A 2026 BMO Survey on retirement goals found that Canadians believe they need $1.7 million to comfortably retire. Yet the same survey found that 36% of working Canadians aren’t confident they’ll reach their retirement savings goals.

Meanwhile, Statistics Canada data shows the actual average retirement age in Canada is 65.4 years — more than five years later than what most people say they prefer.

If you’re on track to hit seven figures before 60, congratulations. But money alone may not be enough. Surveys of actual retirees keep exposing the same uncomfortable truth: Their regrets aren’t always about the money they’ve saved, but rather, the other benefits that came with the paycheque.

Here are three things you might want to consider before opting for an early retirement.

1. A balance sheet becomes a burden

Carrying debt has different implications when you switch from steady employment income to a fixed retirement income. There’s little room for error, and high-interest debt can quickly erode your budget — even if your nest egg is worth $1 million.

The challenge is more common than many people realize. According to Royal LePage data from 2025, almost 30% of Canadian households plan on carrying mortgage debt in retirement within the next two years. And data from the Ontario Securities Commission shows that nearly half of retirees carry some form of non-mortgage debt.

More strikingly, many retirees say this debt was a surprise: They didn’t plan on having it at this stage in life. From unexpected home repairs to family emergencies, even affluent retirees can find themselves with a hefty interest payment every month.

To minimize your risk, consider consolidating higher-interest debts — such as credit card balances — into a lower-rate personal loan or a home equity line of credit (HELOC) before you retire. The Government of Canada website offers free tools and resources to help you compare debt repayment options and manage your finances in retirement.

The key is to go into retirement with as little high-interest debt as possible — because a fixed income leaves no room to absorb it.

Is your retirement fund leaking? Secure your future today. Silent fees and stagnant interest can push your retirement date back by years. See how moving your savings to a high-interest account can help you retire sooner and with more confidence.

2. A lack of mental challenges

Research published in the Journal of Health Economics suggests that retirement can be associated with cognitive decline for some people — particularly men and those in cognitively demanding roles. While findings vary, the underlying message is consistent: staying mentally active matters

Fortunately, the fix can be inexpensive. Finding some way to challenge yourself regularly — whether through community volunteering, a passion project, part-time work, freelance consulting or a seat on a community board — may help keep you in the game.

The Canadian Association of Retired Persons (CARP), a national advocacy and community organization for older Canadians, offers job boards, volunteer listings and social resources for retirees looking for their next challenge. Membership starts at $19.95 a year — making it one of the most affordable forms of insurance against an unstructured Tuesday.

3. An absence of community and socialization

Loneliness and lack of social interaction can be a genuine health hazard in retirement. According to the Public Health Agency of Canada, social isolation among older Canadians is associated with an increased risk of heart disease, depression and cognitive decline. The effects aren’t only emotional — they’re physical.

To mitigate this, it’s worth building up your social infrastructure. Recurring dinners with friends, a hobby community, a faith group, a running club — any recurring activity that connects you to others can serve as an anchor in retirement.

Experts suggest finding a group, community role or social gathering that you’re already part of before you leave work permanently. After all, the people you see weekly at 62 are the ones most likely to show up at 72.

What Canadians can do now

If early retirement is your goal, the Canadian financial system offers several tools that can help you get there more securely — and avoid the regrets:

Maximize your RRSP and TFSA contributions

The Registered Retirement Savings Plan (RRSP) allows you to defer tax on contributions until withdrawal — ideally in retirement, when your income and tax rate are lower. The Tax-Free Savings Account (TFSA) lets your investments grow tax-free with no tax on withdrawals, at any age. For 2026, the contribution limit for registered accounts is as follows: 18% of your prior year’s earned income or $33,810, whichever is lower, for your RRSP, and a $7,000 annual limit for your TFSA.

Consider delaying CPP

You can start receiving Canada Pension Plan (CPP) benefits as early as age 60, but your monthly payment is reduced by 0.6% for every month you collect before age 65 — a 36% reduction if you take it at 60. Conversely, deferring to age 70 increases your monthly benefit by 42% compared to taking it at 65. For those with substantial savings who can afford to wait, deferring CPP can provide a larger and more reliable income floor in later retirement.

Plan for your OAS bridge

Unlike CPP, Old Age Security (OAS) doesn’t begin until age 65, which means early retirees face a gap. Build a financial bridge strategy using RRSP or TFSA withdrawals to cover expenses between your early retirement date and when OAS and CPP kick in.

Pay down debt before you retire

Eliminate high-interest debt — particularly credit card balances and unsecured lines of credit — before leaving employment. Fixed retirement income leaves very little room to carry interest charges.

Build your social and cognitive plan before your last day

Don’t leave this much-needed structure purely to chance. Identify volunteering roles, part-time work, classes or community groups before you retire. The transition is much smoother when your social and intellectual life is already established.

— with files from Melanie Huddart

Buffett told CNBC’s Becky Quick that today’s investment climate has never felt more speculative. “We’ve never had people in a more gambling mood than now,” he said.

But CNBC’s Mad Money host Jim Cramer says Buffett is looking at the wrong problem. “We are addicted to S&P 500 buying no matter what,” Cramer wrote on X. “We have been taught to love ETFs no matter what kind. If individual stock investing hadn’t been so denigrated it would be less of a casino.”

It’s a disagreement that cuts to the heart of how many Canadians invest — and whether the approach most commonly promoted as safe and responsible actually carries more hidden risk than anyone wants to admit.

Buffett makes his case

Speaking with Quick at the Berkshire meeting, Buffett compared today’s markets to “a church with a casino attached” — and said the casino side has grown very crowded.

He pointed to zero-days-to-expiration options (known as 0-DTE) as a key symptom. These are short-term contracts bought and settled within a single trading session, meaning an investor can place a bet on a stock’s direction in the morning and collect — or lose — by market close. “If you're buying one-day options or selling them, that's not investing, it's not speculating – it's gambling,” Buffett told Quick.

To illustrate the problem, Buffett raised the case of U.S. Army Master Sgt. Gannon Ken Van Dyke, who is accused of making US$400,000 on a prediction market by betting on the military capture of Venezuelan president Nicolas Maduro he allegedly knew about in advance. The U.S. Department of Justice charged Van Dyke in April 2026, and he pleaded not guilty. While this is a U.S. case, Buffett’s point is broader: It reflects how far market culture has drifted from investing to something closer to speculating on inside knowledge.

Berkshire Hathaway has responded to what it sees as an overheated market by holding cash rather than buying stocks it considers overpriced. The company ended the first quarter of 2026 with US$397.4 billion in cash and Treasury bills. Buffett’s philosophy: the best time to buy is “when nobody else will answer their phones” — during market panics, not when valuations are elevated and sentiment is euphoric.

He also noted that in 60 years of investing, only about five of those years were genuinely attractive buying opportunities — and this isn’t one of them.

Whether you’re a beginner or a pro, we’ve found the best trading platforms for you. Read our full breakdown to see which Canadian broker offers the tools you need to grow your wealth.

Why Cramer’s counter-argument lands differently

Cramer isn’t arguing that markets are fine. His concern is that the real gambling is happening inside the very products most investors — including Canadians — treat as the safe and responsible choice.

His argument: Passive investing has become automatic. People pour money into S&P 500 exchange-traded funds (ETFs) month after month regardless of whether the underlying valuations make sense or what individual companies are worth.

In the U.S., the Vanguard S&P 500 ETF (VOO) alone drew in US$143 billion in 2025 — roughly 10% of all new money that flowed into U.S. ETFs that year. The overall U.S. ETF industry broke a massive record when investors poured over US$1.49 trillion of new cash into it. This surge happened as more everyday investors are choosing index funds, which automatically track a basket of stocks. In February 2026, these passive index funds brought in over US$109 billion. That’s three times more money than what went into active funds, where human managers pick individual stocks. That said, February was an unusually supportive month for active funds. For all of 2025, passive strategies attracted roughly $951 billion while active funds saw net outflows of approximately $187 billion, according to PWL Capital — a far more dramatic imbalance than the monthly snapshot suggests.

That same pattern is picking up in Canada. According to Morningstar, Canadian ETF assets under management surpassed C$570 billion for the first time in 2024, with broad market index ETFs — including S&P 500-tracking products — among the fastest-growing categories.

The concentration problem is the heart of Cramer’s argument. The top 10 holdings in the S&P 500 now represent more than 36% of the entire index. So when a Canadian investor buys a standard S&P 500 ETF inside their Registered Retirement Savings Plan (RRSP) or Tax-Free Savings Account (TFSA) thinking they’re getting broad diversification, they’re really betting heavily on a handful of mega-cap U.S. technology companies.

Artisan Partners has compared today’s technology concentration in major indexes to conditions last seen during the dot-com bubble. Buying the same ETF every month without examining what you own or what you’re paying per dollar of earnings isn’t quite the low-risk strategy the label implies.

What this means for Canadian investors

Buffett and Cramer are diagnosing different problems. Buffett’s concern — zero-day options, prediction markets, meme-stock squeezes — mostly applies to active traders chasing short-term wins. The average Canadian contributing to an RRSP or TFSA isn’t trading 0-DTE contracts.

But Cramer’s concern hits closer to home for most Canadians. If you hold a standard S&P 500 index ETF in your registered accounts, your portfolio already carries roughly 30% exposure to U.S. technology stocks. That’s a concentration risk that may not show up on a standard risk-tolerance questionnaire — but it’s real.

