourism end up in the red?

A travel trade deficit means Americans spent more on trips abroad than international visitors spent in the U.S. The U.S. ran a travel surplus in 2024, but in 2025 it flipped to a multibillion-dollar deficit.

Canadians were a major part of that decline. In 2025, Canadian-resident return trips from the U.S. fell 25.4%, according to Statistics Canada (StatCan). That capped an 11-month streak of year-over-year declines the agency calls the deepest and most sustained on record outside the pandemic. Leisure visits to the U.S. dropped 21.5%, or 3.2 million visits, and Canadians’ spending on U.S. trips fell by CA$3.3 billion to CA$18.8 billion.

StatCan ties the pullback to the change in U.S. administration and its America First policies in early 2025, which brought tariffs on Canadian goods and talk of making Canada the 51st state. There are practical hurdles too: Canadians who stay in the U.S. longer than 30 days must now register with the U.S. government.

Many Canadians went elsewhere instead. Domestic visits rose by 5 million in 2025, and overseas visits climbed by 1.3 million, led by Europe (up 13.6%) and Asia (up 16.7%).

Which U.S. regions are feeling it most?

Border states and warm-weather destinations are among the hardest hit, says Rachel J.C. Fu, chair of the Department of Tourism, Hospitality and Event Management at the University of Florida. In Las Vegas, Canadian visitors fell 17.4% last year, a drop of about 252,400, according to the Las Vegas Convention and Visitors Authority, the city’s tourism agency.

Fu told Business Insider that “In tourism, losing a visitor for one season is a revenue problem,” and once “travelers establish new vacation patterns, destinations have to compete to win them back.”

Travel is showing some rebound from last year’s low point, but it’s far from normal. In September, American cross-border return trips by car were up 5.6% from the same time in 2025, but still down 31.1% from September 2024, according to preliminary data from StatCan. The agency noted a later Labour Day weekend helped lift September’s numbers.

Why is the U.S. changing its tune?

Travel is big business in the U.S. Visitors to the country spent US$1.4 trillion there in 2025, supporting more than 15 million American jobs, according to the U.S. Travel Association, a non-profit that represents the travel industry. Internationally, though, the country was losing ground. In a May 2025 forecast, the World Travel & Tourism Council, which represents the global travel industry, projected the U.S. would be the only one of 184 economies to see international visitor spending fall that year.

The bill, known as the USMCA Travel and Tourism Resiliency Act, was introduced in February by Cortez Masto and Kansas Sen. Jerry Moran, a Republican. It would direct Greer’s office to push for a travel and tourism working group under the Canada-United States-Mexico Agreement (CUSMA), known in the U.S. as USMCA. Other sectors, such as agriculture and textiles, already have working groups. The bill wouldn’t create one for tourism outright, since Canada and Mexico would have to agree. Nevada Rep. Dina Titus, a Democrat, has introduced a companion bill in the House.

Timing matters, too. The three countries held CUSMA’s first formal joint review on July 1, and the U.S. declined to renew the agreement for another 16-year term. The deal remains in force and now goes through annual reviews. If the bill passes, Greer’s office would raise tourism at the next review.

The U.S. Travel Association backs the bill: “Creating a Travel and Tourism Trade Working Group will strengthen North American cooperation, boost competitiveness, expand travel exports, and support the millions of American workers and businesses powered by travel,” said Erik Hansen, the association’s senior vice-president and head of government relations, in a statement released by Titus’s office.

Greer’s office leads trade talks with Canada, so his support matters. Cortez Masto has also co-sponsored the bipartisan VISIT USA Act, led by Alaska Sen. Dan Sullivan, a Republican, and Minnesota Sen. Amy Klobuchar, a Democrat. It would restore funding for Brand USA, the public-private partnership that markets the U.S. to foreign travellers, after a 2025 budget law cut its maximum federal match by 80%, from US$100 million to US$20 million. However, neither bill would lead to overnight changes to tariffs

Money.ca asked Suzanne Acton-Gervais, president of the Association of Canadian Travel Agencies and Travel Advisors, which represents travel agencies and advisors across Canada, what her members are seeing in upcoming bookings.

“Canadians continue to have a strong appetite for travel, but they’re being thoughtful about where they go and how they spend their money,” she said. “The United States remains an important destination for winter getaways, cruises and visits with family and friends.”

“That said, travel patterns have changed,” Acton-Gervais added. “Some Canadians continue to choose familiar U.S. destinations, while others are looking at alternatives. There are several factors at play, including affordability, exchange rates, personal preferences and the broader political climate.”

“I often say that travel is trade. It’s an important economic driver that supports businesses, jobs and communities on both sides of the Canada–U.S. border. Strengthening relationships, offering good value and ensuring Canadians feel welcome will be important in the months ahead.”

What can travellers do?

You can’t control trade policy, but you can control what you spend on your next trip. Whether you boycott the U.S., go back or look elsewhere, here are some steps to protect your budget:

• Watch for travel deals. U.S. destinations that have lost Canadian visitors have reason to win you back. Compare prices and look for specials and last-minute deals, but book only through trusted sellers and read the cancellation terms
• Know your rights in the event of a cancellation. Read the airline’s refund policy before booking. The Air Passenger Protection Regulations, enforced by the Canadian Transportation Agency, the federal air travel regulator, cover some flight disruptions.
• Cut currency costs. Most Canadian credit cards add a foreign transaction fee of about 2.5% on top of the exchange rate for purchases in another currency. Some cards waive that fee, which can save you money on every purchase you make while travelling. Check your cardholder agreement or contact your card provider
• Buy travel medical insurance. Provincial health plans cover little of the cost of emergency care in the U.S., and hospital bills there can be exorbitant. Check what coverage your employer or credit card plan offers before you buy
• Consider a “stay-cation.” Canada is beautiful, vast, diverse and offers so much to curious travellers. The country’s own tourism sector benefits when you travel domestically, and there’s no currency exchange

O’Leary shared his wealth-building philosophy in a video posted to X (1), delivering the same advice he gives his own children: “Save it, invest it, let it compound.”

It’s a simple approach that strips away intimidating complexity and focuses on three core principles that anyone can follow, regardless of their income level.

But is it really that simple?

O’Leary: Save first, spend later

The foundation of O’Leary’s strategy revolves around one non-negotiable rule: “Don’t spend it,” he emphasized in his video message (1). That way, you can invest your money and let compounding do its magic.

But what does O’Leary mean by letting it compound?

The answer lies in the power of compound interest and market growth. In the video, he points to historical market returns of 8% to 10% annually, meaning that money put into it and left to grow should increase in value by 8% to 10% each year on average — assuming the markets keep performing as they have historically.

In other words, every dollar you invest today could become significantly more valuable decades down the road.

As for how much you should be putting into this strategy, O’Leary’s magic number is 15% of your earnings. This consistent percentage applies to all income sources, ensuring that your wealth-building efforts accelerate as your earning power increases.

“Take 15% of every paycheck, I don’t care how big it is. Or any gift Granny gives you. Or anything you get in a side hustle, and invest it,” he said in the video.

Granny would want you to make the most of her gift.

Balancing present needs with future wealth

To some Canadians, setting aside 15% of your income might seem daunting, especially when you’re juggling rent, groceries and other essential expenses. The key might be to view this percentage not as optional spending money, but as a non-negotiable bill that you must pay to your future self.

You could start by creating a budget that prioritizes your investment contribution right after essential expenses like housing, food, transportation and minimum debt payments. You might even consider it your “wealth tax” — a mandatory payment that builds wealth as opposed to depleting it.

Plus, you don’t necessarily have to start at 15%, if that percentage feels impossible. Instead, you might begin with whatever percentage you can manage consistently. Even 5% or 10% creates momentum and sets the habit.

You can always increase the percentage as you pay down debt, receive raises or find new ways to reduce expenses.

Minimizing transaction costs

One way to reduce expenses is to minimize what economists call ‘transaction costs.’ Transaction costs are exactly what they sound like — extra expenses on top of the price of any good or service.

While they might just be seen as the cost of doing business, having to pay a hefty commission on trading stocks might be the difference between investing 10% and 15% of your paycheque.

That’s why you might want to shop around for trusted brokerages that offer minimal commissions and fees.

Online platforms like CIBC Investor’s Edge offers the security of one of Canada’s biggest banks without having to pay huge transaction costs. Plus, with their comprehensive online trading platform, it actually pays to trade more. Active traders making over 150 trades a quarter can enjoy a discounted commission rate of $4.95 per trade. What’s more, CIBC doesn’t charge any account or maintenance fees if the combined market balance of all accounts is greater than $10,000.

Opening a brokerage account with CIBC Investor’s Edge can help you invest without being dragged down by commissions and fees — keeping your cash where it belongs, with you.

Canadian retirement plans — RRSP vs. TFSA

In addition to investing yourself, Canada’s Registered Retirement Savings Plan (RRSP) and the Tax-Free Savings Account (TFSA) are both powerful savings tools. Your best strategy might be to use one or a combination of both.

Here’s a relatively painless way to start:

1. Take advantage of the group RRSP: If your employer offers a group RRSP (2) with matching contributions, this could be your first step. It’s essentially free money that offers the highest-return “investment” you can make. Many employers will match your contribution dollar-for-dollar up to a specific percentage of your salary, such as 3%. By contributing just enough to get the full match, you could instantly double your savings.

2. Focus on the TFSA: If your employer doesn’t offer an RRSP match, or if you’ve contributed enough to get the maximum match, you can direct your savings to a TFSA (3). A TFSA allows your investments to grow completely tax-free — and you can withdraw the funds at any time, for any purpose, without penalty or tax. This makes it ideal for a down payment on a home, vehicle or emergency fund. However, there’s a maximum you can contribute each year without penalties. In 2026, the maximum annual contribution was $7,000 (4).

3. Move to the RRSP: Once your TFSA is maxed out for the year, you can focus on contributing to an individual RRSP. An RRSP contribution is tax-deductible, so it reduces the income tax you owe for the year, giving you a tax refund that you can then use to contribute even more.

From there, you can take a small portion of your next raise — or more — and add it to your contribution. With each raise that follows, you could keep doing the same until you’re saving a total of 15% or more.

You’ll barely notice the difference in your paycheque, but your future self will thank you for the slow, steady climb.

Time is your biggest asset

The earlier you start investing, the more dramatic your results become. This is where compound interest truly shines, turning modest contributions into substantial wealth over decades.

Consider a person who starts investing 15% of their $65,000 salary at age 25. They contribute $9,750 annually (or $812.50 monthly) to diversified index funds, earning an average annual return of 9%. By age 65, their investments will have grown to approximately $3,428,000 — despite contributing just $390,000 of their money over 40 years.

Compare that to a second person who waits until age 35 to start the same investment strategy. Their final balance at 65 would be around $1,382,900, despite contributing $292,500.

The first person’s 10-year head start resulted in about $2,045,000 more retirement savings, even though they only contributed an additional $97,500 of their money.

This dramatic difference illustrates why O’Leary recommends you start saving immediately, regardless of age or income level. Time multiplies money in ways that higher salaries alone can’t match.

It’s never too early — or too late — to start saving.

Find the right place for uninvested cash

Of course, not all your extra income goes immediately into investments. There are other things to consider, such as having an emergency fund.

As its name implies, an emergency fund is for emergencies — anything from the sudden loss of a job to unexpected health issues — that allows you to cover unforeseen expenses without going into debt.

One way of setting up an emergency fund that can also grow your uninvested cash is by putting it into a high-interest savings account (HISA), which gives you access to your funds when you need them while earning interest over time.

With an EQ Bank HISA, not only can you build your emergency fund with interest rates as high as 2.75% — up to 6x higher than the rates offered by big-name banks in Canada — but also you’re charged no monthly fees and can make unlimited transactions without requiring a minimum balance.

Plus, if you’re worried about the security of your funds, deposits with EQ Bank are backed with CDIC deposit insurance of up to $100,000.

The power of cutting unnecessary spending

In case he wasn’t already clear, O’Leary repeats a crucial caveat in his video: “Just don’t buy crap you don’t need.”

He’s particularly vocal about small daily expenses that seem insignificant but add up to substantial amounts over time.

At the same time, you don’t have to live like a hermit. The goal is distinguishing between purchases that genuinely enhance your life and those that provide momentary satisfaction. To do so, you can even create a ‘want versus need’ filter for discretionary spending.

When looking at a purchase, you can always ask yourself this question: Will it matter to me in five years, or will investing this money instead set me up for financial freedom?

Find some ‘wiggle room’ on your insurance

There are also some expenses that might seem like fixed costs, but there’s actually more wiggle room than you might think.

One of these expenses is your car insurance, the cost of which has soared in recent years. For instance, auto insurance premiums climbed 18.9% in the five years between October 2020 and October 2025, according to Statistics Canada (5).

If you were simply auto-renewing your policy during that time, you could be overpaying every month without realizing it.

However, by using a comparison platform like Rates.ca, you could get 20+ quotes from top-rated auto insurance providers and potentially save more than $500 in as little as three minutes.

Here’s how it works: Just answer a few basic questions, and Rates.ca will show you the most affordable deals in your area. That’s it. Not only is the process 100% free, but you could save as much as 20% by bundling your auto and home insurance together.

Banking perks of being a professional

Some Canadians may also qualify for profession-specific banking perks that can help reduce everyday banking costs.

For instance, National Bank offers specialized banking packages for professionals in fields like healthcare, engineering, IT, finance, law, teaching, public service, administration, architecture, agriculture and more. Depending on eligibility, the offer can include the following:

• Up to three bank accounts with no fixed monthly fees, with an eligible Mastercard rewards credit card (certain fees apply)
• Personal and home equity lines of credit with preferred terms and conditions
• Preferred value-added services like legal assistance and identity theft protection
• Access to a financial advisor
• An eligible Mastercard rewards credit card (certain fees apply)

According to National Bank, eligible professionals can unlock up to approximately $1,313 in annual savings with higher savings available for select professions such as healthcare and IT.

The special offer covers more than 150 professions, including a wide range of professionals and specialists — and eligible individuals can enjoy even more savings when you combine specific banking products and services.

Find out if you work in an eligible profession and explore your options.

O’Leary on turning a $65K salary into seven figures

You don’t need a big raise, a windfall or perfect market timing to put O’Leary’s formula to work. You need a habit you stick with for the long haul.

His rule is to invest 15% of every paycheque, every gift from Granny and every dollar from a side hustle, and then leave it alone. If 15% feels like too much right now, start smaller and raise it with each pay increase. Above all, start early, because time does more of the work than your salary ever will.

Article sources

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

@kevinolearytv (1); Financial Consumer Agency of Canada (2); Canada Revenue Agency (3), (4); Statistics Canada (5)

The quarter-point move, announced Oct. 28, lifts the policy rate to 2.5%, up from 2.25% where it sat unchanged for more than three years. One portfolio manager described it as a pre-emptive strike against inflation, while another economist warned it’s likely the first step of several.

For households that are already struggling to manage high fuel costs and a shaky job market, a single quarter point may not sound significant. Whether you should do anything about it depends on what comes next.

Why did the Bank of Canada raise rates now?

That the Bank raised rates shouldn’t have come as a surprise. The BoC is worried about inflation spreading. CPI inflation has been around 3% since April and is expected to hit about 3.5% by the end of the year, driven by persistently high oil prices, according to the central bank’s October rate decision. The bank said it hiked rates to reduce the risk that continuing high energy prices spread broadly to the prices of other goods and services.

Earl Davis, head of fixed income and money markets at BMO Global Asset Management, the investment arm of Bank of Montreal, told Bloomberg that the BoC is trying to get ahead of consumers who might spend more now to beat expected price increases — which is why he sees it as a pre-emptive hike. He also thinks the move came too early, citing market volatility he expects to return in the fourth quarter.

Could rates rise again in December?

Another hike in December is possible, though it’s not a guarantee the bank will raise rates again before the new year. The BoC said “There could be a need to increase the policy rate further,” but it added that it would proceed carefully given the uncertainty.

Tu Nguyen, an economist at RSM Canada, an audit, tax and consulting firm, was more matter of fact. She told Bloomberg this is “the first hike in a hiking cycle” and said Canadians should expect the next increase as early as December, with more to follow in 2027.

Not everyone sees a steep climb ahead. Davis noted that markets had been pricing in more than 100 basis points of hikes, including this one, and he expects that to shrink to about 75. A weak job market could also slow the BoC down. Canada shed a net 68,300 jobs in September, erasing this year’s employment gains.

The next rate announcement is scheduled for Dec. 9 at 9:45 am ET.

How much more will you pay on a variable mortgage or HELOC?

All six of Canada’s biggest banks raised their prime lending rates to 4.70%, effective Oct. 29, according to Canadian Mortgage Trends. TD’s separate mortgage prime rate is expected to rise to 4.85%.

For example, on a $500,000 variable-rate mortgage, a 0.25 percentage-point increase adds about $1,250 in interest over a year, or roughly $104 a month. A $50,000 home equity line of credit (HELOC) costs about $125 more a year. If the BoC hikes again next month, those figures roughly double.

How that increase impacts your household depends on your mortgage. With an adjustable-payment variable mortgage, your payment rises. With a fixed-payment variable mortgage, your payment will stay the same, but more of each payment goes toward interest, so you pay down principal more slowly.

Fixed rates aren’t the safe harbour you might assume. Those rates rose steadily in September as five-year Government of Canada bond yields climbed.

There is some upside for savers, though it may be modest. The Globe and Mail points out that banks are often quick to raise what they charge borrowers but slower to raise what they pay on deposits. If your savings account rate doesn’t move, your best move is to shop around rather than wait for your bank to adjust.

What to do now

• Check whether your variable mortgage has adjustable or fixed payments, and ask your lender how close you are to your trigger rate
• Pay down prime-linked debt such as HELOCs and personal lines of credit first, before paying down fixed-rate debt
• If you renew in the next 12 months, ask your lender or broker about a rate hold now
• Before considering locking in a fixed rate, compare the fixed rate on offer with the cost of one or two more hikes, and ask whether conversion triggers any fees
• Budget for your mortgage payment to rise another 0.25 to 0.50 percentage points
• Compare high-interest savings and GIC rates beyond your main bank, including inside your TFSA

The Bank has signalled it will move cautiously, so a December hike is a real possibility rather than a certainty. Your goal over the next six weeks is to know what another quarter point would cost your household, and whether or not you can absorb it.

For the housing market, the stakes are already clear. As Phil Soper, CEO of Royal LePage, a national real estate brokerage, told The Canadian Press, the real question is whether this is a one-time adjustment or the start of sustained tightening. As he put it, “higher borrowing costs will only deepen that challenge.”

Yet, despite fears associated with a slowing economy — including a plan to slow personal spending — Canadians are reporting an improvement in personal financial health. The results of the BoC survey reveal a mixed outlook for Canadian households with recession fears widespread across the nation.

Here’s what the findings say about the economy — and how to prepare your finances without overreacting.

Why the BoC watches what you expect inflation to be

The BoC tracks inflation expectations because they can influence how households spend, save and borrow.

If consumers expect prices to keep rising, they may bring purchases forward, cut discretionary spending or seek higher wages. Those choices can affect demand across the economy and complicate the task of bringing inflation back to target.

Now, in the third quarter of 2026, Canadian consumers are increasingly convinced that long-term inflation is here to stay — with 3.9% respondents anticipating still higher living costs, up from 3.4% in the previous quarter. Tariffs, trade tensions and energy prices remained key concerns.

Who sees a recession coming?

About half of consumers expected Canada to enter a recession within 12 months, while businesses were considerably less pessimistic.

In her analysis of the BoC’s third-quarter business and consumer surveys, TD economist Maria Solovieva reported that the share of firms expecting a recession fell to 6%, from 17% in the previous quarter.

“The divergence between consumers’ and businesses’ inflation expectations is puzzling,” noted Solovieva. “Consumers anticipate stronger and more persistent long-term pressures, while businesses continue to view the recent inflation shock as temporary.”

There is an important timing caveat to the survey results, with roughly three-quarters of responses to both surveys collected before Canada-U.S. trade talks broke down around Aug. 21, 2026. Solovieva noted that responses gathered after the collapse pointed to a somewhat more negative outlook.

The consumer findings were mixed, too. Perceptions of personal financial health improved, helped by higher financial asset values and greater confidence in the labour market. But spending intentions fell by 13 percentage points, particularly among households expecting higher inflation.

Overall, the results suggest consumers were more worried about the economy than businesses were in the same quarter, with ongoing uncertainty continuing to dampen household spending.

The AI-anxiety finding

The BoC survey also found that workers in sectors where artificial intelligence (AI) poses a greater risk of replacing tasks remained more concerned about job security. They were also less confident about finding another job, contributing to weaker labour-market perceptions among this group.

Still, AI use at work was not uniformly negative. About 40% of workers said they used AI on the job, and those users estimated they would need about five additional hours each week to complete the same amount of work without it.

The results point to two different concerns: AI can help workers become more productive, while leaving some uncertain about the future of their roles or employment prospects.

A recession-ready checklist

While the survey does not predict if or when a recession may occur, it is a reminder that smart strategies can be used to lessen the impact of an economic downturn.

Here’s how to check if your finances would hold up if your income fell or expenses increased.

• Build an emergency buffer. Set aside what you can for essential expenses if your income is interrupted. If several months of savings feels out of reach, start with a smaller, achievable target.
• Prioritize high-interest debt. Keep up with required payments and, where possible, direct extra money towards balances carrying the highest interest rates.
• Review recurring expenses. Look at housing, insurance, subscriptions and vehicle costs. Knowing what you could cut if necessary gives you more flexibility if your circumstances change.
• Stress-test your budget. Consider how you would manage if your hours were reduced, a household income disappeared temporarily or an unexpected bill arrived. Identify which costs you could reduce and what savings you could draw on.
• Avoid knee-jerk investment decisions. Before changing a long-term investment strategy because of recession headlines, consider your time horizon, risk tolerance and actual financial needs.

Canadians cannot control whether the economy enters a recession, but they can prepare for the possibility.

Building savings where possible, reducing expensive debt and knowing which expenses could be adjusted are more useful responses to uncertainty than making major financial decisions based on recession headlines alone.

Money.ca sought comment from Maria Solovieva at TD Economics and Chuck Grace, Founder at Canada’s Financial Wellness Lab. There was no response from either representative at the time of publication.

Ontario Superior Court Justice Janet Leiper has signed off on a $213.5-million class-action settlement over how Sun Life, the Toronto-based insurer, handled those policies. Around 70,000 current and former policyholders across Canada stand to benefit from the ruling.

But the payment isn’t automatic for everyone. To get the funds, former policyholders and representatives of estates for those who have died will need to apply, and any money left unclaimed goes back to the insurer.

What was the Sun Life class action about?

The case, Fehr et al. v. Sun Life Assurance Company of Canada, began in 2010 and concerns three universal life policies originally sold by MetLife: Universal Plus, Flexiplus and OptiMet.

According to the court’s decision, policyholders alleged that Sun Life breached the terms of the policies by raising cost of insurance (COI) rates and administrative fees based on “impermissible factors.” A second claim argued that holders of pre-1992 Universal Plus policies were charged more than the “Maximum Premium” listed in their contracts.

Sun Life denies wrongdoing. In an April 30 statement, Sun Life said it inherited the policies through past Canadian acquisitions and didn’t sell them. The company said it would seek full recovery from MetLife under an indemnity if the settlement was approved. The Ontario Superior Court of Justice approved the deal on Sept. 8, 2026, and the settlement took effect Oct. 8, 2026.

Who qualifies for a payment?

The settlement includes $142.5 million in cash and $71 million in future rate protections. Roughly 33,000 current and 27,900 former Flexiplus holders will benefit, along with 7,500 current and 1,000 former Universal Plus holders.

Flexiplus holders are eligible for cash if they paid COI or administrative fee increases. Universal Plus holders qualify if they bought their policy before 1992 and paid COI charges above the Maximum Premium.

Despite the favourable ruling, policyholders shouldn’t expect a full refund. Eligible Flexiplus holders will receive a gross recovery of 37% to 42% of the alleged COI overcharges and 20% to 39% of the alleged excess fees. Eligible holders of pre-1992 Universal Plus policies will receive a gross recovery of 36% to 40% of the COI charges they paid above the Maximum Premium.

In other words, these figures are a share of what was allegedly overcharged, not a dollar-for-dollar refund.

And then there are the legal costs — expenses that also come out of the overall $213.5-million settlement. According to documents, the court approved class counsel fees of about $63.3 million plus harmonized sales tax (HST), along with roughly $2.4 million in disbursements and honoraria of $25,000 for each of the policyholders who led the case.

Who doesn’t qualify for a payment?

Some policyholders won’t receive anything. OptiMet owners are excluded because their cost of insurance never rose beyond what their policies set out.

Owners of Universal Plus policies from the 1992, 1994 and 1998 series are also excluded, because the court found that the wording in those later policies changed what Maximum Premium meant.

Anyone who previously signed a release is ineligible as well, including people who joined Sun Life’s 2010 Flexiplus Options Program.

People who still hold a policy get a second benefit. Flexiplus COI rates and fees are permanently frozen, while pre-1992 Universal Plus COI charges are capped at 3.15x the base Maximum Premium.

Do you have to file a claim?

It depends on whether you held the policy as of March 31, 2026.

Current policyholders

Eligible current holders will receive a cheque in the mail — no application required. If that cheque goes uncashed or can’t be delivered, Sun Life will deposit the money into the policy’s accumulation fund.

Former policyholders and estates

Former owners and estate trustees must apply to the claims administrator. The deadline will be at least 12 months after the claims period opens. If your name appears on Sun Life’s approved list, you won’t need to submit any supporting documents. An online database will let you confirm whether you’re on that list.

If you believe you qualify but were left off, you can file a disputed eligibility form with supporting paperwork.

Any unclaimed cash returns to Sun Life.

Why do older universal life policies get more expensive?

With universal life insurance, the premium you pay and the cost of insurance are separate numbers. The COI rises as you age, and once it outpaces your premium, the policy starts drawing down its own savings. Some increases are built into the contract as you age; the lawsuit alleged Sun Life went further, raising rates based on factors the policies didn’t allow.

Quebec’s Autorité des marchés financiers (AMF), the province’s financial regulator, created a hypothetical scenario to illustrate how age-based increases add up. A 54-year-old man paid $600 a year on a $100,000 policy. At 68, his savings were gone, he owed $503 and his COI for the next year was set at $1,384.

The judge noted that many class members are aging, rely on fixed incomes and may no longer be insurable. In the only objection filed, two Ottawa policyholders wrote to the court that they feared rising charges would force them to let their policy lapse “after 37 years of payments.”

What to do next

If you think you or a family member held a Flexiplus or Universal Plus policy, check your old policy documents for the product name and the original issuer, MetLife. Estate trustees should look through the deceased’s papers.

Current policyholders don’t need to do anything; eligible holders will be paid automatically. Former policyholders and estates will need to apply once the claims period opens.

To check your eligibility or get updates, contact the claims administrator, CA2 Inc., at 1-800-538-0009 or sunlife@classaction2.com. You can also email class counsel at SunLifeClassAction@complexlaw.ca or visit sunlifeclassaction.com.

He made the case on Oct. 23 during a trip to Turkey, where he raised concerns about the manipulation of SpaceX’s Starlink system, which made it harder for Ukraine to defend itself. Ukrainian troops have reported drones losing their connection after speed caps hit Starshield, the network’s military-grade version.

It isn’t the first time that Carney spoke out against the Elon Musk-controlled internet company. In September, Carney told The New York Times: “we will diversify away from [Starlink], no question.”

Carney’s comments are more than a foreign-policy talking point. Canadians may be tied to Starlink as a subscriber, an investor or a taxpayer funding a homegrown rival — and each exposure carries a separate risk.

Why did SpaceX slow Starlink in Ukraine — and is it over?

Since Oct. 14, Ukrainian officials have accused SpaceX of undermining the country’s defence by imposing speed limits on Starshield, the military-grade division of the firm. On Oct. 20, The Wall Street Journal reported that Musk himself directed these limits — that same day, he stated on X that Starshield is controlled by the U.S. government.

On Oct. 24, as Ukraine’s Defence Ministry acknowledged that Starshield connection speeds had been restored, Musk confirmed on X that SpaceX had throttled Starlink in Ukraine. To be clear, both Starlink and Starshield services in Ukraine were throttled for about 10 days in October 2026, severely impacting Ukrainian air defense and drone interception operations.

Musk alleged that Ukraine’s military had violated Starlink’s terms of service by using the civilian network for offensive drone strikes, claiming that SpaceX had closed “that loophole.” He also maintained that Starshield is a separate system — controlled by Washington.

Kyiv rejects that account. Serhii Beskrestnov, a defence technology adviser to Ukrainian President Volodymyr Zelenskyy, said civilian Starlink terminals in his country were already limited to speeds of 70 to 90 km/h and didn’t work in Russia. In his view, that made the use Musk described improbable.

A group of Democratic lawmakers led by Sens. Adam Schiff and Peter Welch and Rep. Gregory Meeks gave Musk until Oct. 31 to answer five questions about the disruptions.

As North Dakota Sen. Kevin Cramer said in an interview published Oct. 22 in Politico: “There are certain things the government has to do that can’t be so dependent on others. And fighting wars is one of those things.”

For Carney, he confirmed during his trip to Istanbul, that the Starlink slowdown had “real consequences, human consequences, direct casualties,” adding that he does not want Canada “to be caught in a situation where we are reliant on one provider that may change their view.”

Should Canadian Starlink subscribers worry about losing service?

As of now, no. Starlink said that it had more than 500,000 Canadian customers as of July 2025, many of whom live in rural and northern areas with few broadband choices. There have been no announcements on any restrictions on household subscriptions.

However, Ukraine’s experience shows that service terms can be fickle. Provincial support has shifted with politics, too. Ontario, which had previously agreed to a CA$100-million Starlink program for up to 15,000 underserved homes and businesses, officially cancelling the contract in March 2025 amid a tariff dispute with the U.S.

And Telesat, the federally backed alternative that’s been in business for almost 60 years, won’t compete for those customers directly. Instead, it’s positioning its Lightspeed network as a carriers’ carrier, meaning that it will be available to governments, businesses and internet providers rather than households. Eventually, Canadians could get access to the Telesat network, but only after the service is offered through retail internet providers.

What does the slowdown mean for SpaceX stock in your investment portfolio?

If you hold SpaceX in a Tax-Free Savings Account (TFSA) or Registered Retirement Savings Plan (RRSP) or any investment account, what happens to Starlink affects your returns. SpaceX priced its initial public offering (IPO) at US$135 a share, and the stock opened at US$150 when it began trading on June 12. It eventually climbed as high as US$225.64 in the following weeks before falling as low as US$104.83 over the summer. Shares closed at US$146.90 on Oct. 26.

Starlink still earns more than a third of the company’s profit: the Connectivity segment, which is mainly Starlink, generated about 36% of operating income in the third quarter. But since SpaceX merged with xAI, Musk’s artificial intelligence (AI) company, xAI has become its biggest source of revenue, bringing in more than half (51.9%) of third-quarter sales.

Strong earnings gave the stock a brief lift. Shares jumped about 7.5% in after-hours trading on Oct. 20 after SpaceX reported third-quarter revenue up 161%, beating Wall Street estimates. By Oct. 23, the gain had disappeared. Meanwhile, the U.S. lawmakers’ letter argued that Musk’s alleged control over a foreign military’s communications would require disclosure of “elevated risks for corporate governance, geopolitical exposure” to investors.

Rival stocks show how fast sentiment can swing. Shares of Eutelsat, the French satellite operator that owns the OneWeb network, surged 23% on Oct. 14, their biggest one-day gain in 16 months. Luxembourg-based rival SES rose 2.6%.

You may also own SpaceX without realizing it. Various workplace pension funds are investors of Space, including the Ontario Teachers’ Pension Plan, which holds a stake in SpaceX worth nearly US$8.7 billion as of June 30. If it still holds the same 50.7 million shares, that stake was worth about US$7.4 billion at the Oct. 26 close.

