In June 2026, the City of Calgary reopened funding for what’s now called the Downtown Office Conversion Program, with an extra $25 million on the table and better terms for developers who convert unused office towers into apartments, hotels and other housing.

As a renter, these developer cash incentives sound appealing, as it should result in the creation of more rental units and more supply means more choice and, eventually, more competitive rental rates. But it’s the developers that are really benefiting from this new-housing incentive.

What changed in the relaunch

The City of Calgary housing incentive program isn’t new. Initially, it was launched in 2021 under a different name, the Downtown Calgary Development Incentive. In May 2026, city council approved an updated version and relaunched the program, accepting new funding applications from June 16 to July 27, 2026.

The relaunch did highlight three significant changes.

First, the City of Calgary added an “impact” criterion that gives extra weight to applications for affordable housing, larger projects and creative commercial reuse. Second, the incentive for converting office space into a hotel rose from $60 to $75 per square foot. Third, a new competitive-bid stream — also worth up to $75 per square foot — opened the program to seniors’ housing, student housing, co-living and life-sciences space, uses that previously didn’t qualify.

What the program has to show for it so far

Money.ca could not verify a widely cited figure that the City of Calgary had set aside $40 million for office conversions in its 2026 budget.

City council actually debated cutting the program entirely during 2026 budget adjustments before settling on $35 million — $25 million for this funding round, plus $10 million held back for a separate, non-market conversion stream, according to an article published on LiveWireCalgary.

So, what did this influx of new money buy? Essentially, more concrete. There are now 21 incentivized projects completed or underway; these projects will convert 2.68 million square feet of office space into 2,667 new homes, one 226-room hotel, and a hostel, according to the City fo Calgary Downtown Office Conversion Program documentation.

Eight of those projects are finished, adding close to 800 homes and 226 hotel rooms. Plus, this conversion project helped remove nearly 2.7 million square feet of office space from the city’s downtown core.

“Five years into a ten-year plan [and] we’re nearly halfway to our goal of removing 6 million square feet of downtown office space,” explained City of Calgary’s Director of Downtown Strategy, Thom Mahler, in a June statement. “These updates build on that success and create new opportunities to transform underused office space into vibrant places for people to live, work and visit.”

What it means for your rent and your wallet

None of this changes what’s available to rent in Calgary this month. The money moving through city hall this summer won’t help renters this fall. Conversions take years — permitting, construction and leasing — so most of the 2,667 homes tied to this program are still years from a move-in date. If you’re renting now, treat this as a signal about supply in 2027 and beyond. Instead, renters should watch for pre-leasing announcements on named projects and consider how these opportunities will reflect current market conditions.

As a Calgary taxpayer, the $25 million in incentive funding, on top of what’s already been committed to 21 projects, is your money. The plan is to invest public money in private developers to solve a vacancy problem largely caused by remote work and energy-sector downsizing. While the pay-off may not seem immediate, the opportunity to create a new tax base — from more residents in the downtown area — and more business for these communities could eventually help revitalize the city’s economy.

For investors weighing whether office-to-residential conversion is right for your investment portfolio, start preparing. While the application window for developers is closed for this round, the City appears to reopen regularly. Being familiar with the requirements and with the developers best poised to capitalize on this program will help investors narrow down the best private equity investment opportunities or, potentially, well-funded real estate investment fund investments.

Bottom line

Calgary’s office-conversion incentive is one of the more effective housing-supply tools used by any Canadian city, right now. The math on space converted and homes created backs that up. But the benefits of these conversions won’t trickle down to each community segment at the same time and in the same way. Developers — and investors helping to fund those developments — will be the first to benefit, with taxpayers and renters waiting years before realizing the advantage of these builder incentive programs.

The Canada Revenue Agency (CRA) doesn’t approve the disability tax credit (DTC) based on a diagnosis, but how much a condition restricts everyday functioning. The test can include ADHD, Type 1 diabetes, depression, anxiety and other conditions that may not be physically obvious.

For 2025, the federal disability amount is $10,138, plus a supplement of up to $5,914 for a dependent under 18. Get approved, and the same certification can also open the door to a newer, separate payment: the Canada Disability Benefit (CDB).

Who actually qualifies (broader than most people think)

CRA eligibility comes down to one test: is the person markedly restricted in a basic activity of daily living — close to 90% of the time — for at least 12 months? That test includes a mental functions category encompassing memory, problem-solving, emotional regulation, judgment and adaptive functioning. This is why severe ADHD, depression, anxiety or autism can qualify when they meaningfully limit day-to-day life, even with medication or therapy.

There is also a life-sustaining therapy category. Someone managing Type 1 diabetes with insulin can qualify if the therapy is medically required at a set frequency and time commitment each week. In every case, CRA looks at function, not label — two people with the same diagnosis can get very different outcomes, depending on how much it actually restricts them.

Make your cash work harder. You can't control inflation, rates or market swings — but you can control where your cash sits. Compare high-interest savings accounts to keep your money working for you. Find the right HISA account

What the credit is actually worth

The $10,138 federal amount isn’t a cheque. It’s a non-refundable credit that reduces income tax payable, so its value depends on the lowest federal tax rate for the year and on having enough tax payable to use it. As a hypothetical example, claiming the full amount could reduce federal tax payable by roughly $1,400 to $1,500 — a figure that shifts with the applicable rate and should be confirmed with current tax software rather than assumed. If a person can’t use the full amount, the unused portion can be transferred to a spouse, common-law partner or another supporting family member. Provinces add their own disability amount on top, and that figure varies by province.

How approval can also unlock the Canada Disability Benefit

DTC approval is also the gateway to a second, separate program: the Canada Disability Benefit. Administered by Service Canada, the CDB pays up to $204.20 a month — $2,450.40 a year — to eligible Canadians aged 18 to 64. It’s income-tested, so the actual amount depends on family income, and applicants need an approved DTC first.

The CDB has its own timeline. Payments began in July 2025, with June 2025 as the earliest month of eligibility, and backpay is capped at 24 months from when Service Canada receives an application. That is a narrower lookback than the DTC’s own retroactive reach, so the two shouldn’t be treated as interchangeable.

How to claim it — including past years

Start with Form T2201, Disability Tax Credit Certificate. A doctor or nurse practitioner can certify any section, while a psychologist can certify the mental functions section specifically. Once CRA approves the form, a taxpayer can ask the agency to adjust up to 10 previous tax years through “Change my return” in CRA My Account, subject to the normal reassessment limits. Canadians aged 18 to 64 who are approved for the DTC can then apply separately to Service Canada for the CDB.

The most common reason people miss out isn’t a denied application — it’s never applying at all, because a condition that’s managed with medication or insulin doesn’t feel severe enough to count. CRA’s own test says otherwise: what matters is the day-to-day restriction, not how the condition looks from the outside. For anyone who has lived with ADHD, diabetes or a mental health condition for years without ever filing Form T2201, that’s worth a conversation with a doctor before the next tax season.

What to do now

• Ask your doctor or nurse practitioner to complete CRA Form T2201
• If mental functions apply (ADHD, depression, anxiety, autism), a psychologist can certify that section
• Once approved, ask CRA to adjust up to 10 previous tax years through “Change my return” in CRA My Account
• If you’re 18 to 64, apply separately to Service Canada for the Canada Disability Benefit
• If you can’t use the full credit, ask about transferring the unused amount to a supporting family member

While this specific scenario is an illustration, the dynamic it represents is very real. For many Canadians, the sting of discovering hidden debt isn’t just about the money. It’s about the deception. This is financial infidelity, and it affects households across the country every day.

Understanding financial infidelity

Financial infidelity occurs when one partner in a committed relationship intentionally lies about, hides or misrepresents financial information. It ranges from minor secrets, like hiding small cash purchases, to major breaches of trust, such as holding secret bank accounts, taking out hidden loans or accumulating massive credit card debt.

Money is frequently cited as a primary driver of relationship stress. Financial secrecy erodes trust, compromises a partner’s future financial security and can directly impact credit ratings and long-term planning.

Red flags to watch for

Financial infidelity rarely happens overnight. It typically starts small and builds over time. Recognizing the subtle warning signs early can help protect both your relationship and your personal finances.

• Guarded behaviour around mail and devices. A partner suddenly insisting on being the only person to check the mailbox, changing account passwords without sharing them or turning their phone screen away when logging into banking apps can be a sign of secrecy.
• Unexplained changes in spending habits. Unexplained cash withdrawals, new luxury items appearing without discussion or frequent small transactions on shared statements can point to hidden activity.
• Avoidance of money conversations. Growing defensive, angry or evasive whenever financial goals, budgets or joint accounts come up often indicates an attempt to divert attention from a secret.
• Disappearing funds or missing statements. Paper statements that suddenly stop arriving, or unexplained transfers out of joint accounts, are strong indicators that financial details are being altered or hidden.

Take control of your money. If your paycheque keeps disappearing faster than expected, your budget may need better visibility. Compare budgeting apps that help Canadians track spending, spot leaks, and plan with more confidence. Take control of your budget

What to do if you suspect or discover financial deception

Discovering financial secrets can leave you feeling betrayed and insecure. Taking structured, practical steps can help you protect your personal financial standing while working through the situation.

• Gather your financial documentation. Pull copies of your credit reports from Equifax Canada and TransUnion Canada. Review all joint bank accounts, shared credit lines, mortgage documents and tax filings to get a clear picture of your total household liability.
• Schedule a dedicated conversation. Choose a neutral time when neither person is stressed or distracted. Focus on expressing how the secrecy affects you rather than launching accusations, allowing space to understand the full scope of the problem.
• Establish joint financial transparency. Move toward full visibility. Setting up joint monitoring tools or holding monthly financial check-ins where both partners review account balances, debts and upcoming expenses together helps rebuild trust.
• Consult with professional advisers. If the debt is substantial, consulting a licensed insolvency trustee or a certified financial planner can help. If the breach of trust has permanently altered the relationship, speaking with a family lawyer can clarify legal rights and obligations regarding joint liabilities under provincial family law.

What to do if you are the one hiding money

If you are keeping financial secrets, taking accountability is the first step toward correcting the situation before it worsens.

• Acknowledge the behaviour. Recognize that financial secrecy is a breach of trust, regardless of whether the intent was to conceal a setback or avoid conflict.
• Provide full disclosure. Prepare a complete, honest inventory of all hidden accounts, debts and financial activities. Partial disclosures damage trust further and delay recovery.
• Address underlying causes. Secret spending, gambling or trading can stem from deeper personal challenges. Professional counselling or financial coaching can address these root causes while you work to restore trust at home.

“By the time you hit 33 years old, you should have $100,000 saved somewhere,” the Shark Tank investor and personal finance commentator said in a recent video shared on X. “Make that your goal.”

He even built in some wiggle room, noting 35 years old is okay, too.

Hitting that mark sets up for $500,000 before retirement

O’Leary frames this age as a financial inflection point — the moment when time and compounding interest either start working for you or begin to slip away. His logic extends to a larger goal: accumulating $500,000 before retirement.

“Your goal should be to try and amass at least $500,000,” he said. “So you start to chop up the decades you’re gonna work. By 33, you better have US$100,000 if you’re gonna get the other US$400,000 by the time you’re 60.”

His prescription for getting there is to save 20% of your paycheque and let market growth do the work. For Canadians, that 20% has two natural homes: a Registered Retirement Savings Plan (RRSP), which shelters contributions from tax now and taxes withdrawals later, and a Tax-Free Savings Account (TFSA), which shields all growth and withdrawals from tax permanently.

How most Canadians are actually doing

Most people are nowhere near O’Leary’s target. According to Statistics Canada’s Survey of Financial Security, the median net worth of Canadian families was $519,700 in 2023 — but that figure covers everything a family owns minus debt, not just savings, and it skews heavily toward older, homeowning families.

For younger Canadians specifically, the picture is more mixed than it first appears. Families under 35 had a median net worth of $159,100 in 2023, up 179% from 2019 — but almost all of that gain came from rising home values among young homeowners, whose median net worth hit $457,100. Young families without a principal residence had a median net worth of just $44,000, and the least well-off group — young renters with no employer pension — had a median net worth of $27,000.

That gap matters because O’Leary’s target is centred on liquid savings, not home equity. A young Canadian who owns a home may look fine on a net-worth basis while still being far short of $100,000 in an RRSP and TFSA combined.

It’s also a moving target. According to BMO’s Annual Retirement Survey, Canadians now believe they’ll need $1.7 million to retire comfortably, up from $1.54 million the year before, and 36% say they’re unlikely to hit that number — up from 29% the previous year.

Still, there are signs of effort: the average RRSP contribution reached a record $7,447 in the most recent full year measured by BMO, a 14% jump from $6,512. “Someone in their 20s contributing 10% a month to an RRSP can be a great start,” said Margaret Leong, senior investment counsellor and portfolio manager at BMO Private Wealth. “As earnings increase throughout an individual’s prime working years, so should their savings.”

Not everyone gets that early start. A 2025 survey from the National Institute on Ageing, supported by Manulife, found 22% of working Canadians aged 50 and older report retirement savings of $5,000 or less, excluding property and workplace pensions.

That gap is partly structural. StatCan’s figures show the median salary earned by a Canadian was $46,300 in 2024, and workers aged 25 to 34 actually saw their income fall 2.4% in real terms that year — down 6.9% since the 2021 peak. Meanwhile, average weekly earnings for all workers reached $1,333.23 in March 2026, up 3.5% year over year, or roughly $69,300 annualized. However, that average is pulled up by higher earners and doesn’t reflect what a typical worker in their 20s or early 30s is actually taking home.

Student debt adds another drag in the early-career years. StatCan’s National Graduates Survey puts the median debt at graduation for bachelor’s degree holders at about $20,000, with college graduates owing roughly $11,500 — a burden that lands hardest in the same years O’Leary’s savings target is aimed at.

Still, it’s worth noting that the most significant jumps in savings tend to happen between your 40s and 50s, when incomes are higher, debt loads have often eased and compounding has had more time to work. That makes the early accumulation O’Leary prescribes by 33 all the more important as the foundation for what comes later.

The math behind the 20% rule

O’Leary’s method is achievable but demanding. It assumes consistent contributions and enough time in the market for compounding to do its work. Run the numbers and the underlying principle holds: $10,000 invested at age 30 at a 7% average annual return grows to roughly $106,000 by age 65. Wait until 45, and the same investment yields only about $38,000.

For someone earning close to the Canadian average of $69,300, saving 20% means setting aside approximately $13,860 annually, or about $1,155 a month.

Where that money goes matters. For 2026, the RRSP contribution limit is $33,810, or 18% of the previous year’s earned income, whichever is lower, and any unused room carries forward indefinitely. The TFSA limit for 2026 is $7,000, with a cumulative lifetime limit of $109,000 for anyone who has been eligible and never contributed since the account launched in 2009. Together, those two accounts comfortably cover a 20% savings rate for most Canadians in their 20s and 30s.

“The earlier you start, the more your money can grow,” CIRO, Canada’s national investment self-regulator, notes of compound interest — meaning consistent early contributions, even smaller ones, can outperform larger amounts invested later.

“If you haven’t saved anything by the time you’re 33, you’re way behind the eight-ball,” O’Leary said.

Where CPP and OAS fit in

Canadians have two federal programs stacked on top of personal savings to help fund retirement. The Canada Pension Plan (CPP) paid an average new retirement pension of $877.01 a month to those starting at 65 as of July to September 2026, with a maximum of $1,507.65 a month for those who contributed the maximum for most of their working life.

Old Age Security (OAS), a separate benefit based on residency rather than contributions, paid up to $751.97 a month for those aged 65 to 74 and up to $827.17 for those 75 and older for the same quarter.

Combined, CPP and OAS can realistically cover $1,500 to $2,200 a month for someone taking both at 65 — a meaningful floor, but nowhere near enough on its own to replace a full paycheque. That’s the gap O’Leary’s savings targets are meant to close.

Next steps for Canadians who feel behind

• Check your real RRSP and TFSA room through your CRA My Account or your latest Notice of Assessment — unused RRSP and TFSA room carries forward indefinitely, so you may have more contribution room available than you think
• If you’re choosing between the two, remember the general rule of thumb: RRSPs tend to make more sense at higher income levels because of the upfront tax deduction, while TFSAs tend to make more sense at lower income levels or when you may need the money before retirement
• Automate a fixed percentage of every paycheque — even 5% to 10% to start — rather than waiting until you feel like you have “extra” money to save
• Use the estimate tool in your My Service Canada Account to see what CPP and OAS will realistically cover, so you know how much of the gap your own savings need to fill
• If you carry student debt, focus on paying down the highest-interest balances first, but don’t let debt repayment fully crowd out early RRSP or TFSA contributions — even small ones

That’s exactly what happened in the latest high-profile crypto hack.

In the span of a few days, hackers targeting a vulnerability in Coldcard, a bitcoin-only hardware wallet made by Coinkite, made off with 1,596 bitcoin from around 7,300 addresses, worth about CA$140 million in total.

Based in Toronto, Coinkite’s worst-hit customers were Canadians, who bore about 25% of losses.

But the remarkable part of this story is how little of the stolen bitcoin has moved since the attack. Much of it is still sitting in the same four addresses.

Hackers could move the spoils, but they have only transferred about 30 bitcoin as of August 13.

Everything is sitting in plain sight — and there’s nothing anyone can do about it.

A shortcut to randomness

Coinkit’s popular hardware wallet Coldcard aims to “secure your bitcoin,” according to the company’s website. One of the major features it boasts is that each device can store bitcoin offline, meaning that it wouldn’t be exposed to online attacks.

This differs from “hot” wallets, which are always online and intended for daily use. The Coldcard was marketed as physical “cold” storage for long-term ownership, and that offline feature was supposed to protect users from hackers.

But a critical flaw — dating back to a firmware update from 2021 — changed that.

The root of that vulnerability was a change in how certain versions of Coldcard devices generated “seed phrases” — sequences of random words that store the data necessary to access cryptocurrency. Well, in theory, they are meant to be random.

Instead of using the device’s own random-number generator, the firmware error used a software-based generator, which is far less random. In some cases, seed phrases were generated using predictable values, including the serial number of some devices.

That shortcut allowed the hackers to reconstruct private keys and wallet addresses offline, without ever having to touch a device.

The ‘fallacy’ of offline crypto

Once the attacks started, it only took 25 minutes for hackers to steal US$38 million (C$53 million) in bitcoin. In less than an hour, they had nearly doubled that number. Over several more days, the hackers kept at it until the estimated losses grew to as much as US$111 million (C$154.7 million).

And then, just as quickly as they appeared, they were gone. But the fallout is still ongoing.

Despite releasing a patch to fix affected devices, Coinkite is already facing public scrutiny and a potential lawsuit from victims of the hack. The company still won't estimate how much was actually lost in the attacks.

“I’m sorry and I’m devastated,” Coinkite CEO Rodolfo Novak wrote on X. “Our team is heartbroken about yesterday’s news.”

Experts were quick to point out the bigger lesson of the hack.

“It exposes the fallacy of your crypto being offline,” Aneirin Flynn, CEO of cybersecurity firm Failsafe, said to Bloomberg.

“The device is just responsible for generating your passwords,” she added. “If the underlying math is broken, then your passwords can be reverse-engineered.”

What’s worse, crypto has become an increasingly popular investment vehicle. This means some people may have lost not only their money, but part of their future, too.

Take charge of your investing

If you’re looking to take charge of tomorrow, investing smartly and securely is the best course for most Canadians. Legendary investor Warren Buffett has famously encouraged retail investors to stick to a fund tracking the S&P 500, and remained cold on crypto as an asset.

But his logic for the S&P is simple: By spreading out your risk among some of the best and brightest, you reduce your overall risk. And, although there can be yearly swings, over time the S&P has continued to climb.

To get started, you can open a self-directed investing account with Questrade.

With commission-free trades on stocks and ETFs listed in Canada or the U.S., Questrade is one of Canada’s leading discount brokerages for self-directed investors who want to build their portfolios without being burdened by fees.

Open a self-directed investing account today with as little as $250 and get $50 cash back.

And, if you really do want to keep on with crypto, you can even buy crypto ETFs, which combine the upside of investing in crypto while minimizing its risks through working with a reputable party.

Canadians have many brokerages to choose from in 2026. Here’s a comparison of the seven best Canadian brokerage firms.

Keep yourself informed

Once you’ve started trading on your own, you’ll also want to keep informed. Understanding your corner of the market — whether crypto or otherwise — can be one of the best ways to build your portfolio as safely as possible, although all investing inherently carries risk.

For those who want stock tips at a moment’s notice, there are online stock analysis platforms like Motley Fool’s Stock Advisor, which offers expert insight to help make smart investing decisions.

With Stock Advisor Canada, you get a long-term investing view that encourages investors to buy stocks that perform well over the long term. You also receive their monthly stock recommendations and “Best Buys Now” picks.

Plus, if Stock Advisor Canada isn’t for you, cancel within 30 days and get your membership fee back. No questions asked.

Not sure if Stock Advisor Canada is worth it? Check out this review.

The benefits of a managed portfolio

For some people, doing the math on their finances alone is hard, let alone weighing the risk associated with an investment such as crypto. 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 three 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.

Wealthsimple can do much more for you. Take a look at its pros and cons.

‘I did everything right’

As for those directly affected by the hack, they may be left with the feeling that although they did crypto the “secure” way, they were still compromised.

“Perhaps the hardest part about this is that I did everything right,” one victim who claims to have lost $1.6 million wrote on X.

But it can’t help to know that your stolen bitcoin is still available for everybody to see — and is almost irreversible.

That’s because transfers of cryptocurrencies like bitcoin are permanent, and even if law enforcement gets involved, there’s no centralized authority to compel a refund.

What’s more, scammers have now caught on to a new grift: offering to retrieve lost or stolen crypto. However, these schemes rarely work and can doubly victimize Canadians trying to get back their stolen assets.

In the end, whoever holds the key to a crypto address or wallet has total control over it.

Taking a less risky financial path

Instead of taking those big swings at crypto, another option could be to set aside some of your cash in an emergency fund. As its name implies, an emergency fund is for emergencies — from the loss of a job to health issues — that allows you to cover sudden expenses without going into debt.

One way of setting up an emergency fund that also grows your wealth is by putting it into a high-interest savings account from EQ Bank. 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 Canadian banks — but also you pay no monthly fees and can make unlimited transactions.

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.

Online banks like EQ offer something different from traditional banks. Learn more about the differences in this review.

A US$17,250 bet that didn’t pay off as promised

A data engineer named Ram Rupireddy wired US$17,250 (~C$23,978) to a firm called Late Stage Capital in 2020 to buy what he was told was exposure to SpaceX stock, according to reporting by The Wall Street Journal. At the time, SpaceX was valued at roughly US$58 billion (~C$81 billion). By the time SpaceX completed its initial public offering in June 2026, its valuation had climbed to about US$1.77 trillion (~C$2.46 trillion).

Rupireddy believed he owned 2,500 SpaceX shares worth roughly US$300,000 (C$417,000) — enough, he later told the Journal, to help fund his two children’s college education. Then he lost access to Late Stage Capital’s investor portal. After weeks of calls and emails, the firm told him the truth: it had sold his stake back in 2024, for a total of just US$45,450 (C$63,176). He had never been notified of the sale, even though his 2024 and 2025 tax documents still listed him as a SpaceX shareholder.

Rupireddy has since filed a complaint with the U.S. Securities and Exchange Commission (SEC). He is not alone — the Journal reports that roughly 100 other Late Stage Capital investors have described the same experience, and several have joined him in filing complaints.

What is a special purpose vehicle, and why did this happen?

Late Stage Capital, like many firms that promise retail investors a piece of a hot private company, structured its offering as a special purpose vehicle (SPV) — a pooled investment fund that buys a stake in a private company on investors’ behalf. SPVs can be a legitimate way to access private markets, but they come with a catch: investors don’t own the underlying shares directly. They own a stake in the SPV, and it’s up to the SPV’s managers to actually deliver those shares, or their cash value, later on.

According to the Journal’s investigation, Late Stage Capital didn’t hold a direct stake in SpaceX at all. Its access ran through a Bahamas-based firm, Capital Truth, which owned only a portion of another SPV that held SpaceX shares — one extra layer of separation between Rupireddy’s money and the actual stock. As Jared Fine, a partner at the law firm Davis Polk, told the outlet, deals like this ultimately come down to trust: whether investors can rely on a middleman they’ve never met to honour a stake they can’t independently verify.

The Canadian angle: SPVs face the same rules here

Canadians aren’t immune from this kind of structure or this kind of risk. In Canada, any SPV offering securities to the public falls under the same prospectus requirements as any other investment. Retail access to a private deal like this generally requires an exemption — most commonly the accredited investor exemption under National Instrument 45-106, which is set and enforced by the Canadian Securities Administrators (CSA), the umbrella council of Canada’s provincial and territorial securities regulators, including the Ontario Securities Commission (OSC). Firms that sell securities without registering as dealers or advisers with a provincial regulator are operating outside the law, regardless of how legitimate their marketing looks.

The CSA has been increasingly active on this front. Between June and November 2025 alone, Canadian regulators deactivated more than 3,900 fraudulent investment websites and crypto scam platforms. Before wiring money to any firm offering pre-IPO access, Canadians can check whether that firm is registered using the CSA’s National Registration Search.

It’s also worth understanding what protection actually exists — and what doesn’t. The Canadian Investor Protection Fund (CIPF) covers missing property held by a Canadian Investment Regulatory Organization (CIRO) member firm that becomes insolvent, within set limits. It does not cover a scenario like Rupireddy’s, where an unregistered SPV allegedly sold an investor’s stake without telling him. That kind of loss falls outside CIPF’s mandate entirely, which is exactly why sticking to registered, CIRO-regulated dealers matters so much more with private, hard-to-verify investments.

You no longer need a middleman to own SpaceX

Here’s the twist that changes the calculation for anyone still tempted by an SPV: SpaceX completed its initial public offering on June 12, 2026, pricing shares at US$135 (~C$188) and listing on Nasdaq under the ticker SPCX. Once a company is public, the entire reason to go through an opaque SPV disappears.

Canadian investors can now buy SPCX directly through any brokerage that offers access to U.S.-listed stocks. Buying through a CIRO-regulated Canadian brokerage means the shares are held in your name (or in street name at a regulated custodian), the position shows up on your statements and the dealer itself is a CIPF member — a meaningfully different arrangement than trusting an unregistered SPV with your money for years and hoping it delivers.

That doesn’t make SPCX a safe bet on its own. It’s a single, newly listed stock that has already shown significant volatility, and some analysts, including Morningstar’s Nicholas Owens and Suryansh Sharma, have called the post-IPO valuation overblown. Canadians who want exposure to the space economy without betting on one company can also look at diversified ETFs that hold a basket of space and satellite stocks.

The tax bill Canadians need to plan for

Anyone holding U.S. stock, including SPCX, outside a registered account should plan for the Canadian tax treatment, which is different from what a U.S. investor like Rupireddy faces. Capital gains on the sale of U.S. shares are taxable in Canada at the standard 50% inclusion rate — meaning half of the gain, converted to Canadian dollars at the exchange rate on the transaction date, gets added to taxable income.

Canadians also need to watch the reporting threshold: if the total cost of foreign property, including U.S. stocks held outside a registered account, exceeds C$100,000 at any point in the year, the Canada Revenue Agency requires a T1135 foreign income verification form. And U.S. dividends paid on shares held outside a registered retirement account are generally subject to a 15% U.S. withholding tax under the Canada-U.S. tax treaty, though that withholding doesn’t apply to shares held inside an RRSP.

SPVs aren’t only a SpaceX problem

The murkiness around SPV access isn’t limited to SpaceX. Anthropic, the AI company, has published an official warning that it does not permit SPVs to acquire its stock and that any transfer of its shares into an SPV is void under its own transfer restrictions. OpenAI has issued a similar warning, telling investors to be careful of any firm claiming to offer SPV-based exposure to its private equity, since such transfers may violate the company’s restrictions and could be invalidated.

For anyone still tempted by an SPV pitch for the next hot private company, FOMO shouldn’t outweigh the risk. And with SpaceX now trading in the open on Nasdaq, that particular temptation is, at least for this one company, no longer necessary.

Lessons for Canadian investors

• Check registration first — use the CSA’s National Registration Search before sending money to any firm offering pre-IPO or private-market access
• Understand what you actually own — an SPV stake is not the same as owning shares directly, and it’s up to the SPV to deliver on its promise
• Know your protection — CIPF covers missing property at an insolvent CIRO member firm, not losses from an unregistered SPV
• Once a company goes public, skip the middleman — buy the listed stock directly through a regulated Canadian brokerage instead
• Plan for the tax bill — track the 50% capital gains inclusion rate, currency conversion and the C$100,000 T1135 foreign property threshold
• If something feels off, report it — contact your provincial securities regulator or the Canadian Anti-Fraud Centre

“We're witnessing a clear generational shift as millennials and Gen Z increasingly place their pets' well-being above their own personal expenses. In some cases, pets are not only a priority, but also becoming a meaningful alternative to the idea of having children,” says Dr. Rebecca Greenstein, owner of Kleinburg Veterinary Hospital and a member of the Rover Pet People Panel. “While the lifetime costs of a pet can potentially be overwhelming, the bond people share with their pets is stronger than ever.”

A generational shift backed by numbers

Canada's total fertility rate hit that record low of 1.25 children per woman in 2024 — the lowest since Statistics Canada began collecting data more than a century ago. That's well below the 2.1 replacement rate needed to sustain a population without immigration. In that same period, about 65% of Canadian households owned at least one pet, according to Mintel.

A new Angus Reid Institute survey of 1,300 Canadians under 50 found that among those who either plan to have children or may still do so, fully half say they've already delayed having kids longer than they would have liked. And that figure rises to three out of four (74%) among Canadians aged 35 to 44. Financial struggle is the most-cited reason.

With Statistics Canada estimating the cost of raising a child to age 17 at approximately $293,000 for a middle-income family — a 2017-dollar figure that climbs past $350,000 once adjusted for today's housing and inflation costs — it's not hard to understand why a growing number of younger Canadians are looking at a pet instead and seeing it as the more financially manageable form of family.

A 2024 Harris Poll survey of 2,000 Americans found that 43% of respondents now prefer pets over children, with Gen Z and millennials citing pets as more manageable and less financially burdensome — the 43% figure and the “pet economy” framing check out against Harris Poll's own November 2024 release. That's American data, but a comparable Canadian data point tells a similar story: Statistics Canada reports that as of 2024, 51.1% of Canadian women aged 20 to 49 were not mothers, with childlessness highest among women in their 20s.

What pet ownership actually costs in Canada

Here's the catch: Pets aren't cheap, and their costs have been rising sharply. According to Rover's 2026 True Cost of Pet Parenthood report, dog owners in Canada can expect to spend between $34,767 during the median lifetime cost of a medium sized dog, and $31,955 for the average cat.

Bringing home a new dog costs between $2,055 to $4,570 in upfront expenses, and Rover's data shows dog-related costs climbing as much as 18% year over year (cat costs climbed even more — up to 41%), driven in part by rising veterinary bills for office visits, preventatives and vaccinations.

The Ontario Veterinary Medical Association (OVMA) estimates annual veterinary care alone for a dog averages around $1,350, not including emergency visits. Emergency vet bills, dental cleaning and professional dog walking can add between $1,525 and $6,680 more per year.

And yet, only about 3.8% of pets in Canada are covered by pet insurance, according to the 2026 Global Pet Insurance Barometer — among the lowest penetration rates of any country tracked, well behind Sweden's 91% and the U.K.'s 25%. That means the vast majority of pet parents are one emergency visit away from a significant financial surprise.

The real cost of unexpected vet costs. Despite the potential savings, pet insurance penetration in Canada remains low — estimated at under 5% of pet owners. That means the vast majority of Canadians are self-insuring, which works fine — until it doesn't. If you're weighing insurance against a dedicated emergency fund, consider this: A single surgery can cost $3,000 to $8,000. To protect your finances, most financial advisors recommend a minimum emergency fund of $2,000 to $3,000 for pet owners without pet insurance. Instead of absorbing big, unexpected bills all at once, Fetch Pet Insurance helps cover up to 90% of unexpected vet bills. Get a free, no-obligation quote in just 3 minutes with Fetch Pet Insurance and rest easy knowing your fur-baby and your finances are protected.

Gen Z is changing the game

Gen Z is rapidly closing in on millennials as Canada's biggest pet-owning generation, and early signs suggest they're spending differently. A Talker Research survey conducted for the pet insurer Lemonade found that Gen Z pet owners in the United States spend a monthly average of US$178 (C$250) on their pets — more than any other American generation — while also being among the most likely to carry pet insurance.

Statistics Canada reports that as of 2024, 51.1% of Canadian women between the ages of 20 and 49 were not mothers, with 31% of women aged 20 to 29 who are currently without children saying they “definitely” or “probably” don't want them — a trend that lines up with the generational shift toward pet parenthood described above.

Smart financial planning for pet parents

Whether you're considering your first dog or already deep in cat food bills, responsible pet ownership starts with a real budget. Here's what financial planners recommend:

• Build an emergency fund. Set aside between $2,000 and $5,000 specifically for unexpected veterinary costs. A single emergency visit can exceed $4,000
• Look seriously at pet insurance. Just 3.8% of pets in Canada are currently insured, yet even a basic policy can dramatically reduce out-of-pocket costs for accidents and illnesses
• Budget for the full picture. Food, toys, licensing, grooming, dental cleanings and boarding add up fast. Use Rover.com's annual cost estimator as a baseline
• Consider the total lifetime cost. The median lifetime cost of a medium sized dog is $34,767 and $31,955 for the average cat.

The bond Canadians share with their pets isn't going anywhere, and it doesn't have to come with financial surprises. Before bringing home a new dog or cat, build a dedicated emergency fund, price out pet insurance while your pet is still young and healthy since premiums climb with age, and budget for the full lifetime cost rather than just the first year. A little planning now is the difference between loving your pet and going into debt for it.

This “half-time transition” — where one partner steps away while the other remains fully employed — is increasingly common across Canada. Driven by age differences, distinct career paths or personal preferences, more couples are choosing to stagger their retirement dates rather than leave the workforce together.

While having one partner retire first is an exciting milestone, it introduces unique financial dynamics. Beyond deciding how to spend newfound free time, couples must navigate a specific set of Canadian tax and retirement income rules, starting with how a working partner’s active salary impacts retirement withdrawals.

The core question: How a working partner’s income impacts retirement withdrawals

In Canada, taxpayers file individual tax returns rather than filing jointly as couples. However, a partner’s continuing employment income still significantly shapes household tax strategy, withdrawal timing and benefit eligibility.

1. Individual tax brackets apply, but household tax efficiency requires coordination

Because Canadian income tax is filed individually, withdrawals from a Registered Retirement Savings Plan (RRSP) or Registered Retirement Income Fund (RRIF) are taxed based solely on the retired partner’s personal income bracket.

• If the retiring partner has little other personal income, drawing from an RRSP or RRIF will be taxed at their lower individual marginal tax rate — even if the working partner is earning a high salary.
• The caveat: Before age 65, Canadian tax rules do not allow general RRIF or RRSP withdrawals to be split with a working spouse to equalize household tax brackets.

2. Family income affects income-tested benefits and credits

While individual income determines marginal tax brackets, combined household income determines eligibility for several key federal and provincial credits:

• Guaranteed Income Supplement (GIS): GIS eligibility for lower-income seniors is calculated based on combined family net income. A working partner’s salary will often reduce or eliminate GIS benefits for the retired spouse.
• Old Age Security (OAS) recovery tax: The OAS “clawback” (Recovery Tax) is assessed strictly on individual income. However, improper withdrawal strategies designed to fund shared living costs can unnecessarily push the retired spouse’s individual income over the federal threshold.

3. TFSAs offer flexible tax-free cash flow

Withdrawals from a Tax-Free Savings Account (TFSA) are completely tax-exempt and are not reported as income on your T1 tax return. During years when one partner earns a regular salary, pulling needed funds from a TFSA allows the retired partner to supplement household cash flow without triggering any additional income tax or affecting income-tested benefits.

Take control of your financial future. Every dollar you save on fees is a dollar that stays invested and working toward your future. Whether you're building a TFSA, growing your RRSP or investing in a non-registered account, the right brokerage can help you keep more of your returns. Find the ideal discount brokerage account

4 things to consider as you approach a staggered retirement

If you and your partner are planning a staggered timeline, keeping these four Canadian financial levers in mind will help keep your transition smooth:

• Group health and dental coverage: If the retiring partner is leaving employer benefits before turning 65 (when provincial health coverage expands), check if they can be added as a dependent under the working partner’s group health insurance plan to avoid private insurance costs.
• Spousal RRSP contributions: As long as the working partner has unused RRSP deduction room and is under age 71, they can continue contributing to a Spousal RRSP in the retired partner’s name. This yields an immediate tax deduction for the higher earner while building future income in the retired partner’s hands.
• Pension income splitting and CPP sharing: Once the retired partner turns 65, up to 50% of eligible pension or RRIF income can be split with the working spouse via Form T1032 if it lowers the household’s total tax bill. Additionally, couples over 60 can apply through Service Canada for CPP pension sharing based on their time living together.
• Deferring CPP and OAS benefits: With one salary still supporting household baseline expenses, the retired partner can consider delaying Canada Pension Plan (CPP) and Old Age Security (OAS) payments. Payments increase by 0.6% per month delayed for CPP (up to 36% more at age 70) and 0.6% per month for OAS (up to 36% more at age 70).

It’s an easy mistake to make. If you don’t owe any tax, filing can feel even more cumbersome. But the Canada Workers Benefit is a refundable tax credit, meaning the CRA pays it whether you owe tax or not, as long as you file.

That’s especially important for the people the benefit was designed to help, including lower-income and gig workers, as well as many newcomers to Canada, who may assume a $0 tax bill means there’s no reason to file.

Here’s how the Canada Workers Benefit works and why skipping your tax return could mean missing out on hundreds, or even thousands, of dollars.

What the Canada Workers Benefit actually pays

For the 2025 tax year, eligible individuals can receive up to $1,633 through the CWB’s basic amount, while eligible families can receive up to $2,813.

The credit gradually phases out as income rises and disappears completely once income exceeds $37,742 for single individuals or $49,393 for families outside Quebec, Alberta and Nunavut, where different thresholds apply. Workers who qualify for the disability tax credit may also receive a disability supplement worth up to $843 on top of the basic benefit.

Take control of your money. You can’t control inflation, interest rates or market swings — but you can control where your money goes. When every dollar has a job, money feels less stressful. Find the budgeting app that helps you take control of your finances. Compare Canada’s Best Budgeting Apps

Why filing unlocks the credit

You aren’t required to fill out a separate application to receive the Canada Workers Benefit; you just need to complete Schedule 6 as part of your tax return and report the amount on line 45300. Most certified tax software programs calculate this automatically.

Statistics Canada found that between 2019 and 2021, roughly 8.4% to 9.2% of workers who were otherwise eligible for the benefit didn’t file a tax return. While that’s a relatively small share of eligible workers, it still translated into $212 million in unclaimed benefits.

The strongest predictor of missing the benefit was a person’s filing history. Workers who skipped filing the previous year had a non-filing rate approaching 60%, compared with just 4% among those who had filed the year before.

Newcomers and gig workers face the steepest gap

Among non-permanent residents, the non-filing rate reached 40.2% in 2021, more than five times higher than other eligible workers. Notably, those who did file were more than twice as likely to receive the Canada Workers Benefit as the average filer. About 21.7% received the credit, compared with 10.0% of all tax filers.

Younger workers and Canadians earning between $3,000 and $13,000 a year also had some of the highest non-filing rates, even though that income range often qualifies for some of the largest CWB payments.

How the advance payments work

Once you’ve filed your return and the CRA confirms your eligibility, up to 50% of your expected benefit can be paid automatically through the Advanced Canada Workers Benefit. Those advance payments are split across three instalments on July 12, October 11 and January 10.

To receive advance payments, however, your tax return must be filed before November 1 of the benefit period. If you miss that deadline, you won’t lose the credit, but you’ll have to wait until you file your next tax return before receiving the money.

What to do now

The Canada Workers Benefit is one of those tax credits that’s easy to overlook because there’s no separate application and many eligible workers assume a tax return isn’t worth filing if they don’t owe anything. In reality, filing your return is the only way to unlock the benefit.

If you think you may qualify, here’s where to start:

• File a tax return even if you don’t owe income tax. You can do this for free through the Community Volunteer Income Tax Program (CVITP) or certified free tax software.
• Complete Schedule 6 and review line 45300 to confirm your Canada Workers Benefit amount.
• File before November 1 if you want to receive advance Canada Workers Benefit payments instead of waiting until your next tax refund.
• If you’re a newcomer or gig worker with irregular income, don’t assume you’re ineligible. Filing your return is the first step toward finding out.

Ultimately, a tax return isn’t just about paying taxes. It’s also how you claim the benefits you’re entitled to. If you’re eligible for the Canada Workers Benefit, spending a little time filing could put hundreds or even thousands of dollars back in your pocket.

For many Canadians, though, retirement budgets still carry habits built up during their working years — the car payment, the cottage upkeep, the subscription list nobody’s trimmed in years.

Cutting even a few of these costs can free up real cash flow without changing much about day-to-day life. Here are seven expenses financial experts say Canadian retirees can safely scale back to stretch their retirement dollars further.

1. Cars

It’s easy to justify a new car purchase every decade or so when you’re commuting to work or dropping the kids off at school, but your retirement probably involves a lot less travel than your working days.

The total cost of owning and financing an average vehicle in Canada now runs close to $1,373 a month in 2026 once financing, fuel, insurance, maintenance and depreciation are factored in, according to Ratehub.ca. That’s a meaningful line item to reconsider once the daily commute disappears.

Your golden years are the perfect opportunity to cut back on one of the biggest financial drains for most Canadians: vehicles. That’s not to say you need to abandon your car entirely and switch to public transit, but getting rid of your second vehicle — or buying a relatively modest, cheap, used car instead of something brand new — could be justified in retirement.

You could also switch to ride-sharing apps or weekend rentals to minimize your transportation costs. Every dollar saved on parking, maintenance and taxes could be used to fund your lifestyle instead.

One area where you can save is car insurance. By using a comparison platform like Rates.ca, you could potentially save $500+ by comparing 20+ quotes from top-rated auto insurance providers to ensure you aren't 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 3 minutes.

Not only is the process 100% free, but you could also potentially save 20% by bundling your auto and home insurance together.

2. High-maintenance items

Retirement is the perfect opportunity to downsize your lifestyle and restructure your spending to focus only on what you need or enjoy most.

One option is to downsize your home and move into a smaller dwelling to save on maintenance costs or property taxes. You could also decide to let go of that recreational vehicle, or that boat in your driveway that may be chewing into your monthly budget.

To be fair, retirement is also about enjoying your freedom, so you don’t need to cut every luxury indulgence. But if there’s something you find yourself less attached to, maybe this is the time to let it go.

3. Vacation homes or timeshares

Demand for vacation properties has proven more resilient than many expected.

The median price of a single-family home in Canada’s recreational regions rose 4.3% in 2025 to $581,300, and is forecast to climb another 4% in 2026 to $604,552, according to Royal LePage’s 2026 Spring Recreational Property Report.

Part of that demand is coming from Canadians choosing to vacation closer to home instead of crossing the border — roughly 40% of real estate professionals surveyed for the report said they’ve seen more inquiries tied to the “Buy Canadian” movement.

Selling your second property could unlock significant equity that can be added to your stock or bonds portfolio to boost monthly cash flow.

If you would like to still have real estate exposure and take advantage of rising property values without tying up large amounts of capital, consider investing in REITs and REIT ETFs within tax-advantaged accounts like a TFSA or RRSP with platforms such as CIBC Investor’s Edge.

Your money can grow more efficiently — and if you hold over $10,000 combined across registered and non-registered accounts, you’ll pay zero annual fees.

Get 200 free trades when you open a CIBC Investor’s Edge account using promo code EDGE2026. Plus, enjoy unlimited commission-free trades on over 180 select ETFs. Terms and conditions apply. Offer ends September 30, 2026.

4. Financially supporting your adult children

A significant number of Canadian retirees are still financially supporting their adult children. Fidelity Investments Canada’s 2026 Retirement Report found that 55% of retirees provide some form of support — covering everyday expenses, co-signing mortgages, or helping with big purchases like a home down payment or a wedding.

Among pre-retirees who are still working, 41% say this kind of support is actively delaying their own retirement.

If you’re part of this cohort, it could be a good idea to have a conversation with your children to see if you can steadily cut back on the financial assistance. Minimizing this cost can go a long way to securing your retirement or enhancing your financial security.

That conversation about cutting back on support doesn't have to be one-sided. It's also a chance to help your kids optimize their own financial situation — so the support you do provide goes further, and they become less reliant on it over time.

If your child works in certain professions they may qualify for banking perks that meaningfully cut everyday costs.

For example, 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:

• Up to 3 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 make an appointment to explore your options.

5. Over-insuring yourself

Retirement is a good time to re-evaluate your insurance policies to see if you can save some money.

As a senior, monthly premiums for insurance policies are likely to be higher given your age. Speak to a financial adviser to see if you’re over-insured and if you have room to cut some of your monthly premiums.

It's also worth checking whether your existing coverage still matches your needs. If you're carrying an older term policy sized for mortgage protection or raising kids, you may not need that much coverage anymore — but you might still want something in place to cover final expenses, so your family isn't left with the bill.

With a provider like PolicyMe, you don't have to apply for a specific product and hope you qualify.

They evaluate you across term, simplified, and guaranteed-issue coverage in a single session, then automatically match you to what you're eligible for — including a no-medical-exam option, for anyone who'd rather skip the exam altogether.

6. Unnecessary subscriptions

It’s easy to ignore an accumulation of a lifetime of subscriptions. As a retiree, it could be a good idea to review all your monthly subscriptions and see if you really need those streaming services, weekly magazines or meal-kit delivery services.

7. Luxury travel and experiences

Your retirement is the perfect time to indulge in travel and luxury experiences, but overindulging could be stretching your budget when you get back home to your regular life.

Consider traveling during off-seasons or look for special deals to lower the cost of that annual vacation. Cutting back on spa visits and luxury cruises could also help add hundreds or even thousands of dollars to your budget.

In fact, Canadian households now owe a record $1.80 in credit market debt for every dollar of after-tax income they earn, a ratio that has climbed for six straight quarters according to Statistics Canada. At the same time, the average Canadian is carrying a record $22,278 in non-mortgage debt, according to Equifax Canada’s latest quarterly report. Both trends point to the same underlying pressure: before groceries, rent or savings even enter the picture, more of Canadians’ paycheques are already spoken for.

That backdrop makes a common question feel more urgent than ever: if you're deep in credit card debt, should you throw every spare dollar at what you owe, or split it between repayment and savings? To see how the math actually plays out, consider a hypothetical case.

Let’s say Laurel is 30, was out of work for a year and has since found a new job that has an RRSP match. She now has $35,000 in credit card debt and $0 in savings, and she isn’t sure whether she should pay off her balance before she starts saving and investing, or whether she can do both in tandem.

A blended approach beats going all in on either side

The instinctive answer is to attack the debt as aggressively as possible. Credit card rates are typically high enough that paying down a balance beats almost anything one would earn by parking that same cash in savings instead.

However, there is a risk in funnelling every spare dollar toward debt and neglecting an emergency fund — a single surprise expense can restart the cycle, sending someone back to a credit card. That’s why it’s financially prudent to set some cash aside before going all in on payoff, as it creates an essential buffer.

That’s the logic behind U.S. finance personality Dave Ramsey’s popular Baby Steps program, which recommends saving a $1,000 starter emergency fund before shifting into aggressive debt payoff. The idea holds up well for the average Canadian. Setting aside even a small buffer in a Tax-Free Savings Account (TFSA), where withdrawals don’t create a permanent loss of contribution room, gives Canadians breathing room without derailing a debt-payoff plan.

For Laurel — or anyone whose employer matches contributions to a group Registered Retirement Savings Plan (RRSP) or workplace pension — it’s also worth contributing enough to capture that match before directing every extra dollar to debt. An employer match is an immediate, guaranteed return that’s hard to beat, even against a credit card charging 20% or more.

Minimum payments are quietly costing Canadians

Once a starter fund and any employer match are covered, the math strongly favours the debt. Average credit card interest rates in Canada sit at roughly 20%, making them one of the most expensive ways to borrow money. The Financial Consumer Agency of Canada offers a credit card payment calculator that shows exactly how much minimum payments cost over time. Using this tool, if someone carrying a $1,000 balance switches from an 18% credit card to a 12% one, while still making only the minimum payment, they would save close to $400 in interest and clear the balance about two years sooner.

The risk of relying on minimum payments is widespread. In a survey of over 1,500 Canadians conducted for Equifax Canada in July 2026, one out of four respondents said they expect to make only the minimum payment on their credit cards this year. Julie Kuzmic, head of consumer advocacy and compliance at Equifax Canada, said balances left on minimum payments take far longer to repay and cost considerably more in interest, and recommended that anyone in that position review their payment obligations and consider speaking with “a reputable credit counsellor.”

A lower-rate loan can speed up the payoff

Laurel, or anyone in a similar spot, might also look at ways to lower the interest rate on the debt itself, rather than simply paying it down at 20%. RBC, for example, currently posts fixed personal loan rates between 10.99% and 19.74%, depending on creditworthiness.

If Laurel qualified for a $35,000 personal loan at 12.99%, a fairly typical rate for a well-qualified borrower, and paid it off over five years, she’d pay about $796 a month and roughly $12,760 in total interest over the life of the loan, with a clear payoff date. She could speed that up further by paying more than the scheduled amount each month, but even sticking to the plan would leave her debt-free in five years while paying far less interest than she would on a revolving credit card balance.

One payment, zero stress. Trade your mountain of bills for a single, easy-to-manage monthly payment. Managing multiple bills and trying to get out of debt is a tough balancing act. To help, consider consolidating high-interest debt into one easier-to-manage loan payment. Not only does this strategy make debt repayment easier, but it can help you get out of debt faster. To compare loan rates, use an online consolidator like Loans Canada. Simplify your life and get out of debt faster using Loans Canada.

Next steps for Canadians rebuilding their finances

• Check the actual interest rate on every card you carry and prioritize the highest one first
• Contribute enough to any employer RRSP or pension match before adding extra debt payments
• Build a small starter fund, even $500 to $1,000, in a TFSA so a surprise bill doesn’t send you back to your credit card
• Compare a personal loan or line of credit if it could meaningfully lower your interest rate
• Revisit the plan every few months, since income, debt levels and interest rates all change over time

There’s no single right answer for Laurel or every Canadian household, but the numbers make one thing clear: leaving a large balance on a card charging close to 20% is one of the most expensive financial decisions a Canadian can make. A small buffer, a plan to attack the highest-rate debt first and a periodic check-in are usually enough to get out from under it for good.

For households living on a fixed or modest income, the extra money will arrive automatically, with no special steps to take beyond filing your annual tax return. Here’s what changed, how much more you could receive and what to check if your payment doesn’t look right.

What changed under the new name

The CGEB follows the same eligibility rules, uses the same income test and arrives on the same quarterly payment schedule as the former GST/HST credit.

However, the payment amount has increased. For the July 2026 to June 2027 benefit year, which is based on your 2025 tax return, eligible Canadians can receive up to $679 for a single individual, $890 for a couple or common-law partners and $234 for each eligible child under 19. A year earlier, the maximum amounts were $533, $698 and $184, respectively.

Take control of your money. You can’t control inflation, interest rates or market swings — but you can control where your money goes. When every dollar has a job, money feels less stressful. Find the budgeting app that helps you take control of your finances. Compare Canada’s Best Budgeting Apps

How much more a real household gets

Take a couple with two children under 19 who qualify for the maximum amount. Under the old GST/HST credit, they would have received $1,066 a year, or about $267 every quarter.

Under the new CGEB, that same family now qualifies for $1,358 annually, or roughly $340 every three months. That’s an extra $292 over the course of the year. A single Canadian receiving the maximum benefit also sees a noticeable increase, with annual payments rising from $533 to $679, or $37 more every quarter.

Do you need to do anything?

For most people, the answer is no. The CRA automatically determines your eligibility based on your filed tax return, just as it did with the GST/HST credit. If you’re already receiving the benefit and your income and family situation haven’t changed, the higher payment should arrive automatically.

However, there is one exception. The CRA calculates each July payment using your previous year’s tax return. So, if you haven’t yet filed your 2025 tax return, it can’t calculate or pay your new benefit amount, even if you otherwise qualify.

The good news is that filing late doesn’t mean that you’ll forfeit the money. Once the CRA assesses your return, it will issue any retroactive payments you’re owed. It just means you’ll have to wait longer to receive the higher benefit.

Don’t confuse this with the one-time top-up

Many Canadians were confused by the changes. This may have been due to a separate one-time payment the CRA issued on June 5, 2026, which was worth 50% of a household’s 2025-26 GST/HST credit and was intended to bridge the gap before the new benefit took effect in July.

The CRA also says some banking apps may still display the deposit as “GST/HST credit” instead of CGEB. That’s simply a delay in how some financial institutions label the payment, not an indication that anything is wrong.

You also want to watch out for scams. Fraudsters often take advantage of government payment changes, but the CRA will never ask you by email or text to click a link or provide personal information to receive this benefit.

Ultimately, this is the same tax-free quarterly payment Canadians have received for years; it’s just larger than before. If your July payment didn’t increase, the first thing to check is whether your 2025 tax return has been filed before assuming there’s been a mistake.