That doesn’t mean you should abandon index funds. Buffett has spent years saying the S&P 500 is the right vehicle for most individual investors, and nothing in his recent remarks changes that. The question Cramer is raising is whether years of being told to “just buy the index” has created a different kind of unexamined risk — one hiding inside the most conventional advice in personal finance.

What Canadians can do now

Whether you side with Buffett or Cramer, the debate is a useful prompt to take a closer look at your own portfolio. Here are a few practical steps for Canadian investors:

Check your actual exposure, not just your fund name

An S&P 500 ETF held in your RRSP or TFSA is different from owning 500 equally weighted companies. Log into your brokerage account and look at the top holdings of any ETF you own. If the top 10 names represent more than 30% of the fund, you have meaningful concentration risk in those companies, not just in the broad index.

Use your TFSA and RRSP strategically

The Canada Revenue Agency (CRA) allows Canadians to hold foreign-listed ETFs, Canadian ETFs and individual stocks in both their TFSA and RRSP. If you want to add diversification beyond U.S. large-cap tech, registered accounts are a tax-efficient place to do it. Canadian broad-market ETFs that track the S&P/TSX Composite Index offer exposure to a different mix of sectors, including financials, energy and materials — sectors underrepresented in U.S. large-cap indexes.

Understand the difference between passive and unexamined

Passive investing means tracking an index rather than paying someone to actively pick stocks — it doesn’t mean risk-free. Reviewing the index your ETF tracks once a year takes less than 10 minutes and could change how you think about your portfolio.

Consult a qualified adviser if you’re unsure about concentration

A licensed financial adviser or a fee-only financial planner can review your full RRSP and TFSA holdings to assess whether your index ETFs are providing the diversification you think they are — or whether you’re more concentrated in a handful of tech names than you realize.

— with files from Melanie Huddart

A new report from Skyscanner shows affordability remains the biggest challenge facing Canadian travellers this summer, with 39% saying cost is their primary concern. Another 29% said they’re unsure when flights are at their cheapest, highlighting how difficult it can be to find value during peak travel season.

“Canadians are continuing to prioritize travel this summer, but we’re seeing travellers become much more flexible with when they travel,” said Laura Lindsay, travel expert at Skyscanner, in a statement.

“Shoulder season in June and September is becoming increasingly appealing for Canadians looking to avoid peak-season crowds while still enjoying many of the same destinations and experiences.”

Canadians are still travelling — but they’re watching costs more closely

Even with many households watching their spending more closely, travel hasn’t fallen off the priority list.

Skyscanner’s data shows Canadians are still searching heavily for both domestic and international destinations this summer. Toronto, Calgary and Vancouver ranked among the most popular destinations, alongside international favourites including Paris, Tokyo, Rome, Lisbon, Athens and Dublin.

The difference now is that travellers seem less willing to book first and worry about the cost later. Timing, price comparisons and deal-hunting are playing a bigger role in trip planning.

Many travellers are looking for savings wherever they can find them, either by shifting departure dates, comparing destinations or travelling just outside the busiest weeks of the summer.

Ready to turn your everyday spending into a dream vacation? Browse our expert picks for the best travel programs and start earning today.

The week of August 31 could offer some of the lowest fares

If you’re still planning a trip, waiting until late summer could pay off.

According to Skyscanner, the week of August 31 to September 6 is expected to offer some of the lowest average flight prices of the season.

Several popular international destinations show their lowest summer airfare averages during that week, including Paris, Tokyo, Lisbon and Athens. Vancouver also appears on the list, with the same period identified as the cheapest week to visit among the summer travel dates analyzed.

The report also highlights specific days of the week that may offer better value when departing. Mondays frequently appeared as the cheapest day to travel for many destinations, while some routes showed lower fares on Tuesdays, Wednesdays or Fridays.

Of course, airfares can change quickly, but the pattern is genuine: travellers with flexible schedules tend to have more opportunities to save.

Shoulder-season travel could offer additional savings

For Canadians who have flexibility beyond the traditional summer vacation window, June and September may offer some of the strongest opportunities to save.

Skyscanner identified several Canadian destinations with relatively low average flight prices during those months. In June, destinations including Yellowknife, Winnipeg, Halifax, Kelowna and Victoria ranked among the most affordable options.

September showed similar value, with Prince George, Calgary, Toronto, Whitehorse and Vancouver appearing among the lowest-priced destinations in the country.

The savings aren’t the only potential benefit of travelling in June or September. Smaller crowds, easier hotel bookings and slightly less hectic airports can all make for a smoother trip.

For Canadians who haven’t yet booked a summer break, timing may be one of the most effective tools to help keep travel costs under control. The report suggests that shifting a trip by even a few days — or travelling just outside the busiest weeks of summer — can sometimes deliver the most direct route to savings.

A new PayPal-commissioned survey found that 44% of Canadians would cut back on discretionary spending elsewhere to attend matches or take part in tournament-related activities. Among Gen Z respondents, that figure rises to 63%.

“For Gen Z, this tournament isn’t just about watching the action; it’s about being part of it,” said Michael Covin, enterprise sales director at PayPal Canada, in a statement. “Whether that’s travelling to a match, hosting a watch party or finding creative ways to fund the experience, younger Canadians are showing they’re willing to spend money on moments and memories that matter most.”

Dining out and shopping are among the first expenses Canadians would cut

The survey suggests some Canadians are looking to redirect money from everyday discretionary purchases toward World Cup-related experiences.

Among self-identified soccer fans, dining out was the most common sacrifice. Nearly one-third (31%) said they would cut back on restaurant spending to free up money for the tournament.

Social activities also ranked high on the list, with 27% saying they would spend less on going out with friends. Another 21% said they would cut back on non-essential shopping.

For many households, fixed costs such as housing, utilities and debt payments leave limited room to manoeuvre, making restaurants, entertainment and shopping the most likely places to trim spending when something else takes priority.

Don't leave points on the table. Compare Canada's top travel rewards programs today to see which one gets you to your destination faster.

Canadians are still willing to spend on experiences that matter

While many respondents said they would cut back in some areas, they were also clear about where they planned to spend.

Food and snacks topped the list, with 64% saying they expect to spend money on game-day essentials. Nearly half (48%) plan to spend at restaurants or sports bars, while 41% expect to spend on watch parties and other social gatherings.

Travel costs are also part of the equation. Among Canadians who identify as tournament fans, 42% said they would spend on accommodations and 41% on travel packages connected to the event.

The results demonstrate that while many are watching their summer budgets closely, there is still a willingness to spend on experiences, travel and opportunities to connect with friends and family.

Younger Canadians are making the biggest trade-offs

Unsurprisingly, the strongest spending intentions around the World Cup comes from younger Canadians.

Nearly two-thirds (63%) of Gen Z respondents said they would make financial cutbacks to participate in World Cup-related activities, well above the national average of 44%.

More than one in five Gen Z respondents (21%) said they would take on extra work or a side hustle to help pay for tournament-related expenses, while 15% said they would be willing to exceed their normal budget for the chance to be part of the event.

The survey also found younger Canadians are more likely to make the tournament a shared social experience, whether that’s gathering at someone’s home, attending a watch party or travelling with friends and family.

For many fans, the World Cup appears to be the kind of event people are willing to plan around financially. And with summer budgets stretched, spending doesn’t necessarily disappear — it simply shifts toward the experiences people value most.

A recent report from Wealth Professional Canada backs this up, noting that most Canadians know how to save, but few have a concrete plan for drawing down their savings in retirement.

Two retirees with identical balances can end up with very different outcomes depending on which account they access first, when they start taking Canada Pension Plan (CPP) and Old Age Security (OAS) benefits, and how withdrawals impact their tax situation.

Why does the order of withdrawals matter so much?

Not all retirement accounts are taxed the same way, and that single fact reshapes the math.

For example, money you withdraw from an RRSP or, after age 71, from a Registered Retirement Income Fund (RRIF), is fully taxable in the year it is withdrawn, according to the Canada Revenue Agency (CRA). On the other hand, TFSA withdrawals are not taxed and do not count as income.

Non-registered accounts fall somewhere in between. Income is taxed, but often at better rates for dividends and capital gains.

The order in which you draw from your pool of funds can affect your tax bill and government benefit amounts. While everyone’s situation is unique, pulling heavily from an RRSP early can push you into a higher bracket and trigger an OAS clawback. But if you only take from your TFSA and leave RRSP balances to grow, it can create a larger forced-withdrawal problem later, when RRIF minimums kick in.

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

When should Canadians start CPP and OAS?

Canadians can start collecting CPP as early as age 60 or as late as 70, while many decide to take it as soon as it’s available. But starting at 60 reduces your benefit by 0.6% per month before 65, for a 36% payment reduction. By delaying beyond 65, you increase your benefit by 0.7% per month, or 42% more if you wait until 70.

OAS works on a smaller scale: it can be deferred from 65 to 70 for a 0.6% monthly increase, capped at 36% more at age 70.

If you’re in good health with savings to bridge the gap, delaying these benefits acts like inflation-indexed longevity insurance. For others, particularly those facing health concerns or limited savings, taking benefits earlier may make more sense.

What does the RRIF rule actually force you to do?

You can’t leave your RRSP untouched forever. By the end of the year in which you turn 71, you must convert it to a RRIF, use it to buy an annuity, or cash it out (rarely a good idea given the tax hit).

If you convert to an RRIF, you must withdraw a minimum percentage each year (it’s 5.28% at age 71, and increases from there). Those minimums are considered taxable income, whether you need the money or not.

The idea here is that if you delay making any RRSP withdrawals until you are forced to start at 71, you could be facing large mandatory withdrawals exactly when your CPP and OAS are flowing in. The combination can push you into a higher bracket and even into OAS-clawback territory.