On SpaceX’s Oct. 20 earnings call, Musk said SpaceX and Tesla had each formed special committees of independent directors to consider a merger, though no terms have been agreed and there’s no guarantee of a deal. A merger could concentrate the risk further for anyone who holds both stocks.

Is Ottawa’s Telesat bet a safer alternative?

Ottawa lent Telesat CA$2.14 billion for Lightspeed in 2024. In return, it received warrants for 10% of Telesar LEO, the subsidiary building the network, at a US$3 billion valuation. Quebec added a CA$400-million loan, with warrants for 1.87%.

Telesat trades on the Toronto Stock Exchange (TSX) and Nasdaq. When it went public in 2021, New York-based MHR Fund Management and PSP Investments, a federal Crown corporation that manages public-sector pensions, were each set to own about 37%. Telesat also still depends on SpaceX to get Lightspeed into orbit. Its satellites are booked on Falcon 9 rockets, with one more launch still being finalized.

The Defence Investment Agency, a federal agency created in October 2025 to speed up military purchasing, signed a CA$2.3-billion deal with Telesat in August, which is meant to secure broadband coverage in remote northern locations. It will benefit Canadian military activities, including Canada’s participation in the North American Aerospace Defense Command. Service under that contract is set to start in early 2028 and could grow as high as CA$2.7 billion with options. The deal adds 69 satellites to the constellation.

For taxpayers, the repayable loan structure offers some protection. But investors eyeing Telesat as a sovereignty play should note that no Lightspeed satellites are in orbit yet. The first two are scheduled to launch in December, and commercial service isn’t expected until early 2028.

What to do now

Starlink users:

• Set up a backup, such as a mobile hotspot, in case of service disruptions if you rely on the internet for work, health or emergencies
• Before buying equipment, check whether your province helps with setup costs. Alberta’s new rebate covers up to CA$1,000 for about 10,000 eligible rural households until March 31, 2027, and Nova Scotia offers up to CA$1,000 for homes without wired or wireless service

Investors:

• Add up any direct and indirect SpaceX exposure across your TFSA, RRSP, exchange-traded funds (ETFs) and any Tesla shares you may have
• Treat a stock tied to one founder’s choices as a position-sizing question

Across the aisle, Liberal MP Lisa Hepfner (Hamilton Mountain) also took aim at Cleveland-Cliffs, alleging to reporters that CEO Lourenco Goncalves “deliberately made a situation where Stelco looked like it wasn’t making any money.”

“He took it over so that it would not do well, and then he would have a strong position with his U.S. assets,” she added.

Stelco calls the layoffs temporary and hopes to bring the 175 workers currently off the job back before Christmas. Ottawa says the cuts break promises the Ohio-based company made when it bought the steelmaker in 2024. In the meantime, mortgages and car payments are still coming due.

Who wants Ottawa to sue, and what could a court do?

Calls for legal action are mounting. Earlier in October, Conservative Leader Pierre Poilievre urged Ottawa to sue as part of a five-point steel plan, saying: “Enough theatre; we need results.” Ron Wells, president of United Steelworkers (USW) Local 1005, the union representing Hamilton workers, has also said he wants the federal government to follow through on its threats.

The dispute centres on the Investment Canada Act, the federal law used to review foreign takeovers of national companies. Industry Minister Mélanie Joly says the Stelco takeover came with a promise to keep an annual average of at least 1,766 full-time-equivalent unionized and full-time-equivalent 603 salaried workers. Her Oct. 22 letter gave the company 15 days to respond, a deadline that falls on Nov. 6. Before then, Stelco is due to update its compliance report to Ottawa once its current reporting period closes on Oct. 31. After that, if Ottawa goes to a superior court, a judge could order compliance, impose fines of up to $10,000 a day or force a sale of the company.

Cleveland-Cliffs says it has kept its word. In an Oct. 26 letter to Joly, the company said Stelco is in full compliance with all 34 of its undertakings and projects that Stelco’s unionized workforce will average at least 1,879 full-time-equivalent employees this reporting period. That is 113 above the required minimum, with salaried staff averaging 627 against a required 603. Joly maintains the company has broken six of its commitments.

Goncalves also said in a statement to The Canadian Press that the layoffs number 175, not 500. While he’s hoping for that Christmas deadline, Goncalves noted how it is dependent on “Canadian customers buying Canadian steel, made by Stelco.”

Why does it matter whether a layoff is ‘temporary’?

Much of the legal fight comes down to whether a laid-off worker still counts as an employee, with Christopher Achkar, managing partner at Achkar Law, telling Global News that the key question is whether headcount holds steady during a temporary layoff.

For workers, that distinction affects their pay. Under Ontario’s Employment Standards Act, a temporary layoff generally lasts no more than 13 weeks in any 20 consecutive weeks. It can stretch to under 35 weeks in a 52-week period if specific conditions are met, such as the employer continuing substantial payments or benefits. For unionized workers, recall rights in a collective agreement can also extend it.

Once a layoff goes past those limits, it’s treated as a termination, which can trigger termination pay and, for some long-service workers, severance.

For Kuruc, waiting out that legal timeline defeats the purpose of the federal agreements meant to shield Hamilton jobs in the first place.

“Contracts are put in place to protect our interests and protect the workers,” Kuruc told reporters. “If we don’t enforce them, then what do we have?”

On Oct. 28, 2026, the Competition Tribunal fined Rogers $15 million over misleading marketing for its Infinite wireless plans. The ruling takes aim at a word almost every major Canadian carrier has leaned on for years: unlimited.

Rogers isn’t the only telecom playing this game, which means the real takeaway isn’t about pointing fingers at one company. It’s about knowing exactly what your monthly bill buys — and what to do when a plan doesn’t live up to the pitch.

What did the Competition Tribunal decide about Rogers?

The Competition Bureau, the independent federal law enforcement agency that polices misleading advertising, took Rogers to the tribunal in December 2024. The application alleged that Infinite marketing misled consumers by implying unrestricted data access, when exceeding the plan’s cap actually resulted in bandwidth throttling of more than 99%.

The tribunal ruled in the bureau’s favour. Rogers was ordered to pay a $15-million penalty, publish a corrective notice and cover the bureau’s legal costs, according to The Canadian Press (CP).

The bureau originally sought a $15-million penalty combined with customer restitution, proposing an alternate fine of $135 million if compensation was not mandated. The summary released so far doesn’t mention refunds, and the tribunal’s full reasons are expected within 10 business days.

Rogers, which says its plans helped eliminate overage fees when they launched in 2019, isn’t conceding. “We stand behind our advertising and are considering next steps,” the company said in a statement.

Why isn’t ‘unlimited’ data always unlimited?

Most Canadian “unlimited” plans are really two tiers in disguise: high-speed data up front, followed by a crawl. That slowdown is called throttling, which happens when a provider deliberately reduces your data speed.

Other Canadian carriers do the same: exceed your limit, and speeds drop to a crawl of 512 Kbps. According to CP, that slower speed is usually tucked away in the footnotes. The bureau has warned telecom advertisers since 2017 against promising unlimited services that come with caps or extra fees.

Rogers maintains that Infinite customers get so much full-speed data it might as well be unlimited for normal use. And for light users, that might actually hold up. But if you stream video, work remotely from a hotspot or share data across a family plan, the cap — not the label — is the plan you’re really paying for.

How can you tell how much fast data you’re really getting?

So, how do you find out what you’re actually paying for? It’s time to dig into the fine print.

Under the Wireless Code, set by the Canadian Radio-television and Telecommunications Commission (CRTC), the federal telecom regulator, carriers must give you a Critical Information Summary that reflects your contract. Look for these three details:

• The amount of high-speed data, in gigabytes
• The speed you drop to after that
• Whether hotspot use counts toward the cap

Next, check your carrier’s app or online portal for your last three months of usage. If you regularly hit the cap before your billing cycle ends, a plan with a bigger high-speed allotment may be the better value, even one not labelled “unlimited.” If you don’t even come close, you may be paying for data you don’t use.

Are you about to sign a new contract? CRTC rules give you a trial period of at least 15 days to cancel without penalty. To qualify, you have to stay under the allowed limit — which gives you at least half your normal monthly data — and hand back the phone in practically mint condition. People who self-identify as having a disability get at least 30 days.

What can you do if your plan doesn’t match the ad?

If your plan wasn’t delivered as advertised, contact your carrier first. Do it in writing if possible, and keep screenshots of the ad or offer.

If that goes nowhere, escalate to the CCTS — an independent agency that resolves telecom disputes for free.

You won’t be alone in the process. The CCTS accepted 19,157 complaints between Aug. 1, 2025 and Jan. 31, 2026, up 61% from a year earlier. Wireless issues accounted for 56% of the issues raised.

You can also report suspected misleading advertising to the Competition Bureau through its online complaint form.

What to do now

• Check your carrier’s app for your last three months of data usage
• Find your Critical Information Summary and note the high-speed cap and throttled speed
• Compare plans by high-speed gigabytes, not marketing labels
• Ask whether hotspot data counts toward the cap before you sign
• Take advantage of the 15-day trial period if your new plan doesn’t work out
• Escalate unresolved disputes to the CCTS

Based on details released so far, the penalty won’t put money back in customers’ pockets. But it’s a reminder that a plan’s name is marketing, and the numbers in your summary are the actual deal. As then-commissioner Matthew Boswell said when the case was filed, “Canadians need accurate and truthful information when purchasing goods and services.”

Goncalves also said he bought Stelco to stop it from flooding the U.S. market with cheaper steel. On Oct. 28, Industry Minister Mélanie Joly said that the government has contacted its lawyers about what she called these “confessions,” and questioned whether the company made its takeover commitments in good faith.

Meanwhile, the layoffs are moving ahead. Cleveland-Cliffs has laid off 175 workers in Hamilton so far, out of up to 500 planned cuts in Hamilton and Nanticoke, Ontario.

Why Ottawa’s job promises may not protect your paycheque

Cleveland-Cliffs bought Stelco in a $3.4-billion deal. Federal approval came under the Investment Canada Act, the law governing foreign takeovers, and it was conditional on five years of binding commitments. Joly has accused the company of breaking six of those promises and says Ottawa could go to court, seek financial penalties or force a sale. In an Oct. 22 demand letter, she gave the company 15 days to resolve the issue, which puts the deadline around Nov. 6.

Among those commitments, according to Joly’s letter, was keeping Stelco’s average unionized workforce at no fewer than 1,766 and its salaried workforce at no fewer than 603. Cleveland-Cliffs says it’s in full compliance and that a review of all 34 undertakings shows Stelco has met each one. The company blames U.S. tariffs and weak demand for the cuts, though it said just days before Joly’s letter that Stelco had its strongest quarter since the acquisition.

Either way, those commitments are between the company and the federal government, and workers aren’t a party to them. Stelco has also told Ottawa the undertakings don’t include a commitment to avoid layoffs.

A superior court can order a buyer to honour its undertakings, with penalties of up to $10,000 a day. But union officials worry the legal process could take months. Any legal victory may arrive long after the last paycheque.

What would a sale mean for Stelco workers?

On Power & Politics, Goncalves said he would sell Stelco after Cleveland-Cliffs operates it for a while longer: “…now that I know that I’m persona non grata in Canada, I will do that.”

Goncalves also objected to Joly publicly discussing potential buyers and insisted the company isn’t on the market. “The Minister of Industry is not a realtor of companies,” he said.

A new owner isn’t automatically bad news, since a buyer committed to Canadian production could bring jobs back. But a sale would add another layer of uncertainty on top of the layoffs and any resulting court battles. The safer assumption is that nothing will be settled quickly.

Earlier in October, Ron Wells, president of United Steelworkers Local 1005, the union representing Stelco’s Hamilton workers, said only 46 positions are open at Nanticoke for displaced Hamilton workers.

How long can a temporary layoff last in Ontario?

Many of the cuts are tied to idling the cold mill and coating departments in Hamilton. Stelco describes the layoffs as indefinite, while the union considers them temporary under its collective agreement.

That difference matters. Under Ontario’s Employment Standards Act, a temporary layoff for most workers is limited to 13 weeks in any 20 consecutive weeks. It can last longer, but under 35 weeks in any 52, if the employer meets certain conditions, such as continuing substantial payments. For unionized workers, though, a layoff can run longer if the employer recalls them within the time set out in the collective agreement.

For Stelco’s unionized workers, that means the recall rights in their collective agreement will likely decide how long a layoff can last. Goncalves has said he hopes to bring laid-off workers back before Christmas if a plan to boost Canadian sales works out.

That gap is opening doors for young Canadians, newcomers and people looking to switch careers who may never have pictured themselves on the deck of a crab boat.

But a fishing income doesn’t behave like a 9-to-5 salary. It swings with prices and quotas, the season is short and owning a boat can mean borrowing millions. Knowing what the work really pays — and what relief is available — matters before you sign on.

Why is N.L.’s fishery short on young harvesters?

Retirements in the fishing industry in the Atlantic province are outpacing recruits. The Fish, Food and Allied Workers union (FFAW-Unifor), which represents inshore harvesters in the province, estimates more than 33% of certified harvesters in its membership are 54 or older. The union expects more than 3,000 openings for crew members and owner-operators over the next decade.

FFAW-Unifor president Dwan Street told VOCM that fishing enterprises were traditionally passed down through families, but that’s no longer the case as families shrink and rural communities lose residents.

Meanwhile, Statistics Canada surveys suggest direct harvesting jobs in the province fell from about 4,300 in 2011 to 3,100 in 2025, even as landings were worth more than $1.3 billion that year, according to FFAW-Unifor.

To recruit replacements, FFAW-Unifor has teamed up with the Professional Fish Harvesters Certification Board (PFHCB), the non-profit that registers and certifies commercial harvesters in N.L., and the Newfoundland and Labrador Fish Harvester Safety Association on the Fishing Industry New Entrants Initiative. The three-year project is backed by $1.2 million from the provincial government’s Labour Market Partnerships Program and targets secondary schools, trade schools, newcomer associations and career fairs across the province.

What does a fishing job in N.L. pay?

It depends on the boat, the species and, most significantly, the year

The most recent figures for the province from Job Bank, the federal government’s employment and labour market service, date to 2023. They put the median wage for fishing vessel deckhands in N.L. at $30 an hour, with a range of $16 to $100. That was well above the national median of $21.42 at the time.

The bigger variable that impacts incomes is price. Snow crab is the province’s most lucrative fishery, and harvesters went from $7.60 a pound in spring 2022 to $2.20 in 2023. In 2026, harvesters opened at $6 a pound, according to the FFAW-Unifor.

Chad Waterman, a crab harvester in the town of Flatrock, N.L., told CTV that boom-and-bust cycles can scare off newcomers, but in his experience the good years outweigh the bad.

How does EI fit into a fishing income?

Short seasons mean that off-season income matters as much as the catch. Self-employed fishers can claim Employment Insurance (EI) fishing benefits, which are based on fishing earnings rather than hours worked.

Benefits pay 55% of average weekly insurable earnings, up to a maximum of $729 a week in 2026. To calculate those weekly earnings, the federal government divides a fisher’s total fishing earnings by a number called a divisor, which is based on the unemployment rate in their region. In one example from the Government of Canada, a fisher who earned $9,865 in a region with 11.5% unemployment gets a divisor of 16. That works out to weekly insurable earnings of about $617 and a benefit of $339 a week.

Either way, EI replaces only part of a fishing income, and for higher earners, the $729 cap widens the gap. In a 2026 federal evaluation, EI recipients in every focus group agreed the 55% rate was too low.

How do you get certified?

Every new harvester must register with the PFHCB as an apprentice and can move up to Level I and Level II by earning education credits and logging full-time fishing years. Apprentices also have to complete a basic safety training course before their second season.

Certification matters for ownership. Level I is the minimum to be an enterprise’s designated operator, while Level II is required to receive an enterprise transfer.

What does it cost to buy in?

The province offers help through its Harvester Enterprise Loan Program. It can guarantee bank loans of up to $2 million for licence purchases, $3 million for vessel-related costs and $4 million for combining enterprises. Lenders typically require a down payment of at least 10% for a vessel and 15% for other purchases, so the program also offers down payment loans of up to 15%, to a maximum of $450,000, with no interest or payments for the first five years. Harvesters can also get rebates on interest paid above the bank prime rate for up to five years. Since July 2025, they can apply for the down payment loan or interest rebate on their own, without a loan guarantee.

Lillian Saul, a 30-year-old captain in Twillingate, N.L., told CTV the paperwork can be daunting, and that every step forward comes with ‘ten barriers right there in front of you.

The fishery life isn’t for everyone — the work is physical, seasonal and financially lumpy, for lack of a better word. But for those willing to start on deck, build certification and plan for lean years, the openings are real.

That’s tough news for Canadians living on a fixed income. But if you’re collecting Canada Pension Plan (CPP) benefits, it’s not all bad news. Because CPP is indexed to inflation, a pricier year should translate into a bigger cost-of-living bump in January.

How big that bump will be, and what it’s actually puts in your bank account, depends on a few things: how the increase is calculated, when you start your pension and how it fits with the rest of your retirement income.

How much will CPP rise in January 2027?

CPP payments are now expected to increase about 2.7%, said Jason Yee, principal financial analyst at Saskatoon-based Finepoint Solutions Inc., according to The Globe and Mail. Yee had been forecasting 2.6% until StatCan reported September’s 3.1% reading. For comparison, CPP rose 2% in January 2026.

An increase of 2.7% would mean someone receiving the maximum retirement pension at 65 would see their monthly payment climb from $1,507.65 to about $1,548.36. That’s an extra $40.71 a month, or roughly $488 a year. The average new retiree, who collects $858.34 a month, would get about $23 more per month.

Survivor and disability pensions go up by the same percentage. The one-time $2,500 death benefit isn’t indexed.

Why isn’t the CPP increase 3.1%?

If inflation hit 3.1%, you might be confused as to why CPP doesn’t rise by the same amount. The answer is simple: because CPP doesn’t follow one single month.

CPP is adjusted once a year based on the Consumer Price Index (CPI) and uses the change in average CPI over the 12 months from November to October, compared with the same stretch a year earlier. For 2026, that average rose from 160.4 to 163.6, which produced a 2% increase.

September is just one of 12 months in the calculation. Much of its jump also came from gasoline: excluding gas, prices rose 2.2% year over year.

October’s CPI, due in mid-November, is the final factor. Employment and Social Development Canada (ESDC), the federal department that oversees CPP, typically confirms the official rate in late November or some time in December. The formula also only works one way. If average prices fall, benefits stay flat. They never go down.

Who gets the raise — and who doesn’t?

If you already receive CPP, the January increase is automatic, and there’s nothing you need to apply for.

Starting CPP in 2027 works differently. Your starting CPP amount is based on your own contribution history and that year’s earnings limits. So $1,548.36 isn’t the 2027 maximum for new claimants, and that figure hasn’t been published yet.

For future retirees, the age you are when you start retirement matters far more than one year of indexation. Taking CPP early cuts your pension by 0.6% for each month before 65 (36% at 60). Waiting a few more years boosts it by 0.7% per month after 65 (42% at 70). Because indexation applies to whatever amount you lock in, a larger starting pension also earns a larger dollar raise every January.

Could a bigger CPP cheque cost you elsewhere?

CPP is taxable income and it also counts toward the net income used to calculate the Old Age Security (OAS) recovery tax, better known as clawback. On your 2026 income, clawback kicks in at $95,323, with 15% recovered on every dollar above that line.

For most retirees, a $40-a-month increase doesn’t change much, if anything. But if your income already sits just below the threshold, a bigger CPP payment could nudge you over. That’s especially true when it’s stacked on Registered Retirement Income Fund withdrawals and a workplace pension.

For lower-income seniors it’s important to also understand that CPP also counts as income for the Guaranteed Income Supplement (GIS). That means a CPP increase can slightly reduce GIS payments.

What to do now

• Watch for the official rate after StatCan releases October’s CPI mid-November
• Check your My Service Canada Account in January to confirm your new payment
• If your net income is within a few thousand dollars of $95,323, review your RRIF withdrawal timing and consider drawing from a TFSA, since TFSA withdrawals don’t count toward the clawback
• If you haven’t started CPP, focus on your start age rather than next year’s raise
• Treat an increase as catch-up for prices you’ve already paid, not new spending money

An extra $20 to $40 a month won’t make or break anyone’s retirement. But indexation compounds, and each January’s raise builds on the last for as long as you collect. The bigger levers are still yours to pull: when you start collecting CPP, how it stacks with OAS and which accounts you draw from first.

Rogers Communications, which owns Sportsnet, raised the price of its Sportsnet+ streaming service on Sept. 22. That marks the third increase in roughly two years, and it landed just as the 2026-27 season got underway. Add TSN for some regional games and Amazon Prime Video for Wednesday night games, and a fan who wants to see every one of their team’s games could spend about $620 a year before tax.

But what you actually pay depends on where you live, how you pay and who provides your TV service.

How much more does Sportsnet+ cost this season?

So, how big is the price increase to watch NHL hockey going to hurt? The Standard plan carries regional Toronto Maple Leafs, Edmonton Oilers, Calgary Flames and Vancouver Canucks games, plus national games and the playoffs. According to a notice Rogers sent subscribers, it now costs $34.99 a month or $269.99 a year, up from $29.99 and $249.99. Premium, which adds out-of-market games, rose to $44.99 a month or $344.99 a year, up from $42.99 and $324.99.

Rogers told subscribers the increase is to support “continued investments.” The hike lands in the inaugural season of its 12-year, $11-billion national NHL rights deal.

The longer trend is sharper. A Standard annual plan cost $179.99 in 2024. That means today’s price is $90, or 50%, higher in two years, and the premium plan is up $95 over the same stretch.

Why does watching every game now take 3 subscriptions?

So why do you need so many services to watch just one sport? Because the schedule is split among different providers. Under a 12-year sublicensing deal with Rogers, Prime Video now holds exclusive Wednesday night games, at least 26 national regular-season games. Those games come at no extra cost to Prime members, and a membership runs $9.99 a month or $99 a year.

Some teams’ regional games also air on TSN. For Leafs fans inside the team’s broadcast region, TSN carries a sizable share of games. Bell Media, which owns TSN, raised its streaming price back in April to $29.99 a month or $249.99 a year.

For an in-market Leafs fan paying annually, here’s how the bill adds up:

• Sportsnet+ Standard: $269.99
• TSN: $249.99
• Prime Video: $99

All in, that bill totals $618.98 before tax, or roughly $699 with Ontario’s 13% harmonized sales tax (HST).

Fans who live outside their team’s region generally skip TSN but do need Sportsnet+ Premium. Add Prime and that’s $443.99 a year before tax.

Are cable subscribers safe from higher costs?

Does cable at least still cover every game? Nope, not anymore. Monday Night Hockey now streams exclusively on Sportsnet+. Viewers who get Sportsnet through a TV provider other than Rogers must pay $12.99 a month for an add-on to watch. Rogers Xfinity customers with Sportsnet in their package get the add-on at no extra cost.

The paywall is hitting some fan bases harder than others. The Toronto Maple Leafs, for example, have 13 Monday games locked behind it, while the Canucks have nine. Over roughly seven months of regular-season hockey, the add-on costs about $91 before tax.

Is it cheaper to pay monthly or annually?

Which billing option saves more will depend on when you stop watching. The Sportsnet+ Standard annual plan costs the same as about 7.7 months of monthly payments, while TSN’s annual plan equals about 8.3 months, which means you’ll get more post-season action.

A fan who subscribes in October and cancels when the regular season ends in April would pay $244.93 for seven months of Sportsnet+ Standard, which is about $25 less than the annual plan, and it suits a fan whose team misses the playoffs. A fan hoping to watch a playoff run into June would likely come out ahead paying annually.

What to do now

Before you sign up or renew, run your own numbers:

• Check your team’s broadcast schedule because if only a handful of games air on TSN, a full year may not be worth it
• Buy the tier that matches where you live. Premium only makes sense if you follow a team from outside its region
• Consider how much you care about post-season. If you’re likely to cancel before May, monthly billing may cost less
• Check what you already pay for. If you have Prime for shipping, Wednesday games cost nothing extra
• Compare whole TV bills. Rogers Xfinity includes the Monday add-on, but switching only pays off if the full package is competitively priced
• Add free hockey to the mix. CBC will air eight Professional Women’s Hockey League (PWHL) games under the Hockey Night in Canada banner, starting Dec. 5, at no cost

The real decision for many households is whether making sure the ability to watch every game is worth it. A fan who can live without a few TSN or Wednesday games could save a few hundred dollars a year. As CanucksArmy columnist Daniel Wagner wrote in August, “I want hockey to be more accessible, not less.”

Industry Minister Mélanie Joly argues that U.S. owner Cleveland-Cliffs went back on the explicit commitments it made to Canada when it acquired the steelmaker in 2024. She’s given the company 15 days to reverse planned layoffs or face the courts, saying “we have a very strong case.” The company insists it is in “full compliance.”

Win or lose, a courtroom battle won’t pay next month’s mortgage. For workers caught in the middle — and anyone in a tariff-exposed industry — the real question is how to stay afloat while it plays out.

Why does Ottawa say Cleveland-Cliffs broke its promises?

The Ohio-based steelmaker previously said it could lay off as many as 500 workers as it idles some production at Stelco, blaming U.S. tariffs. Most of the cuts land in Hamilton, where the local of the United Steelworkers (USW), the union representing Stelco workers, expects 333 layoffs. The USW local at Lake Erie Works in Nanticoke, Ontario, expects up to 50 more.

Ottawa says the layoffs breach legal promises made under the Investment Canada Act, the federal rulebook used to scrutinize foreign buyers taking over Canadian businesses. Joly calls it a “double violation”: layoffs that would push staffing below promised levels and a failure to honour the company’s pledge to be a “strong advocate” for policies that benefit both the Canadian and U.S. steel industries. Instead, her letter says, CEO Lourenco Goncalves endorsed Section 232 tariffs against Canada in Jan. 14, 2026, testimony to the U.S. Congressional Steel Caucus.

The company insists an “exhaustive review” of all 34 undertakings shows Stelco has met each one, and is pushing for a sit-down with Joly to discuss recalling the 175 Hamilton workers laid off so far. Joly says the meeting will only happen once the company presents a plan and timeline to bring back jobs.

If the cuts stand, Ottawa is weighing a forced sale of assets or financial penalties, Joly told CTV News.

When will laid-off workers get their paycheques back?

There’s no predictable timeline. Joly told CTV’s Power Play that the real victims are people who “can’t pay for the mortgage right now.” But a court fight or negotiations could drag on for weeks or months before anyone is recalled.

The safer plan is a budget that assumes the gap lasts — and adjusts if good news arrives.

How do you protect your mortgage and savings?

Contact your lender before you miss a payment. The Financial Consumer Agency of Canada (FCAC), the federal regulator that oversees how banks treat consumers, expects banks to offer tailored relief to borrowers at risk of defaulting on the mortgage for their principal residence. That can include temporarily waiving internal fees and, if your bank agrees to let you skip payments, not reporting them to the credit bureaus as missed.

These expectations apply to banks and other federally regulated lenders. Credit unions in Ontario are overseen by the Financial Services Regulatory Authority of Ontario, the provincial regulator, so the FCAC guideline doesn’t cover them, but calling early is still your best move.

Any relief has a cost. Extending your amortization can add tens of thousands of dollars to the total cost of your mortgage, the FCAC warns, and banks are expected to offer the shortest extension possible.

If you have to tap into your savings, start with your dedicated emergency stash, and then move on to your tax-free savings account (TFSA). Leave your registered retirement savings plan (RRSP) for last: withdrawals count as taxable income, and outside Quebec, your bank withholds 10% to 30% up front, depending on the amount.

The move comes as the Office of the Superintendent of Financial Institutions (OSFI) warns that agentic AI — systems that can take actions, not just generate answers — introduces cybersecurity and operational risks.

“People need to know what an agent is authorized to do on their behalf, what is influencing the choices it makes, and who is accountable when something goes wrong,” noted RBC CEO Dave McKay in a public LinkedIn post.

Why RBC is blocking AI agents — and what could go wrong

In a statement published October 27, RBC said it would block third-party personal AI agents from accessing its authenticated digital services, including online banking.

These agents can carry out tasks across websites, but doing so may require access to sensitive account information or login credentials. If an agent misunderstands an instruction or acts on inaccurate information, it could do more than provide a wrong answer.

“Agents can perform all the actions you can, including transferring funds out of your account,” Vincent Grégoire, Canada Research Chair in Finance and Technology at HEC Montréal, told Money.ca.

He warned that inappropriate transactions in registered accounts could also have significant tax implications.

Grégoire noted that while banks could potentially allow third-party agents with appropriate safeguards, whether or not that is prudent depends on the state of each bank’s systems.

Canada’s proposed Consumer-Driven Banking framework is intended to let consumers securely share financial data with approved providers, starting with read access and eventually extending to write access. That could create opportunities for AI agents, but also raises questions about how banks will manage access and system capacity as their use grows.

RBC customers can continue banking through the bank’s official website and mobile app and use its own digital tools. The restriction applies to third-party agents accessing authenticated RBC services, not AI tools generally.

What OSFI is warning banks about

OSFI outlined the risks of agentic AI in a July 2026 technology risk bulletin. It highlighted concerns including excessive permissions, data leakage, unintended actions and weak oversight of third-party technology.

The regulator recommends safeguards such as limiting an AI system’s access, tracking its activity and requiring human approval for high-impact actions. OSFI reiterated concerns about advanced AI in its October 8 risk update, which highlighted potential cybersecurity, technology, third-party and reputational risks. OSFI was contacted for comment but said it would not be able to provide a response before publication deadline.

Assume you’re responsible for what your AI agent does

If you have connected a third-party AI agent to your RBC account, check what access it had and whether it stored your login details. RBC says those direct connections will stop working, but that does not necessarily mean a third-party provider has deleted information it already collected.

Customers at any bank should be cautious about giving AI agents access to financial accounts. If you have shared your banking password with a third-party tool, consider changing it and contact your bank if you suspect your account may be exposed. Review recent transactions and report suspicious activity promptly.

Grégoire cautioned that banks’ systems were not designed for AI agents to operate autonomously, and that consumers should expect some unpredictable behaviour from tools that are still developing.

That unpredictability matters when an agent has access to financial accounts. Depending on its permissions, a mistake could mean an unintended transfer or the exposure of sensitive personal information.

Responsibility for losses involving AI agents also remains unclear. Until the rules and safeguards are better established, Grégoire advises consumers to “act as if they are fully responsible for their agents’ actions.”

On Oct. 28, 2026, the Bank of Canada raised its key lending rate by a quarter point to 2.5% — its first increase in more than three years. The bigger news, though, is that the BoC signals were clear: More hikes could follow.

For Canadians in their late 50s and early 60s, that puts an old question back on the table: should every spare dollar go to the mortgage, or is there a smarter way to retire debt-free without running short of cash?

A paid-off home brings peace of mind. But that debt-free home doesn’t mean you have the cash to cover a furnace repair, and the money used to clear the mortgage balance can cost far more than the balance itself. Here’s what pre-retirees and retirees need to consider with the latest Bank of Canada overnight rate increase.

Why does a rate hike matter so much to pre-retirees?

Canada’s central bank lifted its overnight rate to 2.5% because inflation has hovered around 3% since April 2026, and is expected to reach 3.5% by year-end, according to the Bank of Canada’s Oct. 28 announcement.

The key is that the BoC’s Governing Council was clear that future hikes weren’t off the table, stating there “could be a need to increase the policy rate further.”

The next BoC rate decision is Dec. 9, 2026.

This immediate rate hike and the possibility of future rate hikes matters to everyone, but has a particular impact on those Canadians who are carrying a mortgage close to retirement.