The question, though, is what happens if a mother wants to support her divorcing child without derailing her own retirement in the process. In this hypothetical scenario, let’s assume Louis is 32, going through a difficult divorce and is worried about his parenting time with his two kids. He wants to move into his mother Francine’s house, but she is a little hesitant about the idea since she is enjoying her retirement and doesn’t want to stretch herself too thin.

Should she put her child’s needs first and roll out the welcome mat, or should she take a different approach?

Saying no to a newly divorced roommate isn’t out of bounds

First things first. While Louis may feel like moving in with Mom is the answer to his problems, that doesn’t mean Francine has to accept the arrangement.

“A divorce can be a painful loss, and it’s normal that many parents would drop everything to support their son,” says Matthew Willner, a psychotherapist. However, as he makes clear, “support and shared housing are two different things.”

Willner says it’s perfectly okay for Francine to say she doesn’t feel comfortable with Louis becoming her new roommate, and other experts agree.

“If the honest truth is that you don’t want him moving in, you’re allowed to say so,” says Evon Inyang, a therapist and founder of ForwardUs Counseling. “A parent who wants to keep their own life while their child rebuilds his has done nothing wrong.”

While Louis may feel upset by the rejection, it could actually be best for both mother and son. “Saying no with honesty is more respectful than saying a reluctant yes that quickly turns into resentment,” Willner advises.

Francine can soften the blow by providing assistance in other ways. “If you’re capable and willing, offer alternatives like helping him find an apartment, covering a deposit, paying the legal retainer or offering to watch the grandkids,” suggests Kiki Jacobson, a licensed mental health therapist. “These are still supportive, practical solutions without becoming a live-in arrangement.”

That kind of support can matter more than it might seem. An uncontested divorce in Canada costs an average of $1,845 in legal fees, while a contested one averages $13,638 — and that’s before court filing fees, which run several hundred dollars on top of legal costs in provinces such as Ontario. Disputes over parenting time or property division can push costs well beyond those averages.

Whether you’re a beginner or a pro, find the best trading platform for you. The best Canadian brokerage offers the tools you need to grow your wealth. To get started — and earn 2% or more on every dollar you save — open a no-fee RRSP high-interest savings account with EQ Bank. Start building your RRSP today with EQ Bank.

Boundaries and timelines could be the key

If Francine ultimately decides she’s okay with Louis moving in temporarily, she should still take steps to protect her retirement. This starts with setting clear expectations.

“When a grown son moves home after a divorce, the help is not usually where things go wrong,” Inyang warns. “What gets people is how quietly it turns into a permanent arrangement nobody agreed to.”

Inyang explains that this is natural because “you love him and he’s in pain, and in that fog it becomes hard to hold onto your own life while you’re busy holding his together.”

To avoid this outcome, Inyang says the terms “have to exist before the moving boxes show up.” Jacobson agrees, advising that “before he moves in, have conversations that include expectations around household contributions, boundaries around space and privacy, and timeframes.”

Inyang stresses that Francine shouldn’t feel bad about setting boundaries, including deciding what Louis will contribute financially. “I know that can feel cold to a parent, but a man in the middle of a divorce is already watching one home come apart. Walking into a second one that has clear walls and a floor is steadying.”

Having these discussions can benefit both Francine and Louis. “Financial contributions not only preserve your son’s dignity but your wallet as well,” Jacobson notes. “As the supporter, you can easily start to feel taken advantage of if there’s no reciprocity.”

Lastly, Willner, Jacobson and Inyang recommend setting a clear deadline for future discussions, as it’s easier to enforce boundaries that are explicit from the start.

“A clearly stated timeline such as ‘let’s try this for six months and then reassess where we both are,’ helps reduce resentment,” Jacobson advises. “Both parties feel a sense of agency because ‘let’s reassess this together’ implies a shared future decision, rather than one person deciding for the other.”

What Canadian parents can do next

Francine’s dilemma isn’t unusual. With housing costs stretching budgets across the country and nearly 1 in 5 people in Canada living in an intergenerational household, more parents are being asked to open their doors to an adult child going through a divorce or another similarly destabilizing event. Before saying yes, consider these next steps:

• Put a number on it — decide, in dollars, what you can afford to contribute, whether that’s a legal retainer or a few months of rent, without dipping into a Registered Retirement Savings Plan (RRSP) or Registered Retirement Income Fund (RRIF) ahead of schedule
• Set a timeline in writing — a six-month trial period, revisited together, gives both people an exit ramp that doesn’t feel like a rejection
• Talk to a financial planner before making any major money moves — a professional can model how a temporary contribution today affects retirement income down the road, particularly for anyone already receiving Canada Pension Plan (CPP) or Old Age Security (OAS) payments
• Separate love from liability — offering emotional support doesn’t require becoming a co-signer, a landlord or a permanent housemate; the two kinds of help can exist independently

While cross-border trade friction and retaliatory duties have impacted commercial operations across North America for months, fresh corporate data shows that commercial leaders have largely exhausted their internal cost buffers.

According to the KPMG National Business and Trade Outlook survey, two-thirds (66%) of Canadian business leaders confirm they have already adjusted their pricing structures specifically to account for tariff-related expenses.

The findings reflect input from 359 decision-makers at mid-sized and large Canadian firms recruited through the Angus Reid Forum, representing commercial enterprises with annual revenues ranging between $10 million and $20 billion.

Data reveals sharp split in corporate pricing strategies

The survey underscores a growing divide in how major industries handle trade friction. While corporate responses vary depending on margin flexibility and sector exposure, absorbing the full blow of trade duties has become a minority strategy.

According to the survey data, Canadian business responses to tariff costs breaks down as follows:

• 35% adjusted prices to pass along a portion of tariff costs
• 31% passed along the full tariff cost through higher end prices
• 39% made no tariff-related price changes
• 15% found internal operational efficiencies to reduce costs elsewhere

(Note: Survey respondents were permitted to select multiple operational adjustments.)

A detailed look at the data shows that 66% of commercial entities have implemented price hikes linked directly to import fees, leaving only a fraction of companies able or willing to cut internal operating expenses to insulate their market share.

Take control of your money. If your paycheque keeps disappearing faster than expected, your budget may need better visibility. Compare budgeting apps that help Canadians track spending, spot leaks, and plan with more confidence. Take control of your budget

Expert warns of further price pass-throughs ahead

While nearly 4 in 10 business leaders reported making no tariff-related price adjustments to date, industry analysts note that initial strategies aimed at protecting buyers are rapidly shifting.

In the early stages of supply chain disruption, firms frequently accept reduced profit margins, freeze internal capital expenditures or restructure supplier networks to shield customers from immediate price shock. However, as trade barriers persist, these temporary measures are proving unsustainable over long operational horizons.

Corporate law and tax experts caution that price adjustments seen across Canadian sectors are only an initial wave.

“Many Canadian businesses were adopting an initial approach of absorbing some of the tariffs and obviously seeing how things played out. The longer-term suggestion is it moves to closer to 80% is passed on through to consumers,” Lachlan Wolfers, national leader for KPMG Law said in the report.

As multi-tiered supply chains process higher landed costs on raw inputs and component parts, secondary markups will continue working their way through wholesale distributors. With business balance sheets reaching capacity limits, additional duty costs will move directly to final transaction totals.

A survey by MarketWise found that retail investors who made an emotional trading decision lost an average of US$1,606 (C$2,237) — a costly reminder that fear and FOMO (fear of missing out) can derail even experienced investors. New Canadian polling suggests the problem is just as common north of the border, even with markets near record highs.

Most Canadians say they feel anxious about investing

According to a 2025 poll commissioned by CIBC Investor’s Edge, 69% of Canadians say they feel anxious about market fluctuations, and one in three (34%) call anxiety the emotion they most associate with investing. That uneasiness persists even during a strong market run, which suggests rising portfolios don’t necessarily calm investors’ nerves.

Women and Gen Z feel it most: 77% of women and 79% of Gen Z say they’re anxious about investing, compared with 60% of men and 64% of boomers.

Investors are increasingly “going with their gut” in complex modern markets, said Luka Marjanovic, managing director and head of CIBC Investor’s Edge, adding that relying on instinct alone can make it difficult to invest with confidence.

Take control of your financial future. Every dollar you save on fees is a dollar that stays invested and working toward your future. Whether you're building a TFSA, growing your RRSP or investing in a non-registered account, the right brokerage can help you keep more of your returns. Find the ideal discount brokerage account

Why it’s so hard to spot your own FOMO — especially for younger Canadians

FOMO is easy to recognize in daily life, like scrolling past vacation photos from a trip you weren’t invited to. It’s much harder to catch in your own portfolio.

The CIBC poll also found that 69% of Canadians say their personality plays a role in how they invest, rising to 75% among Gen Z and 76% among millennials. Yet that self-awareness doesn’t always translate into confidence. Only 55% of Canadians between the ages of 18 and 34 feel confident investing, compared with 64% of those over 55. Nearly half (45%) of Gen Z and millennial investors admit they rely more on instinct than data and analysis when deciding what to buy or sell.

“Younger investors are bringing their values, intuition and emotions into investing more than ever,” said Liz Enriquez, a financial educator and founder of Ambitious Adulting, a personal finance mentoring website for millennials. She added that the real challenge lies in turning that self-awareness into genuine investing confidence.

The Canada-specific cost of an emotional trade

There's a wrinkle for Canadian investors that doesn't exist south of the border. Sell in a panic within a non-registered account, and the resulting capital loss can offset an equal-dollar capital gain elsewhere, since both are reduced to 50% of their value under the current capital gains inclusion rate before being netted against each other. However, if you're similarly panic selling inside a tax-free savings account (TFSA) or a registered retirement savings plan (RRSP), the Canada Revenue Agency (CRA) won't let the loss be claimed at all.

In other words, the tax shelter that protects your gains offers none for your mistakes. An emotional trade made inside a registered account can end up costing more, dollar for dollar, than the identical trade made in a taxable one.

How to keep emotions out of your next investing decision

• Add friction — wait 24 hours before acting on a market headline or a hot tip
• Know your style — a bold investor and a cautious investor need different strategies, so build yours around who you actually are
• Start small — test new ideas with C$50 or C$100 monthly contributions before committing more
• Limit the noise — step back from investing influencers, group chats and daily portfolio checks
• Match risk to time horizon — a financial plan built around real goals and timelines makes market swings easier to sit through

In a recent ruling, the BC Residential Tenancy Branch Compliance and Enforcement Unit (CEU) ordered a numbered company and two of its directors, Akhtar Nawaz and Sarwar Khan, to pay $57,100 in penalties for converting office floors of a Vancouver commercial building into 11 unauthorized single-room accommodation units — without permits, fire safety approvals or occupancy sign-off.

The decision, dated July 10, 2026, is a reminder that a bargain rent doesn’t always mean a safe or legal tenancy, and that regulators are willing to use their maximum enforcement powers once they catch up with landlords who skip the paperwork.

What the RTB found inside the illegal rental units

According to the CEU decision, the building was approved for retail use on the ground floor and office use on the upper floors; at no time did these approvals include the creation and use of units for residential tenants. The CEU investigation found that sometime between June 25 and July 16, 2025, the numbered company and its directors converted the second and third floors into partitioned rooms and began renting them out as 11 separate units.

City of Vancouver inspectors flagged the building’s “configuration and use” in mid-2025, and Vancouver Fire Rescue Services (VFRS) also found serious deficiencies, including a non-functioning fire alarm and sprinkler system, no fire department connection or standpipe, and blocked exit routes, in a separate investigation.

As a result, the city issued ‘not safe to occupy’ orders on August 18, October 9 and November 20, 2025. While, the VFRS issued a ‘do not occupy’ and fire watch order on November 18, 2025.

Despite these rulings, tenants kept living in the building. On November 28, 2025, the CEU began its own investigation, at the city’s request, and found occupancy continued in spite of the city and VFRS orders and until April 13, 2026 (and potentially longer).

How BC fines illegal conversions

BC’s Residential Tenancy Act allows administrative monetary penalties of up to $5,000 per contravention — and the CEU opted to treat each of the 11 rented rooms as a separate contravention. The CEU scoring also ended up calculating the penalty for each contravention above the capped $5,000 per unit — but the statutory maximum was upheld, resulting in a total penalty of $55,000. An additional $2,100 penalty was added for a separate, building-wide violation, as the landlord never obtained permits to fix unauthorized electrical alterations, despite a City deadline of December 9, 2025.

The total administrative penalty is $57,100, which is due on September 14, 2026. If the company and its directors keep breaking the rules — such as allowing residential tenants to occupy illegal units — the RTB can add penalties to this initial ruling, up to $5,000 per contravention per day.

Landlords respond to the order and the fines

Nawaz, Khan and the company argued they shouldn’t be fined at all, saying they were cooperating with regulators and had hired structural, fire-code and electrical consultants to fix the problems while trying to avoid displacing existing tenants.

The CEU Director rejected that argument, writing that the safety and occupancy problems “were not unforeseen events that emerged after tenants had been housed” but resulted from the decision to convert and rent out the space before getting any approvals in the first place.

Red flags renters should watch for

Illegal conversions aren’t always obvious from a listing photo or a quick viewing. A few checks before signing a lease can save a lot of grief and a potential loss of funds. To help, here are four steps to take to protect yourself:

1. Ask to see the building’s occupancy permit or business licence before signing a lease.
2. Check for a working fire alarm, sprinkler system and clearly marked exits when viewing a unit.
3. Be wary of partitioned “rooms” inside what looks like an office or commercial building.
4. Report a suspected illegal conversion to your province or territory’s rental tribunal Compliance and Enforcement Unit or to your city’s building department.

Remember that it’s possible to find a legitimate below-market rental, but to protect yourself and your finances, you need to do your own compliance checks.

For years, economists have documented what’s known as the “obesity penalty” — the social and financial disadvantages people can face because of their weight. Now, the rapid rise of GLP-1 medications is giving researchers a new way to measure just how much appearance may shape a person’s economic prospects — and the numbers suggest the bias runs deep in Canada, too.

An estimated 3 million Canadian adults are currently taking a GLP-1 drug such as Ozempic, Wegovy or Mounjaro to manage diabetes or control weight, making Canada the second-highest user of the medications globally, according to the Canadian Public Health Association. Roughly 1 in 3 Canadian adults now live with obesity, a share that continues to climb.

Against that backdrop, a 2026 working paper from the National Bureau of Economic Research (NBER), a U.S. non-profit economic research organization, is raising new questions about how weight shapes women’s careers. Harvard economist Rebecca Diamond found that American women who were unemployed when they began taking GLP-1 medications saw a dramatic change in their prospects 18 months later.

Their employment rate rose by nearly 27 percentage points compared with women who wanted to take the medications but had not yet started. For context, Statistics Canada data show the employment-rate gap between Canadian women with only a high school diploma and those with a university degree is about 12.8 percentage points — smaller than the jump Diamond found among American women after they started GLP-1s.

The research does not suggest that losing weight made these women smarter, more capable or better qualified for work. Instead, it raises questions about whether changes in appearance affect how women are perceived by employers.

The financial cost of weight bias in Canada

Long before GLP-1s entered the cultural conversation, Canadian research already showed that weight was shaping women’s place in the workforce.

Women with obesity are 5.3% less likely to be employed than women at a healthy weight; for men, that gap is just 0.3%, according to a 2025 study by BMC Public Health. Nationally, that employment disparity costs Canada an estimated $8.2 billion a year in lost wages. Even when they are employed, women with obesity earn about 4% less annually than their healthy-weight peers, or roughly $1,461 less a year on average. Nationally, that pay gap adds up to nearly $3.8 billion in lost income.

A peer-reviewed study in the Canadian Journal of Public Health, using Canadian population health survey data, found that obesity decreases Canadian women’s probability of employment by about 25 percentage points. The study’s authors state this is comparable to the labour-market impact of a mental health condition or substance-use issue. The authors argue the findings support updating Canadian labour law to explicitly prohibit hiring discrimination based on body weight.

That gap matters because, as it stands, weight is not a protected ground under human rights law anywhere in Canada. Workers who believe they’ve faced weight-based discrimination generally have to argue their case under existing protections, such as disability or sex discrimination, and human rights tribunals have been inconsistent about whether obesity qualifies.

Make your cash work harder. You can't control inflation, rates or market swings — but you can control where your cash sits. Compare high-interest savings accounts to keep your money working for you. Find the right HISA account

What the data shows

Diamond’s paper looked at survey data from about 15,000 people in the U.S., comparing women who started taking GLP-1 medications with similar women who wanted to take them but had not yet started. The groups were matched on factors including income, race, body mass index and overall health.

The study also found changes in women’s personal lives. Single women taking GLP-1s were nearly 29 percentage points more likely to get married or move in with a partner than similar women who had not started the medications.

In Canada, the toll of weight bias shows up a little differently — not just in hiring, but in absenteeism, disability claims and early retirement. Women with obesity report significantly more sick days than men with obesity, and workers with more severe obesity are more likely to leave the workforce early.

None of this shows that body size determines someone’s value or ability. Rather, it suggests weight-related bias has been showing up in women’s employment and pay for years, long before GLP-1 medications became popular.

When pretty privilege pays

Codie Sanchez, CEO and founder of Contrarian Thinking, has said women who wear makeup to work earn about 30% more, on average, than women who don’t.

“Pretty privilege is very real,” she said on an episode of The Burnouts Podcast. Sanchez has argued that even though the advantage is unfair, women should use it rather than ignore it.

Diamond’s findings suggest weight bias may work the same way. Women who were already employed when they began taking GLP-1s did not see higher pay or better odds of promotion — the biggest gains appeared among women who were unemployed and trying to enter the workforce.

The underlying reality hasn't changed — these women aren't more skilled or more productive than before. What's changed is how they're perceived. If some women receive more opportunities after losing weight, that gain may say more about how appearance shapes perception than about the women themselves.

If you hold Telus for the dividend, your next payment is going to look a lot smaller — and a well-known Canadian personal finance author and investing expert is weighing in on the next, best steps investors should take.

Telus Corporation (TSX:T) cut its quarterly dividend by 55% — from $0.4184 down to $0.1875 per share. The announcement was part of the firm’s second-quarter 2026 results report and was part of an announcement for a larger, more focused strategy for the corporation. In particular, Telus is planning to focus on three near-term strategic priorities:

• A reset of its quarterly dividend
• Planned removal of the dividend reinvestment plan (DRIP) discount
• Revised full-year financial guidance that reflects the company’s financial priorities

The dividend cut and the proposed refocus followed an $1.8-billion quarterly net loss and was the first earnings report under new president and CEO Victor Dodig, who took over from long-time chief Darren Entwistle on July 1, 2026.

The impact of this refocus is significant. Telus is one of the most widely held dividend stocks in Canadian TFSAs, RRSPs and RRIFs, so the cut touches a lot of retirement income streams and impacts those planning retirement portfolios.

It also attracted the attention of Gordon Pape, editor and publisher of the highly-respected Internet Wealth Builder and Income Investor newsletters. In a recent Globe and Mail column, Pape weighed in on whether the pullback makes Telus worth buying.

Why Telus cut its dividend now

New Telus CEO, Dodig, took the help on July 1, 2026 about a month before the release of the firm’s second-quarter 2026 results. The firm’s financials show Telus took a $2.1-billion non-cash writedown on Telus Digital, and this pushed the company into a net loss for the quarter. As a result, net debt climbed to 3.5 times the adjusted EBITDA at quarter-end. In the new refocus, management is targeting 3 times EBITDA (or lower) by the end of 2028.

The reset, plus the planned removal of the dividend reinvestment plan discount (effective as of October 1, 2026), is expected to preserve roughly $2.7 billion in cash through 2028 for debt reduction.

Dodig said the moves would “strengthen our financial foundation” and sharpen the company’s operating focus going forward.

Telus isn’t the first to slash dividends in recent years. BCE (TSX:BCE) cut its own dividend by about 56% in May 2025, trimming its annualized payout to $1.75 per share from $3.99. The Telus reset comes less than 15 months after that move, meaning two of Canada’s biggest telecom dividend payers have now slashed their payouts within an 18-month period. ## What the smaller dividend means for investors

The annualized dividend falls to $0.75 per share from $1.6736 — a cut of roughly $0.92 per share. Telus shares recently closed around $13.50, down sharply from about $18 at the start of the year, putting the new yield at roughly 5.5%, according to Pape’s analysis.

What does this mean for investors? Assuming you held 1,000 Telus shares in an RRSP, this holding would have collected roughly $1,674 a year in dividends under the old rate. At the new rate, that falls to about $750 a year — a drop of more than $900, before accounting for any change in share price.

Is Telus still worth holding? One expert weighs in

Reaction from Bay Street was mixed. Several analysts, including Morgan Stanley, CIBC and Barclays, trimmed their price targets and flagged dividend durability as an ongoing concern.

RBC Capital Markets went further, downgrading the stock and telling clients its earlier, more bullish call had missed the mark, while flagging a possible downside scenario as low as $11.

In his column, Pape was blunt on whether now is the time to buy: “I wouldn’t recommend it.”

His reasoning leans on BCE as a cautionary tale — even after its 2025 cut, BCE shares are still down roughly 13% from the year high. As Pape explains, this sets a precedent that a dividend reset isn’t enough to rebalance a firm’s value.

Pape also pointed out that Telus dropped any specific mention of spinning off assets such as Telus Health, a move some investors had expected. It’s speculated that this is due, in part, to the bruising experience in 2021, with the Telus International initial public offering (IPO). Telus ultimately unwound the offering by paying US$539 million to buy back the shares it didn’t already own.

What this means for your next move

For income-focused investors, particularly retirees drawing on Telus for regular cash flow, the smaller dividend is worth weighing against how much room the rest of the portfolio has to absorb it.

Pape frames the choice for existing shareholders as two options:

1. Collect the reduced, now more secure dividend and wait for the shares to stabilize, or
2. Accept the loss and redeploy the money elsewhere.

Either way, compare Telus’s new yield against BCE, which now yields roughly 5.7% to 5.8% after its own reset, and confirm how much of your total dividend income depends on a single telecom stock before deciding.

Between December 2024 and February 2026, an SHA employee hired his own private company to perform work for the health authority and directly authorized the corresponding invoices for payout.

"An SHA employee hired his own business to perform work for SHA and approved related invoices for payment," CTV News reported. "A review found that the business had misappropriated funds for projects that were incomplete or unauthorized."

In total, $65,100 was funnelled through the unauthorized transactions. Following an internal audit, the health authority terminated the employee and confirmed that the full $65,100 has been repaid. The SHA said it is implementing enhanced conflict-of-interest controls and oversight measures to prevent similar self-dealing.

Second SHA incident involves diverted donation

The quarterly disclosures reveal that the $65,100 self-dealing scheme was one of two separate loss incidents reported by the SHA during the period, bringing total reported health authority losses to $67,100.

In the second incident, an employee diverted a $2,000 donation for personal use. The health authority confirmed that the $2,000 was fully recovered and the worker was terminated with cause. The SHA has launched a review of its internal processes for managing incoming charitable donations.

Make your cash work harder. You can't control inflation, rates or market swings — but you can control where your cash sits. Compare high-interest savings accounts to keep your money working for you. Find the right HISA account

Water Security Agency targeted in $24,000 invoice scam

A separate report covering provincial ministries and Treasury Board Crown corporations highlighted an external fraud incident at the Water Security Agency (WSA) in March 2026.

The WSA lost $23,937.25 after falling victim to a vendor impersonation scheme. According to the disclosure, banking details were fraudulently altered by an external entity posing as a legitimate WSA contractor.

In that case, banking information was changed by someone who was pretending to be a vendor of the WSA, causing contractor payouts to be redirected to an unauthorized bank account.

Unlike the full recovery achieved in both health authority cases, the WSA's stolen funds remain unrecovered. The matter was reported to police and remains under active investigation.

In April, North Bay, ON police laid 12 charges against a man accused of running an unlicensed vehicle-for-hire operation, adding up to $7,560 in fines under the city bylaw covering taxis, limousines and rideshare services. It’s the kind of enforcement action that’s become familiar across Canada over the past two years, and it points to a gap many riders never think about until something goes wrong: not every ride that looks like a licensed rideshare trip actually is one. With ride-hailing now a daily habit for millions of Canadians, that gap matters more than ever.

This isn’t an isolated incident. It’s part of a pattern showing up in multiple provinces, with real financial and safety stakes for passengers who don’t check who’s actually behind the wheel.

A pattern showing up across provinces

Enforcement officers in British Columbia fined 101 drivers more than $200,000 in 2024 alone for operating unlicensed ride-hailing services, according to provincial data. In Richmond, BC, a single-day sting in February 2025 caught six drivers and produced more than $13,000 in fines, part of a series of blitzes the RCMP have run repeatedly in that city over the past two years. In London, ON, a bylaw crackdown that same February fined four drivers $1,000 each for offering unlicensed rides, with the city citing passenger safety — especially late at night when riders are least likely to question who pulls up — as the priority.

Make your cash work harder. You can't control inflation, rates or market swings — but you can control where your cash sits. Compare high-interest savings accounts to keep your money working for you. Find the right HISA account

Why looking like an app isn’t proof of anything

Licensed rideshare platforms operating in Canada need a municipal or provincial licence to do so — a private transportation company licence in Toronto, for example, or provincial authorization through British Columbia’s Passenger Transportation Board. That licensing exists specifically to confirm that drivers pass criminal record checks, vehicles meet safety standards and, critically, that commercial insurance is in place while a trip is underway.

An unlicensed operator, even one using a legitimate-looking app or simply arranging rides informally through text or social media, skips all of that screening. There’s no guarantee that a background check was done, that the vehicle has passed an inspection and that the driver has the appropriate commercial insurance on top of their personal policy. From the curb, none of that missing paperwork is visible.

What it could cost you if something goes wrong

This is where the risk lands on passengers, not just drivers. Licensed rideshare trips are typically covered by a commercial policy that activates once a driver accepts a request, often adding several million dollars in third-party liability along with accident benefits designed specifically to protect passengers if a crash happens mid-trip.

Unlicensed operators generally don’t carry that layer. Most personal auto policies exclude driving for compensation altogether, which means an unlicensed driver may be relying on coverage that wouldn’t be valid for a claim in the first place, an issue insurers and regulators have been working through for years as ride-hailing has grown. If a passenger is hurt during a rideshare with a driver who doesn’t have adequate insurance, sorting out who pays — whether that’s the driver’s own insurer, a lawsuit against the driver directly, or the passenger’s own accident benefits — can turn into a far longer and more expensive process than it would with a properly licensed trip.

What to do before your next ride

Checking takes seconds and costs nothing, and it’s the one habit that closes most of this gap before you ever get in the car.

• Match the plate, make and driver photo shown in the app to the car that actually pulls up, every single ride
• If anything feels off, check your city’s or province’s licensed vehicle-for-hire registry, such as B.C.’s Passenger Transportation Board licensee list
• Report a suspected unlicensed operator to municipal bylaw enforcement or local police rather than getting in the vehicle
• If you drive for a rideshare platform yourself, confirm with your own insurer that your policy covers rideshare use before accepting a single trip

That’s the situation Karen found herself in. She called in to The Ramsey Show and explained that her husband had moved their retirement savings into a trading account, started day trading and lost US$500,000 (~C$700,000) by going “all-in” on one large bet.

Karen was left trying to figure out her next move, and she wanted Dave Ramsey’s take on how to rebuild. He advised her on crucial next steps to take — but he also gave her something else: a challenge to change the story she was telling herself about what’s still possible at 65.

How to move forward from a major financial loss

Since Karen had been left with very little money after her husband’s recklessness, she asked Ramsey what she could do to build some measure of financial security in her later years.

“I have no debt. I have a $300,000 house. I had to get a job. I have a little bit of alimony, a little bit of Social Security. I have about $70,000 from money that my mom left me, and I’m just wondering how to move forward,” Karen said. “Do I sell the house?”

For a Canadian reader, Karen’s mix of income sources has a rough equivalent: alimony maps to spousal support, and Social Security maps to a combination of the Canada Pension Plan (CPP) and Old Age Security (OAS). As of mid-2026, the maximum CPP retirement pension at age 65 is $1,507.65 a month, though most retirees collect closer to $877.01 because few contribute at the maximum for the full 40-plus years required. OAS adds up to roughly $752 a month for those aged 65 to 74. Combined, CPP and OAS at the maximum still fall short of replacing a full paycheque for most Canadians, which is the same gap Karen is trying to close on her own.

Ramsey answered Karen’s question quickly. From a pure math standpoint, he said, the logical move would be to sell the US$300,000 (C$420,000) home, buy a US$150,000 (C$210,000) condo and invest the difference. He also suggested she save US$20,000 (C$28,000) of her inheritance as an emergency fund and invest the remaining US$50,000 (C$70,000).

He pointed out that this approach could leave her with roughly US$250,000 (C$350,000) or more invested by her mid-70s, even without adding another dollar, putting her in a stronger position to protect her future.

One detail worth flagging for a Canadian reader: downsizing this way is more tax-friendly north of the border than it can be in the U.S. Canada’s principal residence exemption means the sale of a primary home is generally exempt from capital gains tax altogether, with no dollar cap on the exemption — so a homeowner in Karen’s position wouldn’t need to worry about the sale itself creating a tax bill. Instead, she would have to be mindful of closing costs, land transfer tax and real estate commissions eating into the proceeds.

However, Ramsey’s advice didn’t end there.

Make your cash work harder. You can't control inflation, rates or market swings — but you can control where your cash sits. Compare high-interest savings accounts to keep your money working for you. Find the right HISA account

A shift in mindset could make the biggest difference

Ramsey also picked up on something else Karen had said during her call.

“Because I’m 65, I don’t want to start a career again,” Karen told him. “I’m a receptionist. I’m bringing in about $1,600 a month.”

For context, a full-time receptionist role in Canada pays an average of roughly C$44,800 a year, or about C$3,700 a month — a useful benchmark for a Canadian reader trying to picture how far Karen’s income might stretch, or fall short, in their own city.

It was this piece of information Ramsey seized on.

“I’m going to reset your narrative in your head, of ‘I’m 65, I don’t have time for another career’ — yeah, you do,” Ramsey said. “You’ve got plenty of time. In the world we live in today, things spin up so fast and make so much money so quickly, I would not take somebody as bright as I’m talking to and make them only a receptionist because ‘I’m 65 … and I make nothing.’ Instead, I’d try to figure out how to go make some money.”

Ramsey added that he thinks Karen has “got chops.”

“I think there’s something you can do,” he said.

Karen may be reluctant to take a leap of faith and look for a new career, in part because of the aftermath of what her husband did.

“The important thing to recognize is that the loss of money is secondary to the breach of trust and security within the relationship,” said Dr. Lea Haber, Ph.D., a clinical sexologist, relationship expert and founder of Dr. LoveLea, a relationship coaching practice.

But while it can feel scary to pursue a new career after such a large loss, this kind of mindset shift can make a real difference.

If Karen can move past the betrayal, let go of the emotions and adjust her expectations of what she thought life would look like — while taking Ramsey’s advice to pursue new income opportunities — she could do more than simply stretch what’s left of her savings. The extra income could open the door to rebuilding real financial security.

Why the type of account matters for Canadian savers

Karen’s story doesn’t specify what kind of account her husband used to day trade, but for a Canadian household, that detail matters more than it would in the U.S. — because the tax treatment of a big trading loss, or gain, depends heavily on which registered account it happens in.

A TFSA is meant to shelter ordinary investment growth, not a business. If the Canada Revenue Agency (CRA) decides someone is trading frequently and aggressively enough inside a TFSA to be “carrying on a business,” it can tax all of the profits in that account as business income, stripping away the tax-free status entirely. Canadian courts have upheld exactly this kind of assessment against aggressive TFSA day traders.

An RRSP is treated differently: Canadian tax case law has held that trading inside an RRSP does not amount to carrying on a business, so an RRSP day trader generally won’t face that particular CRA risk. That doesn’t make aggressive trading inside an RRSP a good idea — a large loss still shrinks retirement savings and, unlike a loss in a non-registered account, can’t be claimed against other income to reduce a tax bill.

The bigger lesson carries over directly from Karen’s story: concentrating a household’s entire retirement savings into one aggressive account and going “all-in” is risky no matter which side of the border it happens on — and in Canada, it can also carry a tax consequence most people don’t see coming until the CRA comes calling.

What Canadians can take from this

Karen’s situation is extreme, but the underlying risks apply to any household. A few practical takeaways:

• Keep retirement savings diversified across accounts and asset types rather than concentrated in one trading account or one large bet
• Talk with a spouse before either partner makes a major, unilateral change to how shared retirement savings are invested
• Understand which account — TFSA, RRSP or a non-registered account — is being used for active trading, since the tax consequences of a large gain or loss differ significantly between them
• Get an independent opinion from a fee-only Certified Financial Planner (CFP) before deciding whether to sell a home, tap an inheritance or make another major move after a financial shock
• Don’t rule out a new career or income stream because of age — CPP and OAS alone rarely replace a full paycheque, so extra income in your 60s can matter more than it seems

Why the rebate stopped — but isn’t fully gone

The federal fuel charge, which the carbon rebate was designed to offset, ended April 1, 2025. The CRA issued the final quarterly Canada Carbon Rebate (CCR) payment on April 22, 2025, to Canadians who had filed their 2024 tax return electronically by April 2. There have been no new quarterly CCR payments since. But the CRA has been clear on one point: Canadians who were eligible but haven’t yet filed their 2021, 2022, 2023 or 2024 tax return can still receive those payments once the CRA assesses the return. Filing is what triggers the money — no separate application is needed.

Make your cash work harder. You can't control inflation, rates or market swings — but you can control where your cash sits. Compare high-interest savings accounts to keep your money working for you. Find the right HISA account

Who could still be owed money

The CCR applied only in provinces where the federal fuel charge was in place. Residents of British Columbia and Quebec, for example, were never eligible, since those jurisdictions run their own carbon pricing systems. To qualify, you generally had to be 19 or older in the month before payment, though younger Canadians with a spouse, common-law partner or child living with them may also qualify. Anyone who fell behind on filing during those years — including newcomers, students or people who simply didn’t file — could be sitting on unclaimed money for any year they were eligible.

The October 2026 cutoff Ottawa has proposed

This is where the timeline gets more complicated than a lot of headlines suggest. Budget 2025, tabled in Parliament on November 4, 2025, proposes amending the Income Tax Act so that no CCR payments would be made for tax returns or adjustment requests filed after October 30, 2026. That change isn’t law yet — it’s contained in Bill C-31, the second Budget 2025 implementation bill, which passed second reading in the House of Commons on June 3, 2026 and is now before the Senate Standing Committee on National Finance. Until it receives royal assent, the cutoff remains a proposal rather than a confirmed rule. Still, a government proposal with a specific date attached is a strong signal of where policy could be headed, and filing sooner could potentially help remove some risk tied to how or when the bill is finalized.

How much this could be worth

The value varies by province, family size and how many years you missed. For the 2024-25 benefit year alone, a family of four could receive up to $1,800 in Alberta, $1,504 in Saskatchewan, $1,200 in Manitoba and $1,120 in Ontario, with smaller base amounts in the Atlantic provinces. Someone who hasn’t filed since 2021 could be eligible for payments across four separate benefit years, though earlier years generally paid less before the rebate’s rural top-up doubled in 2024. There’s no single number that applies to everyone, so the CRA’s My Account portal is the only reliable way to see what you’re personally owed.

What to do before the window narrows

Don’t wait to see whether Bill C-31 passes before you file. A return that’s already been filed locks in your eligibility regardless of how the legislation shakes out, while waiting only adds risk if the October 2026 date becomes law. Start with your oldest unfiled year, since it’s furthest from any deadline, and file electronically — that’s what gets an assessment, and a payment, moving fastest.

What to do now

• Log into CRA My Account to check which tax years from 2021 to 2024 are still unfiled or unassessed
• File any outstanding returns electronically, starting with the oldest year, since NETFILE assessments move fastest
• Don’t wait for Bill C-31 to pass — a return already filed and assessed locks in your eligibility even if the October 2026 cutoff becomes law

And Canadians are setting their standards higher than ever — on average, they now believe they need $1.7 million to retire comfortably, up from $1.54 million a year earlier, but more than one-third say they’re unlikely to reach that target.

However, retirement experts caution that reality can hit hard once retirement actually begins, and the gap between what you planned for and what daily life feels like can catch even circumspect savers off guard.

Getting realistic about what retirement will look like won’t just help you avoid the whiplash many new retirees experience — it can also enable you to build a sturdier plan to feel more confident once you get there.

Here are five hard truths to face before you call it a career.

Retirement isn’t one long vacation

Some people picture their golden years as one long trip with multiple destinations.

But living a nomadic lifestyle comes with its own stress. YouTuber Joe Kuhn says he thought his retirement would be “this permanent adventure of travel”, and when he wasn’t trekking foreign terrain, he’d be planning his next trip.

In reality, he found travel disrupted his exercise, diet, sleep and routines — the packing, the airports, the missed flights and the unfamiliar beds added up.

Kuhn says he and his wife were happiest when they found a balance between globetrotting and staying put, and that travel felt better once they stopped treating it as proof they were winning at retirement.

Whether you’re a beginner or a pro, find the best trading platform for you. The best Canadian brokerage offers the tools you need to grow your wealth. To get started — and earn 2% or more on every dollar you save — open a no-fee RRSP high-interest savings account with EQ Bank. Start building your RRSP today with EQ Bank.

‘I can always go back to work’

Some future retirees ease their nerves about outliving their savings — or about being bored — with the reassurance that they can always go back to work if things don’t pan out.

Increasingly, that’s exactly what’s happening. Statistics Canada found that one in ten Canadians aged 55 and older who previously retired had since returned to work in 2023, up from 7% in 2019. Some reasons influencing this decision include high family debt, greater educational attainment and premature retirement.

Kuhn says retirement “feels less frightening when you tell yourself I can always go back to work”, but cautions that once someone has experienced the freedom of controlling all of their own time, it’s hard to go back. His advice: don’t retire casually, and don’t assume the door back to your old career will always be open.

For some people, this departure isn’t a single last day on the job, but rather a slow transition, blending part-time work, consulting or seasonal employment with traditional retirement income.

You might need to branch out

Cultivating new routines and relationships doesn’t just ease the transition to retirement — it can also support your overall well-being. “We must stay socially and cognitively engaged as we age,” psychologist Deborah Buckwalter told The Washington Post. For her, that meant learning bass guitar and forming a band with friends.

Donna Wiench, a retired nonprofit development officer and journalist, told the outlet that taking classes on everything from boxing to poetry to geography helped her meet new people, and that she found tuition-free audit programs for older adults along the way.

However, Kuhn warns that while hobbies make great ingredients for retirement, once a hobby becomes something you can do all day, every day, some of the shine can wear off. It’s important to juggle recreational interests with socialization, relationship building and other mental stimuli.

Breaking open the nest egg can be scary

According to Kuhn, when it finally comes time to start drawing down hard-earned retirement savings, the transition can be difficult. “The first portfolio withdrawal can feel like something is really wrong. That asset is now going down in value,” he says.

It can also be hard to switch identities — from the disciplined saver who paid off the mortgage and drove an old car, to a spender.

This is where Canada’s public pensions only go so far. The maximum Canada Pension Plan (CPP) retirement pension starting at 65 is $1,507.65 a month, but the average new recipient collects closer to $877.01. Old Age Security (OAS) adds up to $751.97 a month for those aged 65 to 74. Combined, that’s an income most Canadians would find difficult to live on in cities such as Toronto or Vancouver, which is part of why RRSP and TFSA savings, workplace pensions or part-time income so often have to fill the gap.

If the thought of drawing down your own savings makes your heart pound, you can build confidence in your plan by connecting with a fee-only financial planner. Running the numbers for the scenarios you could face in retirement — market downturns, high inflation or a major health episode — can help ensure your plan is robust, so you can focus on what actually matters: travel, health, building a new community or discovering new interests.

Your next steps

Once you’ve faced the harder truths, a few concrete moves can make the transition steadier:

• Decide your CPP timing deliberately — taking it at 60 permanently cuts the payment, while delaying to 70 permanently increases it, so run the numbers before you default to 65
• Plan your RRSP, RRIF and TFSA withdrawal order with a fee-only certified financial planner (CFP) rather than guessing, since the sequence affects your taxes and any OAS clawback
• Test a practice retirement budget for three to six months before you leave your job, so the shift from paycheque to withdrawal feels less like a shock
• Build at least one non-financial routine — a hobby, a volunteer commitment or a fitness plan — before your last day, not after it

Centre stage belongs to the store’s Cold Room. It’s a glass-enclosed microclimate chilled to -25°C with simulated wind conditions and surrounded by a collection of Northern and Indigenous artwork curated in partnership with Toronto-based agency NAMARA Curatorial and artists from the West Baffin Eskimo Cooperative in Kinngait, Nunavut.

What the installation is

The flagship features a specialized Cold Room designed to let shoppers test heavy-duty parkas in true Arctic conditions before making a purchase. Outfitted with real ice formations and sub-zero temperatures, the chamber provides real-time testing for technical outerwear.

Rather than relying on static clothing racks, the environment surrounds the Cold Room with museum-quality art and design elements inspired by the Canadian North, including a reception desk carved from a single slab of raw-cut British Columbia marble that evokes the jagged geometry of icebergs and glaciers.

Featured artists and works

The location houses works by several celebrated Inuit and Indigenous artists, embedding cultural storytelling directly into the retail space. Highlights include Pitaloosie Saila’s print Tattooed Shaman, which honours traditional Inuit facial tattooing and spiritual heritage, alongside Shuvinai Ashoona’s Aujaqsiut Tupiq, portraying community life in Cape Dorset.

The installation also features graphic prints and textile works by Ningiukulu Teevee and Alexa Hatanaka that explore northern landscapes and modern Arctic life. Adding to the visual texture, detailed regional carvings and custom textile works crafted from technical parka fabrics link traditional northern craftsmanship directly to modern cold-weather design.

Balancing art, commerce and budget

While the fusion of art gallery and climate lab creates an immersive destination, it also highlights the realities of luxury outerwear, where premium parkas regularly range from $1,000 to over $1,800. For shoppers navigating Canadian winters on a practical budget, the installation serves as a reminder to match gear to local environments.

A heavy-duty Arctic parka rated for -30°C is often overkill for coastal climates like Vancouver’s, where wet-weather protection and mid-weight insulation offer far more practical value.

Calculating cost-per-wear shows that high-end gear makes the most financial sense only when worn continuously through severe winters. For milder regions, combining a quality waterproof outer shell with insulative mid-layers like fleece provides better versatility for a fraction of the cost, while secondary markets and certified resale programs offer durable winter gear at significantly lower price points.

Take control of your money. If your paycheque keeps disappearing faster than expected, your budget may need better visibility. Compare budgeting apps that help Canadians track spending, spot leaks, and plan with more confidence. Take control of your budget

Art as a frame for winter survival

Ultimately, the installation succeeds because it reframes how we think about extreme cold — not just as a harsh reality to be endured with expensive tech, but as a defining landscape that has inspired generations of deep creativity and resilience. By placing Arctic artwork side-by-side with high-performance outerwear, the space reminds visitors that adapting to winter is an art form in itself.

Whether you step out of the Cold Room with a four-figure parka or simply a new appreciation for practical layering, the experience grounds the simple act of staying warm in a much richer Canadian story.

Let’s consider the hypothetical case of Xavier, a 60-year-old who recently received a $400,000 settlement after losing his job through no fault of his own. He isn’t working, has no other retirement savings and isn’t sure whether the money can carry him for the rest of his life.

It’s the kind of dilemma more Canadians are likely to face as mid-career job losses collide with a retirement system that leans heavily on personal savings. Can $400,000 on its own really fund an entire retirement? We break down the numbers below.

Is $400,000 enough to live on

Xavier needs to understand what income his $400,000 could realistically generate before deciding whether to rely on it solely.

The widely used 4% rule suggests retirees can withdraw 4% of their portfolio in the first year of retirement, adjusting for inflation after that, and expect the money to last about 30 years. Applied to Xavier’s $400,000, that works out to $16,000 in year one — a modest income to say the least.

Investing more aggressively could generate stronger average returns, but that approach carries real risk. A market downturn in the early years of retirement, combined with steady withdrawals, can permanently shrink a portfolio’s ability to recover — something financial planners call sequence-of-returns risk.

It’s worth comparing Xavier’s situation with how other Canadians his age are positioned. According to Statistics Canada (StatCan)’s Survey of Financial Security, as of 2023, the median amount Canadians aged 55 to 64 hold across a Registered Retirement Savings Plan (RRSP), Registered Retirement Income Fund (RRIF) or Locked-In Retirement Account is $120,000. However, that figure rises to $266,000 when looking at the average amount, due to a smaller number of large account holdings. Xavier’s windfall puts him well ahead of the typical Canadian his age on savings alone — but without a pension or government benefits flowing in yet, that comparison only goes so far.

It also falls well short of what Canadians say they expect to need overall. BMO Financial Group found that Canadians now believe they need an average of $1.7 million to retire comfortably, up from $1.54 million a year earlier.

Whether you’re a beginner or a pro, find the best trading platform for you. The best Canadian brokerage offers the tools you need to grow your wealth. To get started — and earn 2% or more on every dollar you save — open a no-fee TFSA high-interest savings account with EQ Bank. Start building your TFSA today with EQ Bank.

The 5-year bridge before government benefits kick in

Unlike many retirees, Xavier can’t lean on government income right away. The Canada Pension Plan (CPP) can start as early as age 60, but taking it before 65 comes with a permanent reduction of up to 36%. Old Age Security (OAS) doesn’t begin until 65. That leaves Xavier with a five-year gap — from 60 to 65 — during which his settlement is his only source of income.

Once he reaches 65, the picture improves. The average new CPP retirement pension paid out as of April 2026 was $877.01 a month, with the maximum being $1,507.65. OAS adds another maximum payout of $751.97 a month for those aged 65 to 74. Combined, that’s a potential government income floor of roughly $20,100 to $27,100 a year — meaningful, but still not enough to live on by itself.

Taxes will take a bite too

Xavier likely won’t keep the full $400,000, either. The Canada Revenue Agency (CRA) generally treats a wrongful dismissal settlement as a “retiring allowance” — an amount received in connection with the loss of employment — and includes it in taxable income for the year it’s received. Employers must withhold tax on the payment upfront, at a flat rate based on the total amount — 10% if it’s $5,000 or less, 20% if it’s $5,001 to $15,000, or 30% if it’s above $15,000 — not a marginal rate on just the portion above each threshold. For a settlement Xavier’s size, that means the CRA’s standard rate would apply to the entire settlement up front, before the final bill is settled on his return at his actual marginal rate.

There is a silver lining specific to Canada’s system. Because Xavier has no other retirement savings, he likely has a large amount of unused RRSP contribution room — up to 18% of his previous year’s earned income, to a maximum of $33,810 for 2026. Contributing part of the settlement to his RRSP wouldn’t eliminate the tax, but it would defer it until the money is withdrawn, while simultaneously rebuilding the retirement savings he doesn’t currently have. Legal fees paid to obtain the settlement may also be deducted, which can soften the overall tax hit.

Lessons for other Canadians in this position

Xavier’s situation is a reminder that a large windfall, on its own, rarely solves a retirement shortfall — especially without a paycheque, a pension or years of government benefits to lean on. Canadians who find themselves in a similar spot can take a few concrete steps:

• Build a bridge-period budget that covers every year until CPP and OAS begin, rather than assuming a lump sum will stretch on its own
• Check RRSP contribution room through the CRA’s My Account portal before deciding on how to allocate a settlement or severance payment
• Run CPP timing scenarios through Service Canada’s My Account to see how waiting even a few years changes lifetime income
• Consider part-time work, even temporary, to preserve savings and avoid drawing down a portfolio during a market downturn
• Talk to a fee-only Certified Financial Planner (CFP) before making any large, irreversible decision about a settlement or severance payout

None of these steps turn a $400,000 windfall into a full retirement fund on its own. But paired with careful budgeting, tax planning and a realistic view of the years before government benefits begin, it can go a lot further than the number alone suggests.

If you were a homebuyer in Canada during those couple of years, you had access to a combination of rules backed by the Canada Mortgage and Housing Corporation (CMHC) and private mortgage insurers that feels almost unimaginable today: 0% down payments (100% Loan-To-Value) and 40-year amortizations.

In short: For a brief 20-month window, the standard cash barrier to real estate entry vanished, completely.

Here is the story of how that temporary policy window altered the financial trajectory of buyers who jumped in — and how many would have been left behind without it.

The $0-down advantage

To understand the impact of this policy shift, consider a prospective buyer in 2007 looking at an entry-level home in Ontario priced at $300,000.

Under the traditional route (requiring 20% down with a 30-year amortization), that buyer needed $60,000 sitting in cold, hard cash just to hand over the deposit. With a resulting loan amount of $240,000, their estimated monthly payment at a 5.5% interest rate would sit around $1,360. For a household saving $10,000 a year after taxes and living costs, this path required waiting six full years in rental housing just to compile the initial deposit.

During the 2006–2008 window (0% down with a 40-year amortization), the exact same purchase required $0 in down payment savings. The buyer took on the full $300,000 loan amount, but by stretching the repayment over 40 years, their monthly payment was held down to roughly $1,550.

Carrying the zero-down loan cost only ~$190 more per month than carrying the 20%-down loan on a 30-year schedule. The primary qualifier for homeownership shifted entirely from high accumulated savings to steady income and a qualifying credit score. For the price of a modest weekend night out per month, a buyer with steady income — but zero accumulated savings — could transition from tenant to homeowner overnight.

How many buyers would have been excluded?

According to Bank of Canada research and Department of Finance reporting on the 2006–2008 expansion:

• After CMHC began insuring 40-year and 0%-down products in late 2006, uptake exploded across the country.
• By 2007, an estimated 40% of all new mortgages in Canada were written with amortizations exceeding 25 years, with a heavy concentration among first-time buyers.
• Bank of Canada analysis showed that relaxing the Loan-To-Value (LTV) limit to 100% allowed households with zero accumulated financial wealth to enter the housing market for the first time.

The Impact: Had the zero-down, extended-amortization rules not been introduced, roughly one out of every three to four buyers who entered the market in 2007 would have been completely excluded. Lacking the liquid cash for a traditional down payment, they would have remained on the sidelines.

Take control of your money. You can’t control inflation, interest rates or market swings — but you can control where your money goes. When every dollar has a job, money feels less stressful. Find the budgeting app that helps you take control of your finances. Compare Canada’s Best Budgeting Apps

The wealth snowball: Market appreciation over principal paydown

From a pure debt perspective, a 40-year amortization is mathematically inefficient. In the first five years, almost every dollar of monthly payment goes toward interest, leaving principal virtually untouched.

However, Canadian housing market dynamics upended theoretical debt mechanics.

Because Ontario real estate entered an extraordinary multi-decade bull run following the 2008–2009 global financial crisis, buyers didn’t need to pay down their mortgage balance to build equity — unprecedented property appreciation built it for them.

1. The appreciation shift: A $300,000 starter home purchased with $0 down in 2007 reached roughly $400,000 by 2012, and upwards of $800,000+ by 2022 in many Ontario municipalities.
2. Equity extraction: By the early 2010s, that original zero-down buyer possessed over $100,000 in market equity. They opened a Home Equity Line of Credit (HELOC) or refinanced against those gains.
3. Compounding real estate wealth: Many leveraged that newly unlocked equity to fund 20% down payments on investment properties, rental units, or pre-construction condos — compounding their real estate assets without ever having saved an initial lump sum out of pocket.

The policy slam in 2008

To avoid the rising default risks seen in the U.S. subprime market, Federal Finance Minister Jim Flaherty intervened in July 2008. Ottawa officially eliminated government insurance for 0% down and 40-year mortgages, capping amortizations at 35 years. Subsequent tightenings progressively lowered the maximum insured amortization cap to 25 years.

For those who stepped through the door during that brief 2006–2008 window, those bare-bones entry rules served as a unique launchpad into Canadian homeownership and wealth building.

That’s not the case.

Buried in the negotiations are a handful of concessions Ottawa is reportedly willing to make that could show up in Canadian stores and car lots well before any tariff deadline hits. Here is what could actually change for consumers — and roughly when.

What Ottawa is offering to give up

Based on reports from CBC, Canada is considering an end to provincial bans on American alcohol; there are also discussions about lifting its retaliatory tariff on American-made vehicles, and adjusting how it allocates dairy import quotas. These concessions would be in exchange for the U.S. dropping the new 50% tariff and easing duties on steel and aluminum.

As Canadians near the middle of August — with only a few weeks before kids go back to school — none of the trade discussions and concessions have been finalized; the two sides have exchanged written positions but have not reached an agreement, according to Bloomberg. Talks are continuing daily and expected to continue right up to the Aug. 19 deadline.

Could booze and auto prices shift first?

While Mark Carney and his federal ministers are leading the trade talks with the U.S., not all concessions are within the federal government mandate. For instance, the restocking of American alcohol is actually a provincial call, not a federal one, so any change would need provincial buy-in; it would also mean a rollout would occur unevenly across the country, if at all. Some premiers, including British Columbia’s David Eby, have said there is no chance U.S. alcohol will return to provincial liquor store shelves, regardless of what Ottawa negotiates.

For those regions that will comply, consumers shouldn’t expect a dramatic drop in liquor and alcohol prices. Instead, you can probably expect wider selection. That’s because the U.S. alcohol bans mainly reduced choice rather than raising prices.