What should your retirement withdrawal plan actually include?

The Financial Consumer Agency of Canada (FCAC) emphasizes the importance of creating a retirement income plan that aligns your spending needs with your various income sources, such as CPP, OAS, workplace pensions and personal savings (RRSP/RRIF, TFSA, non-registered accounts).

A useful plan should answer five questions:

• How much annual income will you need in early retirement, and how might that change later?
• Which accounts will you draw down first, and why?
• When will you start collecting CPP and OAS?
• If applicable, how will you coordinate withdrawals with your spouse to keep both of you in lower tax brackets?
• What is the contingency if markets fall or one spouse dies earlier than expected?

Sometimes, drawing modest RRSP amounts before you begin taking CPP and OAS can flatten your lifetime tax. For Canadians with significant TFSA balances, this account often works best as a flexible reserve. And for retirees with a defined-benefit pension, guaranteed income provides a higher floor. Before you make any final decisions, make sure you consult an accountant or other qualified tax professional.

What to do now

Your retirement income plan doesn’t need to be complicated, but you still need one before you retire. Start by estimating your retirement spending in today’s dollars and compare it with your expected CPP, OAS and pension income. This will illustrate how much of your lifestyle will need to be funded from your personal savings.

From there, you can:

• Map your expected annual spending against your guaranteed income sources
• Decide the order in which you’ll draw from your RRSP/RRIF, TFSA and non-registered accounts, and document that plan
• Determine when you’ll start CPP (age 60 to 70) and OAS (age 65 to 70), recognizing that delaying increases the monthly benefit
• Coordinate withdrawals with your spouse to help keep both of you in lower tax brackets
• Review your plan annually, particularly in the years leading up to the RRSP-to-RRIF conversion at age 71
• Speak with a fee-only planner or CPA if you have a workplace pension or a more complex tax situation

The FCAC’s retirement-income tools and the CRA’s RRIF withdrawal tables are good places to start, and a professional can help model tax outcomes that are difficult to estimate with basic calculators. Remember, saving builds your retirement nest egg, but a smart withdrawal strategy will turn it into a sustainable retirement income stream.

Three-quarters of Canadians aged 55 to 64 (75%) have $100,000 or less saved for retirement, according to Benefits Canada data. Put another way, nearly nine out of 10 people approaching retirement age aren’t in the seven-figure club.

Despite all the retirement success stories on social media, $1 million in savings remains a rare and exclusive milestone.

If you’re falling short of this target — but are still determined to get there — here are three steps you can take to improve your odds.

Step 1: Measure your progress

You can’t reach a destination if you don’t know where your starting point is. The first step toward a million-dollar retirement is benchmarking your savings against what other Canadians your age actually have.

The average Canadian has around $272,000 saved by the time they retire — and that’s not including assets or government pensions. But averages can be misleading. A better benchmark is the median — the middle point in the data that separates one half of savers from the other. Unlike the average, the median is less skewed by a small number of high-balance accounts, allowing for a clearer picture of what a typical Canadian has set aside.

Looking at Registered Retirement Savings Plan (RRSP), Registered Retirement Income Fund (RRIF) and Locked-In Retirement Account (LIRA) balances, here’s how Canadians stack up by age, according to Statistics Canada’s Survey of Financial Security:

• Under 35: average $41,000 / median $12,500
• 35 to 44: average $82,100 / median $30,000
• 45 to 54: average $150,300 / median $70,000
• 55 to 64: average $216,900 / median $100,000
• 65 and over: average $224,000 / median $100,000

In other words, the typical Canadian in their late 50s or early 60s has around $100,000 saved in registered accounts — a fraction of what a million-dollar retirement requires. Keep in mind that government benefits like the Canada Pension Plan (CPP) and Old Age Security (OAS) will supplement your retirement savings, but these amounts are modest: the average new CPP recipient in May 2026 was receiving $925.35 a month.

With this data, you can benchmark your savings, identify the gap and start creating a plan to close it.

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

Step 2: Boost your savings rate

If your retirement target is well above the national or median average, your savings rate probably needs to be significantly higher as well.

The bar for “above average” in Canada isn’t unattainable. Canada’s household savings rate fell to 4.4% in the fourth quarter of 2025, according to Statistics Canada. That means for every $20 in disposable income, most Canadians are saving less than $1. Saving just 6% of your income could put you ahead. Hit 10% or more and you’re in a select group of super-savers.

But saving more requires a shift in spending habits — which is easier said than done. You can start small: automating contributions to your Tax-Free Savings Account (TFSA) or RRSP with every paycheque takes the decision out of the equation. Even modest, consistent contributions can significantly add up over time. For example, investing $500 a month at an average annual return of 6% could grow to approximately $106,000 over 10 years. Add employer matching if it’s available to you, which is essentially free money you can’t afford to leave behind.

The 2026 RRSP contribution limit is $33,810 or 18% of your prior year’s earned income, whichever is lower. The TFSA contribution limit remains $7,000 for 2026, with cumulative room now at $109,000 for those who have been eligible since 2009.

Step 3: Invest for growth

Savings are the foundation. But to turn a solid nest egg into a million-dollar one, your money also needs to work hard. The power of compound growth is real — but only if you have the time and the right investments to let it run.

Unfortunately, not all Canadians approaching retirement are in a position to wait. Many are behind. The average Canadian retires with roughly $272,000 in savings — that’s less than a third of the $1 million goal.

For those in their 50s and 60s, there are still options. Two in particular are worth considering:

Delay retirement — and your CPP benefits

Staying in the workforce longer gives you more time to earn income, make contributions and let your investments grow. It can also significantly boost your government retirement benefits. Delaying CPP past age 65 increases your monthly benefit by 0.7% for every month you wait — or 8.4% annually. If you delay until age 70, your monthly CPP benefit will be 42% higher than it would be at 65. OAS can also be deferred past 65, growing by 0.6% per month, up to a 36% boost at age 70. For those who can afford to wait, this strategy provides a powerful, inflation-indexed income stream for life.

Invest in low-cost index funds

Passive investing through low-cost index funds has become one of the most popular and accessible strategies for Canadians. Exchange-traded funds (ETFs) now make up nearly a quarter of Canada’s investment fund market, up from less than 10% a decade ago, according to Morningstar. Canadian equity ETFs tracking major indices have produced strong historical annualized returns. A conservative assumption of 10% average annual returns — based on historical equity market performance — means a Canadian saving 10% of a $70,000 annual salary could potentially accumulate approximately $1 million within about 29 years.

To be clear, past performance doesn’t guarantee future results, and all investing involves risk. But a diversified, low-cost portfolio — held consistently over time — remains one of the most proven paths to long-term wealth. Speaking with a licensed financial adviser can help you identify the right mix for your risk tolerance, time horizon and goals.

Make your savings work harder. Open a self-directed investing account with CIBC Investor’s Edge — low fees, powerful tools, and control over your future.

What Canadians can do next

Whether retirement is 30 years away or just around the corner, there are concrete steps you can take today:

• Know your number. Use the Government of Canada’s Canadian Retirement Income Calculator to estimate your CPP, OAS and other income. Then set a target savings amount based on your lifestyle goals.
• Automate your savings. Set up automatic contributions to your RRSP and TFSA with every paycheque so you save before you can spend.
• Maximize tax-advantaged accounts. Contribute to your RRSP first if you’re in a high tax bracket — the deduction lowers your taxable income now. Use your TFSA for flexible, tax-free growth.
• Invest in low-cost index ETFs. Avoid high-fee mutual funds. A diversified ETF portfolio can deliver solid long-term returns without eating into your savings.
• Consider delaying CPP. If you can afford to wait past 65, every year you defer CPP amounts to an 8.4% permanent increase in your monthly benefit. Delaying to age 70 results in a 42% boost.
• Check for employer matching. If your employer offers a pension or RRSP matching program, maximize it. It’s the closest thing to free retirement savings you’ll find.
• Work with a licensed financial adviser. A Certified Financial Planner (CFP) can help you build a personalized retirement strategy that accounts for your income, debt, goals and timeline.

For years, Stephenville International Airport was an economic engine and a critical gateway. However, a series of compounding financial disasters eventually left the facility in total darkness. Now, a recent court decision has sparked hope that the runway could reopen this summer under entirely new management.

From a wartime lifeline to civilian heartbreak

To understand why this facility matters so deeply to the local community, you have to look back at its origins. Built by the United States Army Air Forces in 1941, the site operated as the Ernest Harmon Air Force Base until 1966. Its massive 10,011-foot primary runway was designed to accommodate heavy military aircraft, functioning as a vital refuelling station for transatlantic military flights during the Cold War.

When the Americans left, the airport transitioned to civilian use. It became a vital regional hub, serving as the major passenger airport for all of western Newfoundland until the early 1990s. Major national carriers including Air Canada, Eastern Provincial Airways and Canadian Airlines all routed through its gates. It was so reliable and spacious that NASA even designated it as an alternate landing site for the Space Shuttle orbiter.

But as provincial priorities shifted toward nearby Deer Lake Regional Airport, commercial traffic dwindled. The final blow to scheduled passenger travel came with the arrival of the pandemic in January 2020. Commercial carriers pulled out and never returned.

Turbulence under recent ownership

The community believed a saviour had arrived in August 2023 when Ottawa businessman Carl Dymond purchased the airport through the Dymond Group. He promised to invest hundreds of millions of dollars, restore passenger services and transform the region into a high-tech manufacturing hub for massive, hydrogen-powered drones.