Statistics Canada found that households led by someone aged 55 to 64 held $315.7 billion in mortgage debt in early 2024 — an average of $109,337 — up from a total mortgage debt of $244.2 billion in 2020, for an average mortgage debt of $83,551.

To decide whether to pay it down faster, Seun Adeyemi, a financial planner at Odyssey Wealth, suggests every Canadian complete three financial checks.

Check 1: Does your mortgage rate beat what your savings can earn?

“Paying down a mortgage is a guaranteed, tax-free return equal to your mortgage rate,” says Adeyemi.

The fair comparison is the after-tax return you can realistically expect from your Registered Retirement Savings Plan (RRSP) or Tax-Free Savings Account (TFSA).

Higher rates tip the scale toward the mortgage. But Adeyemi says an RRSP contribution in your peak earning years can still come out ahead, thanks to the tax refund.

To maximize the tax benefits of an RRSP and the guaranteed tax-free return of paying down the mortgage, Adeyemi explains that many Canadians execute on both strategies.

“Many pre-retirees do both: Contribute to the RRSP, and then apply the refund against the mortgage,” he says.

Check 2: Could your retirement income carry a higher payment at renewal?

The biggest risk of not prioritizing repaying your mortgage debt is the future cost of that payment. “The risk is the payment at renewal, not the rate itself,” says Adeyemi.

In other words, if you can absorb a higher mortgage payment, then it doesn’t matter if rates rise, as long as you’re on-track with your financial goals.

To help, Adeyemi offers his clients a simple test: Could your retirement cash flow — Canada Pension Plan (CPP), Old Age Security (OAS), a workplace pension and investment withdrawals — cover the payment if you renewed at a higher rate?

If the honest answer is “barely,” Adeyemi says paying down the mortgage before your retirement date should move up the list.

Adeyemi also recommends answering this question if rates were to move 1% to 1.5% above today’s current rates.

Check 3: What will it cost to free up the cash?

Considering whether you should empty an account to kill the mortgage? Adeyemi flags two traps.

First, money taken out of an RRSP or a Registered Retirement Income Fund (RRIF) is fully taxable, “so you may need to withdraw far more than the balance,” he explains.

Plus, the Canada Revenue Agency (CRA) requires your financial institution to withhold 10% to 30% of an RRSP withdrawal, depending on the amount, but the full sum is added to your taxable income for the year.

To illustrate, let’s assume you need to repay $50,000 on your mortgage to be debt free. To do this, you’ll need to withdraw as much as $71,400 — assuming 30% is withheld at the source. As a result, you’ll have almost $72K added to your income for the year, just to repay $50K in mortgage debt.

If the withdrawal pushes your net income past $95,323 — the 2026 threshold where OAS starts to be clawed back at 15% for every dollar above the threshold — you will also lose government supplemental income.

Second, home equity is illiquid. To get access to that equity, you’ll need to either borrow or sell. As a result, most financial planners — including Adeyemi — advise keeping an emergency cash reserve, such as cash kept in a high-interest savings account.

What to now and before the end of the year

Want to be debt free but not sure if you should proceed? Before redirecting your savings, complete these steps:

• Find your mortgage renewal date and estimate the balance you’ll owe upon renewal.
• Stress-test that payment at 1% to 1.5% above today’s rate. What will you need to pay, per month?
• Compare your current monthly payment and your future monthly payment. How does it stack up against your expected CPP, OAS, pension and withdrawals?
• Now, weigh your mortgage rate against realistic after-tax investment returns. Could you earn significantly more if the money stayed invested?

After answering these questions, you’ll want to decide whether to prioritize mortgage debt repayment, or try to double-dip with contributions to your RRSP while repaying your mortgage.

Remember, carrying a mortgage into retirement isn’t automatically a misstep. According to Adeyemi, it can still make sense “when your rate is low, you have strong liquid assets, and your pension or retirement income covers the payment comfortably.”

For almost a year, Canadians with variable-rate debt enjoyed a reprieve. The Bank of Canada held its key interest rate at 2.25% through seven straight decisions, and prime at the big banks sat at 4.45%.

That stretch ended on Oct. 28 when the central bank raised its overnight rate by a quarter of a percentage point to 2.5% — its first increase since July 2023.

The hike is small but it’s meaningful. For Canadians with a mortgage, home equity line of credit (HELOC) or line of credit tied to prime, the cost shows up in days, not months. And this time the push isn’t coming from a booming economy. It’s coming from oil, which makes the road ahead harder to predict.

Why is the Bank of Canada raising rates when the economy is weak?

Why tighten now, when jobs data shows softening? The short answer is energy. The longer answer is that annual inflation rose to 3.1% in September, driven almost entirely by energy prices, while core measures — which strip out volatile items — eased below 2%.

The central bank flagged this risk months ago. In April, Bank of Canada Governor Tiff Macklem said the bank would look past the war’s immediate effect on prices, but he warned that if energy prices stay high, “we will not let their effects become persistent inflation.”

The trade-off is real. The last two jobs reports wiped out this year’s employment gains. Still, “it’s probably just gone beyond the comfort zone for the Bank of Canada,” Doug Porter, chief economist at BMO Financial Group, told Reuters ahead of the decision.

How much more will a variable-rate mortgage or HELOC cost?

When the overnight rate moves, the big banks typically adjust their prime rates within days. A matching quarter-point move would lift prime from 4.45% to 4.70%.

Let’s say you carry a $500,000 variable-rate mortgage with a 25-year amortization, priced at prime minus 0.50%. The rate rises from 3.95% to 4.20%, and the monthly payment climbs from roughly $2,617 to $2,685. That translates to about $68 more a month, or about $816 a year.

Not everyone will get hit with a bigger bill right away. Many variable-rate mortgages have fixed payments: as interest rates rise, less of your payment goes toward principal and more toward interest. If rates climb high enough, you hit your “trigger rate” — the point where your payment no longer covers the interest owed.

HELOCs are more direct. On a $50,000 balance at prime plus 0.50%, interest-only payments rise from about $206 to $217 a month. It’s a modest bump, but HELOC balances tend to linger, and every future hike stacks on top.

Should you worry about fixed rates and renewals?

Fixed mortgage rates don’t follow the overnight rate directly but that doesn’t mean they aren’t impacted by the rate change. Fixed mortgages are priced off Government of Canada bond yields, which react to what markets expect the central bank to do next. Two-year yields climbed more than 0.22 percentage points between the September decision and this one, so fixed rates may already have moved.

Markets don’t expect this rate decision to be one and done, either. In a Reuters poll of economists taken Oct. 21 to 23, 16 of 29 respondents expected another hike before the end of March 2027. Markets are pricing in four quarter-point hikes by the end of 2027, including this one, which would take the policy rate to 3.25%.

Those are forecasts, they are not guarantees. But if your mortgage comes up for renewal in the next year, now is the time to compare offers rather than sign your lender’s first renewal letter.

Is a rate hike good news for savers?

For savers, the rate hike is good news — kind of. Rates on high-interest savings accounts (HISAs) often track the overnight rate, so many could tick up in the coming weeks. Guaranteed investment certificate (GIC) rates, on the other hand, follow bond yields, much like fixed mortgages, and may already reflect some of the move.

The bigger question is whether your savings are keeping up. With inflation at 3.1%, an account paying 1% or 2% loses purchasing power. Holding cash or GICs inside a tax-free savings account (TFSA) at least shields the interest you do earn from tax.

What to do now

• Check your lender’s new prime rate and whether your variable payment is changing
• If your payment is fixed, ask your lender how close you are to your trigger rate
• Put extra cash toward HELOC and line-of-credit balances, which see rate increases first
• Renewing in the next four months? Ask for a rate hold, which many lenders offer for 90 to 120 days
• Don’t lock in rates out of panic; converting a variable mortgage to fixed may come with a higher rate, so compare the numbers first
• Move idle cash into a HISA or GIC, ideally inside a TFSA

A quarter point won’t break most household budgets. The bigger risk is assuming it’s the last one. The bank’s next decision is scheduled for Dec. 9, so use the next six weeks to rerun your budget at a policy rate of 2.75% or 3% and see where it pinches so that you’re prepared for whatever is announced.

She didn’t. Instead, a friend told her to contact her bank directly. When the caller realized she wasn’t playing along, they called back, agitated, and said a surprise was waiting at her door. The surprise: a large police presence, responding to a fake report that she was being held hostage by three armed people.

The swatting Clark Colpitts experienced was shocking, but it was the fallout of a botched scam attempt. The con that set it up — a caller posing as your bank — is far more common, and it’s costing Canadians millions. Knowing how these calls work, and what a real bank or police officer will never ask for, is the simplest way to keep your money where it belongs and not fall victim to a bad actor.

What is swatting and why would a scammer use it?

According to the Royal Canadian Mounted Police (RCMP), Canada’s national police service, Colchester County District RCMP and Truro Police Service officers received a report around 9:45 am on Oct. 23 and found the woman safe.

“It appears to be a level of retribution by the fraudsters in this case,” Staff Sgt. Marc Rose, commander of Colchester County District RCMP, told CBC News.

“[It appears] they did this to cause her harm and pain and distress by having the police respond to her residence all because she didn’t follow the original instructions on the phone.”

The fraudster resorted to swatting, a fake report designed to trigger an armed police response, when they realized Clark Colpitts stopped complying.

CBC News also reached out to CIBC, which said that there is no such app as CIBC Guard. The bank also noted that it would never contact customers to retrieve personal or financial information or instruct them to download an app.

So why would a fraudster go that far? Police haven’t confirmed what the caller hoped to achieve with this stunt. What’s clear is that the swatting wasn’t the scam itself — it was an attempt at impersonation that ultimately failed.

Why do fake bank and police calls work so well?

Clark Colpitts’ call fits a pattern that the Canadian Anti-Fraud Centre (CAFC) calls bank investigator fraud. A bad actor poses as a bank, police or another trusted organization, claims your account has been compromised and then asks you to move money, share banking details or help with a supposed investigation.

Whether it’s an urgent account alert or a threat of arrest, the goal is to pressure you into acting before you’ve had time to reflect.

Canadians reported about $28.6 million in losses to bank investigator fraud in the first half of 2026 alone. That compares with roughly $37.4 million for all of 2025.

Police impersonation follows a similar playbook. On Oct. 21, RCMP in Newfoundland and Labrador warned of a cross-Canada scam in which calls appear to come from real RCMP detachment numbers. Callers then ask victims to verify financial information by email addresses with the following format: firstname.lastname@rcmp.gov — these are not legitimate.

The RCMP says it will never ask you to transfer money, give remote access to your computer or share personal information, including your name, date of birth, address or banking details, by text or email.

Impersonation is also behind two other fraud categories:

• Extortion — about $25.5 million lost in the first half of 2026, already more than the roughly $23 million reported in all of 2025. Fake police officers often threaten arrest or deportation unless the victim pays
• Recovery fraud — about $13.7 million lost in the first half of 2026, compared with about $25.9 million in all of 2025. Scammers pose as police, government agencies or banks and promise to recover lost money, for a fee

What to do now

If a call from your bank or local police catches you off guard, here are some steps to avoid falling victim to a fraudster:

• Hang up and call your bank using the number on your card or its official website
• Don’t download an app, click any links or give remote access to your devices at a caller’s request
• Never transfer money to a “safe account”
• Never share passwords, personal information including your Social Insurance Number or banking details with an unexpected caller
• Don’t trust caller ID, since numbers can be spoofed to look legitimate
• Talk to someone you trust before sending money, especially if you feel pressured or threatened
• Never pay anyone upfront to recover money lost to fraud — especially if they’re supposed to be from a legitimate organization

If you think you’ve been targeted, contact your financial institution right away, then report it to local police and the CAFC.

This isn’t news that just impacts Alberta. The oil patch has been doing much of the heavy lifting for Canada’s economy this year, and what happens there reaches government budgets, jobs in other provinces and the portfolios of anyone who owns Canadian stocks.

The cuts also point to an uncomfortable shift: even if oil prices are high, there’s no guarantee that will translate to more energy jobs. For Canadians counting on the sector to keep the economy steady, that changes the math.

What do we know about the ConocoPhillips layoffs?

The company confirmed to CTV News that the Oct. 27 cuts affect employees and contractors in Calgary and at its Surmont and Montney operations, but it hasn’t said how many jobs are being axed. Dennis Nuss, the company’s director of media relations, told CTV that ConocoPhillips regularly reviews its organization to align with its long-term strategy and “remain well-positioned for future opportunities.”

This is the second year in a row of cuts to their Canadian workforce. Last year, the company announced plans to reduce its global workforce by 20% to 25% after acquiring Marathon Oil, a U.S. producer.

Why are oil companies cutting jobs when prices are high?

The timing stands out. The December crude oil contract topped US$102 a barrel on Oct. 23 and prices like that could suggest an industry in expansion mode.

Instead, large producers keep getting leaner. Calgary-based Imperial Oil announced last fall it would cut about 20% of its workforce — roughly 900 jobs, mostly in Calgary — by the end of 2027. Richard Masson, an executive fellow at the University of Calgary School of Public Policy, told CBC that the move likely reflected a push for efficiency by “taking advantage of technology” more than a statement on the oil market.

The signal indicates that energy profits and energy employment are drifting apart. A price spike can still lift energy stocks and government revenues without adding many jobs.

Why should Canadians outside Alberta care?

The province of Alberta has been carrying the national job market. ATB Financial, the Alberta government-owned financial institution, calculates that Alberta accounted for 73% of Canada’s employment gains in the first three quarters of 2026. Meanwhile, Canada lost 68,000 jobs in September and the national unemployment rate rose to 6.5%.

The sector’s reach also goes well beyond Alberta. According to Natural Resources Canada’s Energy Fact Book, the petroleum sector made up 7.2% of Canada’s gross domestic product (GDP) in 2025 and directly employed about 199,500 people, while also supporting roughly 322,000 more jobs in industries that supply it. Governments collected an average of $24.4 billion a year from energy-sector companies between 2019 and 2023.

If those jobs and revenues weaken, the effects can ripple into other provinces’ economies and public budgets.

What does this mean for your investments?

Many Canadians own a share of the energy sector without realizing it. Together, banks and energy companies make up more than half of the S&P/TSX Composite Index, according to Cboe Canada, so a Canadian index fund in your Registered Retirement Savings Plan (RRSP) or Tax-Free Savings Account (TFSA) carries meaningful oil exposure.

Job cuts don’t necessarily hurt shareholders — leaner companies can mean bigger margins. But a portfolio built mostly on Canadian stocks is a concentrated bet on a few industries, including one that’s openly bracing for leaner times.

What to do now

• Check your portfolio’s sector mix, including what’s inside your index funds and ETFs, and decide whether your energy exposure fits your risk tolerance
• If your job is tied to resources, directly or through trucking, engineering, construction or professional services, don’t treat high oil prices as job security
• Keep an ample emergency fund that covers several months of essentials, since Employment Insurance (EI) replaces 55% of insurable earnings to a maximum of $729 a week in 2026
• If you work in energy, learn your minimum termination notice rights under Alberta law before you need them

The companies themselves are planning for tougher times even with prices high. Oil market analyst Rory Johnston, author of the Commodity Context newsletter, told CBC last year that producers were cutting to strengthen their balance sheets in case of a deeper price slump. It’s a page worth taking from their playbook, whether or not you work in energy. As Johnston put it: “They want to make sure that they are as prepared as possible.”

The headline on TMZ read “Jay-Z announces himself as Super Bowl halftime performer.” It was a bold headline and seemingly bolder choice for the music mogul. To some fans, it looks like the ultimate vanity booking, but follow the money, and the narrative completely changes. The performer on that stage collects surprisingly little. The real prize always goes to whoever owns a slice of the show.

That gap between earning from your time and earning from what you own shapes far more than celebrity fortunes. It quietly determines the long-term wealth potential for the majority of Canadians, regardless of whether they ever launch a company.

Why did Jay-Z get to pick himself for the halftime show?

Jay-Z founded Roc Nation in 2008. Representing both athletes and artists, the entertainment company has partnered with the NFL since 2019 to advise on and co-produce major league entertainment offerings. Roc Nation will also executive produce the 2027 show at SoFi Stadium in Inglewood, California.

Jay-Z didn’t take the deal to get himself on stage. When the partnership began, he told NFL Commissioner Roger Goodell that if the deal was “about me performing at the Super Bowl,” that would be the end of the conversation. Goodell’s one request was that Jay-Z perform someday, whenever he felt ready. Skip to seven years later, and he finally is.

The performance itself barely pays a dime. An NFL spokesperson told Newsweek that “there is not an appearance fee, but the artists are indeed paid union scale.” Union scale is simply the baseline minimum wage a performers’ union allows its talent to take home. For a superstar, it’s pocket change.

It turns out that the stage isn’t where the money is. The payoff comes from exposure and from owning the business behind the show. CBC reported that after last February’s halftime show, Bad Bunny’s songs saw sharp gains across streaming charts and playlists. When you own the catalogue and the company producing the show, that kind of bump lands on your own balance sheet.

What’s the ownership lesson behind Jay-Z’s fortune?

In 2019, Forbes estimated Jay-Z’s fortune at US$1 billion, making him hip-hop’s first billionaire. Forbes calculated that net worth by appraising his equity in private companies, adding his total earnings and deducting estimated living expenses. His holdings included stakes in liquor brands, art, real estate and Uber.

The pattern is equity, not just earnings. A paycheque pays for your time once; ownership pays, grows and compounds indefinitely.

For most Canadians, that stake won’t be a champagne label. But the principle scales down.

Do you have to start a business to copy this strategy?

Plenty of Canadians are tempted. The RBC Small Business Poll, an annual survey from Canada’s largest bank, found 59% of Canadians have thought about owning a business, up 13 points in 2 years.

But far fewer actually take the leap. Statistics Canada reported that 2.7 million Canadians were self-employed in March 2025. That represents 13.1% of workers, trailing the pre-pandemic average of 14.9%.

The good news is that ownership comes in smaller sizes:

• Investing: Buying stocks or broad-market funds inside a Tax-Free Savings Account (TFSA) or registered retirement savings plan (RRSP) makes you a part-owner of the companies you hold.
• Employee share plans: Many employers offer employee share purchase plans, often sweetening the deal with matching funds.
• A side business: Building one alongside a steady job tests an idea without giving up your income.

What’s the catch with betting on yourself?

Jay-Z waited seven years, until the timing was on his terms. Timing matters for everyone else, too.

Self-employment takes away the safety net. Among self-employed Canadians, only 25.3% had disability insurance, 36.4% had a dental plan and 43.3% had supplementary health coverage, according to Statistics Canada. One injury or illness can wipe out your income and your business at once.

Investing carries risk as well. Stocks crash and markets dip. For new investors, diversified funds cushion risk far better than individual stock picks.

What to do now

You don’t need a Super Bowl stage to start shifting from earner to owner:

• Check your contribution room: Go to Canada Revenue Agency (CRA) My Account to see your unused TFSA room. The 2026 limit is CA$7,000, and cumulative room can reach CA$109,000,
• Review your RRSP: Check your RRSP room, which is capped at CA$33,810 for 2026 depending on your earned income.
• Ask about share plans: Ask your HR department whether your employer offers an employee share purchase plan or a matching contribution.
• Price insurance first: Before launching a side business, get quotes for disability and health coverage.
• Keep your paycheque: Keep your salary while you prove the business model.

The point isn’t to become a billionaire. Put your money to work so you don’t always have to clock in. In his announcement, Jay-Z called his 30-year run “a journey.” For most Canadians, the ownership version of that journey starts with a single contribution.

However, according to a CBC investigation published on Oct. 21, his report was among the more than 1.5 million Canadian Crime Stoppers tips exposed in a data breach. The records contained enough personal information for CBC to contact more than a dozen tipsters.

“It’s very scary, to be honest,” Rivard told CBC. He fears criminals could use his address and phone number to retaliate.

The fallout has since widened. As of Oct. 26, at least 11 Crime Stoppers programs had paused their anonymous tip intake and 24 police units had suspended their partnerships, according to a CBC tally. On Oct. 27, the Ontario Provincial Police said it is also pausing its promotion of Crime Stoppers while the impact of the breach is assessed.

On Oct. 27, the Office of the Privacy Commissioner of Canada (OPC), the federal watchdog that oversees how businesses handle personal information, announced it is investigating Navigate360, the U.S. company that owns the hacked tip platform. The probe will examine whether the security safeguards the company had in place at the time of the breach complied with the Personal Information Protection and Electronic Documents Act (PIPEDA), Canada’s federal private-sector privacy law.

What happened

In March 2026, hackers stole data from P3 Global Intel, a tip-management platform owned by Navigate360. Crime Stoppers operates independently of police and uses the platform to manage submissions. The hack was reported publicly at the time, but how badly Canadian tipsters were affected didn’t become clear until CBC’s investigation.

Straight Arrow News reported that the broader breach exposed more than 8.3 million records. CBC examined the Canadian portion, covering submissions over the span of 25 years.

More than 850,000 Canadian tips contained personally identifiable information. Addresses and phone numbers appeared most frequently, alongside personal emails, licence plates and banking information related to cash rewards.

That does not mean 850,000 tipsters were identified. The information also concerned people named in allegations, Crime Stoppers staff and police. CBC could not always determine whose details appeared.

In more than 4,300 reports, tipsters appeared to introduce themselves by their full name. CBC could not verify every name, but found hundreds of staff warnings that someone had identified themselves or been exposed, while identifying details remained unredacted.

Who could face retaliation?

People who reported someone they know or provided information about violent crime could face particular risks if their submissions reveal their identities.

CBC found tips involving alleged murder, terrorism and organized crime. About one in three concerned drugs or drug trafficking. Staff records linked nearly 49,000 tips to cases cleared through arrests or criminal charges.

One woman, whose identity CBC withheld, had provided information about a loved one’s murder. Learning about the breach renewed her fears that someone could hurt her family.

The Royal Canadian Mounted Police (RCMP) told CBC that the exposure could jeopardize the safety of tipsters, people identified in tips as well as police officers. However, it said it had received no reports of threats resulting from the breach.

It’s unclear who else may have the stolen data. Someone claiming to speak for the hackers told CBC the group briefly tried to sell the data but hadn’t shared it publicly. Cybersecurity experts warned that the claim shouldn’t be taken at face value.

Exposed details could help fraudsters gain trust

Scammers could use details from a real tip to gain someone’s trust. University of Guelph cybersecurity professor Ali Dehghantanha told CBC that referring to a tip someone previously submitted could make them more willing to share additional information.

Cybersecurity expert Ben Coon, who also reviewed limited samples for CBC, warned that the data could support financial fraud and extortion.

How Navigate360 and Crime Stoppers have responded

In an Oct. 23 statement, Navigate360 publicly acknowledged the breach for the first time, seven months after the hack was first reported. The company said an unauthorized third party accessed one of its systems and copied data between Nov. 21, 2025, and March 5, 2026. It said names, addresses, dates of birth, phone numbers and email addresses may have been affected, but that it has found no evidence the information has been used for fraud or identity theft. The company did not respond to CBC’s repeated requests for comment.

The Canadian Crime Stoppers Association (CCSA), the national non-profit that represents local Crime Stoppers programs, told CBC that notifying people could itself create safety risks because the available information did not distinguish tipsters from others named in records.

CBC later reported that 49 of the 64 affected chapters had not yet publicly acknowledged the breach. An internal association memo directed chapters to refer media inquiries to the national organization.

Money.ca reached out to the CCSA for comment but did not receive a response before publication.

What to do if you submitted a tip

Before you submit another tip, check your local Crime Stoppers chapter’s website for updates. Some programs are still operating, while others have stopped accepting tips. CBC reported that all five Saskatchewan programs had paused intake, while New Brunswick Crime Stoppers planned to continue.

If you’re worried about information you previously shared, the RCMP recommends contacting your local chapter. If you decide to speak directly with police, find out how they will protect your identity before sharing sensitive details. For example, Halton police caution their reporting channels do not offer the same anonymity as Crime Stoppers.

Be wary of anyone who contacts you asking for your tip number or password. Toronto Crime Stoppers says it will never contact you first to ask for those details. If you’re in immediate danger, call 911.

If you think your financial information was exposed, check your bank account statements and credit reports for unfamiliar activity, and report any unauthorized transactions to your financial institution immediately. The Financial Consumer Agency of Canada, the federal agency responsible for protecting financial consumers, also recommends contacting Equifax and TransUnion to ask about placing fraud alerts on your credit files.

The ship left New Jersey on Oct. 18 for a seven-day trip that was supposed to include Florida and the Bahamas. Instead, passengers were forced to trade tropical beaches for an autumn visit to Nova Scotia. In fact, some passengers only received several hours’ notice before boarding, according to CTV News.

For Nicholas Meli, who drove with his family from Toronto to New Jersey for the cruise, the disappointment was straightforward.

“I am already from Canada, and I wanted to go to the Bahamas,” he told CTV.

Royal Caribbean did provide passengers with cash and travel vouchers to help make up for the disruption. Some passengers welcomed the unexpected stop, including a Hamilton traveller who told CTV he actually enjoyed returning to Halifax.

For Canadians booking a cruise, the diversion is a reminder that you may not end up where the itinerary says you will. Even if your ship sails, weather or other circumstances can create a safety hazard and force an itinerary change, and your booking terms or travel insurance may leave you without any recourse for the change in plans.

Don’t assume insurance will cover a diverted cruise

Some Canadian travellers may believe that trip interruption insurance will provide some sort of financial reparation if bad weather forces the ship to change course. But a diverted cruise won’t necessarily qualify, even if it misses every planned destination.

According to Canadian government guidance, trip interruption insurance covers qualifying disruptions after you leave. Before you buy insurance, ask the provider whether you could claim any expenses if your cruise sailed for the full trip but replaced all its scheduled ports. Ask specifically what coverage applies and ask the provider to point you to the relevant policy wording.

If you book additional excursions, check their cancellation terms, too. You could lose those payments if the ship skips a port, and any compensation from the cruise line may not cover them.

An approaching storm can limit your insurance options

Buying insurance early can help protect you against an unexpected storm, but it doesn’t guarantee a payout if your cruise changes course. Your policy still needs to cover the disruption and the losses you claim.

For example, Travel Guard’s hurricane guidance says travellers must buy coverage before a storm is named. Policies purchased after that point exclude cancellation and interruption losses caused by that hurricane. This explains when coverage must be purchased, but it doesn’t establish whether a rerouted cruise would qualify.

Before you book, you may also want to check seasonal storm risks along your planned route. As you get closer to the departure date, review weather forecasts and destination advisories to understand what might affect your sailing.

Before booking, test your protection against a rerouting

Ultimately, travellers are responsible for reading the cruise contract’s provisions on substituted ports and cancellation charges. Then ask the insurer to explain, in writing, what would happen if the ship changed destinations but continued sailing.

Remember to check refund deadlines for independently booked tours before you pay. And if visiting one particular stop is critical to your plans, decide whether you can accept the possibility of missing it.

If your cruise changes course, keep the original itinerary, the operator’s notice and records of refunds or credits. Contact your insurer before you cancel any arrangements or pay for replacements. You never know what may or may not be covered.

According to the third-quarter 2026 Business Outlook Survey from the Bank of Canada (BoC), Canada’s central bank, roughly half of firms surveyed — more than in the previous quarter — plan to pass on some or all of their cost increases tied to tariffs and the war in the Middle East.

A year ago, the picture was different: weak demand was limiting businesses’ ability to pass tariff-related costs on to customers. The BoC said improving demand is now giving some firms more room to raise prices, although competition continues to constrain others.

“These pricing plans reflect some improvements in demand as well as firms’ desire to recover margins compressed by earlier cost increases,” the BoC said.

Renewed trade tensions add cost pressure

Most of the BoC’s interviews took place before Canada-U.S. trade talks broke down on Aug. 21 and new Canadian counter-tariffs were announced. Firms surveyed after that point were more likely to say trade tensions had raised their costs and selling prices, and their inflation expectations rose again in September alongside higher oil prices. Even so, more of those firms reported higher costs than higher selling prices, which the BoC says is consistent with tariff costs being only partly passed on to customers.

Firms, especially consumer-facing ones, also plan to keep passing on earlier cost increases over the next 12 months.

The BoC said firms’ expectations for increases in input costs and selling prices had moderated but remained elevated.

How much firms ultimately pass on will depend on their cost pressures, demand and consumers’ willingness to pay more.

Small businesses are split on passing costs along

Simon Gaudreault, chief economist and vice-president of research at the Canadian Federation of Independent Business (CFIB), which represents small and medium-sized businesses across Canada, says the picture looks different for small businesses.

The two surveys capture different parts of the economy. The BoC interviews senior managers at firms selected to reflect the makeup of Canada’s business sector, while the CFIB surveys its own members.

“Most businesses continue to absorb all or part of these additional costs,” Gaudreault told Money.ca. The CFIB’s third-quarter 2026 tariff research found that 28% of businesses planned to pass all their tariff-related costs on to customers, though most expected to pass on at least some. Its separate research on fuel costs found that just 4% expected to pass on all their higher fuel costs. A third expected to pass on none of those costs, and on average, firms expected to pass on only about 21%.

Price plans are climbing in some sectors, though. The CFIB found that 39% of small businesses planned to raise prices by more than 3% over the next 12 months, above the top of the BoC’s 1% to 3% inflation-control range. That share is up 4.3 percentage points from a year earlier, with the sharpest increases in tariff-exposed industries such as manufacturing and wholesale trade, where more than half now plan increases above 3%.

The CFIB’s October 2026 Monthly Business Barometer also identified fuel as the most commonly reported cost constraint, cited by 66% of businesses. Tax and regulatory costs followed at 61%, while wages and insurance were each cited by 57%. More recently, small businesses scaled back their pricing plans: the average price increase they expect over the next year eased to 2.8% in October, down 0.5 percentage points from September. That survey was conducted in early October, after Canada-U.S. trade talks broke down in August.

Gaudreault said the CFIB’s data showed “limited evidence at this point that the ongoing trade war and geopolitical tensions are significantly contributing to consumer inflation.” But he cautioned that businesses operating in competitive markets with narrow margins cannot absorb rising costs indefinitely. If cost pressures persist, more may eventually adjust their prices, although he said the CFIB’s data does not yet show a broad-based trend in that direction.

What it means for consumers

Inflation is already running above the BoC’s 2% target. The consumer price index rose 3.1% year over year in September, up from 3.0% in August, according to Statistics Canada, the country’s national statistical agency. Higher fuel prices were the main driver, while grocery price growth continued to slow.

The BoC’s findings point to a risk of further price increases as some businesses try to recover compressed margins and pass along costs they have already absorbed. How far that goes will vary by sector: price plans are rising fastest in manufacturing and wholesale, while many small businesses are still absorbing most of their higher fuel costs.

Fuel is a big part of the story: it drove September’s inflation increase.

A few ways to prepare:

• Build extra room into your budget for goods and services that depend heavily on fuel and transportation
• Compare prices before larger purchases, since competition is still limiting how much some businesses can raise prices
• Watch the BoC’s interest rate decision on Oct. 28, which will show how the central bank is reading these pressures

Survey Methodology

The Bank of Canada’s Business Outlook Survey was conducted through in-person, video and phone interviews with senior managers at about 100 firms between Aug. 6 and Sept. 2, 2026. Firms are selected to reflect the composition of Canada’s business-sector GDP. About three-quarters of interviews took place before Canada-U.S. trade talks broke down.

The CFIB’s price-plan findings are based on 1,292 responses to its Your Business Outlook Survey in the third quarter of 2026. Its tariff pass-through findings are based on its survey on the U.S.-Canada trade war, conducted Aug. 28 to Sept. 8, 2026, with 1,394 responses. [verify with CFIB] The October 2026 Monthly Business Barometer is based on 301 responses from a stratified random sample of CFIB members, collected Oct. 1 to 8, 2026. The estimated margin of error is +/- 5.6%, 19 times out of 20.