For those shopping for vehicles — and those who quietly paused their shopping due to the current 25% retaliatory tariff on U.S.-made autos — if this tariff comes off as part of a new deal, then U.S.-built vehicles sold in Canada will become cheaper to import. That will mean savings on dealership floors, but how much of that saving reaches the sticker price depends on the automaker and the model, and there’s no guarantee of a dollar-for-dollar pass-through.

What about dairy prices?

One of the most contentious discussions in these trade talks has been dairy quotas. In Canada, dairy is one of the most protected corners of Canadian trade policy. Reuters reports that talks continue between the two sides, but no details or agreements have been made, as yet.

For Canadian consumers, it’s clear: Until Ottawa or the dairy sector says otherwise, there is no reliable basis for predicting whether milk, cheese or cream prices would move, in either direction.

What the 50% tariff actually means for your wallet

The 50% U.S. tariff, if it goes ahead, will land on Canadian goods entering the United States — a list that is broad and includes motor vehicles, alcohol, dairy, electronics, building materials, furniture and dozens of other categories. If this is the case, it will be a direct hit to Canadian exporters, workers and provincial revenue. That means consumers browsing store shelves won’t see an immediate impact. But there will be an indirect impact — job losses in affected export sectors, a softer Canadian dollar, or knock-on price pressure if exporters redirect costs domestically.

What can Canadian consumers do now?

If talks fail to produce an agreement and the 50% U.S. tariff takes effect, then consumers need to remember that this headline number is actually a slower-moving risk. Still, for consumers shopping in key areas, there are a few actions you can take to protect your budget.

If you’re buying a vehicle: Watch for news on Canada’s auto tariff specifically, not the broader Aug. 19 deadline — that’s the lever most likely to move new car and truck pricing.

If you’re buying alcohol: Check with your provincial liquor retailer rather than assuming a national rule change — as restocking is a provincial decision.

If you’re buying dairy products: No action needed yet, but look out for news on dairy quotas and trade agreements as this may impact access and pricing.

Employees in impacted sectors: The bigger near-term risk from the 50% U.S. tariff is economic — export-sector jobs, the Canadian dollar — not a direct line on household budgets. Those in industries potentially impacted by tariffs should consider shoring up cash reserves and emergency funds.

Next steps

For Canadians, the loudest number in this current trade tariffs drama — 50% — is the one least likely to immediately impact what Canadians pay. But that doesn’t mean these recent trade talks aren’t important. The changes worth watching are quieter, such as provincial decisions on liquor store shelves and a federal decision on auto tariffs. These (and other, similar) decisions could move before politicians settle anything on paper, and both are worth tracking rather than through the trade headlines alone.

In a recent AOL blog post, Orman argued that one of the easiest ways to strengthen your finances is to make sure the money you've saved is earning a competitive interest rate. She pointed to a recent Vanguard survey showing that while more than 70% of women feel confident about their ability to save, nearly half are keeping their money in accounts earning less than 3%.

The survey focused on American women, but the same message can apply just as easily north of the border. Many Canadians faithfully add money to savings every month without ever checking whether their account is paying a competitive rate. Over time, the difference between a basic savings account and a higher-interest option can add up to thousands of dollars a year.

The current interest rate environment

The aforementioned Vanguard survey highlights an important disconnect. You may have a strong savings habit, but that doesn’t mean that your money is working as hard as it could be. In the current rate environment, Orman argues, 3% should be viewed as a minimum target rather than an exceptional return.

The interest-rate environment in Canada differs slightly from the U.S., of course. The Bank of Canada held its overnight rate at 2.25% on July 15, with the deposit rate sitting at 2.20%. While those rates influence everything from mortgages to savings accounts, they don't guarantee that all banks will offer the same returns. If you’re building an emergency fund, saving for a down payment or relying on interest income in retirement, every percentage point makes a difference over time.

Build your emergency fund. An emergency fund only helps if you can access it when life happens. A high-interest savings account can help you earn more on cash while keeping your money within reach. With a no-fee EQ Bank account, your money is 100% accessible but still earning a high savings rate. Build your emergency fund using a high-interest EQ Bank account

Why your savings account may be paying less than you think

According to the Financial Consumer Agency of Canada (FCAC), many financial institutions advertise attractive promotional rates that last only for a limited time before dropping to a much lower ongoing rate. In addition, some savings accounts require you to maintain a minimum balance to qualify for their highest advertised rate. Don’t assume that your savings account is paying a competitive return.

The differences can be significant. For example, RBC’s High Interest eSavings account is currently offering a three-month promotional rate of 4.60%. Meanwhile, EQ Bank's Personal Account pays a 1% base rate, increasing to 2.75% only for customers who receive a qualifying recurring direct deposit of at least $2,000 per month, according to its website.

What the interest gap could cost you

A Canadian with $10,000 in savings earning 1% would collect about $100 in interest over a year. Put that same $10,000 into an account paying 3%, and the annual interest jumps to $300, an extra $200 without saving another dollar. If you increase that balance to $25,000 or $50,000, the difference becomes even greater.

This doesn't mean you should always chase the highest advertised rate. Some accounts come with additional requirements, such as maintaining a minimum balance, setting up recurring direct deposits or providing advance notice for withdrawals. Depending on your savings goal, immediate access may be more important than squeezing out every last penny in interest.

What to do now

If you haven't checked your savings account in a while, now is a good time. Interest rates, promotions and account features change regularly, and many Canadians continue earning a much lower rate than they realize.

Consider taking the following steps:

• Log into your account and confirm your current interest rate, not just the promotional rate you may have signed up for.
• Check whether your rate depends on maintaining a minimum balance, setting up recurring direct deposits or limiting withdrawals.
• Compare your interest rate with rates on other CDIC-insured savings accounts.
• If you're saving inside a TFSA or another registered account, verify that account's interest rate separately, as it may differ from the non-registered version.

Orman's challenge was about making sure the money you've already put aside is doing its job. It’s an important reminder to pay the same attention to your savings interest rate as you would your mortgage renewal, insurance premiums or cellphone bill. It could leave you with a little more money at the end of the day.

A new Canada Mortgage and Housing Corporation (CMHC) Mortgage Consumer Survey found homeowners who renewed their mortgage over the past year saw their monthly payments increase by an average of $375. While many have adjusted to those higher costs, nearly one in three (31%) say they’ve had to cut back on other spending to make room in the household budget.

“Mortgage consumers are proactively adjusting their monthly budgets to ensure they are better positioned to navigate their mortgage journey,” said Sam Carnovale, CMHC’s director of Lender Relations, in a statement.

Higher mortgage payments are changing household budgets

According to the survey, homeowners are making trade-offs well beyond their mortgage payment.

Among those who said they’ve adjusted their spending, the most common areas to cut back were discretionary expenses such as dining out, entertainment, vacations and shopping.

Even so, there’s some evidence households are becoming more comfortable with their financial situation. The share of homeowners concerned about making their mortgage payments fell to 39%, down from 53% in CMHC’s previous survey.

That improvement suggests many borrowers have successfully adapted after renewing into higher rates, even if it has required changes to their day-to-day spending habits.

Take control of your money. You can’t control inflation, interest rates or market swings — but you can control where your money goes. When every dollar has a job, money feels less stressful. Find the budgeting app that helps you take control of your finances. Compare Canada’s Best Budgeting Apps

Renewals remain one of the biggest financial hurdles

Millions of Canadians have renewed, or will soon renew, mortgages that were originally signed when borrowing costs were much lower.

For many households, the result has been a significant jump in monthly housing costs.

The survey found homeowners who renewed within the past year experienced an average monthly payment increase of $375, illustrating how the higher interest-rate environment continues to affect household finances even as the Bank of Canada’s policy rate has stabilized.

The survey also highlights the challenges facing Canadians trying to enter the housing market.

Recent homebuyers reported taking an average of 4.4 years to save for a down payment. Nearly one-quarter (23%) also received financial assistance from family members, with the median gift amount reaching $30,000.

Those figures underscore the continued affordability pressures facing first-time buyers, many of whom are balancing higher home prices with elevated borrowing costs.

Canadians remain optimistic about homeownership

Despite the financial challenges, most Canadians still believe buying a home is worthwhile over the long term.

According to the survey, 81% of respondents said homeownership remains a good long-term investment, even as expectations for rapid home price growth have moderated.

The findings echo recent Statistics Canada data showing shelter costs continue to account for one of the largest components of household spending, even as overall inflation has eased in recent years. Statistics Canada has also reported that mortgage interest costs remain significantly higher than they were before the Bank of Canada’s rate-hiking cycle began, although year-over-year increases have continued to slow.

For homeowners, the message is a familiar one. The uncertainty surrounding mortgage renewals may be fading, but many households are still adjusting to the higher costs that came with them — often by finding savings elsewhere in the family budget.

The findings suggest many motorists are navigating a combination of fatigue, distraction and increasingly aggressive behaviour behind the wheel — factors that road safety experts say can affect decision-making and reaction times.

"Road safety is about more than individual behaviour — it's shaped by the conditions drivers face every day," said Valérie Lavoie, president and chief operating officer of Desjardins General Insurance Group, in a statement. "Canadians are navigating distraction, stress and constant external demands all at once."

Distracted driving isn't just about phones anymore

Six in 10 Canadians ranked distracted driving among the country's biggest road safety risks, but the survey suggests the biggest distractions aren't necessarily inside the vehicle.

External distractions, such as traffic, pedestrians and activity outside the vehicle, were cited more often (35%) than cellphone use (32%). In-vehicle technology (26%) and everyday habits like eating or drinking behind the wheel (22%) also ranked among the most common distractions.

The findings from Desjardins seem to align with broader road safety data. According to Transport Canada, distraction was a contributing factor in an estimated 17.8% of fatal collisions in 2023, while speeding contributed to 24.8% and impairment to 21.9%, underscoring how multiple risk factors often overlap on Canadian roads.

In the market to lower your insurance costs? Using a comparison platform like Rates.ca, you could potentially save $500 or more. Quickly compare 20+ quotes from top-rated auto insurance providers to ensure you aren't 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 3 minutes. Not only is the process 100% free, but you could also save 20% by bundling your auto and home insurance together.

Canadians know the risks — but don't always change their behaviour

The survey also revealed an interesting contradiction.

While 85% of respondents said speeding is a major road safety risk, 26% also said it's acceptable to exceed the speed limit.

Meanwhile, 19% reported regularly witnessing alcohol-impaired driving, while 24% said they frequently see drivers they believe are impaired by cannabis.

Lavoie said improving road safety requires looking beyond any single behaviour.

"To make a real difference, we need to address this full reality through stronger awareness, better education and actions that help reduce risk on our roads," she said.

Beyond the obvious safety concerns, risky driving habits can also become expensive. Speeding tickets, at-fault collisions and impaired driving convictions can all lead to higher insurance premiums, repair costs and the loss of claims-free discounts.

For drivers, simple habits, such as putting phones out of reach, allowing extra travel time to reduce stress and avoiding the wheel when overly tired can lower both the safety risks and the financial costs that come with a preventable crash.

Denise Tisor and her common-law partner, David Blake, pleaded guilty last month to fraud and possession of property obtained by crime. Court documents show Tisor sold seats to 107 buyers for one of Swift’s six sold-out November 2024 Eras Tour shows in Toronto. Some victims paid as early as August 2023, more than a year before the concert date.

None of the tickets existed. When buyers went to access their seats, there was nothing there; when they reached out for refunds, they were told a third party had stolen the funds. An investigation by the Toronto Police could not prove third-party theft.

For any Canadian in the market for resale tickets, it’s a lesson in how unpredictable and largely unregulated the third-party ticket market remains.

What actually happened in the Eras Tour ticket scam

Tisor told victims their tickets would not be available until a few days before the concert, a delay tactic that pushed the deception past the point where most buyers could still find a legitimate seat elsewhere. Investigators say the couple used the money to place bets on online gambling platforms and made roughly 350 ATM withdrawals totalling $297,000 over the same period. Tisor eventually stated that she had been struggling with a gambling addiction.

The reason why Tisor and her partner were able to succeed with their fraud was that the ticket scam never looked suspicious at the moment of purchase. Buyers dealt with a real person, got a plausible excuse and had no reason to doubt the transaction until the concert date arrived and the tickets simply weren’t available.

Why a private seller can be the riskiest option

Buying directly from an individual, through a resale group, social media marketplace or a friend of a friend, tends to feel safer than it is. There’s rarely a receipt, no platform standing behind the transaction and no way to confirm the tickets are real until the event itself. By then, the seller can disappear and the money is gone.

The Competition Bureau of Canada, the federal agency that investigates deceptive marketing practices, warns that fraudulent sellers often build convincing fake storefronts or social ads, and lean on urgency to get buyers to pay before they think it through.

For anyone in Canada considering resale tickets for any type of event, this is a stark reminder that the third-party ticket market remains something of a Wild West, with limited regulation and few consumer protections. But there are ways to mitigate these risks.

How to spot a fake ticket listing before you pay

According to the Competition Bureau, warning signs include:

• prices well below or above the going rate
• unprofessional or unfamiliar seller websites
• tickets shown only as photos or screenshots, not official digital passes
• pressure to pay immediately or through unusual methods
• no confirmation email or receipt after payment

Any one of these should be reason enough to walk away, regardless of how far along the deal has gone.

How to pay so you’re not left with nothing

How you pay matters as much as who you buy from.

The Financial Consumer Agency of Canada says credit card issuers must investigate disputed transactions, and a chargeback can reverse a charge for goods that were never delivered or services never received. E-transfers, cryptocurrency and prepaid gift cards offer none of these protections. Once the payment clears, there is typically no way to get the money back.

For the 107 victims of this Taylor Swift ticket scam, that single detail is the real difference between a bad ticket purchase and no recourse.

How to protect your resale ticket purchase

Before paying for any resale ticket, Canadians should ask one question: if this seller disappeared tomorrow, is there any way to get the money back? If the answer is no, that risk is part of the price, whether or not the ticket turns out to be real.

To help, here are four steps to help protect your night out:

• Buy only from the official ticketing platform or an artist/venue-verified resale exchange
• Pay by credit card — never e-transfer, cryptocurrency or gift cards
• Save every confirmation email and listing screenshot
• If you suspect fraud, report it to the Canadian Anti-Fraud Centre (CAFC) and your card issuer immediately

“Canadian pet parents share a strong emotional connection with their pets, and are dedicated to helping them live longer, happier lives. With this comes an inherent desire to prioritize pet spending above many of their own everyday pleasures,” says Greg Ramier, chief executive officer of Pet Valu.

Almost every Canadian pet parent is on the same page here — 90% say they're actively thinking about how to help their pet live a longer, happier life. And it's not just talk: 58% have bought pet health insurance for that extra peace of mind, while 55% are investing in health tech like wearables and diagnostic tools to keep tabs on their pet's wellness.

When money gets tight, pet parents know exactly where their priorities lie, and it's not with themselves. They'd rather cut back on dining out (51%), new clothes (38%), self-care (30%), coffee (22%) or streaming services (19%) before they'd cut back on their pet's needs. And this isn't just a temporary belt-tightening move: 8 in 10 pet parents expect to keep spending the same or even more on their pets over the next year. Even with their own wallets feeling the squeeze, most Canadians aren't willing to skimp on the fun stuff for their pets either — a striking 71% say they still spend on things like grooming, birthday celebrations and travel gear to keep their furry friends living the good life.

Thinking about pet insurance?

If you have a pet, you know the costs can add up fast: food, grooming, toys and especially vet visits.

According to the Ontario Veterinary Medical Association, routine veterinary care for a dog can cost between $4,100 and $5,200 per year. And this doesn’t account for expensive emergencies.

That’s why paying for pet insurance often ends up being more affordable than paying out of pocket for surprise vet bills.

Instead of absorbing big, unexpected bills all at once, pet insurance helps care for your pet without blowing a hole in your budget.

Thinking about pet insurance? If you have a pet, you know the costs can add up fast: food, grooming, toys and especially vet visits. Paying for pet insurance often ends up being more affordable than paying out of pocket for surprise vet bills. Instead of absorbing big, unexpected bills all at once, Fetch Pet Insurance helps cover up to 90% of unexpected vet bills, and you can use any vet in Canada or the U.S. Fetch offers fast and easy reimbursements, and you can customize your coverage to fit your budget. Get a free, no-obligation quote in just 3 minutes with Fetch Pet Insurance and rest easy knowing your fur-baby and your finances are protected.

Bottom line

At the end of the day, this study makes one thing clear: for Canadian pet parents, their furry family members aren't just an expense; they're a priority worth protecting no matter what the budget looks like. Whether it's skipping a coffee run, holding off on new clothes or passing on a night out, pet parents are finding ways to make it work so their dogs and cats can live longer, healthier and more comfortable lives. As the cost of living continues to challenge Canadian households, one thing isn't up for negotiation: the wellbeing of the pets who've become an inseparable part of the family.

Millions of Canadians treat a revolving credit card balance like just another cost of living, rather than a financial decision with a price attached. But it’s not a price to be ignored, especially as household budgets are already being squeezed by mortgage renewals, rent and grocery bills, just to name a few.

Overspending isn't harmless

Canadian household debt climbed to 179.6% of disposable income in the first quarter of 2026. Put another way, households now owe roughly $1.80 in credit market debt for every dollar of after-tax income. That ratio has increased for six consecutive quarters, while total household credit market debt reached $3.25 trillion during the same period.

Carrying debt isn’t necessarily a moral failure. For many households, borrowing is tied to rising housing costs, financial emergencies or simply trying to cover everyday expenses. But it does mean a growing share of income is already spent before groceries, rent or savings enter the picture.

Take control of your money. If your paycheque keeps disappearing faster than expected, your budget may need better visibility. Compare budgeting apps that help Canadians track spending, spot leaks, and plan with more confidence. Take control of your budget

The cost of Canadian consumer debt

Equifax Canada's latest quarterly report puts total consumer debt at $2.66 trillion, with the average Canadian carrying a record $22,278 in non-mortgage debt. In some better news, the number of Canadians who missed at least one credit payment — 1.5 million — held steady this quarter, a sign of improvement for some borrower groups.

This is where Ramsey's argument begins to resonate. After all, every dollar left on a credit card after the statement due date begins generating interest for the lender, often at a rate far higher than what most savers earn on their deposits.

Minimum payments keep you in debt

Average credit card interest rates in Canada are roughly 20%, making them one of the most expensive ways to borrow money. The Financial Consumer Agency of Canada (FCAC) has a credit card payment calculator that shows just how quickly those interest charges can add up.

In one example, someone carrying a $1,000 balance who switches from an 18% credit card to one charging 12%, while continuing to make only the minimum payment, saves about $400 in interest and pays off the balance roughly two years sooner.

As you can see, even a relatively small balance can become expensive if it lingers month after month. Minimum payments keep your account in good standing, but they hardly put a dent in the principal balance while interest continues to pile up.

What to do now

Ramsey's contends that income, not luck or inheritance, is the main tool most people use to build wealth. In a video accompanying his post, he said the self-made millionaires his team studied generally built their wealth through saving and investing rather than remaining in debt, and that fewer than 10% inherited their wealth.

The bottom line is that high-interest debt deserves more attention, because every month a balance remains unpaid is another month that part of your income is working for a credit card company and not you.

Here are a few practical steps you can take to reduce your high-interest debt:

• Check the actual interest rate listed on your latest credit card statement
• Pay more than the minimum whenever possible. Even a small extra payment each month can reduce both the interest paid and the time it takes to clear the balance.
• Compare lower-rate options, such as a balance transfer card or line of credit, if you qualify, and avoid adding new debt after transferring the balance.

Ramsey's wording is blunt, but there’s truth in his underlying point. That is, debt doesn't suddenly become expensive; it's a process.

None of Buffett’s children — Susie, Howard and Peter — completed a university degree. Susie came the closest, leaving school just three credits short of graduating. “My children, if you pool their credits, you got a degree,” Buffett has joked. Rather than pushing his kids toward a specific career or a prestigious credential, the investor, known as the Oracle of Omaha, let each of them find their own path. Susie built a career in philanthropy and early childhood education. Howard became a farmer and conservationist. Peter became an Emmy Award-winning composer.

It’s not the parenting style most people would associate with a billionaire, and it points to a question a lot of Canadian parents are quietly working through too: how much should money — or the promise of it — shape a kid’s path in life?

Buffett cared more about purpose than diplomas

Susie has said some of her earliest memories with her father were conversations about opportunity, including how narrow the choices once were for women. “I still remember him sitting at the dinner table talking about how at that time women had few options for work: nurses, teachers and secretaries,” she said in an interview with FOX Business. Rather than telling his children what to do, Buffett gave them room to figure it out for themselves.

That mindset lines up with where a lot of Canadians’ heads are at right now too. Education still pays: Statistics Canada reports that employees 25 and older with a bachelor’s degree or higher earned $44.67 an hour on average in 2024, 55% more than workers with a high school diploma or less. But a growing number of Canadians are also questioning whether a degree is the only route to a good career. The national “Survey on Employment and Skills,” conducted by the Environics Institute, the Diversity Institute and the Future Skills Centre, found Canadians are now twice as likely to advise a young person to pursue a skilled trade or apprenticeship (56%) as a general university program (26%). Among respondents, 77% agreed that a young person who learns a trade is certain to find a good job that pays well.

None of this means a degree is a bad choice. It means Buffett’s approach was never really about the credential in the first place. It was about giving his kids the freedom to find work that suited them, whatever that looked like.

Take control of your financial future. Every dollar you save on fees is a dollar that stays invested and working toward your future. Whether you're building a TFSA, growing your RRSP or investing in a non-registered account, the right brokerage can help you keep more of your returns. Find the ideal discount brokerage account

The inheritance lesson Buffett has repeated for decades

Buffett’s hands-off approach doesn’t stop at careers. It also shapes how he thinks about what he’ll eventually leave behind.

Buffett, whose fortune is estimated at more than US$148 billion (C$207.2 billion), has said for years that he doesn’t plan to leave his children a massive inheritance. His reasoning comes down to one idea, repeated in interviews for decades: “A very rich person should leave his kids enough to do anything, but not enough to do nothing.”

Buffett’s philosophy is less about making his children go without a financial cushion and more about making sure money doesn’t remove every reason to work, take risks or build something of their own. It’s also why he pledged, back in 2006, to give away the bulk of his fortune rather than pass it down. He has since donated more than US$60 billion (C$84 billion) to charity, largely through foundations run by his children.

That question — how do you give your kids a financial head start without taking away their independence — is one Canadian parents are asking too, and the numbers suggest it’s weighing on them. A BMO Real Financial Progress Index survey found Canadians believe, on average, that parents should financially support their children for 19 years in some capacity, and 29% think that support should continue for as long as the parents are alive. Among Canadians surveyed, 84% say the cost of raising kids has become unmanageable.

What Canadian parents can take from Buffett’s approach

Buffett never suggested money should disappear from the picture entirely. His point was that it shouldn’t replace the need to build something meaningful. For Canadian parents working out their own version of that balance, a few starting points can help:

• Start saving early and let the government match it. A Registered Education Savings Plan (RESP) is a tax-sheltered way to save for a child’s education. Contribute up to $2,500 a year and Ottawa adds the Canada Education Savings Grant (CESG), worth up to $500 annually
• Talk about money before it becomes a crisis. Canadian parents who regularly discuss finances with their kids tend to feel more confident about their financial future than those who wait for one big conversation
• Consider a Tax-Free Savings Account (TFSA) once a child turns 18, so any early gift or head start can grow tax-free
• Plan for what happens at death. Canada has no formal inheritance tax, but the Canada Revenue Agency (CRA) treats a person’s assets as sold at fair market value the moment they die — a rule known as deemed disposition — which can trigger capital gains tax on an estate before anything is passed down
• Consider staging an inheritance instead of handing it over all at once, whether through a trust, a family loan or gifts tied to milestones, so a windfall doesn’t arrive before a kid has built their own financial footing

Buffett’s approach to university, careers and inheritance points to the same idea: helping kids build confidence and independence may matter just as much as leaving them money. For Canadian parents already stretched thin by the cost of raising a family, that’s a lesson worth borrowing, even without the billions attached.

This record comes even as mortgage borrowing slowed. Net mortgage originations fell to $22.6 billion during the quarter, the steepest quarterly pullback since late 2023, as home resales declined. But Canadians more than made up for that slowdown by taking on more non-mortgage debt, including credit cards and lines of credit.

The numbers suggest that the usual ways of managing debt, such as refinancing, tapping home equity or simply borrowing less for a mortgage, aren't doing enough to offset growing balances elsewhere. Here's a closer look at what’s changed and what you may be able to do about it.

What the debt-to-income ratio measures

The debt-to-income ratio compares total household credit market debt — including mortgages, car loans, credit cards and lines of credit — with disposable income, or the money left after taxes. It doesn't mean the average household owes $1.80 in cash for every dollar they earn. Rather, it means total household debt across Canada is now roughly 1.8 times the total after-tax household income.

A closely related measure is the debt service ratio, which tracks how much income goes toward principal and interest payments. That figure rose to 14.75% in the first quarter, up from 14.68%. Put another way, nearly one out of every seven dollars Canadians earn is now going toward debt payments before paying for groceries, housing, utilities — or building savings.

Take control of your money. You can't control inflation, interest rates or market swings — but you can control where your money goes. When every dollar has a job, money feels less stressful. Find the budgeting app that helps you take control of your finances. Compare Canada's Best Budgeting Apps

Why mortgage borrowing fell while total debt still rose

A slowdown in mortgage borrowing often signals consumers are becoming more cautious. But this quarter’s Statistics Canada data shows that while Canadians borrowed less for homes, they leaned more heavily on consumer credit.

That could mean a household that might once have used a low-interest home equity line of credit (HELOC) to pay for a $12,000 roof repair or renovation is instead carrying more of that expense on credit cards or unsecured lines of credit. It’s a much more expensive way to borrow, even if it's easier to access. This is simply an illustrative example, not a specific case from the data.

Are Canadians close to a breaking point?

Not necessarily, though it might feel like it for many. Household net worth actually rose 1.3% to $18.6 trillion, helped by stronger stock markets and higher real estate values. The debt-to-asset ratio, which is a measure of how much households owe relative to what they own, also improved slightly.

The more concerning trend is that Canadians are saving less while borrowing more. The household saving rate fell to 3.5%, its lowest level since early 2024, as spending continued to outpace income growth. It leaves households with a smaller financial cushion if interest rates rise, income falls or an unexpected expense pops up.

In other words, headline wealth numbers may still look healthy, but they're masking a growing dependence on consumer debt.

What to do now

These figures reflect the country as a whole, not your personal finances. But they do offer a useful reminder to check whether your own debt is becoming harder to manage, especially if more of it is sitting on high-interest credit cards or lines of credit.

A few practical steps can help:

• Calculate your own debt service ratio by dividing your monthly debt payments by your gross monthly income, then compare it with the national average of 14.75%.
• Focus any extra payments on non-mortgage debt, such as credit cards and lines of credit, since those balances are driving much of the recent increase.
• Rebuild your emergency savings before you take on new borrowing.
• Watch for Statistics Canada's next household balance sheet release on September 11 to see whether this trend continues or begins to reverse.

A record-high debt load combined with a shrinking saving rate is a reminder that things can change quickly when expensive consumer borrowing is doing more of the heavy lifting.

Make your cash work harder. You can't control inflation, rates or market swings — but you can control where your cash sits. Compare high-interest savings accounts to keep your money working for you. Find the right HISA account

For newcomers eyeing Canada's regional business immigration streams, the unfolding case is turning into a case study in what can go wrong — and who's ultimately accountable when it does.

Lee, a Hong Kong national seeking permanent residency in Canada, filed a statement of claim in May 2025 with the Yukon Supreme Court. He alleges Ozen and Tang misled him into investing $300,000 in a dry-cleaning business and paying $80,000 in related fees, all under the promise of immigration support.

The lawsuit, which also names Ozen's business, claims Lee was left financially devastated and no closer to securing permanent residency. He's seeking $471,070 in damages, plus other costs and a court order voiding his agreement under the Yukon Business Nominee Program.

Lee's case was the second lawsuit filed against Ozen in 2025. Months earlier, Wenbin Zhang filed a similar lawsuit, alleging he lost roughly $600,000 after a promised solar-energy investment fell through and Ozen steered him into a convenience-store venture with her husband instead.

Allegations suggest a pattern of exploitation

Jimmy Burg, a Vancouver-based lawyer representing both Lee and Zhang, suggested in a statement that the two cases may point to a troubling trend.

“These actions suggest a potential pattern,” Burg wrote in an email to CBC News. “Ms. Ozen may be using the [business nominee program to] cultivate relationships of trust with immigrants and induce them to invest their funds into her various family-controlled entities on the false promise of Canadian citizenship.”

Burg added that the plaintiffs allege a breach of fiduciary duty.

None of the allegations have been tested in court. Both defendants have since pushed back hard. Tang filed a statement of defence in June 2025 denying any wrongdoing, arguing he ran the dry-cleaning business responsibly and that Lee was actually the difficult partner — overpaying himself, making unilateral decisions and taking nearly three months of sick leave. Tang has countersued Lee for breach of trust and defamation — and Lee denies those claims.

Ozen filed her own statement of defence in August 2025, saying she provided services “to the standard expected” of a licensed immigration consultant and asking the court to dismiss the case. She also filed a defamation counterclaim against Lee, which he denies.

The dispute widens to the Yukon government

The fight has since spread beyond the original defendants. In January 2026, Zhang filed a second lawsuit — this time against the Yukon government — alleging officials mishandled his file and failed to flag obvious red flags in how Ozen handled his nomination, including that she'd quietly enlisted her own husband as Zhang's “Canadian business partner” without disclosing the relationship. Zhang's statement of claim puts his losses at roughly $556,843. He did not ultimately qualify for permanent residency and now lives in Montreal.

The Yukon government filed its own statement of defence in February 2026, denying negligence. It argues that because Zhang had formally designated Ozen as his representative, officials were required to communicate through her rather than directly with him, and that Zhang never flagged concerns about her conduct before it was too late. The government has asked the Yukon Supreme Court to dismiss the case; as of this writing, no ruling had been issued.

Take control of your money. Whether you are saving for a home or an emergency fund, our guide helps you find high-interest savings accounts with the highest interest rates and low or no fees. Get your money working for you using a HISA. Plus, newcomers to Canada may qualify for National Bank’s offer, which includes a bank account with no fixed monthly fees for up to three years. Explore the offer and see if you are eligible

Business failure and personal loss

Lee's statement of claim details a cascade of problems following his investment. The business, Enviro Clean, launched in June 2022 with Tang as a partner — a connection Lee says he was not told was familial. Tang allegedly mismanaged the business, told customers the equipment was broken when it was functional and physically assaulted Lee during a dispute over workload distribution.

By January 2025, Ozen had withdrawn as Lee's immigration representative, and Tang had reportedly abandoned the business. The lawsuit claims Lee was left with irreparable damage to his financial standing and immigration prospects. Both men have since asked the court to dissolve the business altogether.

Understanding and avoiding immigration scams

For newcomers like Franklin Lee, the dream of building a new life in Canada can quickly turn into a financial and emotional nightmare when trust is misplaced. His story — and Zhang's — are a sobering reminder of the importance of due diligence when navigating the immigration process, especially when personal savings, family futures and legal status are on the line.

Canada's Yukon Business Nominee Program is one of several regional immigration streams designed to attract entrepreneurs from abroad. It allows foreign nationals to apply for a two-year work permit to start or buy a business in the Yukon. If program conditions are met, including hitting certain business milestones, the applicant may then be nominated for permanent residency. The program remains active.

But while the pathway offers promise, it also requires caution. Complex programs like this can be difficult to understand, and unfortunately, they can become a target for bad actors who take advantage of hopeful immigrants.

To safeguard yourself and your loved ones, here are key steps you should take before engaging with any immigration consultant or business proposal:

• Verify your consultant's credentials. Only licensed consultants are authorized to represent you. Check their status on the College of Immigration and Citizenship Consultants (CICC) public register. If they're not listed, walk away.
• Get independent legal advice. Before transferring money or signing any documents, consult an immigration or business lawyer who is not affiliated with the consultant. This small step can prevent enormous loss.
• Beware of vague promises. Avoid anyone who guarantees residency or fast-tracks your application for a fee. No one can promise you a visa.
• Never sign blank documents. You have a right to understand everything you're submitting. If someone refuses to explain, pressures you to sign quickly, or asks you to leave sections blank “for them to fill in later,” that's a major red flag.
• Keep written records. Save all correspondence, receipts and contracts. If something goes wrong, this documentation will be essential in any legal proceedings.

While immigration is often a leap of faith, it shouldn't be a blind one. Being informed, cautious and empowered with the right tools can make the difference between a dream fulfilled and a devastating financial loss.

If you believe you've been scammed or misled, report the incident to the Canadian Anti-Fraud Centre or contact your local police. You can also file a complaint with the CICC and seek legal assistance as soon as possible. No one should have to fight for their future alone.

Two lawsuits, three statements of defence and now a claim against the Yukon government itself show how messy — and how consequential — these disputes can get once immigration dreams and business investments become tangled together. None of the allegations on either side have been proven. What's clear is that newcomers considering a regional business nominee program should verify each representative independently, seek their own legal advice before signing anything, and keep all documents along the way.

A new survey from Mortgage Professionals Canada (MPC) suggests Canadians are increasingly looking for help navigating those decisions. The industry association found 38% of Canadians used a mortgage broker for their most recent mortgage, rising to 48% among recent first-time buyers. While securing the best rate remains the top reason borrowers work with a broker, many also say they’re looking for advice, multiple lender quotes and help understanding their options.

“Canadians are facing more complex mortgage decisions than they were a few years ago, from rate selection to lender choice to long-term affordability,” said Lauren van den Berg, president and CEO of Mortgage Professionals Canada, in a statement.

It’s about more than getting the lowest rate

The survey suggests Canadians are taking a broader approach to choosing a mortgage than they were just a few years ago.

Among respondents who used a mortgage broker, 54% said getting the best interest rate was their primary reason for doing so, though that’s down five percentage points from 2024.

At the same time, one-third said they wanted multiple quotes to compare, 31% wanted help understanding their mortgage options and the buying process and 26% were looking for recommendations on which lender best fit their needs.

Those findings reflect a mortgage market that’s become increasingly nuanced. While interest rates remain one of the biggest factors in any borrowing decision, they’re only part of the equation.

Borrowers also need to consider features such as prepayment privileges, penalties for breaking a mortgage early, portability if they move, amortization periods and the differences between banks, credit unions and other lenders.

The backdrop has also changed significantly over the past few years. After raising interest rates aggressively to combat inflation, the Bank of Canada has since lowered its benchmark policy rate to 2.75%, but many homeowners are still renewing mortgages at rates well above what they locked in several years ago.

That has kept affordability front of mind for many households while making mortgage decisions feel higher stakes than they once did.

Skip the bank-hopping. Shop rates and terms using online mortgage tools. For instance, Homewise lets you compare rates from 30+ lenders with one simple application — getting you the best rate in minutes. Get personalized mortgage options from Homewise.

First-time buyers are looking for help

It’s perhaps no surprise that first-time buyers are driving much of the shift.

Among recent first-time homebuyers, 40% said they used a broker to better understand their mortgage options and the buying process, up 14 percentage points from 2024. More said they were looking for recommendations on which lender to choose and better customer service throughout the process.

“First-time buyers are often making the largest financial decision of their lives while comparing unfamiliar products, lenders and qualification requirements,” said Maxime Stencer, chair of Mortgage Professionals Canada.

“The data points to a clear shift: borrowers still want a competitive rate, but they also value the advice brokers provide in finding the right mortgage for their circumstances and managing their debt over the longer term.”

The survey also found there may be room to improve awareness of the tools available to help Canadians save for a home.

Among non-homeowners, 53% said they were aware of the First Home Savings Account (FHSA), 55% knew they could use a Tax-Free Savings Account (TFSA) to save for a down payment and 43% were aware of the Home Buyers’ Plan. One in five said they weren’t familiar with any of the three programs.

That matters because saving for a down payment remains one of the biggest hurdles to homeownership. According to the Canada Mortgage and Housing Corporation’s 2026 Mortgage Consumer Survey, recent buyers took an average of 4.4 years to save for a down payment, underscoring why making the most of available savings programs can make a meaningful difference.

Whether Canadians ultimately choose a mortgage broker, work directly with their bank or explore other lending options, the survey points to a broader trend: borrowers aren’t simply chasing the lowest advertised rate anymore. They’re taking a closer look at the features, flexibility and long-term costs that can have just as much impact over the life of a mortgage.

By age 71, that RRSP must convert to a Registered Retirement Income Fund (RRIF). Mandatory withdrawals begin the next year and rise every year after that, regardless of whether they need the money or not. Layer in CPP, OAS and investment income, and suddenly their “comfortable” retirement starts pushing into tax brackets higher than anything they paid while working.

The unsettling part is not that the system is broken: It’s that it’s working exactly as designed. But there is a lesser-known window in early retirement where you can change the outcome. It’s called the RRSP meltdown strategy, and understanding it could mean the difference between a controlled tax bill and a forced one.

Let’s talk about how the strategy works and how to decide whether acting before 71 could materially reduce your lifetime tax bill.

What is the RRSP meltdown strategy?

The RRSP meltdown strategy is a plan that deliberately withdraws money from your RRSP before you turn 71. Ideally, during these years, you will have a lower income, which will bump you down to a lower tax bracket.

This strategy works by intentionally drawing down your RRSP in a controlled manner ahead of converting it into your RRIF at the age of 71. Once your account is converted to an RRIF, you’ll need to undertake annual withdrawals, which will count as income each year. If these withdrawals are significant, they can raise your tax bracket and end up costing you over the long-run. The RRSP meltdown strategy is an attempt to control your lifetime tax bill, while you have the flexibility early in your retirement.

When we refer to the conversion to the RRIF, we are referring to a regulation enforced by the CRA. By December 31 of the year you turn 71, the RRSP must be converted to a RRIF account.

Starting the following year, the CRA requires minimum withdrawals from the RRIF based on your age. At age 71, you will be required to withdraw 5.28% of your RRIF, and that increases steadily over time. By age 95, you will need to be withdrawing about 20% each year.

For a $600,000 RRIF, that’s $31,680 in mandatory withdrawals at age 72 and $120,000 by age 95. These withdrawals need to be done, whether you need the money or not.

This results in a phenomenon that financial planners refer to as income stacking. Although retirees don’t receive their employment salary or wage, they will receive the CPP (about $10,560 annually for most Canadians) and the Old Age Security or OAS (about $8,968 annually). Combined with RRIF withdrawals, it’s easy to see why some retirees can end up in the same tax bracket they were in while they were working.

If your income is higher than normal, it can even trigger the OAS clawback. In 2026, the OAS clawback begins to be reduced once your annual net income exceeds $95,323. For every dollar above that threshold, 15 cents of OAS is recovered, which can quickly add a 15% surtax on top of your regular income tax.

It needs to be noted that the RRSP meltdown is not about emptying your account aggressively. We’ll show how the meltdown strategy can be carried out without using leverage products, but by focusing on structured withdrawals in a tax-efficient manner.

Whether you’re a beginner or a pro, find the best trading platform for you*.* The best Canadian brokerage offers the tools you need to grow your wealth. To get started — and earn 2% or more on every dollar you save — open a no-fee RRSP high-interest savings account with EQ Bank. Start building your RRSP today with EQ Bank.

Why waiting until 71 can be a costly mistake

To understand the impact, compare two retirees who both start with a $500,000 RRSP at age 65 in Ontario.

John does nothing until age 71:

John leaves his RRSP untouched throughout his working life and the early part of retirement. Assuming a 5% annual return, his account would grow to roughly $700,000 by age 71. At this point, when the RRIF minimum withdrawals begin, John withdraws over $36,000 annually, and will grow with each passing year.

Combined with his OAS and CPP, John’s income hits the OAS clawback threshold, and a portion of his income is now taxed at 40% or more. What felt like deferred savings becomes concentrated taxable income later in life.

Linda begins a controlled meltdown at age 65:

Linda takes a different approach to her retirement income. From the age of 65, she begins to withdraw about $30,000 to $40,000 each year from her RRSP, while her total income stays in the lower provincial tax bracket in Ontario (roughly 29%). After-tax proceeds from her withdrawals are redirected to her TFSA account, where any continued growth in the future will be tax-free.

By the time Linda turns 71, her RRSP is significantly reduced due to her withdrawals. This also means that her future RRIF withdrawals will be lower, and she likely will not get hit by the OAS clawback like John was. Her redirected funds have also been growing since age 65 in her TFSA, completely tax-free.

Over time, the difference in strategies will be substantial. Although this depends on factors like annual returns, tax rates, and withdrawal discipline, the lifetime savings for the structured RRSP meltdown strategy can be anywhere from $80,000 to $150,000 for a $500,000 starting balance.

Another factor is what happens to your RRIF at the end of life. It’s not something most people want to discuss, but there’s a strong argument to move money away from your RRIF to make it easier for your loved ones to claim. Any remaining balance in your RRIF is treated as income on your final tax return. If the balance is substantial, it can result in more than half the RRIF balance being lost to taxes in a single year.

Who should consider a meltdown strategy — and who should not?

You are the ideal candidate for the RRSP meltdown strategy if:

• You have an RRSP balance of roughly $300,000 or more and are currently in your early to mid-60s, preparing for retirement.
• You are already retired or on a reduced work income, which puts you in a temporarily lower tax bracket before you start collecting CPP, OAS and RRIF withdrawals,
• The strategy is also ideal for couples, especially when pension income splitting is an option. Up to 50% of eligible RRIF income can be allocated to the spouse earning a lower income (must use Form T1032), which can significantly reduce a household’s tax liability for the year.

The RRSP meltdown strategy is not for you if:

• You have a modest RRSP balance of $100,000 or lower. Tax savings would be modest relative to the complexity of the withdrawal structure.
• You are already in a higher tax bracket in early retirement.
• You have significant health concerns or a shorter life expectancy. Delaying your income would be less relevant than maximizing your current cash flow to improve your quality of life.

How does the RRSP meltdown work in practice?

In practice, the RRSP meltdown strategy is all about timing your withdrawals and avoiding higher tax brackets. It’s key to target the years between retirement and age 71 to utilize the lowest tax brackets. During those years, withdrawing from your RRSP and redirecting those funds to accounts like a TFSA will help prevent you from unintentionally spilling over into higher tax brackets.

Let’s use Ontario as an example. The combined federal and provincial tax rates remain at just under 30% on taxable income up to $50,000. If a retiree already receives $25,000 from government benefits, they have room to withdraw another $25,000 from their RRSP while staying in the lower tax bracket.

One thing that we haven’t touched upon yet is the withholding tax rules. The CRA requires financial institutions to withhold 10% on any amount up to $5,000, 20% for amounts between $5,001 and $15,000, and 30% on amounts over $15,000. This isn’t an additional tax on your RRSP withdrawals, but rather a prepayment toward your eventual tax bill when you file your tax return. Don’t worry, though: If the institution withholds too much, you’ll get a refund. But if they don’t withhold enough, you’ll need to pay the difference come tax season.

One of the most powerful parts of the RRSP meltdown strategy is the RRSP-to-TFSA pipeline. Any after-tax RRSP withdrawals can and should be contributed to your TFSA, as long as you have contribution room. This one strategic move will do wonders in improving your long-term retirement efficiency.

Finally, the RRSP meltdown strategy can provide a comfortable bridge if you choose to delay your government benefits. Delaying your CPP until age 70 increases your monthly payments by 42%, while OAS payments will increase by 36% if delayed until 70. Filling that gap between retirement and age 70 can be aided by controlled RRSP withdrawals.

Your meltdown checklist — 5 steps to get started

Step 1: Know your numbers

Always have a snapshot of your RRSP balance, your estimated CPP and OAS income and current marginal tax rate. This becomes your baseline for a strong retirement plan.

Step 2: Map your low-income window

Identify the years between retirement and age 71 where your income is lowest. This is your opportunity to plan for converting your RRSP to an RRIF and prepare for any delayed government benefit payments.

Step 3: Set a withdrawal target

Estimate how much you can withdraw annually without pushing into a higher tax bracket. In many cases, the sweet spot is a total annual income between $50,000 and $100,000, though it depends on the province. In most provinces, this means filling the tax bracket to the 29% to 33% threshold.

Step 4: Use the TFSA pipeline

This is probably the most important part of a successful RRSP meltdown. The TFSA needs to be utilized by everyone, not just retirees. In retirement, the tax-free gains and transfers from your RRSP and eventual RRIF withdrawals could save you a small fortune.

Step 5: Revisit annually

Tax brackets, investment returns and government benefits can all change. Review your plan each year before making withdrawals to get the most up-to-date picture of your retirement finances.

FAQs

What is the RRSP meltdown strategy in Canada?

It is a retirement tax strategy that involves withdrawing money from your RRSP before age 71 to reduce future mandatory RRIF withdrawals. The goal is to pay tax at lower rates earlier rather than at higher forced rates later in retirement.

When should I start melting down my RRSP?

Most retirees consider starting between retirement and age 71, when income is typically lower. The earlier years often provide the most tax flexibility.

How much can I withdraw from my RRSP before paying a lot of tax?

It depends on your total income and tax bracket. Many Canadians aim to keep withdrawals within a moderate bracket, often staying under roughly $50,000 to $100,000 in total annual income.

Does RRSP withdrawal count toward OAS clawback?

Yes. RRSP and RRIF withdrawals are included in net income. Once income exceeds the threshold of $95,323 in 2026, OAS is reduced by 15 cents for every dollar above that limit.

Should I convert my RRSP to a RRIF early?

At age 65, partial conversion can be useful because it unlocks the pension income tax credit and may improve income planning flexibility. Full conversion is still required by age 71.

Is the RRSP meltdown strategy right for everyone?

No. It is most effective for larger RRSP balances and retirees in lower early-retirement tax brackets. Those with smaller savings or already high income may see limited benefit, especially for the effort required to time the strategy correctly.

That's what happened to Ryan Walker, an independent luxury hotel reviewer who runs the YouTube channel The Walker Index. In a video uploaded about the experience, he bluntly states: “I just had one of the most disappointing and embarrassing hotel experiences you could possibly have.”

This video — documenting the ordeal at the newly opened Amanvari resort in Baja California Sur — has drawn hundreds of thousands of views, and it's reignited a question that matters well beyond the hospitality industry: What happens when you, the paying guest, have zero leverage over a resort thousands of kilometres from home?

For the many Canadians who treat Los Cabos and the surrounding Baja California Sur coast as a winter home away from home, Walker’s ordeal is a reminder that even a fully paid, five-figure reservation can unravel in an instant — and that the assumed protection you have may not exist once you land.

What happened to Ryan Walker at the Amanvari gate?

Amanvari, the Aman hotel group's first Mexico property, opened August 1 with nightly rates approaching US$6,000, according to Ben Schlappig, a writer for OneMileAtATime.com. Walker had booked weeks in advance and had a string of email correspondence with the hotel, including details about coordinating with resort personnel in order to film his review.

When he arrived at the gate, staff first confirmed his identity before denying him entrance. Their reason? “We don't have your reservation on the system.”

Confused and irritated, Walker quickly rebutted: "How did you know who I was then?" Within minutes, resort staff escalated their demand for Walker and his driver — who had spent more than two hours driving to the private hotel — to leave the property. Before the car could complete a U-turn, hotel staff were on the phone to the police.

And it was all caught on camera.

Why this matters

At the heart of the refusal was the hotel staff’s insistence that there was no reservation. As a result, Walker and his driver had to vacate immediately.

Turns out, Walker did have an email from Amanvari management — it had been sent very late the night before (less than 24 hours before he was due to check in). In this cancellation email, hotel management explained that Amanvari was still working out their system and had to reduce the quantity and frequency of arrivals while they settled into full operation.

Walker says he never saw the message before setting out on the 2-hour drive from San José del Cabo. Even worse, Walker found the resort's website was still accepting bookings for the same nights that he had booked — and at full price. As Walker points out in his video, if the property was in the process of a soft-launch, why didn’t the resort honour the tradition of reducing rates to help initial guests absorb inconveniences?

Why this matters beyond one bad review

Walker's core argument is about accountability.

“Independent reviewers protect the customer,” he states in his video. “If you silence independent reviews and cancel the reservations before [a person] actually checks in, what happens is now the narrative is fully controlled by the corporation.”

As Walker explains, this approach prompts concerns regarding broader consumer-protection issues.

To be clear: Walker did not misrepresent himself or his intentions; he did not request special treatment or access, nor did he become impolite or emotional during the confrontation and the abrupt actions from Amanvari employees.

"To not even have the human decency to come out and have a conversation with me directly... that to me is not just poor business. That to me is a lack of empathy, a lack of human acknowledgement."

Walker is clear: while hotels sometimes overbook or mismanage capacity during a launch or a promotion — that alone is forgivable — what separates a hiccup from a crisis is how a business treats the person that is impacted.

As of early August, Aman has not issued a public response to the incident.

Why this situation matters to you

Baja California Sur — anchored by Cabo San Lucas and the resort corridor Amanvari now calls home — is one of the most popular winter escapes for Canadians and for wintering snowbirds; it’s also one of the fastest-growing destinations for Canadian travellers chasing sun between November and April.

That popularity is exactly why situations like this are key to helping you protect your vacation or snowbird retreat.

In general, newly opened properties — even five-star luxury resorts — carry more operational risk than an established one. There are reservation-system errors, understaffed front desks and inexperienced local management — all of which can result in a less-than-relaxing getaway for you and your loved ones.

What’s worse is that once you are off of Canadian soil, you have far less leverage. There's no simple walk to a manager's office when the manager won't come out, and no local consumer-protection agency to call from the side of the highway.

What to do before you book

You can't control how a resort handles its opening week — or whether it treats customer complaints and feedback appropriately; however, you can control how exposed you are if it goes wrong.

Get it in writing. Get your confirmation number and cancellation policy in writing, and keep every email — Walker's own proof came from screenshots of his confirmation and the cancellation notice.

Pay with a credit card that has insurance coverage. Pay for high-value bookings with a credit card that includes trip cancellation or trip interruption insurance — many premium Canadian cards, including Visa Infinite and Amex Platinum tiers, bundle this coverage automatically.

Know your chargeback rights. If a hotel takes payment and fails to provide the service, Canadian credit card issuers generally allow you to dispute the charge as services not rendered.

Buy standalone travel insurance for any non-refundable, high-value trip, and confirm it covers cancellation by the supplier, not just by you.

And if you are booking at a resort or hotel that is opening the week you arrive, be sure to pack your patience. Expect possible delays, service gaps or cancellations, and book accordingly.

None of this guarantees a smooth trip. But it's the difference between a frustrating detour and a financial write-off.

As for the Amanvari, the Aman hotel group's first Mexico property, Walker’s feedback is simple: "I cannot recommend staying at this property whatsoever."

He shared his theory in a video post the same week Canadians got an immediate reminder of how fractured North American trade already is. On July 20, President Donald Trump signed three proclamations under Section 338 of the Tariff Act of 1930, imposing a new 50% tariff on billions of dollars worth of Canadian exports, including many alcohol, dairy and manufactured products. The new duties take effect August 19, 30 days after they were announced.

O’Leary’s point wasn't that trade tensions will disappear overnight. Rather, he believes broader geopolitical interests will eventually outweigh the current disagreements.

Details of the proposed tariff

The three new proclamations single out sectors such as alcohol and dairy, which the White House says Canada treats unfairly compared with other trading partners. Reported goods facing the new 50% duty include wine, beer and cheese, layered on top of existing tariffs already in place on steel, aluminum and automobiles. Energy, potash, critical minerals and fish are excluded.

The White House also cited Canada's retaliatory tariffs as part of its justification, pointing to a US$5.6 billion, or 22%, decline in U.S. vehicle exports to Canada over the past year. Ottawa introduced those counter-tariffs to pressure Washington, but they’ve become part of the argument for imposing additional tariffs on Canadian exports.

Take control of your money. You can't control inflation, interest rates or market swings — but you can control where your money goes. When every dollar has a job, money feels less stressful. Find the budgeting app that helps you take control of your finances. Compare Canada's Best Budgeting Apps

Why the new tariffs are the bigger issue for Canadians

Canada and the US never renewed the Canada-United States-Mexico Agreement (CUSMA), and there’s a chance the two sides could be negotiating a replacement well into the next decade.

In a recent report on monetary policy, the Bank of Canada has flagged trade uncertainty as one of the biggest risks to its inflation outlook, alongside the Iran war. Headline inflation reached 2.8% in June, driven mostly by gasoline prices, though inflation excluding gas remains stable at 2.2%. The bank held its policy rate at 2.25% in July, citing an economy that seems to be gaining traction, but macroeconomic risks still persist.

Research from the Bank of Canada into an earlier round of tariffs found that roughly one-quarter of a 25% tariff was eventually passed on to consumers, temporarily adding about 0.3 percentage points to inflation before fading once the tariffs were removed.

This situation is different. Those earlier measures involved Canada's retaliatory tariffs on American imports. The proposed 50% tariff applies to Canadian goods entering the U.S., making the immediate risk less about higher prices for Canadian shoppers and more about reduced demand for Canadian exports, slower business investment and pressure on jobs in industries such as manufacturing, dairy and alcoholic beverages.

What to do now

Trade policy can change quickly, but household financial plans shouldn't depend on predicting political outcomes. If your income or investments are tied to industries caught in the middle of the dispute, now is a good time to review your financial cushion rather than wait for the tariffs to take effect.

Consider these steps:

• If your household income depends on one of the affected sectors, build or strengthen your emergency fund before the potential August 19 implementation date.
• If you're renewing a mortgage this year, keep an eye on Bank of Canada rate decisions, which have become increasingly influenced by trade uncertainty and energy prices.
• Avoid making major financial decisions based on any single political prediction, including O'Leary's. Planning for continued uncertainty is generally a safer strategy than assuming a quick resolution.