Instead of an economic renaissance, the acquisition faced immediate operational and legal friction. By early 2025, the facility was downgraded to a registered aerodrome due to improper line painting on the runway. Contractors launched lawsuits over millions of dollars in unpaid bills for runway lighting installations, and the town council struggled to collect roughly $500,000 in outstanding property taxes.

The low point arrived in June 2025 when Newfoundland Power literally pulled the plug, disconnecting electrical service to the property because of outstanding account issues. The airport sat dark and non-operational for nearly a year.

Local residents watched as a critical piece of their infrastructure degraded, with subsequent receivership reports detailing broken pipes and significant structural damage.

A courtroom breakthrough brings summer possibilities

The prolonged gridlock finally broke in the spring of 2026. Following an insolvency process pushed forward by a major creditor, Justice Alexander MacDonald of the Newfoundland and Labrador Supreme Court officially approved a bid to sell the airport to a new entity, Stephenville International Airport Corp., which is affiliated with the Calgary-based private equity firm BTG Capital.

In an interview with CBC News following the decision, former owner Carl Dymond reflected on his turbulent tenure. “I don’t see what we did as a failure here. It was an incredibly complex and high-pressure situation as you can imagine. And I know I put everything I had in trying to make it work,” Dymond said. “It certainly didn’t end the way I wanted it to personally end. But if that airport ultimately succeeds, that’s what matters for Stephenville.”

With corporate records confirming the new company’s explicit intent to operate as an airport operator, local leadership is highly optimistic. According to a broadcast report by NTV News, the local town council believes the court-supervised transition could pave the way for a physical reopening before the summer season wraps up.

For the people living in Stephenville and the surrounding rural communities, a functional airfield is a lifeline for air ambulances, a potential magnet for regional industrial development and a historic connection to the rest of the country that has defined their town for 85 years.

So far in 2026, Kiyosaki is living up to his reputation. Through his posts on X, the renowned author has repeatedly predicted the coming burst of an “Everything Bubble,” leading to “the greatest depression in world history” in what he calls the “giant crash of 2026-27.” But he does offer some hope.

In those same posts, he notes that he “got richer not poorer” from a list of crashes going back to 1987 and that the average investor can still be a “financial winner” as well. So, when Kiyosaki gives his recommendations on how to profit from the upcoming crash — with spectacular upside targets for gold, silver and Bitcoin in 2026 — investors around the world, including Canada, take notice.

Boom to bust

The rationale behind Kiyosaki’s “giant crash” warning is broad: “CRASHES do not happen overnight. CRASHES take decades to occur,” he once wrote on X.

In Canada, markets have certainly been volatile, but they’ve also shown resilience. Despite sharp swings in early-2025, Canada’s S&P/TSX Composite Index ended that year with a 28.2% annual gain — its strongest performance since 2009 — outpacing the S&P 500’s 17% return. In 2026, it carried this momentum forward, finishing the month of May up 9.64% year-to-date and setting a record high of 35,217.06 points on June 4. Meanwhile, the S&P 500 was busy setting its own records on Wall Street, closing at an all-time high of 7,519.12 on May 27.

Still, Kiyosaki insists that investors not to “drink the Kool-Aid,” pointing to countries like China and Japan dumping US bonds for gold and silver as evidence the danger hasn’t passed. That’s because, in his view, a collapse of this scale takes time to fully unfold. And a market crash of the magnitude he’s describing would be devastating for most retail investors.

Past experience proves this theory. During the housing and credit crisis of the late 2000s, the total value of Canadian household assets fell 3.2% in Q4 2008 alone, driven by a 24% collapse in the S&P/TSX. A more recent example is the 2022 market selloff. Statistics Canada reported that the market value of assets held by Canadian trusteed pension funds dropped $119.3 billion in a single quarter — a 5.4% decline — as both stocks and bonds fell sharply.

Kiyosaki’s ‘words of a rich person’: Invest in gold, silver and bitcoin

Kiyosaki’s positive outlook on these three assets stems from his fundamental lack of confidence in fiat currency — the “paper money” printed by central banks without the backing of any commodity, like gold. He argues that investors in gold, silver and bitcoin (and ethereum) are getting the “real money” that will go up in purchasing power as central banks “print more fake money” and rising oil prices drive up inflation.

Kiyosaki is particularly bullish on precious metals such as silver and gold. Starting a post on May 22 with “Crash imminent,” he cites Jim Rickards’ projection that gold could reach US$100,000 per ounce and goes on to predict, “I think silver will hit $200 an ounce.”

Elsewhere, he has written that “silver is one of the best investments I own” in 2026.

In fact, as Kiyosaki himself likes to point out, the past year has been an extraordinary ride for precious metals. Gold soared roughly 72% in 2025, surpassing US$5,500 (C$7,175 approx.) per ounce for the first time ever in January 2026, before experiencing a correction that has persisted into June. Likewise, silver rose approximately 148% over 2025 and then added a further 19% in January 2026, topping out at an all-time high of US$121.62 (C$170 approx.) — before its own sharp pullback at month’s end.

Taking advantage of the precious metals market — the Canadian way

With Kiyosaki predicting that the precious metals rally will continue into the second half of 2026, Canadians who want to capitalize have a distinct advantage: They can tie their potential growth directly to their registered retirement accounts.

Unlike the U.S., where a separate “Gold IRA” structure exists, Canadians can hold investment-grade physical gold and silver bullion directly inside a Registered Retirement Savings Plan (RRSP), a Tax-Free Savings Account (TFSA) or other registered accounts. The Canada Revenue Agency (CRA) has permitted this since 2005, provided the metals meet strict purity thresholds: Gold and silver must be at least 99.5% pure and produced by an accredited refiner or a recognized national mint, such as the Royal Canadian Mint.

Holding qualifying bullion in a TFSA means any gains are completely tax-free. Holding it in an RRSP means gains are tax-deferred until withdrawal — ideally in retirement, when your marginal tax rate may be lower. For investors who prefer simplicity, Canadian gold and silver exchange-traded funds (ETFs) listed on the Toronto Stock Exchange (TSX) are also eligible for registered accounts and can be purchased through most online brokerages.

And for investors who prefer even more simplicity, there are managed portfolios that do the work for you. So, if you know you should be investing but don’t want the guesswork of doing it alone, Wealthsimple Portfolios offers an easy, hands-off way to grow your money.

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

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

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

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

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

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

If you want to shop around for other possible brokerages to do your trading, consider looking at this comparison of seven of the top online brokers in Canada.

Understanding the bitcoin market — the Canadian way

While many traditional investors have avoided bitcoin due to a lack of understanding of the market, Kiyosaki has long argued that now may be the time to gain exposure before prices rise further.

Canadians have a globally unique advantage here. While direct bitcoin holdings are not eligible for TFSAs or RRSPs under Canada’s Income Tax Act, Canadians can gain exposure inside registered accounts through TSX-listed spot bitcoin ETFs.

In fact, Canada launched the world’s first spot bitcoin ETF — the Purpose Bitcoin ETF (TSX: BTCC) — in February of 2021. As of early 2026, Canadian-listed crypto ETFs had assets under management climbing toward C$6 billion, buoyed by bitcoin reaching all-time highs above US$120,000 (C$172,000 approx.) in late 2025.

For investors who want a low-cost option, the Fidelity Advantage Bitcoin ETF (TSX: FBTC) carries a management expense ratio of approximately 0.35% — one of the lowest in the space — and is fully eligible for TFSAs and RRSPs.

But investing in cryptocurrencies comes with its own set of risks, particularly for those planning to retire soon. A flash crash in October 2024 caused Bitcoin prices to fall by nearly 10% within minutes, wiping out approximately US$500 billion (C$718 billion approx.) from the total crypto market value within 24 hours.

Events like this can cause some investors to hesitate — or even avoid altogether — moving into the crypto space. But crypto is no longer the “Wild West” it may have once been. These days, there are resources for not only trading crypto but also educating yourself.

For instance, with platforms like Kraken, buying and trading cryptocurrencies is more straightforward* than ever, whether you’re on a desktop or using the mobile app. Not only can you buy and trade 600+ cryptocurrencies, but also you can set up recurring buys to invest automatically. There’s even the option to add price conditions, so your trades only execute when the market hits your target.

And if you’re new to the crypto game, Kraken provides guides on popular coins, helping you understand what you’re buying and how to navigate the process from start to finish. Plus, if you have questions, 24/7 support is available via live chat, phone or email.

For those old hands who want greater control, Kraken PRO offers a more advanced trading experience. Designed for active traders, it features a highly customizable interface with real-time market data, advanced tools and detailed order types like stop-loss and take-profit to help manage trades more precisely. You can also trade across spot, margin and derivatives markets, monitor performance in one unified portfolio and tailor your dashboard with multiple data widgets to suit your strategy.

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

-Not investment advice. Crypto trading involves risk of loss. See kraken.com/legal/ca-pru-disclaimer for info on Kraken’s undertaking to register in Canada.

Are you feeling crypto curious, but unsure if you want to take the plunge? Check out this essential guide to cryptocurrency trading to see if it’s right for you.

Getting advice you can trust

Kiyosaki is known for extreme market predictions, and you may want independent, professional guidance before making any major investment decisions.

In Canada, financial advisers dealing in securities must be registered with the Canadian Investment Regulatory Organization (CIRO), which oversees investment dealers and advisers across the country and holds them to professional and ethical standards.

The Canadian Securities Administrators (CSA) offers a free National Registration Search tool to verify whether a prospective adviser is properly registered — an important first step before working with anyone offering investment advice.