A group of lawyers has challenged the rule in court, arguing that it violates freedom of expression and that its penalties could breach the constitutional protection against cruel and unusual punishment.

The bylaw prohibits insults, harassment, threats, abuse and intimidation, as well as offensive and aggressive behaviour toward municipal employees. First offences carry fines of $300 to $1,000, while repeat offences can bring fines of up to $2,000.

Why lawyers say the bylaw goes too far

At the heart of the challenge is whether the city can punish people for language deemed insulting or offensive without clearly defining what crosses the line.

The lawyers argue that the broad wording risks restricting legitimate criticism of public officials and gives authorities too much discretion over how the rule is enforced.

The Saint-Michel Legal Clinic and the Association des Juristes Progressistes filed the challenge in Quebec Superior Court. As CTV News reported, the applicants argue that the bylaw violates rights protected by the Canadian and Quebec charters, including freedom of expression.

The organizations raised concerns before the bylaw was adopted. In a September 18 press release, the Canadian Civil Liberties Association, the League of Rights and Freedoms, Hoodstock and the Saint-Michel Legal Clinic warned that the proposed rule could allow arbitrary or discriminatory enforcement.

“The CJSM opposes any expansion of police powers, particularly given that current powers, including roadside stops and street checks, have been recognized by the courts as being exercised in a discriminatory manner,” said Fernando Belton, executive director of the Saint-Michel Legal Clinic, in the release.

The organizations argue that a rule allowing officers to issue fines for non-threatening remarks could disproportionately affect racialized and marginalized residents, particularly during tense interactions with police. Their central objection is that people should not face penalties simply because an official finds their words offensive.

Money.ca contacted the Canadian Civil Liberties Association for comment but did not receive a response before publication.

Why Montreal introduced the rule

Montreal adopted the bylaw after videos circulated online showing a man directing misogynistic insults at a female police officer. The city has defended the measure as a way to protect municipal employees from inappropriate behaviour.

Other Quebec municipalities, including Quebec City, Laval, Longueuil and Sherbrooke, have similar bylaws. But the existence of comparable rules elsewhere does not establish whether Montreal’s version complies with constitutional protections.

The dispute is not simply about whether threats or harassment should be allowed. The question is whether the city needs such a broad rule when existing laws already address certain threats, violence and harassment, and whether the bylaw clearly distinguishes those behaviours from offensive but protected expression.

What happens next?

On Oct. 22, Quebec Superior Court Justice Eleni Yiannakis heard arguments on the lawyers’ request for an injunction to suspend the bylaw while the constitutional challenge proceeds.

Lawyer Sibel Ataogul argued that the bylaw is too broad and infringes on fundamental freedoms, including freedom of expression, and lawyer Dardia Garcelle Joseph argued that it could cause serious harm to marginalized people, according to Global News.

The judge made clear that the hearing concerned only whether enforcement should be suspended, not whether the bylaw is constitutional. As of Oct. 27, a decision on the injunction had not been reported.

For residents, the bylaw remains in force unless the court suspends it, and the constitutional challenge is still to be decided.

However, that optimism came with a caveat. When asked whether U.S. President Donald Trump would “sign in pen” this time, after Carney warned in August that Washington’s signature was sometimes “written in pencil,” the prime minister replied: “I don’t know that.”

That’s the tension Canadian households now live with: real progress but no guarantees. A deal could ease prices on some U.S.-made goods and alleviate some pressure on tariff-hit industries. Yet planning your budget, mortgage or portfolio around the next headline is risky when the rules can change within a week.

Where do Canada-U.S. trade talks stand right now?

Trade talks broke down late summer, with the U.S. imposing a 50% tariff on $27.6 billion of Canadian goods on Aug. 22. Ottawa responded dollar for dollar, with counter-tariffs of 15%, 25% and 50% on $27.6 billion of U.S. goods that took effect Sept. 8.

Last week, things shifted slightly. Trump signed a proclamation on Oct. 23 removing plywood sheets, some paper products, certain machinery and refrigeration equipment, and certain packing crates and boxes from the 50% tariff list, effective Oct. 30. But the same order added other Canadian products, including carpets, paints, shampoos, air conditioners, chest freezers and canoes.

Carney says Canada will only sign a deal that respects its red lines — which was the reason Ottawa initially walked away from a U.S. offer in August, according to The Globe and Mail. Reporting from CTV News links part of the White House’s renewed interest in a deal to Trump’s political vulnerabilities ahead of the U.S. midterm elections.

What’s actually driving up your bills

Under Canada’s counter-tariffs, U.S.-made furniture and clothing face a 50% levy, while appliances and most cheeses face 25%. However, these apply specifically to U.S.-made products. Similar items that originate elsewhere, or in Canada, do not face the same surcharge. If a deal rolled those back, prices on tariffed U.S.-made products could ease. Still, retailers aren’t obligated to pass savings on right away.

It’s also worth knowing what’s actually driving up your bills. Inflation reached 3.1% in September, led by a 27.8% year-over-year jump in gasoline prices as crude oil surged according to Statistics Canada. Excluding gasoline, prices rose 2.2%, which is close to the 2% target set by the Bank of Canada (BoC). A trade deal alone won’t ease the squeeze at the pump.

Could the trade war affect your mortgage this week?

It might. The BoC announces its next rate decision on Wednesday, Oct. 28. In a Reuters poll conducted between Oct. 21 and 23, 19 of 34 economists predicted a quarter-point hike to 2.50%, which would be the BoC’s first increase since July 2023.

Oil is the primary driver. On Oct. 17, BoC Governor Tiff Macklem said the bank’s updated inflation outlook would likely be “quite a bit higher” than its July forecast. But trade is also an important factor. The BoC’s latest Business Outlook Survey found firms’ inflation expectations rose after Canada-U.S. trade talks broke down in August.

Variable-rate borrowers and anyone with a home equity line of credit (HELOC) would feel a hike quickly. For example, a 0.25 percentage-point increase on a $300,000 variable-rate balance adds roughly $750 a year in interest, or about $63 a month. The exact amount depends on both your lender and mortgage terms.

Should you adjust your investments on trade news?

Trade headlines have fluctuated before. On Aug. 18, Trump paused the 50% tariffs for three days, saying the two countries had a deal “subject to the finalization of documents.” Talks collapsed days later, and the tariffs took effect Aug. 22.

For most Canadians, a diversified registered retirement savings plan (RRSP) or tax-free savings account (TFSA) built for the long term doesn’t need a trade-war overhaul — it needs to stay aligned with your future goals and time horizon. Rebalance on your regular schedule, not on breaking news.

What to do now

Whether or not a deal lands soon, these steps hold up:

• Delay any non-urgent, big-ticket U.S.-made purchases such as furniture or appliances, but don’t put off buying essentials while waiting for a potential deal
• Check the country of origin before you buy, since non-U.S. alternatives aren’t subject to Canada’s counter-tariffs
• Review your payments after Wednesday’s BoC announcement and ask your lender whether locking in suits your situation if you have a variable-rate mortgage or HELOC
• If you work in a tariff-hit industry, build your emergency fund and look into any applicable federal supports for affected workers and businesses
• Keep enough cash on hand so you aren’t forced to sell investments during a dip

The smartest approach is to plan for two outcomes: a deal that eases some prices, or a fresh round of tariffs that pushes others higher.

In its latest quarterly survey of households, the Bank of Canada found Canadians expect inflation to climb in the next five years — rising to 3.91%. That’s almost twice the central bank’s 2% target and the highest reading in roughly four years.

For retirees, that matters. While some retirement income rises automatically with prices — such as indexed to inflation government income, including Old Age Security (OAS) payments and Guaranteed Income Supplement (GIS) payments — some retirement income does not. And that gap can quietly shrink what a monthly budget actually buys.

Why are Canadians bracing for higher inflation?

The BoC released its third-quarter Canadian Survey of Consumer Expectations on Oct. 19. Long-term expectations on inflation jumped to 3.91% from 3.39% the previous quarter — the highest level since the second quarter of 2022, according to Bloomberg.

The primary reasons for the increased inflation projects are tariffs and trade tensions, followed by energy prices. The BoC analysis confirmed that long-term inflation expectations “have risen alongside the new tariffs and the recent rebound in energy prices.”

According to the BoC report, inflation began to tick up at the start of trade tensions; however, persistent inflation expectations moved higher when the Canada-U.S. trade talks broke down in late August. Statistics Canada price data backs this up . According to StatCan, the Consumer Price Index (CPI) rose 3.1% year over year in September, driven by a 27.8% jump in gasoline prices. Fuel oil, still used to heat many homes in Atlantic Canada, was up 57.8%. And with ongoing Straight of Hormuth tensions, inflated fuel costs doesn’t seem to have an end in sight.

Why worry if CPP and OAS already rise with inflation?

While government income support, like OAS, GIS and the Canada Pension Plan (CPP) do rise with inflation, but there’s a lag.

OAS is reviewed four times a year and rose 1.4% for the October to December 2026 period — a 3.0% gain over the past year. That means the maximum monthly payment is now $762.50 for seniors aged 65 to 74 and $838.75 for those 75 and older.

On the other hand, CPP adjusts only once a year, in January — and the adjustment is based on the previous year’s prices. This year, CPP benefits rose 2.0%. That means when inflation speeds up partway through the year, CPP doesn’t catch up until the following January.

Which retirement income loses ground to inflation?

When income isn’t indexed to inflation and stays fixed, in dollar terms, it ends up buying a little less every year as prices rise. Common examples include:

• Workplace pensions with partial or no indexing
• Annuities bought without an inflation-protection option
• Guaranteed investment certificates (GICs) locked in at lower rates
• Set-dollar withdrawals from a registered retirement income fund (RRIF)

For retirees, how does this impact their retirement income? Let’s assume you have a $2,000 monthly pension with no indexing. In five years, when inflation moves to 3.91%, that same monthly pension would buy roughly $1,650 of goods and services — a 17.5% decrease in purchasing power.

Even non-retirees will feel this pinch

Turns out even working Canadians will feel the pinch of creeping inflation. According to the BoC survey, households expect their income to grow just 2.13% over the next year — about half the 4.03% they expect prices to rise.

That squeeze will mean households will need to continue cost-saving measures, if possible, or adjust additional spending or saving.

What to do now

• Sort your income: list each source as indexed, partly indexed or fixed
• Read your pension’s fine print: your plan booklet explains whether payments rise with prices and by how much
• Find your personal inflation rate: track what you spend on heating, gas, groceries and insurance, since your costs may rise faster or slower than the national CPI
• Weigh when to start benefits: CPP grows 0.7% for each month you delay past 65, up to 42% at 70, while OAS grows 0.6% a month, up to 36% at 70 — and the larger payments stay indexed for life
• Ladder your GICs: staggered maturities let you reinvest at higher rates if they climb
• Check for the GIS: single seniors with annual income under $23,112 may qualify for up to $1,138.90 a month through the Guaranteed Income Supplement (GIS)
• Review your growth mix: a retirement that could last 25 years or more may need some investments that can outpace inflation, and an accredited financial adviser can help

Survey methodology

The Bank of Canada’s Canadian Survey of Consumer Expectations was conducted through an online panel from Aug. 5 to 27, 2026, with follow-up phone interviews from Aug. 24 to Sept. 4, 2026. About three-quarters of responses were collected before Canada-U.S. trade talks broke down on Aug. 21.

CMHC points to a basic imbalance: Canada has fewer homes per person than most comparable countries, and demand has outpaced new supply for much of the past decade. Population growth played a role, alongside rising incomes and low borrowing costs that supported demand.

“Canada’s housing challenge isn’t just that home prices rose. It’s that demand grew faster than supply for longer than in many comparable countries,” Aled ab Iorwerth, CMHC’s deputy chief economist, said in the corporation’s October 20 news release.

Canada has fewer homes per person

CMHC puts Canada at 426 dwellings per 1,000 people, based on data from around 2022. That is below the OECD average of 468. Among the countries examined, only Australia, Ireland and New Zealand had fewer homes per person.

A larger housing stock gives a country more capacity to accommodate new demand. When more people are looking for housing than the market can readily supply, buyers and renters compete for the homes available. Where construction cannot respond quickly, that competition can push prices higher.

Population growth alone does not explain Canada’s results. Canada’s population grew 29% between 2005 and 2025, while real house prices (prices adjusted for inflation) rose 101%. New Zealand’s population grew by the same amount, but real prices increased 77%. Australia’s population grew 36%, while real prices rose 79%.

The problem is the pace of supply

Canada continued building homes as prices climbed. Newly completed dwellings represented 1.2% of the existing housing stock in 2011 and 1.3% in 2022, slightly above the OECD average in both years.

But several peers increased construction more sharply. New Zealand’s rate rose from 0.9% to 1.8%, while Australia’s was about 1.7% in 2011 and 1.6% in 2022.

The distinction is between building homes and building enough to keep pace with demand. Even steady construction can leave a growing shortage if the number of people seeking housing rises faster than the number of homes being added.

Because planning, approvals, infrastructure and construction take time, supply cannot always catch up quickly when demand rises.

Since the second half of the 2010s, CMHC says demand has generally outpaced supply in Canada. In 2023 and 2024, the country added almost five residents for every completed home. That ratio fell to 1.53 in 2025, which CMHC says likely reflects later changes in immigration levels.

The ratio indicates pressure rather than counting people left without homes: household size, vacant homes and where new housing is built also affect availability.

What this means for homebuyers

CMHC’s research helps explain why Canadian housing has become so expensive, but it cannot tell buyers whether prices will rise or fall next. A national comparison also cannot tell you whether a particular home is fairly priced.

For buyers, that means focusing on the local market rather than trying to time a national correction. Compare recent sales of similar homes in the neighbourhood you want, and look at how much choice buyers have. A market with few homes for sale may remain competitive even when demand cools.

Don’t assume lower mortgage rates will automatically make homes affordable, either. Lower rates reduce borrowing costs, but they can also allow buyers to borrow more and compete more aggressively for a limited number of homes.

Before making an offer, calculate the full monthly cost, including your mortgage, property taxes, insurance, utilities, condo fees and maintenance.

Check that you could still manage the payments if your mortgage rate rises at renewal, and avoid stretching your budget simply because a lender approves a larger loan.

Ultimately, improving affordability will require Canada to add homes faster and more consistently. CMHC plans to study countries that have expanded construction at scale, but increasing supply takes time. Buyers should make decisions based on what they can afford today, rather than counting on a quick return to lower prices.

Thankfully no money went missing. But the same kind of software can ask for access to your bank accounts and credit cards, which has led the CEOs of two of Canada’s biggest banks to sound the alarm on allowing this technology to access your personal information.

The real risks aren’t rogue robots. They’re an “allow” button that hands an AI agent more control than you meant to give, and the unsettled question of who’s financially liable when things go wrong.

How did Meta’s Muse share Robb’s address with a stranger?

Robb told CBC News he picked “Allow always” instead of “Allow one time” when he asked Muse to take over his Marketplace sales. This gave the agent permission to message buyers on his behalf using a template that included the pickup address he’d provided. He believed Muse would still ask for permission before accepting an offer. However, in an update posted to X, Robb said that it took a $600 offer without seeking approval — even though he had set a strict $700 minimum.

Meta sees it differently. The company said that Muse always checks with users before performing any sensitive actions, such as purchases or sending an email, and that the data it collects is stored securely. David Singleton, co-founder and CEO of Meta Superintelligence Labs, replied to Robb’s post on X, saying the two had jointly confirmed that there was no breach of privacy controls. Additionally, Robb says Meta told him it would make the setting clearer.

There is a lesson to be learned here when it comes to your money: If an AI agent acts within the permissions you granted it, that may make it harder to argue that what it did was unauthorized.

Why are Canada’s big banks pushing back on AI agents?

Muse is catching on fast. Meta CEO Mark Zuckerberg said that more than 10 million people in the U.S. and Canada set up accounts in roughly six weeks.

With a customer’s permission, agents like Muse or OpenAI’s ChatGPT can link to bank accounts and credit cards to monitor balances and transactions, while also suggesting changes in spending habits. Purchases usually still need a human to approve them.

Those connections appear to be on the minds of the top dogs at some of the nation’s biggest financial institutions. On Oct. 20, RBC’s CEO Dave McKay told Bloomberg that the bank is considering blocking Muse from customer information, noting that, when it comes to consumer protection, the bank is ‘liable for that as an organization.” A day later, at the Toronto Global Forum, BMO’s CEO Darryl White said that giving AI agents your account numbers, passwords or PINs is a bad idea.

RBC’s head of AI, Bruce Ross, told The Logic the bank won’t let agents like Muse connect without having adequate safeguards put in place. Ross added that regulators haven’t yet settled on who is legally responsible when an agent acting for a customer gets it wrong. The Financial Stability Board, an international body that monitors the global financial system, has also weighed in on the topic. With support from the Office of the Superintendent of Financial Institutions, Canada’s federal banking regulator, it has urged lenders to verify agents’ identities and restrict their access to sensitive data.

Who pays if an AI agent costs you money?

Canada’s consumer protections assume you keep your credentials private. According to the Financial Consumer Agency of Canada, the federal agency that oversees consumer protection in banking, institutions will usually cover losses if you have taken the appropriate steps to protect your card and PIN. Under the debit card code of practice, consumers aren’t liable for losses that stem from circumstances beyond their reasonable control.

Sharing a password or PIN with a third-party tool can complicate that claim. For example, banks client card agreements typically put the responsibility on customers to take reasonable precautions to keep their card and PIN safe.

Plenty of Canadians are already exposed. About nine million of them use services that rely on screen scraping, which works by having customers hand over their banking passwords. The Consumer-Driven Banking Act, which received royal assent in March 2026, has set up a secure, Bank of Canada-supervised system for sharing financial data. However, the regulations needed to bring it into force were only proposed in June, which means open banking isn’t up and running yet in Canada.

What to do now

If you want to try an AI agent with your finances, here are some things to be conscious of:

• Choose “Allow one time” for anything involving money, your address or messages sent on your behalf
• Never give an AI agent your online banking password, PIN, full card number or SIN
• Stick to read-only access if you connect accounts for budgeting purposes
• Review connected apps regularly in both the agent’s settings and your online banking, and revoke what you don’t use
• Turn on transaction alerts so unexpected activity shows up immediately
• Read your cardholder agreement before linking anything to see what you’re liable for
• Report unauthorized transactions to your bank right away

Battel had sewer backup coverage with a $50,000 limit, the kind of protection many homeowners assume will make them whole after a flood. Then came the estimate for two days of cleanup: $27,000, which was more than half his coverage, gone before a single wall went back up.

While his claim eventually worked out, his experience exposed a gap plenty of Canadian homeowners don’t notice until it’s too late: your sewer backup limit may have to pay for both the mess and the rebuild.

How did a two-day cleanup get quoted at $27,000?

Battel told CTV News that his insurer, the Canadian Automobile Association (CAA), referred him to a restoration company, ServiceMaster Canada, which, over two days, deployed a crew of six to pump out the sewage, tear out drywall and carpet and set up drying equipment.

“I was floored,” Battel said of the price.

So why would two days be so costly? Daniel Loosemore, ServiceMaster Canada’s chief of sales operations, told CTV News that the $27,000 was an initial estimate made after assessing the damage. The total was later revised down to $20,000. Loosemore noted that sewage cleanup is pricier because it carries both biohazard and health risks, requiring specialized training and equipment to be performed properly. He also said the pricing is in line with industry standards and is reviewed by insurers who ultimately foot part or all of the bill.

Why the limit matters more than the cleanup bill

Here’s where the real financial risk sits. Battel said that once cleanup was paid from his $50,000 limit, he’d be left with roughly $23,000 to restore the rest of his basement. The three contractor quotes he received came in at $68,000, $74,000 and $120,000.

The lowest bid he received was still $18,000 more than his entire policy limit, before a dollar went to cleanup.

In a statement, CAA told CTV News the preliminary estimate Battel shared hadn’t yet been verified or reviewed, and confirmed he is receiving the full policy limit on his claim. Battel said the insurer agreed to cover the cleanup while also paying the full $50,000 toward restoration.

That resolution came after weeks of back-and-forth between Battel and CAA — but it doesn’t change the underlying math: every rebuild quote still exceeded $50,000.

What does sewer backup insurance actually cover?

This isn’t a one-off situation. Extreme weather events such as floods, wildfires and storms caused more than $3.7 billion in insured losses across Canada this summer — the third-costliest on record. That’s according to estimates released by the Insurance Bureau of Canada (IBC), the national association representing Canada’s private home, auto and business insurers.

In the aftermath of property damage caused by catastrophic weather events, many homeowners may be surprised to discover what a standard policy leaves out. IBC’s guidance for Niagara-area residents like Battel notes that basement damage from a sewer backup is covered only if an insured has purchased optional sewer backup coverage, and that limits may apply.

Overland flooding, which is when rivers or other bodies of water spill onto dry land, is a separate add-on. Groundwater and seepage coverage typically isn’t standard either.

That is to say, a single flooded basement can involve two or three separate coverages, each with its own limit, or none at all.

What to do now

A few phone calls before the next superstorm can reveal whether you’re carrying a gap your insurance won’t cover:

• Ask your insurer or broker for your sewer backup limit in dollars, and whether cleanup and restoration both come from that same amount
• Get a rough contractor estimate for rebuilding your finished basement and compare it with your limit
• Confirm whether you have overland flood and groundwater coverage, and what each pays out if activated
• After a flood, follow IBC’s claim advice: photograph the damage, keep detailed notes and save every cleanup receipt
• Ask for an itemized estimate from a contractor and have your adjuster review it before agreeing
• Install a backwater valve, and check whether you’re eligible for a local rebate first

On that last point, many Ontario municipalities will help homeowners pay for preventative devices. The St. Catharines Emergency Flood Alleviation Program reimburses 90% of eligible costs, to a maximum of $5,000, for backwater valves and related work on homes built before 2012.

If your claim stalls, begin with your insurer’s internal complaint process. If you’re still dissatisfied, reach out to the General Insurance OmbudService (GIO) — an independent organization that helps resolve home, auto and business insurance disputes free of charge.

Battel’s situation reveals the difference between having coverage and having enough of it, and the best time to find out which one you have is on a dry day. As IBC’s Amanda Dean said after flooding in Cape Breton this year, “insurance alone can’t solve Canada’s flood problem.”

If you were hoping to fly nonstop from Vancouver to Nashville or from Toronto to Charleston in the summer of 2027 or beyond, you’ll either have to endure a stop over or fly an airline other than Canada’s national carrier.

The cuts hit three of the country’s busiest airports. They arrive as Canadians’ air travel to the states remains well below where it was two years ago — even as the airline adds new American destinations elsewhere in its network.

Which Air Canada routes are being cut?

The airline confirmed the cuts in an email to CTV News. Starting in summer 2027, Air Canada will no longer fly these four routes:

• Vancouver to Nashville, TN
• Vancouver to Raleigh-Durham, N.C.
• Toronto to Charleston, S.C.
• Montreal to Seattle, WA

In the email, Air Canada spokesperson Sean Davidson said the airline “regularly reviews its schedule” to keep capacity in line with customer demand and travel patterns.

Davidson said the airline will continue to serve Nashville, Raleigh-Durham and Seattle from other Canadian airports, so the cities themselves won’t disappear from Air Canada’s network.

According to schedule data reported by PAX News, Nashville and Raleigh-Durham will keep direct service from Montreal and Toronto Pearson International Airport. Seattle will keep direct service from Vancouver and Toronto Pearson. So for Vancouver travellers heading to Nashville or Raleigh-Durham, and Montreal travellers heading to Seattle, they will need to connect through another Canadian hub. Charleston is the sole exception: Air Canada will no longer fly there at all.

Why is Air Canada pulling out of Charleston?

Toronto was Air Canada’s only route into South Carolina, so dropping it means the end for the airline’s service to the state, for now.

The route had already been under pressure. According to Charleston daily newspaper The Post and Courier, rising fuel costs shortened the 2026 season. Flights ended Sept. 6 instead of running through October as in previous years.

The airline told the paper it was discontinuing the seasonal route “for these commercial reasons.”

How far has cross-border air travel fallen?

The cuts reflect a U.S. travel market that has rebounded, but only partway. According to the latest data from Statistics Canada, Canadians made 2.6 million return trips from the U.S. in August, up 8.8% from August 2025.

Air travel tells a different story. Return trips by air rose 3.6% year over year, but they remained 22.7% below August 2024 levels. Trips by car were down even further, at 27.4% below 2024.

In other words, Canadians are going back south, but not yet in the numbers that filled seasonal flights before 2025.

Where is Air Canada adding U.S. flights?

Retreating from four routes is not anywhere near a full retreat from the U.S. market. In fact, on Oct. 16, Air Canada announced three new summer 2027 routes. They fall under its transborder joint business agreement with United Airlines:

• Toronto to Louisville, KY.: Starting April 28 and increasing to daily service in May
• Montreal to Indianapolis: Daily from June 1 to Sept. 30
• Edmonton to Newark, N.J.: Four times weekly from June 1 to Oct. 17

United Airlines is adding its own routes under the same partnership. These routes are seasonal service from Newark to St. John’s, N.L., and new flights from Denver to Ottawa and Quebec City.

The route cancellations are more of a reshuffle than a shrinking map but they do mean fewer nonstops from Vancouver, Toronto and Montreal to mid-sized southern and Pacific Northwest cities. In their place come new links to the U.S. Midwest and New York area, along with more connections through United’s hubs.

For Canadians who flew these routes this year, the destinations will still be within reach next summer. Getting there, though, will likely mean a layover or a different airline.

Chapman’s Ice Cream, the family-owned company based in Markdale, Ontario, says its new pecan butter tart flavour was named Best Ice Cream at an international competition in Argentina this month. This win follows closely on the heels of the company’s decision to drop most American-sourced ingredients without increasing consumer prices.

For Canadians trying to keep more of their grocery dollars at home, it’s a useful case study. Overhauling a supply chain takes years, not just a few weeks. And that a little maple leaf stamped on the box doesn’t always mean what shoppers think it does.

What did Chapman’s win — and why does it matter?

The International Ice Cream Consortium (IICC), an association of independent ice cream manufacturers founded in 1986, held its conference in Argentina from Oct. 12 to 17, bringing together makers from 13 countries.

Officially rolled out in June, Chapman’s Pecan Butter Tart flavour swirls subtle notes of maple with praline pecans and buttery sugar cookie chunks — all churned with 100% Canadian dairy. CEO Ashley Chapman told CTV News the team tasted local butter tarts to get the blend right, adding the company has “a lot of serious butter tart people in house.”

It’s not the company’s first taste of international honour. Chapman’s took best caramel ice cream in 2024 and was named Ice Cream Maker of the Year in 2025.

How is Chapman’s dropping U.S. ingredients without raising prices?

The search for alternative suppliers began in March 2025 following the announcement of initial U.S. tariffs. At the time, the ice cream maker said it would absorb immediate cost increases rather than pass them on.

Now Chapman’s says it’s well on track to swap out over 70% of its American ingredients and components for Canadian or international sources by mid-2027, according to CBC News. That includes moving wafer production for its ice cream sandwiches to Canada and signing a five-year contract for Canadian-made cones. Supply shifts also include sourcing almonds from Australia and cherries from Chile, supported by a corporate pledge to freeze prices until March 2028.

In a social media post, the company framed the shift as part of its “outright rejection of these unjustified tariffs.”

For shoppers, the lesson is simple: switching suppliers takes time. Buying local is a long-term goal, not an instant flip of the switch. A price freeze is a company promise, not a guarantee across every product on the shelf.

Does ‘Made in Canada’ mean the food inside is Canadian?

Not necessarily. In Canada, food origin claims must align with guidelines established by the Canadian Food Inspection Agency (CFIA), the federal body overseeing domestic food safety and labelling standards.

Under CFIA guidance, “Product of Canada” means all or virtually all of the ingredients are Canadian, which is generally considered to be 98%. A label that simply says “Canadian” carries the same meaning.

“Made in Canada” is a looser definition. It applies when the last substantial transformation of the product happened here, even if the ingredients were imported. In that case, the label must say so.

The least reliable signal is the maple leaf graphic. The CFIA notes the symbol doesn’t always mean a product is Canadian, even in part.

Can you afford to buy Canadian with groceries this expensive?

Grocery inflation has slowed, but checkout prices haven’t dropped. Statistics Canada, the national statistical agency, reports that food purchased from stores rose 1.7% year over year in September. That’s the smallest uptick since May 2024, yet grocery prices are still up 33% compared to September 2020.

Some categories are moving faster than others. Fresh vegetables fell 2.9% over the past year, while fresh or frozen beef climbed 8.7%.

Supporting Canadian products doesn’t require overspending, though it does demand careful price comparison.

Chapman’s is betting that Canadians will reward a brand willing to do the slow, unglamorous work of rebuilding its supply chain. Shoppers can make that same move on their own terms, one label and unit price at a time.

Taking the top prize in Argentina proves that Chapman’s decision to pivot away from foreign suppliers doesn’t mean they’re opting to compromise on taste. As shoppers face tough choices in the grocery aisles, a scoop of award-winning pecan butter tart is sweet proof that a homegrown recipe, made with Canadian dairy, can take on the world and win.

That’s how former U.S. president Barack Obama described Canadians at a midterm rally for Democratic Senate candidate Dr. Abdul El-Sayed and gubernatorial nominee Jocelyn Benson in Detroit on Oct. 24. During the event, he also took aim at President Donald Trump’s trade war with America’s longtime ally.

The crowd laughed and Canadian social media cheered in response to Obama’s very spirited commentary.

The midterm elections will help shape — or reshape — the foreign and domestic policy agenda for the next two years before the nation’s next presidential election. And for Michigan, whose auto industry runs on cross-border supply chains, the stakes are even higher.

What did Obama actually say about Canada?

Obama spoke at Cass Technical High School in Detroit, where he leaned heavily on sarcasm, calling Canada “that historical adversary of ours” and a “well-known evil empire.”

He was quite acerbic when speaking of Trump’s treatment of Canada, noting how the country is “constantly being abused and talked about” by the current administration, while also criticizing his 51st state rhetoric.

Obama then directed his commentary to the economic impacts of the tariffs that went into effect in late August. “[Trump] was warned, this will drive prices up, this does not lower prices,” he noted. “That’s exactly what happened.”

He also pointed to Michigan, and its deep economic integration with its northern neighbour.

“In a place like Michigan and the auto industry, you got integrated systems between Canada, the United States and … so each car requires a whole bunch of parts from a whole bunch of places.”

How did the trade war escalate this fall?

Behind the sensational sarcasm and partisan polemics, the numbers are serious. After trade negotiations fell to the wayside, the U.S. imposed a 50% tariff on $27.6 billion worth of Canadian goods on Aug. 22. U.S. Trade Representative Jamieson Greer said Canada refused to finalize terms agreed days earlier, while Ottawa argued that Washington asked too much and offered too little.

Canada responded in kind with matching counter-tariffs of 15%, 25% and 50% on an extensive list of U.S. imports, effective Sept. 8.

Trump has also threatened to raise tariffs on Canadian cars, trucks, auto parts and steel to 50% on Jan. 1, 2027.

Midterm pressure is already changing which goods get taxed. Maine Republican Sen. Susan Collins, who is up for re-election, said on Oct. 23 that the Trump administration will scrap 50% tariffs on some Canadian goods. The relief covers certain paper and plastic products, packaging equipment, farm machinery and seaweed.

However, the change swaps one set of tariffs for another. The Canadian Federation of Independent Business (CFIB), a non-profit representing small business owners, notes that the same Oct. 30 change adds other Canadian products to the 50% list, including appliances, tools and flooring. For Canadian workers in packaging and farm equipment, that’s some relief. For those making appliances or flooring, the pressure just went up.

The U.S. Embassy in Ottawa, meanwhile, has suggested Canada may be interfering in the midterms, citing in part comments about its counter-tariff strategy. Prime Minister Mark Carney has responded by saying the claims have no merit.