O'Leary may be right that Canada, the United States and Mexico remain stronger together than apart and will ultimately figure things out. But for workers and businesses facing new tariffs, the next few weeks are more critical than the next decade.

Macklem’s comments should concern Canadians with a variable-rate mortgage, home equity line of credit (HELOC) or any other debt tied to the prime rate. Here’s what he said, why it matters and what Canadians should be watching over the coming months.

What Macklem actually said

Speaking after the release of the Bank of Canada’s July Monetary Policy Report, Macklem said higher costs linked to the conflict in the Middle East are still working their way through parts of the economy. So far, the Bank has largely looked through the direct impact of higher gasoline prices when assessing inflation. But Macklem cautioned that if elevated oil prices persist, they could begin pushing up the prices of a much wider range of goods and services.

Macklem wasn’t forecasting another rate increase; he was explaining the circumstances that could make one necessary. For now, the Bank has held its policy rate steady for six consecutive announcements while continuing to monitor incoming economic data.

Why the Iran war is a risk to inflation

Canada’s headline inflation rate climbed to 3.2% in May, its highest level in more than two years, before easing to 2.8% in June as gasoline prices moderated.

Statistics Canada attributes much of that swing to fuel costs. Gasoline prices were up 33.2% compared with a year earlier in May before slowing to a 20.5% annual increase the next month. If you remove gasoline from the equation, inflation remained close to the Bank’s 2% target throughout both months.

In its July Monetary Policy Report, the Bank identified the conflict in the Middle East and Canada’s trade relationship with the United States as the two biggest risks to inflation. While it still expects inflation to ease to roughly 2.5% during the second half of 2026 and return to its 2% target by early 2027, that outlook assumes oil prices don’t remain elevated for an extended period.

What another hike could mean for your mortgage

Variable-rate mortgages, HELOCs and other loans tied to the prime rate generally move in lockstep with the Bank of Canada’s overnight rate. When the Bank raises its benchmark rate, lenders typically increase their prime rates by the same amount, raising borrowing costs almost immediately.

For example, a 0.25 percentage-point increase on a $400,000 variable-rate mortgage amortized over 25 years would raise monthly payments by roughly $55. On a $600,000 mortgage, the same increase would add about $81 per month. These examples are for illustration only and aren’t a prediction of what any lender will charge.

Fixed-rate mortgages work differently. Their pricing is driven primarily by Government of Canada bond yields rather than the Bank’s overnight rate. Because bond markets have already been pricing in trade uncertainty and geopolitical risks, Canadians renewing a fixed-rate mortgage this year may be feeling the effects.

Skip the bank-hopping. Shop rates and terms using online mortgage tools. For instance, Homewise lets you compare rates from 30+ lenders with one simple application — getting you the best rate in minutes. Get personalized mortgage options from Homewise.

What to do now

Interest rate increases don’t affect all Canadians equally. However, if you have a variable-rate mortgage, a HELOC or a mortgage renewal coming up within the next year, now is a good time to understand how another quarter-point increase could affect your finances. If you’re a retiree living on a fixed income, a newcomer to Canada or a first-time homebuyer, you may also feel the impact through higher borrowing costs or rising prices for essentials such as gasoline and groceries.

A few practical steps can help you prepare:

• Check whether your mortgage or HELOC is tied to the prime rate. If it is, ask your lender how much a 0.25 percentage-point increase would add to your monthly payment.
• If you’re renewing your mortgage within the next 12 months, compare today’s fixed- and variable-rate options instead of waiting until your renewal date.
• Build a little extra room into your monthly budget for gasoline and grocery costs, which remain the biggest drivers of inflation.
• Watch for the Bank of Canada’s next interest rate announcement on September 2.

The Bank’s next decision is still weeks away, and Macklem was careful to frame another rate hike as a possibility rather than a prediction. But if higher energy prices begin pushing up the cost of everyday goods and services, the Bank has made it clear it’s prepared to act.

In an interview with CBC News, WRPS Const. Chris Iden revealed that the men would approach their victims using “high-pressure, urgent fear tactics,” offering services that the so-called contractors had no intention of completing.

Even more concerning was that one of the scammers was posing as a police officer to carry out their ploys.

“As an officer, we are a service that people rely to trust on. And so, when somebody is taking on that identity and providing false promises that’s concerning because of the fact that people are more open to be trustworthy towards officers,” Iden told the news outlet.

In a press release, WRPS indicated that these home renovation scams can be connected to a greater ring of criminal activity throughout the nation.

“Investigators have observed that renovation fraud schemes of this nature are often linked to organized criminal networks that operate across multiple jurisdictions in Canada. In some cases, individuals connected to these networks travel from outside the country and move between communities targeting homeowners, particularly seniors,” the release stated.

Service fraud a continuing concern for the elderly in Canada

Unfortunately, fraud operations like this home renovation scam — known as service scams — aren’t new.

The latest data from the Canadian Anti Fraud Centre (CAFC) shows that service fraud is the third most commonly reported scam in Canada, and claimed $19.5 million from Canadians in 2025. This is down slightly from 2024’s numbers, when service fraud took just over $20 million from Canadians. The average dollar loss per victimization in 2024 for service scams was $5,211 — in 2025, the figure rose over 50% to nearly $8,000.

And CAFC notes that service fraud is largely targeted against seniors based on a number of factors. For one, this demographic is more likely to be at home during the day to answer the door. Isolated seniors in particular may be more susceptible to urgent or fear-based sales tactics since they don’t have a nearby family member or trusted friend to get a second opinion from.

While the tactics vary slightly by region, fraud investigators note a consistent pattern: scammers rely on a homeowner's fear of costly damage, request payment before any work begins and disappear once funds are transferred. Some operate under fake business names or shift locations between provinces to avoid detection.

So how exactly can seniors, and their loved ones, spot these service scams before it’s too late?

Build your emergency fund. An emergency fund only helps if you can access it when life happens. A high-interest savings account can help you earn more on cash while keeping your money within reach. With a no-fee EQ Bank, your money is 100% accessible but still earning a high savings rate. Build your emergency fund using a high-interest EQ Bank account

Signs of a service scam

A stranger showing up at your door and pointing out a problem with your roof, driveway or eavestroughs can be enough to make any homeowner panic. But before you agree to a repair, take a step back. These tips can help you spot a questionable contractor before you hand over your hard-earned cash.

• Watch for excessive urgency. Be wary if a contractor claims the work needs to be done immediately or offers a “today-only” discount. A legitimate contractor should give you time to consider your options rather than pressure you into signing a contract on the spot.
• Get multiple opinions. If someone tells you your roof is falling apart or your driveway needs an expensive repair, don’t take their word for it. Get quotes from multiple established contractors so you can compare both the diagnosis and the price.
• Do your homework before hiring. Look up the company, check its online presence and search for reviews or complaints with the Better Business Bureau. You can also ask friends, family or neighbours if they’ve used the contractor. Never rely on just a company’s website alone.
• Be cautious about upfront payments. Asking for full payment before work begins should be a red flag, particularly if the contractor showed up unexpectedly at your door. It’s typical for contractors to request 10% or 20% of the total bill before starting the project, but not the full amount.

How to protect your elderly loved ones from a service scam

Elder Abuse Prevention Ontario (EAPO), a provincial organization focused on protecting Ontario seniors from abuse of all kinds, suggests a number of steps loved ones can take to help ensure their family members aren’t financially taken advantage of.

• Stay in touch. Contact lines should be kept open with aging family members. Allow conversations about money to be normal, honest and free of judgment. Additional communication can also help the senior to be less lonely and less susceptible to emotionally manipulating scams.
• Talk about scams openly. The object is to inform the family member of what fraudulent tactics they could face, not induce anxiety in them.
• Help them put safeguards into place. Set up account alerts or require an additional signature from another family member for large withdrawals.

Cashew polled 783 millennial shoppers across Canada and the United States for a report it titled Data Drop: Grocery Chess: How Millennials Mastered Shopping. The findings suggest this generation isn’t relying on any single fix — it’s stacking several budgeting habits at once.

“This is a generation under pressure that has moved quickly into solutions mode,” Cashew Research CEO Addy Graves said in a statement tied to the release.

Grocery runs are turning into budget math

For a growing share of millennials, a trip to the grocery store has stopped being just an errand — it’s become part of an ongoing household calculation.

Survey respondents described combining tactics rather than picking just one: splitting a shopping list across two or three stores, stacking loyalty points with coupons, watching sale-tracking apps, and planning meals to cut down on impulse buys.

Cashew also found that 59% of millennials openly mix “splurging and saving” in the same cart — treating themselves on a handful of items while trimming costs elsewhere in that same trip.

That blend of indulgence and discipline tracks with a broader pattern: food costs have stayed elevated even as overall inflation has cooled from its recent peak.

Stop leaving rewards on the table. Compare Canada's top credit cards to see how much you could be earning on your everyday spending.

Social media is shaping grocery carts, too

Cost isn’t the only force steering what ends up in a millennial shopping cart.

Seventy-eight percent of the millennials Cashew surveyed said they’d bought a food product specifically because they saw it on social media — a sign that platforms like TikTok and Instagram are still shaping grocery trends even as households watch their spending more closely.

Put another way, saving money and trying something new aren’t mutually exclusive for this group. Plenty of respondents are cooking at home to cut costs while still experimenting with recipes or products they discovered while scrolling.

Millennials are finding new ways to stretch grocery budgets

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

Recent inflation data from Statistics Canada shows grocery prices were still rising 3.9% year over year in June — the 17th consecutive month that grocery price growth has outpaced Canada’s overall Consumer Price Index (CPI), which rose 2.8% over the same period. The pace has eased slightly, down from a 4.3% year-over-year increase in May.

For many households, cooking at home more frequently has become one of the clearest ways to offset those higher costs. But rather than abandoning spending altogether, the Cashew survey illustrates how many Millennials are adapting by becoming more selective, research-driven and intentional about where their grocery dollars go.

For Canadian households feeling the squeeze, the survey suggests the most effective response isn’t necessarily buying less — it’s shopping smarter. Comparing flyers before heading out, batching trips across stores that reward loyalty, and building a week of meals around what’s actually on sale can meaningfully cut a grocery bill without giving up the occasional treat. Small, layered changes — not one big cutback — appear to be what’s actually moving the needle for the millennials Cashew surveyed.

A new EQ Bank survey found that 69% of homeowners aged 45 and older have reduced their spending because they’re worried about retirement affordability, while 53% say recent economic uncertainty has negatively affected their retirement savings over the past year.

“Today more than ever, older Canadians are facing growing financial pressure as they approach retirement,” said Daniel Rethazy, executive vice-president of Personal Banking at EQ Bank, in a statement.

Retirement worries are changing spending habits

The EQ survey suggests retirement concerns are already influencing everyday spending decisions.

Among respondents, 39% said they’ve cut back on groceries, while the same share reported spending less on small treats and discretionary purchases. Others said they’ve reduced charitable donations (30%), hobbies and leisure activities (28%) and, perhaps most notably, necessary healthcare services such as dental care, vision care or physiotherapy (14%).

Those findings paint a picture of Canadians making difficult trade-offs well before retirement begins.

Take control of your money. You can't control inflation, interest rates or market swings — but you can control where your money goes. When every dollar has a job, money feels less stressful. Find the budgeting app that helps you take control of your finances. Compare Canada's Best Budgeting Apps

The ‘sandwich generation’ is feeling the strain

For many Canadians in their 40s and 50s, retirement planning isn’t happening in isolation.

The survey found 68% of homeowners aged 45 to 54 are financially supporting children, adult children, aging parents or other family members. Among them, 58% said those responsibilities have directly affected their ability to save for retirement or feel financially secure.

The findings underscore the growing pressure on the so-called “sandwich generation,” many of whom are trying to balance today’s financial obligations with tomorrow’s retirement goals.

“Historically, Canadians counted on a more predictable pathway to retirement, which has rapidly changed and left many searching for options to adjust their plans accordingly,” said Zamina Walji, vice president of decumulation businesses at EQ Bank, in a statement.

More homeowners are looking at their biggest asset differently

The survey also suggests many Canadians are beginning to think differently about the role their home could play in retirement.

More than half (56%) of respondents said much of their wealth is tied up in their home rather than available in cash or savings, while 31% said home equity either already is, or is expected to become, an important source of retirement income.

At the same time, 60% said they’d like a better understanding of the financial options available to them in retirement, suggesting many homeowners are still weighing how best to fund the next stage of their lives.

Walji said the traditional retirement model no longer reflects the reality facing many Canadians.

“As Canada’s retirement income gap grows, reverse mortgages are emerging as a powerful, underused solution to unlock housing wealth and help older Canadians age in place,” she said.

While reverse mortgages are one option, homeowners may also consider strategies such as downsizing or accessing equity through a home equity line of credit (HELOC), depending on their financial circumstances.

Regardless of the approach they choose, the survey points to a common theme: for many Canadians preparing for retirement, the focus is shifting from simply building savings to finding practical ways to make those savings, and their other assets, last.

According to the CRA, interest income earned outside a tax-sheltered account, such as a TFSA or Registered Retirement Savings Plan (RRSP), is taxed as regular income, just like wages from a job. If you’re in a high tax bracket, you could be giving up close to half of the interest you earn over the course of a year. It’s a cost many Canadians don't fully appreciate until tax season arrives and those tax slips show up.

With 2026 well underway and new TFSA contribution room now available, it's a good time to take another look at where your savings are sitting.

How savings interest is actually taxed in Canada

When you earn interest on a savings account, GIC or bond held outside a registered account, it must be reported as income and is taxed at your marginal tax rate, or the tax rate that applies to your last dollar of income.

Unlike capital gains, where only half the gain is taxable, or eligible dividends, which receive preferential tax treatment through the dividend tax credit, interest income gets no special break.

That means two people earning the same advertised interest rate can end up with very different returns after tax. Someone in a 20% tax bracket will keep more of their interest than someone paying tax at 40%.

The real after-tax difference between a TFSA and a non-registered HISA

Here’s an example. Suppose you have $10,000 in a HISA earning 4.00% interest. Over the course of a year, that account generates $400 in interest.

If the account is held outside a TFSA and you're in a 40% marginal tax bracket, roughly $160 of that interest will go to taxes, leaving you with about $240 after tax. Your effective return drops from 4.00% to about 2.40%.

Inside a TFSA, however, you keep the entire $400 because investment growth and withdrawals are tax-free under CRA rules. The difference grows as savings balances grow over time, instead of being reduced by annual taxes.

Whether you’re a beginner or a pro, find the best trading platform for you. The best Canadian brokerage offers the tools you need to grow your wealth. To get started — and earn 2% or more on every dollar you save — open a no-fee TFSA high-interest savings account with EQ Bank. Start building your TFSA today with EQ Bank.

How much unused TFSA room you likely still have

The annual TFSA contribution limit for 2026 is $7,000, marking the third consecutive year at that level. Canadians who were at least 18 years old in 2009, when the TFSA was introduced, and have never contributed now have $109,000 of cumulative contribution room available.

Many Canadians still haven't used all of that room. According to the most up-to-date CRA data, covering the 2024 tax year, roughly 1.7 million Canadians maximized their contributions that year — a small percentage of the more than 19 million TFSA account holders at the time.

Before you put your additional savings into a regular account, check your CRA My Account to see whether you still have unused TFSA contribution space available. Just keep in mind that the contribution room shown may not immediately reflect recent deposits or withdrawals.

What to do now

If you haven't reviewed your TFSA recently, now is a good opportunity. A few minutes spent checking your available contribution room could help you avoid paying unnecessary tax on future interest income.

Before opening another non-registered savings account, consider taking these steps:

• Log into CRA My Account to confirm your available TFSA contribution room.
• Remember that the contribution room displayed by the CRA may not yet reflect deposits made earlier this year.
• Direct new savings into a TFSA-held HISA or GIC before using a non-registered account.
• Compare TFSA-eligible HISAs and GICs offered by banks and self-directed investing platforms before you decide where to keep your savings.
• Review your available contribution room again after filing your tax return, since it updates each year.

For Canadians with unused TFSA room, one of the easiest ways to improve after-tax returns isn't finding a higher interest rate, but simply making sure your savings are in the right type of account. In many cases, that small change can mean keeping hundreds of dollars more of your interest every year, instead of handing it over in taxes.

For Canadians, the instinct might be to file this under American noise; however, it's certainly worth a second look. Many popular Canadian all-equity exchange-traded funds (ETFs), including Vanguard's VEQT and iShares' XEQT, hold roughly 40% to 45% of their portfolios in U.S. stocks. If Dalio is right about where U.S. valuations sit, a large share of a typical Canadian retirement account is riding on exactly the market he's worried about.

This isn't the first time Dalio has raised this alarm in 2026, and it likely won't be the last. But pairing the 1929 and 2000 comparison with a warning about U.S. federal debt gives Canadian investors a concrete reason to check something they may never have looked at closely: how American their portfolio actually is.

What Dalio's 1929 and 2000 comparison actually means

Dalio was careful to say markets are rising close to, not at, those historic extremes. He's tied the bubble warning to a second concern: U.S. government debt. The Congressional Budget Office (CBO), the U.S. legislature's nonpartisan fiscal watchdog, projects the federal deficit will reach US$1.9 trillion in fiscal 2026, with debt held by the public climbing from 101% of GDP this year to 120% in 2036 — a level that would exceed the post-Second World War record. Dalio's argument is that rising debt pushes up borrowing costs, which makes servicing that debt costlier, a cycle that can eventually force asset sales.

It's worth noting Dalio has floated versions of this warning repeatedly in the past, at times describing bubble conditions as “80%” or “halfway” toward historic extremes. That pattern doesn't make the June comments less noteworthy, but it's a reason to treat this as an ongoing narrative rather than a single, one-time signal.

Take control of your financial future. Every dollar you save on fees is a dollar that stays invested and working toward your future. Whether you're building a TFSA, growing your RRSP or investing in a non-registered account, the right brokerage can help you keep more of your returns. Find the ideal discount brokerage account

How exposed are Canadian all-equity ETFs to U.S. stocks?

Investors who use one-ticket asset-allocation ETFs often assume they already have global diversification. In practice, U.S. markets still dominate the mix.

XEQT, iShares' all-equity portfolio, targets fixed weights of roughly 45% U.S. equities, 25% Canadian, 25% developed international markets and 5% emerging markets. VEQT, Vanguard's equivalent, sets a flat 30% Canadian weight, then divides the remaining 70% by global market capitalization — currently landing its U.S. allocation in a similar 40% to 44% range. VGRO, a growth-oriented option that blends 80% equities with 20% bonds, carries a smaller absolute U.S. weight simply because part of the portfolio isn't in stocks at all.

None of this means these funds are poorly built — they're diversified by design and rebalance automatically. But “diversified” and “not concentrated in U.S. stocks” are two different things, and Dalio's warning is really about the second one.

Diversification moves Canadian investors can consider now

A single macroeconomic warning, even from a well-known investor, isn't a reason to sell a diversified portfolio or try to time the market. Dalio's own commentary has generally leaned toward staying diversified rather than exiting stocks entirely.

For Canadians who want to act on this without overreacting, here are a few starting points:

• Check your specific fund's current regional breakdown directly on the provider's site, since these weights drift with markets and shouldn't be assumed from memory
• Weigh that U.S. exposure against how much of your net worth is already tied to Canadian real estate or Canadian-dollar income
• Consider whether more international or Canadian equities, or a bond allocation, better fits your risk tolerance if a U.S. correction would meaningfully affect your retirement timeline
• Avoid rebuilding your entire portfolio around one warning — Dalio has flagged bubble risk before without a crash immediately following

What to do now

If you're within five to 10 years of retirement and heavily concentrated in U.S. equities, talk to a fee-only financial planner about rebalancing rather than deciding alone. It’s also important to resist making a binary “sell everything” call based on one macro alert.

A bubble warning from a respected investor is most useful as a prompt to check your numbers, not a signal to act immediately. Open your account statement, find the regional breakdown, and decide whether that mix still fits the plan you built it for. That decision will hold up better than any reaction to a single interview.

To be clear, every business owner can qualify for the Lifetime Capital Gains Exemption (LCGE) — a tax exemption that can shelter up to $1.275 million in capital gains for Canadians who sell qualifying small business corporation shares. In 2026, the sheltered amount was raised to $1.275 million, up from $1.25 million in 2025. (This bump is due to the annual indexation, which was resumed this year under Mark Carney’s Liberal Budget 2025 Implementation Act). At a 50% inclusion rate and the top marginal tax rate in most provinces, the exemption can be worth roughly $318,750 in tax savings.

If family members also hold qualifying shares, the benefit multiplies. Two spouses each claiming the full exemption could shelter up to $2.55 million in gains from a single business sale, and adult children with qualifying shares can push those savings even higher.

But none of it is automatic.

To qualify, your business shares must meet specific requirements under the Income Tax Act, and plenty of incorporated professionals — physicians, consultants, lawyers, and other business owners — never confirm whether their company shares actually qualify until, that is, a buyer starts knocking. Unfortunately, getting a business in a position to qualify for the tax exemption takes time and planning — but, thankfully, it’s a problem that every business owner can solve.

Are you in a profession that puts you in the top tax bracket? Then you need to work with fintech and finance companies that know your needs. For instance, eligible professionals can unlock up to $1,313 in annual savings when banking with National Bank. This special offer includes up to 3 bank accounts with no fixed monthly fees, and an eligible Mastercard rewards credit card (certain fees apply). See if your profession qualifies.

Who is eligible for LCGE?

The LCGE is a lifetime tax exemption available to Canadian individuals who sell shares of a qualified small business corporation (QSBC). To claim the exemption, you must be a Canadian resident individual. Corporations cannot claim the deduction directly. Eligible property includes QSBC shares as well as a qualified farm or fishing property. The deduction is claimed on line 25400 of your personal tax return.

Take Control Of Your Money. You can't control inflation, interest rates or market swings — but you can control where your money goes. When every dollar has a job, money feels less stressful. Find the budgeting app that helps you take control of your finances. Compare Canada's Best Budgeting Apps

To qualify, your business shares must pass these three tests

Not every share in a Canadian corporation qualifies for the LCGE. To be considered QSBC shares under the Income Tax Act, the following conditions must be met both at the time of sale and during the 24 months leading up to the sale.

• The 90% Active-Business test: At the time of sale, at least 90% of the fair market value of the corporation’s assets must be attributable to active business assets used primarily in Canada, or shares and debt of connected small business corporations. Excess cash, passive investments and rental properties can create problems here.
• The 50% Asset-Use test: During the entire 24 months before the sale, at least 50% of the corporation’s assets must have been used in an active business carried on primarily in Canada.
• The Holding-Period test: The shares cannot have been owned by anyone unrelated to the individual at any point in the 24 months before the sale. This can become a factor after certain corporate reorganizations or when new shares are issued.

The corporation must also qualify as a Canadian-controlled private corporation (CCPC) throughout the relevant period. This means that it cannot be publicly traded and control must remain with Canadian residents.

Why passive investments can disqualify you

One of the most common LCGE traps for incorporated professionals is the accumulation of passive assets inside the corporation. After years of retained earnings, many corporations build substantial balances of cash, GICs, investment portfolios, or real estate. While these assets can be highly beneficial, they generally don’t count as active business assets for LCGE purposes.

In this hypothetical example, let’s say a physician who incorporated 10 years ago has accumulated $600,000 in a corporate investment portfolio alongside their active medical practice. If those passive investments represent 35% of the corporation’s fair market value at the time of a planned sale, the corporation would fail the 90% test. As a result, the shares would not qualify for the LCGE.

The solution is a process called “purification”, which involves transferring non-active assets out of the operating corporation to a holding company, typically on a tax-deferred basis using rollover provisions in the Income Tax Act. However, this takes time and requires both legal and accounting expertise. For this reason, you really need to begin the process at least two years before a planned sale.

Family share multiplication: Sheltering more than $1.275 million

The LCGE applies to individuals, not corporations. When structured properly, multiple family members can each claim their own LCGE on the same business sale. It’s a strategy known as share multiplication.

In another hypothetical example, if a married couple each holds qualifying shares of the same CCPC, both spouses may be able to claim the full $1.275 million exemption. Together, they could shelter $2.550 million in capital gains from tax on a single business sale. If adult children also own qualifying shares, the sheltered amount could rise even further.

Successful share multiplication strategies are typically established years before a sale through individual share ownership or family trust planning. Issuing shares shortly before a transaction can trigger the 24-month holding requirement and prevent those shares from qualifying for it.

The Canada Revenue Agency (CRA) also applies anti-avoidance rules under section 84.1 of the Income Tax Act to certain non-arm’s-length transactions — making it critical to obtain professional tax advice.

What to do if you plan to sell within five years

The QSBC qualification rules require ongoing compliance over a two-year period. If you wait until a buyer is already at the table to investigate whether your shares qualify, there may be little or nothing you can do to fix a problem.

The CRA publishes guidance on the capital gains deduction and QSBC share qualification, including Form T657 (Calculation of Capital Gains Deduction), which is used to calculate the allowable claim on your personal tax return. You’ll want to review those rules with a qualified tax adviser, who can help you determine whether your corporation is currently positioned to qualify.

Start by pulling your corporate balance sheet and flagging anything that isn't an active business asset: excess cash, GICs, an investment portfolio, a building held for rental income. Confirm your CCPC status is intact, and if family members own shares or might in the future, review whether your ownership structure actually supports more than one LCGE claim. None of this has to happen overnight — but it has to happen well before a buyer shows up, not after.

Ready to watch your savings grow? Check out the best HISA providers in Canada, including no-fee options and high-yield promotional offers. Eligible professionals can unlock more than $1,000 in annual savings when banking with National Bank. The bank’s current offer includes up to 3 bank accounts with no fixed monthly fees, and an eligible Mastercard rewards credit card (certain fees apply). See if your profession qualifies.

According to CBC News, Thompson began eyeing investment properties in Mexico in 2024 and came across the site for XMEX Investments, a real estate investment company owned by Harry Robinson, a self-touted licensed expert.

Thompson noticed some details that piqued her interest: a number of properties listed on the site had been repossessed by banks and were priced 30% below market value, and the business was registered in the state of Florida — leading her to believe it had some credibility.

“So when I started to look at the individual properties, I thought, hey, this sounds like a really good opportunity, and I wonder who this guy is,” she told CBC.

After multiple conversations with Robinson, Thompson flew to Playa del Carmen with her sister in October, 2024, to discuss opportunities. At that time, they were introduced to Robinson’s partner, Jacqueline Herrera Herrera, an allegedly well-known lawyer and realtor in the area.

CBC News confirmed that Herrera and Robinson were co-owners of another company called Xen Investments, registered in Mexico.

Over the course of their meeting, Herrera proposed Thompson purchase a one-bedroom condo for sale in a Playa del Carmen complex called Taak Maya. Thompson agreed, and while she saw the building, she never had access to the unit, as Robinson stated he did not have the key.

Despite not seeing the unit herself, Thompson sent two payment instalments in November and December of 2024, totalling C$170,000 to an HSBC bank account in Mexico affiliated with Xen Investments, CBC reported. She also signed a purchase agreement signed by Robinson.

After jumping through all the necessary hoops, Thompson never saw the inside of her unit.

A string of deceit

Thompson waited for keys to her new unit from late 2024 to early last year, and chose to return to Playa del Carmen to take possession. But Robinson and Herrera said they could not give her the keys yet, as they were still waiting on final pieces to come together.

Springboarding off the delay, Robinson chose to pitch a different deal to Thompson, alleging that Herrera had found an even better place for their C$170,000 investment: a large seven-condo purchase in the same building.

According to a WhatsApp voice message, Thompson was told the couple could purchase the seven units for US$100,000 (~C$141,000) each and then flip them for US$250,000 (~C$351,837.50) — a profit margin of 100%.

To fund the deal, Thompson’s partner, Brown, invested C$110,000 of his retirement savings to an HSBC account owned by Xen Investments and entered into a “share purchase agreement” with the company.

But the couple hit a supposed snag. Robinson passed along a message from Herrera that one of the investors in the condo-flipping project had died and that more funds were needed for the deal to go ahead.

However, nothing came of the deal to date — the couple has not seen a dime of their investment money. In a WhatsApp message to Thompson, Robinson alleged that his partner was in complete control of the couple’s funds and she took the funds out herself. CBC News could not reach her for comment.

“I’m just overwhelmed by it all,” Thompson told CBC.

“We’ll have to work until we die,” added Brown.

Where the case stands now

The couple hired a local lawyer that filed a criminal complaint. However, the case seemed to be in limbo until CBC News brought the issue up with Mexican President Claudia Sheinbaum during a morning press conference in June.

“We’ll look at this particular case that’s [been] raised, but we can say that there is legal certainty, and when there is a problem, for sure, we deal with it,” Sheinbaum told the outlet.

On the heels of that meeting, Quintana Roo Governor Mara Lezama’s administration moved forward with the case. The investigation is currently led by Rogelio Estrada Heleria, who is a state deputy prosecutor for the central district.

CBC News reached out to Robinson for an interview, but he turned down the request.

In addition to the claim against Robinson and Herrera from Thompson and Brown, Robinson also has a criminal complaint against Herrera, as he claimed he was “duped” as well.

Common real estate frauds facing Canadian buyers in Mexico

Thompson and Brown’s experience with real estate fraud in Mexico isn’t unique. According to estimates from the Mexican Association of Real Estate Professionals, the nation’s real estate sector loses approximately 600 million pesos (~$48 million CDN) annually to scams.

While each fraudster may have their own playbook, there are some common scams that Canadians seeking to invest should be cognizant of.

One of the most common is a duplicate property sale, when the same property is sold to multiple buyers. This occurs when a bad actor advertises a property they do not legally own — or attempts to sell a property whose ownership is disputed — and the buyers only find out they have been duped after their money is gone.

Other ways scams can occur with property transfers are through fraudulent documents being presented. Fake purchase agreements or even forged signatures can give the illusion of credibility, and leverage that illusion for large cash deposits upfront. Foreign buyers not familiar with Spanish can also be particularly susceptible to this kind of ploy when documents are presented in Spanish only — and when scammers apply pressure to sign.

Take control of your financial future. Every dollar you save on fees is a dollar that stays invested and working toward your future. Whether you're building a TFSA, growing your RRSP or investing in a non-registered account, the right brokerage can help you keep more of your returns. Find the ideal discount brokerage account

Alternatives to real estate ownership

Real estate can be an alluring alternative investment to stocks and bonds, especially during periods of market turbulence. But holding property comes with its own share of risk, not including the possibility of getting caught in a fraudulent real estate scheme. For investors that feel unsure about buying a property themselves but still want to invest in real estate, there are a number of options to choose from.

Real Estate Investment Trusts (REITs)

REITs are publicly traded companies that own, operate and/or finance real estate. They fund these operations by pooling funds from investors to build a portfolio of real estate investments. By investing in a REIT, Canadians can purchase a share of a real estate portfolio that suits their risk tolerance and a property sector of their choice. Those who want a broad-based approach can also purchase REIT exchange-traded funds (ETFs) that track a real estate index by investing in multiple REITs. Some of the largest REITs in Canada include:

• Choice Properties REIT (TSX: CHP.UN) - a Loblaw-property focused REIT with a market cap of C$11.6 billion
• RioCan REIT (TSX: REI.UN) - RioCan focuses on major retail and mixed-use urban locations and has a C$6.6 billion market cap
• Canadian Apartment Properties REIT (TSX: CAR.UN) - CAP REIT focuses on multi-family housing across Canada, and the company has a market cap of C$5.3 billion

Real estate limited partnerships (RELPs)

Canadians wanting a real estate investment that is off the public market can find a viable approach through RELPs. RELPs are private groups of real estate investors that pool funds to invest in larger projects such as apartment buildings or shopping centres to generate rental income. RELPs are typically run by a property manager or real estate development firm with extensive experience.

Real estate crowdfunding

Rather than buy a property on their own, Canadians can crowdfund a real estate purchase with similarly minded investors. Real estate crowdfunding platforms act as intermediaries between investors and property investment opportunities such as apartment complex purchases or retail centre developments. Generally, individual investors are limited to investing C$2,500 per offering, allowing Canadians from multiple walks of life to find a property deal that suits their budgets. That said, these platforms may not be available to all investors in any province. Some of the most common real estate crowdfunding platforms include:

• Willow
• Fundscraper
• BuyProperly
• Addy Invest

Buying Mexican real estate means doing proper due diligence

Sure, Canadians have a veritable slew of options that sidestep the liabilities of holding physical property. But for some investors that want a piece of property in tourist hotspot locations like Mexico, alternative investments might not cut it.

Before making any real estate deal in a foreign country, including Mexico, remember to take your time in performing due diligence. Hire a reputable third-party real estate lawyer that is separate from the seller, inspect the property thoroughly and chat with a Canadian tax expert regarding reporting requirements and tax consequences.

Jason Waller, CEO of Christie’s International Real Estate Mexico Luxury Properties, hails from Winnipeg, MB, and he’s been working in Mexico for the last two decades. His advice? Work with someone you can trust: an established real estate brand.

“You need someone on the ground that you can trust, that can hold your hand and help you through it,” Waller told CBC News in an interview.

According to new research from TD Insurance and REALTOR.ca, only one in four Canadians review their home insurance policy each year. Experts stress that many buyers aren’t thinking seriously about coverage until they’re close to taking possession of their new home, and that could come at a cost.

“Home insurance is a critical part of protecting one of the biggest investments Canadians will ever make, but it shouldn’t be something people think about at the last minute,” said Steve Laurin, vice-president of Affinity Market Group at TD Insurance, in a statement.

Insurance is becoming a bigger part of the homeownership equation

For most buyers, home insurance isn’t optional. Mortgage lenders typically require proof of coverage before closing, and leaving it until the last minute can leave homeowners with little time to actually compare policies or understand what’s covered.

It’s also becoming a more significant household expense. According to the Insurance Bureau of Canada, insured losses from severe weather topped $2.4 billion in 2025, marking the country’s tenth costliest year on record. Two decades ago, annual insured losses rarely exceeded $500 million, while losses of more than $1 billion have now become the norm.

Those rising claims, combined with higher rebuilding costs, have contributed to increasing pressure on home insurance premiums in many parts of the country.

Stop overpaying for insurance. Many homeowners renew the same policy year after year without checking their options. See how Canada's best home insurance companies stack up before you renew. If you're ready to save as much as 20% on your premiums, compare 50+ quotes on Rates.ca — bundle your auto and home policies to save even more. Find trusted home coverage with Rates.ca

What homebuyers should look for before closing

While price is important, experts say buyers should also understand exactly what their policy covers.

That includes checking whether protection for risks such as overland flooding or sewer backup is included or available as optional coverage, understanding the deductible you’ll pay if you need to make a claim, and comparing more than one quote before making a decision.

Starting the process early can also make budgeting easier. Insurance premiums vary depending on factors including the home’s location, age, construction type and claims history.

Home insurance may not be the most exciting part of buying a home, but it’s not one you’ll want to leave until the last minute. Plus, taking time to understand your coverage before closing can help protect one of the biggest financial investments you’ll ever make.

New data from Statistics Canada suggests non-bank lenders continue to play a growing role in Canada’s mortgage market, reflecting a broader shift in where Canadians are borrowing and how they’re shopping for home financing.

The latest figures show non-bank mortgage lenders, including mortgage finance companies, credit unions and other financial institutions, have continued to expand their share of outstanding residential mortgages.

That doesn’t necessarily mean Canadians are turning to riskier lenders. Instead, industry experts say today’s mortgage market offers borrowers more options than ever before, particularly as affordability pressures encourage people to shop around rather than automatically renewing or borrowing with their primary bank.

Non-bank doesn’t always mean “alternative”

One of the biggest misconceptions about Canada’s mortgage market is that every lender outside the major banks is an “alternative” lender.

In reality, the non-bank category includes a wide range of institutions. Credit unions, mortgage finance companies and trust companies all fall outside the traditional Big Six banks, yet many offer conventional mortgages that compete directly with bank products.

Many of these lenders don’t operate large branch networks. Instead, they often work through mortgage brokers, allowing borrowers to compare products from multiple lenders without visiting each institution individually.

For consumers, that can translate into greater choice and savings. Depending on the lender, borrowers may find different rate offerings, more flexible underwriting, or mortgage features that better suit their circumstances.

Skip the bank-hopping. If you want to secure a better mortgage rate, a good place to start is shopping around and comparing rates from Canada’s biggest banks and best lenders. However, doing so takes research, time and effort that you might not have, especially if you’re working full time — let alone if you have child care responsibilities. You can skip the bank-hopping and shop for the best mortgage rates using online mortgage tools, like Homewise. Homewise lets you compare rates from 30+ lenders with one simple application — getting you the best rate in minutes. Get personalized mortgage options from Homewise.

Shopping around has become more important

The growing role of non-bank lenders comes as Canadians face a mortgage market that’s become far more complex than it was just a few years ago.

While interest rates have eased from their recent highs, many homeowners renewing mortgages today are still facing significantly higher borrowing costs than when they first locked in their loans. The Bank of Canada’s benchmark policy interest rate currently stands at 2.75%, down from its peak but still well above the ultra-low rates many borrowers became accustomed to during the pandemic.

As a result, borrowers are increasingly looking beyond the headline interest rate.

Features such as prepayment privileges, penalties for breaking a mortgage early, portability, refinancing options and customer service can all have a significant impact on the overall cost and flexibility of a mortgage over time.

That’s one reason mortgage brokers have become increasingly popular. A recent Mortgage Professionals Canada survey found borrowers are placing greater emphasis on comparing lenders and understanding their mortgage options, not simply shopping for the lowest advertised rate.

What borrowers should consider

Whether you’re arranging your first mortgage or preparing for renewal, experts generally recommend comparing more than just interest rates.

Before signing, it’s worth asking questions about details such as discharge penalties, prepayment flexibility, portability if you move, and how the mortgage would be affected if your financial situation changes. A slightly higher rate may ultimately prove less expensive if the mortgage offers greater flexibility over its lifetime.

While the latest StatsCan figures aren’t suggesting Canadians are abandoning the big banks, they do point to a mortgage market where borrowers have more choice, and appear increasingly willing to explore it.

For many homebuyers, that looks like good news. A wider range of lenders should mean more opportunities to find a mortgage that fits not only today’s budget, but also your long-term financial plans.

In this hypothetical example, let’s assume Nadia is getting divorced from Marc. Nadia wants to keep the house, which is now worth $700,000, but she needs $200,000 to buy out Marc’s interest in it. She isn’t sure whether to take out a home equity line of credit (HELOC), which would raise her monthly mortgage payment, or withdraw the money from her registered retirement savings plan (RRSP) instead.

So what’s Nadia’s best move? Let’s unpack this scenario in detail below.

Consider whether keeping the house is worth it

Before Nadia commits to buying Marc out, it's worth thoroughly scrutinizing whether she has to keep the family home at all. Is staying in the house the right call financially and personally — or does it just feel like the expected thing to do? For many people going through a divorce, a fresh start in a new home ends up being healthier, both emotionally and financially, than holding onto a house full of old associations.

Nadia should also exercise caution about overextending to keep a home, since whoever stays becomes solely responsible for its future repairs and upkeep. A common budgeting guideline is the '1% rule' — setting aside about 1% of a home's value annually for maintenance — though some experts consider that conservative and recommend budgeting closer to 3% to 5%. For a $700,000 home, that's a range of roughly $21,000 to $35,000 a year.

Selling the home outright is worth serious consideration, since it lets both spouses walk away with cash instead of one person carrying all the future cost and risk. But selling comes with its own costs, including real estate commissions and the expense of preparing a home for sale — and with borrowing costs still elevated compared to a few years ago, buying a replacement home could be pricier than expected. As of late July 2026, the Bank of Canada’s policy rate sits at 2.25% and the prime rate most variable products are priced against is 4.45%.

Make your cash work harder. You can't control inflation, rates or market swings — but you can control where your cash sits. Compare high-interest savings accounts to keep your money working for you. Find the right HISA account

Compare the true costs of a HELOC vs. withdrawing from an RRSP

While taking on a HELOC and a bigger monthly payment might feel like the scarier option, withdrawing from an RRSP to fund a buyout can end up costing more than it may seem.

An RRSP is fully taxed as ordinary income in the year it’s withdrawn, on top of a withholding tax the financial institution must deduct and remit to the Canada Revenue Agency (CRA) immediately. For residents outside Quebec, that withholding tax is 10% on withdrawals up to $5,000, 20% on withdrawals from $5,001 to $15,000, and 30% on anything over $15,000. A $200,000 buyout is well past that top threshold, so 30% would be withheld right away.

That withholding is only a prepayment, not the final bill. The entire withdrawal still gets added to Nadia’s taxable income for the year, and if it pushes her into a higher tax bracket, she could owe considerably more than what was withheld once she files her return the following spring.

She could also look into the Home Buyers’ Plan (HBP). Canadians going through a marriage or common-law breakdown can qualify to use the HBP even if they aren’t first-time buyers, as long as they’ve lived separate and apart from their spouse for at least 90 days. As of the 2024 federal budget, the HBP lets an eligible person withdraw up to $60,000 tax-free from an RRSP — including specifically to acquire a separated spouse’s interest in what was their shared home — as long as the funds are repaid to the RRSP over 15 years.

That means Nadia could use the HBP to access $60,000 of her buyout tax-free, leaving $140,000 to come from a fully taxable withdrawal. Because of the 30% withholding rate, she’d need to withdraw roughly $200,000 from her regular RRSP just to walk away with $140,000 in hand today.

That means a $200,000 buyout could require pulling roughly $260,000 out of her RRSP in total — $60,000 through the HBP plus $200,000 in a taxable withdrawal — money that would otherwise have kept growing for retirement. A HELOC, by contrast, doesn’t touch retirement savings at all, though it does add a variable-rate monthly payment.

As of mid-2026, most major Canadian lenders were advertising HELOC rates around 4.95% — prime (4.45%) plus a 0.50% margin — though some lenders post rates as high as 5.95% or more depending on the lender and borrower profile.

Consider the third option

Rather than choosing between an RRSP withdrawal and a HELOC, many divorcing Canadians use an equalization arrangement to keep the home without touching cash at all. RRSP assets can be rolled over between separating spouses tax-free when there’s a written separation agreement or court order — so instead of buying out Marc’s share of the house with cash, Nadia could offer him a larger share of her RRSP or other retirement savings in exchange for his interest in the home.

This kind of trade-off avoids withholding tax and immediate withdrawals altogether, though the two assets aren’t quite equivalent: RRSP savings are taxed whenever they’re eventually withdrawn, while gains on a principal residence are exempt from capital gains tax in Canada. Divorcing spouses and their advisors typically account for this difference when negotiating who gets what.

How the matrimonial home itself gets divided also depends on where a couple lives, since property division is set by provincial law, not the federal Divorce Act. Most provinces start from the assumption that property built up during the marriage — including the family home — is split roughly equally, though the mechanics vary. In Ontario, for example, the matrimonial home gets special treatment under the Family Law Act: its full value counts toward the equalization payment regardless of who owned it or when, and both spouses have an equal right to live there until a separation agreement, court order or divorce changes that.

Whichever option Nadia and Marc land on, it’s worth running the numbers carefully. They would want to work with a trusted financial advisor — particularly one who is also a Certified Divorce Financial Analyst (CDFA). The designation is recognized in Canada through the Institute for Divorce Financial Analysts, and is held by professionals who specialize in the financial side of divorce.

The emotional stakes here matter as much as the financial ones. A home should provide security, not add stress to an already difficult transition. It's also worth remembering that a house is just a structure — the sense of comfort that comes with owning a property can be rebuilt anywhere.

Next steps if you’re facing a similar decision

• Before committing to a buyout, ask whether keeping the home is really the best option — financially and emotionally — or whether selling and starting fresh could leave both of you better off.
• If you plan to use RRSP savings, ask your financial institution or advisor to estimate both the withholding tax and your likely total tax bill at your expected income level — not just the amount you’ll receive on withdrawal day.
• Check whether you qualify for the Home Buyers’ Plan under the marriage-breakdown rules before making a larger, fully taxable RRSP withdrawal.
• Ask whether an RRSP-for-home-equity trade-off could achieve the same result as a cash buyout, without triggering withholding tax.
• Talk to a family law lawyer in your own province early — the rules for dividing a matrimonial home differ significantly across Canada.
• Consider working with a Certified Divorce Financial Analyst (CDFA) alongside your lawyer to model the long-term impact of each option before signing a separation agreement.

That’s according to a new report from the Retail Council of Canada (RCC) and consumer insights platform Caddle, which estimates this year’s back-to-school shopping season will generate more than $4.5 billion in spending nationwide.

The findings suggest many families are responding by planning ahead, comparing prices and staying flexible on brands as they look for ways to stretch their budgets without sacrificing the essentials.

Price is driving shopping decisions

According to the survey, 85% of Canadian parents say price is the biggest factor when deciding where to make their first back-to-school purchase.

Rather than trying to buy everything in one outing, most expect to spread their shopping across two or three trips. Only 19% think they’ll complete all of their shopping in a single visit, with many citing changing school supply lists, product availability and the opportunity to compare prices at multiple retailers.

The findings reflect the continued pressure many families feel as they prepare for one of the biggest annual household expenses. While inflation has cooled from recent highs, prices for many everyday items remain above pre-pandemic levels, meaning parents are still looking for ways to stretch their budgets as the school year approaches.

Take control of your money. If your paycheque keeps disappearing faster than expected, your budget may need better visibility. Compare budgeting apps that help Canadians track spending, spot leaks, and plan with more confidence. Take control of your budget

5 ways to keep back-to-school costs under control

With spending potentially reaching hundreds of dollars per child, a little planning can make a meaningful difference. Here are a few ways parents can help keep costs in check:

• Take stock before you shop. Check what’s left over from last year before buying new stationary. Reusing supplies can help reduce your overall spending.
• Compare prices before heading to the store. Since many parents already expect to visit more than one retailer, checking flyers and online prices in advance can help you decide where to find the best deals.
• Buy the essentials first. Focus on required school supplies before purchasing clothing, electronics or other discretionary items that may go on sale later in the season.
• Be open to other brands. The survey found many parents are willing to switch between private-label and national brands when price and quality are comparable. That’s particularly true for families with younger children.
• Set a budget before you start. Deciding how much you’re prepared to spend on each child can help prevent impulse purchases and make it easier to stay on track.

Parents are planning earlier

The survey also found 61% of parents have already started planning for back-to-school shopping or expect to begin soon. Parents of younger children tend to start earlier, while those with teenagers are more likely to wait until closer to the first day of school.

Another emerging trend this year is the growing use of artificial intelligence. Nearly 44% of parents said they’re either already using or interested in using AI-powered tools to build shopping lists, compare prices or identify the best places to shop.

While almost every parent still plans to buy at least some school essentials in-store, digital tools are increasingly helping families organize their purchases before they leave home.

With back-to-school shopping representing one of the largest annual expenses for many households, the survey suggests Canadian parents are becoming increasingly strategic about how they spend.

For families feeling the squeeze, that approach could pay off. Back-to-school costs may be unavoidable, but planning ahead, sticking to a budget and focusing on essential purchases can help keep one of the year’s biggest shopping events from putting even more pressure on household finances.

In Monaco, a video crew from The School of Hard Knocks stopped a woman on the street and asked how she became a millionaire; she pointed toward her husband — Portland Holdings chairman and chief executive officer Michael Lee-Chin, a Jamaican-Canadian investor Forbes estimates is worth US$1.1 billion (~C$1.55 billion).

When the crew asked how much he’s worth, Lee-Chin waved off the question. “If you know what you’re worth, you’re not wealthy,” he said. Then Lee-Chin laid out what he believes actually separates the wealthy from everyone else — and for someone who was born into poverty, immigrated to Canada in 1970 and studied civil engineering at McMaster University on a scholarship, the answer carries more weight than any viral clip usually does.

The five things he says the wealthy do

Lee-Chin says wealthy people become that way by following five key habits. He counted four habits on-camera — according to Lee-Chin, they:

1. Own a few high-quality businesses
2. Understand those businesses deeply
3. Make sure those businesses sit in strong long-term growth industries
4. Hold on for the long run

When the interviewer asked how someone buys a business without much money to start, Lee-Chin added the last rule:

5. Borrow to invest

“I had to borrow to invest,” he said. “And I bought a mutual fund management company.”

And his answers aren’t off-hand, either — Lee-Chin has described the same ideas for years as his “five laws of wealth creation.”

Make your cash work harder. You can't control inflation, rates or market swings — but you can control where your cash sits. Compare high-interest savings accounts to keep your money working for you. Find the right HISA account

The loan that built a billion-dollar fortune

In 1983, at age 32, he borrowed C$500,000 and put all of it into one stock: Mackenzie Financial, a fund company he knew well from his years selling mutual funds out of Hamilton, Ontario. Four years later, that stake had grown to about C$3.5 million — roughly sevenfold.

He used the proceeds to buy a small mutual fund company in Kitchener, Ontario. Renamed AIC, the firm grew under Lee-Chin from under C$1 million in assets to more than C$10 billion by 2002. The 2008 financial crisis hit the firm hard, and in 2009, Lee-Chin sold AIC’s retail fund business to Manulife Financial, one of Canada’s largest financial services companies. He held onto a 60% stake in National Commercial Bank Jamaica, which today makes up much of his fortune.

How the pieces actually work

Two of Lee-Chin’s rules — the ones people tend to skip past — deserve a closer look.

First, borrowing to invest is called leverage — and it cuts both ways. When his Mackenzie Financial stake rose, the borrowed money multiplied his gain. Had the stock fallen instead, he would have owed the loan on top of the loss. Leverage magnifies the outcome either way, which is why it tends to suit investors who can genuinely absorb a bad result. It’s not a strategy for money you can’t afford to lose.

Secondly, his advice to “own just a few” businesses stems from his belief in knowing a business inside-and-out before investing in it. Lee-Chin studies a small number of companies closely and puts his money there. Most people who don’t have the time to research individual companies that closely instead choose diversification. A low-cost index fund or exchange-traded fund (ETF) tracking something like the S&P/TSX Composite Index, for example, spreads money across hundreds of Canadian companies in a single purchase.

When asked what he’s buying now, Lee-Chin named nuclear energy. “Whenever there’s a shift in the dominant source of energy, there’s a shift in economic power,” he said, adding that he sees the shift moving “towards nuclear.”

What Canadians can do

The part of Lee-Chin’s list that holds up for almost anyone: own a few things you understand, hold them for years and let the returns compound.

That principle works whether someone has C$500 or C$500,000 to invest. For most Canadians, a low-cost index fund or ETF held inside a Tax-Free Savings Account (TFSA) or Registered Retirement Savings Plan (RRSP) is the simplest way to own a broad slice of good businesses without picking each one individually. In Lee-Chin’s own story, compounding — not a single lucky bet — did most of the heavy lifting once his first big position started growing.

He didn’t come from money, either. “My mom was an orphan when I was born,” he said. “We were both adopted because she didn’t have a job.”

His larger point matters in a country where retirement savings are already stretched thin. According to a survey from Healthcare of Ontario Pension Plan (HOOPP), 23% of Canadian pre-retirees say they have no savings at all, while 14% say they have under $5,000 saved. Meanwhile, the average Canadian now believes they need C$1.7 million to retire comfortably, up from C$1.54 million the year before, according to BMO’s 2026 Annual Retirement Study.

For Canadians who feel they’re behind on saving and investing

Lee-Chin’s five laws won’t close that retirement gap overnight, but they translate into several concrete starting points:

• Start small and stay consistent. Automating contributions to a TFSA or RRSP, even a modest amount, puts compounding to work the same way it did for Lee-Chin’s first big bet
• Understand what you own. Whether it’s a single stock or a diversified ETF, know why you hold it and what growth story you’re betting on
• Treat leverage with caution. Borrowing to invest can accelerate gains, but it accelerates losses just as fast, so it isn’t a strategy for money earmarked for near-term needs
• Check your registered account room. Both RRSP and TFSA contribution room are listed in CRA My Account, and unused room carries forward every year
• Hold on for the long run. Lee-Chin’s fortune wasn’t built on quick trades, but on decades of patience with a small number of investments

Lee-Chin started his financial journey with a different kind of “PhD” — “poor, hungry, and driven.” His advice to young people: Do that, and one day your own kids might end up with another kind of PhD: “Papa has dough.”

-With files from Melanie Huddart

But a growing body of data suggests that picture is changing, and that retirement is becoming a far more gradual and individualized transition than it once was.

Record numbers of older Canadians are staying in the workforce, with many approaching retirement saying they don’t feel financially prepared. And fewer than half of non-retired Canadians now have access to an employer-sponsored pension. As a result, retirement is becoming less about replacing a paycheque with a pension and more about piecing together a liveable income from a variety of sources.

Canadians are working longer than ever

One of the clearest signs of this shift comes from Statistics Canada’s latest analysis of older workers, which found that nearly 1.2 million Canadians aged 65 and older were participating in the labour force in 2025, pushing the participation rate for seniors to 15.2% — the highest since comparable records began in 1976.

Retirement is becoming more flexible, too. Statistics Canada found that 1 in 10 Canadians aged 55 and older who had retired had since returned to work, with financial considerations among the reasons for making the transition back into employment.

Rather than marking a clear finish line, retirement is increasingly becoming a gradual transition that blends part-time work, consulting or seasonal employment with traditional retirement income.

For many Canadians, that shift isn’t just about staying active — it’s also about financial necessity.