When meeting with a potential advisor, ask whether they are fee-based or commission-based. Fee-only advisers, who do not earn commissions on product sales, generally have fewer conflicts of interest.

But not everybody can afford to hire a financial professional — and they aren’t always available when you need them. For those who want stock tips at a discount and at a moment’s notice, AI-powered stock advisors are another option, but many Canadians are still wary of using them for financial advice.

For example, a survey released by H&R Block in April 2026 found 56% of respondents said they still wouldn’t be comfortable using AI to help with their finances, while 82% didn’t like the idea of putting their financial personal information into an open AI tool for managing their finances.

If you’re looking for the best of both worlds — the accessibility and immediacy of an AI-powered platform but with the human touch — there are stock analysis platforms like Motley Fool’s Stock Advisor Canada, which offers expert insight to help you make smart investing decisions, when you need it.

With Motley Fool Canada’s Stock Advisor, you can join their online community of over 30,000 investors just like you, all benefiting from their monthly stock recommendations as well as Best Buys Now picks for the hottest opportunities.

They also get a variety of features to educate users, such as stock reports written by experts in the field and an extensive library of investment articles, all designed to help them make informed investment decisions. For this reason, it is becoming increasingly popular among everyday investors who want timely — and accurate — information that is free of jargon and accessible to users of all levels.

What’s more, if Stock Advisor isn’t for you, cancel within 30 days and you’ll receive every penny of your membership fee-back. No questions asked.

For those who want to perform their due diligence, you can also check out this comprehensive review of Motley Fool Canada’s Stock Advisor to learn more about its services.

What Canadians can do

Whether or not Kiyosaki’s extreme predictions come to pass, the underlying idea — building wealth through assets less correlated with traditional markets — has merit for Canadian investors. With that in mind, here are some practical next steps:

• Prioritize your registered accounts: The TFSA and RRSP are among the most powerful wealth-building tools available to Canadians. Gold, silver and crypto ETFs can all be held inside these tax-sheltered accounts. Maximize your contribution room before investing in taxable accounts.
• Explore precious metals inside your RRSP or TFSA: Investment-grade gold and silver bullion meeting CRA purity requirements can be held in self-directed registered accounts through custodians like Questrade. Gold and silver ETFs on the TSX offer simpler, lower-cost exposure for those who prefer not to hold physical metals.
• Access bitcoin through Canadian ETFs: TSX-listed Bitcoin ETFs such as the Purpose Bitcoin ETF (BTCC) and the Fidelity Advantage Bitcoin ETF (FBTC) provide Bitcoin exposure in a regulated format that is eligible for TFSAs and RRSPs.
• Verify your adviser: Use the CSA’s National Registration Search at securities-administrators.ca to confirm any financial adviser you work with is registered with CIRO. Never make large investment decisions based solely on social media or online influencer tips.
• Understand the risks: Precious metals and crypto are highly volatile assets. They may play a role in a diversified portfolio, but they should not represent the bulk of your retirement savings. Speak with a registered financial adviser before making significant allocation changes.

If this moment makes your stomach drop or stirs up a sudden wave of irritation, you’re not alone. Many Canadians are navigating an increasingly aggressive digital payment landscape. What used to be a quiet gesture of gratitude at a sit-down restaurant has transformed into a high-pressure digital gatekeeper across thousands of everyday transactions.

According to a study published in the Journal of Services Marketing, this discomfort is directly tied to where tipping is now appearing. When consumers encounter unusual places for tip prompts, the answers range from fast food drive-thrus to professional services like auto mechanics and appliance repair. When tipping feels out of place, it can result in a negative feeling that can shape how customers evaluate an entire service experience.

This shift has turned a simple financial transaction into an emotional minefield.

Why the screen makes you mad

It turns out that the awkwardness you feel at the counter is not a personal flaw. It’s a documented psychological response. For generations, Canadian tipping practices relied on implicit social agreements. Customers understood that a portion of their server’s income depended on gratuities, and in return, they received dedicated, personalized attention.

When digital terminals insert those same requests into self-service environments, drive-thrus, or automated checkouts, the invisible contract breaks down. The request feels less like an opportunity to reward excellence and more like an unauthorized tax on a basic transaction.

The researchers surveyed more than 1,200 Canadians across several studies, comparing how they felt after scenarios that included a tip prompt versus those that did not. They discovered that tip prompts in settings where tipping is widely accepted, such as sit-down restaurants, resulted in far less negative reaction than in settings where tipping norms are unclear.

When tipping feels out of place relative to where we expect it, it violates the social norm and creates a sense that something about the interaction isn’t quite right. Consumers interpret these prompts as violations of social norm expectations. When this happens, people often experience what psychologists call reactance.

Reactance occurs when people feel their freedom to choose is being threatened. This motivates them to push back against the pressure. That sense of pressure can shape how they feel about their experience. In the research, when consumers encountered non-normative tip prompts, they reported lower satisfaction with the experience, less favourable attitudes toward the business, and weaker intentions to return or recommend it to others.

Don't leave points on the table. Compare Canada's top travel rewards programs today to see which one gets you to your destination faster.

How to regain control of your checkout experience

You don’t have to let a point-of-sale terminal dictate your budget or your mood. Reclaiming your financial peace of mind requires a shift in perspective and a few practical boundary-setting habits.

First, remember that the terminal is just pre-programmed software. It doesn’t possess emotional intelligence, nor does it know your personal financial goals. The prompt is a business default, not a personal mandate. You are entirely within your rights to look for the “no tip” or “custom amount” option without feeling guilty or cheap.

Second, establish your own personal tipping framework before you reach the front of the line. Decide ahead of time which services warrant a gratuity based on your values and your budget. For instance, you might choose to maintain standard tips for full-service sit-down dining, while drawing a firm line at drive-thrus, counter pickups and retail environments. When you make the decision before the screen is handed to you, you eliminate the frantic, heat-of-the-moment decision-making that often leads to guilt-induced spending.

Finally, keep an eye out for businesses that actively protect your autonomy. Interestingly, the study also found that when consumers were given social permission to skip tipping, such as when a service employee suggested the customer ignore the prompt, the negative reactions were reduced. Small signals such as this can reinforce customer choice and help restore their sense of autonomy. Supporting businesses that respect your boundaries can make your regular financial routines feel much less exhausting. Tip fatigue is real, and until the normative situation begins to stabilize, it is not going anywhere any time soon. By setting clear personal rules, you can keep your money and your peace of mind intact.

According to Rover’s 2026 True Cost of Pet Parenthood Report, the majority of Canadian pet parents say they'd reduce their own spending before cutting back on their pet's care — a pattern the report attributes to the increasingly central role pets play in our households.

Economic pressure is forcing many to make hard spending choices — but for most pet owners, their animals aren't part of that conversation. The Rover report found that 58% consider pet care a non-negotiable expense, and 57% say it would be the last budget category they'd reduce.

What would you cut back on for your pet?

Nearly 1 in 3 Canadian pet owners say they'd give up almost any personal expense before cutting back on their animal's care, according to the report. In practice, that means skipping restaurants and takeout (36%), pulling back on discretionary shopping (34%), cutting daily coffee runs (29%), cancelling vacations (27%) and passing on concerts or sporting events (26%).

Most Canadian pet owners have felt pet costs rise over the past year. What's notable is how many have absorbed that pressure without cutting back: 43% say they've kept their level of care intact by changing how they spend rather than how much. That means leaning on loyalty and rewards programs (53%), buying in bulk (45%) and, in a nod to ongoing tariff concerns, switching to locally made or sourced pet products (44%).

What’s driving costs?

For all the willingness to sacrifice, the financial strain is real. According to the Rover report, vet visits (56%), pet food (45%) and medications (27%) are the top drivers of rising costs — and 39% of Canadian pet owners say an unexpected vet bill would put them in debt. Just over half (57%) have a dedicated financial safety net, such as an emergency fund or pet insurance. Renters and condo owners face additional pressure: half of pet owners pay mandatory housing fees like pet rent or security deposits, ranging from $500 to $1,000 a year for nearly 4 in 10 condo dwellers.

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, Petsecure✢ helps cover up to 80% of eligible vet bills, including taxes and exam fees.

Petsecure also offers four tiered plans depending on what you actually need — from essential coverage to unlimited accident and condition protection, plus dental and optional wellness care.

Sign up today and you can get 10% off your first year of pet insurance.

Using AI for solutions

The financial outlook is making Canadian pet owners uneasy — 69% say they're not confident they can maintain their current level of care over the next year. In response, many are looking to technological solutions. According to the Rover report, 75% would consider AI-powered tools to help manage pet care. What they want most from those tools is practical — health information and answers (35%), scheduling and routine management (24%), care improvements and alternatives (22%) and ways to reduce spending (19%).

The reason why people are making these cuts is clear — pets provide the ultimate return on investment, with 91% of pet parents agreeing they bring more joy than any other expense. What would you be willing to cut back on for your fur babies?

✢ Disclaimer: The views and information shared in this article are based on my personal experiences and general understanding. The author is not a licensed insurance agent, broker, or advisor, and nothing in this piece should be interpreted as insurance advice or a recommendation.

You might assume that portfolio performance ranks first among reasons clients choose to stay with their advisers, but findings show something different. According to research from global investment research firm Morningstar, the top three reasons clients remain with their advisers are discomfort in handling financial issues, quality of financial advice received and behavioural coaching provided — with return performance ranking fourth.

That’s not to say your adviser’s performance shouldn’t factor into your decision. But experts say there are other things you should consider as well.

Here are the signs it might be time for a new financial adviser — plus the question you should ask yourself first.