Are you paying more for U.S.-made goods?

You may be, depending on what you choose to purchase. According to the Department of Finance, which oversees tax and tariff policy, Canada’s 50% counter-tariffs cover items such as U.S.-made furniture, clothing and apparel, with a 25% rate applying to appliances and cheese.

Importers pay tariffs, but retailers can pass those costs along to consumers to make up for the levies. In practical terms, if the import value of a couch is $1,000, it will now face a $500 tariff at the border before any markup is applied. So, the best way to skirt the sticker shock is to seek out Canadian or foreign alternatives that do not originate in the U.S.

Not every price hike is a tariff story, though. Statistics Canada (StatCan) reports that inflation rose to 3.1% in September, which was driven mainly by escalating fuel costs.

Which Canadians are most exposed?

For many households, the bigger risk is income. Canada lost 68,000 jobs in September, the second straight monthly decline, including 13,000 in manufacturing, while the unemployment rate rose to 6.5%, according to StatCan.

Small and medium-sized enterprises (SMEs) are also feeling the pressure, as the CFIB states that over 53,000 businesses are directly impacted by either U.S. tariffs, Canadian counter-tariffs, or both.

To ease these pressures, Ottawa’s $7.5 billion support package includes extended Employment Insurance (EI) flexibilities and a new Workforce Retention and Retraining Program, according to the Department of Finance.

However, the CFIB argues that these aren’t enough to keep SMEs afloat. “While [the] government has made a few important and welcome changes to the main tariff supports, the programs continue to exclude about half of the small business community,” said Corinne Pohlmann, CFIB executive vice-president of advocacy, in a statement.

“We have been telling [the] government that the counter-tariffs would have a far broader impact than the U.S. tariffs. Programs that only help a few thousand businesses are unacceptable when tens of thousands need support.”

The night before Ottawa fans booed him every time he touched the puck, Brady Tkachuk sat down with a table of his former NHL Senators teammates — and paid for everyone’s meal.

It was a classy move from a player who built a career as one of the NHL’s most irritating and polarizing opponents. It also raises a question many Canadians face when the bill lands on a crowded table: Who pays, and how much generosity can your budget actually handle before you offer to pay the tab?

For a pro hockey player on a multimillion-dollar contract, covering dinner for a group is mere pocket change. For the average Canadian, the same gesture can blow a monthly budget or leave a balance on a credit card for months.

Tkachuk’s treat

Tkachuk was traded from the Ottawa Senators to the Florida Panthers in June 2026 after telling the Senators he wouldn’t sign an extension with them. The night before his Oct. 21 return to Ottawa’s Canadian Tire Centre, he had dinner with several former teammates and picked up the tab. Defenceman Jake Sanderson confirmed to reporters that Tkachuk treated the men.

It was Sanderson who organized the evening and hockey news site MarkerZone reported that as many as 10 current Senators players showed up. One notable absence was centre Tim Stützle, who explained he skipped it because “I have a chef.”

Tkachuk also had a plan for Ottawa fans still angry that he asked to leave the Sens. Throwing a departed star’s jersey onto the ice is a classic show of fan disapproval, so on his Wingmen podcast he said any No. 7 Senators jersey — the number Tkachuk wore while with the team — tossed during the game would be donated to the Boys and Girls Club in Ottawa. “So, I don’t recommend doing it,” he added.

Why is the dinner bill such a money minefield?

Being the person who says ‘I’ll get that’ when the server comes with the bill sounds like a simple, nice thing to do, but it’s not necessarily the ‘gift’ it appears to be. When friends earn very different incomes, the pressure to pick up the bill next time can quietly push spending past what’s comfortable for people who can’t afford the same bill.

A recent survey from TD Bank Group found that 14% of Canadians say social pressure impacts their spending. That more than doubles to 32% for Gen Z, and dining out at trendy restaurants ranks among their favourite splurges.

The cost goes beyond the bill. Debt-relief firm GT Debt Solutions found that 2 in 5 Canadians have missed time with friends because of money, while 1 in 5 admitted to taking on debt in the past two years just to socialize, with the Gen X generation reporting the highest rate at 1 in 3.

When does it make sense to cover the whole table?

Treating the group can make sense when you’re hosting, marking a milestone or earning noticeably more than the people around you. The key difference is whether you have the cash to cover it or are taking on credit card debt you won’t easily be able to quickly clear.

For those feeling the pressure to spend and socialize, it helps to benchmark what others spend.

According to GT Debt Solutions research, 59% of Canadians spend less than $100 on an outing with friends, and half of Gen Z keep it under $50. If your share of the bill regularly runs well above that, generosity may be turning into a bad money habit.

For the rest of the time, decide before anyone orders what you are and are not willing to contribute to the bill and discuss. These days it’s easy enough to ask your server for separate bills, divide the bill equally or, if you’re feeling real generous, to pay the whole thing.

For those NHL fans with a jersey they no longer want

Ottawa Senators fans have plenty of chances to offload their Tkachuk gear if they no longer want it. The Senators’ trade-in promotion offered 40% off new merchandise — and collected 261 Tkachuk jerseys, according to the Ottawa Business Journal.

A local baseball team, the Ottawa Titans, collected another 52 in its own swap.

Trading in, reselling or donating a jersey makes more sense than throwing it away, no matter how angry you may be with Tkachuk. Just don’t expect a tax break for it. Guidance from the Canada Revenue Agency (CRA) says used clothing of little value generally doesn’t qualify as a receiptable gift in kind. Cash gifts to registered charities do qualify, and the federal credit rises to 29% on donations above $200.

An NHL player, like Brady Tkachuk, can certainly afford to cover dinner for an entire table. For everyone else though, that kind of generosity can have long-ranging consequences. As TD’s Jeet Dhillon put it, the trick is having “a clear sense of what you value.”

Kevin Hassett blamed the delay on Canada’s recent political calendar, including Alberta’s vote on separation. In the same appearance, he said negotiations were “gathering steam.”

For Canadians, the mixed signals aren’t just political theatre. A new round of 50% U.S. tariffs on Canadian goods takes effect later this week, on Oct. 30, and the Bank of Canada is predicted to increase interest rates two days earlier. Both can hit household budgets whether or not a deal gets signed.

What did the White House say about Alberta?

Hassett, director of the National Economic Council (NEC), the White House office that coordinates U.S. economic policy, spoke on Fox News Sunday on Oct. 25. Asked why Trump’s tariffs hadn’t yet produced a deal, he pointed fingers at the “Canadian election that just happened, including Alberta separating,” which he said made it “essentially impossible to negotiate with the Canadians.”

Alberta overwhelmingly voted to stay. On Oct. 19, about 75% of voters chose to remain in Canada rather than start the process toward a binding separation referendum.

Hassett also said U.S. Commerce Secretary Howard Lutnick spent last week talking with his Canadian counterparts. Trump echoed that optimism at a Sunday rally in Port Huron, MI. “We’ll have that settled pretty soon,” he told the crowd.

Prime Minister Mark Carney says Canada is ready but not rushing. “We could sign it this afternoon if the U.S. were there,” he told reporters.

Which tariffs change on Oct. 30 and who feels them?

Washington’s latest shuffle removes 50% tariffs on some Canadian goods, including seaweed, packing boxes and some plywood sheets. It adds others, including cocoa powder, vinyl flooring and shampoo. The full product list is posted by the White House.

International trade lawyer Barry Appleton told CTV News the overall policy hasn’t retreated: “Washington didn’t lower the tariff wall ... they kind of moved some bricks around.”

Those bricks land right on Canadian employers. Jean-François Dufresne, CEO of Quebec hardwood flooring maker Preverco, told CTV News the new duties could cost the company a quarter of its business overnight.

Prices at home are shaped by Canada’s response, too. The federal government has counter-tariffs on $27.6 billion in U.S. imports, with an emphasis on steel, dairy, appliances, agricultural equipment, pulp and paper and electronics.

Why does Wednesday’s rate decision matter more to your wallet?

The Bank of Canada announces its next rate decision on Oct. 28. The BoC has held its policy rate at 2.25% for seven straight meetings, but financial markets put the odds of a quarter-point hike at nearly 78% as of Oct. 23.

Inflation is the main trigger, and Statistics Canada recently reported that annual inflation rose to 3.1% in September as conflict in the Middle East pushed up gas prices.

Trade still factors in. “A rate hike might be a fine decision if things go well in future trade talks and energy prices stay high,” Avery Shenfeld, chief economist at Canadian Imperial Bank of Commerce (CIBC), told The Globe and Mail.

If you carry a variable-rate mortgage, each quarter-point increase adds about $250 a year in interest for every $100,000 owed. Fixed-rate borrowers won’t feel a change unless they are set to renew.

What to do now

A deal could close quickly or take months. Either way, these moves can limit the impact:

• Check whether your variable-rate mortgage payment adjusts with prime or stays fixed, and ask your lender what locking in would cost
• If you work in a tariff-exposed sector such as steel, lumber, autos or flooring, build an emergency fund that will cover several months of expenses
• Avoid selling investments on trade headlines, which have reversed within days this month
• Keep up with regular contributions to your Tax-Free Savings Account (TFSA) and Registered Retirement Savings Plan (RRSP)
• If you’re in the market, compare prices on appliances and electronics, which are among U.S. goods hit by Canada’s counter-tariffs
• Savers can check high-interest savings account (HISA) and guaranteed investment certificate (GIC) rates after Wednesday’s decision

The bigger risk isn’t one tariff list or announcement from Carney or Trump. It’s building a budget around a deadline nobody in Ottawa or Washington controls. Mark Carney has made clear Canada wants the right deal over a fast one: “We don’t care about the timing of that.”

Those payments add up. Canadians have dropped an estimated $170.2 million on the platform so far in 2026 — and nearly three-quarters of it wasn’t even spent on subscriptions. It went to tips, pay-per-view messages and custom requests, often a few dollars at a time.

Even if you’ve never used the app, you’ve probably seen this exact playbook before. Creator tips, livestream gifts and one-tap add-ons rarely feel like real spending in the moment. However, over time, those little extras can quietly turn into one of the biggest line items in your fun budget.

Where did Canadians’ $170.2M on OnlyFans go?

This number comes from the OnlyFans Wrapped 2026 report by OnlyFinder, an independent OnlyFans search engine. OnlyFinder modelled spending using search and traffic data, then anchored it to revenue reported by Fenix International, the U.K.-based parent company of OnlyFans, according to Daily Hive. These are estimates, not audited totals

Canadian spending jumped 16.2% — more than double the global rate of 7.6%. Toronto took the top spot with roughly $20.6 million spent, while Montreal spent $11.5 million. Additionally, Calgary spent $7.8 million, up 22.9% from last year.

The bigger story is how people are spending. Tips and pay-per-view content made up 73% of total OnlyFans spending this year, climbing from 67% in 2025. OnlyFinder CEO Max Anderson told Daily Hive it’s a misconception that subscriptions drive most of the money.

Why are tips harder to budget for than a subscription?

Subscriptions are predictable — one clear charge on the same day every month, and you can cancel it whenever you want.

Variable costs like tips and single purchases, on the other hand, make budgeting tricky because they’re often impulse buys and get lost in a sea of small charges on your card statement. The Financial Consumer Agency of Canada (FCAC), the federal regulator for consumer finance, says a budget can help Canadians sort needs from wants, set spending priorities and commit to a plan. Pay-per-interaction is purely “want” spending — and that’s the easiest budget column to let slide.

Individually, the charges don’t look egregious. Consider this example: one $50 chat a week costs $2,600 a year. Throw in two $5 tips a week on top of a $10 monthly subscription, and you’re suddenly looking at $3,240.

Is loneliness part of what’s driving the spending?

Anderson thinks loneliness and a craving for connection are what’s really driving this. People just want to feel like someone they admire is giving them one-on-one attention, he said.

Loneliness is common in Canada. In 2021, 13% of Canadians aged 15 and older told Statistics Canada that they always or often felt lonely. Among those aged 15 to 24, the number was 23%. For single Canadians, that number was 21%, versus only 7% for people who are married or in common-law relationships.

That matters for your budget. When purchases are tied to emotions, willpower rarely holds up. A charge that brings comfort during a quiet evening can easily feel justified in the moment, regardless of your monthly budget.

How much room do Canadians have for extra spending?

For many, not much. In its latest Consumer Debt Index, MNP Ltd., a licensed Canadian insolvency trustee firm, found 46% of Canadians say they’re $200 or less away from being unable to cover their monthly bills and debt payments.

With a margin that tight, just four $50 chat sessions in a month could completely erase your buffer. That doesn’t mean you can’t spend money on fun — having room for entertainment is actually key to a realistic budget. The goal is to make sure it’s planned, capped and paid from money you have, not borrowed on a credit card that charges interest.

What to do now

Start by finding out what you actually shell out on small digital purchases, on any platform. Then give that spending a ceiling:

• Pull three months of statements and search for app stores, tips and platform charges
• Total those charges and multiply by four to see your yearly cost
• Use the FCAC’s free Budget Planner to set a monthly cap for fun spending
• Move that amount to a separate account or prepaid card so the limit is real
• Remove saved cards and turn off one-tap buying to slow down impulse purchases
• If balances are building on a credit card, talk to a non-profit credit counsellor before interest compounds

If you notice you’re spending more when you’re feeling lonely, try shifting some of that money toward real-world plans — like joining a class, picking up a recreational sport or setting a weekly coffee date with a friend.

In a recent Reddit post, the borrower said they took out the loan with Easyfinancial in 2020 after losing their job during the COVID-19 pandemic and struggling to cover rent.

Two years into making payments, they contacted the lender about their balance. It was reportedly just over $4,000, the same amount they had borrowed. The borrower said they were then told they had been paying for insurance they didn’t recall agreeing to.

How loan insurance can add to borrowing costs

Creditor insurance can help cover loan payments or reduce an outstanding balance in circumstances such as job loss, disability, critical illness or death. Coverage depends on the policy, and premiums add to the cost.

“Optional creditor insurance can significantly increase the overall cost of a personal loan because the premiums you pay are added on top of your loan payments,” Ali Harris-Saunders, corporate and community relations manager at the Credit Counselling Society (CCS), told Money.ca.

Harris-Saunders said borrowers should check the certificate of insurance for premiums, coverage, exclusions and eligibility requirements. They should also check whether they already have similar protection through workplace benefits or other insurance.

“If that’s the case, then creditor insurance might not even be necessary,” she said.

The borrower said they tried to stop payments while seeking an explanation, but withdrawals continued. They eventually requested a full accounting of the loan.

According to the post, the lender reported that the borrower had paid just under $9,000 but still owed roughly $4,000 to close the account. The borrower said they made four final payments of $1,000 each and described the total cost of the ordeal as $12,000.

The figures do not precisely reconcile, and the post does not establish how much of the reported cost came from insurance, interest or other charges. The total comes straight from the borrower’s own accounting, rather than an independently checked calculation.

Interest and fees can make a loan more expensive

Interest rates, repayment periods and additional fees can also drive up a loan’s total cost.

“It sounds extreme, but it usually comes down to costs stacking up,” personal finance expert and columnist Barry Choi told Money.ca. “A high interest rate combined with a long repayment term is already expensive.”

Choi said add-ons such as loan protection insurance, loan top-ups and missed-payment fees can push the cost higher. He advised borrowers to check the annual percentage rate (APR), total cost of borrowing and additional fees.

“The quick interest rate you see on ads usually doesn’t tell you the whole picture,” Choi said.

Harris-Saunders said high-interest loans and longer repayment periods can mean borrowers repay several times the original amount. Administrative, late-payment and non-sufficient funds (NSF) fees can also add to the bill.

“Borrowers should focus on the total cost of borrowing disclosed in their loan agreements, not just the monthly payment,” Harris-Saunders said.

What to check before signing a loan agreement

Before accepting a personal loan, review:

• APR and total cost of borrowing: Check the overall cost over the full term, not just the advertised rate or monthly payment.
• Fees: Look for administrative, NSF, late-payment and refinancing fees.
• Optional insurance: Confirm the premium, coverage, exclusions and eligibility requirements.
• Existing coverage: Check whether workplace benefits or another policy already provides similar protection.

The FCAC says loan insurance is optional and federally regulated financial institutions must obtain express consent before providing it. Before accepting coverage, review the certificate of insurance for premiums, coverage, exclusions and eligibility requirements.

What to do if you think you were charged for insurance without consent

Request copies of the loan agreement, certificate of insurance, consent forms and a full payment history to date. Ask the lender to explain how the insurance was authorized and how payments were allocated to principal, interest, premiums and other fees.

“If someone believes they did not knowingly agree to any coverage, they should contact the lender and insurer as soon as they can and ask for an explanation, request cancellation and inquire about any available refund of payments made,” Harris-Saunders told Money.ca.

Harris-Saunders said some insurance products have cancellation rights, and refunds may be available in certain circumstances, but a refund is not guaranteed. Hang onto all your written records. If the lender doesn’t fix your issue through their formal complaint process, escalate it to the appropriate external regulator or dispute service.

If a loan balance isn’t going down as expected, ask for a written breakdown and question charges you don’t recognize.

Understanding the full cost before signing can help prevent an affordable-looking payment from masking a much more expensive commitment.

The airline introduced the non-refundable fee on Oct. 15, though customers can still book through its website or app without paying any surcharge.

Andrew D’Amours, the co-founder of flight deal website Flytrippers, told The Canadian Press that the change could disproportionately affect older travellers who prefer to reserve their flights over the telephone. However, he acknowledged the expense airlines face in hiring and training staff to handle calls, costs that could explain the new fee.

Why some seniors could feel the cost more

Most older Canadians use the internet, but there’s still a gap between age groups.

According to Statistics Canada’s 2022 Canadian Internet Use Survey, while 95% of Canadians aged 15 and older used the internet, the figure fell to 72% for those 75 and older. And just because someone can access the internet doesn’t mean that they feel comfortable buying a plane ticket online.

The gap helps explain why the new fee may raise concerns, especially since the cost adds up when people travel together. For example, two people booking together through an agent would each pay the fee, even if they’re on the same reservation.

Digital bookings leave agents available for complex needs

Air Canada said that by encouraging its customers to use the website and app for everyday bookings, it helps reduce wait times and allows contact centre staff to focus on travellers who need personalized support.

The change fits a broader airline practice of charging separately for services that passengers may once have expected their ticket to include.

The Canadian Press reported that both WestJet and United Airlines charge phone booking fees; by contrast, Delta Air Lines and Southwest Airlines offer telephone reservations without that surcharge.

If you’re comparing airlines, a lower fare could offset the phone fee, but factor in baggage and seat-selection costs too.

Who’s exempt from the fee?

Air Canada noted that it exempts customers who require specialized care and support, including those with accessibility needs. It also said the booking fee doesn’t apply when passengers call for help because a delay or cancellation disrupted an existing booking.

Additionally, the company’s spokesperson, Sean Davidson, told The Canadian Press that the fee does not apply to services that cannot be completed online.

Ask about the charge before completing your reservation

If you need to book by phone, explain your situation to the representative and ask whether a fee exemption applies before authorizing payment. If you’re calling in because your online booking failed, don’t assume the agent will automatically waive the fee.

Ask for the total price, including taxes and service charges, and check it against your budget.

If you’d like to book online but aren’t comfortable doing it alone, ask someone you trust to help with the reservation, and make sure you review passenger names, travel dates, baggage allowances and cancellation terms before you pay.

It’s an easy call when housing, groceries and holiday shopping are all competing for the same paycheque. But that cash bonus doesn’t always stretch as far as it looks like it will on paper. And how you ask for recognition can matter as much as what you ask for.

Before anyone laments the party planning, it helps to know what each kind of year-end perk actually nets you — and how to bring it up without coming across like the office Grinch.

How many Canadians would really skip the party for cash?

A majority would happily forgo the office party for a bonus. A new survey from Employment Hero, an HR and payroll platform for Canadian businesses, found 81% of full-time employed Canadians would choose a cash bonus over attending their company holiday party. Only 13% would pick the party.

Think it may be just young folk saving for a house, middle aged people trying to live their best lives or older folk nearing retirement would would prefer the bonus? The survey actually revealed that the preference holds true across every generation. The bonus was the choice for 84% of workers aged 18 to 34, 80% of those aged 35 to 54 and 76% of those 55 and older.

Workers are putting a clear price tag on their personal time, too. When asked what it would take to give up a scheduled day off, nearly half (47%) said double pay would do the trick. Another 39% wanted time or flexibility instead, such as extra paid time off or remote work. For 12%, holiday time isn’t for sale.

Is a cash bonus really worth more than the party?

Not always — at least not dollar for dollar. Under CRA rules, cash and near-cash gifts from an employer are taxable. A bonus gets taxed just like your regular paycheque. That means a $500 bonus lands on your pay stub as less than $500, with the exact amount depending on your income and province.

The company party, on the other hand, usually doesn’t cost you a dime in taxes or otherwise. According to the CRA, an employer-paid social event isn’t a taxable benefit if three conditions are met:

• it’s open to all employees
• it costs $150 or less per person, including taxes
• it’s one of no more than six such events in a year

Non-cash gifts get a tax break, too. Employers can give non-cash gifts and awards worth up to $500 a year without creating a taxable benefit. Gift cards qualify for non-cash treatment only if they meet strict CRA criteria; otherwise, they’re taxed as regular cash income. In some cases, then, a $300 non-cash gift could leave you with more value than a $300 cash bonus.

Can a bonus go straight into your RRSP?

If you have available contribution room, employers can deposit your bonus directly into your RRSP tax-free at source. This avoids immediate income tax withholding, letting 100% of your pre-tax bonus go straight to work in your account.

There are administrative realities to keep in mind. Both CPP and EI deductions still apply if you haven't already hit your annual caps. Your employer may also require a copy of your latest CRA Notice of Assessment to verify your contribution limit before waiving withholding tax.

Finally, not all employers offer this option—while standard for workplace Group RRSPs, payroll departments often decline transfers to external personal accounts due to the administrative overhead. Ask your payroll team well before year-end processing to confirm their policy.

What to do now

The survey shows your boss probably already knows everyone wants the cash instead. That said, bringing it up politely will get you a lot further than being blunt. Here’s how to approach it:

• Frame it as a team preference. Suggest a quick anonymous poll rather than making a personal demand
• Give them choices rather than an ultimatum. You could suggest a smaller party paired with a gift under the CRA’s $500 tax-free limit, or maybe some extra paid time off instead
• Ask about an RRSP transfer. If a bonus is on the table, check whether payroll can deposit it directly into your RRSP
• Set your holiday boundaries early on. Most workers (69%) will ignore routine messages on a stat holiday, but the exact same percentage will jump in for a real emergency — so make sure everyone agrees on what actually counts as urgent before the break starts
• Tie individual asks to results. If you’re asking for a personal bonus, point to specific contributions from the year

Recognition doesn’t have to be all cash or all cocktails. The goal is to land on something that fits the budget while still feeling like a genuine thank-you. As Chris Pinkerton, managing director of Employment Hero Canada, put it in a statement, employers “shouldn’t confuse a celebration with recognition.”

Canadians reported $351 million in fraud losses in the first half of 2026 — but according to new survey results, the people most likely to get burned aren’t seniors. They’re young adults, the generation that grew up with greater digital literacy and often feels most confident about spotting a fake.

That gap between confidence and reality is what scammers are capitalizing on.

How much more likely are young adults to fall for a scam?

In a survey released by Capital One Canada, 17% of Canadians aged 18 to 34 said they’d been the victim of a financial scam in the past year. Among those 35 and older, the figure drops to 9%, roughly half.

Younger adults were also more likely to experience financial fraud of any kind, at 20% versus 14% for the rest of Canadians.

Other research is painting a similar picture. Earlier this year, a Scotiabank fraud awareness poll found that 29% of Canadians aged 18 to 34 said they fell victim to fraud in the previous 12 months — the highest share of any age group.

The money at stake is significant, too. That $351 million figure comes from the latest fraud trends report from the Canadian Anti-Fraud Centre (CAFC), the national agency that collects fraud reports. The CAFC estimates only 5% to 10% of fraud is ever reported, so actual losses are likely far higher.

Why are younger Canadians getting scammed more often?

Feeling tech-savvy doesn’t guarantee safety. In the Scotiabank survey, 76% of 18- to 34-year-olds said they could identify AI-generated scams, making them the most confident of any age group polled. That same group, however, reported the highest victimization rate, with social media and email topping the list of channels.

Where young adults look for money advice matters as well. In its 2024 Investor Index, the Canadian Securities Administrators (CSA), the umbrella group for Canada’s provincial and territorial securities regulators, found that 82% of investors aged 18 to 24 use social media for investment information.

The same research found reported investment fraud among that age group climbed from 0.4% in 2006 to 5% in 2024, while it declined among older investors.

That trend is worth noting since investment fraud is the costliest scam category nationwide, with about $139.6 million in reported losses in the first half of 2026, according to the CAFC. Many of these schemes, including cryptocurrency pitches, are promoted through social media, online ads and messaging apps.

Why does acting fast matter?

Speed can be the difference between a close call and a permanent loss when dealing with a fraudster. Many scams trick people into sending money themselves, often by Interac e-Transfer, and those payments are hard to undo. According to Interac, once a recipient has deposited an e-Transfer, the sender can’t reverse it; it can be cancelled only while it’s still pending, and only if the recipient doesn’t use Autodeposit.

Credit card fraud comes with more robust safeguards. The Financial Consumer Agency of Canada (FCAC), the federal agency that oversees how banks treat consumers, says your maximum liability for unauthorized credit card use is only $50. The FCAC advises reporting unauthorized transactions to your bank right away. But those protections cover only payments you didn’t approve, not money a scammer tricked you into sending.

Reporting quickly can also protect you from what comes next, as victims of previous scams are often targeted again by fraudsters promising to recover their money, according to the CAFC. Of the $351 million lost in the first half of 2026, $13.7 million came from recovery fraud.

That’s why one finding in the Capital One survey stands out: Canadians 35 and older were consistently more likely than younger adults to take immediate action, such as reporting the incident to their bank, after falling victim to a scam. However, reporting fraud to the CAFC remains low across all ages, at only 31% of respondents who were victims of a scam.

None of this means older Canadians can breathe a sigh of relief. The Capital One survey measures how often people get scammed, not how much they lose — fraudsters continue to target every age group.

What to do now

• Treat investment tips from social media influencers, group chats or online ads as unverified until proven otherwise
• Verify that anyone selling investments is registered with your provincial securities regulator before you send money
• Be wary of any pitch promising high or guaranteed returns, especially in crypto assets
• Verify unexpected requests using a phone number or website you find yourself, not one stated in the message
• Never share passwords, verification codes or remote access to your devices
• If you think you’ve been scammed, call your bank right away, then report it to police and the CAFC
• Be vocal about your experience, since staying quiet out of embarrassment only helps the scammer

That’s exactly why the Caribbean has been a go-to retirement destination for Canadians for decades, and honestly, it’s not hard to see why.

You’ve got year-round warm weather, laid-back island vibes, friendly communities and relatively short flights back to Canada when you want to visit family and friends (or when you’re craving a Tim Hortons double-double).

On top of that, many Caribbean countries offer a surprisingly affordable cost of living, solid and reliable healthcare systems and residency programs specifically designed for expats and retirees from abroad. Not bad, right?

That said, the Caribbean isn’t a one-size-fits-all situation. Some islands are great if you’re trying to keep costs low, while others lean more toward luxury living.

We’ll look at affordability, safety, healthcare access, visa requirements and overall quality of life so you can figure out which destination actually makes sense for you, not just which one looks good on a postcard.

Let’s get into it.

Our methodology

To determine the best places to retire in the Caribbean, we evaluated each destination using criteria that matter most to retirees, especially Canadians. Let’s face it: most retirees are not spring chickens anymore, so things like healthcare and safety matter.

And we aren’t just picking names out of a hat. There is a methodology to our madness, and we want to be transparent about our choices on this list. Retirement is a huge deal and a major change in lifestyle, so you will want to make sure you check off all of the right boxes before taking that leap.

Our rankings consider the following criteria:

• Cost of living: Housing, groceries, utilities and daily expenses will make up a bulk of your costs in retirement. Do you have enough pension and investments to cover day-to-day costs?
• Healthcare access: Availability of private or public healthcare and the quality of medical facilities.
• Safety and political stability: Crime levels and overall security, as well as the stability of the government.
• Residency and visa options: Ease of staying long-term or retiring permanently. Which documentation or financial information is required?
• Climate and lifestyle: Weather, beaches, outdoor activities and the pace of day-to-day life
• Infrastructure: Transportation, internet, utilities and access to international airports
• Expat and retiree communities: Ease of integration, availability of social networks and even if English is common in the region.

Each destination on this list offers a strong mix of lifestyle appeal, affordability and retirement-friendly conditions. But as with anything in life, each has its own pros and cons, which can set a location apart, and help you to decide where might be the best for you to retire in the Caribbean.

1. Dominican Republic

The Dominican Republic is one of the most popular Caribbean retirement destinations, due to its affordability and diversity. There’s a wide range of places to live, including beach towns, mountain cities or lively urban centres like Santo Domingo.

This island offers some of the most beautiful and scenic beaches in the world. With crystal blue water that’s teeming with wildlife, Canadian retirees will marvel at this real-life tropical paradise.

Healthcare is affordable and available throughout the island in both public hospitals and private clinics. The cost of living is much lower than in Canada, and with plenty of flights between the two countries, you’re never too far away from loved ones back at home.

• Estimated monthly cost: $1,400 to $1,900
• Healthcare: Good private healthcare options in major cities, with many hospitals catering to both locals and expats.
• Why retirees love it: Affordable housing, warm weather year-round, large expat communities and easy residency options.
• Visa requirements: The Dominican Republic offers the Pensionado Visa, which requires a monthly income of about $2,000.

2. Barbados

Barbados is one of the more interesting countries in the Caribbean. It has all of the elements of a tropical paradise, but with a British influence. It’s one of the most secure areas in the region and has become a popular place for expats to retire.

Given its safety and excellent healthcare system, it should come as no surprise that Barbados has a higher cost of living than most of the other countries in the region. Another incentive for Canadians? Barbados’ official language is English, making the transition that much easier.

Estimated monthly cost: $2,000 to $2,500

Healthcare: High-quality public and private healthcare options, with some private hospitals catering to expats.

Why retirees love it: Political stability, strong healthcare, English-speaking population, beautiful beaches and a relaxed but refined lifestyle.

Visa requirements: High-income individuals can apply for the Special Entry and Reside Permit (SERP). Most retirees will likely be applying for immigrant status at 60 years of age or older. After five years of this status, retirees can apply for permanent residency in Barbados.

3. Belize

Compared to the other names on this list, Belize is probably one of the most under-the-radar. Located south of Mexico and east of Guatemala, Belize has become a popular vacation and retirement destination for those seeking a laid-back lifestyle in a tropical climate.

Housing and the cost of living are affordable, especially in areas away from the tourist hot spots. It offers a wonderful balance of city life and immediate access to nature in the form of beaches and jungles. Like Barbados, Belize’s official language is English, and akin to many places in the Caribbean, Belize is less than a five-hour flight from Toronto.

Estimated monthly cost: $1,500 to $2,000

Healthcare: Larger towns in Belize, like Belize City, offer private clinics and hospitals for those willing to pay for them.

Why retirees love it: Belize is a safe, English-speaking country with amazing beaches, tropical jungles and enough peace away from tourist epicentres.

Visa requirements: Belize has a friendly visa program. The Qualified Retirement Program (QRP) allows foreigners to retire in the country who are at least 40 years old, have a monthly income of about $2,700 from outside of Belize and live in the country for at least 30 days each year.

4. Curaçao

Curaçao is another Caribbean destination that has a heavy European influence. This nation is owned by the Kingdom of the Netherlands, although it is a self-governing constituent. Curaçao boasts a strong, modern infrastructure, with an excellent healthcare system.