Financial confidence hasn’t kept pace

While retirement expectations are evolving, many Canadians aren’t convinced their finances are keeping up.

According to the 2026 Canadian Retirement Survey from the Healthcare of Ontario Pension Plan (HOOPP), 43% of Canadians believe they may never be able to retire because of their financial situation, while 50% expect they’ll continue working in some capacity during retirement.

The concern is particularly pronounced among Canadians approaching retirement age. Nearly two-thirds (63%) of adults aged 55 to 64 said they don’t feel financially prepared for retirement.

Part of the challenge is that today’s workers can’t rely on the same retirement framework previous generations enjoyed.

An annual retirement study from IG Wealth Management found that less than half (48%) of non-retired Canadians have access to an employer-sponsored pension, leaving many workers increasingly responsible for building their own retirement income.

The study also found that only one in three Canadians have a formal retirement plan, while just 11% know how much annual income they’ll actually need once they stop working.

As a result, many Canadians are looking beyond traditional pensions and registered savings to strengthen their retirement plans.

Get your money working for you. Every dollar you save on fees is a dollar that stays invested and working toward your future. Whether you're building a TFSA, growing your RRSP or investing in a non-registered account, the right brokerage can help you keep more of your returns. Find the ideal discount brokerage account

Home equity is becoming part of the conversation

For homeowners, that increasingly includes the equity they’ve built in their homes over decades.

Research commissioned by HomeEquity Bank found that 90% of Canadians aged 45 and older hope to remain in their homes as they age, reflecting a strong preference to “age in place” rather than move into assisted living or downsize immediately after retirement.

But staying in the family home comes with ongoing costs, including property taxes, insurance, maintenance and, in many cases, renovations to make the home safer and more accessible.

That’s prompting more homeowners to consider how the equity they’ve built over decades could help support their retirement lifestyle.

Depending on their financial situation, that could mean downsizing to free up cash, using a home equity line of credit (HELOC) to cover short-term expenses, or exploring a reverse mortgage to access a portion of their home’s value without selling.

Financial planners generally stress that each option comes with trade-offs. Reverse mortgages, for example, can provide tax-free cash flow while allowing homeowners to remain in their homes, but they also reduce the equity available in the property over time. Downsizing may unlock significant capital but often means leaving a long-time family home and taking on the costs of moving.

Rather than viewing home equity as an all-or-nothing decision, experts increasingly see it as one component of a broader retirement strategy.

More broadly, financial planners say retirement is becoming less about relying on a single source of income and more about building flexibility.

Building a retirement income “toolkit”

For many Canadians, the days of relying on a single pension cheque are fading.

Instead, today’s retirees are increasingly combining several income streams, including the Canada Pension Plan (CPP), Old Age Security (OAS), workplace pensions where available, RRSP or RRIF withdrawals, Tax-Free Savings Accounts (TFSAs), personal investments, employment income and, for some homeowners, housing wealth.

The goal isn’t necessarily to maximize one source of income, but to create a retirement plan that’s flexible enough to adapt as circumstances change.

That may become increasingly important as Canadians continue to live longer and traditional retirement patterns continue to evolve. While pensions and government benefits remain an important foundation, they’re no longer the whole picture for many households.

Today’s retirement playbook is less about reaching a particular age and more about building a mix of income sources that can provide financial security over the long term.

For a growing number of Canadians, retirement is no longer a single milestone. It’s an evolving phase of life that requires more planning, greater flexibility and a willingness to rethink how retirement is funded.

Lütke was responding to an idea from another user, reportedly a former banking executive, who proposed a tiered voting system based on taxed income. Basically, it calls for one vote for adults earning $1 to $100K, two votes for $100K to $200K and so on — up to a cap of five votes for $500K or more.

Those who pay no income tax? They get no votes.

And they’re not the only ones without a vote. In an earlier post, Lütke proposed that retirees living off pensions should lose their vote, since they’re dependents — just like minors.

“Let people with a stake in the future decide,” he wrote.

It didn’t take long for Lütke’s posts to go viral.

The thread on X attracted hundreds of replies, ranging from endorsements and additions (like extra votes for frontline soldiers), to warnings that it would lead to a “communist revolution.”

The story was even picked up by Fortune, which called the idea “discredited,” pointing out that it’s been tried many times throughout history, unsuccessfully.

If the system was implemented, it would change the entire fabric of voting in Canada. Here’s a look at how it might look for Canadians today, and how votes would be split across income.

A modest proposal change

Before looking closer at the numbers, it may help to tweak the proposed system a bit.

In Canada, personal income taxes follow a progressive rate, where the rate at which an income is taxed increases as the income gets bigger — meaning that the higher an income is, the higher the percentage of it that gets taxed.

How that percentage is calculated depends on which bracket an income falls into. At a federal level, there are five income brackets (provincial rates vary):

• 14% for $0 to $58,523
• 20.5% for $58,523.01 to $117,045
• 26% for $117,045.01 to $181,440
• 29% for $181,440.01 to $258,482
• 33% for $258,482.01 or more

For the sake of argument, using these brackets rather than $100K intervals to calculate the number of votes per person makes sense. This is not only because those paying higher rates could argue they earn a bigger say in how the money is spent, but also because the Canada Revenue Agency (CRA) uses these brackets when reporting individual tax statistics.

Those statistics tell quite a tale.

A tale of two statistics

Under this tweaked system, which income bracket would the average Canadian fall into — or in other words, how many votes would they get?

Looking at the latest data from Statistics Canada, the average income is a little over $71K a year, putting the “average” Canadian into the second income bracket and earning them two votes. On the surface, that doesn’t seem too unbalanced.

But that is the mean income, not the median. The median income, which divides the population into equal halves, is much closer to $60K, putting the “median” Canadian nearer the lowest bracket.

In fact, that median income falls in line with the latest individual tax statistics published by the CRA, which show that over 20 million Canadians — or nearly two-thirds (64%) — fell inside the first income bracket in 2024, with a little more than a quarter (26.5%) in the second bracket. That left just 9.5% of Canadians to fill up the remaining three brackets, including a bare 1.5% in the highest.

Or, in other words, a little over 9 out of 10 Canadians would earn one or two votes, according to this system.

Hard times

Whether or not you think it’s a good idea to award votes this way, the individual tax statistics from the CRA reveal a stark reality: Not only would most Canadians lose some of their voting power, but many could also be falling behind their peers financially.

To those Canadians, Lütke and others may give another two-word response: earn more.

After all, the point of this system is, in Lütke’s words, to “reward productive people with leverage.” But how do Canadians actually achieve this — is it simply a matter of finding a higher-paying job?

That may be easier said than done. The job market is highly competitive in Canada, where the unemployment rate has remained stubbornly above 6% since 2024. And while it declined in June, many of the gains were among youths and students taking on part-time work for the summer.

For professionals trying to level up, the job market is arguably more competitive — and it could become worse. According to a survey by Robert Half, 44% of professionals said they planned to look for new roles in the next six months, generating increased competition among applicants. At the same time, 51% said that AI has further intensified competition over job opportunities.

When it comes to these individuals, the solution may not be finding a higher-paying job, but maximizing what they earn now.

Bank like a pro

There are many ways of maximizing your income, but one of the simplest is by cutting costs. Of course, there are also many ways of doing so, and you’ll want to think strategically about the ones that apply to your unique situation.

For example, institutions like National Bank offer specialized banking packages for professionals in fields like healthcare, engineering, IT, finance, law, teaching, public service, administration, architecture, agriculture and more. If you think your job isn’t a profession, you might very well be missing out.

According to National Bank, eligible Canadian professionals can unlock up to $1,313 in annual savings, with higher savings available for select professions like healthcare and IT. Plus, certain individuals can get even more savings when they combine specific banking products and services.

Find out more by making an appointment and exploring your options.

Not sure if you qualify? Take a closer look here.

Find your investment edge

Another way to maximize your income might be to minimize what economists call “transaction costs” on your investments. Transaction costs are what they sound like — extra expenses, like commissions or fees, charged on top of the purchase price.

That’s why it’s often a good idea to shop around to find trusted brokerages that offer minimal trade commissions and account fees. Over the course of a lifetime, these fees can really add up. For these investors, online platforms like CIBC Investor’s Edge can give them the security of one of Canada’s biggest banks without having to pay exorbitant costs.

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

CIBC Investor’s Edge is a comprehensive online trading platform. If you want to read more before making a decision, check out this overview of its pros and cons.

Keep portfolio management simple

But not everybody has it in them to invest on their own. 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.

Is Wealthsimple really that simple? Here’s a review of everything it has to offer.

Bottom line

The idea of a “tiered” voting system based on income is provocative, especially since it would lead to a vast majority of Canadians losing some voting power. However, that’s perhaps not even the major headline. Doing the calculations reveals just how many Canadians fall into the lowest income bracket — earning far less than “average.” For these Canadians, it would be better to focus on maximizing their current earnings rather than looking for higher-paying jobs.

The change sounds small. On a $500,000 portfolio, it’s the difference between a $20,000 first-year withdrawal and $19,500. But the bigger issue for Canadians shows up a few years later, once the Canada Revenue Agency (CRA) takes over the math.

What changed in Morningstar’s withdrawal-rate math

Morningstar’s 2026 State of Retirement Income report puts the standard 'safe' starting withdrawal rate at 3.9% — meaning a retiree taking this baseline approach has a 90% chance their money lasts 30 years (assuming 30% to 50% in equities). That’s up slightly from 3.7% in 2025, thanks to improved return expectations for stocks and bonds — but it’s still below the classic 4% rule that generations of retirees grew up with.

The number isn’t a law. It’s an estimate of how much a new retiree could withdraw in year one, then increase every year with inflation, without a high risk of running out of money over three decades. More equity-heavy portfolios don’t earn a higher number — Morningstar found the opposite, since bigger stock allocations bring wider year-to-year swings, and a bad stretch early in retirement does more damage than the same bad stretch later on.

Make your cash work harder. You can't control inflation, rates or market swings — but you can control where your cash sits. Compare high-interest savings accounts to keep your money working for you. Find the right HISA account

How this interacts with Canada’s mandatory RRIF minimums

Here’s where the math runs into Canadian rules. Once an RRSP converts to a Registered Retirement Income Fund (RRIF) — mandatory by the end of the year a person turns 71 — the CRA sets its own minimum withdrawal, unrelated to Morningstar’s guidance or market conditions. That minimum starts at 5.28% of the RRIF’s January 1 balance at age 71 and climbs every year after, regardless of how markets perform.

In other words, a 71-year-old following Morningstar’s 3.9% guidance would already be withdrawing below the CRA-required minimum — the rules simply override the research. The gap tends to widen with age, since the RRIF factor keeps climbing while a sustainable withdrawal rate, by most models, does not.

That forced withdrawal has tax consequences, too. RRIF income counts toward the net income test for Old Age Security (OAS) clawback, and for the period running from July 2026 to June 2027, that threshold sits at $93,454. A retiree whose RRIF minimum pushes total income above that line starts losing 15 cents of OAS for every additional dollar earned.

What retirees willing to flex spending can do instead

Retirement-planning coverage of Morningstar’s report suggests retirees comfortable adjusting spending in weaker years — cutting back after a bad market, spending a bit more after a good one — could start as high as 5.7%, above both the base-case figure and many early RRIF minimums. This flexible, or guardrails, approach won’t suit everyone, but for retirees whose RRIF minimum already exceeds the textbook safe rate, it may be a more realistic frame than chasing a fixed, inflation-adjusted paycheque.

None of this makes either number wrong for every household. A retiree with a defined-benefit pension, or one who has delayed CPP and OAS, has more room to treat both figures as background context rather than a budget. But for anyone drawing down a self-directed RRSP or RRIF as a primary income source, the lesson holds: check the math every year, not just once at retirement.

The 4% rule was never really a rule — it was a starting assumption. For Canadian retirees, the number that matters more day to day is the one the CRA sets, and increasingly, whether that number and the research still line up at all.

What to do now

• Recalculate your annual withdrawal using 3.9% as a starting point instead of 4%, then compare it against your RRIF’s CRA-mandated minimum for your age
• If your RRIF minimum already exceeds 3.9%, model how that affects your OAS clawback exposure before the withdrawal year begins
• Consider whether a flexible, guardrails-style withdrawal strategy fits your situation better than a fixed, inflation-adjusted plan
• Ask a financial planner about using a younger spouse’s age to calculate RRIF minimums, if that applies to you

When we think about building a legacy, society often focuses on tangible assets. Yet, for the Cree Nation, real permanence comes from knowing precisely who you are, where you come from and the resilience of those who walked before you. The lifelong dedication of Cree elder Margaret Sam-Cromarty offers a profound reminder of how local narratives serve as a sacred anchor, guiding future generations through shifting times.

The power of the written word

For Sam-Cromarty, the journey to preserving her heritage began in an unexpected sanctuary within the walls of St. Philip’s Indian Residential School. It was in the school library where her passion for the written word was ignited after reading Dick and Jane books. That early connection sparked a lifelong love for storytelling, eventually leading her to create a permanent record of life in Eeyou Istchee.

Her fourth book, James Bay Memoirs and Other Stories, was released by the University of Manitoba Press on June 7, with a launch in Montreal. While her first three books—published between 1992 and 2000 — eventually slipped out of print, this new collection serves as a vital, renewed homage to life on the land. In an era where traditional practices can easily be overshadowed by rapid development, keeping these memories alive is an act of cultural preservation.

As Sam-Cromarty told CBC News about the enduring nature of her community’s traditions, “We haven’t forgotten that life. In the far North, we still live that life.”

Don’t let inflation eat your savings. Browse the best high-interest accounts for 2026 and open an account in minutes to start earning interest daily.

Documenting moments of transition

Sam-Cromarty’s writing beautifully captures profound structural and societal changes. Throughout her life, she wrote poems about the northern landscape, tales of growing up as a daughter of hunters and trappers, and stories about surviving the residential school system.

Crucially, she also documented a major turning point in her community’s history: the Fort George relocation. This occurred when an entire Cree community had to move to escape the environmental impacts of Hydro-Québec’s hydroelectric projects, eventually settling in what is now known as the Cree Nation of Chisasibi.

Without individuals willing to document these challenges and triumphs, future generations lose the blueprint of their own history. This is why investing time and energy into local literature and community archives is so critical; it ensures a society holds the keys to its own narrative.

A collaborative family legacy

For Sam-Cromarty, putting pen to paper has always been about expression. She explained the motivation behind her work simply: “We don’t want to lose ourselves. I think that the book will help preserve our Cree culture.”

This dedication earned her the Cree Native Arts and Crafts Association’s Lifetime Achievement Award in 2021. Dale Cooper, the executive director of the association, highlighted how vital these contributions are. Cooper told CBC that hearing the experiences of elders is essential for sharing knowledge with the next generation, adding, “This book, like a lot of elders’ stories, are also teachings.”

The book itself represents a beautiful family collaboration. Sam-Cromarty’s daughter, Jane, worked tirelessly to ensure her mother’s writing received recognition, while her son, Eddy, painted the artwork for the cover. Eddy recalled how his late father used to buy him supplies and encourage his talent to paint the scenery of the land.

Finding a grounding presence in the modern world

While modernization brings continuous challenges to traditional customs, Sam-Cromarty hopes that when people open her book, they can temporarily step away from modern anxieties and experience a simpler way of living.

“I hope when they read it, everything else disappears and they just imagine themselves in the book,” she said. “No more... electricity, no bills to pay, no running water. Just what’s in the book.”

Though finding a publisher was a long struggle, her book found a home as part of the First Voices, First Texts series with the University of Manitoba Press, which works to keep Indigenous books in print so they can be integrated into Canadian schools and libraries.

While James Bay Memoirs and Other Stories will be her final published work, her pen has not stopped moving; she continues to write journals for her children and grandson. Her journey shows us that true wealth is built by safeguarding history and ensuring the next generation has the knowledge to navigate whatever changes come their way.

For years, the Maritimes provinces were the answer for Canadians priced out of the markets in Toronto and Vancouver. Thousands relocated to Nova Scotia during the pandemic, drawn by a slower pace of life, ocean views and a mortgage that didn’t swallow half a paycheque. But rising insurance premiums, property tax bills and home prices are closing that gap — and for retirees living on a fixed income, the numbers are getting harder to make work.

What’s driving up the costs in Nova Scotia

Nova Scotia is dealing with a perfect storm of rising costs. For homeowners and renters alike, the pressure is coming from every directions at once. And the numbers explain why.

Take control of your money. If your paycheque keeps disappearing faster than expected, your budget may need better visibility. Compare budgeting apps that help Canadians track spending, spot leaks, and plan with more confidence. Take control of your budget

Insurance premiums climbing fastest in the country

Nova Scotia’s home insurance premiums rose more than 12% between January 2025 and January 2026 — the sharpest year-over-year increase of any province, according to insurance data firm MyChoice. Nationally, the home insurance component of the Consumer Price Index (CPI) climbed 45% between December 2019 and December 2025, according to Statistics Canada. Liam McGuinty, vice-president of federal affairs at the Insurance Bureau of Canada (IBC) — the national association representing Canada’s private home, auto and business insurers — says rising severe weather is largely to blame.

Nova Scotia’s spike traces back to a single storm. Hurricane Fiona hit the province in September 2022 and caused more than $800 million in insured damage across Atlantic Canada — the costliest weather event in the region’s history, according to the IBC. ‘It is clear that a good deal of costs for this disaster will be borne by the government,’ IBC vice-president Amanda Dean said at the time. Insurers have spent the years since adjusting how they price coastal and flood risk across the region.

Property taxes and home prices are catching up, too

In the 2019-2020 tax year, the combined municipal and provincial property tax bill on a typical Halifax home was about $2,868. By the 2026-2027 tax year, that combined bill is projected to reach roughly $3,979: an increase of about $1,111 — or nearly 39% — according to Halifax Regional Municipality budget data compiled by the Fraser Institute, driven largely by a 9.5% rise in the municipal portion of the bill alone. Layered on top of that trajectory, the Halifax Regional Council's newly approved 2026-2027 budget adds a further 7.5% increase to the average residential and commercial tax bill combined, translating to roughly $284 more for the typical single-family homeowner. "We know affordability remains a real concern," Halifax Mayor Andy Fillmore said after the budget passed.

Home prices have moved even faster. The average sale price of a Halifax home reached $602,079 in 2025, which was up 3.9% in 2024 alone, according to Halifax Partnership's Halifax Index — roughly double what it was a decade earlier.

The result: Halifax home prices have outpaced what local incomes can support, even as prices cooled in some other big Canadian cities. The Office of the Parliamentary Budget Officer (PBO) found Halifax house prices are 74% higher, on average, than what a typical household can afford — the widest affordability gap of the 11 Canadian cities studied, and one that has gotten worse since 2022. “Over the post-pandemic period, house prices have moderated in some of the most expensive [cities] but have continued to increase in other markets such as Halifax,” said Louis Perrault, the PBO’s director of policy. That stands in contrast with Ontario cities Toronto and Hamilton, where affordability has actually improved over the same period.

What this means for retirees on a fixed income

For Canadians who moved down east to stretch a fixed retirement income, the annual increases to the Canada Pension Plan (CPP) and Old Age Security (OAS) aren’t keeping up. CPP payments rose 2% in January 2026, pushing the maximum monthly retirement pension to $1,507.65 if collected — but most Canadians don’t receive that sum due to contribution history. Similarly, OAS rose 1.2% in July 2026, bringing the maximum monthly payment to $751.97 for seniors 65 to 74 and $827.17 for those 75 and older. Those increases track general inflation — not the double-digit jumps hitting home insurance and property tax bills in Nova Scotia, specifically. And unlike working-age Canadians, retirees can’t make up the difference by picking up extra shifts.

The job market offers little extra cushion, either. Nova Scotia’s unemployment rate sat at 6.5% in June 2026, roughly in line with the national rate. That’s a much steadier picture than in other parts of the country — but not the kind of strong job market that would make it easy for a retiree’s working-age children to absorb a sudden jump in costs, either.

Not all costs across Atlantic Canada are the same

None of this means Nova Scotia has lost its appeal altogether. Halifax was still the fourth-most affordable city of the 10 cities tracked in the Canadian Real Estate Association’s (CREA) benchmark price index in 2025. And retirees willing to look to other Maritime provinces have more room to manoeuvre.

A 2026 ranking of the best places to retire in Canada put New Brunswick cities — Saint John, Fredericton and Moncton — at the top of the list for affordability. The lesson isn’t that Nova Scotia has suddenly become expensive. It’s that the reason many retirees moved — for meaningfully lower costs than Toronto or Vancouver — has narrowed enough that it’s worth a second look before you commit.

What Canadian retirees can do next

If you’re considering a move to Nova Scotia, or are already living there on a fixed income, a few steps can help:

• Get an updated home insurance quote before you buy, not after. Coastal and flood-prone properties in Nova Scotia are being repriced fastest
• Check your property’s assessment through the Property Valuation Services Corporation (PVSC). Appeal it if it looks out of step with recent sales in your area
• Stress test your retirement budget against a property tax bill that could keep climbing by high single digits each year, not the 2% pace of your CPP increase
• Compare more than one Atlantic city to help you decide. Saint John, Fredericton and Moncton currently offer a bigger affordability cushion than Halifax
• Talk to a fee-only financial planner before you relocate. A move that made financial sense in 2021 may need a second look in 2026

According to disability law advocates, as many as 60% of initial long-term disability (LTD) claims face some form of resistance or denial — yet most people don’t know they have the right to appeal. Worse, many who do attempt to fight back unknowingly walk into a process that can work against them.

Whether you have been denied outright or had your benefits abruptly cut off, understanding why denials happen — and where your legal leverage actually lies — can make a material difference to your financial stability. Here is what you need to know.

Why insurers deny valid disability claims

Most denials are not decisions that your condition is fabricated or insignificant. They are driven by policy interpretation, missing paperwork and the absence of what insurers call “objective” medical evidence.The most common denial reasons include:

• Insufficient medical documentation: A diagnosis alone is rarely enough; insurers want functional assessments, treatment records and physician notes that quantify how your condition limits your ability to work
• Missed filing deadlines: Most LTD policies require you to apply within 90 days of the end of your elimination period; late applications can be denied regardless of medical merit
• Policy language disputes: Insurers interpret terms like “totally disabled” or “unable to perform the essential duties of your own occupation” narrowly and in ways that frequently disadvantage claimants
• Surveillance and inconsistency: Insurers may monitor social media or hire investigators; any apparent gap between stated limitations and observed activity can result in denial or termination
• Independent Medical Examination (IME) findings: An insurer-appointed doctor may reach a different conclusion than your own physician; their report often carries significant weight in the insurer’s decision

Navigating disability and critical illness can feel overwhelming. Getting insurance coverage can help. Start by looking at independent ratings. And if you're looking for affordable coverage, check out PolicyMe. Just answer four questions, and PolicyMe will provide you with an instant, no-obligation quote, valid up to 90 days. Don’t let healthcare costs derail your plans. Get coverage with PolicyMe

The 24-month trap: When the definition changes

Even Canadians whose claims are initially approved can find themselves cut off two years into receiving benefits. This is because most LTD policies contain what is known as a “change of definition” clause.

In the first two years, the standard is typically whether you are unable to perform the essential duties of your own occupation. After 24 months, it shifts: You must now prove you cannot perform the duties of any occupation for which you are reasonably suited by education, training or experience.

This is a deliberately higher bar. A person living with severe depression who previously worked as a nurse may be told they can perform some form of sedentary clerical work — and lose their benefits on that basis, even if their condition has not improved.

The result is that for some people, terminations may happen at the two-year mark, not because of genuine recovery but because of a policy shift that claimants were never clearly warned about.

Mental health claims face the highest barrier

Mental illness now accounts for nearly 40% of all LTD claims in Canada, according to Sun Life’s 2025 group benefits report. Yet mental health conditions are among the most frequently denied.

The core problem is evidentiary: Insurers demand what they describe as objective medical evidence — physical test results, imaging, lab work. Depression, anxiety, post-traumatic stress disorder (PTSD) and burnout do not typically generate that kind of documentation. A psychiatrist’s detailed clinical notes carry weight, but they do not have the same institutional standing as an MRI.

Claimants with mental health conditions often find they must work harder to build their file — consistent treatment records spanning months or years, functional impact assessments from multiple providers and clear written documentation of how their condition prevents them from working.

What not to do after a denial

The instinct after receiving a denial is to comply with the insurer’s internal appeal process. It may be advisable to resist that instinct — at least until you understand what you are agreeing to.

Internal appeals are managed by the same company that denied your claim. They are not neutral. It’s important to note that internal appeals may fail and pursuing them can consume the time you have to file a legal claim.

In Ontario, the standard limitation period for a lawsuit against an insurer that has denied LTD benefits is two years from the date of denial, under the province’s Limitations Act, 2002. Some policy contracts set even shorter contractual deadlines — as few as one year. Insurers are not required to warn you that this clock is running while you appeal.

Other documents and actions to avoid immediately after denial:

• Do not provide recorded or written statements to the insurer without legal advice — these can be used against you
• Do not sign a release or settlement agreement without fully understanding the terms
• Do not stop medical treatment — a gap in documented care can be used as evidence your condition improved
• Do not assume the denial letter’s appeal deadline is the only deadline that matters — it may not be

Your rights: OLHI, legal claims and your next steps

Canadians have meaningful recourse after an LTD denial. Your first stop should be the OmbudService for Life and Health Insurance (OLHI), a national, independent and free dispute-resolution service that covers many Canadian life and health insurers. OLHI can review your complaint, contact your insurer on your behalf and recommend a resolution — without the cost of litigation. Its decisions are non-binding, but they carry weight.

Critically, OLHI can only review your complaint after you have a Final Position Letter from your insurer — meaning you must complete the internal complaints process first, then escalate. Do not confuse this with an insurer’s routine appeal; insist on receiving the insurer’s formal final position in writing.

Where OLHI does not resolve the matter, legal action remains available. Unfortunately, most disability lawyers do not work on a contingency basis — where you pay nothing unless they recover money for you. As such, the legal method often requires money upfront. Another option is to seek out help through free legal clinics in your city. But before going down the legal path, gather:

• Your complete policy documents and Group Benefits Certificate
• The insurer’s full claims file (you are entitled to request this)
• All medical records, treatment notes, referrals and functional assessments
• Any IME reports, surveillance disclosures or written communications from the insurer
• A written record of every date — of denial, of correspondence, of appeal submissions

“95% of investors likely have no idea what they really own,” Burry, who’s known for predicting the 2008 financial crisis, posted on social media. “Let me re-phrase that. 95% of investors like to have no real idea of what they own.”

Burry — whose story was adapted into the movie The Big Short — didn’t offer any more context. He didn’t explain why he thinks that’s the case, how he landed on 95% as a figure, or even whether he sees it as a problem.

So it’s up to the rest of us to figure out: Is he right? Do most investors really not know what they’re invested in — and is that even such a bad thing?

Here’s how it breaks down for Canadians.

Why do we invest in the first place?

Everyone invests for different reasons, which means everyone’s strategy looks a little different too.

According to the RBC Financial Flexibility Poll, 58% of Canadians say they’re currently investing in a TFSA, an RRSP, or both. Fewer than half are following a budget (44%), and half have reduced or paid off debt over the past year.

Not all of that investing is aimed at the same goal. Some of it is long-term, like retirement. Some of it is short-term, like an emergency fund or a big purchase.

Someone saving for retirement will likely want to use a tax-sheltered account like an RRSP. In 2026, Canadians can contribute up to 18% of the previous year’s earned income to an RRSP, to a maximum of $33,810, plus any unused room carried forward. But an RRSP generally isn’t the best place to park an emergency fund, since withdrawals get added to your taxable income. A TFSA — which allows tax-free withdrawals any time, with $7,000 in new room for 2026 — is usually the better home for money you might need on short notice. You can even park a High-Interest Savings Account (HISA) in a TFSA to avoid paying any taxes on interest earned while maintaining easy access to the cash.

Workplace retirement plans are also a common way Canadians invest without paying much attention to what’s actually inside them. Employer-sponsored plans, including workplace pensions and group RRSPs, cover 45% of the Canadian labour force, according to the Office of the Superintendent of Financial Institutions (OSFI), the federal regulator that oversees banks, insurers and pension plans.

Many of those group plans put new contributions into a target-date fund by default — a single fund that automatically shifts its mix of stocks and bonds as an employee gets closer to retirement. Target-date funds now make up 73% of default investment options in Canadian group RRSPs, according to a Benefits Canada survey.

Target-date funds are convenient. They’re also, by design, a set-it-and-forget-it option for people who don’t want to think much about what’s inside their portfolio. But if you’re contributing to one every paycheque and never checking what’s in it, there’s a good chance you don’t know exactly what you own, either.

There’s also the Canada Pension Plan (CPP), which is managed by CPP Investments, a firm that operates independently of the government and manages the government pensions of over 22 million contributors and beneficiaries. It works to maximize long-term financial returns, and does so by investing in a broad mix of asset classes including public and private equities, real estate, infrastructure and fixed-income credit. Geographically speaking, it allocates 47% of its investments to the United States, 12% to Canada and the rest across other international markets.

Keep more of your money. Keeping administrative costs low is just as important as choosing the right investments. Many investors find it helpful to look for platforms that waive account maintenance fees once a specific household balance is met. For instance, CIBC Investor’s Edge doesn’t charge any account or maintenance fees if the combined market balance of all accounts is greater than $10,000. Plus, you can receive real-time news and stock alerts, helping you keep track of market shifts. Opening a discount brokerage account with CIBC Investor’s Edge can help you diversify your portfolio without having to pay exorbitant commissions on trades. Get 200 free trades when you open a CIBC Investor’s Edge account using promo code EDGE2026. Plus, enjoy unlimited commission-free trades on over 180 select ETFs. Terms and conditions apply. Offer ends September 30, 2026.

Is it actually bad that we don’t know what we own?

There’s no Canadian study confirming Burry’s exact 95% figure. But there’s plenty of evidence that a lot of Canadians aren’t paying close attention to their investments — and that might not be the disaster it sounds like.

Doing your own research matters, especially if you’d want to avoid a specific stock or sector for ethical or personal reasons. But not everyone is equipped to manage, or interested in managing, a portfolio on their own.

According to the Canadian Securities Administrators (CSA), the umbrella group representing Canada's provincial and territorial securities regulators, 45% of Canadians say they have at least some self-directed investments — the highest share on record. But that doesn't mean most investors have cut professional guidance entirely: the same survey found 61% of investors still work with a financial advisor, the lowest share since the CSA began tracking in 2006, but still a majority.

Separate research from FAIR Canada, a national investor advocacy organization, digs into what that 45% actually looks like in practice. Its 2024 survey of DIY account holders found that of Canadians with a self-directed account, only 46% manage their money entirely on their own — the rest are "hybrid" investors who also keep an advisor relationship. In other words, someone with a DIY account is nearly as likely to still be leaning on professional advice as to be going it fully alone.

Handing over the details to a professional isn’t necessarily a mistake. Most Canadians don’t have the time, interest or expertise to actively manage a portfolio the way Burry does. Following professional advice, or sticking with a simple default fund, could easily produce a better outcome than trying to time the market alone.

Not knowing exactly what’s in your portfolio might even work in your favour during a downturn. It’s a lot harder to panic-sell something when you don’t fully know what it is you’re selling.

Next steps: what Canadians can take from Burry’s comments

You don’t need to become a stock-picker to be a good investor. A few small habits can help close the gap between not knowing and not caring:

• Check what’s actually inside your group RRSP’s default fund at least once a year, even briefly
• Know which of your accounts is meant for long-term saving (RRSP) and which is meant to stay liquid (TFSA), and don’t mix up the two
• If you work with an advisor, ask them to walk you through your holdings in plain language at least once
• If you manage your own investments, revisit your asset mix once a year rather than only when the market moves

You don’t have to know every stock in your portfolio to be a confident investor. But knowing the basics — where your money sits, what it’s for and how it’s invested — is a good foundation, whichever camp you fall into.

Oftentimes, that help looks like covering something as small as a phone bill or as large as a down payment. But leaving behind a family cottage can be an even bigger gift, one that helps a child build wealth for decades. The trouble is that property taxes, insurance and general upkeep on Canadian cottages have been climbing faster than the overall rate of inflation, which can make hanging onto that kind of legacy property a real financial stretch.

In this hypothetical example, let’s imagine that Joan has owned a waterfront cottage in Ontario’s Muskoka region for 28 years. Her son Ted has fond memories of summers spent there and hopes to inherit the cottage himself one day. Let’s also assume that Joan’s property taxes, insurance and maintenance fees on the cottage now run more than $18,000 a year — over double what they were a decade ago.

Joan feels the pull to make her son’s dream come true, but she’s also worried about the costs piling up on a fixed income. So should she keep struggling to preserve the family legacy, or is it smarter to sell and downsize? Here’s are the factors she should weigh.

Retirement needs to come first

While Joan may want Ted to inherit the cottage, that gift shouldn’t come at the expense of her own retirement security. A drop in financial well-being can affect an older adult’s quality of life, and the stress of continuing to pay for an aging cottage could take a real toll. Joan may also start to resent her son if she feels trapped, unable to use that money for anything else — especially since there are lots of cottages, but Joan has only one retirement.

“A trusted advisor can help cut through the complexity, create a clear financial plan, and help give people the confidence that they're taking the right steps - no matter where they're starting from” said Paul Lalonde, head of wealth planning at BMO Private Wealth Canada. Sometimes the greatest gift a parent can leave isn’t the cottage itself — it’s the financial security that comes from making a smart decision now.

There could be solutions worth exploring first

That doesn't mean Joan needs to list the cottage tomorrow, though. It makes sense for the family to sit down and discuss Joan’s overall financial picture first. Perhaps Ted can take on some of the yearly costs as a kind of investment in his future inheritance. Cottages remain popular among Canadian families to hold onto and pass downf. According to REMAX Canada’s 2026 Recreational Property Report, 60% of current cottage owners view their property as part of their long-term wealth strategy, while 45% of prospective buyers view a recreational property as an entry point into homeownership.

“We're seeing recreational properties play an increasingly important role in how Canadians think about legacy and wealth transfer,” said Don Kottick, president of REMAX Canada. “For many, it's about building equity in a different segment of the market while creating something tangible that can be held, leveraged, and passed down across generations.”

Joan may want to avoid making Ted a co-owner while she’s still alive, though. Under Canadian tax rules, when a parent dies still owning a cottage outright, the Canada Revenue Agency (CRA) treats it as though it were sold at fair market value on the day of death — known as a deemed disposition — and the estate pays capital gains tax on the increase in value, calculated using the standard 50% inclusion rate. Ted would then inherit the cottage with its cost reset to that fair market value, meaning he’d only owe tax on any further gains from that point forward. But if Joan gifts him a share of the cottage now, while she’s alive, Ted inherits her original, lower cost base for that portion instead of the “reset” value — which could mean a bigger capital gains bill down the road when the cottage is eventually sold.

A reverse mortgage is another option worth considering, though not necessarily against the cottage itself. Canada’s CHIP Reverse Mortgage, from HomeEquity Bank, lets homeowners age 55 and up access up to 55% of their home’s value in tax-free cash, with no required monthly payments. The loan, plus accumulated interest, only comes due once the home is sold, the owner moves out permanently, or the last borrower dies.

Not sure if you’d qualify for a reverse mortgage? That’s where a platform like Homewise can help. Just fill out a short form to enter a few basic details — like your estimated home value and location — to receive a personalized estimate of how much equity you may be able to access. A Homewise mortgage advisor can walk you through your options and help you determine whether a reverse mortgage — or another solution — may be the right fit for your situation.

One important wrinkle: a reverse mortgage in Canada generally has to be secured against a primary residence, so a vacation property like a waterfront cottage typically doesn’t qualify on its own. If Joan’s cottage isn’t where she lives most of the year, she’d likely need to borrow against her primary home instead. Some Canadian families have made this work by using a blanket mortgage across both properties.

Whichever route Joan takes, the loan balance would eventually be repaid out of the property’s sale proceeds, meaning Ted would inherit somewhat less. But the cottage — and its sentimental value — could still stay in the family.

These options, taken together, could allow Joan to hold onto the property, let Ted contribute toward securing his future inheritance and enable Joan’s retirement to stay on track.

There is also the likelihood that Ted may not be able to afford the place and may have to either alter his financial plans or convince Joan to sell. In fact, according to the REMAX survey, 40% of respondents said the costs of inheriting a recreational property would not be manageable.

What Canadian cottage owners can learn from this

• Run the numbers with a certified financial planner before promising a cottage to anyone — a CFP can model whether keeping it still leaves room for a comfortable retirement.
• Remember that only one property per family can claim the principal residence exemption in a given year — decide early whether that will be the house or the cottage.
• Keep records of major capital improvements, since these raise the adjusted cost base and can lower the eventual tax bill, while routine maintenance does not.
• Ask whether a reverse mortgage on a primary residence, rather than the cottage, could ease cash flow without giving up the property.
• Talk to the whole family early. A clear cottage succession plan that is put in writing helps avoid conflict later.

The best part? Squeezing the most out of the rest of the season doesn’t have to drain your wallet. From coast to coast, here are five affordable ways to celebrate the ultimate finale of summer.

1. Become a tourist in your local provincial or national park

You don’t need an expensive, multi-week road trip to experience Canada’s breathtaking wilderness. Our country boasts some of the most spectacular provincial and national parks in the world, many of which are just a short drive from major urban centres.

For the cost of a day pass (or a very reasonable annual Parks Canada discovery pass), you can spend the day hiking through lush forests, lounging on lakeside beaches or spotting local wildlife. Pack a picnic with local ingredients to keep food costs low and enjoy lunch with a million-dollar view.

Choosing the right program depends on where you want to go. Explore our comprehensive guide to find the reward points that offer the best value for your travel style.

2. Chase the flavours at a local farmers’ market

August is the absolute peak of harvest season in Canada. Whether you’re looking for British Columbia cherries, Alberta sweet corn, Ontario peaches or Atlantic blueberries, your local farmers’ market is the place to be.

Wandering through the stalls is a completely free community experience, and buying produce that is in-season means you get the freshest quality at the lowest prices. Take your harvest home and host a backyard potluck where the only rule is that every dish must feature a seasonal ingredient.

3. Dive into free outdoor community events

August is prime time for free community programming. Cities and towns across Canada host outdoor movie nights in local parks, free live music series and cultural street festivals that cost absolutely nothing to attend.

Grab a lawn chair or a blanket, gather some friends and check your municipality’s events calendar. It’s an incredible way to soak up the warm evening air and connect with your community without spending a dime.

4. Plan a “sunset and stargazing” night

With the nights staying relatively warm, August offers some of the best stargazing conditions of the year — especially around mid-month when the Perseid meteor shower peaks.

Find a spot slightly away from heavy city light pollution, bring a thermos of hot chocolate or local cider and lay out a blanket. Watching a classic Canadian sunset transition into a sky full of shooting stars is a magical, unforgettable summer memory that is entirely free.

5. Rediscover the backyard (or local park) camp-in

If campsites are fully booked or the cost of gear is holding you back, recreate the best parts of camping right at home.

Pitch a tent in the backyard or simply set up a cozy fort of blankets on a balcony or living room floor. Roast marshmallows over a fire pit (or use the oven/microwave for indoor s’mores), tell ghost stories and unplug from your devices for the evening. It gives you that distinct, nostalgic summer getaway feeling without the travel hassle or the price tag.

Let’s use Tom as a hypothetical example. Tom is 30, married, earns around $50,000 a year and is hoping to start a family soon. His father has been sick for years, and Tom has been his primary caregiver.

He expected to inherit his father’s house — a mortgage-free home worth around $700,000 at Canada’s current national average — making it by far the biggest asset Tom has ever owned.

But he just learned that his father isn’t leaving him the house outright. Instead, Tom will be named a life tenant, while his two younger half-siblings will inherit the property once he dies.

Tom is left wondering what this actually means for his plans. Unfortunately, it’s a big change from inheriting outright. How can he navigate through this surprise outcome?

How a life interest affects your ownership of a house

When you’re given a life interest in property — also called a life estate — instead of outright ownership, control of the home is split between two parties.

• The life tenant: This refers to the person given the life interest — in this case, Tom. He has the exclusive right to use the house for the rest of his life. He can choose to live in it, or rent it out and collect the income.
• The remaindermen: The person or people designated to receive the property next. In Tom’s case, these are his half-siblings, to whom the remainder interest belongs. They will receive the house once Tom, the life tenant, dies.

Since both the life tenant and the remaindermen hold a real interest in the property, they share control. A life tenant can’t simply do whatever they want with the home without the remaindermen’s permission.

Under common law, a life tenant also generally can’t commit what’s known as “waste” — permanently damaging the property or reducing its value. The life tenant is typically responsible for paying property taxes and insurance, while also covering routine maintenance, unless the will or trust says otherwise.

Life tenants are also limited in refinancing or selling the home. Because the remaindermen hold a future interest in the same property, a life tenant generally can’t mortgage or sell the home without their agreement.

Note: Estate and property law fall under provincial jurisdiction in Canada, so the details can vary by province or territory. Québec’s civil law system uses a similar concept to a life tenant known as a “usufruct.” Anyone dealing with a life interest should confirm the rules that apply where the property is located.

Make your cash work harder. You can't control inflation, rates or market swings — but you can control where your cash sits. Compare high-interest savings accounts to keep your money working for you. Find the right HISA

How could this affect your financial plans if you inherit a life interest?

Inheriting a life interest can be far more limiting than gaining outright ownership, and it could create real problems for someone in Tom’s position.

Suppose Tom wanted to borrow against the house to renovate it for his growing family. Because he only holds a life interest, the property isn’t his to refinance without his half-siblings’ consent.

If Tom wanted to sell and move, he couldn’t do so without his half-siblings agreeing, and they would have a reasonable claim to a portion of the sale. Tom could try to sell his life interest on its own, but the market for this kind of partial interest is extremely limited, since the property will eventually pass to the remaindermen.

Tom also wouldn’t be able to leave the house to his own spouse or children when he dies, since his death is what triggers the transfer to his half-siblings. If Tom dies at 50, his half-siblings would inherit the property immediately, and his partner and kids would have to move out.

Furthermore, if Tom doesn’t keep up with maintenance or pay the bills during his tenancy, his half-siblings could take legal action against him for reducing the value of their future inheritance.

What Tom — and other Canadians in his position — can do next

Tom may not be able to change the arrangement his father set up. But he does have a few options.

• Negotiate a buyout of his half-siblings’ interest in the house, if he has the funds to do so
• Agree with his half-siblings to sell the property outright to a third party and split the proceeds according to their respective interests
• Rent out the property to help cover alternative housing costs for his own family, while being responsible for making sure a tenant properly looks after the home

The right path depends on Tom’s goals, his relationship with his half-siblings and what everyone involved is willing to do.

For anyone dealing with an inherited property in Canada — life interest or otherwise — it’s worthwhile knowing a few important details:

• Money received from an inheritance itself isn’t considered taxable income by the Canada Revenue Agency (CRA). But when someone dies, the CRA treats their assets as though they were sold at fair market value immediately before death — called a “deemed disposition” — and any resulting capital gain is generally taxed on the deceased person’s final return.
• If the home was the deceased person’s principal residence for every year they owned it, the principal residence exemption can shelter that gain from tax entirely.
• Once a property passes to a beneficiary, any further increase in value from that point on is taxable once it’s sold, unless the new owner makes it their own principal residence.
• Because a life interest can be structured in very different ways depending on the will or trust behind it, and because rules vary by province, anyone in Tom’s position should speak with an estate lawyer before assuming what their rights and responsibilities are.

Ultimately, Tom may not get the outright inheritance — or the certainty — he was hoping for. But with the right advice, he may still be able to find an arrangement that works reasonably well for his own family and for his half-siblings.

-With files from Melanie Huddart

Earlier this month, Reddit user getfrostedtips laid bare a seemingly legitimate phone scam they nearly fell for.

It started with a phone call that appeared on their caller ID as Wealthsimple. The alleged company representative knew their name and said that someone was trying to use their credit card to purchase a room in a hotel. After confirming with the representative they were not travelling, the Redditor was told they would receive a text message from Wealthsimple with a code so they could successfully “block” the transaction.

This request was what tipped the poster off to a scam in motion, leading them to hang up and call Wealthsimple to confirm if there was a hotel booking transaction on their account. The company confirmed there was no such transaction, according to the user’s post.

“I was already a little bit suspicious so I didn’t give them any information,” they wrote, adding, “Essentially, they were trying to buy something online and needed my verification code to complete the purchase.”

While the Redditor was ultimately not swayed by the scammer’s methods, they appeared shaken. They admitted to bringing awareness to their situation from a “burner” account because they were “paranoid.”

“I’m young and quite savvy and I was very close to falling for this. These guys are being good, so please be careful and remind your family members to be vigilant.”

How bad are phone scams in Canada?

Other Redditors chimed in with their own anecdotes related to phone scams, which all featured a similar tactic: scammers posing as financial institution representatives.

One user received multiple calls allegedly from CIBC’s fraud department. When they finally did answer, the voice on the other end stated someone was trying to book an expensive trip through booking.com — the user hung up without hearing them out.

Another commenter received a call from Tangerine Bank’s fraud department for a “suspicious transaction” on their credit card. They didn’t answer, and instead contacted the bank directly. Turns out, the call was legitimate, as someone was making a fraudulent purchase using their card.

This particular anecdote points to why these types of scams can be successful: they use a kernel of truth to add credibility to their claims. And unfortunately, strategies like these pay off.

According to the Canadian Anti-Fraud Centre’s (CAFC) latest figures, scammers swindled $704 million from Canadians last year. That’s only reported losses, which the organization estimates make up a mere five to 10 percent of all fraud in Canada.

Of that egregious sum, $28.3 million was perpetrated via fraud investigator scams — the kind the Reddit poster experienced.

And with new AI-powered technology, scammers appear to be upping their game in both fraud potency and quantity.

Make your cash work harder. You can't control inflation, rates or market swings — but you can control where your cash sits. Compare high-interest savings accounts to keep your money working for you. Find the right HISA account

Scam efforts on the rise

A recent survey from TD Bank completed by Leger found that nearly half of Canadians (46%) have encountered a scam in some form on a weekly or even daily basis. And 24% of respondents reported themselves or a family member falling victim to a fraud attack.

What’s just as startling is that 89% of those surveyed said they were “confident in their ability to spot fraud” even though 52% admitted to taking risks that leave them exposed to scammers (e.g. using public Wi-Fi to access bank accounts).

Kevin Wicks, group manager of fraud education at TD, told the Canadian Press that artificial intelligence is giving scammers the ability to create assets of deceit faster and at scale (think fake websites and text messages, as well as phishing emails). And while Canadians’ confidence in spotting a bad actor is high, technology can quickly turn that self-assurance into a liability.

“In the past, it could take these scammers months or weeks to build a website or an email or a text message to potentially phish someone and obtain their personal or financial information,” Wicks told the outlet, adding “Now with AI, they can do that so quickly.”

How to spot a phone scam in action

Considering the rise in scam attempts, mounting fraudulent losses in Canada and increasingly powerful AI technology, it’s understandable to wonder if you have a chance to spot a phone scam before it’s too late. Thankfully, there are some simple tips that can help you spot one in action.

• Be wary of unsolicited calls: If someone contacts you unexpectedly claiming to be from your bank, the government, a utility company or law enforcement, don’t assume they’re legitimate just because they know your name or other personal details.
• Watch for pressure tactics: Scammers often try to create urgency by claiming your account has been compromised, you owe money immediately or you’ll face arrest, fines or service disconnection unless you act right away. Unnecessary urgency is almost always a red flag.
• Verify independently: If you’re unsure whether a call is legitimate, hang up and contact the organization or financial institution using a phone number from its official website, the back of your bank card or a recent statement. Never fully trust the number a caller contacts you on.
• Discuss it with someone you trust: If a caller is asking you to keep the conversation secret or discouraging you from seeking advice from another person, that can be a strong warning sign of ulterior motives. Scammers thrive in secrecy. Whenever you’re making a financial decision, asking for a second opinion is always a good idea.

How to respond if you fall victim

If you’ve been targeted by a phone scam or another type of fraud, acting quickly can help limit the financial and personal damage. The CAFC recommends taking the following steps as soon as possible:

• Preserve any evidence: Save anything related to the scam, including emails, text messages, call logs, receipts, bank records and screenshots. This information can help with the investigation.
• Notify your financial institution and credit bureaus: If you sent money or shared financial information, contact your bank or credit card provider immediately so they can secure your accounts, attempt to stop or recover transactions where possible and monitor for suspicious activity. If your personal information was compromised, notify Equifax and TransUnion so they can place fraud alerts on your credit file.
• Report the fraud to the authorities: Contact your local police service and report the incident to the Canadian Anti-Fraud Centre by calling 1-888-495-8501. Reporting scams helps investigators track fraud trends and may assist in preventing others from becoming victims.

The CEO of JPMorgan Chase, one of the most closely watched voices in global finance, told CNBC in an extensive interview that growing geopolitical tension — including the U.S.-Iran conflict and the ongoing war in Ukraine — isn’t fully reflected in today’s stock prices. “I do think those risks are probably bigger than other people think,” Dimon said.

It’s a warning worth heeding, because the same complacency applies to Canadian investors.

The rally that’s papering over the risk

The Dow, the S&P 500 and the Nasdaq have each climbed between roughly 8% and 11% so far this year, and Dimon has acknowledged that any concerns about the wars as they currently stand may already be priced in. His fear, he says, is a trigger that hasn’t happened yet.

Canadian investors are riding a strikingly similar wave. The S&P/TSX Composite Index traded at an all-time high above 35,000 points on June 22, and has since surpassed that benchmark, trading at 35,568 as of July 27 — just over 12% year-to-date.

Much like the U.S. benchmarks, that strength has been driven in part by heavy AI-related spending and, in the TSX’s case, a substantial weighting toward gold and other materials producers.

Dimon isn’t dismissing the reasons stocks have climbed. He compared today’s AI spending to the buildout of internet companies decades ago, telling CNBC that the investment will likely “pay off, just like the internet did,” even if it doesn’t happen “on the timetable you expect.”

Make your savings work harder. Open a self-directed investing account and get your money working for you. Build your own investment portfolio with CIBC Investor's Edge online and mobile trading platform and enjoy low fees, powerful tools, and control over your future. Get 200 free trades when you open a CIBC Investor’s Edge account using promo code EDGE2026. Plus, enjoy unlimited commission-free trades on over 180 select ETFs. Terms and conditions apply. Offer ends September 30, 2026.

Canada’s own fiscal picture

Dimon has been warning about a coming “bond crisis” for more than a year, driven largely by rising government deficits that he believes could erode investors’ confidence in government debt.

As such, Canadian bond investors are watching this dynamic unfold on the global stage. The Bank of Canada’s 2026 Financial Stability Report notes that government debt loads are expected to grow, citing an aging population and higher defence spending among the drivers. The same report flagged that more than 18% of U.S. investment-grade bond issuance now sits in the technology sector — a record share driven by AI data-centre financing. Such a concentration could ripple through the broader markets if AI-related earnings disappoint.

On the fiscal side, Canada’s federal deficit came in lower than expected this spring, landing near 2% of GDP, according to the government’s spring economic update. Even so, the Office of the Parliamentary Budget Officer projects the federal debt-to-GDP ratio will keep climbing, from 41.3% in the 2025-26 fiscal year to 42.5% by 2030-31.

The risks closer to home

Dimon's warnings are about geopolitics and government bonds, but Canadian investors are carrying two homegrown risks that matter just as much day to day.

The first is how the TSX itself is built. Financials are the most heavily weighted sector on the TSX by far, and the index's structure reflects Canada's resource base. Per BlackRock's iShares Core S&P/TSX Capped Composite Index ETF factsheet, financials made up just over 31% of the index, with materials near 19% and energy around 18% — together amounting to close to 70% of the benchmark. That's a fundamentally different bet than owning the S&P 500. A US-heavy portfolio rises and falls largely with tech earnings; a TSX-heavy one rises and falls with oil prices, gold and Canadian bank results. It's not unusual for the index to slip even during a commodities rally simply because bank stocks are dragging on it — that concentration cuts both ways, and it's worth knowing how much of a "diversified" Canadian portfolio is really a leveraged bet on three sectors.

The second is closer to the kitchen table. According to the Bank of Canada's 2026 Financial Stability Report, the last wave of five-year, fixed-payment mortgages taken out during the pandemic will renew over the next 12 months, representing about 12% of all outstanding mortgages in Canada, with strong income growth expected to allow most borrowers to manage the payment increase. The bigger concern is a narrower group: at current home prices, the Bank estimates only about 4% of borrowers nationally — but roughly 9% in the Toronto area — would not be able to refinance at renewal, because falling home values have left them without enough equity to meet lenders' requirements. If home prices fell another 10%, that share would rise to about 7% nationally and 12% in Toronto. Those borrowers aren't just facing a bigger payment — they may not have the option to shop for a better rate elsewhere at all.

Neither of these is the kind of risk a Dimon-style geopolitical warning captures. But for most Canadians, a mortgage renewal notice will land before a bond crisis does — and it's arguably the bigger near-term threat to a household's finances.

Not everyone is bracing for the worst

Not every Canadian investor shares Dimon’s level of caution. Jennifer Shum, senior managing director of structured and private credit at the Healthcare of Ontario Pension Plan (HOOPP), says geopolitical risk is something large Canadian pension funds are watching closely, but it hasn’t changed their long-term approach.

“You can indicate those risks, but it’s not going to change the way we invest — it’s just an added risk,” Shum said.