You don’t feel you’re getting your money’s worth

It’s important that the service you get matches the fee you pay for it. You can start by looking at performance — comparing your rate of return against benchmarks like the S&P/TSX Composite Index, Canada’s primary domestic equity benchmark, or the S&P 500, which tracks the 500 largest U.S. companies (with an average annual return of approximately 10.4%).

But more importantly, you should feel confident that your adviser will keep you on track to reach your financial goals, reviewing and rebalancing your portfolio as needed.

In Canada, under Client Relationship Model – Phase 2 (CRM2) regulations, registered advisers are legally required to provide clients with an annual fee and performance report. If you haven’t been receiving one — or can’t understand it when you do — that’s worth addressing.

And don’t discount the intangibles. As Morningstar’s research showed, people stay with advisers they feel will support and mentor them along their financial journey.

“Fees should reflect the level of service, coordination and guidance you’re receiving,” Nicole Carlon, a certified financial planner at WiseOak Wealth, told MarketWatch, “not just investment returns.”

If you’re paying 1% — a fee in line with the typical range of 1% to 1.5% for managed accounts in Canada — and you’re only hearing from your adviser once a year to wish you a happy birthday, you may not be getting your money’s worth.

Tired of high commissions eating your returns? Compare Canada’s top discount brokerages and switch to a $0-commission platform today.

Why trustworthiness is so important

It’s your hard-earned money — and you should have complete confidence in the person managing it. For Canadian investors, there’s a straightforward way to check your adviser’s track record before — or even after — committing to them.

The Canadian Investment Regulatory Organization (CIRO), Canada’s national self-regulatory body overseeing investment dealers and advisers, maintains a public database called AdvisorReport. It provides an overview of a currently registered adviser’s employment history, including any regulatory violations, suspensions and client complaints — all clear red flags.

While CIRO also monitors for questionable investment behaviour, the U.S.-based Financial Industry Regulatory Authority (FINRA) outlines five clear signs that may indicate your personal financial adviser may not be the one for you, and they are relevant for Canadians:

1. Asking you for a personal loan
2. Trying to sell you a promissory note — a form of debt instrument typically not appropriate for retail investors
3. Using their personal email, text messages or social media accounts to communicate with you outside of their firm’s systems
4. Asking you to transfer funds to a person or entity other than their registered firm
5. Requesting to become a beneficiary on your accounts — something that is, with rare exceptions, prohibited for registered financial professionals in Canada as it creates a conflict of interest

If you experience any of these behaviours, report them to CIRO and look for a new adviser.

Would you recommend your financial adviser to a friend?

If you’re not sure what you think about your financial adviser, ask yourself whether you’d pass their name along to family, friends or even coworkers. If the answer is no, it could be a sign it’s time to move on — but first, consider that the problem might be you, not them.

“Look at yourself in the mirror and ask if you caused the problem,” Elias Friedman, founder and senior wealth adviser at Kadima Wealth, told MarketWatch. “Not saving enough or early enough, or not returning an adviser’s calls or emails, is no excuse for not reaching your financial goals in life.”

Financial advisers are neither magicians nor mind readers. If you’re concerned about portfolio performance — or if your financial goals have changed — it’s up to you to communicate that to them. However, if they’re unresponsive, that’s a legitimate red flag.

Just remember: No matter how much you like your financial adviser personally, if they’re not keeping you on track to reach your financial goals, it’s time to find another professional who will. In Canada, you can search for a Certified Financial Planner (CFP) through FP Canada’s public directory.

What Canadian investors can do next

If any of the above warning signs resonate with you, here are some concrete steps to take within the Canadian regulatory system:

• Check your adviser’s registration: Visit CIRO’s AdvisorReport to verify your adviser is registered, review their employment history and check for any complaints or disciplinary action.
• Review your annual fee and performance report: Under Canada’s CRM2 rules, your adviser must send you this report every year. If you’ve never received one, ask for it in writing. It should clearly show all fees paid and investment returns.
• Ask the one question that matters: “Are we on track to meet my financial goals?” If your adviser can’t clearly answer, that’s worth considering.
• File a complaint if something feels wrong: If your concerns aren’t resolved at the adviser level, escalate to the firm’s compliance department. If still unresolved, contact the Ombudsman for Banking Services and Investments (OBSI), Canada’s independent dispute-resolution service for investment complaints.
• Find a CFP if you’re starting fresh: If you’re looking for a new adviser, search the FP Canada directory at fpcanada.ca for a Certified Financial Planner in your area.

It’s a question that weighs on a lot of retirees who feel financially comfortable. A 2026 Bank of Montreal (BMO) Retirement Survey found Canadians believe they need $1.7 million to retire comfortably. For those who’ve hit that mark — or even come close — thoughts may naturally turn to inheritance planning.

But here’s the problem: acting too quickly on what sounds like a simple estate planning move — changing the beneficiary on a Registered Retirement Savings Plan (RRSP) from a spouse to adult children — can trigger serious tax consequences that most families don’t anticipate.

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

A hypothetical couple, a real dilemma

Take this hypothetical situation: Linda and Mark are retired and comfortable. Linda is in such a strong financial position that, even if she were on her own, she could cover their living expenses without touching Mark’s RRSP.

Mark has roughly $100,000 in his RRSP — with Linda currently listed as the sole beneficiary.

Because Linda is well-positioned financially, they have begun to wonder: does it make more sense to change the beneficiary to their adult children now? The thinking is simple — cut through the legal process and get money to the kids sooner, with fewer complications down the road.

It’s a well-intentioned idea. But the tax reality for non-spouse RRSP beneficiaries in Canada tells a more complicated story.

The basics on RRSP beneficiaries in Canada

A beneficiary is the person — or persons — you name on a registered account to receive the funds when you die. When it comes to an RRSP, the Canada Revenue Agency (CRA) distinguishes between two types of beneficiaries: qualified and non-qualified.

Naming any beneficiary directly on an RRSP means the account bypasses your estate and the probate process — which saves time and, in most provinces, reduces fees. Note that Québec is an exception: RRSP beneficiary designations generally must be included in a valid will, which could increase estate involvement.

But the real question isn’t only about speed. It’s about taxes.

Why naming a spouse is almost always the better tax move

When a spouse or common-law partner is named as the RRSP beneficiary, CRA rules allow the funds to roll over to the surviving partner’s RRSP or Registered Retirement Income Fund (RRIF) on a tax-deferred basis. No income tax is triggered at the time of transfer. Taxes only come due when the surviving spouse eventually withdraws the funds.

As Mark’s beneficiary, Linda would have maximum flexibility. She could keep growing the RRSP, convert it to a RRIF at age 71 and draw from it on her own schedule, or contribute it to an eligible annuity. The tax deferral remains fully intact.

However, the same flexibility Linda has simply isn’t available when you name adult children as beneficiaries.

What happens when adult children are named instead

If Mark were to name his adult, financially independent children as his RRSP beneficiaries, CRA would treat the full fair market value of the RRSP as income taxable to Mark’s estate — regardless of when the children actually receive the money. This is called a deemed deregistration.

The estate is responsible for paying that tax bill — but here's the catch: the RRSP proceeds flow directly to the children outside the estate, while the estate's other assets must absorb the tax. And here’s a caveat families need to consider: if the estate doesn’t have enough assets to cover the tax, CRA has the authority to go after the beneficiaries themselves for the amount owing. The tax exposure is immediate and, for a $100,000 RRSP, could easily run into tens of thousands of dollars depending on any other income Mark has in the year of death.

A financially dependent child or grandchild — one whose net income in the prior year fell below a CRA threshold (generally the basic personal amount, or the basic personal amount plus the disability amount for disabled children) — may qualify for limited rollover options. A child eligible for the disability tax credit may transfer funds into a Registered Disability Savings Plan (RDSP), deferring tax until withdrawal. Note that financial dependency is assessed on all the facts, not just income alone.

The real-world risk: Don’t underestimate future care costs

There’s another reason to think carefully before removing Linda as beneficiary: retirement doesn’t always go as planned. If Linda becomes ill or incapacitated, the situation will change.

Long-term care (LTC) costs in Canada can be significant, with subsidized nursing home beds ranging from $1,300 to $3,400 a month — and private facilities can exceed $6,600 a month.

In Ontario, the basic co-payment fee for a long-term care home was $2,085.37 each month as of July 2025.

In B.C., publicly funded long-term care costs range between a minimum of $1,507.70 a month and a maximum of $4,142.60 a month as of 2026. Private care costs are higher, between $6,000 and $12,000 monthly, depending on the level of care provided.

Additionally, assisted living can run between $3,500 and $6,000 monthly depending on the province.

For Linda, a single health event — a stroke, fall or dementia diagnosis — could fundamentally change her financial well-being. Keeping Mark’s RRSP directed to Linda preserves a fund she may one day urgently need.

Ready for retirement? Don’t let healthcare costs derail your plans. Get affordable health coverage with PolicyMe. Just answer four questions, and PolicyMe will provide you with an instant, no-obligation quote, valid up to 90 days. Most policies are approved without any medical tests, and you can opt for term lengths ranging from 10 to 30 years.

Are there smarter ways to pass wealth to the kids?

If Linda and Mark’s real goal is to help their children now rather than later, there are more tax-efficient paths to explore.

Option 1: Make gifts from RRSP withdrawals. Mark can withdraw funds from his RRSP, pay the income tax on those withdrawals, and then gift the after-tax cash to their children. Canada has no gift tax, so adult children can receive the money tax-free. The couple can strategically pace the withdrawals over multiple years to minimize Mark’s marginal tax rate.