Similar to Barbados, Curaçao has a slightly higher cost of living relative to its Caribbean neighbours. But with those higher costs comes a sense of safety and a stable political environment. Although Dutch and Spanish are generally recognized as the country’s main languages, English is also widely spoken.

Estimated monthly cost: $2,000 to $2,800

Healthcare: Solid healthcare system with modern hospitals and well-trained medical specialists. The private healthcare system will cost you, but expats widely use it.

Why retirees love it: Stable Dutch governance, beautiful beaches and crystal-clear waters. Curaçao is also out of the hurricane belt, which is a big plus in that area of the world.

Visa requirements: For Canadian retirees who wish to stay longer than 90 days, you must apply for a residence permit as a retired person or pensionado. This permit requires some proof of financial self-sufficiency or even an investment in local real estate.

5. Jamaica

This is perhaps the country that most people think of when looking for a Caribbean destination to visit or settle down in. Jamaica is widely known for its vibrant culture, friendly locals and stunning scenery. Warm temperatures year-round and incredible food are just the tip of the iceberg when it comes to life in Jamaica.

Living costs can be very affordable for Canadian retirees, especially if you stay away from the tourist zones. There are plenty of expat communities that are thriving in Jamaica, especially around Montego Bay.

Estimated monthly cost: $1,600 to $2,200

Healthcare: Public healthcare is available, but most expats opt for private hospitals and clinics.

Why retirees love it: Warm weather, beautiful beaches, an incredible culture and everyone speaks English.

Visa requirements: Canadian retirees can stay in Jamaica for up to six months without a visa. If they wish to stay longer, they will need to apply for permanent residency with proof of income, usually about $2,000 per month.

6. St. Lucia

If you haven’t heard of St. Lucia before, don’t worry, you’re not alone. It’s a small island in the Eastern Caribbean, to the northwest of Barbados. You may be more familiar with the imagery of the massive Pitons emerging from the depths of the ocean on its coastline. These two volcanic plugs are both over 2,400 feet tall.

The island also offers a wide range of ecosystems: from lush rainforests to tropical beaches. St. Lucia is a nature-lover’s paradise that offers a high quality of life that’s a bit pricey. Although the country has an economy that is driven by tourism, there are enough tranquil pockets around the island to enjoy a peaceful retirement.

Estimated monthly cost: $2,000 to $2,800

Healthcare: St. Lucia offers both a public and private healthcare system. Expats typically pay a bit more to use the private clinics or hospitals.

Why retirees love it: Breathtaking scenery, relaxed island lifestyle and a welcoming, English-friendly community of locals.

Visa requirements: There is no specific retirement visa for St. Lucia, but after five years of continuous residency, expats can apply for permanent residency permits. Retirees can also gain permanent residency through its Citizenship by Investment program by donating money to the National Economic Fund or purchasing real estate.

7. Aruba

Aruba isn’t just a catchy lyric from a Beach Boys song. This Caribbean island is often considered the most developed in the region, and like Curaçao, it belongs to the Kingdom of the Netherlands. It’s a great way to enjoy a tropical Caribbean paradise with a distinct European influence, and is much friendlier on the wallet than retiring in Europe itself.

The healthcare system is top-notch, and it’s one of the safer islands in the Caribbean. The cuisine is an intriguing mix of both Latin and Dutch influences. Cost of living is on the higher side for the region, but most expats are more than willing to pay the higher cost in exchange for a stable retirement.

Estimated monthly cost: $2,200 to $3,000

Healthcare: Both the public and private healthcare systems are considered strong in Aruba. The island has modern facilities and European-trained doctors with a high standard of patient care.

Why retirees love it: Aruba has a low hurricane risk (outside the main hurricane belt), political stability, a clean and safe environment, beautiful beaches and modern infrastructure.

Visa requirements: For long-term residency, retirees must apply for a residence permit and demonstrate sufficient financial means to support themselves (typically through pensions or investments).

8. Grenada

Grenada, known as the “Spice Isle,” offers a peaceful and affordable retirement option. It’s less crowded than some of the larger Caribbean destinations while also having a rich and welcoming culture. Grenada is usually not on many tourists’ vacation radar, making it a perfect place to enjoy a quieter retirement.

The compromise for a slower pace of life is a less developed infrastructure. Grenada is modernizing, but it certainly trails behind other more developed islands like Aruba or Barbados. Still, many find that a part of Grenada’s charm, and the low cost of living is an attractive trade-off.

Estimated monthly cost: $1,800 to $2,400

Healthcare: Like with many Caribbean islands, Grenada offers basic public healthcare and a paid private system with clinics that generally offer a higher standard of care.

Why retirees love it: Peaceful atmosphere, friendly local community, beautiful scenery, lower population density and a more authentic Caribbean lifestyle.

Visa requirements: To stay for longer than 90 days, Canadian retirees will require a residency permit that requires proof of financial means through a pension or investments. Grenada also offers Citizenship by Investment for those seeking permanent residency.

9. Antigua and Barbuda

It’s said that Antigua and Barbuda have 365 beaches, one for each day of the year. While that may be a hyperbole, there is no disputing that these islands have some of the most scenic and beautiful coastlines in the world.

It’s also attractive for those seeking a peaceful and relaxing retirement. Antigua and Barbuda is a popular tourist destination, but one can enjoy a retirement there without worrying about over-commercialization or being overcrowded by tourists.

Living costs can be moderate to high, but the island’s safety, infrastructure and quality healthcare make it appealing for long-term living. Canadian retirees will appreciate how Antigua and Barbuda are another Caribbean nation with a strong expat community and English-friendly locals.

Estimated monthly cost: $2,000 to $2,700

Healthcare: Public healthcare is available, with private clinics offering higher-quality care. Medical infrastructure is fine, but major illnesses or procedures are best performed back in Canada.

Why retirees love it: Beautiful and generally uncrowded beaches, an English-speaking community and a strong expat presence.

Visa requirements: As with most Caribbean countries, you’ll need to apply for permanent residency if you want to retire in Antigua and Barbuda. You’ll have to provide proof of adequate income via investments or a pension, or you can apply for residency via the Citizenship By Investment program.

10. The Bahamas

When we talk about dream Caribbean destinations, the Bahamas is usually right at the top of the list. Retirees can enjoy a high standard of living, close proximity to Canada and English as the official language.

While being a major tourist destination can have its drawbacks when it comes to a peaceful retirement, there are also some benefits as well. As a result, the infrastructure is modern, the healthcare is great relative to the region and the politics are stable. The cost of living is higher, but when it comes to retiring in the Bahamas, you certainly get what you pay for.

Oh, and by the way, the Bahamas is a great place to escape taxes, as there are zero taxes on personal income, investment dividends and interest.

Estimated monthly cost: $2,500 to $3,500

Healthcare: The Bahamas has both public and private healthcare systems. Expats who wish to have the best service usually opt for the higher-quality private hospitals and clinics in larger cities like Nassau.

Why retirees love it: Close to Canada (3.5 hours from Toronto), strong expat community, beautiful beaches, no income tax, stable government and modern amenities and infrastructure.

Visa requirements: The Bahamas has a bit of a stricter policy on gaining permanent residence. Canadian retirees can live there for up to eight months without a visa, but if they want to seek permanent residency, they can fast-track that by investing in property worth at least $500,000.

11. Trinidad and Tobago

If you like heat and proximity to major countries in South America, then the islands of Trinidad and Tobago may interest you. While this country is a part of the Caribbean, Trinidad and Tobago sit just 11 kilometres off the coast of Venezuela. Being further south than its Caribbean neighbours has its benefits: a warm, tropical climate, lower tourism and minimal hurricanes.

Trinidad and Tobago rely on industry for its economy, rather than tourism like the Bahamas or Barbados. This means that a retirement here can give you that relax-on-the-beach life you’re seeking, without a resort-driven economy. But don’t mistake Trinidad and Tobago for an underdeveloped country. It is the third-wealthiest per capita in North and South America due to its high oil and gas reserves.

Don’t let the quiet island life trick you into thinking that the nation’s locals don’t know how to have a good time. If you’re ever there, be sure to check out the annual Carnival celebration, which usually takes place in February.

Estimated monthly cost: $1,800 to $2,500

Healthcare: A dual healthcare system allows expats to take advantage of a high-quality private system with more modern facilities and shorter wait times.

Why retirees love it: Rich culture, quieter than other tourism-dominant islands, tropical heat and minimal hurricanes.

Visa requirements: Canadians can stay up to 90 days in Trinidad and Tobago. After that, retirees will need to apply for residency via a Retirement Certificate, which requires proof of independent and sufficient income.

FAQs

What is the cheapest and safest Caribbean island to live?

There will always be conflicting opinions on what constitutes a safe island to live on. The safest are likely Barbados or the Bahamas, but they are by no means the cheapest. Trinidad and Tobago offers a great balance of safety, stability and an affordable cost of living.

What is the best Caribbean island for seniors?

Barbados would be a top choice for seniors. It’s safe, has both excellent healthcare and modern infrastructure alongside political stability.

What is the best tropical island for retirement?

The best tropical island for retirement depends on personal priorities. For affordability and a lower cost of living, Belize and Jamaica make fine retirement destinations. For healthcare and stability, Barbados and Aruba are excellent choices. For a premium lifestyle, the Bahamas and St. Lucia offer unmatched beauty and comfort.

At the same time, many households are pinning their plans on a handful of sale days. Black Friday falls on Nov. 27 this year, and plenty of shoppers have been holding out for months just to score deals.

That strategy can work. But a budget built around discounts only stretches if the discounts are real, and if the bill doesn’t follow you into the new year.

How much are Canadians planning to spend on the holidays this year?

Canadians are planning to spend about $911 this season — a noticeable drop from the $975 average in 2025. That’s according to the 2026 Holiday Shopping Survey from the Retail Council of Canada (RCC), a not-for-profit association representing retailers, and Leger, the largest Canadian-owned market research firm.

The pullback is most severe in Ontario, where planned holiday spending fell by $143, or 13%, to average $952. British Columbia follows at $993, down 12%. Alberta takes the top spot with the biggest budget at $1,184, while Quebec and the Prairies are the only regions actually planning to spend more this year.

Inflation and higher prices are the top factor shaping spending plans, cited by 48% of respondents. Among those feeling the pinch, nearly half plan to spend extra time hunting for deals, while 39% are setting a strict budget.

Present buying is consuming more of the budget, now claiming 86% of planned spending compared to 79% last year. Many Canadians are cutting back on themselves, not on the people they love.

Why does inflation still feel heavy if grocery prices are cooling?

Grocery inflation has eased, but other costs are biting. Canada’s annual inflation rate rose to 3.1% in September from 3.0% in August, according to the latest Consumer Price Index from Statistics Canada, the country’s national statistical agency.

Gasoline costs jumped 27.8% compared to last year, and fuel oil leaped 57.8%. That hit Atlantic Canada hardest, where home oil heating is much more common.

Grocery prices rose 1.7%, the slowest pace since May 2024. Still, they remain 33% higher than in September 2020. Holiday meals, hosting and travel all draw from the same pot as gifts.

Is a Black Friday ‘deal’ always a good deal?

Does waiting for Black Friday guarantee you’ll score a better deal? Not necessarily. The day is the centrepiece of most holiday plans: 88% of Canadians rank it among their top three shopping days, and 43% hold off on purchases all year for big sales. Black Friday and Cyber Week are tied for top spot, with each taking about 29% of holiday budgets.

Waiting only works if the deal is legit. Last November, the Competition Bureau, an independent federal law enforcement agency, warned retailers after a surge in complaints about inflated “regular” prices. Under consumer law, an original price must reflect real sales history, and retailers need the receipts to prove it.

The Bureau also targets drip pricing, which means advertising a low price and then adding mandatory fees at checkout. Unless it’s an official tax, adding extra fees like that is illegal.

Should you spread holiday costs with buy now, pay later?

Breaking up a big expense into instalments can help with cash flow, but at the end of the day, it’s still borrowing money. Guidance from the Financial Consumer Agency of Canada (FCAC), the federal agency that oversees federally regulated financial institutions, notes that a buy now, pay later (BNPL) plan finances your purchase with credit. Promotional rates can be tempting, but always read the fine print so you know what the price jumps to when the deal ends.

The same logic applies to credit cards. If you can’t pay off the balance when that January bill hits, interest costs will quickly eat up whatever you saved on sale.

What to do now

With five weeks until Black Friday, a little preparation goes a long way:

• Create one total holiday budget that includes food, entertaining and travel expenses alongside your gift spending
• List the items you’re waiting for and note their prices now, so you can recognize a real discount
• Use price tools, but always compare the final total at checkout, fees included
• Report suspicious “regular” prices or surprise fees to the Competition Bureau
• Pay with cash or a card you can clear immediately, and always read the fine print on BNPL plans
• Put loyalty points and rewards toward gifts before reaching for credit

It’s not about spending the absolute least; it’s about making every dollar work for you. Most Canadians already lean that way: 53% say a memorable or meaningful gift matters more than the lowest price.

CityNews recently reported that several homes north of the beach flooded during the Sept. 2 rainstorm. Resident Steven Roberts said it marked the 11th flood during his 27 years in the neighbourhood. Residents want city staff to address their concerns about the tanks and provide relief sooner.

For affected households, the dispute carries financial stakes beyond the next cleanup. Flood insurance can come with limits, higher deductibles or coverage gaps, depending on the water source.

Residents and the city disagree over the pumps

Roberts alleges that the tanks require staff intervention to drain properly, but city officials say the system operates automatically and worked as designed during the storm.

According to the city’s response to CityNews, approximately 60 millimetres of rain fell at Kew Beach. Staff attributed the damage to overland flooding, which happens when rainfall overwhelms the ground and drainage system’s ability to absorb it. Resident Gale Moutrey described the situation to CityNews as “three decades of neglect and inaction.”

According to the City of Toronto website, the Eastern Beaches infrastructure includes two underground detention tanks that capture and hold stormwater and overflows from combined sewers, which carry both sewage and rainwater. The captured wastewater is then treated before being released into Lake Ontario.

Toronto says the tanks have improved water quality and reduced the number of summer days when officials warn against swimming at the eastern beaches. While the tanks help improve beach water quality, their role in preventing neighbourhood flooding remains disputed.

Toronto has studied Eastern Beaches flooding for more than a decade

City records confirm that officials were examining flooding in the Eastern Beaches well before the latest storm.

A February 2011 Toronto Water report described work to identify and evaluate solutions for surface and basement flooding. Staff also considered interim measures to provide relief while the broader environmental assessment proceeded.

Toronto’s current project map lists the Eastern Beaches assessment, known as Study Area 32, as completed in 2012. An update is underway, with a target completion date of early 2027. The city says these studies investigate flooding causes and identify improvements to sewers and drainage systems.

That timetable is for completing the study update, and shouldn’t be interpreted as a commitment that construction or other flood protection work will finish by then.

Insurance depends on how water enters the home

The Financial Consumer Agency of Canada says home insurance usually excludes water damage originating outside the home, such as flooding. Homeowners may need additional coverage for overland flooding or sewer backup.

Insurers also consider local flood risk when setting premiums, deductibles and coverage limits. In very high-risk areas, they may decline to offer flood coverage altogether.

Protective equipment can address specific problems. For example, a backwater valve allows wastewater to leave a home and closes when it detects reverse flow. Federal guidance recommends having a plumbing professional investigate previous backups and determine whether a valve would help the property. It should not be treated as a solution for every route floodwater can take indoors.

For homeowners near Kew Beach, the study update may clarify what needs to change. But with no firm timeline for a fix, residents still face uncertainty about how to protect their homes and what another flood could cost.

Once your attention does turn to finances, however, you might find that not only have you inherited their portfolio, you’ve also inherited their long-time advisor.

For instance, say your parents left you a portfolio worth $680,000, which could be a life-changing sum, but it’s being managed by somebody you haven’t worked with before or whose investment strategy doesn’t align with yours.

At this point, you might start wondering if you should move the money elsewhere — in the hands of another professional — or even manage it yourself. But the portfolio has strong returns, so why mess with it if it ain’t broke?

This can be a difficult decision, rife with guilt and obligation, especially if your parents have worked with this advisor for decades.

Sticking with the advisor you inherited

Since the portfolio is sizeable, a financial advisor could help with portfolio management, investment management and performance reporting, as well as aligning asset allocation with risk tolerance. The advisor could also help by creating a custom strategy to help you reach your retirement goals and ongoing financial management to adjust the portfolio as necessary.

But it hardly needs to be said that professional advice isn’t free — and there are actually a few different ways of paying for it (1).

On the one hand, you could pay for advisory services through an annual retainer, or even an hourly rate, but these can be costly. A retainer could cost between $6,000 and $10,000 (2), while hourly rates could be anywhere from $200 to $500 an hour (3).

On the other hand, the most common way of paying for wealth management in Canada is through a percentage of the assets under management (AUM), which is charged annually. In this hypothetical scenario, that’s the fee structure being used to pay for managing the $680,000.

You might now ask yourself if the 1.75% rate is reasonable. It depends who you ask.

According to data cited by Camber, the average advisory fee in Canada is around 1.02% for a portfolio of $1 million (4). However, a majority of advisors (58%) use a “graduated” fee structure, where the percentage changes according to the size of the portfolio (5). For instance, they might charge 1.25% for the first $500,000, then 0.75% for the next $500,000, giving an average of 1.0% in total.

Ultimately, 1.75% is perhaps a bit high, but it isn’t totally out of line with a full-service wealth management firm. It does mean that your $680,000 portfolio is costing $11,900 per year — though that should be compared against the returns on the portfolio.

After all, the AUM fee serves as an incentive to maximize returns. In other words, growing your assets is in your advisor’s best interests. So, if the returns are exceptional, then the higher rate may be worth it.

In fact, research from Envestnet found that clients working with financial advisors who focus on financial planning, asset selection and allocation, investment selection, systematic rebalancing and tax management saw 3% higher annual returns on average (6) — although, this is data from a U.S.-based firm.

Even after factoring in the 1.75% fee, there’s a good argument to be made that these higher annual returns more than offset the costs. Plus, a 2025 survey by Vanguard showed that the top reason clients seek out advice was the “peace of mind” that comes with having a professional at their side (7).

Sometimes, it’s about more than just the numbers.

Consider a managed portfolio rather than an active advisor

For those investors who are more concerned about numbers than the “human touch,” another option could be robo-advisors, which charge lower fees, although the advice is less personalized and could limit you to a narrow range of investment options.

If that option doesn’t appeal to you, you could also consider moving the money into smart investment portfolios, which are pre-built and managed by experts but charge you a fraction of the normal rates.

For instance, if you know you should be investing but don’t want the guesswork of doing it alone, Wealthsimple Portfolios offers an easy, hands-off way to grow your money with minimal management fees: 0.5% for portfolios up to $100,000, 0.4% for portfolios between $100,000 and $500,000, and as low as 0.2% for portfolios above $500,000.

Wealthsimple’s pre-built portfolios are tailored to your retirement goals, risk tolerance and investment horizon, so whether you’re saving for retirement, a home or building long-term wealth, there’s a portfolio that’s right for every investor.

Expert-managed and designed to weather market ups and downs, Wealthsimple takes care of the heavy lifting: automatic contributions, dividend reinvesting and smart rebalancing keep your investments on track.

You can invest through RRSPs, TFSAs or non-registered accounts, all from an intuitive online dashboard or their easy-to-use mobile app.

Trusted by more than 3 million Canadians, Wealthsimple manages over $100 billion in assets and provides $1 million in eligible coverage through the CDIC for chequing accounts and CIPF for investments. Plus, as licensed fiduciaries, Wealthsimple’s advisors must put your financial interests first.

As a Money.ca reader, get a $25 bonus when you open your first account and fund at least $1 within 30 days.

Visit Wealthsimple for up-to-date terms and conditions.

Going your own way

Of course, you could start managing the money yourself. But that comes with its own tradeoffs.

To start, self-directed investing puts the burden of research on you to seek out investment opportunities and execute them yourself, which can be time consuming on its own. Then, you might have to educate yourself on how any gains you do make are taxed appropriately, so you don’t break any rules and incur a hefty penalty.

You might also want to consider that — while you might save on the costs of hiring a personal advisor — there are other expenses that come with self-directed investing, including commissions on trades and account fees. And although commissions on trades have been dropping in recent years, account fees can show up in unexpected places, such as currency conversions (8).

That’s why it’s always a good idea for self-directed investors to shop around for trusted brokerages that offer minimal commissions on trades while also reducing account or maintenance fees. For these individuals, there are online platforms like 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, it actually pays to trade more. Active traders making over 150 trades a quarter can enjoy a discounted commission rate of $4.95 per trade. Plus, CIBC doesn’t charge any account or maintenance fees if the combined market balance of all accounts is greater than $10,000.

For a limited time, you can even get commission-free fractional trading, while still having access to unlimited commission-free trades on over 180 select ETFs. Terms and conditions apply. Offer ends Oct. 31, 2026.

Reduce your banking costs

Shopping around for brokerages is one way to reduce some of those fixed costs. Some Canadians may also qualify for profession-specific banking perks that can help reduce everyday banking costs.

National Bank offers specialized banking packages for professionals in fields like healthcare, engineering, IT, finance, law, teaching, public service, administration, architecture, agriculture and more. Depending on eligibility, the offer can include the following:

• Up to three bank accounts with no fixed monthly fees, with an eligible Mastercard rewards credit card (certain fees apply)
• Personal and home equity lines of credit with preferred terms and conditions
• Preferred value-added services like legal assistance and identity theft protection
• Access to a financial advisor
• An eligible Mastercard rewards credit card (certain fees apply)

According to National Bank, eligible professionals can unlock up to approximately $1,313 in annual savings with higher savings available for select professions such as healthcare and IT.

The special offer covers more than 150 professions, including a wide range of professionals and specialists — and eligible individuals can get even more savings when you combine specific banking products and services. Find out if you work in an eligible profession and explore your options.

Building an emergency fund

Another thing to consider when taking charge of such a sum is how to spend the fruits of your labour, especially with nobody around to tell you not to splurge. Instead of making those big dream purchases right away, you might want to consider setting aside some of that cash in an emergency fund.

As its name implies, an emergency fund is for emergencies — anything from the sudden loss of a job to unexpected health issues — that allows you to cover those unwanted expenses without going into debt.

One way of setting up an emergency fund that can grow your wealth at the same time is putting it into a high-interest savings account, which gives you access to your funds when you need them while earning interest over time. With an EQ Bank high-interest savings account, not only can you build your emergency fund with interest rates as high as 2.75% — up to 6x higher than the rates offered by big-name banks in Canada — but also you are charged no monthly fees and can make unlimited transactions without requiring a minimum balance.

And if you are worried about the security of your funds, deposits with EQ Bank are backed with CDIC deposit insurance of up to $100,000.

Finding the right fit

Before making a final decision, it would be a good idea for you to sit down with your parents’ advisor, whether on a video chat or in person. This could give you a sense of whether you’ll “click” with that person and if the firm is a good fit for you (or not). If you don’t mesh well, or you feel like your needs aren’t being met, then that may be reason enough to shop around.

If you do decide to consider your options, you might want to look for an advisor — whether a registered financial planner, registered portfolio manager or other designation — who’s a fiduciary as well. Being a fiduciary means that they must, by law, put their clients’ interests ahead of their own.

Finally, deciding to forgo an advisor and manage the portfolio yourself will save on some of those advisory fees, but it will bring other costs, such as commissions on trades and account fees. It will also require you to have an understanding of how to select and manage a diversified portfolio that will meet your goals, since you’ll likely want to adjust the asset allocation as you age and rebalance at regular intervals.

Bottom line

No matter what you decide, it doesn’t have to be forever. You can always see how things go for a while, then reassess and make slight adjustments, or even big changes. And if you’re dealing with the recent death of loved ones, it’s a good idea to take your time and consider your options.

Article sources

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

SG Wealth Management (1); Harness (2); Panorama Financial Planning (3); Camber (4); Kitces (5); Envestnet (6); Vanguard Investments Canada (7); Broker Guide Canada (8)

On Oct. 20, 2026, Gellert Global Group sued the Trump administration. It argues the White House pulled a Depression-era law off the shelf to impose tariffs it has zero authority to actually impose. The legal group behind the suit describes its running battle with Trump’s shifting tariff tactics as “a game of whack-a-mole.”

While the court case is American, Canadians have real money riding on how this trade fight unfolds. That money shows up in the price of U.S.-made appliances and in what your mortgage costs to renew.

What is the lawsuit actually challenging?

The Liberty Justice Center, a non-profit public-interest law firm, filed the lawsuit in the U.S. Court of International Trade on behalf of Gellert, a third-generation family business.

The target is Section 338 of the Tariff Act of 1930, better known as the Smoot-Hawley Tariff Act.

On July 20, Trump signed three proclamations adding a 50% duty on certain Canadian goods, which included, among other things, cheese and other dairy. The duties took effect Aug. 22 after trade talks collapsed. That makes it the first time a president has used the law this way.

According to the complaint, Gellert did not pay duty on the Canadian cheese it imported under the Canada-United States-Mexico Agreement (CUSMA). The company imported US$71 million worth of Canadian cheese in 2025. Today it pays 50% on the entered value.

The suit is asking the court to declare the tariffs unlawful and order refunds with interest. In a news release, the centre argued that no president should be able to revive a dormant statute to impose sweeping tariffs without the limits Congress requires. A Trump administration official told The Canadian Press, on background, that the U.S. government will vigorously defend its actions.

Why should a U.S. court case matter to Canadians?

The tariff war is going both ways across the border. Since Sept. 8, Canada has applied counter-tariffs of 15%, 25% and 50% on about CA$27.6 billion of U.S. imports. The targeted sectors include dairy, appliances, farm equipment, furniture, apparel and electronics.

Then Trump escalated. Washington announced import bans on certain Canadian goods, including motorcycles, alcoholic beverages and whey products.

For Canadian shoppers, U.S.-made goods on Canada’s list may cost more if retailers pass the surtax along to customers. For the broader economy, the toll is already showing. The Parliamentary Budget Office (PBO), Parliament’s independent fiscal watchdog, now expects real growth of 0.9% this year and 1.5% in 2027, down from 1.1% and 1.6% in June.

Could winning in court actually lower costs?

Winning in court could possibly lower costs, but don’t count on it soon. Tariff challenges can and do succeed. In February, the U.S. Supreme Court struck down Trump’s earlier “reciprocal” tariffs, and Washington is refunding an estimated US$166 billion to importers.

That earlier case also explains the ‘whack-a-mole’ problem. When one legal tool gets blocked, another can replace it. Section 338 itself has already been used to expand product lists and add import bans.

A win for Gellert would also only address U.S. duties. Canada’s counter-tariffs are Prime Minister Mark Carney’s decision.

Which Canadians are most exposed?

Several groups feel this tariff war most directly:

• Workers and businesses in dairy, alcohol and manufacturing that sell covered goods into the U.S.
• Households facing a 2027 mortgage renewal. The PBO assumes the BoC will start raising its policy rate in early 2027 and reach 2.75% by midyear.
• Shoppers making big-ticket purchases of U.S.-made goods.

There is some relief in the grocery line now. Food prices rose just 1.7% year over year in September, while overall inflation hit 3.1%, mostly due to gasoline.

What does this cheese fight mean for your budget?

A century-old cheese route from Canadian dairies to American tables now hinges on an American trade court, and so do some of the costs Canadians face at home. Gellert is fighting for its US$40 million a year in court, while your share of this tariff fight is likely to show up more quietly, in the price of a U.S.-made appliance or the rate on your next mortgage renewal.

Watch the ruling, but budget for the trade fight Canadian households are living with today. As parliamentary budget officer Annette Ryan put it, “Canada faces a more challenging economic and fiscal outlook than we projected in June.”

Three years ago, Ottawa hit pause on rules that required family members in situations like these to file a trust tax return. Now, that pause is over. Starting with the 2026 tax year, certain bare trusts must file, with the first returns due next spring.

The good news is that review and update of bare trust rules actually carve out most of the situations that once worried families; however, the details matter. The exemptions to filing a bare trust now focus on the property in question and how much it’s worth. And this makes the weeks before year-end the time to double-check and confirm where you and your family stand when it comes to tax regulations.

What is a bare trust? Should you be concerned? Why does the CRA care?

A bare trust exists when one person holds legal title to property but someone else uses it, benefits from it and controls it.

According to guidance from the Canada Revenue Agency (CRA), the person on title essentially acts as an agent for the true owner.

The reason why families get caught in bare trust taxation issues is because no paperwork is needed to create one. It also means that a relatively large number of Canadians have bare trusts without realizing it.

So, why would the CRA care? Because collecting ownership details regarding property in bare trusts helps reduce the use of trusts to hide who really owns or controls property. Requiring full disclosure of who owns and controls these assets means it’s harder for individuals and interested parties to hide assets and avoid paying taxes.

How are bare trusts taxed?

When a family is in a position where one person owns an asset and another is responsible for managing that asset, then a bare trust must file a tax return by submitting a T3 Trust Income Tax and Information Return (T3 return) along with Schedule 15.

Schedule 15 lists the name, address, date of birth, country of residence and tax ID number of every trustee, settlor — an individual or legal entity that creates a trust and legally transfers ownership of assets into that trust — and beneficiary.

Income is still reported on the true owner’s personal tax return.

Why did the rules for bare trust tax reporting keep getting delayed?

Bare trusts were first swept into expanded trust reporting for the 2023 tax year. But weeks before the deadline, the CRA waived those filings, acknowledging in a March 2024 tax tip that the rules had an “unintended impact on Canadians.” Filings for 2024 and 2025 were later dropped as well.

The permanent fix came through Bill C-15, the federal budget implementation act. It received royal assent on March 26, 2026. Through the Bill C-15 amendment, the law replaced the original rule with a narrower category called “reportable bare trusts,” which applies to tax years ending on or after Dec. 31, 2026. The CRA refreshed its guidance on Oct. 5.

Based on Bill C-15 amendments, who’s off the hook?

Part of the issue with the original bare trust regulations is that everyday Canadian families trying to make decisions and help each other out ended up on the wrong side of the tax regulations. To fix this issue, tax authorities went back and updated the rules. As a result, there are now several common family arrangements that aren’t reportable as bare trusts anymore, including:

• Joint accounts where everyone on the account is also a beneficial owner, such as spouses sharing an investment account
• A home with a relative on title, as long as it qualifies as the principal residence of one or more of the owners (for example, a parent who cosigned a child’s mortgage)
• A family home where only one spouse is on title but both live there
• Property held under a court order

Even a reportable bare trust can skip filing, unless the CRA asks, if it counts as a “listed trust.” To qualify as a ‘listed trust’ two thresholds matter most:

• The total fair market value (FMV) never tops $50,000 during the year, whatever the assets are
• The total FMV never tops $250,000, every trustee is an individual, every beneficiary is a related individual and the assets are limited to items such as cash, guaranteed investment certificates (GICs), publicly traded securities, mutual funds or personal-use property like a cottage

For 2025 and later, “related” also covers aunts, uncles, nieces and nephews.

Who still needs to file a bare trust return for 2026?

To help Canadians establish whether or not they have to file a bare trust tax return, the CRA offered a few illustrative examples.

For instance, Amanda is added to her father’s bank account in June 2026 to help with his banking, and she agrees she can’t use the money. With the balance peaking around $16,000 that year, no filing is needed.

Fast-forward to 2027, when Amanda’s father deposits funds into the bank account and the balance reaches just over $310,000. Now, Amanda and her father must submit a bare trust tax return — so a T3 and a Schedule 15 — with their 2027 tax return submission, because the addition of funds pushed the sum of the bank account above the $250,000 threshold.

Moving forward, families need to keep the following in mind:

• Filing obligations are assessed year by year
• Filing obligations hinge on the highest value during the year, not the Dec. 31 balance

For family members with more complicated arrangements — such as a relative or company holding title to a rental or commercial property for another family member — the rules are more complicated, so seek professional guidance.