That’s a useful distinction for everyday investors, too. Being aware of a risk isn’t the same as reacting to every headline about it.

What Canadians can do about it

Dimon’s warning isn’t a call to sell everything, and it isn't really about timing the market. Trying to guess when a correction will hit usually costs investors more than it saves them. However, it is a good reminder to check that a portfolio is built to handle more than one outcome.

• Revisit how much of a portfolio sits in stocks versus bonds versus cash. Confirm this mix still matches a personal risk tolerance and timeline, not just an old comfort level built up during a rising market.
• Use registered accounts to their full potential. The TFSA contribution limit is $7,000 this year, with a lifetime limit of $109,000 for anyone who’s been eligible since 2009, while the RRSP dollar limit has risen to $33,810.
• Rebalance rather than chase. If stocks have run up more than bonds this year, trimming the winner to top up the laggard keeps a portfolio in line with its original plan.
• Keep contributing on a regular schedule rather than trying to time entry points. Dollar-cost averaging softens the blow of a downturn, whenever it comes.
• Talk to a financial advisor before making any big moves, especially if a large share of savings is concentrated in a single sector, like technology.

None of this changes what Dimon is watching in Washington or what the next geopolitical headline might do to markets. But a portfolio built to withstand a bad surprise doesn’t need to guess when, or if, one is coming.

In February 2023, the B.C. Court of Appeal issued a ruling in Zheng v. Bank of China (Canada) Vancouver Richmond Branch, 2023 BCCA 43, that allowed her fraud claim to proceed to trial. The court found there was a genuine issue for trial as to whether the bank had a duty to warn her about the known fraud — and whether its failure to do so before the transfer was processed could amount to a legal breach.

The ruling has not changed Canadian banking law nationally. But it has given fraud victims — and their lawyers — a potentially usable legal roadmap. And in a country where Canadians lost over $704 million to fraud in 2025, the question of who bears the cost of authorized push-payment scams is becoming harder for banks to avoid.

What the Zheng ruling actually says

The court did not find the bank liable. Instead, it found that whether the bank had a duty to warn — and whether it breached that duty — is a genuine issue that must go to trial rather than be dismissed on a summary basis.

Specifically, the court identified two conditions under which a bank may have a duty to warn a customer about fraud: first, the financial institution had knowledge of a particular fraudulent scheme occurring in the community; and second, a customer arrived with instructions to make a transfer that matched the profile of that fraud.

The court also found the bank’s exclusion-of-liability clause — the waiver Zheng signed on the day of the transfer — did not automatically end the case. Because the bank’s alleged failure occurred before she signed the paperwork, the waiver may not cover the misconduct.

As one legal analysis noted, the ruling provides “...a roadmap to plaintiff-side counsel to plead a sustainable duty to inquire/duty to warn case” which may lead to more claims of this type.

Take control of your money. If your paycheque keeps disappearing faster than expected, your budget may need better visibility. Compare budgeting apps that help Canadians track spending, spot leaks, and plan with more confidence. Take control of your budget

Does this apply across Canada — or only in BC?

The Zheng ruling is a B.C. Court of Appeal precedent. It’s not binding law in Ontario, Alberta or other provinces and territories, and it does not override federal banking regulations. Courts in other provinces may consider it persuasive, but they are not required to follow it.

What the ruling does signal nationally is a shift in how fraud-related claims may be argued. Lawyers advising fraud victims in other provinces can now point to Zheng as evidence that a duty-to-warn theory has survived a preliminary legal challenge in Canada. Whether that argument succeeds in another jurisdiction depends on the evidence in each case.

At the federal level, the Financial Consumer Agency of Canada (FCAC) monitors banks’ compliance with the Canadian Code of Practice for Consumer Debit Card Services, which sets baseline disclosure and security standards for federally regulated institutions — but does not impose a specific “duty to warn” obligation.

How OBSI escalation path works — and where it falls short

If your bank has denied a fraud claim, the Ombudsman for Banking Services and Investments (OBSI) is typically the first escalation step and costs nothing. In 2025, OBSI opened more than 6,100 investigations — nearly double the previous year — after assuming its role as the single external complaints body for all Canadian banks.

OBSI can recommend compensation of up to $350,000 where a complaint has merit. But its recommendations are not binding on banks. In its 2025 annual report, OBSI disclosed cases where banks withdrew settlement offers after consumers escalated to OBSI — a pattern the ombudsman reported to regulators as a systemic issue.

For losses above the OBSI cap, or in cases where a bank refuses to follow an OBSI recommendation, a formal legal claim — referencing the Zheng precedent where appropriate — may be the only remaining path. For BC residents in particular, the precedent now makes that claim harder for a bank to dismiss on the pleadings alone.

What ‘duty to warn’ means for your bank’s fraud obligations

The practical implication of the Zheng decision is relatively straightforward: if your bank had knowledge of a fraud pattern and processed your transfer anyway without raising a red flag, that silence may matter.

This applies most directly to what fraud specialists call authorized push-payment (APP) scams — cases where the account holder is deceived into voluntarily sending money. Banks have traditionally denied these claims by arguing the customer authorized the transaction. The Zheng ruling suggests that authorization is not a complete defence if the bank knew a fraud was in play and said nothing.

In the Canadian Association of Private Lenders (CAPL) analysis of bank fraud, one of the most documented patterns involves elderly or vulnerable account holders making large, unusual cash or wire transfers — with banks processing the transactions without inquiry. In the case of 89-year-old Victoria resident Ray Anholt, who lost $1.7 million in a “bank investigator” scam, both CIBC and RBC declined to comment on why the repeated large withdrawals were not flagged.

Under the Zheng framework, if either bank had internal knowledge of that type of scam — and there is substantial published guidance about bank investigator fraud — the failure to warn becomes legally meaningful.

What to do now

• Review your bank’s denial. If your bank rejected a fraud reimbursement claim by citing that you authorized the transfer, document whether the teller — or any bank communication — failed to flag unusual transaction patterns. That fact pattern is now legally relevant under the Zheng precedent in B.C.
• File a complaint with OBSI. If your bank has denied your claim and your loss exceeds a few thousand dollars, escalate to OBSI at no cost. It can recommend compensation of up to $350,000.
• Consult a consumer lawyer if your fraud loss exceeds $10,000 and OBSI does not resolve your complaint. Cite the Zheng v. Bank of China (Canada) ruling in any formal complaint or legal correspondence.
• Enable Autodeposit on your Interac e-Transfer account. This eliminates the security-question vulnerability that scammers most commonly exploit for intercepted transfers.
• Report fraud promptly. FCAC guidance advises that most account holders have 30 days from their statement date to dispute a transaction — but your bank’s agreement may set a shorter window.

What’s changed at Questrade — and what’s staying the same

Questrade isn't just a place to trade stocks anymore — it's basically your whole financial system in one spot. And the more of your money you run through it, the more it works in your favour. Every feature and product is built with one goal: giving ambitious Canadians a real edge.

It’s still 100% Canadian-owned, and its platform lets you invest and trade with $0 commissions and low fees across stocks, ETFs and options. Offering a broad range of assets and high-performance platforms, Questrade still helps you achieve your financial goals faster.

So, what’s new? Just like the rest of the brand, Questrade’s mobile apps are getting new names. Questmobile is being renamed to Questrade in the App Store and will be their primary mobile app. EdgeMobile is also being renamed to Questrade Edge.

Basically, Questrade’s app is the unified home for your full financial system across investing, saving and spending. You will have one space for all of your accounts, news tailored to your portfolio and interests and improved account management and money movement.

Here’s a breakdown of what’s new:

• AI integration (MCP connectivity): Questrade is the first Canadian brokerage to support Model Context Protocol (MCP), letting users link their account data directly to Claude (with ChatGPT and Codex coming soon) for AI-powered research, custom index screening, and queued trade execution.

• Flows (trade automation): A free "if/then" rule builder that lets you set conditions like "buy $1k of MSFT if the price drops 5%." Unlike a limit order, it keeps scanning in the background without tying up your buying power, and you can add an optional manual safety brake for extra control.

• Balance sheet & equity engine:

  • Balance sheet: Pulls together your net worth across external accounts and keeps an eye out for savings opportunities — like flagging when your mortgage rate falls out of step after a Bank of Canada move.
  • Equity engine: Automates the Smith Maneuver, so clients can automatically reinvest their home equity into the market as mortgage payments clear.

Fee disruptions & Questrade Plus overhaul:

• $0 US options fees: Questrade has scrapped contract fees entirely on US equity options.
• Options cash back: An industry-first — Questrade Plus members now earn $0.05 cash back per contract.
• Pre-IPO access: Retail clients can now buy into late-stage private companies with a $5k minimum. Questrade Plus members get first dibs, with access a full week before everyone else.
• Questrade Plus ($19.99/mo): Revamped to now include options cash back, a 1% annual RRSP match, and early Pre-IPO access — and right now, you can try it free for two months.

Get your money working for you

Every dollar you save on fees is a dollar that stays invested and working toward your future. Whether you're building a TFSA, growing your RRSP or investing in a non-registered account, the right brokerage can help you keep more of your returns. Check out Questrade, the online brokerage that combines low-cost investing with powerful research tools. Open an account and pay $0 commission on stock and ETF trades. Start investing with Questrade

Instead, much of their income is already committed to housing costs, groceries, utilities, debt payments and other essentials before it even lands in their bank account, leaving little room for much else.

That’s according to a new quarterly survey from insolvency firm MNP, which found that three in five Canadians (61%) say at least half of their income is already committed before they get paid. Nearly one-third (32%) say most of their paycheque is already spoken for, while 16% say all of it — or even more than their upcoming pay — has already been accounted for.

“Many Canadians are not just living paycheque-to-paycheque, they are entering each pay period with much of that paycheque already spoken for,” said Grant Bazian, president of MNP Ltd, in a statement. “The next paycheque is not a reset point. It is already assigned to bills, debt payments and regular expenses before it arrives.”

The cutbacks aren’t just about skipping vacations

The financial squeeze isn’t only changing how much Canadians spend, it’s changing what they feel they can afford to do.

According to the MNP index, more than half of respondents (57%) said they’ve cut back on travel and experiences because of financial pressures, while 56% said they’re spending less on restaurants, takeout, coffee shops and other social outings.

For some households, the cuts are extending beyond vacations and nights out. More than one-third (35%) said they’ve reduced spending on personal care, clothing or children’s activities, while 23% said they’ve cancelled plans altogether because of cost.

About one in 10 respondents (9%) said they’ve relied on credit or borrowed money to keep plans or activities they otherwise couldn’t afford.

“Canadians are not just tightening their budgets,” Bazian noted. “Many are shrinking parts of their lifestyle to keep up with the cost of essentials.”

Take control of your money. You can’t control inflation, interest rates or market swings — but you can control where your money goes. When every dollar has a job, money feels less stressful. Find the budgeting app that helps you take control of your finances. Compare Canada’s Best Budgeting Apps

Many households still have little financial breathing room

Despite all that, there are still signs that Canadians are feeling a little more optimistic than they were a few months ago, although many households report having very little financial breathing room.

Nearly half (46%) said they are $200 or less away from being unable to meet their monthly bills and debt payments. More than one in four (28%) said they already don’t earn enough to cover those obligations each month.

Interest rates also remain a concern. Although the Bank of Canada has held its benchmark rate steady throughout the year so far, only 21% of respondents said they could comfortably absorb an additional $130 a month in borrowing costs. More than one-third (35%) said they could not.

At the same time, nearly two-thirds (62%) said they still need interest rates to come down, while 53% worry they would run into financial trouble if rates were to rise again.

While some broader economic indicators have become more stable, many Canadians say their household finances have yet to catch up. For now, many households remain focused less on getting ahead than on staying on top of the bills, while hoping that lower inflation and a more stable interest rate environment eventually translate into more breathing room.

Speaking with fellow Shark Tank investor Robert Herjavec on “The School of Hard Knocks,” a business interview series, O’Leary recounted how the late Apple co-founder told him “there’s only three things you have to get done every day.” Everything else — the emails, the meetings, the notifications — was just noise getting in the way of what really mattered.

O’Leary said he pushed back at the time, telling Jobs he had no reason to take advice from someone so hard to work with — Jobs’ response was simple: trust me.

Signal versus noise

Separating signal from noise became central to Jobs’ leadership at Apple, especially after he returned as CEO in the late 1990s. At a widely cited 1997 appearance at Apple’s Worldwide Developers Conference, Jobs argued that real focus means saying no to good ideas, not just bad ones — a philosophy that led him to cut dozens of low-priority Apple projects and narrow the company’s focus to a handful of categories, setting up its eventual turnaround.

That same discipline shaped O’Leary’s own career. Born in Montréal in 1954, he co-founded the software company SoftKey Software Products in Toronto in 1983. SoftKey grew by buying up rival companies throughout the 1980s and 1990s, eventually renaming itself The Learning Company. Mattel bought the business in 1999 for a reported US$3 billion to US$4.2 billion (~C$4.2 billion to ~C$5.9 billion) in a deal that proved disastrous for Mattel but made O’Leary very wealthy.

O’Leary became a household name in Canada first, joining the panel of CBC’s Dragons’ Den in 2006, three years before he crossed over to Shark Tank, the American version of the same format, in 2009. Both shows built his “Mr. Wonderful” persona: a straight-talking investor obsessed with cash flow and allergic to distraction.

Herjavec, 63, who founded and sold cybersecurity companies before joining Shark Tank, told the hosts he’s never met a genuinely wealthy person without a clear sense of purpose. O’Leary agreed, adding that the wealthiest people he knows aren’t chasing money for its own sake — they’re chasing a mission, and the “three things a day” habit is how they protect the time to do it.

Tired of high commissions eating your returns? Compare Canada’s top discount brokerages and switch to a $0-commission platform today.

How the ‘3 things a day’ rule holds up against the research

The Jobs anecdote lines up with a growing body of research on attention and focus. Gloria Mark, a professor at the University of California, Irvine, found in her research for the book Attention Span that it takes people roughly 23 minutes, on average, to fully refocus after being interrupted — whether that interruption is a phone notification, a chat message or a colleague stopping by.

Canadian data suggests those pressures are just as real north of the border. Statistics Canada’s first Canadian Survey on Working Conditions found that half of Canadian managers reported frequently working to tight deadlines — nearly 20 percentage points higher than workers in jobs that typically require only a high school diploma. More than one-third of managers also said they regularly do unpaid work on their own time just to keep up.

Set against that backdrop, O’Leary’s routine sounds almost defiantly simple.

Lessons for Canadians trying to get more done

O’Leary’s advice isn’t really a productivity hack — it’s a way of protecting the handful of decisions that actually affect your income and your business. A few ways Canadian readers can put it to use:

• Choose three priorities before opening your inbox each morning. Treat everything else as a distraction to manage, not a task to finish.
• Batch check email and messages at set times instead of reacting to every notification as it comes in. Grouping these checks together frees up longer stretches of uninterrupted time.
• If you’re building a business or a side hustle, ask yourself whether today’s task actually grows your income — or just feels productive. There’s a difference, and it’s easy to confuse the two.
• Block off at least 30 minutes of focus time before the day’s meetings start eating into it. Even a short window of uninterrupted work can move the needle more than a morning full of quick responses.

The habit costs nothing to try — and for anyone working to build wealth on top of a full-time job, it may be worth more than another budgeting app.

-With files from Melanie Huddart

And the numbers suggest this isn’t just a handful of unlucky families. It’s a structural problem with how an entire generation approached retirement.

Why so many boomers are short on cash

Nearly 3 out of 10 Canadians (29%) planning to retire in 2025 or 2026 expect to still be making mortgage payments after they leave the workforce, according to a survey of retirement-age Canadians conducted for real estate brokerage Royal LePage. A decade earlier, only about half as many senior households carried a mortgage.

Mortgage balances among Canadians aged 55 to 64, the group closest to retirement, grew about 6% in the past year alone, as many homeowners tap home equity to cover bills or fund investments.

Add in non-mortgage debt, credit cards, car loans and lines of credit, and the picture gets tighter. The average Canadian carries $22,377 in non-mortgage debt, according to credit bureau Equifax Canada, and insolvency filings have climbed to levels not seen since 2009.

Unfortunately, retirement income for many boomers doesn’t stretch far enough to absorb that debt. The average Canada Pension Plan (CPP) payment for new beneficiaries was $877.01 a month as of April 2026, and the maximum Old Age Security (OAS) payment for those between 65 and 74 was $751.97 a month, according to the Government of Canada. If you don’t receive any income from a workplace pension on top of these government pensions — and 52% of Canadian workers currently don’t — that leaves many with little cushion for a major home repair, a health scare or the rising cost of care.

The bank of mom and dad, in reverse

For decades, money in Canadian families tended to flow from parent to child: down payments, tuition, the occasional bailout, also known as the “bank of mom and dad effect.”

Statistics Canada estimates 1.8 million Canadians, or 13% of unpaid caregivers, were part of the “sandwich generation” in 2022, supporting both children and an adult with a long-term condition or disability at the same time. Among this group, 86% said the responsibility hurt at least one part of their health or wellbeing, and 2 out of 3 said it affected their job.

The toll is real, and newer research suggests it’s getting worse, not better. The nonprofit Canadian Centre for Caregiving Excellence (CCCE) found that 49% of caregivers have experienced financial strain because of their duties, and 41% describe it as outright financial hardship. One in 5 respondents spends at least $12,000 a year of their own money on care-related costs, and 22% have had to stop saving altogether.

“If I did the math of taking care of three people at home, I saved the healthcare system at least $60,000 a year over more than a decade,” Pamela, a Nova Scotia caregiver who left her career at 49 to care for her parents and, later, her husband, told the CCCE. “We say we want people to age at home, and that’s fine. But how are we going to do that without supporting the caregiver?”

Bhavini Patel, a Greater Toronto Area caregiver who left a director-level hospitality career to care for her father, describes a similar trade-off: years out of the workforce that cost her income, pension contributions and long-term economic security, on top of the emotional weight of the role itself. Caregivers who reduce their hours or step away from their careers often pay for it twice, first in lost income, then in a smaller CPP payment later on, since fewer years of contributions mean a lower lifetime benefit.

Ready to watch your savings grow? Check out the best HISA providers in Canada, including no-fee options and high-yield promotional offers. One reliable and consistent champion when it comes to offering a high earning rate on savings is EQ Bank. 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 you don’t pay monthly account fees or struggle to meet minimum account thresholds. EQ Bank offers a no-fee online bank account with unlimited transactions, no minimum balance and free use of any ATM across the world. Plus, 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. Grow your savings with EQ Bank

What long-term care actually costs

For families weighing whether a parent can remain at home or seek more support, the cost can be a shock. Private assisted living runs anywhere from about $1,800 a month in Manitoba to $6,500 a month or more in British Columbia, depending on the province and the level of care required.

Faced with those costs, some adult children move a parent in with them, cover part of a rent cheque, or simply stop saving for their own retirement to keep them afloat. A survey of Canadian sandwich-generation caregivers by HomeEquity Bank and Ipsos found that 70% are worried about the economic burden of supporting both parents and kids at once, and 71% said they would need professional planning advice to manage it all.

If you’re the one covering the gap

There’s no single fix for a shortfall this widespread, but a few concrete steps can ease the pressure for Canadian families navigating it right now.

• Get the real numbers first: compare your monthly spending since a parent started relying on you against the same months a year ago. This allows any conversation about financial hardship to start with facts, not guesses.
• Check the Canada Caregiver Credit: for the 2025 tax year, eligible Canadians can claim up to $8,601 for an infirm dependant aged 18 or older, including a parent, through the Canada Revenue Agency (CRA).
• Have the household budget conversation early: many parents receiving CPP and OAS can contribute a modest amount toward groceries, utilities or rent once the numbers are on the table.
• Set up powers of attorney before a crisis forces the issue: without a valid power of attorney, a family member seeking to manage a parent’s finances or care decisions may have to apply to the courts, a process the Government of Canada notes is both slow and costly.
• Protect your own RRSP and TFSA contributions where possible: pausing your own retirement savings to cover a parent’s shortfall can quietly recreate the same gap for your own retirement one day.
• Loop in a fee-only financial planner: if the situation is ongoing rather than a one-time expense, a professional can help create a plan that accounts for both generations. This tends to hold up better than an ad hoc arrangement.

None of this erases the underlying problem: a generation of Canadians reaching retirement with more debt and thinner pensions than the one before it. But a clearer picture of the numbers, and of what support is actually available, gives families a real starting point instead of a running tally of unspoken resentment.

But that’s not necessarily how everyone in the movement sees it today.

While FIRE has long been associated with early retirement, many followers are rethinking what financial independence actually means. Instead of never working again, some are using money as a way to gain more control over their careers — whether that means moving into a less stressful job, working fewer hours or pursuing something they find more meaningful.

For many followers, the appeal isn’t simply leaving work behind. It’s having enough financial security to decide what role work plays in their lives — a dilemma that’s become more pressing for Canadians squeezed by high housing costs and a labour market where burnout keeps climbing.

FIRE isn’t about escaping work anymore

FIRE seems more appealing as Canadians rethink what they want from their careers, and whether the traditional path is still worth following. Nearly half — 47% — of Canadian professionals reported feeling burned out in a 2025 survey by Robert Half, up from 42% the year before and 33% in 2023. That growing strain has pushed more workers to question the idea of spending decades in a demanding job and waiting until their 60s for more freedom.

For many people, FIRE offers a different, more flexible way to look at that tradeoff. That doesn’t always mean walking away from work entirely, or seeing a career as something to escape. Laura Sondy, a professor of organizational behaviour at the University of North Carolina at Chapel Hill, says many people pursuing FIRE today don’t necessarily plan to stop working altogether. Instead, they’re looking for work that fits better with the life they want — whether that means fewer hours, a less stressful role or a job that feels more meaningful.

“Many others identify more strongly with a term that was popularized by FIRE author Tanja Hester: ‘work optional,’” she says. “The common denominator is a desire for more autonomy over the conditions of their work and life more broadly.”

For some, that could mean walking away from a high-paying career that leaves them burned out. For others, it could mean starting a business, moving into part-time work or accepting a smaller salary in exchange for more flexibility.

Ready to watch your savings grow? Check out the best HISA providers in Canada, including no-fee options and high-yield promotional offers. One reliable and consistent champion when it comes to offering a high earning rate on savings is EQ Bank. 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 you don’t pay monthly account fees or struggle to meet minimum account thresholds. EQ Bank offers a no-fee online bank account with unlimited transactions, no minimum balance and free use of any ATM across the world. Plus, 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. Grow your savings with EQ Bank

The real payoff is having more choices

Chasing financial independence can result in leaving a job that’s burning you out, but it doesn’t always have to be that drastic. It might mean taking a few months off, going back to school, taking some upskilling courses or having the freedom to say “no” to a situation that no longer works for you or puts you in a precarious position.

Of course, reaching financial independence isn’t easy, and there’s no standardized path. For many Canadians pursuing FIRE, it means some mix of earning more, saving a larger share of their income and investing consistently over the years, and the math is tougher than it looks on paper.

Speaking with BNN Bloomberg, Saijal Patel, founder of Saij Elle, a financial consultancy and education firm, says the traditional FIRE target of saving 50% to 70% of income is a stretch for most Canadians. Basic living costs — rent, groceries, transportation, utilities and minimal discretionary spending — can add up to roughly $3,200 to $3,500, she notes. To save 50% of income on top of that, Patel says a person would need an after-tax income of about $80,000 to $84,000, or roughly $110,000 to $120,000 before tax.

Ed Rempel, a fee-for-service financial planner and tax accountant, agrees with Patel that the path can be constricting, especially when single. He notes that an average Toronto resident earning $75,000 takes home roughly $4,700 a month, and retiring by 40 on that income alone would mean investing about $4,000 of it every month, leaving little for anything else, including rent. “A single person would need to earn about $140,000 a year to make it work,” Rempel says. For couples splitting the same targets across two incomes, the math gets considerably easier.

That’s part of why variations like Coast FIRE and Barista FIRE have caught on. Coast FIRE means investing aggressively early, then letting the portfolio grow untouched while you keep working and covering your day-to-day costs. Barista FIRE means leaving a full-time career for part-time or lower-stress work once your portfolio can cover a meaningful share of your expenses. Both give people more control over their time without requiring them to fully retire.

When you’re not worried about every dollar from your next paycheque, you may have more room to ask, “Is this what I actually want to be doing?” instead of only, “What do I need to do to keep paying the bills?”

Next steps: Building flexibility into your finances

You don’t have to be chasing an early retirement date to borrow ideas from the FIRE movement. A few starting points:

• Use your registered accounts first: A Tax-Free Savings Account (TFSA) and a Registered Retirement Savings Plan (RRSP) are the backbone of most Canadian FIRE strategies. Your contributions grow tax-free in a TFSA and tax-deferred until withdrawal in an RRSP
• Know your number before you set a date: Figure out what you’d need to spend annually to cover your lifestyle, then work backward, since a clear target makes it easier to judge whether Coast FIRE, Barista FIRE or a full retirement fits your situation
• Build an emergency fund, pronto: A cash cushion of 3 to 6 months of expenses protects you from having to sell long-term investments if you’re laid off or need a break
• Get a second opinion on the plan: A fee-for-service financial planner can stress-test your numbers and flag tax-efficient ways to draw down your portfolio later

Financial independence, in whatever form it takes, isn’t only about the size of your portfolio — it’s about giving yourself more choices in how you spend your working years.

A new Randstad Canada survey found that 23% of Canadian workers plan to change jobs, while among Gen Z workers, that figure climbs to 42% — highlighting a generation that’s far more willing to move on if their current role no longer meets their expectations.

“This year’s data reminds us that the foundation of the employer-employee relationship hasn’t fundamentally changed: workers want to be fairly compensated and able to live their lives outside of work,” said Marie-Eve Robitaille, division president of Professional Talent Solutions at Randstad Canada, in a statement. “What has changed is how quickly they act when they feel those needs aren’t being met.”

It’s not just about getting a bigger paycheque

Nearly half of workers considering a move (48%) said their current compensation isn’t high enough, making salary the most common reason for looking elsewhere.

But money wasn’t the only factor driving job searches.

Four in ten respondents (40%) said they want better work-life balance, while 34% cited a lack of opportunities for career growth. Overall, the findings suggest many Canadians are looking for roles that offer a better overall quality of working life, not just a higher salary.

The survey also found that work-life balance now ranks alongside compensation as the most important factor when choosing an employer, with 66% of respondents rating each as a top priority.

Take control of your money. If your paycheque keeps disappearing faster than expected, your budget may need better visibility. Compare budgeting apps that help Canadians track spending, spot leaks, and plan with more confidence. Take control of your budget

A variety of motivations

What motivates someone to change jobs often depends on where they are in their career.

Younger workers were more likely to cite professional development and career progression as reasons to move on, according to the survey, while older workers placed greater importance on earning more. Salary was considered a top priority by 54% of Gen Z respondents, compared with 77% of Baby Boomers.

Benefits that support life outside of work also remain a major consideration for most. Around eight in ten workers said that flexibility, paid time off and health and wellness benefits are important when evaluating an employer.

Women were also slightly more likely than men to rank compensation as a key priority, with 69% identifying it as important compared with 62% of men.

Interestingly, despite many workers considering a move, the survey suggests employers aren’t necessarily getting it all wrong. Nearly two-thirds of respondents (63%) rated their current employer positively for work-life balance, indicating that many people are looking for those incremental improvements, rather than a complete cultural or career reset.

As Canada’s labour market continues to evolve, the findings suggest workers are becoming more selective about where they invest their time.

For many, changing jobs isn’t simply about chasing the highest salary — it’s about finding a role that offers fair pay, room to grow and enough flexibility to build a life outside the workplace.

It’s the kind of decision that’s held up as one of the worst mistakes in business history, especially now that Apple (NASDAQ: AAPL) is closing in on a US$5 trillion valuation. But 92-year-old Wayne sees it differently.

In hindsight, he said his choices were guided by “clarity, integrity and sound judgment, given what I actually knew at the time.” Success was never really about the size of the payoff.

For Canadians building their own savings and investments, the real lesson isn’t the size of the fortune Wayne walked away from. It’s how risk, timing and personal circumstances inform someone’s financial decisions, and why the obvious choice in retrospect rarely feels that way in the moment.

Why he walked away, and why it made sense at the time

When Wayne co-founded Apple in 1976 with Steve Jobs and Steve Wozniak, the company was far from a sure thing. It was a new operation with its first major order on the line — financed in part by a US$15,000 (~C$21,000) loan tied to a buyer with a shaky reputation for paying its bills.

Wayne’s situation was different from that of his younger partners. At 41, he was the “adult in the room,” with a house, a car and personal savings he couldn’t afford to lose. If the business failed, he worried creditors would come after his personal assets to cover the losses.

Wayne has since been direct about the lesson he took from it. In a general partnership, financial exposure isn’t limited to your ownership share — any partner can end up owing the full amount of the business’s debts. That fear was reasonable, and the same risk still applies to Canadian entrepreneurs today.

In Canada, a sole proprietor or a partner in a general partnership has no legal separation between their personal and business assets. If the business can’t pay its debts, creditors can go after the owner’s personal property, including their home, savings and vehicle. It’s one of the main reasons Canadian small business owners are often advised to incorporate early. A corporation is its own legal entity, which generally protects personal assets from business debts.

So just 12 days after signing the founding agreement, Wayne sold his 10% stake for US$800 (~C$1,120). He later accepted an additional US$1,500 (~C$2,100) to give up any future claims.

That certainly appears to be a costly mistake given the juggernaut Apple has since become. But based on what he knew at the time, it was a deliberate decision to limit his risk — not a bet on an uncertain payoff.

Wayne, who went on to have a long career as an engineer, has shown a sense of humour about it all. He recently partnered with Anheuser-Busch on a limited-edition return of its apple-flavoured beer, and in a promotional video joked that this apple is “still a really good investment.”

Get your money working for you. Every dollar you save on fees is a dollar that stays invested and working toward your future. Whether you're building a TFSA, growing your RRSP or investing in a non-registered account, the right brokerage can help you keep more of your returns. Find the ideal discount brokerage account

Why ‘missed billions’ stories can distort how we think about money

Wayne’s story fits a familiar pattern in business history: the “would have, could have, should have.”

Former Excite CEO George Bell passed up buying Google for US$750,000 (~C$1.05 million) in 1999. Yahoo! also passed on Google twice: once at roughly US$1 million (~C$1.4 million) in 1998, and again in 2002, when Google’s US$5 billion (~C$7 billion) asking price proved too high for the company. Google’s parent company, Alphabet, has since grown into one of the most valuable companies in the world.

Wayne’s former partner, Steve Wozniak, could be far wealthier today if he hadn’t sold most of his Apple stock after leaving the company in 1985. Wozniak said the decision reflected his values rather than any regret: “I didn’t want to be near money, because it could corrupt your values,” he told Fortune.

Research helps explain why these stories tend to stick with us. J.P. Morgan Asset Management’s long-running analysis of the Russell 3000 index found that roughly 40% of all stocks have suffered a permanent drop of 70% or more from their peak value, and that the median stock has actually delivered a negative return over its lifetime compared with simply holding the broader market. In other words, most individual stocks disappoint — and a market’s long-term gains tend to come from a small handful of exceptional winners. Apple is one of the most extreme examples of that in history.

That imbalance feeds what’s known as survivorship bias — the tendency to pay far more attention to the winners than the losers. Had Apple failed, Wayne’s decision would look like the smart one. Instead, Apple became a rare, once-in-a-generation success story — but Wayne couldn’t have known that at the time.

What this means for Canadian investors

For Canadians, the takeaway isn’t to try to spot the next Apple. It’s to recognize how rare extreme outcomes like Wayne’s really are, and to build a plan that doesn’t depend on getting that one call right.

That’s a big part of why Canadian advisers often stress spreading investments across many holdings rather than concentrating money in a handful of individual stocks — whether the money sits in a Tax-Free Savings Account (TFSA), a Registered Retirement Savings Plan (RRSP) or a non-registered account. Even professional stock pickers rarely manage to beat a simple, low-cost index fund. The SPIVA Canada Scorecard, which tracks actively managed Canadian mutual funds against their benchmarks, found that more than 85% of active funds underperformed their benchmark index in 2025 on average — with 93.4% of Canadian equity funds specifically trailing the S&P/TSX Composite Index.

The lessons Canadians can take from Wayne’s story

Wayne’s story is striking — but it’s also a reminder that building wealth isn’t usually about making one perfect decision. A few practical takeaways apply just as well north of the border:

• Putting too much into one stock carries real risk. Even great companies can fail, and betting a large share of your savings on a single stock — whether it’s shares from your employer or a hot tip from a friend — leaves you exposed to outcomes no one can predict.
• Spreading your investments lowers the risk of losing everything. A broad-market index fund or ETF held inside a TFSA or RRSP spreads your risk across hundreds or thousands of companies instead of just a handful.
• Judge a decision by what you knew at the time — not by how it turned out. Wayne limited his personal financial risk given what he knew in 1976. The fact that it looks like a mistake today doesn’t mean it was the wrong call at the time.
• Focus on your reasoning, not the outcome. If you’ve made a financial decision that looks bad in hindsight, taking Wayne’s approach — accepting the decision and moving forward — is often more useful than dwelling on what might have been.

-With files from Melanie Huddart

It’s a dilemma that shows up just as easily in a TFSA or RRSP as it does on Wall Street. An account built for slow, patient growth can just as easily become a vehicle for chasing whatever ticker is trending that week.

In a wide-ranging interview with CNBC, the 95-year-old Berkshire Hathaway chair took aim at retail investors piling into the hottest stock of the moment and into same-day options contracts, comparing the behaviour to gambling rather than investing. Despite major indices hitting record highs, Buffett said meaningful buying opportunities have become harder to find precisely because so much of the market is now driven by speculation rather than business fundamentals.

“There are times when opportunities are just thrown at you so fast you … it’s unbelievable,” Buffett said. “And then there’s other times when you’re very, very lucky if you find one thing in a couple of years. And it should always be that the latter is what prevails. But since humans love to gamble so much, there’s more money in actually cultivating gamblers than there are cultivating investors.”

Quick trades versus long-term value

Buffett has built his fortune on a simple, patient rule: find a company with strong fundamentals trading below its worth, buy in, then wait — sometimes for decades — for the market to catch up. He and his longtime partner Charlie Munger preferred paying a fair price for a wonderful company over a bargain price for a mediocre one. That discipline helped grow Berkshire Hathaway into a business worth roughly US$1 trillion (~C$1.4 trillion).

That buy-and-hold approach carries a tax advantage in Canada, too, though it works differently than it does in the U.S. Gains earned inside a Tax-Free Savings Account (TFSA) are never taxed, and gains inside a Registered Retirement Savings Plan (RRSP) are deferred until money is withdrawn. Outside those registered accounts, only 50% of a capital gain gets added to taxable income — so frequent trading in a non-registered account can trigger more tax events than simply holding on would.

Many of today’s most-hyped names — SpaceX, Micron and GameStop among them — trade on U.S. exchanges, but they’re just as accessible to a Canadian investor through any self-directed brokerage account. That accessibility cuts both ways: it’s easier than ever to buy in on a whim, and just as easy to get burned chasing the crowd.

Canadians are watching the same speculative wave — and staying skeptical

Buffett isn’t alone in drawing a line between investing and gambling. A recent Ipsos poll conducted on behalf of CIBC Investor’s Edge, the self-directed trading arm of the Canadian Imperial Bank of Commerce (CIBC), found roughly 3 out of 4 Canadians (74%) view prediction markets — the event-based betting platforms drawing new attention alongside stocks — as closer to gambling than investing. More than half (57%) said those products don’t belong on investment platforms at all.

Federal regulators are watching too. The Canadian Securities Administrators (CSA) and the Canadian Investment Regulatory Organization (CIRO) issued a joint bulletin reminding investors and the industry that event contracts and prediction markets remain subject to Canadian securities rules, even when offered through foreign platforms.

In fact, prediction markets were conditionally approved in Canada earlier this summer, and can only be used for economic indicators, financial markets and climate trends rather than sporting events, future elections or pop culture. Wealthsimple Predict is the first platform to be offered to Canadians.

Make your savings work harder. Open a self-directed investing account and get your money working for you. Build your own investment portfolio with CIBC Investor's Edge online and mobile trading platform and enjoy low fees, powerful tools, and control over your future. Get 200 free trades when you open a CIBC Investor’s Edge account using promo code EDGE2026. Plus, enjoy unlimited commission-free trades on over 180 select ETFs. Terms and conditions apply. Offer ends September 30, 2026.

History repeats — even when Buffett is early

Buffett’s caution has gone unheeded before. During the run-up in technology stocks in the late 1990s, he refused to buy in, and critics wrote him off as out of touch. When the dot-com bubble burst, his patience — and Berkshire’s returns — looked prescient again.

Buffett’s own admission: luck, timing and a head start

Despite his reputation as the “Oracle of Omaha,” Buffett told CNBC that a lot of his success comes down to luck — just not the kind people usually assume. “I have been lucky and healthy to get to 95 ... and, fortunately, I got exposed, partly accidentally, to what I liked to do very early on,” he said, crediting early lessons from his father, who owned a stock brokerage. “That was just an accident. If my father had been a plumber, I would not have had the same advantage I had. So I was incredibly lucky.”

What Canadian investors can take from this

Buffett’s warning isn’t really about any one stock or trading app — it’s about the mindset behind the decision. A few practical takeaways:

• Use registered accounts for long-term holding. A TFSA shelters growth from tax entirely, and an RRSP defers it — both reward patience more than frequent trading does.
• Know the difference between investing and speculating. If a purchase depends on a stock staying popular rather than the underlying business performing, that’s closer to gambling than investing.
• Be cautious with prediction markets and 1-day options. These products are legal in Canada but closely monitored by the CSA and CIRO — confirm any platform offering them is properly registered before using it.
• Understand the tax cost of frequent trading. Outside a TFSA or RRSP, every profitable sale adds 50% of the gain to taxable income — a cost that adds up quickly with short-term trades.

Nearly half (46%) of Canadian retirees left the workforce earlier than they had intended, according to Manulife Group Retirement’s 2025 Financial Resilience and Longevity Report. Of that figure, only 15% of those who retired said they had simply saved enough to do so by choice.

Most workers still expect to work straight through to 65 or beyond. Personal finance personality Suze Orman says that’s an admirable goal — but she warns it’s also a risky one to lean on completely.

“Working longer can make great sense,” Orman wrote in a recent blog post, adding that it gives retirement savings more time to grow and reduces how much a person needs to draw down early. But she cautions that even the most disciplined planner may not get to choose when they stop working. An unexpected health diagnosis or a family emergency can force the decision instead, as can business pressures like restructuring.

Why so many Canadians retire before they plan to

Statistics Canada puts the average retirement age at 65.4 years in 2025, up from 61.6 two decades earlier. But that average hides how often the timing isn’t the retiree’s choice.

Manulife’s survey found that most involuntary retirements were driven by personal health issues or caregiving responsibilities rather than layoffs or restructuring. Aimee DeCamillo, Manulife Wealth & Asset Management’s global head of retirement and wealth, has said that longevity is changing how much planning people need to do, as more plan members question whether their savings strategy will hold up over a longer retirement.

Peter Baker knows this firsthand. The Lunenburg, N.S., public works superintendent was forced into retirement at 61 after a bacterial infection led to septic shock, a brain infection and open-heart surgery. He had planned to work until 70. Once his long-term disability payments ran out, he found that CPP and OAS alone didn’t leave him and his wife much room to manoeuvre. “It makes a big change in your life,” he said.

That’s the disconnect Orman is trying to close. Most people assume they’ll be the one who gets to choose. Statistically, close to half won’t.

Ready to watch your savings grow? Check out the best HISA providers in Canada, including no-fee options and high-yield promotional offers. One reliable and consistent champion when it comes to offering a high earning rate on savings is EQ Bank. 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 you don’t pay monthly account fees or struggle to meet minimum account thresholds. EQ Bank offers a no-fee online bank account with unlimited transactions, no minimum balance and free use of any ATM across the world. Plus, 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. Grow your savings with EQ Bank

The risks of banking on 65

If you’re already running retirement projections for age 65, it’s also worth stress-testing an earlier date — 60 or 62, say — even if you don’t plan on retiring then. A financial advisor or planner can help build out those scenarios.

The math changes considerably if retirement arrives ahead of schedule:

• CPP payments are reduced by 0.6% for every month collected before age 65, up to a maximum 36% reduction at age 60
• Delaying CPP past 65 increases payments by 0.7% a month, up to a maximum 42% boost at age 70
• OAS has no early-collection option before 65, but deferring it as late as age 70 adds 0.6% a month — up to 36% more — in monthly payments
• OAS is also subject to a clawback once net income passes $93,454, based on 2025 income, phasing out completely at $152,062 for those 65 to 74 or $157,923 for those 75 and up

The maximum CPP payment at 65 is $1,507.65 a month in 2026, though most retirees collect far less. None of that changes the underlying problem: CPP and OAS were never designed to fully replace an income, and starting either one early to bridge an involuntary retirement locks in a permanently smaller payment.

Suze Orman’s 2 tips to retire on your own terms

Orman’s advice was written for a U.S. audience, but the underlying strategy still holds for Canadians bracing for the possibility of an earlier-than-planned exit.

Pay off your mortgage before you retire

Orman calls a paid-off house one of the most powerful ways to cut retirement costs, since eliminating a mortgage payment dramatically lowers monthly expenses and takes pressure off other income sources to cover everything.

A paid-off home means one less fixed cost competing with CPP, OAS and RRSP withdrawals for a retiree’s monthly budget — a bigger deal if that budget arrives 5 or 10 years earlier than planned.

Get aggressive about saving in your 50s

In the U.S., Orman pointed to the catch-up contributions Americans 50 and older can make to a 401(k) or IRA without penalty.

However, Canada doesn’t have an age-based catch-up provision for RRSPs — the Canadian equivalent of a 401(k). Instead, unused RRSP contribution room carries forward indefinitely, so a bonus, inheritance or severance package can still be funnelled into decades of accumulated room. The 2026 RRSP contribution limit is 18% of the previous year’s earned income, up to $33,810. On top of that, TFSA room adds another $7,000 a year, with a cumulative limit of $109,000 for anyone who has been eligible since the account was introduced in 2009.

If you’ve already been forced into early retirement

Not everyone has a paid off mortgage or contribution room left to use. That makes an involuntary retirement even more stressful, especially since leaving a job early often means losing employer-sponsored health benefits.

Unlike in the U.S., Canada’s provincial health plans cover hospital stays and physician visits regardless of employment status. But extended health benefits — prescription drugs, vision and paramedical services — are usually tied to a job, and most employers don’t continue that coverage once someone retires. Workers typically get a window of 31 to 90 days to convert group coverage into an individual plan without a medical questionnaire once they retire; miss it, and new coverage may require underwriting.

Some of that gap narrows at 65, when several provinces layer in a seniors’ drug program — Ontario’s Drug Benefit Program, for example — though vision and other extras usually stay out-of-pocket regardless of age.

When it comes to cash flow, advisors generally caution against collecting CPP before 65 unless there’s a specific reason, such as a health condition that shortens life expectancy, since the reduction is permanent.

Additionally, someone receiving a severance payout might instead consider parking those funds in a guaranteed investment certificate (GIC) while they map out next steps. One-year GIC rates were hovering around 3% in mid-2026, though they move with the Bank of Canada’s policy rate.

No one plans to be forced into retirement early. But with the right groundwork, it’s possible to keep some control over the outcome even when the timeline isn’t yours to choose.

Next steps for protecting your retirement, no matter when it starts

• Run the numbers on retiring at 60 or 62, not only 65, so an early exit isn’t a total surprise
• Ask your employer’s HR department what happens to your extended health and dental coverage if you retire or are let go, and note the conversion deadline
• If you haven’t maxed out RRSP or TFSA contribution room, treat any bonus, inheritance or severance as a chance to catch up — the room doesn’t expire
• Prioritize paying down your mortgage ahead of a target retirement date, even a moving one
• Before collecting CPP early, weigh the permanent reduction against your actual cash-flow needs, ideally with a financial planner
• Keep an emergency fund outside registered accounts, such as a GIC or high-interest savings account, so an early retirement doesn’t force a bad withdrawal decision

On July 22, 2026, an independent review of OBSI’s operations recommended the ombudsman be given binding authority over both banking and investment complaints, and that its compensation limit rise from $350,000 to $550,000. It’s the fourth review in a row, since 2011 — and it’s not the first time the question of binding power has come up for discussion. At this point in time, however, none of the earlier recommendations have been adopted.

Why does it matter? It matters to Canadian investors who are hurt by firms that do not abide by regulatory rules. To appreciate what’s at stake, here’s what the most recent proposal suggests.

What the latest OBSI review recommends

Under OBSI’s Terms of Reference and its memorandum of understanding with the Canadian Securities Administrators (CSA), an evaluation is required once every five years. The most recent review was conducted by CRKhoury, an Australian consulting firm; the lead consultant at CRKhoury first made the binding-authority recommendation for OBSI back in 2011.

Among 26 recommendations, two stand out for consumers.

The first is binding authority: The power to force a firm to pay when OBSI rules against it. The recommendation is that this authority become operational for every case, not just some.

The second is to raise the compensation ceiling to $550,000, with automatic inflation indexing going forward. The review noted that if the current $350,000 limit, set in 2002, had been indexed all along, it would sit close to $600,000 today.

Despite the decade-plus of recommendations, none of the review suggestions have become law. OBSI’s board says it will fold the recommendations into its 2027 to 2031 strategic plan. Separately, the CSA already has its own binding-authority framework out for comment, including a proposal to have external reviewers check any recommendation above $75,000 before it becomes final.

Still, to date, no recommendations for strengthening and solidifying OBSI’s authority as an investment regulator have become binding.

Take control of your financial future. Every dollar you save on fees is a dollar that stays invested and working toward your future. Whether you’re building a TFSA, growing your RRSP or investing in a non-registered account, the right brokerage can help you keep more of your returns. Find the ideal discount brokerage account

Why a firm can say no today

Under OBSI’s current rules, a firm can simply refuse to pay a recommendation. When that happens, OBSI must publish the firm’s name and the details of the case, but that’s the only real consequence.

While the consequence of public-shaming doesn’t appear to be effective, it should be noted that this action doesn’t happen often. In fact, OBSI has resolved more than 99.8% of complaints without a refusal since it was founded in 1996. But when a refusal does happen, the numbers can be large. Sentinel Financial Management Corp. refused OBSI recommendations four separate times, totalling almost $450,000 in unpaid compensation. Union Securities refused to pay $325,122 to a retired investor. De Thomas Financial refused $254,323 owed to a widow whose advisor had her borrow money to invest.

A recent case shows the gap

A recent case highlights how an anecdotal story can provide impetus for a new rule.

According to an OBSI statement, Ms. Y, a middle-aged single parent of four who also owned a small business, transferred her entire $253,000 life savings into a managed investment account. Her advisor put her in a high-risk, proprietary exempt-market fund that used short selling and options trading while misrepresenting its risk rating as medium. As a result, the value of her investment account fell by more than $152,000. OBSI concluded Ms. Y should have lost only $8,697 had her account been suitably invested, and recommended $143,504 in compensation. The firm didn’t agree. It offered $120,000 instead, and Ms. Y accepted.

Nothing in that outcome was a formal refusal. But it shows how a non-binding recommendation still leaves room for a firm to negotiate down from what OBSI itself concluded was fair.

What this means if you’re owed money

None of the proposed changes affect a complaint filed today. Until binding authority and a higher cap are actually adopted, a favourable OBSI decision remains a strong recommendation, not a guaranteed payment.

Still, Canadians need to know that filing a complaint isn’t pointless. It’s free to file a complaint, and analysis shows that most complaints do get resolved. However, Canadians need to keep their expectations realistic and be prepared to hold a firm accountable — and potentially settle for less — once OBSI has made a decision.

Get your money working for you. Every dollar you save on fees is a dollar that stays invested and working toward your future. Whether you’re building a TFSA, growing your RRSP or investing in a non-registered account, the right brokerage can help you keep more of your returns. Find the ideal discount brokerage account

What investors can do to protect themselves?

• If a bank or investment firm won’t resolve your complaint directly, file with OBSI at obsi.ca — it’s free
• Document dollar losses, dates and communications with the firm before you file
• Ask the firm directly whether it intends to honour whatever OBSI recommends, before you accept a lower settlement
• OBSI’s compensation recommendations are not currently binding, so treat a favourable ruling as leverage in a negotiation, not a guaranteed payout

A new study commissioned by Centraide of Greater Montreal estimates that a 6% rent increase would push more than 30,000 people in the region into financial insecurity. Of those, more than 16,000 would fall into what researchers describe as “extreme precarity,” where even an unexpected expense could trigger serious financial hardship.

“Three years after Together for Housing was introduced, the situation is more urgent than ever,” said Tasha Lackman, president and CEO of Centraide of Greater Montreal, in a statement. “The impacts of housing costs are increasingly visible, with families being displaced, individuals pushed to the brink financially and workers unable to find a decent place to live.”

Why another 6% matters

On paper, a 6% rent increase may not seem dramatic. But the study argues that for households already spending much of their income on essentials, another increase of that size can have an outsized impact.

The scenario was chosen because it reflects the kind of increase renters have experienced in recent years. According to the report, Quebec’s Tribunal Administratif du Logement recommended average rent increases of about 4% in 2024, 5.9% in 2025 and 3.1% in 2026 — or a total increase of roughly 13.6% over three years.

Rather than examining a single rent hike in isolation, the report looks at what happens when costs continue to rise for households that already have very little financial flexibility.

Rent pressure doesn’t stop at housing

The study suggests the consequences of rising rents extend well beyond paying more each month.

Households classified as being in ”extreme precarity” have little or no money left after covering essential expenses such as rent, food and electricity. That often forces difficult choices, including skipping meals, delaying bill payments, taking on debt, turning down the heat or putting off medical care.

Researchers also warn that sustained financial pressure increases the risk of housing loss and homelessness for some households.

According to the projections, the largest increases in extreme financial hardship would occur across 10 Montreal boroughs, including Ville-Marie, Le Plateau-Mont-Royal, Mercier–Hochelaga-Maisonneuve and Villeray–Saint-Michel–Parc-Extension.

Make your cash work harder. You can't control inflation, rates or market swings — but you can control where your cash sits. Compare high-interest savings accounts to keep your money working for you. Find the right HISA account

Looking beyond income tells a different story

One of the report’s main conclusions is that income alone doesn’t always capture whether a household is financially secure.

Instead, researchers used what they call a “precarity index,” which considers both income and essential expenses such as housing, food and utilities. The goal is to better identify households that appear financially stable based on income alone but have little room left in their monthly budgets once basic bills are paid.

To build the projections, researchers created a synthetic model of Greater Montreal covering 66 municipalities and simulated the effects of a 6% increase in rents. The model uses artificial intelligence to estimate how households with different incomes and expenses could be affected, without relying on identifiable personal information.

Although the findings focus specifically on Greater Montreal, they reflect a challenge facing renters throughout Canada. After several years of rising housing costs, even relatively modest rent increases can have a huge impact on households that are already stretching every dollar to cover basic needs.

Lütke posts drew immediate, heated reaction online. But before Canadian retirees start worrying about whether a Canada Pension Plan (CPP) cheque affects their ballot, it helps to separate one executive’s personal opinion from Canada’s actual constitutional law

Here is what was actually said, what the Charter actually protects and why millions of retirees and pension holders have nothing to fear at the ballot box.

What Shopify CEO Lütke actually proposed

The exchange started when a reply to one of Lütke’s posts floated a tiered voting system tied to income tax paid: $0 in tax means 0 votes, $1 to $100,000 in taxable earnings means 1 vote, $100,000 to C$200,000 means 2 votes and so on, capped at 5 votes for anyone paying tax on $500,000 or more. Lütke replied with two words: ‘Good system’.

Separately, Lütke argued that once a person’s pension is locked in and guaranteed, that person becomes a dependent in the same category as a minor and should no longer be entitled to a vote. He has weighed in on political and cultural debates on his personal account before, including defending Shopify’s decision to keep hosting Breitbart’s online store in 2017.

Why a pension can’t cost you your vote in Canada

The idea makes for a viral post, but it runs directly into section 3 of the Canadian Charter of Rights and Freedoms, part of the Constitution Act, 1982. Section 3 guarantees every citizen of Canada the right to vote in a federal or provincial election.

That right is unusually well protected. Section 3 is one of the few Charter provisions that Parliament and provincial legislatures cannot override using the notwithstanding clause — the tool governments have used in recent years to pass legislation despite Charter concerns. Tying voting rights to income, taxes paid, or pension status would mean reopening the Constitution itself, not passing an ordinary law.

Get your money working for you. Every dollar you save on fees is a dollar that stays invested and working toward your future. Whether you're building a TFSA, growing your RRSP or investing in a non-registered account, the right brokerage can help you keep more of your returns. Find the ideal discount brokerage account

How many Canadians this would actually touch

This isn’t an abstract debate. An estimated 6.4 million Canadians were receiving a CPP retirement benefit in 2025, a figure the Chief Actuary of Canada expects to grow to 9.5 million by 2050 as the population ages. Separately, more than 7.2 million Canadians were active members of an employer-registered pension plan in 2023, including 4.9 million in defined benefit plans — the type of pension most often described as locked in and guaranteed.

In other words, any proposal to tie voting rights to pension status would touch a large and fast-growing share of Canadians — precisely the retirees and near-retirees who rely most on predictable, guaranteed income.