Option 2: Add children as contingent beneficiaries. Linda can remain the primary beneficiary — preserving full tax deferral and spousal flexibility — while the adult children are named as contingent beneficiaries. If Linda dies before Mark, the funds pass directly to the children. If Linda survives Mark, she maintains complete control.

Option 3: Explore a testamentary trust. A testamentary trust created through a will can distribute RRSP proceeds to children in a tax-managed way after death. It doesn't eliminate the tax triggered on RRSP proceeds at death, but can manage how the after-tax estate assets are distributed to children — offering control, asset protection, and potentially some income-splitting advantages. This requires working with an estate lawyer.

None of these options are the same for everyone. The right choice depends on your income, the size of the RRSP, provincial rules and your family’s broader estate plan.

What Canadians can do

If you’re a retiree — or approaching retirement — with an RRSP or RRIF, here are concrete steps to take:

• Review your beneficiary designations now. Check who’s named on every registered account, including your RRSP, RRIF and Tax-Free Savings Account (TFSA). Outdated designations are among the most common — and costly — estate planning oversights.
• Understand the spousal rollover. If your spouse or common-law partner is your RRSP/RRIF beneficiary, the funds transfer tax-free. If your adult children are named instead, the full value of the RRSP is taxed as income to your estate in the year of your death.
• Consider strategic gifting now. If helping your children financially is the goal, withdrawing and gifting after-tax RRSP funds during your lifetime may be more tax-efficient than leaving the RRSP to them directly as non-qualified beneficiaries.
• Remember to factor in care costs. Long-term care in Canada can cost $24,000 to more than $100,000 a year. A financial cushion held in your spouse’s name could be the difference between adequate care and financial hardship.
• Work with a qualified financial adviser. The interplay between RRSP beneficiary rules, CRA tax obligations and estate planning is complex. A certified financial planner (CFP) or estate lawyer can help you structure your plan for the best outcome for your entire family.

Although changing beneficiaries can feel like a simple, generous gesture, the tax consequences in Canada mean it’s rarely the most efficient solution. Keep the conversation going with your spouse — and with a qualified financial adviser who’s familiar with Canadian estate law.

With the Bank of Canada holding its policy rate at 2.25% in June — a level it has maintained since early 2026 — GIC rates have followed the overnight rate down. That wouldn’t be a big deal, except headline inflation rose to 2.8% in April — and anyone who does the math can quickly see that the real return on a typical 1-year GIC is starting to look very thin.

Add in the uncertainty — with Bank of Canada Governor Tiff Macklem addressing the global pressure that’s pulling monetary policy in both directions — and any Canadian about to renew fixed income investments is left in an uncomfortable position.

For Canadians with a GIC nearing maturity, the question is no longer simply which institution offers the highest rate.

The bigger question is whether to lock in now or wait.

Stop leaving money on the table. Discover which Canadian banks are currently paying up to $700 just for opening a new account.

Why the decision is becoming more difficult

Under normal circumstances, investors can make educated guesses about the direction of interest rates.

Today’s environment is anything but normal.

Inflation remains above the Bank of Canada’s 2% target, suggesting policymakers may need to keep rates elevated for longer. At the same time, slowing economic growth, weak consumer spending and uncertainty surrounding global trade create pressure for lower rates.

That leaves the Bank of Canada balancing competing risks.

If inflation proves stubborn, rates could remain unchanged for longer than expected — or even rise.

If economic conditions deteriorate, the Bank could eventually resume cutting rates.

For GIC investors, either outcome creates risk.

Lock into a long-term GIC today and you could miss out on higher rates later. Stay in cash waiting for rates to rise and you may discover rates move lower instead.

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. Earn 2% or more an every dollar you save. To get started, open a no-fee high-interest savings account with EQ Bank.

Consider building a GIC ladder

One of the most effective ways to manage uncertainty is through a GIC ladder.

Instead of investing all your money into a single term, you divide your funds among several maturity dates.

For example:

• 20% into a 1-year GIC
• 20% into a 2-year GIC
• 20% into a 3-year GIC
• 20% into a 4-year GIC
• 20% into a 5-year GIC

Each year, one GIC matures and can be reinvested at prevailing rates.

This strategy reduces the risk of locking all your money into the wrong term at the wrong time while maintaining access to a portion of your funds annually.

Keep some money liquid

Many investors automatically move maturing GIC proceeds into another GIC.

That may not be the best approach right now.

Maintaining a portion of savings in a high-interest savings account allows investors to remain flexible if rates change or opportunities emerge elsewhere.

Liquidity can also be valuable if inflation remains elevated and household budgets come under pressure.

Financial planners often recommend keeping emergency savings separate from longer-term fixed-income investments, regardless of the interest-rate environment.

Is your bank paying you enough? Use our comparison tool to find accounts with rates up to 5.00% and start making your emergency fund work harder for you. Build your emergency fund faster. Open a high-interest savings account with EQ Bank — earn more while keeping your money accessible.

Don’t focus solely on the headline rate

The highest advertised GIC rate isn’t always the best choice.

Before renewing, consider:

• Whether the GIC is redeemable or non-redeemable
• The financial institution’s deposit insurance coverage
• The term length
• Whether the investment is held in a registered account
• The after-tax return

For non-registered accounts, taxes can significantly reduce the net return earned from interest income.

A 3.5% GIC may look attractive until taxes and inflation are factored in.

Consider your time horizon

The best GIC strategy often depends less on where rates are headed and more on when you’ll need the money.

If the funds will be required within one or two years, preserving capital and maintaining liquidity may be more important than maximizing yield.

Investors with longer time horizons may be willing to lock in a portion of their money for several years if rates remain attractive relative to their alternatives.

The key is matching the term of the investment with the expected use of the funds.

What to do before your next GIC renewal

None of this means GICs are a bad choice — they remain one of the safest fixed-income options available to Canadians, with principal guaranteed and deposit insurance protection in place. But right now, the terms and where you shop matter considerably.

Three questions are worth asking before your next renewal.

#1: What is the after-inflation, after-tax return on the rate being offered? If it is below 1% net, compare alternatives.

#2: Are you using a registered account? A TFSA or RRSP eliminates the tax drag and makes the nominal return your actual return.

#3: Are you comparing online institution rates alongside your existing bank? The rate gap between online lenders and the Big 5 has consistently been 0.5% to 1% — on larger deposits, that is a meaningful dollar difference over a 1- to 3-year term.

Your money deserves more than a “Big Six” default. Browse our expert rankings on the top bank accounts and see how much you could save by switching banks.

Given where the Bank of Canada’s policy rate sits and the range of outcomes the Bank itself acknowledges, the current environment rewards flexibility and comparison shopping more than it rewards conviction about where rates are headed.

Bottom line

Predicting the Bank of Canada’s next move is difficult even for professional economists.

Rather than trying to guess where rates will be six or 12 months from now, many investors may be better served by focusing on flexibility.

Building a GIC ladder, keeping some cash accessible and matching investment terms to future spending needs can help reduce the risk of making a costly rate bet.

Because in today’s market, the biggest risk may not be choosing the wrong GIC.

It may be assuming anyone knows exactly where interest rates are headed next.

Back in 2019, a Canadian-based teachers’ pension fund invested roughly $220 million into SpaceX when the rocket company was valued at around $35 billion. Now, with SpaceX reportedly targeting a $1.75 trillion valuation in its long-awaited initial public offering (IPO), that stake could be worth as much as $11.6 billion.

The potential return? More than 5,100%.

The investor wasn’t a Silicon Valley venture capital firm or a billionaire hedge fund manager, but the Ontario Teachers’ Pension Plan (OTPP), a managed retirement savings plan for 346,000 public school teachers.

The potential windfall highlights just how much wealth can be created when an investor gets in long before a company ever reaches the public market. And it raises a question for everyday investors — where can you find the next wave of growth once a company like SpaceX has already become a household name?

How investments can grow 10x or 50x

Few investments generate life-changing returns. Even fewer grow more than 50-fold in less than a decade — that’s a feat achieved by less than 0.1% of listed U.S. stocks over any rolling ten-year window, according to analysis done by Baillie Gifford of Morgan Stanley on market ‘skewness’.

The gains have already helped boost the OTPP fund’s venture-growth portfolio. In March, the organization reported a 30% surge in that segment during 2025, driven largely by its investment in SpaceX.

In 2019, SpaceX was still a privately held aerospace company working to expand its launch business and roll out its Starlink satellite network. Investors who bought in early were betting on a vision that had yet to fully materialize.

Finding opportunities at that stage is notoriously difficult. By the time most investors hear about a company, much of the explosive growth has already happened.

That doesn’t mean you’re out of options. The key to unlocking your next windfall is developing a repeatable process to find those promising businesses before they become household names. However, doing this alone is essentially a full-time job. It can be hard to find the time to do this research between work and family.

This is when a little help might be appropriate.

One option is to work with a financial advisor or portfolio manager whose expertise can help identify ground-floor investing opportunities. Another option is to invest in a stock analysis platform, such as The Motley Fool.

A subscription to The Motley Fool (TMF), offers access to expert research and recommendations backed by analysts. This insight helps investors uncover long-term opportunities without spending hours digging through financial statements and earnings reports.

Right now, new TMF subscribers can get unlimited access to Motley Fool Stock Advisor Canada insights for just $1.90 per week. Insight and research from the Motley Fool can help cut through the noise and reduce the guesswork helping you make smarter investing decisions in just five minutes.

Now any investor can add IPO investments to their portfolio

In reality, most long-term wealth isn’t built through a single moonshot — or a single stock or IPO. Though we all want to believe our next investment is the one that’ll make a life-changing amount of money, even large institutional investors with extensive research teams experience setbacks along the way.