Also, families need to know that accounts holding assets outside the approved list can also lose the $250,000 exemption.

Penalties for not filing a bare trust tax return

The penalties for not filing a required tax return can add up quickly. Missing a required filing will cost you $25 per day, with a minimum of $100 penalty, and a maximum of $2,500, when no tax is owing.

Plus, knowingly submitting false statements or gross negligence carries steeper penalties: the greater of $2,500 or 5% of the trust property’s highest value that year.

Co-mingled finances? Here’s what you need to do

To make sure you don’t get hit with penalties for missing a required filing, do the following:

• List every account or property where the name on title doesn’t match who really owns it
• Check each one against the exclusions for joint owners and family homes
• Compare the 2026 peak value to the $50,000 and $250,000 thresholds, and confirm which asset types are held
• If a filing is needed, start gathering Schedule 15 details, including social insurance numbers (SINs), before the March 31, 2027 deadline
• If you’re unsure whether a trust even exists, ask a lawyer, since the CRA won’t make that call for you

For most families who share a home or help a parent with banking, the answer will be simple: no bare trust tax return is required. Still, it’s good to be aware of threshold, limits and exemptions because a relatively simple decision can change the arithmetic and prompt a change in tax return requirements.

Over the past two months, while crews were drying out water damage in her basement in Conception Bay South, Newfoundland and Labrador, Harpur was busy floating new ideas. In the middle of the flood cleanup, she reworked one of her classic sweater designs into three new variations and sent them to a local print shop. Her new pattern book, More NL Guernsey Patterns, is set to arrive just as millions of viewers see her cardigan on Newfoundland actor Andy Jones in the Netflix mini-series Below.

It’s a lovely, heartwarming full-circle moment for Harpur, who has spent decades sharing her craft. It’s also a reminder that the skills Canadians build over a lifetime can find new audiences, and a new market, when they least expect it.

How did a 25-year-old sweater pattern end up on Netflix?

Harpur’s original Newfoundland Guernsey pattern is more than 25 years old, but getting its close-up on Netflix has given her knitted sweater design a new life.

Below’s costume designer, Courtney Mitchell, found it almost by chance. She first learned about the Newfoundland Guernsey — the province’s own spin on the classic British fisherman’s sweater — online, then tracked down Harpur’s original pattern, which was written up by Lisa Chatzikirou. As luck would have it, Harpur lived just five minutes from the pub the team was using as its costume shop. Mitchell joked that there must be “a separate sort of god in Newfoundland who must be specific to knitwear,” according to the Globe and Mail.

Harpur knit several identical copies of the cardigan for filming herself, in Pitcher Plant, a purplish shade sold only at local yarn shop called Cast On, Cast Off and named for the province’s floral emblem. She’d also made a few variations of the design to give the production options, but Jones had his heart set on that pitcher plant colour.

It was a smart bet. Below, which stars Josh Hartnett, broke Netflix records when it debuted in October, and Netflix says it drew more than 17 million views in its first week.

Harpur isn’t the only local maker on Below, either. Hobbyist knitter Abi LeDrew got chatting with one of the show’s costume producers at a local bar and showed her a few photos on her phone. The producer ended up buying two of LeDrew’s pieces, one for herself and one for the production.

What does a Netflix moment mean for a small Canadian business?

The ripple effect is real and it is a boon for Canadians like Harpur. Cast On, Cast Off has been selling kits for the pattern since Below was released, and it’s struggling to keep them in stock.

Harpur, a proud senior Newfoundlander, has kept community spirit front and centre. She took her new book to Blackwood Printing, about a kilometre up the shore, and asked for an inexpensive print run so her fellow Newfoundlanders could afford it. She has also published on Ravelry, a popular online knitting marketplace, previously, but chose print this time because many people her age aren’t comfortable downloading and printing patterns.

The instinct to help her fellow Newfoundlanders runs deep for Harpur. After Newfoundland and Labrador’s cod moratorium put tens of thousands out of work, Harpur became a teacher, passing machine-knitting skills to women displaced from fish plants across the province.

When does a crafting hobby become a business for the CRA?

Harpur’s story does raise a practical question for any Canadian whose hobby suddenly starts making money.

According to the Canada Revenue Agency (CRA), business income includes income from any activity you do for profit, and that you must start reporting income once your business starts.

It’s not always obvious when you’ve crossed that threshold. According to the Chartered Professional Accountants of British Columbia (CPABC), a hobby pursued without the intention of earning a profit generally isn’t taxed, and its expenses aren’t deductible. A hobby that qualifies as a business is reported on Form T2125, and related expenses could be deductible. There are no hard-and-fast rules.

Sales tax is a whole other question. You’re considered a small supplier, and don’t have to register for GST/HST, until you exceed $30,000 in taxable sales in a single calendar quarter or over four consecutive quarters.

Could a side hustle affect your retirement benefits?

For most crafters, probably not much. Still, an unexpected banner year can surprise retirees.

Old Age Security is reduced through a recovery tax, often called the clawback. That tax will kick in once net income passes $95,323 for 2026, and it equals 15% of the amount above that threshold.

What to do now

If your knitting, woodworking or baking starts attracting buyers, a few simple steps will help protect against an unexpected tax bill:

• Track every sale and supply cost from the start, even if it feels like pocket money
• Seriously consider whether you’re aiming for profit
• Keep an eye on your rolling four-quarter sales against the $30,000 GST/HST threshold
• If you’re 65 or older, check how extra income impacts against the OAS threshold
• Talk to an accountant if sales start climbing quickly

Harpur, for her part, was never chasing a payday. She’s keeping her patterns cheap and close to home, and staying focused on the craft. “I think it’s important to pass on what you know and learn to other people,” she told CTV News.

That milestone is slipping. These days, more Canadians are carrying mortgages and loans into their 60s. While debt in retirement isn’t a problem, in itself, the impact the cost of this debt can have is a problem.

For anyone within sight of retirement, the question now is should you keep investing every spare dollar, or work hard to pay down the mortgage first? For veteran personal finance writer Rob Carrick there’s a clear answer to this dilemma, and his reasoning is worth unpacking before your next renewal — or retirement party.

Why are mortgage rates rising when the economy is weak?

Carrick is a personal finance expert and former staff columnist at The Globe and Mail. In a recent guest column for the national newspaper, he argues that rising interest and mortgage rates make paying off your mortgage a pre-retirement priority.

And, no, it’s not for the usual reasons.

As Carrick states, Canada has a struggling economy and, typically, this would result in the lowering of rates; however, persistent inflation and a volatile bond market are having the exact opposite effect and, as a result, rates are being pressured to rise.

In recent weeks, fixed mortgage rates have followed government bond yields — and bond yields have jumped this year amid worries that governments and artificial-intelligence-focused companies are borrowing too much. By Carrick’s count, rates on the 3-year fixed mortgage rose from a low of about 3.9% to about 4.6%.

Variable-rate borrowers aren’t safe either. If inflation lingers, Carrick says the Bank of Canada could face pressure to raise its benchmark rate. It’s what happened in 2022 to 2023. And the BoC’s next rate decision is Oct. 28, 2026.

Why does a renewal hurt retirees more than workers?

When you’re working, a bigger mortgage payment stings, but a raise, bonus or new job can help absorb this additional cost. For retirees and Canadians who rely on government assisted benefits, earnings from investment portfolios, or savings, absorbing this extra cost means budget-trade-offs or spending more of your savings.

To illustrate, let’s assume a couple renews a $250,000 mortgage balance with 15 years left on the amortization. At 3.9%, the monthly payment is roughly $1,833. At 4.6%, it’s about $1,920. That’s around $87 more a month, or just over $1,000 a year.

If that money comes out of a RRIF, it’s taxable, so you’d need to withdraw more. If you were in the 25% tax bracket, that would mean withdrawing $1,333 from your RRIF in order to cover that extra mortgage expense. And those RRIF withdrawals are taxable and could threaten to push some retirees closer to the OAS clawback.

There’s an emotional cost, too. Carrick points out that retirement removes work stress, and a mortgage you know will cost more on renewal can bring some of that stress right back.

How many Canadians are retiring with a mortgage?

More than you might think. Data from Statistics Canada shows that average mortgage debt for households led by someone 65 or older rose about 40% between the second quarter of 2020 and the end of 2025.

The 2026 Fidelity Retirement Report, from investment manager Fidelity Investments Canada, found that 51% of pre-retirees and 22% of retirees carry a mortgage. According to Carrick, fewer than half of those retirees expect to be mortgage-free within 10 years.

Should you pay down the mortgage or keep investing?

While the decision to pay down your mortgage prior to retiring is a smart strategy it isn’t always the best decision.

Carrick acknowledges that sometimes a mortgage in retirement can’t be avoided. A late-blooming career, a job loss or an emergency refinance can leave you with a debt you didn’t plan for and a retirement who couldn’t unwind.

But for those that can pay down the mortgage, the math is compelling. Since mortgage interest on your home isn’t tax-deductible in Canada, every dollar you prepay at 4.6% earns a guaranteed, tax-free 4.6% — a return hurdle many safe investments struggle to clear after tax. So, if you’re considering where to put that next, unspent dollar, there’s a strong argument that using it to pay down your mortgage debt is the wise option.

But that doesn’t mean draining every savings account to pay down debt is the next move. The key is to pay off higher-interest debt first. Keep an emergency fund so you don’t end up house-rich and cash-poor. And prioritize guaranteed, tax-free returns for each dollar you earn today.

As Carrick argues: If you can pay off your mortgage before you retire, you can watch the rate swings ahead “as a disinterested bystander.”

Survey methodology

The 2026 Fidelity Retirement Report was commissioned by Fidelity Canada and fielded between Jan. 27 and Feb. 12, 2026. It surveyed pre-retirees aged 45 and older and retirees. Results were weighted to reflect the national distribution of Canadians aged 45 and older. Total sample results are accurate to +/- 2.31 percentage points, 19 times out of 20.

In a recent Globe and Mail column, personal finance columnist Rob Carrick argued that homeowners should prioritize becoming mortgage-free before retirement, with rising interest rates adding to the risk of carrying debt into their later years. It’s not an unfamiliar from Carrick, who has often suggested that debt-free retirement is a wise strategy for most Canadians.

But in this current economic environment, this smart strategy might not be the best approach. Tracy Valko, principal broker at Valko Financial, says homeowners need to weigh mortgage repayment against the savings they’ll rely on once they stop working.

“It doesn’t have to be an either-or decision. It starts with cash flow,” Valko told Money.ca.

Why mortgage debt can be harder to manage in retirement

Mortgage payments that fit comfortably within a working household’s budget can become harder to manage when employment income stops. Retirees may need to cover them with a combination of Canada Pension Plan (CPP) and Old Age Security (OAS) benefits, workplace pensions and withdrawals from savings.

A renewal at a higher rate can put further pressure on that budget. Statistics Canada reported that average mortgage debt among households whose major income earner was aged 65 or older increased by 8.3% in the fourth quarter of 2024 compared with the same quarter a year earlier.

Valko recommends mapping out expected retirement income, including government benefits, workplace pensions and planned withdrawals, to determine whether it can comfortably cover mortgage payments and other expenses.

“The right balance depends on the person’s income, savings, mortgage rate and comfort with debt,” she said.

Plan for mortgage renewal before you retire

Fixed-rate mortgage holders are protected from changes to their contract rate during the term, but their payments can change when they renew. Borrowers who need to refinance or increase their borrowing may also find it harder to qualify once their employment income ends.

Valko recommends planning ahead, particularly if a mortgage term will end soon after work stops.

“If the term matures soon after retirement, speak with a mortgage professional well in advance, ideally 12 to 18 months ahead,” she told Money.ca.

Homeowners should test their budget against a higher renewal rate and consider whether a mortgage term that provides payment certainty into retirement would suit their needs.

Switching lenders at renewal may also be an option. Insured borrowers can generally switch without undergoing another mortgage stress test. Since November 2024, eligible borrowers with uninsured mortgages have also been able to make a straight switch between federally regulated lenders without the stress test, provided they do not increase the loan amount or extend the remaining amortization.

Borrowers who want to increase their mortgage, extend the amortization or add a line of credit may need to qualify for additional borrowing.

Don’t sacrifice savings to pay off the mortgage

Paying down a mortgage reduces future interest costs, but using all available savings to clear the balance can leave homeowners without enough cash for unexpected expenses.

“Home equity is valuable, but it isn’t readily available cash,” Valko said. “Accessing it later may require selling the property, refinancing or borrowing again, and approval will depend on the homeowner’s circumstances.”

Retirement contributions also deserve consideration. For some homeowners, continuing to invest while making extra mortgage payments may offer a better balance than directing every spare dollar toward the mortgage.

“The tax picture matters, too. For someone in a higher tax bracket, an RRSP contribution may provide a valuable tax deduction, while a TFSA can offer flexibility and access to funds that would otherwise be tied up in home equity,” Valko told Money.ca.

Missing an available employer match can also mean leaving part of an employment benefit unused. Investment returns are uncertain, so the choice between investing and mortgage repayment depends on the mortgage rate, time horizon, taxes, risk tolerance and the household’s broader financial plan.

For some homeowners, using mortgage prepayment privileges to reduce the balance while continuing to build accessible savings may offer a better balance.

The aim is to enter retirement with a mortgage payment the household can manage, enough cash to handle unexpected expenses and a plan for paying down the remaining debt.

Becoming mortgage-free can make retirement budgeting easier, but not if getting there leaves too little money to live on.

While speaking at the Toronto Global Forum on Oct. 21, BMO CEO Darryl White said decades of online shopping have made people far too comfortable with typing their personal details into any app that asks. White urged Canadians to not give their banking username and password, credit cards, social insurance number (SIN) and personal identification number (PIN) to AI agents, since the agents can’t safeguard that sensitive information from being accessed by bad actors.

“I think we’ve got a ways to go on educating people,” White said.

The bigger risk isn’t only a data leak, because, depending on how you connect an AI tool to your accounts, you could end up paying for fraud that your bank would otherwise cover.

Why are Canada’s bank CEOs suddenly worried about AI agents?

White’s comments, as reported by CBC News, came a day after RBC’s CEO Dave McKay revealed that his bank is mulling over whether to block Muse, Meta’s AI agent, from accessing sensitive customer data. When discussing consumer protection with Bloomberg, McKay admitted, “we’re liable for that as an organization.”

With your permission, agents like Muse and OpenAI’s ChatGPT can link to bank and credit card accounts to track balances and spending — although purchases typically still require human approval. South of the border, JPMorgan Chase has said they’re blocking or limiting outside agents from being used in customer accounts.

Agents can also act in unpredictable ways. Recently, a Toronto man told CBC News that Muse set up a Marketplace sale without his knowledge and even gave a stranger his home address.

Could sharing your login cost you your fraud protection?

It could, and it’s a risk that, for many, may not be top of mind. Most Canadian banks reimburse unauthorized online transactions, but only if you hold up your end of the user agreement.

The Financial Consumer Agency of Canada (FCAC), the federal regulator that oversees how banks treat consumers, has warned that providing your user ID and password to a third party may breach your bank’s user agreement. This could leave you liable for any associated losses, even if the third-party service has strong security of its own.

That alert dates to 2018, when budgeting apps were the main concern for regulators. AI agents raise the same issue, with an important caveat: the software may be able to act for you, not just read your data.

How big is the fraud risk?

Canadians reported more than $704 million in fraud losses in 2025, according to the Canadian Anti-Fraud Centre (CAFC), an agency jointly managed by the Royal Canadian Mounted Police (RCMP), the Competition Bureau and the Ontario Provincial Police (OPP). However, only 5% to 10% of fraud is ever reported, which means the real figure is likely far higher.

Identity fraud — schemes designed to get people to hand over SINs, passwords and banking details — was the most reported type. This information is exactly what White urged Canadians to keep away from AI agents.

Is there a safer way to use AI with your money?

Yes, but it hasn’t been fully rolled out yet. Giving an app your password is different from authorizing limited, read-only access through a secure, bank-approved connection.

Ottawa is working on legislation to offer safer guardrails. The Consumer-Driven Banking Act received royal assent in March 2026, and proposed regulations published in the Canada Gazette would let Canadians share financial data with accredited providers under Bank of Canada oversight. The rules aren’t in force yet, and letting outside apps move money (“write access”) is being studied for a later phase.

Until then, read-only tools carry less risk than handing over full credentials — but neither option is risk-free.

What to do now

• Never share your banking username, password, PIN, SIN or full card number with an AI chatbot or agent
• Read your bank’s online banking agreement before linking any app to make sure you won’t be breaking its rules
• Choose read-only connections through your bank’s approved channels where available
• Turn on transaction alerts and report anything suspicious to your bank right away
• If you’ve already shared your credentials, be sure to change your password, revoke the app’s access and call your bank
• Report any suspected fraud to the CAFC and local police

The issue of inmate wages is back in the news thanks to controversial critic and former inmate, Jeffrey George Ewert.

The man behind the push to increase inmate pay rates

Ewert, now in his 60s, began attending law classes at McGill University this fall while on day parole. In 1984, he was convicted of second-degree murder and attempted murder for attacks on two women in British Columbia; he spent 40 years in federal prison, as reported on CTV News.

He made headlines earlier, when students found out the convicted murderer was attending in-person classes. Since that news broke, administration at McGill University has been reviewing its protocols; Ewert hasn’t been on campus since early October.

How much do federal inmates actually earn?

Inmate pay is set by the Correctional Service of Canada (CSC), the federal agency that runs penitentiaries for people serving sentences of two years or more. The Office of the Correctional Investigator (OCI), Canada’s independent federal prison ombudsman, reports that daily pay ranges from $5.25 to $6.90. Only 4.6% of inmates qualify for the top rate; about half earn $5.80.

Until recently, deductions for food, accommodation and phone administration took 30% off the top — meaning inmates take home about 46 cents per hour worked, according to OCI estimates. However, Ottawa recently waived the deductions (an indefinite pause), and this change is worth roughly $425 a year per inmate on average, according to Public Safety Canada.

Still, deductions and costs still exist for each inmate. For instance, there are mandatory savings, an inmate welfare fund fee and court-ordered deductions that still apply. Plus inmates buy many of their own basics, such as hygiene products and food to supplement meals, at regular retail prices.

Why is Ewert pushing for increased inmate pay?

As President of the Canadian Prisoners’ Labour Confederation (CPLC), an advocacy group seeking collective bargaining rights for incarcerated workers, Ewert is pushing for better pay for inmates working in correctional facilities across Canada.

In October 2024, the Federal Public Sector Labour Relations and Employment Board, the tribunal that oversees labour relations in the federal public service, ruled that inmates aren’t “employees” under federal public-sector labour law. It did agree, however, that it can hear the group’s Charter challenge to that exclusion.

The push to increase inmate pay is primarily due to the the erosion in purchasing power from the years of no pay increases. As the OCI notes, prison pay has never been tied to the consumer price index (CPI), even though CPI has climbed more than 225% since the 1980s. Using Bank of Canada inflation estimates, the watchdog calculated that the $6.90 top rate would equal about $22.50 in 2023 dollars. That works out to roughly $3.75 an hour on a six-hour workday.

In other words, the top prison pay rate today buys less than one-third of what the same dollar amount bought in 1981.

Compare that to the federal minimum wage rate, which rises every April 1 based on the previous year’s CPI. This year, it reached $18.15 an hour.

Whether or not incarcerated workers ever gain bargaining rights, a 45-year wage freeze starkly illustrates how inflation erodes purchasing power over time. It reinforces the central argument for indexing income to inflation, which, as Ottawa notes regarding the federal minimum wage, provides workers with “greater certainty and security.”

Before picking seats for an upcoming trip to Europe, the retired Fonthill, Ontario math and tech teacher checked Air Canada’s site and saw standard seats going for $56.75 each. So, he selected eight in total — four for the flight over and four for the return. The charge that followed was $274 more than expected.

Air Canada initially pointed to dynamic pricing, but later claimed the discrepancy was caused by a technical glitch. Either way, the episode raises a question for anyone booking travel online: if the price changed between your click and your credit card statement, could you prove it?

What went wrong with the seat fee Air Canada showed?

According to the Toronto Star’s consumer column The Advocate, Pogor checked the $56.75 seat fee with his wife and the couple they’re travelling with before booking. At that rate, eight seats should’ve come out to $454 before taxes. Instead, he was slapped with an extra charge that jacked up his expected price by about 60%.

Air Canada later told The Advocate that Pogor would be getting a refund, and he confirmed the airline returned his money.

Can an airline change the price after you’ve seen it?

Dynamic pricing is legal. Fares shift in real time based on supply and demand, and there’s surprisingly little oversight on how airlines actually set those rates. John Gradek, a faculty lecturer in aviation management at McGill University, told Global News that Canada lacks governance or oversight of airline pricing, adding that airlines “can charge whatever they feel like.”

Sticking a customer with a bill higher than the advertised price is where things get tricky. The Competition Bureau is the independent federal law enforcement agency that enforces the Competition Act. It points out that under amendments added back in June 2022, drip pricing is officially called out as a harmful tactic.

Air Canada is no stranger to legal pushback on this. In 2025, the Quebec Court of Appeal ordered the airline to pay passengers more than $10 million in damages in a class action alleging they were charged more than the advertised ticket price, CBC News reported.

Regulators are watching algorithmic pricing closely. In a January 2026 report, acting commissioner of competition Jeanne Pratt said algorithmic pricing can improve efficiency and choice but also carries risks for fairness, transparency and competition.

Why does a screenshot matter so much?

With real-time price updates, the company keeps the paper trail while you’re left with no proof. Pogor’s notes gave him something concrete to push back with. Without proof, you’ve got nothing to show what price you were actually quoted.

The formal fallback is slow. If you file a complaint with the Canadian Transportation Agency (CTA), be prepared to wait: the regulator warns it can take over 24 months to start a review. Under the Canada Transportation Act, passengers must first complain to the airline in writing and allow 30 days for a response before going to the CTA.

What to do now

A few minutes of record-keeping can save you hundreds of dollars and months of frustration:

• Screenshot the price at seat selection and again at final payment
• Compare your confirmation email to your screenshots before closing the browser
• Pay with credit so you can dispute sneaky charges through your card provider
• Complain to the airline in writing, attach your evidence and keep copies of all replies
• If the airline won’t make it right, reach out to your credit card company and request a chargeback
• Report pricing you believe is misleading to the Competition Bureau

Pogor’s refund came through. But he doubts his case is a one-off. “There’s no way,” he told the Star, “that I’m the first person this has happened to.”

That double ask — pay for cleaning while doing some of it — has long been one of the most persistent complaints about short-term rentals. Airbnb says chore time is over starting next month.

The change doesn’t make cleaning free, though. It shifts the work back to hosts, and how they cover that cost will determine the price of your next getaway.

What exactly is Airbnb changing on Nov. 20?

San Francisco-based Airbnb officially announced the major changes on Oct. 20. Under its new reasonable house rules and requests policy, hosts can’t require guests to do tasks that take “significant effort or time, or would typically be performed by a cleaner.”

That rules out washing dishes, stripping beds, starting laundry and taking trash off-site, CBC News reports. Hosts also can’t charge guests for skipping a task on the checkout list. In a statement, Airbnb said its community had found house rules “confusing, onerous and hard to manage.”

The new rules are based on when you book, not when you check in: they apply to reservations made on or after Nov. 20, 2026.

What can hosts still ask you to do?

There’s a big difference between house rules and simple requests: rules are mandatory, while requests are just nice-to-haves. Airbnb says hosts can ask you to put dirty dishes in the sink, pile up used towels, sort trash into indoor bins and shut off the AC on your way out. Hosts can also set house rules on the following:

• The maximum number of overnight guests
• Quiet hours
• Events
• Pets
• Smoking, including vaping in and around the property
• Commercial photography and filming
• Locking up at checkout, including optional details on where to return keys

Airbnb also allows for local rules where necessary, such as requiring secure, animal-proof bins in bear-prone areas. That’s a familiar scenario in parts of Canada’s cottage and mountain regions.

Any rule has to be on the listing when you book, and a host can’t add one later by text message or with a sign on the door.

None of this gives guests a free pass to leave the place a total disaster. Airbnb’s ground rules for guests still expect travellers to pay reasonable costs for damage, missing items or unexpected cleaning.

Will hosts just raise their cleaning fees instead?

Some most likely will. The policy has sparked pushback, with some hosts threatening to leave the platform, TechCrunch reports.

According to industry voices at Rental Scale-Up, a publication dedicated to short-term rentals, hosts who factored guest-led turnover into their cleaning rates may have to adjust their strategy. They could raise the cleaning fee, the nightly rate or both.

That extra cost can add up quickly for Canadians, since taxes apply to the cleaning fee as well as the nightly rate. In Alberta, for example, the 4% provincial tourism levy applies to both, according to Airbnb.

Canadian regulations provide consumers with some upfront protection on all-in pricing. The Competition Bureau, the federal agency that enforces the Competition Act, says advertising prices that exclude mandatory fixed fees, other than government-imposed charges, is against the law. In 2024, the Competition Tribunal ruled against Cineplex over a mandatory $1.50 online booking fee.

What to do now

Before your next booking:

• Check your booking date — trips booked before Nov. 20 follow the old rules, even if you don’t travel until after then
• Read the house rules and requests section before paying, and watch for listing alerts that flag cleaning requests
• Compare the all-in total — including cleaning and service fees and taxes — rather than just looking at the nightly rate
• Disregard new “rules” sent by text or posted on signs after you book
• Leave the rental in reasonable condition, as you can still be charged for damages or excessive cleaning
• Contact Airbnb if a host tries to fine you or charge you for skipped chores

The new rules save you time at checkout, but they won’t automatically shrink your final bill. The best protection hasn’t changed: know the full price before you book and read the rules that come with it.

The problem? He can’t collect a Canada Pension Plan (CPP) cheque until he’s 60, his workplace health benefits will likely end the day he leaves, and he’s not sure his savings will last.

Pat or Patricia or any other Canadian approaching retirement age is facing perhaps the most hotly debated question: how much do I need to have saved to retire comfortably? It’s a conundrum facing millions of Canadian baby boomers, all of whom will be over 65 by 2030 (1). Even choosing which method to calculate how much you need can be overwhelming.

The answer to when you can safely retire depends on several factors specific to an individual’s unique circumstances. Here’s how Patricia’s stack up.

Can I retire at 57 with $650,000? Start with realistic math

Before retiring early, there are a few things Patricia should consider. If she sets a 25-year timeline for her retirement, her current savings would only allow for a modest $26,000 a year withdrawal. However, the average Canadian feels that they’ll need about $1.7 million to retire comfortably, according to BMO’s latest retirement survey, released earlier this year (2).

That amount does not include the Canada Pension Plan (CPP), but Patricia is not eligible to begin collecting until she is 60, and starting before she reaches 65 will reduce her benefit. However, if she were to wait until 70, she would see that figure grow with each passing year. Starting at 60 permanently cuts her payments by 36%, while waiting until 70 boosts them by 42% (3). Old Age Security (OAS) won’t start until 65, either (4).

Another vital consideration for retirees is whether they will be able to afford long-term care, should they need to move to a nursing home, which can be costly. For example, if Patricia is looking to seek out private residential care, that would cost somewhere between $1,600 to $6,270, according to Comfort Life (5).

Health costs start sooner than that. Most workplace benefit plans don’t follow you into retirement, so Patricia would pay for prescriptions, dental and vision care herself once she quits. Before she gives notice, she should look into affordable life and health coverage from a provider such as PolicyMe.

She’d only need to answer four questions to get an instant, no-obligation quote, valid up to 90 days. Most policies are approved without any medical tests, and she can opt for term lengths ranging from 10 to 30 years.

Retirees should also take into account any debts they may have accrued, and the possibility that other, unforeseen expenses may arise, such as home repairs and medical bills.

With no CPP for at least three years, Patricia’s withdrawals would be her only income, and a surprise bill could force her to sell investments at a bad time.

Building an emergency fund in a high-interest savings account would let her earn more while keeping her money accessible.

If she opens a personal account with EQ Bank, in just a few minutes she gets access to the best features of a chequing account combined with a high-interest savings rate. When she funds her account and sets up a direct deposit, she can earn 2.75% on every dollar deposited into the account.

Patricia also needs to do what many of us avoid: Honestly consider how long she’s likely to live, and what her current lifestyle and overall health could mean for her future.

The average life expectancy for a Canadian currently sits at 82.2 years, and it’s closer to 84.3 for women. She also has to plan for the possibility that she could live longer than the average life expectancy (6).

How to make early retirement work on $650,000

Before opting for early retirement, Patricia should make sure that the money she already has saved is working for her.

Costs are a good place to start. On a $650,000 portfolio, every percentage point paid in fees works out to $6,500 a year — a quarter of her planned withdrawal. A discount brokerage such as CIBC Investor’s Edge would let her build her own portfolio with an online and mobile platform that features low commissions and no fees on mutual funds.

She’d pay just $6.95 per stock and ETF trade. Plus, she can enjoy unlimited commission-free trades on over 200 select ETFs. CIBC also waives annual fees if you hold over $10,000 combined across registered and non-registered accounts, which her $650,000 easily covers. With access to real-time news and stock alerts, she can track market shifts and build a passive dividend income stream without paying exorbitant commissions.

If her plan to draw down her retirement savings is based on the 4% rule, she should remember that it is based on a 30-year retirement, a balanced portfolio of stocks and bonds, and that the creator of the rule, William Bengen, raised his own safe withdrawal rate to 4.7% in his 2025 book, A Richer Retirement (7). On $650,000, that’s the difference between a first-year withdrawal of $26,000 and about $30,500.

Retirees should also take into account the cost of living in their area, and whether they would consider retiring somewhere more affordable.

Moving isn’t the only way for Patricia to lower her cost of living. Fixed bills like auto and home insurance often creep up at renewal, and on a budget of roughly $26,000 a year, every dollar counts.

If she drives, a comparison platform like Rates.ca could potentially save her $500+ by comparing 20+ quotes from top-rated auto insurance providers to ensure she isn’t paying a hidden ‘loyalty tax’ to her current insurer. She’d just answer a few basic questions, and Rates.ca will show her the most affordable deals in her area in as little as 3 minutes.

Not only is the process 100% free, but she could also potentially save 20% by bundling her auto and home insurance together.

If early retirement is a nonnegotiable for Patricia, she should consider outside-the-box solutions to stretch her retirement savings. That could include downsizing and living more modestly, setting up a rental unit within her home to establish passive income or even considering a co-housing arrangement with other older adults, which could not only be a wise financial decision but also improve Patricia’s quality of life as she ages.

If she owns her home, downsizing could also free up equity to top up her savings. And if she’d rather stay put, a reverse mortgage could let her tap her home equity without selling.

Either way, she can get personalized mortgage solutions from Homewise. Whether she refinances or chooses to access home equity using a reverse mortgage, this online mortgage broker will help her find her best rate in minutes.

Their free online tool compares offers from over 30 banks and lenders, and from approval to close, she can expect support from a personal Homewise Advisor — for free — so she gets transparent advice that can potentially save her thousands of dollars in interest. She doesn’t even need a credit check to fill out their online application.

What Canadians eyeing an early exit should do next

Retiring at 57 on $650,000 can work, but only with a plan for the lean years before government benefits begin. Start here:

• Get your real CPP number. Check your personal estimate in your My Service Canada Account. The average new pension at 65 was $858.34 a month in July 2026, well below the $1,507.65 maximum (8).
• Plan withdrawals after tax. RRSP withdrawals are taxed as income (9), and 10% to 30% of each lump sum is withheld up front, so $26,000 a year won’t all land in your pocket.
• Price health coverage before you give notice. Get quotes while you still have workplace benefits to compare against.