Executives weighing in on hot-button political ideas on social media is nothing new, and Lütke has done it for years. What’s different here is the direct implication for retirement income — the idea that collecting a pension could somehow disqualify a Canadian from voting. It can’t, and changing that would take far more than a viral post or even an ordinary act of Parliament. For now, the only thing at stake for Canadian retirees is a headline, not a ballot.

Dalio’s timing wasn’t accidental. He published the essay as U.S. negotiators worked toward a deal over Iran and the Strait of Hormuz, just weeks after U.S. national debt topped US$39 trillion.

For Canadians, it’s more than an interesting history lesson. The U.S. dollar’s share of global foreign exchange reserves has slipped to 56.9%, its lowest level since 1995 and down from a peak of 72% in 2001, according to the International Monetary Fund (IMF). That doesn’t mean the U.S. dollar is on the verge of collapse. It remains, by a wide margin, the world’s dominant reserve currency. But the long-term trend is important if you own U.S. investments, hold U.S. cash or expect to rely on U.S.-dollar income in retirement.

Here’s what Dalio is actually warning about, why the U.S. dollar’s dominance has been gradually eroding and what that could mean for Canadians.

What did Ray Dalio actually say?

Dalio has spent decades studying the rise and fall of reserve-currency powers over the past 500 years. In his latest essay, he draws a parallel between Britain’s failed handling of the 1956 Suez Crisis and the United States’ involvement in the 2026 Iran war.

Britain won the military battle but lost the confidence of its allies and creditors. That loss of confidence permanently weakened the British pound’s standing in the global financial system.

Dalio argues the United States faces a similar risk if global investors and foreign governments begin losing confidence in America’s finances. In that scenario, investors could reduce their holdings of U.S. government debt, putting downward pressure on the U.S. dollar. Dalio isn’t saying this outcome is certain, but he presents it as a possible predicament.

If you're paid in USD, shop cross-border, or just want to stop losing money every time the exchange rate moves, consider using a USD bank account. For instance, a Wealthsimple USD account lets you hold, earn interest on, and spend U.S. dollars without converting back and forth. Pair it with the Wealthsimple credit card — no foreign transaction fees, ever, plus the annual fee is waived once you hit the balance threshold — and you've got a straightforward way to hedge against currency swings while cutting the 2.5% FX tax most Canadians don't even realize they're paying. Start by opening a Wealthsimple Cash account and get a $25 cash bonus (after funding at least $1 within 30 days) and up to 2.75% interest on all deposits. With Wealthsimple, you get one login, real savings, and no more guessing on what the exchange rate will cost you. T&Cs apply.

Why is the U.S. dollar’s dominance being questioned right now?

Several long-term trends are coming together. First is the growing debt burden. As previously mentioned, U.S. national debt surpassed US$39 trillion in March 2026. Second is America’s credit history. All three major credit rating agencies have downgraded U.S. government debt at various points over the past 15 years: S&P in 2011, Fitch in 2023 and Moody’s in May 2025.

Third is the slow yet steady decline in the dollar’s role as the world’s reserve currency. Central banks now hold 56.9% of their foreign exchange reserves in U.S. dollars, down from more than 70% two decades ago.

The IMF notes that much of this decline is due to exchange-rate movements rather than central banks actively selling U.S. dollars. Still, a gradual erosion in reserve-currency status can eventually translate into a weaker and more volatile U.S. dollar. If and when that happens, Canadian investors may begin to feel the effects.

What does this mean for the loonie?

The Bank of Canada held its key interest rate at 2.25% on July 15, 2026, while pointing to the gap between U.S. and Canadian bond yields as one factor weighing on the Canadian dollar. A weaker loonie has both winners and losers. It helps make Canadian exports more competitive, but it also raises the cost of anything Canadians buy in U.S. dollars.

That includes everything from snowbirds paying U.S. property taxes and health insurance to investors using Canadian dollars to purchase U.S.-listed stocks. The USD/CAD currency pair has moved several cents in recent weeks. These fluctuations can be costly if you’re managing a large retirement portfolio or several months of living expenses in the U.S.

Should Canadian investors adjust their U.S. dollar exposure?

There’s no one-size-fits-all answer. According to guidance on hedged versus unhedged ETFs from the Nova Scotia Securities Commission, the right approach depends largely on your investment timeline and your tolerance for currency risk.

For example, currency-hedged funds use derivatives to reduce the impact of exchange-rate fluctuations, allowing returns to more closely reflect the performance of the underlying U.S. investments. Unhedged funds, on the other hand, allow currency movements to affect returns. If the Canadian dollar strengthens, those currency movements become a headwind. If the loonie weakens further, they can provide an additional tailwind.

For example, a Canadian holding US$50,000 in an unhedged U.S. equity fund could see the Canadian-dollar value of that investment rise or fall solely because of changes in the exchange rate, even if the underlying U.S. stocks don’t move at all.

Historically, investors with longer time horizons have often preferred unhedged funds because of their lower fees and the tendency for currencies to revert toward long-term averages over time. Investors nearing retirement or relying on portfolio income, however, may prefer the smoother returns that hedging can provide.

Make your savings work harder. Open a self-directed investing account and get your money working for you. Build your own investment portfolio with CIBC Investor's Edge online and mobile trading platform and enjoy low fees, powerful tools, and control over your future. Get 200 free trades when you open a CIBC Investor’s Edge account using promo code EDGE2026. Plus, enjoy unlimited commission-free trades on over 180 select ETFs. Terms and conditions apply. Offer ends September 30, 2026.

What to do now

Dalio’s “Suez moment” isn’t a prediction that the U.S. dollar is about to lose its global dominance. It’s a reminder that currency risk deserves the same attention as stock market risk or interest rates, particularly if a significant portion of your wealth or retirement income is tied to the U.S. dollar.

A few simple steps can help you understand your own exposure:

• Add up how much of your portfolio, pension or retirement income is denominated in U.S. dollars.
• Check whether your U.S. investments are held in hedged or unhedged funds, and understand why.
• Ask your advisor whether your investment timeline supports adding currency hedging.
• If you spend part of the year in the U.S., build your budget using a conservative USD/CAD exchange rate rather than today’s rate.

Whether or not Dalio’s historical comparison proves accurate, his broader point is worth considering. Currency movements can quietly shape investment returns, retirement income and everyday spending long before they become front-page news. Taking a few minutes to understand your U.S. dollar exposure today may help you avoid surprises tomorrow.

And if the emotional upheaval of the incident was not enough, the family’s insurance claim was denied by their provider, Wawanesa, CTV News reported. The denial came because the driver at the time of the accident, Adam, was not included on his parents’ policy.

“We agree we didn’t declare our son moved in here. He was originally living in Ajax when we bought the car,” Mohamed told CTV.

The Mirzas appealed the decision, which was also struck down. Wawanesa explained their rationale clearly in a letter to the family.

“You failed to disclose to your broker or Wawanesa that Adam operates the vehicle with your permission and lives in your household. As such, your right to recovery is forfeited and your claim is denied.”

Having the claim denied put the couple in a financially difficult position as well: the vehicle Adam was driving was still under a loan agreement, with a $26,000 balance outstanding. As of the time of writing, they are now making monthly payments for a vehicle that they can no longer use.

On top of the financial strain, the husband and wife told CTV News that Wawanesa has cancelled their home insurance and other vehicle insurance policies, leaving the family to sign up with a different provider.

“We seem to be losing money constantly. We are dishing out and we are left with the liability of a car loan and no settlement from an insurance company,” Mohamed said to CTV.

Viewing the issue from the insurer’s perspective

There are strict rules when it comes to maintaining the terms and conditions of an insurance policy.

“Anyone who is a regular and frequent operator of your vehicle should be listed on policy,” Anne Marie Thomas, the director of consumer and industry relations with the Insurance Bureau of Canada (IBC), told CTV News in an interview.

While most auto policies allow occasional drivers to borrow a vehicle with permission, carriers generally require household members who regularly drive the vehicle to be listed because they represent an ongoing insurance risk.

Yes, there are hard lines that once crossed, will result in an insurance claim being denied. But how often do denials like this one occur?

Recent data from the Canadian Council of Insurance Regulators (CCIR) shows that only 3.5% of automobile insurance claims across small, medium and large insurance companies were denied in 2024, according to the CCIR’s Annual Statement Market Conduct Report. Compared to previous years, claim denial rates have remained quite stable — they only increased 0.2% between 2022 to 2024.

Stop overpaying for insurance. Many homeowners renew the same policy year after year without checking their options. See how Canada's best home insurance companies stack up before you renew. If you're ready to save as much as 20% on your premiums, compare 50+ quotes on Rates.ca — bundle your auto and home policies to save even more. Find trusted home coverage with Rates.ca

Common reasons insurance claims may be denied

In the same report, the CCIR collected data on reasons why automobile claims were rejected.

Across all sizes of insurance companies that offered the automobile policy, the majority of claims were denied due to exclusions and limitations in the policy, issues not covered under the policy in question, as well as “other” reasons. The “other” category is a mixture of reasons offered by insurers, including: duplicate claims made under the policy, missing or incomplete documentation and claims not being covered under policy terms.

Other common reasons insurance companies can deny a claim, according to legal experts, include:

• Not paying premiums: If you miss any payments and a policy is cancelled before a collision, your claim could be denied.
• Misrepresentation or concealment: Failing to disclose or misrepresenting a material fact that affected the insurer’s underwriting decision (e.g. saying you only use your vehicle for personal driving when you actually use it for ridesharing or business purposes).
• Breach of contract: Not complying with explicit requirements laid out in the policy (e.g. breaking the law while driving).
• Problems with the claim: This could include waiting too long to report an accident or failing to provide photos, a police report or other requested information.

What to do if an insurance claim is shut down

As the Mirzas’ story shows, facing an automobile insurance claim denial can generate significant stress and financial difficulty. If you feel like you have a winning case, here are some steps you can take to combat the defeat.

• Start with an appeal. Each insurer should have an internal appeal process for any claims that are denied — this should be given to you upon delivery of the claim denial notification. Completing an internal appeal is typically a good first step. However, be mindful that an appeal process will likely involve rigorous argumentation — you’ll need to make a case with evidence and logic as to why the denial is not appropriate. Consider reaching out to a consumer advocacy group or legal professional for help with preparing for an appeal.
• File a complaint. Separate from the appeal process, if you believe the insurer has not handled the matter fairly, you can file an internal complaint, typically through their website. Make sure to have all the key policy details on hand first. If you want advice on the complaint made, reach out to the General Insurance OmbudService (GIO) for a review.
• Take legal action. If you believe the denial is unfair, or that the insurer acted in bad faith, you can sue the insurer with the help of a lawyer. In some cases this can be a last-ditch effort due the cost and effort it takes to go through a legally adversarial route.
• Reach out to a regulator. Should internal processes not produce a desired result, another option is to contact the insurer’s regulator – the government body that oversees its actions. The Financial Consumer Agency of Canada has a helpful list of various insurance regulators across Canada concerned consumers can contact for help.

It was an exodus that defined a generation. Between 1971 and 2009, Saskatchewan lost a net total of 196,300 people to other regions — a staggering figure that outpaced the birthrate of the province. For a long time, the prevailing wisdom was that if you wanted to build a major professional career or simply survive financially, you had to leave.

But a funny thing happened on the way to the ongoing depletion of the prairies. The tide turned.

A tale of two eras

If you look back to the late 1980s and early 1990s, the economic disparity between Saskatchewan and its neighbours was stark. Linda Hosegood, who worked as a nurse during that era, remembers how commonplace it was for healthcare workers and other professionals to vanish across the provincial line.

“If anyone was living close to the Alberta border you just worked there, because the wages were so much higher,” Hosegood recalled in a Saskatoon StarPhoenix report archived by the University of Saskatchewan. “We lost a lot of people,” she said.

The numbers back up the memory. For decades, the province reliably drained its brightest minds. Between 1991 and 2007, a lack of jobs and the threat of poverty drove 56,000 more people out of Saskatchewan than moved in. The national recession of the early '90s had taken a heavy toll across Canada, but as it began to lift elsewhere, it clung to Saskatchewan. Hit by severe droughts and a bruising provincial debt crisis, Saskatchewan was left on the brink of bankruptcy between 1991 and 1993.

To survive, the province underwent a massive, quiet economic reset. It diversified its agricultural crops, introducing pulse crops like lentils and chickpeas, alongside a massive boom in canola. Gradually, through corporate and personal tax restructures, balanced budgets and regulatory changes in the oil and gas sector, Saskatchewan began to turn the corner and attract real investment.

Then came the turnaround. Bolstered by a booming resource sector, rising global demand and a skyrocketing employment rate, the historical bleeding stopped. The province began to pull its expatriates back home.

The long road back

The shift was not just about the numbers on a balance sheet. It was about people realizing that the relentless hustle of other provinces came with a cost, and that home was finally offering a viable future.

For Rob O’Flanagan and his wife, Valerie Senyk, leaving Saskatoon in 1994 was the hardest decision of their lives. They were deeply connected to their community, but dwindling job prospects and mounting student debt with crippling 15% interest rates pushed them to the brink of bankruptcy. When Valerie was offered a theatre arts teaching position in Sudbury, Ontario, they packed their meager belongings into a 1980 Volvo and chased survival eastward.

"On the first day of the road trip, I had to pull the car over and throw up. My nerves were that bad," Rob told the Star Phoenix. For years, homesickness struck like "a bison hoof to the guts." They spent 28 years in Ontario building a life, but the quiet pull of the prairies never faded.

When they finally returned to Saskatoon in 2022, they found a province completely transformed.

The old, quiet Saskatoon they left behind had been replaced by a confident, bustling city of over 300,000 people. On the riverbank stood River Landing, a striking urban space featuring glass-clad high-rises and the massive, modernist Remai Modern art gallery.

Even the real estate market reflected this dramatic shift. The modest rental home off Broadway Avenue they had once considered buying for $75,000 in 1992 was now valued at well over $400,000. Prosperity had arrived, bringing with it a sizzling housing market and a higher cost of living that put the old "affordable Saskatchewan" stereotype to rest.

Make your cash work harder. You can't control inflation, rates or market swings — but you can control where your cash sits. Compare high-interest savings accounts to keep your money working for you. Find the right HISA account

A landscape reimagined

This newfound wealth is anchored in a dramatically modernized rural landscape. Driving through the countryside, the changes are impossible to miss:

• Modernized agriculture: Small family farms have consolidated into massive, highly efficient agribusinesses. Sprawling fields are now dotted with towering, glimmering metal grain bins and canola fields blanket millions of hectares.
• The return of the bison: Once a rare sight, bison have returned to the land, roaming in fenced-in pastures by the dozens.
• Subsurface riches: While traditional potash, uranium and oil remain powerhouse industries, new exploration is targeting helium, lithium, copper and rare earth minerals.

The momentum has trickled down into once-sleepy towns like Humboldt and Nipawin, which have grown into bustling regional hubs. Humboldt officially became a city in 2000, and is bracing for further rapid growth as BHP's massive, multi-billion-dollar Jansen potash mine — the largest project of its kind in the world — moves toward completion nearby.

Further north, Nipawin has transitioned from a simple commodity exporter into a lifestyle and tourism destination, capitalizing on the beautiful Saskatchewan River and Tobin Lake to build a highly resilient, diversified local economy.

First Nations become bigger players

Perhaps the most significant transformation in the modern Saskatchewan narrative is the rising economic leadership of First Nations. Decades of marginalization have increasingly given way to powerful economic reconciliation, with Indigenous communities acting as major players in the provincial workforce and ownership structures.

A prime example is Rise Air, a Saskatchewan-based, Indigenous-owned airline shared by 12 First Nations communities and four municipalities. The airline recently secured a massive, 15-year, $500-million contract with uranium giants Cameco and Orano Canada to transport workforces to northern mining operations—a deal so substantial it allowed the airline to invest $98 million in state-of-the-art regional aircraft.

Today, over half of the workforce at these northern mining operations is Indigenous, representing a profound shift in how the province’s wealth is shared and generated.

A new kind of optimism

By the 2010s and into the 2020s, the demographic tug-of-war had levelled into a virtual stalemate. Former Premier Brad Wall noted that the province was experiencing record growth not seen since 1921, emphasizing how meaningful it was to welcome back the province’s wayward sons and daughters.

This momentum has permanently altered how residents view their future. The University of Saskatchewan's Taking the Pulse of Saskatchewan survey revealed that an overwhelming 86% of respondents feel optimistic that young people can find good, viable careers locally — a massive leap from just 52% in previous decades. Researchers note that the region has not seen this level of widespread optimism since the province was originally settled.

Saskatchewan is no longer just a place people are from; it is a place where people choose to build a future. For professionals who spent decades away, the transformation occurring back home has become the most compelling reason of all to return.

For years, Ankrum has hunted for what he calls “100-baggers”: companies whose share prices multiply a hundredfold or more over decades. Rather than parking his picks in an ordinary brokerage account, he’s been slipping the physical stock certificates into an old coffee can, with a plan to leave them untouched for at least 30 years. If he’s picked correctly and compounding does the rest, he believes the stash could eventually be worth as much as US$500 million (~C$700 million).

Asked what changed his thinking, Ankrum said that the moment he started planning for his daughters’ futures, his own time horizon stretched out: “You start thinking about it in the decades.” That mindset is now the subject of a new book, The Coffee Can Investor, written by Neeraj Khemlani, the former president of CBS News and Stations. Khemlani, a longtime friend of Ankrum’s, became fascinated watching the strategy unfold in real time and decided the story was worth telling. He argues that the coffee can is really designed to hand the three girls something no lump sum can buy: The freedom to change their minds later without financial consequence.

Make your savings work harder. Open a self-directed investing account and get your money working for you. Build your own investment portfolio with CIBC Investor's Edge online and mobile trading platform and enjoy low fees, powerful tools, and control over your future. Get 200 free trades when you open a CIBC Investor’s Edge account using promo code EDGE2026. Plus, enjoy unlimited commission-free trades on over 180 select ETFs. Terms and conditions apply. Offer ends September 30, 2026.

Origins of the coffee-can strategy

This idea is decades older than Ankrum’s daughters. It traces back to an experience investment manager Robert Kirby had with a client in the mid-1950s, which he wrote about in a 1984 paper for the Journal of Portfolio Management.

A client’s husband had followed Kirby’s stock recommendations but ignored his advice on when to sell. Instead, he put about US$5,000 (~C$7,000) into each pick and filed the certificate away. When the man died years later, Kirby found a portfolio that dwarfed the actively managed account it was meant to mirror. Some positions had shrunk to under US$2,000 (~C$2,800), but several had grown past US$100,000 (~C$140,000) — and one small stake, in a company called Haloid that later became Xerox, had ballooned to more than US$800,000 (~C$1.1 million), worth more on its own than the professionally managed portfolio Kirby had built for the man’s wife.

The takeaway Kirby drew, and the one Ankrum has built his own approach around, is that investors tend to destroy their own returns by trading too often. The edge comes from investors picking outstanding companies, then getting out of their own way and letting the magic happen.

Make your cash work harder. You can't control inflation, rates or market swings — but you can control where your cash sits. Compare high-interest savings accounts to keep your money working for you. Find the right HISA account

Why this is landing at a significant time for Canadians

The instinct to think in decades rather than quarters is arriving at a loaded moment for Canadian households. Chartered Professional Accountants of Canada estimates that more than $1 trillion will move from baby boomers to their Gen X and millennial children between 2023 and 2026 alone, with other estimates putting the full transfer as high as $2 trillion over the next two decades.

Yet the generation set to inherit most of that wealth is starting from a thin base. Despite making up the largest share of Canada’s labour force, millennials hold only 10% of the country’s total wealth, while baby boomers control almost half, according to TD Asset Management. Plenty of younger Canadians also aren’t using the tools already sitting in their own accounts: a 2025 TD survey found that 41% of Gen Z and millennial Canadians who hold a Tax-Free Savings Account (TFSA) aren’t investing the money inside it at all, leaving it parked in cash.

That’s precisely the gap a coffee-can mindset is built to close. It isn’t really a stock-picking strategy — it’s a patience strategy, and patience is available to anyone with an open account.

What a coffee-can strategy looks like north of the border

Few Canadian investors will ever hold an actual paper stock certificate anymore. Most shares in Canada are now held electronically, either in a brokerage’s “street name” through the Canadian Depository for Securities, or registered directly in an investor’s own name through the Direct Registration System offered by a company’s transfer agent. The paper itself was never really the point. What matters is the account the shares sit in, and in Canada, that choice can matter as much as the stock picks themselves.

A parent building a coffee can for their own kids also has options. Contributions to a Registered Education Savings Plan (RESP) earn a 20% top-up from the federal Canada Education Savings Grant (CESG), worth up to $500 a year and $7,200 over a child’s lifetime — a guaranteed return before a single dollar is even invested. For money meant to stay invested for 30 years rather than fund tuition, a TFSA offers something Ankrum’s actual coffee can can’t: shares bought, held for decades and eventually sold or passed on without a cent of capital gains tax owing, since all growth inside a TFSA stays tax-free.

Outside a registered account, the tax treatment is still relatively forgiving. Canada’s capital gains inclusion rate sits at 50% — meaning only half of any gain gets added to taxable income and taxed at the investor’s marginal rate.

The human side of the strategy

What Ankrum is really building, by his own account, isn’t a stock portfolio so much as a set of open doors. One daughter is currently drawn to nursing, but he’s said that she may feel differently in a decade — and he wants the freedom for her to change course by the time she needs the funds.

That flexibility, more than any single 100-bagger, is the actual point. The coffee can is just how he’s funding it.

Lessons for Canadian families

Building a coffee can of your own doesn’t require a book deal or a lucky stock pick. A few takeaways translate directly:

• Open the account before you pick the stock. An RESP’s 20% government match, or years of tax-free room inside a TFSA, do more more for a child’s long-term wealth than any single stock chosen inside it.
• Decide what you won’t sell. Kirby’s 1984 discovery wasn’t about which stock to buy — it was that the client who traded the least ended up with the most.
• Treat patience itself as the strategy. A holding period measured in decades is available to any Canadian investor with a TFSA or RESP already open — no coffee can necessary.
• Know the tax bill before you need it. Because TFSA growth is entirely tax-free, and only half of capital gains outside a registered account are taxable, the account a stock sits in can matter as much as the stock itself.

-With files from Melanie Huddart

But if you look up at the skyline today, you already know the real estate pressures facing these landmarks. The spaces that defined Toronto’s counterculture are increasingly finding themselves in the crosshairs of a massive building boom.

The conversation around urban development often feels like a strict binary. We’re told we must choose between preserving the nostalgic soul of our neighbourhoods or building the high-density housing the city desperately needs. Lately, developers have pitched a third option: demolish the old building, construct a modern highrise and bring the original venue back as a shiny ground-floor tenant.

It sounds like a win-win on paper, but the reality of commercial real estate is rarely that simple.

The promises on the table

A prime example unfolded when a developer submitted a proposal to build a 16-storey condominium that would require tearing down the building housing Sneaky Dee’s, which has occupied the spot since 1990.

Recognizing the immediate public outcry, the developer attempted to soften the blow. Michael Goldberg of the Goldberg Group told Exclaim! that arrangements were in place to protect the business. He noted that the venue could remain until construction started, receive help finding interim accommodations and get the first opportunity to lease a new 3,173-square-foot commercial space inside the finished condo.

“Under the current planning regime, we can’t turn it down. This is a really deeply loved and valued music venue. It’s a cultural gem,” Toronto City Coun. Dianne Saxe told Exclaim! at the time, highlighting the limited tools local officials have to protect private commercial tenants from redevelopment.

Ultimately, that specific project came to an abrupt halt. The proposal was formally withdrawn after a community-led title search revealed the developer didn’t actually own all the parcels of land included in the application — specifically, a neighbouring piece owned by the Royal Bank of Canada.

While Sneaky Dee’s won a dramatic, unexpected reprieve, its story is part of a broader real estate trend. The idea of integrating historic music venues into brand-new luxury condo podiums is becoming a standard compromise at City Hall.

Compare Canada’s best banking promotions in one place. Save time and maximize your new client bonus. See what banks are offering new account perks and find the right bank account for your needs.

The hidden costs of displacement

For a small business, such as Sneaky Dee’s, a developer’s invitation to return after a multi-year construction process is an incredibly risky financial proposition.

First, there’s the timeline. Building a mid-rise or high-rise condo in Toronto typically takes anywhere from three to five years, assuming there are no unexpected zoning, labour or supply chain delays. A grassroots music venue or independent restaurant cannot simply pause its revenue for half a decade.

Finding an interim location is equally challenging. Moving commercial kitchen equipment, sound staging and liquor licences is prohibitively expensive. In a tight real estate market, temporary spaces with affordable rent are practically non-existent. By the time the new condo opens its doors, the original business has often evaporated.

The intangible value of character

Even if a business manages to survive the years of displacement, the physical environment of a modern retail condo is entirely different from an old, character-rich building.

New developments are built to modern commercial standards. They feature high ceilings, floor-to-ceiling glass windows, concrete pillars and strict property management rules. For a slick pharmacy chain or a corporate coffee shop, these spaces are perfect. For a dive bar or a gritty rock venue, especially one with history, the atmosphere can feel clinical and corporate.

The financial structure changes completely, too. Rent in a brand-new building is typically priced at premium market rates per square foot. Property taxes and common area maintenance fees are also tied to the value of the new high rise. An independent operator who used to get by on thin margins suddenly faces corporate-level overhead costs.

Preserving a city’s culture requires understanding that a venue is more than just a name on a lease. It is the decades of history, the worn-in benches and the community that grows within a specific, affordable space. When the physical structure disappears, the financial ecosystem that allowed the venue to exist usually goes with it.

Let’s take Robert as an example. He retired at 67 with $3 million saved across a Registered Retirement Savings Plan (RRSP), a workplace pension and some taxable investments. Three years later, at 70, he’d already spent $1 million of it, leaving $2 million, and he’s worried about making the rest last.

Robert's $3 million puts him well ahead of most Canadians approaching retirement — for context, even total net worth (including home equity) for near-retirees with a pension and a home sat at a median of $1.4 million in 2023, according to the Survey of Financial Security. Still, having a large portfolio doesn’t guarantee it will last throughout your sunset years. What matters just as much is the withdrawal rate — how much comes out of the accounts every year. Spend too fast, and even several million dollars can run out well before retirement does.

Make your cash work harder. You can’t control inflation, rates or market swings — but you can control where your cash sits. Compare high-interest savings accounts to keep your money working for you. Find the right HISA account

Take stock of where the money went

Before making any changes, the first step is figuring out exactly where the first $1 million went. One-time costs — paying off a mortgage, buying a vehicle outright, a major renovation or helping a child with a down payment — don’t repeat every year and shouldn’t be confused with your ongoing spending. If most of that money went to one-time expenses, the situation may be less alarming than it first appears. If it was mostly daily lifestyle spending, that’s a sign the withdrawal rate needs to come down before the remaining $2 million disappears just as quickly.

Set a sustainable withdrawal rate — and watch the RRIF and OAS traps

With $2 million left, Robert can’t keep spending at the pace he started with. A common starting point is the 4% rule, which suggests withdrawing 4% of the portfolio balance in the first year of retirement, then adjusting the dollar amount for inflation every year thereafter. Applied to $2 million, that works out to about $80,000 in year one — a steep drop from the roughly $333,000 a year Robert has been taking out.

Canadian retirees must make mandatory withdrawals. An RRSP must be converted into a Registered Retirement Income Fund (RRIF), or an annuity, by December 31 of the year the account holder turns 71. After that, the Canada Revenue Agency (CRA) sets a minimum percentage of the RRIF balance that must come out every year — regardless of how the markets are doing. That minimum starts at 5.28% at age 71 and rises steadily after that, reaching 6.82% by 80 and 8.51% by 85. For a retiree with a large RRIF, those mandatory withdrawals can eventually push well past a comfortable 4% rate on their own.

Larger RRIF withdrawals can also trigger another cost: the Old Age Security (OAS) clawback. In 2026, Canadians who collect the government pension start losing 15 cents of it for every dollar of net income above $95,323, with the pension fully clawed back once income passes $155,109 for someone 65 to 74.

Because of this, a fixed 4% isn’t necessarily the right number for every Canadian retiree. Reviewing your withdrawal rate every year — spending less after a weak year in the markets and allowing a bit more room after a strong one — tends to work better than locking in one percentage and never revisiting it. Keeping one to two years of living expenses in a high-interest savings account or a short-term investment, like a GIC, can also help you avoid selling investments at a loss during a downturn. Drawing down non-registered accounts first, RRSPs or RRIFs next and a Tax-Free Savings Account (TFSA) last can help manage both taxes and the OAS clawback over the course of retirement.

Invest the money wisely

Finally, Robert needs to make sure the $2 million that’s left is invested in a way that matches how much risk he’s comfortable taking. A mix of equities and fixed-income investments is standard advice for retirees who need both growth and stability. Some retirees also look at an annuity to lock in a guaranteed stream of income that doesn’t depend on how markets perform.

What Canadian retirees can learn from this

• Separate one-time expenses from regular spending before assuming your withdrawal rate is too high
• Revisit the withdrawal rate every year instead of setting one percentage and leaving it alone
• Know when an RRSP must convert to a RRIF, and how the minimum withdrawal grows with age
• Watch the OAS clawback threshold before taking large RRIF withdrawals
• Keep one to two years of expenses outside the market in a high-interest savings account or a short-term GIC
• Talk to a fee-only Certified Financial Planner (CFP) about a withdrawal order and rate that fits your accounts

Bottom line

A portfolio that shrinks faster than expected isn’t always a sign of reckless spending — but it’s a sign that the plan needs a closer look. For Robert, and for any Canadian retiree watching their savings disappear, the most important questions are the same: where did the money actually go? Is the withdrawal rate sustainable? And are mandatory RRIF withdrawals or the OAS clawback making things worse?

A proposal to build 10,000 new homes near Port Dover is drawing sharp dividing lines. The debate highlights a deep conflict playing out across southwestern Ontario: the desperate need to create housing versus the financial and social costs borne by smaller municipalities. The unfolding situation serves as a prime case study of the cost of rapid growth.

The friction between progress and preservation

The clash centres on a massive housing plan that would inject tens of thousands of new residents into Haldimand County, right on the doorstep of Port Dover. To put it in perspective, a development of this scale could eventually accommodate roughly 40,000 people, transforming a predominantly rural pocket of land into a busy suburban hub.

Supporters of the expansion view it as an essential step toward economic prosperity, noting it would bring an influx of construction jobs, long-term employment and much-needed housing stock to ease Ontario’s chronic supply shortages. They argue that expanding the local housing footprint is the only logical path forward to keep the regional economy competitive and thriving.

Conversely, many long-time residents and local officials see the project as an overwhelming threat to their way of life. The visual landscape leading toward the town has changed recently, with “No MZOs” signs popping up along local roads. These signs target Ministerial Zoning Orders — provincial legislative tools designed to bypass traditional local planning processes to fast-track development projects. Critics feel these orders strip the community of its voice and push growth through at an unsustainable pace.

Assessing the municipal price tag

Development on this scale introduces significant economic risks for existing property owners. A sudden population spike requires immense up-front capital investments in infrastructure, including upgraded water systems, expanded wastewater treatment facilities, new roads and emergency services.

If a municipality takes on debt or overextends its budget to fund these foundational upgrades, the financial burden often filters down to everyday citizens. Existing homeowners could face higher property taxes or rising utility fees to support the expanded grid. Haldimand Mayor Shelley Ann Bentley has been vocal about her opposition to using accelerated provincial measures to force the development through. In a public statement on the matter, Bentley said, “It is a bad idea. This MZO will create residential use in an industrial park.”

The conflict underscores a broader challenge facing smaller Ontario municipalities. While developers often cover a portion of hookup fees and initial infrastructure through development charges, the long-term maintenance of sprawling suburban neighbourhoods remains the permanent responsibility of the local government and its taxpayers.

Take control of your money. If your paycheque keeps disappearing faster than expected, your budget may need better visibility. Compare budgeting apps that help Canadians track spending, spot leaks, and plan with more confidence. Take control of your budget

What this means for the local housing market

The situation around Port Dover represents a classic high-stakes balancing act. Increased housing supply can help stabilize skyrocketing property prices, offering younger families or retirees a chance to secure a piece of real estate outside of major urban centres like Toronto or Hamilton.

Yet, part of what gives real estate in lakeside communities its premium value is scarcity and charm. If a small town loses its distinct rural identity to rapid sprawl, the very character that drove demand in the first place can become diluted. Investors and residents alike are left wondering whether the massive influx of homes will boost overall economic prosperity or diminish the unique appeal of the region.

A community identity hanging in the balance

As the province pushes forward with aggressive housing targets, the future layout of communities near Port Dover remains hanging in the balance. It serves as a reminder that the cost of a new home is measured in more than just the purchase price; it is also measured in the long-term financial health, infrastructure costs, and identity of the community it joins.

That’s because the same companies dominating U.S. markets also make up a growing share of the funds sitting inside many Canadians’ Registered Retirement Savings Plans (RRSPs), Tax-Free Savings Accounts (TFSAs) and even the Canada Pension Plan.

Jim Paulsen, a market strategist with a 40-year career reading market cycles, says the warning signs are piling up. In a July 2 post to his Substack newsletter, Paulsen wrote that investors have let their guard down while chasing gains from artificial intelligence (AI), quantum computing and a handful of “new era” stocks.

“[What] is becoming clear is that the S&P 500 index — and probably most portfolios — is becoming much riskier,” he wrote.

The hidden tech bet inside Canadian portfolios

Many popular broad-market index funds tracking the S&P 500 are now about 38% weighted in information tech, with Alphabet, Amazon, Microsoft and Meta together expected to pour a collective US$700 billion (~C$985 billion) into AI infrastructure this year alone. For Canadians, the exposure often runs deeper than it first appears.

Consider the Canada Pension Plan Investment Board (CPP Investments), the Crown corporation that invests on behalf of more than 22 million Canadians. In its fiscal year-end results for 2026, the fund disclosed “significant concentration in public equities, with relatively heavier exposure to large-cap technology and communication services companies largely tied to artificial intelligence.”

The Bank of Canada has taken notice, too. In its 2026 Financial Stability Report, the central bank named AI-driven stock market concentration as a new category of financial risk for the first time, warning that a shock to a handful of large tech companies could trigger an outsized correction across broader indexes.

Make your savings work harder. Open a self-directed investing account and get your money working for you. Build your own investment portfolio with CIBC Investor's Edge online and mobile trading platform and enjoy low fees, powerful tools, and control over your future. Get 200 free trades when you open a CIBC Investor’s Edge account using promo code EDGE2026. Plus, enjoy unlimited commission-free trades on over 180 select ETFs. Terms and conditions apply. Offer ends September 30, 2026.

Why Canada’s stock market tells a different story — for now

Unlike the S&P 500, the S&P/TSX Composite Index (TSX Composite), Canada’s benchmark stock index, isn’t dominated by tech. As of May 2026, financials made up about 31% of the index, materials about 19% and energy about 18%, while information technology accounted for just over 7%. Together, the three largest sectors made up close to 68% of the index.

That means Canadians who stick close to home avoid the AI concentration risk rattling U.S. markets — but they trade it for a different one. The Canadian market’s reliance on banks, miners and oil and gas producers leaves it vulnerable to interest rate swings and commodity price shocks instead.

This is part of why Canadian investors have historically kept a heavy “home bias” toward domestic stocks. Prior to 2005, the Income Tax Act limited how much foreign content Canadians could hold inside an RRSP, but that cap was eliminated more than two decades ago, and there’s no longer any regulatory reason to avoid international diversification.

Even so, many Canadian portfolios remain tilted toward the TSX Composite — one recent analysis found the top 10 Canadian holdings make up almost 37% of the domestic equity market. That means a “Canadian-only” portfolio can be just as concentrated as an all-in tech bet, only in different sectors.

How Canadians can position more defensively

If you don’t want to lean too heavily into the AI boom on either side of the border, there are a few ways to build in some stability:

• Diversify into non-tech sectors. In Canada, that means looking at utilities, consumer staples and financials — sectors that historically hold up during downturns. The BMO Low Volatility Canadian Equity ETF (TSX:ZLB), for example, leans toward financials, utilities and consumer staples, with the former making up about 26%, while the other two each make up roughly 17% of its portfolio as of June 2026, a much larger share than either sector carries in the broader TSX Composite.
• Look outside Canada’s borders. Since Canadian equities make up a small slice of global stock markets, a global fund that spreads exposure beyond U.S. tech mega-caps, or an equal-weighted U.S. fund, can help smooth out concentration risk without abandoning growth entirely.
• Watch your sector and position caps. A common rule of thumb is capping any single sector at about 25% of your portfolio and any single stock at about 5%, and keeping 15% to 20% of your holdings outside your home country.
• Remember that “safe” sectors can carry indirect AI exposure. Real estate (particularly data centre, office and retail real estate investment trusts), industrials, materials and financials all have ties to the AI buildout, even if they aren’t traditional tech plays.

Next steps: Lessons for your own portfolio

You don’t need to predict when — or if — the AI trade unwinds to take a few sensible steps now:

• Check your overlap. If you hold a TSX Composite fund, an S&P 500 fund and a handful of individual tech stocks, you may be more concentrated than you realize. Many discount brokerages and portfolio-tracking tools can show you your combined sector weightings.
• Rebalance on a schedule, not a headline. Set a regular time, such as once or twice a year, to bring your portfolio back to its target sector and geography mix, rather than reacting to every market swing.
• Use the accounts you already have. Since the RRSP foreign-content limit no longer exists, there’s no tax-related reason to keep a Canadian-only RRSP or TFSA. You can build a diversified mix of Canadian, U.S. and international holdings entirely within your existing registered accounts.
• Talk to a professional before making big changes. A licensed financial advisor can help you assess how much risk makes sense for your timeline and goals. Always do your research, and remember: This article isn’t meant as a substitute for personalized investment, tax or legal advice.

A growing body of research suggests the panic may be based on an incomplete picture. It’s one that leaves out home equity, workplace pensions and government benefits — things that make up a much bigger share of what a retiree actually has to live on than what a single account balance may suggest.

For Canadians, that omission matters more than it might elsewhere. Canada’s retirement system leans harder on those other pieces, particularly the Canada Pension Plan (CPP), Old Age Security (OAS) and, for many households, the value of a paid-off home: here’s why.

Your registered accounts probably understate your wealth

If you only scrutinize how much the typical Canadian has saved in a Registered Retirement Savings Plan (RRSP), the numbers can look thin. In 2023, only 21% of tax filers contributed to an RRSP at all, down from 24% in 2010, according to Statistics Canada. Those who did contribute typically put in a median of $3,420 to an RRSP-only account, or $6,500 to a Tax-Free Savings Account (TFSA)-only account.

Looking at savings balances alone, though, misses most of the picture. StatCan’s 2023 Survey of Financial Security found that Canadians nearing retirement — those aged 55 to 64 — who own their home outright and have an employer-sponsored pension have a median net worth of $1.4 million. Renters in that age group with no workplace pension had a median net worth of only $11,900.

In other words, your bank statement is a poor representation for retirement readiness in Canada, where home equity and pension entitlements typically make up a bigger share of your net worth.

What government benefits are actually worth

CPP and OAS often get treated as an afterthought next to personal savings, but for many retirees, they’re the foundation the rest of your retirement plan sits on.

The average new CPP retirement pension for someone starting at age 65 in April 2026 was $877.01 a month, while the maximum was $1,507.65, according to the Government of Canada. Very few retirees hit that maximum — it requires close to 40 years of near-maximum contributions — which is why the average is the more realistic number for most households.

OAS adds another layer. For the July-to-September 2026 quarter, the maximum monthly OAS payment is $751.97 for those aged 65 to 74 and up to $827.17 for those 75 and older. Unlike CPP, OAS isn’t based on how much you contributed through work — it’s based mainly on how long you’ve lived in Canada after age 18.

Combined, an average CPP payment plus a full OAS pension can add up to more than $20,000 a year per person, before any RRSP, TFSA or workplace pension income is added.

Make your cash work harder. You can’t control inflation, rates or market swings — but you can control where your cash sits. Compare high-interest savings accounts to keep your money working for you. Find the right HISA account

Why home equity also matters

For most Canadians nearing retirement, their home is the single largest asset they own. Yet when people tally up "how much they have for retirement," they tend to count only liquid savings and skip their house entirely, even though it's sitting on the other side of the same net-worth statement.

In practice, home equity can support retirement in a few concrete ways:

• Downsizing. Selling a family home and moving to a residence that is smaller or less expensive frees up equity that can be invested or spent directly, while also lowering ongoing costs like property tax, utilities and maintenance.
• A reverse mortgage. Products like CHIP allow homeowners who are 55 and older to borrow against their home equity without monthly payments — the loan gets repaid when the home is eventually sold. This comes with real trade-offs — interest compounds over time and reduces the estate left behind — so it's worth comparing carefully against other options.
• A home equity line of credit (HELOC). This option offers more flexibility than a reverse mortgage but requires ongoing interest payments, which only makes sense if there's income to cover them.
• Staying put, mortgage-free. Even without tapping the equity, not having a mortgage or rent payment in retirement is itself a major reduction in monthly expenses — arguably as valuable as an income source.

However, home equity isn't as liquid or flexible as an RRSP or TFSA. That's part of why it may get left out of any mental math. But for a soon-to-be retiree trying to answer "am I actually ready," ignoring it means understating readiness by a wide margin, especially for the large share of Canadians who own their home outright.

‘One-more-year syndrome’ isn’t unique

Financial planners have a name for the habit of repeatedly pushing retirement back to build a bigger cushion: One-more-year syndrome. It shows up when retirement savings feel like a moving target, or when an individual has an unclear picture of their own wealth — one that leaves out CPP, OAS, home equity and pension value. This can make the target look further away than it actually is.

That doesn’t mean personal savings aren’t important. Only 45% of the Canadian labour force is covered by an employer-sponsored pension plan or group RRSP, according to the Office of the Superintendent of Financial Institutions (OSFI), the federal regulator that oversees pension plans. For everyone else, RRSPs, TFSAs and non-registered savings are doing more of the work that CPP, OAS and a workplace pension might otherwise cover.

Get your own number

Because CPP and OAS depend on your specific contribution and residence history, the only way to know your real numbers is to check them. The Government of Canada’s Canadian Retirement Income Calculator lets you estimate CPP, OAS and other retirement income sources, and compare scenarios such as starting your pension at 60, 65 or 70.

What this means for you

• Don’t judge your retirement readiness by your RRSP or TFSA balance alone. Add in CPP and OAS estimates, workplace pension value and home equity before deciding whether you’re behind.
• Get your CPP estimate through your My Service Canada Account. Know this number rather than guessing — there’s a big difference between the average payment and the maximum payment.
• Treat your RRSP and TFSA contributions as essential. If you rent and have no workplace pension, you’re missing the two biggest cushions many other retirees rely on.
• Run your numbers through the Canadian Retirement Income Calculator. Get the full picture before you decide to work “one more year” — you may be closer than the headlines suggest.

-With files from Melaine Huddart

“So our landlord wants to sell our house. Kindly he has come to us to let us know, and would like to ideally sell it to us (obviously this is more convenient, quicker for him) in a private sale,” the discussion began on the PersonalFinanceCanada subreddit, where the Ontario tenant shared their high-stakes financial dilemma. The Redditor explained they were currently on maternity leave, and while they hoped to purchase a home in the next couple of years, they were not sure if now was the right time.

The unexpected offer brought a mix of anxiety and opportunity. The tenant noted that the option was appealing because they had just finished putting together a beautiful nursery, adding that “it would be very chaotic if we had to move.” The post sparked a massive debate among Canadian real estate investors, homeowners and financial experts about what a tenant should do when a landlord offers to bypass the open market.

It highlights a common crossroads for Canadian renters when a property owner decides to liquidate an investment.

Skip the bank-hopping. Shop rates and terms using online mortgage tools. For instance, Homewise lets you compare rates from 30+ lenders with one simple application — getting you the best rate in minutes. Get personalized mortgage options from Homewise.

Weighing the value of a private sale

A private sale can eliminate real estate agent commissions, which typically range from 3.5% to 5% of the purchase price. On a $600,000 home, that represents savings of up to $30,000. But those savings are realized by the seller, not the buyer. So, if you’re the buyer in the transaction, you don’t save anything by going through a private sale — but that doesn’t mean you can’t use this to your advantage.

Because the seller saves on staging, marketing and commission fees, buyers can use this to negotiate a lower purchase price. The best way to do this is to consider the fair market value (FMV) of the property and to offer a sale price that’s aligned with FMV. Determining FMV without agents requires looking at recent sales of comparable properties in the immediate neighbourhood and then doing a bit of analysis. Consider the number of bedrooms, bathrooms, overall square footage and recent updates when trying to establish a fair value for the property.

When considering a private sale purchase be sure to consider the lifespan costs. For instance, if you were to purchase a smaller home with the intention of selling within five years, you need to consider transaction costs for both the purchase and sale. Transaction costs include land transfer taxes, legal fees, inspections as well as marketing (such as staging a home). Keep in mind that real estate market fluctuations can also occur — and in extreme situations market fluctuations can erase short-term equity gains.

The debate over alternative financing

If you opt to pursue a private sale be prepared for some scrutiny from lenders. While you are still eligible for big bank mortgages the use of a private sale may prompt mainstream lenders to ask for an independent market assessment — an expense that comes out of your pocket.

Another option is to pursue alternative financing options. The online discussion surrounding the Ontario tenant’s dilemma eventually turned into a discussion about alternative financing structures, specifically a vendor take-back mortgage. In this scenario, the seller acts as the lender, and the buyer makes mortgage payments directly to them instead of a traditional bank.

Some market participants view this as a mutually beneficial arrangement. “I just went through this. I inherited a home that had tenants. I asked if they wanted to buy it for less than market value. We had a lawyer draft up a vendor take back mortgage and now their rent payments are mortgage payments,” wrote one person in the online discussion.

The individual noted that they remained responsible for upfront legal and closing costs, but no longer had the burden of property taxes or maintenance, concluding, “They didn’t need a deposit and I don’t have the headaches.”

However, others cautioned that such arrangements are rare and depend heavily on the landlord’s financial situation. If a seller needs to clear an existing mortgage or wants immediate liquidity, a take-back mortgage is unfeasible.

Assessing risk and market alternatives

For landlords who do own their property outright, deferring a lump-sum payout carries distinct tax and investment implications. Spreading capital gains over a five-year period can reduce an immediate tax burden, but it introduces credit risk if the buyer defaults.

“A market downturn is largely a passive problem. A borrower default is an active problem,” one commenter noted, arguing that a diversified investment portfolio spreads risk more effectively than concentrating capital in a single borrower.

Conversely, defenders of vendor financing point out that sellers retain the right to initiate a power of sale if payments stop. Real estate investors also utilize these structures to generate steady income or command a premium. “I sell on VTB all the time. It’s never below market FMV,” another contributor stated.

For renters facing a sudden sale — like the Redditor on maternity leave — provincial tenant laws offer a crucial safety net. Under Ontario law, a lease automatically transfers to a new owner when a property is sold; a tenant cannot be evicted simply because the building is changing hands. This means that even if the Reddit poster decides against buying, they won’t be immediately forced to pack up that newly completed nursery. Unless a new buyer intends to move in personally and issues a formal 60-day notice, the tenancy remains secure.

Ultimately, these protections give anxious renters in the same predicament as the Reddit user the one thing they need most: the time to consult a mortgage broker, weigh their options and decide if buying their rental truly makes financial sense, or if they are better off letting the lease ride.

Reddit user Valorenn laid out their financial situation in the popular Subreddit: Personal Finance Canada. The 27-year-old takes in $6,200 a month after taxes between their job and a rental unit in the house they live in. They say their expenses are around $3,200 a month, leaving them with a surplus of $3,000.

Of that $3,000, the Redditor said they’ve been putting an extra $1,750 towards their mortgage, which is at an interest rate of 4.19%, and saving the rest in a number of different savings accounts for various events (e.g. vacations, house upgrades, emergency fund, etc.).

As explained in their post, Valorenn has $10,000 as an emergency fund, $3,000 in a vacation fund, as well as $6,000 in a separate home renovation fund, and is paying quite a large chunk in income tax. To offset this, they have been putting more into their Registered Retirement Savings Plan (RRSP).

Although they feel financially well-off — including having zero debt other than their mortgage — they recognize a gap in their financial abilities.

“I’m sure I could make more investing but I honestly don’t know where to start and my tolerance for risk is pretty low,” they write. Fellow Redditors chimed in.

The comments section was awash with a variety of takes, many mentioning maxing their Tax Free Savings Accounts (TFSAs) or RRSPs and increasing their investing knowledge with an online course. Others suggested the user open a self-directed investing account and invest in newsworthy tech companies, such as Microsoft (TSX: MSFT.TO), Google (TSX: GOOG) and Nvidia (TSX: NVDA.TO).

Some focused on a longer-term horizon, saying the user should invest 10% of their pre-tax income toward retirement. Other Redditors had a more near-term perspective, suggesting the user should simply enjoy themselves or “buy a good time in a lot of countries.”

One user even suggested investing in Pokémon trading cards, saying they are “in a period of stable growth.”

Make your savings work harder. Open a self-directed investing account and get your money working for you. Build your own investment portfolio with CIBC Investor's Edge online and mobile trading platform and enjoy low fees, powerful tools, and control over your future. Get 200 free trades when you open a CIBC Investor’s Edge account using promo code EDGE2026. Plus, enjoy unlimited commission-free trades on over 180 select ETFs. Terms and conditions apply. Offer ends September 30, 2026.

A post that resonates beyond Redditors

While the surplus income of $3,000 is not relatable to many Canadians, the feeling of uncertainty about investing is a common motif across the country. An Ipsos poll completed on behalf of CIBC’s Investor’s Edge found that just a small majority of respondents (56%) were comfortable investing their personal cash, while only 51% categorized themselves as knowledgeable about investing.

The problem is, hesitancy about investing can erode your purchasing power. Simply having money sitting idle in an account can actually result in a net loss when taking into account inflation.

Canada’s Consumer Price Index (CPI) sat at 2.8% in June, down from 3.2% in May, but essential items that make up the CPI are hitting Canadians’ purchasing power the most. Gasoline was still up 20.5% year-over-year, and grocery costs were up 3.9% annually and have exceeded the headline CPI figure for 17 consecutive months.

And this data is starting to show signs in consumer sentiment as well. A survey from United Way found that 46% of Canadians surveyed could only cover basic expenses for a month or less.

Yes, having funds easily accessible in a savings account is important, but if you don’t have a way to outpace inflation through investing, that’s money that you can’t get back.

How to put your money to work

Like that Redditor and many other Canadians, you might feel unsure how to start investing your money. It doesn’t take much to see returns over a long-term horizon, but you need to start on the right foot. Here’s some beginner-friendly advice to get you more comfortable with making your money work.

Build your financial foundation first

Before beginning your investment journey, make sure you have an emergency fund that can cover three to six months’ worth of essential expenses. It’s important to have one in place so you can leave invested funds in the market — allowing gains to flourish and not locking in losses by selling.

Keeping this money in a high-interest savings account (HISA) allows it to remain accessible while earning interest, and if you still have available contribution room, holding a HISA inside a Tax-Free Savings Account (TFSA) can help those interest earnings grow tax-free. With many online HISAs currently paying around 2% to 3% annually, your emergency fund can at least keep pace better than cash sitting in a standard chequing account.

Ready to watch your savings grow? Check out the best HISA providers in Canada, including no-fee options and high-yield promotional offers. Eligible professionals can unlock more than $1,000 in annual savings when banking with National Bank. The bank’s current offer includes up to 3 bank accounts with no fixed monthly fees, and an eligible Mastercard rewards credit card (certain fees apply). See if your profession qualifies

Make the most of registered accounts

Canada’s registered accounts can help your money grow faster by reducing or eliminating taxes. A TFSA lets your investments grow tax-free and allows you to withdraw money without paying tax, giving it a greater sense of immediacy if needed. A Registered Retirement Savings Plan (RRSP) provides an upfront tax deduction while allowing investments to compound tax-deferred until retirement. And if you’re planning to save for a child’s education, a Registered Education Savings Plan (RESP) offers access to generous government grants in addition to tax-deferred growth. Which account makes the most sense depends on your goals, income and when you’ll need the money.

You can also place investments inside these accounts, further benefitting any compound growth that can help augment any retirement, education or sizeable savings.

Whether you’re a beginner or a pro, find the best trading platform for you. The best Canadian brokerage offers the tools you need to grow your wealth. To get started — and earn 2% or more on every dollar you save — open a no-fee RRSP high-interest savings account with EQ Bank. Start building your RRSP today with EQ Bank

Invest for the long haul

Once your emergency savings are in place, consider investing regularly in a diversified portfolio rather than trying to pick winning stocks or time the market. Broad-market exchange-traded funds (ETFs) or diversified mutual funds spread your investments across hundreds or even thousands of companies, reducing the impact of any single investment underperforming.

For ETFs, a good rule of thumb for any investor is to keep their costs low, diversify broadly across the entire globe and to simplify their portfolio whenever possible.

For most beginners, that means choosing an all-in-one asset allocation ETF that best suits your risk tolerance and time horizon. Some examples include:

• Vanguard Conservative ETF Portfolio (TSX: VCNS.TO) for a Canadian equity ETF
• iShares Core Equity ETF Portfolio (TSX: XEQT.TO)
• Vanguard All-Equity ETF Portfolio (TSX: VEQT.TO)
• Vanguard FTSE Global All Cap ex Canada Index ETF (TSX: VXC.TO) for a global equity ETF
• iShares S&P/TSX 60 Index ETF (TSX: XIU.TO) to gain exposure to major Canadian industries like financials, energy, and materials from the 60 largest companies on the TSX
• iShares S&P/TSX Capped REIT Index ETF (TSX: XRE.TO) to gain exposure to top real estate companies in Canada

Don’t be afraid to ask for help

If you’re unsure where to start, speaking with a qualified financial planner or advisor can help turn uncertainty into action. While many Canadians still go it alone, research from firm Edward Jones found that Canadians were far more confident in their financial future working with a financial adviser versus handling their finances without one.

In Cochrane, Ontario’s most expensive community for home insurance, premiums jumped 16.4% in a single year to $3,322, nearly 49% above the provincial average. It’s a sharp contrast to Newmarket, where homeowners paid some of the lowest rates in the province, an average of $1,709.

Here’s a closer look at what’s affecting Ontario premiums, why your bill can go up even without a claim and what you can do before your next renewal.

Why are Ontario’s home insurance premiums rising this year?

Two types of claims are behind much of this year’s increase: system backups caused by overwhelmed sewers, sump pumps or septic systems, and damage from wind and hail. At the same time, insurers are paying more to rebuild homes after a loss. Residential rebuild costs in Ontario increased 23.8% between 2021 and 2026, according to Verisk’s analysis of construction costs, with ongoing labour shortages in the skilled trades adding even more pressure.

Those trends are part of a much bigger picture. According to the Insurance Bureau of Canada (IBC), insured losses from severe weather nearly tripled to $37 billion between 2016 and 2025, compared to $14 billion during the previous decade. In 2025 alone, severe weather caused more than $2.4 billion in insured losses across Canada.

Stop overpaying for insurance. Many homeowners renew the same policy year after year without checking their options. See how Canada's best home insurance companies stack up before you renew. If you're ready to save as much as 20% on your premiums, compare 50+ quotes on Rates.ca — bundle your auto and home policies to save even more. Find trusted home coverage with Rates.ca

Why do northern Ontario towns pay so much more?

Cochrane, Fort Frances and South Porcupine top the list for home insurance costs in the province, with premiums in all three over 45% above the provincial average. In fact, all 10 of Ontario’s most expensive towns for home insurance are located in the province’s north region.

Remote communities generally cost more to rebuild after a loss since labour, materials and emergency services can all be more expensive or harder to access. This increases an insurer’s potential claims costs.

Interestingly, crime doesn’t appear to be the biggest factor behind these price differences. More than half of Ontario’s postal codes are considered high risk for theft, yet seven of the province’s 10 least expensive communities carry that same rating. That suggests insurers are placing far greater weight on weather-related risks like water damage and wind than on break-ins.

Can your premium rise even if you’ve never filed a claim?

Yes, because insurers don’t base premiums solely on your personal claims history. According to Steve Cohen, vice-president of insurance and chief underwriting officer at Rates.ca, insurers also price policies based on the level of risk within your postal code.

Premiums actually declined in nearly 18% of Ontario communities in 2026, even as the provincial average increased, because insurers continually adjust rates based on neighbourhood-level risks.

That means two homeowners living only a few streets apart could receive very different renewal premiums if the risks differ within their forward sortation area (FSA), which is defined by the first three characters of a postal code.

What can you do before your next renewal?

While you can’t control rising construction costs or increasingly severe weather, you can still take steps to lower your risk and make sure you’re paying a competitive price.

For example:

• Get quotes from two or three insurers before your policy renews instead of automatically accepting your renewal offer.
• Ask your insurer whether installing a backwater valve or a sump pump with battery backup qualifies you for a discount.
• If you live in Toronto, check whether you’re eligible for the city’s basement flooding protection subsidy, which offers up to $6,650 toward qualifying upgrades.
• Review your policy to confirm whether overland flood and system backup coverage are included, since they’re often optional add-ons.
• If your roof is nearing the end of its life, consider upgrading to impact-resistant roofing materials, which can reduce your exposure to one of Ontario’s costliest insurance risks, hail.

The reality is that many of the biggest drivers of home insurance costs, such as aging infrastructure, rising rebuild costs and increasingly severe weather, are outside your control. But understanding what’s behind your premium puts you in a much better position to make informed decisions.

Today, thanks to a strong stretch in the markets, that inheritance has grown to roughly $900,000. But at 28, Lucy isn’t convinced buying property is the obvious next step — and in Canada right now, the math is more complicated than the old adage “renting is throwing money away.”

In this example, we’ll follow Lucy, a hypothetical 28-year-old, based on a common dilemma among young Canadians who come into money early: what to do when you can afford to buy, but the numbers don’t obviously favour it.

Lucy isn’t sitting on a six-figure salary wondering what to do with extra cash. She works in a restaurant in Ottawa, pays her bills and has been careful with the one big financial break she’s had. She pays $1,900 a month in rent, has no debt, no kids and no car payment. Her building was first occupied before November 15, 2018, which means it falls under Ontario’s rent increase guideline — in 2026, that guideline caps most rent increases at 2.1%. Her landlord can’t raise her rent by more than that without approval from the Landlord and Tenant Board (LTB), Ontario’s rental dispute tribunal, and must give her 90 days’ written notice before doing so. That gives Lucy more predictability.

Her mom sees things differently, though. To her, Lucy is in the perfect position to buy. One-bedroom condos in Ottawa have been selling for an average of about $385,500, according to Nesto. Lucy could purchase one without carrying a mortgage.

It’s the kind of situation that challenges the usual rent-versus-buy advice. Home prices across Canada climbed back above $700,000 on average in May 2026, and with affordability still stretched in many cities, the advice to buy as soon as you can doesn't fit every situation.

When renting can actually come out ahead

There are plenty of people who’ll say renting is “throwing money away,” but that only tells part of the story.

Owning a home comes with costs that don’t disappear after closing day: property tax, home insurance, maintenance, the occasional unexpected repair and, in Lucy’s case, condo fees. Even someone who pays cash still carries ongoing housing costs.

For Lucy, the comparison gets especially interesting. If she used $400,000 of her investments to buy a condo outright, she’d eliminate her monthly rent of $1,900, or roughly $22,800 a year. But she’d also be pulling a large sum out of the market and locking it into a single property.

The question Lucy keeps coming back to is whether saving that rent is worth giving up the chance for $400,000 to keep growing in a diversified portfolio.

Make your cash work harder. You can't control inflation, rates or market swings — but you can control where your cash sits. Compare high-interest savings accounts to keep your money working for you. Find the right HISA account

The tax bill a Canadian buyer can’t ignore

Here’s where the Canadian math looks different from the “just buy” advice Lucy keeps hearing.

Her $900,000 didn’t get there entirely tax-free. Anything beyond what fits inside a Tax-Free Savings Account (TFSA) is generally sitting in a taxable, non-registered account, and selling investments that have grown in value triggers a capital gain.

In Canada, only 50% of a capital gain is added to taxable income, and that amount is taxed at the seller’s regular marginal rate; there’s no separate, lower capital gains tax rate the way some assume. That means if Lucy sells part of her portfolio to fund a condo purchase, a share of the growth in that money becomes taxable income the year she sells.

Here’s the twist that works in her favour over the long term: a principal residence in Canada is exempt from capital gains tax when it’s sold, under the principal residence exemption. Money left in a non-registered investment account keeps facing tax on its growth, whereas a home someone lives in doesn’t. That’s a real argument for eventually owning — however, it’s just not a reason on its own to rush the purchase while she’s still deciding.

What buying would still cost her on the way in and out

Buying with cash also means budgeting for costs that a lot of first-time buyers underestimate. In Ontario, buyers typically pay land transfer tax (LTT), legal fees of roughly $1,000 to $1,600 and other administrative costs, generally totalling 1.5% to 4% of the purchase price. If Lucy ever sold, she’d also owe a real estate commission of 4% of the sale price, plus sales tax on that commission. On a $400,000 condo, that’s easily $20,000 or more leaving her pocket before moving costs are even counted.

Those transaction costs matter most to buyers who might move again within a few years. And they vary widely based on region. For example, real estate commissions across Canada range between 3% and 7%, and not all provinces charge LTT. Lucy, at 28, can’t say for certain where she’ll be living in five years — and that uncertainty is part of what’s keeping her on the sidelines.

What homeownership would still buy

For a lot of people, buying a home is about more than the numbers. Owning gives people something harder to measure: control. Generally, a landlord can’t decide to sell and leave a tenant searching for a new place in Canada — the new owner assumes responsibility for the tenancy, lease terms and rights established on day one. However, the rules on evicting or forcing a move are nuanced in each province and territory. Rent-controlled or not, a tenant is still living in someone else’s property, on someone else’s terms. If, for whatever reason, a tenant is forced to be evicted, they must be given 60 days’ notice and the termination date must fall on the last day of the rental period.

Homeowners can also use the equity they build later on, whether by downsizing, selling or borrowing against it, in a way renters simply can’t. Someone who enters retirement mortgage-free often has far more room in their budget than someone still paying rent every month, even with rent control in place.

But buying is also a bigger commitment. Selling requires time, planning and money in a way that ending a lease doesn’t. For someone who isn't sure where life is heading next, that flexibility carries real value.

Where this leaves Lucy

Lucy isn’t trying to figure out how to scrape together a down payment. She already has close to $900,000 invested and a rental situation that works, with rent increases capped by law. For now, she’s choosing to let her portfolio keep growing rather than concentrate a large share of her wealth into one property, in one city.

That could change. Someone who’s comfortable renting at 28 may feel differently in a few years — if they want more space, want to start a family or simply want a place they can make entirely their own.

Lessons for Canadians weighing rent versus buy

Lucy’s situation is unusual, but the questions she’s asking apply to anyone deciding between renting and buying in Canada right now.

• Know your rent protections before assuming buying is automatically cheaper. Check whether your unit is covered by your province's rent-control rules and what the current guideline actually allows.
• Price in the full cost of owning on top of the purchase price. Property tax, insurance, ongoing monthly condo fees and closing costs of roughly 3% to 7% for buyers across Canada add up fast.
• Understand what selling investments to buy a home will cost at tax time. Any capital gain in a non-registered account is 50% taxable the year it’s sold, at the seller’s marginal rate.
• Remember the principal residence exemption cuts both ways. It’s a long-term tax advantage of owning, but it only applies once someone owns and lives in the home, not before.
• Don’t let “everyone says” pressures replace the actual math. A parent’s advice, a friend’s timeline or a stranger’s opinion online isn’t a substitute for running the numbers on rent, ownership costs and what you give up when you move invested money into a property.

-With files from Melanie Huddart

The Insurance Bureau of Canada (IBC) says Alberta drivers are now six months away from the province’s new Care-First auto insurance model, noting that the reforms are expected to reduce premiums by an average of $260 a year while expanding medical and recovery benefits for people injured in collisions.

“Alberta drivers pay some of the highest auto insurance premiums in Canada, but the trend of rising premiums will be reversed when Care-First takes effect on January 1, 2027,” said Aaron Sutherland, Vice-President, Pacific and Western, Insurance Bureau of Canada, in a statement.

Why Alberta expects premiums to come down

The Care-First system represents one of the biggest changes to Alberta’s auto insurance system in decades.

Instead of relying heavily on lawsuits to resolve injury claims, the new model shifts toward guaranteed medical care, rehabilitation, income support and other recovery benefits for people injured in crashes, regardless of who caused the collision. In exchange, the ability to sue for compensation will be more limited than under the current system.

The province and IBC both argue that reducing litigation will lower costs throughout the insurance system, allowing insurers to charge lower premiums while improving benefits for injured drivers. According to IBC, legal costs related to bodily injury claims have risen sharply in recent years, contributing to higher insurance premiums.

According to Statistics Canada data cited by IBC, auto insurance premiums in the province were up 26% year over year, making it one of the fastest-growing household expenses in Alberta.

Stop overpaying for your car insurance. Life is expensive enough without an unexpected repair bill or liability claim. The right car insurance helps protect your savings when things don't go according to plan. Compare Canada's best car insurance or spend just three minutes comparing 20+ quotes on Rates.ca to find a better deal and potentially save $500 or more annually. Find the right coverage with Rates.ca

Not every driver will see the same savings

While the oft-cited figure is an average annual savings of $260, the precise value of savings available to drivers will be based on individual risk factors such as driving history, vehicle type and where a driver lives.

The Alberta government has also introduced a new adjustable rate-cap system that limits how much premiums can increase at renewal for many drivers, while still allowing insurers to price policies according to risk. Drivers with recent at-fault collisions or serious driving convictions may not receive the same protections.

Drivers welcome relief, but many remain skeptical

The promise of lower premiums comes after several years of steep increases that have left many Alberta drivers frustrated.

In recent discussions on Reddit’s r/Edmonton and r/PersonalFinanceCanada, drivers described receiving renewal notices hundreds of dollars higher than the previous year despite having clean driving records. Others said they planned to wait until their first 2027 renewal before deciding whether the reforms had delivered meaningful savings.

Those comments reflect the level of skepticism many drivers have developed after years of rising insurance costs.

Support for the reforms nevertheless appears relatively strong. A recent Yorkville Strategies poll commissioned by IBC found that roughly two-thirds of Albertans support the Care-First model, with lower premiums ranking as the most important expected benefit.

Whether the reforms ultimately deliver on those expectations won’t become clear until drivers begin renewing their policies under the new system next year. For now, the province’s projected savings remain hypothetical, and many Albertans will likely be watching their first 2027 renewal notice more closely than ever.

Add in a recent BMO survey that found 59% of Canadians still call homeownership one of their biggest life goals, and it’s easy to see why so many people feel pressure to buy as they near retirement — even after years of happily renting.

But not everyone wants to become a homeowner again.

Let’s consider the hypothetical Samantha and Ryan. They’re in their early 60s and planning to retire in two years. They’ve been renting and want to keep doing so, since they don’t like maintenance costs and hate the headache of unexpected repairs.

However, Samantha and Ryan feel a lot of pressure to buy a home, since everyone they talk to says they should own a property so they don’t have to worry about rent in retirement. Is this good advice? Financial planners who work with Canadian retirees don’t necessarily think so, and there are a few reasons why.

The cost of buying may be higher — and it may not be affordable

The first major factor to consider is that renting may actually be cheaper than owning in most of the country right now.

A recent analysis of 30 Canadian housing markets found that renting remains the more affordable monthly option almost everywhere outside of Regina and Winnipeg, where buying edges out renting by a small margin. In Toronto, renters can save close to $2,000 a month over what they’d pay to own a comparable home. In Ottawa, Montréal and Calgary, renters typically save $400 to $450 a month.

“What a lot of people fail to realize about the shift to renting is the bills and costs that are associated with ownership are gone, and you have a giant sum of money that can now produce an income,” said Adam Chapman, a certified financial planner in London, Ontario.

Samantha and Ryan don’t want to struggle to afford higher payments just to become homeowners again in their golden years, especially if they’re already worried about making ends meet.

Make your cash work harder. You can't control inflation, rates or market swings — but you can control where your cash sits. Compare high-interest savings accounts to keep your money working for you. Find the right HISA account

Neither way of paying for a home is a sure win

The next thing Samantha and Ryan have to consider is how they’d actually pay for a home. They have two options, and both come with their own problems.

They could borrow: Nearly three in 10 Canadians (29%) planning to retire in 2025 or 2026 expect to still be paying off a mortgage after they leave the workforce, up from just 8% in 1999. Taking on a monthly mortgage payment — especially one higher than rent — could strain a fixed retirement budget.

They could pay cash: This would likely mean a large withdrawal from a Registered Retirement Savings Plan (RRSP) or a Registered Retirement Income Fund (RRIF), and that comes with its own tax bite. RRIF and RRSP withdrawals count as taxable income, and a large one can push a retiree’s net income above $95,323 for the 2026 tax year, triggering the Old Age Security (OAS) recovery tax — better known as the OAS clawback, which takes back 15 cents of OAS for every dollar of income above that threshold. Samantha and Ryan also risk pulling so much out of their accounts that they don’t have enough left invested to generate the returns they’ll need to cover other costs later on.

If they do choose to buy, they’ll need to build a full retirement income plan first, ideally with the help of a professional, to make sure a purchase won’t derail their finances over the long term. The last thing a retiring couple wants is to overextend themselves right as their paycheques stop.

Maintenance and unexpected repairs could become a bigger issue than expected

Beyond mortgage or RRIF costs, there’s another factor: the cost and effort of maintaining a home. Owning means dealing with wear-and-tear repairs and emergencies, such as a broken-down furnace or leaky roof — costs a fixed retirement income needs to be able to manage.

That’s not something renters have to think about. Being able to move easily also matters more than people expect. “It’s easier to get out of a rental apartment if your health deteriorates or if you need to move into an assisted-care facility. Selling a home can be more challenging, especially if the market is slow,” said Julie Seberras, head of wealth planning and practice management at Manulife.

And maintaining a home only gets harder with age. If Samantha and Ryan’s health starts to decline or their finances get tight, there’s little reason to add homeownership responsibilities to the mix.

So, it turns out Samantha and Ryan aren’t wrong to keep renting — and anyone who insists otherwise may not have compared the numbers against their specific situation.

What Canadians nearing retirement can learn from this

Before buying a home because it feels like the responsible thing to do before retiring, here are a few things to consider:

• Run the actual rent-versus-buy math for your own city and your own numbers, rather than relying on the general belief that owning always wins.
• Check how a lump-sum RRSP or RRIF withdrawal affects your OAS clawback threshold before pulling the trigger.
• Renting is only more cost effective if the difference between rent and a mortgage payment is actually invested rather than spent. Being a financially secure renter takes as much saving and investing discipline as paying down a mortgage does.
• Talk to a fee-only certified financial planner before making a major housing decision this close to retirement, since they don’t make a commission from selling you anything.
• Factor in flexibility — a rental allows for more mobility if health or family circumstances change compared to owning a home.

None of this means buying is the wrong move for every retiree. But for Canadians who already have a comfortable rental setup, the pressure to buy before retiring is exactly that — pressure, not necessarily good math or sound advice.

-With files from Melanie Huddart

SpaceX President Gwynne Shotwell and her husband, Robert, just gave more than 2 million children in the U.S. one share each of SpaceX stock. It’s a striking gesture — and it raises a question that matters just as much for parents here in Canada: Is a single stock gift actually worth much to a kid, or is it more of a symbolic head start?

Shotwell, who has run SpaceX as president since 2008, made the donation through Trump Accounts, a newly introduced U.S. federal savings account for children. Eligible kids born between 2025 and 2028 receive a one-time US$1,000 deposit (~C$1,420) from the federal government, and families, employers and now philanthropists like Shotwell can add more on top, up to US$5,000 (~C$7,100) a year. Shotwell said the gift will go to children ages 11 to 17 in lower-income areas, with a bit of extra weight given to kids living near her home in Texas.

When the donation was first announced, President Donald Trump publicly thanked the Shotwells and valued the gift at as high as US$325 million (~C$461 million). However, stock gifts are a moving target. As of July 20, SpaceX stock is valued at US$119.85 a share (~C$169) — meaning the real-world value of 2 million single-share gifts is actually closer to US$240 million (~C$338 million).

A wild ride for a brand-new stock

SpaceX went public on June 12, 2026, at US$135 a share (~C$189), opening at US$150 (~C$210) before an early rally briefly pushed the price above US$225 (~C$315). Since then, the stock has slid back down — dipping below its own IPO price for the first time in mid-July, and continuing to slide to its current level by July 20.

That swing is where the real lesson lies. A single share handed to a child today could be worth significantly more, or less, within weeks — let alone by the time that child turns 18. Analysts are split on where it goes from here, with 12-month price targets ranging from US$62 to US$800 a share (~C$87 to ~C$1,120).

Make your savings work harder. Open a self-directed investing account and get your money working for you. Build your own investment portfolio with CIBC Investor's Edge online and mobile trading platform and enjoy low fees, powerful tools, and control over your future. Get 200 free trades when you open a CIBC Investor’s Edge account using promo code EDGE2026. Plus, enjoy unlimited commission-free trades on over 180 select ETFs. Terms and conditions apply. Offer ends September 30, 2026.

The Canadian version of ‘free money for kids’

Canada doesn’t have a program that hands children a share of stock, but it already has something built for a similar purpose: the Registered Education Savings Plan (RESP), paired with the Canada Education Savings Grant (CESG). If you contribute $2,500 a year to a child’s RESP, the federal government adds 20%, up to $500 a year, with a lifetime CESG cap of $7,200 per child. Lower- and middle-income families can qualify for a bit more on top of that.

There are two big differences from the U.S. program. First, RESP money is earmarked for post-secondary education rather than general retirement savings. Second, Canadian families can contribute up to $50,000 over a child’s lifetime, with no annual limit, though only the first $2,500 contributed each year draws the CESG match.

What if you wanted to gift stock to your own kids?

If a Canadian parent wanted to do something similar to what Shotwell did — hand a stock directly to a child rather than contribute cash to a registered account — the tax treatment works differently than a straightforward cash gift. Under Canada’s income-attribution rules, any dividends or interest earned on property gifted to a minor child are attributed back to the parent and taxed in the parent’s hands, not the child’s.

Capital gains work differently. If the child eventually sells the gifted shares for a profit, that gain is taxed in the child’s hands, not the parent’s — a distinction that matters if growth is the point of the gift, rather than generating income. It’s also worth remembering that gifting appreciated stock triggers a deemed disposition at fair market value, so the parent may owe capital gains tax on the transfer itself, even before the child owns anything.

What could a single share potentially grow into?

Let’s say a 13-year-old received one SpaceX share today, at roughly US$119.85 (~C$169). Under a conservative outlook of a 10% annual return, that share would be worth about US$193 (~C$272) in five years, when the child turns 18. Under a bullish outlook of 40% annual growth, it would be worth about US$644 (~C$908). And under a more modest scenario — roughly what the S&P 500 has returned annually over the past 5 years, adjusted for inflation, at just over 7% — the share would be worth about US$168 (~C$236) in real terms.

Whether Shotwell’s gift turns into a couple hundred dollars or much more by the time these kids turn 18 depends entirely on how SpaceX performs over the next several years. That uncertainty is exactly why financial planners generally don’t recommend building a child’s financial future around a single stock — gifted or otherwise — however exciting the company behind it might be.

Lessons for Canadian families

• Claim the free money that already exists here. A Registered Education Savings Plan with the CESG match is Canada’s version of “free government money for kids,” and it’s available to virtually every family. Consider this account before any individual stock gift.
• Know the tax split if you directly gift stock. Dividends and interest are taxed to you, but capital gains are taxed to your child, and the gift itself can trigger capital gains tax for you at the time of transfer.
• Don’t concentrate a kid’s account in one stock. A single share — however exciting the company — is a lottery ticket, not a plan.
• Start small and regularly. Steady RESP contributions, even modest ones made consistently from birth, generally do more for a child’s long-term future than a one-time windfall in a volatile stock.

A new survey commissioned by Money Mart found that 84% of Canadians say they understand what influences their credit score, yet nearly half (47%) report facing barriers to improving it. Fewer than half (45%) say they're actively taking steps to build or improve their credit, while almost three in ten (29%) say doing so feels difficult.

"Many Canadians understand what affects their credit, but turning that knowledge into progress can be challenging," said Peter Kalen, CEO of Money Mart, in a statement. "Our findings suggest the issue isn't simply awareness, it's having access to practical options that help people build a positive credit history over time."

Why improving your credit can feel harder than understanding it

The survey suggests the biggest obstacle isn't a lack of information — it's turning good intentions into consistent habits.

Among those who said they faced challenges improving their credit, 22% said they knew what to do but hadn't followed through, while 18% said they weren't sure where to begin. Another 11% said they had tried to improve their credit in the past but eventually stopped.

Elsewhere in the survey, nearly two-thirds of respondents (62%) also said they feel the credit system is designed for people who are already financially stable. That view was even more common among younger Canadians, with 71% of Gen Z and 70% of Millennials saying the system feels stacked against those trying to build a credit history.

As a result, those perceptions appear to be influencing real-life decisions. More than one in five respondents (22%), for example, said concerns about their credit had delayed buying a home, while others reported putting off financing a vehicle, renting an apartment or even starting a business. Younger Canadians were consistently more likely to say their credit had affected these milestones, according to the survey.

Ready to watch your savings grow? Check out the best HISA providers in Canada, including no-fee options and high-yield promotional offers.

Small habits make a big impact

Improving a credit score usually takes time, but there are several steps that can help.

Making payments on time remains one of the most important factors in building a strong credit history. Keeping credit card balances relatively low, avoiding missed payments and limiting applications for new credit over a short period can also have a positive impact.

It's also worth checking your credit report regularly to make sure the information is accurate. Canadians can request their credit reports from the country's major credit bureaus, TransUnion and Equifax, and many banks now provide customers with free credit score monitoring through their online platforms.

The Money Mart survey found that nearly three-quarters of Canadians (72%) would be open to seeking help with their credit in the future, with financial advisors, credit counsellors, banks and credit unions ranking among the preferred sources of guidance.

For many Canadians, building better credit isn't about finding a quick fix. More often, it's the result of small financial habits repeated consistently over time — something that can make future borrowing, housing and other financial goals easier to reach.

According to the 2023 Canadian Insurance Barometer Study conducted by LIMRA and Life Happens, 31% of Canadian adults — 8.4 million people — say they need or need more life insurance coverage. A separate analysis by Toronto-based firm MyChoice found that the average Canadian household carries roughly $509,000 in coverage against an estimated need of $595,000, a national shortfall of $86,000.

Ontario households face the steepest gap. MyChoice’s data shows Ontario families need close to $794,000 in coverage but hold an average of just $552,000 — a shortfall exceeding 30%, or roughly $242,000. Alberta and Quebec follow with gaps of 21% and 25% respectively. British Columbia households are underinsured by just over 16%.

The core reason is timing. Most life insurance policies are purchased once and then left unchanged — but household debt has not stood still.

Protect your income, whatever life throws at you. A serious diagnosis or unexpected injury shouldn't put your life on hold. To help, compare disability or critical illness coverage from insurance providers. Or use the free, no-obligation, online tool from PolicyMe. Just answer a few simple questions, and PolicyMe will provide you with an instant, no-obligation quote for either critical illness, disability or life insurance. Compare quotes online with PolicyMe

Why your existing policy may no longer be enough

“Nationally, the total amount of life insurance coverage has increased, but much of that coverage was locked in years ago,” said Vitalii Starov, vice-president of product growth at MyChoice. “Since then, mortgage balances have increased, consumer debt has risen, and average salaries are higher, all of which materially change how much protection a household actually needs.”

A study published in Insurance Business Magazine, which drew on provincial data from Statistics Canada, the Canada Mortgage and Housing Corporation (CMHC) and the Canadian Life and Health Insurance Association (CLHIA), found that mortgage debt now accounts for roughly three-quarters of total household debt. That concentration matters: unexpected income loss does not just threaten monthly cash flow — it puts housing, retirement savings and education plans directly at risk.

Life insurance is often treated as a “set-and-forget” product, Starov noted. Policies are bought at a single point in time, then left unchanged as households take on more debt, have more children, change jobs or see incomes rise significantly. The result is coverage that quietly falls behind real financial obligations, without any obvious warning.

It can be overwhelming trying to balance the right coverage and a manageable premium. But it doesn't have to be complicated. An easy way to compare premiums is to shop online. For instance, BlueCross can help protect what matters most with coverage starting at $15 per month. Blue Cross Life offers flexible term options (ranging from 10 to 30 years) with pricing that’s on par or better than digital insurers — and lower than most traditional providers. Use their 100% online application to get approved in just 20 minutes, usually without a medical exam.

The mortgage debt trap: how rising balances created a hidden shortfall

The timing problem is most acute for households that entered the housing market in recent years. A family that bought a home in 2020 or 2021 likely purchased a policy — or updated an existing one — based on the debt levels, income and family circumstances of that moment. Several years later, none of those numbers may look the same.

Mortgage balances in Ontario, Alberta and British Columbia have grown substantially over that period. But because life insurance policies do not automatically adjust, the coverage gap widens each time a mortgage renewal increases the outstanding balance or a second property is purchased.

For younger families, the exposure is sharper still. Those who entered the market with large mortgages and thinner savings buffers have less financial slack if a primary income earner dies. Without adequate coverage, families in that position may be forced to sell assets, divert retirement savings or take on additional debt to cover day-to-day costs and existing obligations.

Protect yourself and your loved ones. A serious diagnosis or unexpected injury shouldn't put your life on hold. To help, compare disability or critical illness coverage from insurance providers. Or use the free, no-obligation, online tool from PolicyAdvisor. Instantly compare critical illness and disability quotes from Canada’s top insurance providers and find the right safety net for your budget. Compare quotes online with PolicyAdvisor

Does your employer group plan cover the gap?

A common assumption among working Canadians is that employer-provided group life insurance fills the coverage gap. In most cases, it does not.

Group life benefits are typically set at one to two times base salary. For a household earning $100,000 per year, that means $100,000 to $200,000 in coverage — well below the national estimated need of $595,000 and far below the $794,000 threshold identified for Ontario families.

Group coverage also has practical limitations. It is tied to employment, meaning coverage ends when a job ends. Portability options exist, but converting group coverage to an individual policy typically happens at higher premiums and without the underwriting advantages available when a person is younger and healthier.

Employer benefits should be considered a starting point for life insurance planning, not the end of it.

What underinsurance actually costs — and who it falls on

The LIMRA data puts the human dimension of the coverage gap in sharp relief. Among Canadians who identified a life insurance shortfall, 4 in 10 said their families would face financial hardship within six months should the primary wage earner die unexpectedly. Another quarter said they did not know how long their families would remain financially stable.

The financial consequences compound quickly in households already stretched by higher interest rates and living costs. Without enough coverage, families may be forced to sell assets, divert savings or take on additional debt just to cover everyday expenses and existing obligations.

Awareness alone is not solving the problem. The LIMRA study found more than half of Canadians (53%) say they have not purchased the coverage they know they need because they believe it is too expensive. A third cited other financial priorities as the barrier.

How to close your coverage gap without necessarily paying more

Reviewing a life insurance policy does not always lead to higher premiums. Some experts suggest that many households can meaningfully reduce their exposure by restructuring existing coverage rather than purchasing a new policy.

For households that do need to increase coverage, the DIME method — Debt, Income, Mortgage, Education — offers a structured starting point for calculating real coverage needs. Adding up outstanding debts, the number of years of income replacement required, the remaining mortgage balance and estimated post-secondary education costs for dependents provides a more accurate target than a salary multiple alone.

Underwriting standards and pricing vary widely across Canadian insurers, which makes comparison shopping practical and worthwhile. Rate differences between providers can be significant, particularly for applicants under 40. Reviewing coverage and getting at least three quotes before making a decision gives households the clearest picture of their actual options.

Ready for peace of mind? It’s worth considering how your family would manage without you around. To get a clear picture use a quick online calculator to estimate your actual coverage needs and see how a tailored life insurance policy can give you peace of mind and comfortably fit your budget. For instance, in just a few minutes you can get a free, no-obligation online quote with PolicyMe. Get coverage from the comfort of your home with PolicyMe’s instant online decision — making it easier to secure your financial safety net.

What to do now

• Use the DIME method (Debt, Income, Mortgage, Education) to calculate your real coverage need — not just a salary multiple
• Review your policy if you have bought a home, had a child or changed jobs since you last applied for coverage
• Check whether employer group life coverage (typically one to two times salary) accounts for the full gap — in most cases, it does not
• Compare your current coverage amount to your current mortgage balance, not the one you held when you bought the policy
• Get at least three term life quotes — pricing and underwriting vary significantly across Canadian insurers, particularly for applicants under 40
• If cost is a barrier, ask about reallocating coverage between partners or adjusting term lengths before purchasing additional coverage

But the math isn’t working in their favour. Between high interest rates and the Office of the Superintendent of Financial Institutions mortgage stress test, which requires qualifying at the contract rate plus 2%, your kids are hitting a wall.

Then comes the pitch. They don’t want your cash. They just need your signature. They want you to co-sign the mortgage so they can cross the finish line. It feels like a low-risk way to give them a leg up. But before you pick up a pen, you need to understand the true cost of this financial favour.

The soaring math of the bank of mom and dad

The desire to help is entirely understandable. According to a Bank of Canada analysis, the share of mortgages issued to first-time buyers that were co-signed by parents rose from about 4% in 2004 to approximately 11% by 2025.

The central bank found that in 74% of those cases, adult children would not have qualified for their homes at all without a parent signing on. On average, having a parent co-sign boosted a young buyer’s purchasing power by 72%, moving them from a $458,000 home to a $787,000 home.

“The practice is especially prevalent in Canada’s largest and most expensive housing markets, such as Toronto and Vancouver, where affordability pressures are most intense,” the Bank of Canada report stated. It added that co-signing “enables many adult children to take on larger mortgages than they could afford on their own.”

But that extra purchasing power is exactly where the hidden danger lies.

The hidden trap on your credit report

When you co-sign a mortgage in Canada, you aren’t acting as a character reference. You are becoming a joint borrower. The Government of Canada clarifies that as a joint borrower, you become “equally responsible for repaying the unpaid balance on the borrowed amount.” You can learn more about your legal rights on the Financial Consumer Agency of Canada website.

The moment you sign, the entire six- or seven-figure mortgage debt lands squarely on your credit bureau report with Equifax and TransUnion. It doesn’t matter if your child makes every single payment on time from their own bank account. To any future lender you encounter, that debt belongs to you.

If you want to downsize your own home, buy a vacation property or take out a line of credit to fund your retirement lifestyle, your borrowing capacity will be severely restricted. Your debt-to-income ratios will be calculated as if you are paying that entire child’s mortgage yourself.

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

When the perfect storm hits home

Many parents assume their children are responsible enough to never miss a payment. But financial emergencies rarely happen out of malice. Job losses, illnesses and relationship breakdowns happen to the most reliable people.

The broader Canadian economic picture shows that financial stress is real. An Equifax Canada report revealed that mortgage delinquency balances surged 32% nationally year-over-year. In high-priced Ontario, delinquency balances jumped by 52%.

“This missed payment level highlights severe financial strain in high-priced markets,” Equifax Canada stated, noting that homeowners who miss mortgage payments carry an average of $54,000 in non-mortgage debt.

If your child hits a rough patch and misses a payment, the bank is not required to warn you first. The missed payment hits your credit score immediately. If they default entirely, the bank will turn to you for 100%t of the remaining balance, plus property taxes and insurance.

“Blowing a mortgage when you’re 25 is something you can recover from,” mortgage expert Clay Jarvis told Global News. “Paying off two mortgages when you’re in your 50s and trying to prepare for the next 30 years without a salary would scare me.”

How to protect your retirement if you say yes

If you choose to move forward and co-sign, you must treat it as a formal business transaction.

First, understand that getting off the mortgage is not automatic. Your child cannot simply remove your name when the term ends. They must entirely re-qualify for the mortgage on their own income and credit score. If interest rates remain high, you could be stuck on the title for decades.

To protect your financial health and your family dynamic, consider these essential guardrails:

• Draft a co-ownership agreement: Work with a real estate lawyer to create a legal document before closing. This contract should outline exactly who pays what, what happens if a payment is missed, and what triggers an automatic sale of the property.
• Mandate independent legal advice: You and your children should use different lawyers for the transaction to ensure your specific financial interests as a retiree are protected.
• Set up account transparency: Ensure you have direct online viewing access to the mortgage account. You should not have to ask your child if the mortgage was paid this month; you should be able to see it yourself.
• Build an emergency structural buffer: Require your child to keep three to six months of mortgage payments in a separate account that can be accessed if they face a sudden income disruption.

Helping your children build a life is a wonderful goal, but it should never come at the cost of your own financial independence. Saying no to a request to co-sign is not turning your back on your family; sometimes, it’s simply protecting the retirement you worked a lifetime to earn.

However, you don’t need any of that to reach the seven-figure club. You can chart a course to the $1 million milestone by focusing on three numbers:

1. Net worth
2. Savings rate
3. Rate of return

Here’s a closer look at each of these wealth-building blocks — and how Canadians can put them to work.

Net worth

You can only begin to make intentional progress if you know where you stand today. That’s why the most basic number to track is your net worth — what you own minus what you owe.

Calculating net worth sounds simple, but many Canadians never do it. The Financial Consumer Agency of Canada (FCAC) found that while 72.5% of Canadians showed strong financial knowledge in early 2025, only 56.7% reported good overall financial well-being. In other words, knowing what to do with your money and actually doing it are two different things.

According to Statistics Canada’s Survey of Financial Security, the median net worth for families headed by someone aged 35 to 44 was $409,300 in 2023, up from $270,800 in 2019. Net worth climbs with age and homeownership, since home equity is typically the single largest asset on the balance sheets for most Canadians.

Fortunately, you don’t need sophisticated tools or AI to track your net worth. A simple spreadsheet listing your assets — cash, a Tax-Free Savings Account (TFSA), a Registered Retirement Savings Plan (RRSP), non-registered investments and home equity — minus your debts — will do the job. Free compound interest calculators like the one from Get Smarter About Money or your own bank can also generate a quick benchmark against other Canadian households.

Make your savings work harder. Open a self-directed investing account and get your money working for you. Build your own investment portfolio with CIBC Investor's Edge online and mobile trading platform and enjoy low fees, powerful tools, and control over your future. Get 200 free trades when you open a CIBC Investor’s Edge account using promo code EDGE2026. Plus, enjoy unlimited commission-free trades on over 180 select ETFs. Terms and conditions apply. Offer ends September 30, 2026.

Boosting your net worth through real estate

Knowing your net worth is only the first step. Growing it is what counts.

One of the most reliable ways to build long-term wealth is real estate — an asset that can generate income, appreciate over time and offer tax advantages. For most Canadians, that means home ownership. But you don’t need a mortgage or a downpayment to get some exposure to real estate.

Real Estate Investment Trusts (REITs) let Canadians invest in portfolios of income-producing properties — apartment buildings, industrial space, retail — without buying or managing a single property. Most Canadian REITs trade right on the Toronto Stock Exchange (TSX) and will typically pay monthly rather than quarterly distributions, unlike many U.S. REITs.

Because REIT distributions don’t qualify for the Canadian dividend tax credit, many investors prefer to hold them inside a TFSA or RRSP, where the income grows tax-free or tax-deferred rather than being taxed as regular income each year.

If you have more capital and want to invest directly in a single property or a private real estate fund, several licensed Canadian platforms let investors buy into individual properties for as little as $100. These platforms operate through a registered Exempt Market Dealer (EMD), with your money held in trust at a Canadian bank. As with any private investment, make sure you understand the fees, how easily you can access your money and the track record of whoever is managing the fund before you commit.

Whichever route you choose, having a professional review your full financial picture can make a real difference. Only about 43% of Canadians sought advice from a financial advisor in the past year, according to a joint study by Edward Jones and Gallup — but among those who did, 90% said they felt confident managing their finances, compared with 70% of those who didn’t seek advice. That number rises sharply with wealth: Roughly 68% of high-net-worth Canadians work with a financial planner, compared with about 23% of everyday investors, according to a 2025 industry survey.

A Certified Financial Planner (CFP) or Qualified Associate Financial Planner (QAFP) can help align your real estate, tax and retirement strategy under one plan. FP Canada maintains a public directory of licensed planners, which is a more reliable starting point than a random online referral.

Savings rate

If you’re trying to reach your number, tracking how much you or your family save every year is essential. Raise your savings rate high enough to meet your goal, and you shorten the whole journey.

To raise this figure, keep a close eye on expenses that quietly climb every year. Two of the biggest culprits for Canadian households are home and auto insurance.

Home and mortgage insurance costs rose 4.6% year-over-year as of May 2026, according to Statistics Canada’s Consumer Price Index (CPI) as cited by Ratehub — well above general inflation. The Insurance Bureau of Canada reports that severe weather-related insured losses topped $2.4 billion in 2025, on the heels of a record $9.4-billion year in 2024, and insurers continue to pass much of that cost on to policyholders by raising their premiums.

Auto insurance hasn’t been any kinder to household budgets, with premiums rising 6% year-over-year in June, mainly due to inflationary concerns, according to Ratehub. However, historical trends in auto theft have also played a part in elevated rates. Over a 10-year period beginning in 2015, claim counts spiked 38%, while the dollar value of theft claims surged 169%, according to the Insurance Bureau of Canada. This has resulted in a plethora of carriers being more cautious when underwriting high‑theft vehicles and introducing surcharges or minimum deductibles, with some requiring additional anti‑theft measures — such as tracking devices — before even offering comprehensive coverage.

Shopping around at renewal, bundling home and auto policies, and raising your deductible — only if you can comfortably cover it — are reliable ways to claw back some of that increase and redirect the difference into savings.

In the market to lower your insurance costs? Using a comparison platform like Rates.ca, you could potentially save $500 or more. Quickly compare 20+ quotes from top-rated auto insurance providers to ensure you aren't 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 3 minutes. Not only is the process 100% free, but you could also save 20% by bundling your auto and home insurance together.

Rate of return

The final ingredient in the wealth-building recipe is the rate of return on your savings.

Where you place your money matters as much as how much you save. Stack $20,000 a year in a low-interest chequing account, and it will take decades to reach millionaire status — and inflation will have eaten away much of that dollar’s value by the time you get there. Investing through a TFSA, RRSP or non-registered account, rather than letting cash sit idle, gets you there faster.

Some Canadians also look to alternative assets like gold to diversify. Gold has climbed sharply since 2023 amid economic uncertainty, and J.P. Morgan Global Research forecasts prices could push toward US$6,000 an ounce by the end of 2026. The World Gold Council generally finds that a strategic allocation of roughly 2% to 10% of a one’s holdings — with 5% often cited as a reasonable starting point — can improve a portfolio’s risk-adjusted returns without making gold the primary holding.

Canadians can gain exposure through gold exchange-traded funds (ETFs) that trade on the TSX, held inside a TFSA or RRSP so gains grow tax-free or tax-deferred. Physical bullion, sold through the Royal Canadian Mint or select banks, is another option, though it comes with storage and insurance costs that ETFs avoid.

As with real estate, a licensed financial advisor can help you decide how much — if any — of your portfolio belongs in gold, based on your goals, timeline and risk tolerance.

In summary: Know your net worth, then grow it with the right accounts and the right team behind you.

Key takeaways for Canadians

• Calculate your net worth today. Free calculators from Get Smarter About Money or your bank make it a five-minute task.
• Compare home and auto insurance at every renewal. A short call or online comparison can offset years of premium increases.
• Prioritize your TFSA and RRSP contribution room. Do this before you invest in an unregistered account, since both accounts shelter growth from tax.
• Talk to a licensed CFP or QAFP. Get professional advice before you add alternative assets like gold or private real estate to your portfolio.

For Canada’s hockey equipment industry, anchored by national brands Bauer, CCM and Sherwood, the timing is brutal: Manufacturers are placing their orders for the 2026-27 season right now.

Hockey equipment wasn’t the only item affected. Products facing the new 50% duty are wide-ranging, spanning dairy products, alcohol and alcohol-related products, and some food products. The tariffs also cover construction materials, clothing, furniture, technology and car parts.

President Trump’s latest proclamations were for tariffs under Section 338 of the Tariff Act of 1930, an authority a senior White House official said has not been used this way before. Unlike some earlier U.S. tariffs on Canada, these apply to all covered goods regardless of whether they would otherwise qualify for duty-free treatment under the Canada-United States-Mexico Agreement (CUSMA).

Three of Canada’s best-known hockey brands sit in the middle of this, though each carries different exposure depending on where — and to whom — they sell.

Here is what is actually in the order, how Bauer, CCM and Sherwood could be affected, and what Canadian hockey families and investors should watch over the next 30 days.

Take control of your financial future. Every dollar you save on fees is a dollar that stays invested and working toward your future. Whether you're building a TFSA, growing your RRSP or investing in a non-registered account, the right brokerage can help you keep more of your returns. Find the ideal discount brokerage account

What is in the new tariff order

Each proclamation targets a different set of Canadian goods, together covering products ranging from wine and dairy to cement, construction materials, clothing, furniture, technology and car parts -- plus hockey sticks, named specifically as an example. The duties will not apply to energy, potash, goods already covered under separate Section 232 tariffs, or certain other products such as fish or critical minerals.

The White House says the action responds to Canadian measures it considers discriminatory toward American autos, alcohol and dairy, including provincial restrictions on U.S. liquor sales and Canada’s supply-managed dairy system. Prime Minister Mark Carney called the move a unilateral step Canada has already matched with its own countermeasures, and said Ottawa remains ready to negotiate.

Why Bauer, CCM and Sherwood are not equally exposed

Bauer’s global head office sits in Exeter, New Hampshire, but its core skate and protective-equipment manufacturing is concentrated at plants in Blainville and Saint-Jerome, Quebec, with custom sticks and some apparel produced in Asia. That means goods moving from Bauer’s Quebec facilities into the U.S. market could face the new duty, even though its corporate parent is American.

CCM is headquartered in Montreal and owned by Altor Equity Partners through Sport Maska Inc. Its sticks, skates and protective gear are stocked widely by major U.S. retailers, including Dick’s Sporting Goods and Pure Hockey, both of which list extensive CCM product lines on their sites. A 50% duty on top of existing wholesale pricing would land directly on that cross-border retail relationship.

Sherwood, meanwhile, is a brand owned by Canadian Tire Corporation (TSX: CTC.A), with roots in a Sherbrooke, Quebec, factory dating to 1949. Its U.S. retail footprint is smaller than Bauer’s or CCM’s, but the tariff still touches the supply chain of a publicly traded Canadian company — worth watching for anyone holding Canadian Tire (TSX: CTC.A) shares.

Make your savings work harder. Open a self-directed investing account and get your money working for you. Build your own investment portfolio with CIBC Investor's Edge online and mobile trading platform and enjoy low fees, powerful tools, and control over your future. Get 200 free trades when you open a CIBC Investor’s Edge account using promo code EDGE2026. Plus, enjoy unlimited commission-free trades on over 180 select ETFs. Terms and conditions apply. Offer ends September 30, 2026.

Will Canadian hockey families feel it too?

The tariff applies to goods entering the United States, so a stick or pair of skates bought at a Canadian rink shop is not directly taxed by this measure. But manufacturers facing a sudden cost increase on their U.S. business have, in the past, spread that cost across global price lists rather than absorb it in one market. During an earlier 2025 tariff scare, Graeme Roustan of Roustan Hockey — which sells more than 100,000 sticks a year into the U.S. — said uncertainty alone was already causing American buyers to delay or cancel bulk orders.

For now, the 30-day runway before the tariff takes effect is being treated by both governments as a negotiating window. The Canadian Chamber of Commerce called the move a regrettable escalation but urged both sides to use the time productively, while Ontario Premier Doug Ford said Canada should respond tariff for tariff, dollar for dollar, if the measure proceeds.

What to watch over the next 30 days

The most useful thing Canadian hockey families and investors can do right now is watch, not react. There is no confirmed price increase yet on hockey gear sold in Canada, and the 30-day window gives Ottawa and Washington room to reach a deal, extend the deadline or narrow the list of covered goods. What is worth tracking are supplier notices or price-sheet changes from Bauer or CCM ahead of the fall ordering season, and any tariff-exposure language Canadian Tire includes in its next investor update given its ownership of Sherwood. A 50% tariff on paper does not automatically mean a 50% price jump at the till, but it is the kind of cost shock that tends to surface somewhere in the supply chain before the season is out.

For investors who hold Canadian Tire (TSX: CTC.A) shares, watch its next investor update for tariff-exposure language tied to Sherwood and adjust your position according to your investment plan.

Take the hypothetical case of Lauren, who’s concerned that her 75-year-old father may be slowly costing himself a fortune with the way he handles his money in retirement.

He has spent decades building up his nest egg, yet refuses to invest any of it. Instead, he keeps most of his money in a chequing account and the rest in cash in a lockbox under his bed. He doesn’t trust financial institutions or the stock market, and he’s convinced that investing could leave him with nothing.

But Lauren worries the opposite is happening. She’s heard that money sitting in cash gradually loses purchasing power over time, but she doesn’t feel confident enough to explain why. She’s not sure whether it’s her place to try to change her father’s mind at all.

It’s a situation some adult children will eventually face. They want to help ageing parents make sound financial decisions, but without overstepping or dismissing concerns that have been shaped by decades of life experience.

Why playing it safe with money can come with a cost

Lauren’s concern is valid, because money sitting in a chequing account can slowly lose its buying power. The balance might look exactly the same every year, but if those dollars aren’t earning much interest, they will not stretch as far as they once did, thanks to inflation.

The Consumer Price Index (CPI) shows Canada’s annual inflation rate climbed to 2.8% in June 2026. While that figure declined from 3.2% in May, it’s still above the Bank of Canada’s inflation control target of 2%, which it aims to hold within a range of 1% to 3% over the medium term.

For example, $100,000 sitting entirely in cash for 10 years would keep only somewhere between roughly $73,000 and $82,000 of its purchasing power, depending on whether inflation runs closer to the Bank of Canada’s 2% target or its recent pace. The account balance would still show $100,000 — but that money would buy less.

Still, it’s easy to understand why Lauren’s father feels the way he does. At 75, after spending decades saving, he may see investing as a risk he doesn’t need to take. Watching an account balance rise and fall with the market can be uncomfortable, especially when that money represents years of hard work.

There’s nothing wrong with keeping some cash on hand. Many retirees like having money they can quickly access for bills, home repairs, medical costs or other unexpected expenses. The bigger question is whether every dollar needs to stay there.

Stop leaving money on the table. Compare Canada’s top-rated high-interest savings accounts and switch to a provider that actually helps your balance grow.

Safer options than a lockbox under the bed

For Lauren’s father, the answer probably isn’t putting all of his savings into stocks. Luckily, there are options that sit somewhere between a chequing account and the stock market, including High-Interest Savings Accounts (HISAs), Guaranteed Investment Certificates (GICs) and Treasury bills.

As of mid-2026, HISA rates in Canada range from about 1.5% to 4.75%, depending on any promotions available. Meanwhile, GIC rates for terms of 1 to 5 years range from about 2.25% to 3.85%, depending on the institution and any promotional offers. These options mean his money will earn something while still giving him a level of security.

It’s also worth noting that money held at a bank is protected, contrary to what Lauren’s father assumes. Deposits are insured by the Canada Deposit Insurance Corporation (CDIC) for up to $100,000 per insured category, per institution. This includes chequing accounts, savings accounts and GICs at member institutions. His “trust” issue may be about something else entirely.

The cash hidden in the lockbox is a separate issue

Unlike money held at a financial institution, cash kept at home can be stolen or destroyed, and there could be no way to recover it.

It can also create problems in the future if someone needs to help manage his finances or settle his estate. If he keeps cash at home, he should make sure someone he relies on knows it exists and where important records are kept — or else it can become a headache for family members down the road.

Lauren could also be looking at her father’s decision the wrong way. He says he doesn’t trust banks, but he already keeps the majority of his money in one. What he may actually be worried about is losing money in investments.

That’s an important difference. A conversation about moving some money into a higher-interest account or exploring conservative options could be prudent given his current reservations.

The first question Lauren will want to ask is what, exactly, is he afraid will happen? Is he worried about a market crash? Losing access to his money? Not understanding how investments work? Once she knows the reasons behind his hesitation, she could have a better chance of helping him find an approach he’s comfortable with.

Getting professional, unbiased help

If Lauren brings this up with her father, the conversation probably shouldn’t start with investments.

Telling someone who has spent decades avoiding the stock market that they need to invest more is unlikely to change their mind. A better place to start is understanding what’s making him uncomfortable in the first place.

Maybe he watched his savings drop during a past market downturn. Maybe he’s worried about scams. Or maybe he simply likes knowing that his money is sitting somewhere he can access whenever he wants.

Once Lauren understands the “why” behind her father’s concerns, the conversation might become less about convincing him to invest and more about finding an approach that he feels confident in. He could be more open to moving a portion of his savings into a place where he can earn something while still keeping it safe and accessible.

It would also help if Lauren’s father took a holistic look at his finances rather than focusing only on where his money is sitting. How much does he need for monthly expenses? How much is set aside for emergencies? A clear picture of his situation might make the decision feel less like a gamble and more like a choice.

A fee-only financial planner the client pays directly, rather than through commissions on products they sell, could help him review his options without feeling pressured into a particular investment. Looking for the Certified Financial Planner (CFP) designation is one way to confirm a planner has received the required education, while also meeting both examination and ethics standards. For someone who’s cautious with money, having an outside person explain the tradeoffs may feel very different from a family member telling him what he “should” do.

That doesn’t mean he needs to move every dollar, either. Many retirees keep cash available for regular expenses and unexpected costs. The goal is simply to make sure fear isn’t causing all of his savings to sit on the sidelines for years.

Lauren’s biggest hurdle will be helping her father understand that protecting his money and making it work a little harder don’t have to be opposite goals.

What Canadians can learn from this situation

• Ask what’s behind the fear before suggesting a fix. A parent who avoids banks may really be worried about losing money in the market, not the bank itself
• Check whether the accounts are CDIC-insured. Deposits at member institutions are protected up to $100,000 per category, which can ease safety concerns
• Look at HISAs, GICs and Treasury bills before jumping to stocks. These offer more growth potential than cash with far less risk than the stock market
• Know where cash and important documents are kept. Make sure someone trusted at home knows where to access a family member’s money and paperwork
• Talk about a power of attorney and an up-to-date will. These documents make it far easier for family members to step in and help later
• Consider a fee-only or advice-only CFP. A professional can give you a neutral second opinion, especially when a family conversation on money isn’t hitting home