— with files from Romana King

Article Sources

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

Statistics Canada (1); BMO (2); Government of Canada (3); Government of Canada (4); Comfort Life (5); Statistics Canada (6); Advisor Perspectives (7); Government of Canada (8); Government of Canada (9)

Durham Regional Police have charged Richard Butler, 53, and his wife, Michelle, 52, alleging about $60,000 that families paid to enrol their children in the Ontario Devil Rays’ 2025-26 baseball training program was funnelled into personal accounts instead of paying for the promised services.

The couple from Frankford, Ontario each face one count of fraud over $5,000, one count of possession of property obtained by crime over $5,000 and one count of uttering a forged document.

Police allege money was diverted from baseball program

According to police, approximately $60,000 was deposited into a bank account associated with the Ontario Devil Rays between April 1 and Oct. 31, 2025.

Families were subsequently told by email that the business was being dissolved because of financial hardship and was declaring bankruptcy.

The email included a lawyer’s name, which investigators allege was used without his knowledge or permission. Police said no bankruptcy or insolvency proceedings had been started.

Police said they are concerned there may be additional victims.

Who is Richard Butler?

Richard Butler played professional baseball for the Toronto Blue Jays and Tampa Bay Devil Rays, now known as the Tampa Bay Rays, between 1997 and 1999.

His brother, Rob Butler, also played for Toronto and was part of the Blue Jays team that won the 1993 World Series.

What parents should check before paying for youth sports

Parents should ask detailed questions about how their money will be managed, said Julie Matthews, a fraud prevention educator.

“When someone promises elite coaching, exposure to scouts or opportunities that could advance any child’s athletic career, it’s easy for parents to get caught up in the excitement,” Matthews told Money.ca. “But are concrete details provided about exactly how those opportunities will occur?”

She recommends getting a written contract that spells out what families will receive, including training hours, games, cancellation terms and refunds.

“Just because someone has a recognizable name or an impressive background in professional sports doesn’t mean you should not ask the tough questions,” she said.

Parents should also ask who controls the program’s accounts and spending, whether financial checks and balances exist, and whether organizers have potential conflicts of interest.

“I’d really emphasize that a program can have excellent coaches and a great reputation, but that doesn’t necessarily mean proper financial safeguards are in place,” she said.

What parents should do if they suspect fraud

Parents who believe they have been defrauded should contact their bank or credit card company immediately and ask whether a payment dispute is possible, Matthews said.

“Keep absolutely everything. Contracts, receipts, e-transfers, emails, text messages, screenshots of advertisements and any promises that were made,” she said. “Even communications that seem insignificant could become important.”

Matthews also recommends writing down a timeline of events and conversations while the details are fresh, and reporting suspected fraud to local police and the Canadian Anti-Fraud Centre.

The investigation is ongoing, and Durham police are asking anyone with information, or who believes they may have been affected, to contact the Financial Crimes Unit at 1-888-579-1520, extension 5241.

Anonymous tips can also be submitted to Durham Regional Crime Stoppers at 1-800-222-8477.

The Canada’s Food Price Report 2026 forecasts that a family of four could spend $17,571.79 on food this year, a rise of $994.63 from 2025. Food prices in general are expected to rise between 4% and 6%.

While the federal government can’t force grocers to offer lower prices, the Competition Bureau is looking at whether some of their pricing strategies are reducing competition.

Here’s what the Bureau is looking at and how you can reduce your grocery bills.

Why is the Competition Bureau examining grocery prices?

In June, the Competition Bureau said it would look into competition across Canada’s food supply chain. It aims to release the findings and recommendations in 2027.

However, a lack of competition is not the only factor pushing up food prices. Extreme weather, higher input costs and currency fluctuations all affect prices.

Are grocery deals being kept from shoppers?

The recently announced investigation will focus on minimum advertised pricing policies. These establish the lowest price at which retailers can advertise a product. The investigation will determine whether these practices restrict competition and prevent grocers from advertising lower prices. It does not mean these companies have broken any laws.

To make groceries more affordable, Canadians need stronger price competition and easier ways to compare costs, according to Sylvain Charlebois, lead researcher at Dalhousie University and co-author of the report. He calls for clear unit pricing on shelves, fewer hurdles for new grocery competitors, and tougher enforcement against anti-competitive practices.

Investment in food processing, distribution and productivity could also help address costs throughout the supply chain, he says in the report. But there is no single measure that will bring grocery bills down overnight.

How can you lower your grocery bill now?

While policymakers examine the industry, shoppers can take steps to spend less.

1. Plan meals around discounts and reduce waste.

Take stock before shopping, then build your list around discounted items your household will actually eat. As Charlebois notes, meal planning and reducing food waste are two of the most effective ways to save. Planning ahead avoids buying food that ends up in the garbage, though he cautions that driving to multiple stores for deals can quickly erase your savings in transportation costs.

2. Compare unit prices and try store brands.

A larger package isn't always cheaper per gram or millilitre, and a sale price isn't necessarily the best deal available. Charlebois recommends checking unit prices (the cost per standard unit, like kilograms or millilitres) to find true value. Swapping name brands for store brands can also cut costs, but compare package sizes and ingredients rather than assuming every cheaper alternative is identical.

3. Be strategic about meat and produce.

Looking for cheaper cuts of meat can make a noticeable difference, Charlebois says. Choosing a less expensive cut or replacing some meat with beans or lentils can stretch a food budget. Frozen vegetables and fruit are also worth comparing with fresh options, particularly when the latter are out of season.

4. Watch out for bulk deals and multi-buy offers.

Remember that a promotion is only a bargain if the unit price is lower and you use what you buy. Bulk purchases can sometimes leave you spending more than you planned.

5. Compare stores, but remember to add up the total cost.

Different retailers may offer better prices, so checking flyers can be worthwhile. But if you plan on visiting several stores you need to factor in the transportation costs, not to mention the value of your time.

Picking one nearby store with good prices and then planning your grocery trips around its specials may make more sense than travelling all over the city chasing deals.

Will the Competition Bureau’s investigation make groceries cheaper?

The Bureau’s broader report is scheduled to land in 2027. As part of that, it can identify ways to encourage more competition in Canada’s food supply chain. However, that in of itself won’t guarantee food prices will fall. The agency doesn’t have the authority to set or cap prices. It can investigate potentially anti-competitive practices and take action if it finds relevant laws have been broken.

In the meantime, Canadian shoppers can focus on what’s within their control. This includes planning meals, comparing unit prices, considering store brands, and avoiding waste. These habits can help you stretch your grocery budgets while policymakers examine the wider market.

In a conversation with Steven Bartlett on The Diary of a CEO, the Canadian investor and star of Dragon’s Den pointed to something many other Canadians might overlook — the small, frequent ways they drain their own wealth without realizing it (1).

“I can’t stand it when I see kids that are making $70,000 a year spending for lunch!” O’Leary said. “Think about that in the context of that being put into an index, and making 8% to 10% for the next 50 years.”

It’s a lesson he traces back to his late mother, Georgette O’Leary, who quietly built a sizeable portfolio over decades by sticking to “boring, large-cap” mutual funds tied to blue chip companies. Nothing flashy, nothing risky: only steady, compounding growth — year over year.

It’s the same lesson he tells his kids: “Don’t spend it. Save it, invest it (2).”

And O’Leary believes anyone can follow the same playbook: Here’s how.

Stop hustling, start saving

The foundation of O’Leary’s approach is surprisingly simple: Save 15% from every paycheque, side hustle or cash you get from family, and invest it in a low-cost index fund. No stock picking or timing the market. Make this a consistent habit, repeated long enough to grow real wealth.

In fact, O’Leary claims that even if you make an average salary, you can “end up a millionaire” by retirement if you follow this advice and let compounding do the work (2).

“That’s the gift the market gives you,” he said.

But does the math add up? According to the most recent data from Statistics Canada, the average worker earned about $1,347.14 weekly in July 2026 — roughly $70,000 a year (3). However, most Canadians are saving a fraction of what they could. Additional data from Statistics Canada shows that households set aside just 3.7% of their income in the second quarter of 2026 — or an average of around $50 a week (4).

That’s better than nothing, but it’s far short of what’s possible. Or getting to millionaire status.

Bump that 4.7% savings up to 15%, though, and you’re saving just above $200 a week, or about $10,400 annually. Invest those savings in a fund tracking the S&P/TSX Composite Index — Canada’s benchmark stock market index — and history suggests you could see average annual returns of around 9% over the long haul (5).

Here’s where it gets interesting: At that 9% rate, $10,400 a year grows to roughly $1 million in 26 years, according to CIBC’s investment growth calculator (6). In theory, then, becoming a millionaire before retirement isn’t such a distant possibility.

What’s more, getting there doesn’t necessarily require a workplace promotion with a higher salary, or even a financial windfall. It’s built purely through the same habit repeated month after month.

Cutting fixed costs

Saving $200 a week might seem like a lofty goal to some Canadians, but with some adjustments to your spending habits, it doesn’t have to seem so farfetched. You can also take a second look at your fixed costs to see how they could be streamlined.

After all, every dollar spent overpaying on a monthly bill is a dollar not compounding in your investment portfolio.

For instance, auto insurance premiums climbed 18.9% in the five years between October 2020 and October 2025, according to Statistics Canada (7). That means if you’ve simply just auto-renewed your policy at the end of every term, it’s possible you’ve been overpaying every month.

By using a comparison platform like Rates.ca, you could potentially save $500 or more by comparing 20+ quotes from top-rated auto insurance providers — helping you avoid paying a hidden “loyalty tax” to your current insurer.

Just answer a few basic questions, and Rates.ca will show you the most affordable deals in your area in as little as three minutes. Not only is the process 100% free, but you could also potentially save 20% by bundling your auto and home insurance together.

Reduce banking fees

Another possible way of cutting down everyday costs is by taking a look at yourself — specifically, what you do for a living. Some Canadians may qualify for profession-specific banking perks that can help reduce everyday banking costs.

National Bank offers specialized banking packages for professionals in fields like healthcare, engineering, IT, finance, law, teaching, public service, administration, architecture, agriculture and more. Depending on eligibility, the offer can include the following:

• Up to three bank accounts with no fixed monthly fees, with an eligible Mastercard rewards credit card (certain fees apply)
• Personal and home equity lines of credit with preferred terms and conditions
• Preferred value-added services like legal assistance and identity theft protection
• Access to a financial advisor
• An eligible Mastercard rewards credit card (certain fees apply)

According to National Bank, eligible professionals can unlock up to approximately $1,313 in annual savings with higher savings available for select professions such as healthcare and IT.

The special offer covers more than 150 professions, including a wide range of professionals and specialists — and eligible individuals can enjoy even more savings when you combine specific banking products and services. Find out if you work in an eligible profession and explore your options.

What gets in the way — and how to protect yourself

Understanding the strategy and cutting fixed costs is the easy part. Sticking to the plan, on the other hand, is where people can struggle the most. In particular, two things tend to derail even the best intentions: drifting and crisis.

Drifting is subtle. Life gets busy, priorities shift and saving 15% slowly becomes 10%, then 8%. Even a few years of undercontributing creates a gap that’s surprisingly hard to close later on — not because the math is challenging, but because time is the immutable catalyst for growth, and once it’s gone, it’s never coming back.

Crisis, however, is more distinct: A job loss, a health emergency, an unexpected expense that suddenly pops up — and suddenly your investment account looks like the only cushion you have. Tapping into it can easily become a habit on its own.

Both risks have possible solutions. For the drifting problem, automation is your best friend. Set up a pre-authorized transfer that moves money into your Tax-Free Savings Account (TFSA) or investment account the same day your paycheque comes in. When savings happen before you can spend, there’s no feeling of sacrifice.

For the crisis problem, you can build a separate emergency fund — ideally three to six months of living expenses — and hold it in a high-interest savings account (HISA) completely apart from your investments. While it may not be the most exciting part of your financial plan, it’s what keeps everything else intact when life goes sideways.

Shop around for HISAs

When considering where to park your emergency fund, it’s worth remembering that not all savings accounts are built equally. Shopping around can help you find the one that works best for both growing those savings and keeping them safe.

With an EQ Bank high-interest savings account, for instance, not only can you build your emergency fund with interest rates as high as 2.75% — up to 6x higher than the rates offered by big-name banks in Canada — but also you are charged no monthly fees, so you can cut down on fixed costs.

What’s more, deposits with EQ Bank are backed with CDIC deposit insurance of up to $100,000, meaning you don’t have to worry about the security of your funds. And when the time comes to put your emergency fund to use, you can make unlimited transactions without requiring a minimum balance.

Keep some savings in their own lane

Finally, one of the simplest things you can do to protect your investment portfolio is to stop asking it to cover too many responsibilities all at once.

When your emergency fund, your everyday savings and your long-term investments are in the same place, the boundaries become blurred. A car repair becomes a reason to pause contributions. A slow month at work becomes a reason to make a withdrawal. Before long, the account you built for the future is slowly funding the present.

The fix is relatively straightforward: Give each dollar a designated home, and keep those homes separate.

Everyday savings: Use this for money you’re setting aside for any near-term goals, like a vacation, a new appliance or a car, and keep it in an HISA. This makes it accessible when you need it, earns a little interest while you wait and is distinctly separate from anything you’re supposed to leave alone.

Emergency fund: Set aside three to six months of living expenses. Keep it separate from the HISA that you use for your discretionary spending, and treat it as completely off-limits unless something goes seriously awry.

Investments: The 15% you’re putting to work in an index fund — ideally in a TFSA — should be the last account you ever think about touching. Out of sight, out of mind, and compounding on its own in the background.

Three accounts with three clear purposes — the more defined the separation, the less likely you are to dip into the one that’s doing the real work. Additionally, if you shop around for accounts that fit each goal, you could help reduce fixed costs and maximize growth.

Finding the right investment account

When it comes to reducing costs on your investment accounts, there are online platforms like CIBC Investor’s Edge, which lets you invest that 15% of your income without having to pay exorbitant commissions or fees.

With their comprehensive online trading platform, it actually pays to trade more. Active traders making over 150 trades a quarter can enjoy a discounted commission rate of $4.95 per trade. Plus, CIBC doesn’t charge any account or maintenance fees if the combined market balance of all accounts is greater than $10,000.

For a limited time, you can even get commission-free fractional trading, while still having access to unlimited commission-free trades on over 200 select ETFs. Terms and conditions apply. Offer ends Oct. 31, 2026.

O’Leary on building serious wealth

According to Kevin O’Leary, building serious wealth doesn’t require a higher salary, a hot stock tip or a side hustle that eats up all your spare time. Rather, it requires a decision to automate — and then leave it alone.

As O’Leary says, a simple way of doing this is by saving 15% of every paycheque and investing it in a low-cost index fund. At the same time, you can keep your emergency fund separate so a bad month doesn’t turn into an even worse decade. And let time do what it does best.

Article sources

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

@TheDiaryOfACEO (1); @kevinolearytv (2); Statistics Canada (3), (4), (7); S&P Global (5); CIBC (6)

Even if you’ve only been in the role a few months, you may be owed more than you think. According to a recent report from The Canadian Press, moving for work can factor into how much compensation you’re entitled to. That’s why it’s worth getting advice before signing a termination package.

What are you entitled to?

There isn’t a single rule or formula that applies to all termination payouts across Canada. Most employees fall under provincial or territorial employment standards, while federally regulated workplaces, including banks, airlines and telecommunications companies follow federal rules.

In Ontario, if you’re covered by the Employment Standards Act and have worked for your employer for at least three months, you’re generally owed advance notice of your job ending, pay in lieu of notice, or a mix of both. If you’ve been there for less than a year, the minimum is usually one week. Your employer must also continue to make its required contributions to your benefits during that notice period, even if you’re paid out instead of working through it.

Ontario also requires a separate severance payment for some employees, but you generally need at least five years with the employer to qualify. That doesn’t mean someone who’s only worked a few months is limited to one week’s pay. The rules above are legal minimums, and you may be owed more under common law, which draws on court decisions rather than the minimums set out in legislation.

If you work in a federally regulated industry, the rules are different. Eligible employees generally get at least two weeks’ notice or pay after three consecutive months on the job, with longer service requiring more notice. A separate severance payment generally becomes payable after 12 consecutive months.

Relocating could mean you’re owed more

Workly Law founder Sunira Chaudhri told The Canadian Press that courts recognize relocating can make finding another job more difficult. Working in a specialized field with few comparable openings can also factor in.

That said, moving for a job doesn’t automatically entitle you to extra compensation. But how you were recruited, what your contract says, and how difficult it will be to find similar work could affect what you’re owed.

Employment lawyer Lior Samfiru told The Canadian Press that workers can negotiate these protections before moving. For example, you could ask for a larger payout if the job ends or help cover the cost of moving homes.

If you’ve already moved, collect any written promises your employer made and have a lawyer review your contract. Even if you signed terms that limit your compensation, those terms may not hold up under the law.

3 steps to take before you sign

1. Ask for your termination package in writing

When you’re notified of the layoff, ask your employer for a written breakdown of the payment offered, when your benefits will end and any conditions attached. If you’re given a deadline to accept, ask for enough time to get legal advice.

Check whether the package includes a release. Signing one could prevent you from seeking more compensation later, so make sure you understand it before agreeing.

2. Have your contract and relocation documents reviewed

Bring your offer letter, contract, termination package and relocation agreement to an employment lawyer. Include recruitment emails, moving receipts and any promises about job security or repayment of moving costs.

Ask whether the termination package meets the applicable minimums and whether you’re owed more. Also flag any demand to repay relocation assistance. If you’re unionized, contact your union about the process under your collective agreement.

3. Confirm your benefits and apply for EI promptly

Get the end date for health and dental coverage in writing so you can plan for prescriptions, appointments and replacement coverage.

Apply for Employment Insurance right away rather than waiting for negotiations to finish or your Record of Employment to arrive. Service Canada says waiting more than four weeks after your last day of work could cost you benefits. You can submit required documents after you apply.

Losing a job after relocating can leave you feeling pressured to accept whatever your employer offers. Before you sign, get advice and understand what you’re owed. You could be entitled to more than the initial package, even if you’ve only been in the job a few months.

Guards on their morning rounds found the remnants of the order, along with a drunk inmate.

It’s a funny story, but it’s also a bit of a problem, and Ottawa has been trying, and paying, to solve it for years. The latest response is decidedly low-tech: nets.

What happened at the Sainte-Anne-des-Plaines prison?

The drone delivery landed at the special handling unit (SHU) of the Regional Reception Centre in Sainte-Anne-des-Plaines, Que. That unit houses some of Canada’s most violent, high-risk offenders. The Correctional Service of Canada (CSC), the federal agency that runs the country’s penitentiaries, is investigating.

According to The Canadian Press, the drone slipped in through a gap between the fencing and a window that had been broken from the inside. Frédérick Lebeau, national president of the Union of Canadian Correctional Officers (UCCO-SACC-CSN), which represents federal prison guards, says exterior cameras and counter-drone technology both missed the drop. He also says the facility is part of a federal pilot program to jam drone signals.

In this case, it was McNuggets and some booze, but next time, it could be something far less funny. “It could be firearm, it can be a ceramic knife,” Lebeau warned.

What did the $6M anti-drone plan cover?

Drones aren’t a new problem for federal prisons. In 2019, CSC committed to spending $6 million over three years on radar-based drone detection at six institutions. Sainte-Anne-des-Plaines was not one of them, so this breach isn’t proof that those systems failed.

A final report with recommendations for a national approach was due back in March 2023, but it doesn’t appear that its findings and any national rollout have ever been publicly confirmed.

In March 2025, Ottawa granted CSC a legal exemption to test radiofrequency jammers, but detection and prevention aren’t the same thing. The Office of the Correctional Investigator, the federal prison watchdog, reported 90 drone incidents in the first six months of 2024 and found that 98% were detected. Spotting the drone doesn’t always mean stopping its cargo.

Why are taxpayers now paying for nets?

A CSC spokesperson says an incident like this underscores the need for ongoing investment in technology and infrastructure. In the meantime, CSC is installing physical barriers, such as nets, at the facility. It has not disclosed what they cost.

Those measures arrive during a period of belt-tightening. CSC’s 2026 to 2027 departmental plan calls for about $4 billion in total spending, alongside $75.6 million in reductions under the federal government’s Comprehensive Expenditure Review.

The union puts the longer-term target higher. It says CSC must find roughly $132.2 million in operational savings by 2028 to 2029, including cuts to detector dog handlers, mobile patrol officers and posts that intercept ‘throw-over’ contraband (illegal items tossed over perimeter fences.

Frank Caputo, the Conservative public safety critic, told The Canadian Press that cutbacks have hit areas such as perimeter security and dog handlers. Simon Lafortune, a spokesperson for Public Safety Minister Gary Anandasangaree, called the incident unacceptable and said the minister expects CSC to identify what went wrong.

What does a prison security gap cost Canadians?

Incarceration already carries a hefty price tag. Public Safety Canada, the federal department responsible for corrections policy, reports that keeping one person in a federal institution cost an average of $156,744 a year in 2023-24, which breaks down to about $428 a day. That’s up from $126,253 in 2019-20, according to the department’s latest Corrections and Conditional Release Statistical Overview.

A security breach adds costs on top of that. In this case, those costs include a federal investigation, new nets and, according to Lebeau, temporary extra patrols that ended a few days later. None of these costs has been made public.

That doesn’t mean the spending on security is wasted funds. The watchdog’s 98% detection rate shows some tools work. The union has a different concern: that cuts to frontline staff could weaken the response to what those tools detect.

As Lebeau puts it, the gap needs fixing soon, because “one day we will have a major incident.”

“I’m tired of treating our allies like they’re dirt,” Clinton said.

While it may feel good to get praise from a former president, the truth is it won’t help reduce inflationary pressures, provide job security or lower the price of goods and services.

What did Bill Clinton say about Canada and Carney?

Clinton offered his take on the U.S.-Canada trade war on Oct. 20, while campaigning for David Jolly, the Democratic nominee for Florida governor. He described Carney as a longtime friend and noted the prime minister has led the central banks of both the U.K. and Canada.

Then he turned to U.S. President Donald Trump’s annexation talk: “And we have the gall to suggest that they should become the 51st state?”

Trump has floated the idea — that Canada should become America’s 51st state — for more than a year; he recently repeated this sentiment at a rally in Bullhead City, Arizona.

Why does the trade war matter more than the war of words?

Clinton’s praise may be a welcome change for Canadians after more than a year of criticism and threats from U.S. President Donald Trump. But warm words do little to ease the economic damage caused by the ongoing trade war.

Canada lost 68,000 jobs in September, while the unemployment rate climbed to 6.5%, according to Statistics Canada. Young Canadians aged 15 to 24 were hit particularly hard, losing 48,000 jobs.

In Ontario, where much of Canada’s steel and auto manufacturing is concentrated, the unemployment rate reached 7%, above the national average. After more than 18 months of trade tensions, both industries continue to face significant pressure from U.S. tariffs, The Canadian Press reports.

For Canadians working in manufacturing or businesses that depend on it, the bigger concern isn’t what American politicians are saying about Canada. It’s whether the ongoing trade dispute could put their next paycheque at risk.

Read more: Carney and Ontario Premier Doug Ford agree on $9B funding plan

Clinton’s praise is great, but what can you do?

You can’t control trade talks, but you can control how exposed your household is to them.

The biggest tool to help prepare for near-future economic shocks is to build up or top up a cash cushion. Many planners suggest three to six months of essential expenses kept in an easily accessible account, such as a high-interest savings account (HISA). Workers in tariff-exposed industries may want to aim for a higher emergency cash stash.

The call landed on an awkward day, as U.S. officials released a fact sheet accusing Canadian politicians of meddling in American politics ahead of the U.S. midterm elections. The U.S. report highlighted how Republican states were targeted with counter-tariffs. Carney responded by reminding Trump that it was the U.S. that initiated the trade hostility.

Why are U.S. officials accusing Canada of election meddling?

The official fact sheet came from the U.S. Embassy in Ottawa, the American government’s diplomatic mission in Canada. It alleges that Canadian ministers and premiers have openly described plans to influence American politics ahead of the Nov. 3 midterm elections, which will decide control of Congress as well as dozens of governorships.

Most of the examples listed in the fact sheet tie back to the trade war:

• Industry Minister Mélanie Joly’s comments about using counter-tariffs to apply political pressure
• Joly’s September meetings with Democratic officials in Boston and Chicago
• An Ontario government anti-tariff ad, spearheaded by Premier Doug Ford, that featured former U.S. president Ronald Reagan

The sheet also named 11 people charged or sentenced for voting illegally in U.S. elections, though it didn’t link them to any Canadian government effort.

The response from Canadian officials? To reject these claims.

Joly has said Canada would never interfere in U.S. elections; Ford said he has no interest in doing so either.

Canada’s own concerns about election interference

Concerns about election interference run both ways. The lead-up to Alberta’s Oct. 19 referendum, which asked voters whether to begin a process that could lead to separation from Canada, raised questions about possible U.S. involvement. Jeffrey Rath, a leader of the Alberta Prosperity Project separatist group, said he met with U.S. State Department officials. A Globe and Mail investigation also found that Republican political operatives were on the ground in Alberta to bolster the separatist campaign. Before this recent vote, Carney blatantly stated that Canada expected foreign governments to stay out of Canadian elections.

On Oct. 19, Albertans voted decisively to stay in Canada, with about 76% voting no in preliminary results.

Where do Canada-U.S. trade talks stand?

Carney told reporters that he and Trump addressed some trade issues, but no agreement came out of the call.

The current standoff dates back to Aug. 22, when the U.S. imposed a 50% tariff on US$27.6 billion worth of Canadian goods. In response, the Department of Finance Canada, the federal department that oversees tax and tariff policy, announced counter-tariffs of 15%, 25% and 50% on an equivalent value of U.S. imports, effective Sept. 8.

In early September, Trump also signed orders outright banning imports of some Canadian products, including motorcycles and alcohol.

Which U.S. products cost more in Canada?

As a result of the current trade war a number of goods are now more expensive in Canada. Ottawa released a list that covers hundreds of U.S. goods, but the product categories most likely to show up on a household budget are as follows:

50% counter-tariffs

• Furniture
• Clothing, including synthetic winter coats and ski jackets, synthetic knit gloves and mittens, and cotton or synthetic sweaters
• Steel and aluminum products

But not every winter item is covered: U.S.-made boots, hats and scarves aren’t on the list.

25% counter-tariffs

• Appliances, including washing machines, dryers and dishwasher parts
• Dairy products such as cheese
• Household steel and aluminum items, such as cookware and kitchenware
• Wood and lumber, including plywood
• Carpets and other floor coverings
• Some fresh and chilled fish, including salmon, trout and cod

15% counter-tariffs

• Mostly industrial goods, such as machinery and robots, along with some hand and power tools

Existing counter-tariffs on U.S.-built automobiles remain in place.

That doesn’t mean every couch or fridge in the store costs more, since the duties apply only to U.S.-made goods. Retailers can ultimately decide how much of the extra cost to absorb or pass on to consumers.

Before making a big purchase, check the country of origin on the label or product listing and compare prices with Canadian-made or other non-U.S. options. On large items, such as washing machines or dining sets, that comparison can make a real difference.

What Canadians can take away from the Carney-Trump chat

Carney must balance diplomacy and Canadian sovereignty as trade tensions rise. Consumers should prepare for potential price shifts this holiday season.

But the real danger isn’t falling for a fake scandal — it’s the hook. Click through, and the trail leads to an “AI-powered” trading platform built to separate Canadians from their savings.

And the first deposit is rarely the last. Knowing how the trap works, from the first click to the follow-up “recovery” call, is the best protection for your investment portfolio and retirement savings.

What happens when you click a fake Jagmeet Singh arrest ad?

Most of the fake scandal ads will direct users to a counterfeit CBC News article claiming that Jagmeet Singh was arrested after promoting an investment platform called Groman Pro, according to an Oct. 20 report by NOW Toronto.

The fraudulent article promises monthly earnings of $1,200 to $2,800 in exchange for a small initial deposit, typically $350 or less. To create a sense of urgency, it claims that 47,000 Canadians signed up in the last five hours. The article then directs readers to register before a supposed deadline to secure the offer.

Other versions of the scam bypass the fake news article altogether, sending users directly to a chatbot posing as a Groman Pro representative.

Cybersecurity company Gridinsoft flagged Groman Pro as a financial scam, noting that its website domain was only 12 days old at the time of its review. The company warns that scams like these make it easy to deposit money but difficult to withdraw it. Victims may be asked to pay unexpected “verification” fees or “taxes” before they can access their supposed earnings.

AI educator Vaseem Baig summed up the deceptive tactic, calling the ads “fraud dressed up as political news.”

Why are Canadians’ savings the real target?

These scams are anything but random. A 2025 investigation by Radio-Canada’s Enquête and international media partners examined nearly two terabytes of leaked call-centre records, exposing an international fraud network that targeted more Canadians than residents of any other country. More than 8,000 Canadians were identified as victims.

The investigation revealed a sophisticated operation. Advertising teams create fake news articles and purchase ads on platforms such as Facebook, Instagram and X. When someone signs up, their contact information is sold to scam call centres. The advertising teams then earn a commission for every Canadian who makes an initial deposit.

Canada is a particularly attractive market for these fraudsters. Benoît Dupont, a University of Montreal criminologist and Canada Research Chair in Cybersecurity, told CBC that Canadians’ self-directed retirement savings, including RRSPs and TFSAs, make them appealing targets.

The financial damage is staggering. According to the Canadian Anti-Fraud Centre (CAFC), Canadians reported $351 million in investment fraud losses in 2025 — more than for any other category of fraud.

And that’s likely just a fraction of the actual losses. With only an estimated 5% to 10% of fraud incidents reported to authorities, the true financial toll could be substantially higher.

How does one small deposit spiral into a life-changing loss?

Losses can be significant for this kind of scam and once someone submits their name and phone number, the scam moves quickly.

According to CBC, victims often receive a call within minutes. The caller helps them set up an account on a fraudulent investment platform, where manipulated account balances show impressive returns. Those fake gains encourage victims to invest even more money.

The real trouble begins when they try to withdraw their funds.

Marcel Deschamps, a factory foreman from Alexandria, Ontario, lost $200,000 after clicking on a fake news article featuring Canadian businessman Kevin O’Leary. Each time he tried to withdraw his money, the scammers demanded another fee. “You never get it back,” he told CBC.

But the fraud didn’t end there. Deschamps was approached by a supposed cryptocurrency expert who offered to recover his lost money — provided he paid another $3,500 upfront.

It’s a second layer of the same scam. The leaked records revealed that the call centres also operate recovery teams that target previous victims, sometimes impersonating officials from the Canada Revenue Agency (CRA) or the Financial Consumer Agency of Canada (FCAC).

In other words, the same fraudsters who steal the money may return pretending to help victims get it back.

Why are the ads still running?

X didn’t respond to Money.ca’s request to comment, or to NOW Toronto’s request for comment — and X users report flagging the ads without visible results.

Conservative Member of Parliament Melissa Lantsman is pushing Bill C-288, the proposed Protection Against Online Fraud Act. It would require platforms to prevent and remove fraudulent content and to notify targeted users. Lantsman expects the House of Commons to hear the bill in spring 2027. Until then, the onus is on you.

See a suspicious post? What you should do

• Treat any “news” story about a politician or celebrity that ends in an investment pitch as a scam
• Check the web address, not the logo, since logos are easy to copy
• Look up any platform or adviser on the Canadian Securities Administrators’ National Registration Search before sending money
• Never let a stranger remotely access your computer
• If you’ve already paid, stop sending money, call your bank, and report it to local police and the CAFC at 1-888-495-8501
• Ignore anyone who offers to recover lost funds for a fee, even if they claim to be from the CRA or FCAC

“Always check the registration status of an entity at ‘aretheyregistered.ca’ before you invest,” explained Dean Murrison, executive director of the securities division at the Financial and Consumer Affairs Authority of Saskatchewan (FCAA), the province’s financial regulator, put it plainly in a July investor alert. It takes a minute and could end up protecting your savings.