For investors interested in exploring IPO investments, check out Wealthsimple. This Toronto fintech opened access to IPO offerings in late May for any client with a trading account. With this latest offering, retail investors can now request shares of select companies at their offering price, as they become available.

“Big institutions get to buy in at the offering price, while everyday investors are excluded,” Swapnil Parikh, Wealthsimple’s vice-president of product, said in a statement.

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. New Wealthsimple clients can 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.

Don’t gamble with your investment savings

SpaceX may prove to be one of the most successful investments in the OTPP investment history but other bets didn’t work out nearly as well. After investing $95 million in FTX, OTPP eventually wrote the entire position down to zero following the crypto exchange’s collapse.

Like any investor, one investment decision may generate billions for OTPP, while another was a complete loss.

The success — and failure — of OTPP funds illustrates the importance of consistency and diversification. A portfolio spread across a couple of strong core investments can reduce the impact of any single mistake while still allowing investors to participate in long-term market growth.

For investors who struggle to stay consistent, consider using a robo-advisor. With custom-built and professionally-managed portfolios, robo-advisors help investors put money to work automatically while tailoring the portfolio to your risk tolerance.

One option is through Wealthsimple portfolios. These pre-built portfolios offer an easy, hands-off way to grow your money that’s tailored to your retirement goals, risk tolerance and investment horizon. 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.

Another option is Questrade’s Questwealth portfolios. These are perfect for investors who want a hands-off, low-cost investing solution. Using Questwealth portfolios, you’ll get matched to one of five ETF-based portfolios — Aggressive, Growth, Balanced, Income or Conservative — depending on your risk tolerance and financial goals.

Unlike the usual “set-it-and-forget-it” robo platforms that just track the market with passive index funds, Questwealth actually uses actively managed ETFs. In theory, this gives you a better shot at long-term gains, while still keeping fees low. Plus, Questwealth is one of Canada's cheapest robo-advisors, with all-in fees typically ranging from about 0.37% to 0.47% annually depending on your account size and portfolio selection — a fraction of the roughly 2% fee many Canadians still pay through traditional mutual funds.

Private markets aren’t the only way to access alternative assets

Aside from new opportunities to invest in IPOs, most investors can’t buy into a company like SpaceX years before its IPO. But that doesn’t mean alternative investments are entirely out of reach.

Real estate, for example, has historically played an important role in diversified portfolios, generating income through rent while offering the potential for long-term appreciation. PWL Capital even went so far as to name it the “best investment in history.”

And if you aren’t ready to jump into homeownership (financially or otherwise), there are ways to add real estate exposure to your investment portfolio without the headaches of being a landlord. TSX-listed real estate investment trusts (REITs) let you invest in income-producing properties while collecting regular distributions — with yields of 5% or higher common among leading REITs. Since REITs trade like stocks, you can add these investments to a self-directed account, including a TFSA, RRSP or a non-registered account. For instance, a CIBC Investor’s Edge online or mobile app lets you build a diversified portfolio, enjoy no maintenance fees on accounts of $10,000 or more, and get 200 free trades with promo code EDGE2026. Plus, trade more than 180 select ETFs commission-free. Terms and conditions apply. Offer ends September 30, 2026.

SpaceX offers insight into the rise (and potential fall) of higher-risk investments

Not everyone is convinced SpaceX deserves its reported valuation.

Analysts at Morningstar have suggested the company may be worth substantially less than its IPO target, highlighting the uncertainty that often surrounds fast-growing companies. Morningstar analysts peg SpaceX's valuation at $63 a share, a “53% discount” on the launch price of $135 per share, per CNBC.

That’s not unusual. Throughout market history, periods of excitement around emerging technologies have often been accompanied by debates about whether investors are overly optimistic.

For now, investors can take the experience of the teacher’s pension fund as a signal: If you’re willing to do the work and take the risk, the reward can be great. However, for investors more interested in capturing consistent, steady returns, a long-term investment plan combined with a low-cost trading platform is the easiest and most effective tool for achieving financial goals.

A CTV News investigation has uncovered a luggage tag-switching scheme involving flights departing from Canadian airports. The investigation alleges that criminals are switching innocent travellers’ baggage tags onto checked bags carrying contraband. In some cases, the bags are headed for countries where drug smuggling carries the death penalty. Most Canadian travellers haven’t considered the risk, but they really should.

How does luggage tag-switching work?

When you check a bag, airline staff attach a printed barcode tag that identifies both the bag's destination and the passenger who owns it. That barcode is what guides the bag through the airline's baggage-handling system.

In a tag-switching scheme, a corrupt airport employee with access to baggage-handling areas might remove the legitimate tag from your luggage and place it onto a bag carrying illegal drugs. When it arrives at the destination, criminals will attempt to retrieve it. But if the bag is intercepted by authorities, it will have your information on it, leaving you responsible for its contents.

According to the CTV investigation, the alleged scheme targets routes from Canada to countries with some of the world's harshest drug laws, including jurisdictions where drug trafficking offences can result in execution. In theory, a traveller with no involvement in any criminal activity could find their luggage connected to contraband through no fault of their own.

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

What is the legal risk for innocent Canadian travellers?

Canada provides consular protection for its citizens abroad, but those protections have limits when someone becomes involved in a foreign criminal investigation. The Government of Canada maintains travel advisories for destinations around the world, including warnings that drug offences can lead to lengthy prison sentences or even the death penalty. These alerts apply to several countries across Southeast Asia, the Middle East and parts of the Caribbean.

The Canada Border Services Agency (CBSA) screens baggage entering Canada, while the Canadian Air Transport Security Authority (CATSA) handles security screening at departure points. But these agencies have limited control over what happens to a bag after it clears a check-in counter and enters the airline's own baggage system; a gap that the reported scheme appears to exploit.

Why airports are vulnerable to this kind of fraud

Canada's major airports handle tens of millions of passengers annually. Pearson International Airport in Toronto alone processed more than 46 million passengers in 2024.

Moving that many bags requires a complex network of airline employees, baggage handlers, contractors and even third-party service providers, creating multiple access points throughout the system.

While airport security is heavily focused on preventing prohibited items from entering aircraft cabins, checked baggage follows a different path. Along the way, bags may pass through the hands of numerous workers whose roles, employers and oversight structures vary.

What Canadian travellers can do right now

There is no sure-fire way to prevent a determined criminal from accessing checked baggage at a busy international airport. However, you can take steps to reduce your exposure and create a record if something goes wrong.

One of the simplest ways is to document exactly what is in your luggage before you check it in. If authorities ever question the contents of your bag, having evidence of what you packed could become important.

Consider taking the following steps before your next trip:

• Photograph or record a video of your packed luggage before you leave home, ideally with a timestamp.
• Use a TSA-approved luggage lock to make unauthorized access more difficult and to help identify potential tampering.
• Check the Global Affairs Canada travel advisory for your destination before every trip, paying particular attention to local drug laws and penalties.
• If your baggage fails to arrive, file a missing baggage report with the airline immediately and request written confirmation.
• If you discover items in your luggage that you did not pack, avoid handling them further and contact the nearest Canadian consulate as soon as possible.
• Consider shipping high-value items or critical medications separately rather than checking them.

Most Canadians don’t think twice about what happens to their luggage after it's checked in. But as this story shows, your luggage could end up in the wrong hands. Thankfully, a few simple precautions, combined with a clear understanding of the laws at your destination, could help protect you if something goes wrong.

Elon Musk’s private firm is launching into the public sphere this month, with a valuation of US$1.77 trillion (C$2.47 trillion). That’s more than 430 times what it cost to send Canadian astronaut Jeremy Hansen and his NASA crewmates to the moon on Artemis II.

The SpaceX buzz has been building for months, with institutional and retail investors worldwide lining up for this investment moonshot. Competition will be fierce. The company has reserved 5% of its shares for “certain employees” at SpaceX and private investors in this IPO, as CNBC reports.

At the same time, analysts are warning of the risks of buying into an IPO that seems to defy gravity. Morningstar analysts Nicholas Owens and Suryansh Sharma say SpaceX is “significantly overvalued” — worth US$780 billion, less than half of its current valuation.

They advise waiting to buy it, noting that private investors and employees will be selling more SpaceX shares in coming months, which could moderate the stock price.

So what’s a Canadian investor to do? If you want to get in on the global space economy, there are a number of options already on the market. And you don’t have to wait in line.

The space economy is already a multi-billion-dollar industry

SpaceX is a juggernaut, but it’s not the only player. Last year, the global space economy was valued at US$626.4 billion, according to Novaspace. The World Economic Forum projects it will grow to over US$1.8 trillion (C$2.5 trillion) by 2035.

And Canada is a serious player. The domestic space sector employs more than 20,000 people and generates over C$7 billion in annual revenue. Royal Bank of Canada (RBC) projects this could grow to C$21 billion by 2035.

So what is the space economy? For many, the phrase conjures up images of space exploration, and that’s definitely a part of it.

Canadians can buy into that vision with stock in MDA Space (TSX: MDA) — MacDonald, Dettwiler and Associates, the Brampton-based firm behind the Canadarm 2 on the International Space Station.

MDA is now developing the Canadarm 3 and has signed on to provide robotics support for NASA’s Gateway mission, a space station that will orbit the moon. Its stock climbed approximately 45% in the past year, and the company is profitable — unlike many space startups.

Mississauga-based Magellan Aerospace (TSX: MAL) is another option. It provides rockets and deep-space technology to space agencies like the Canadian Space Agency (CSA) and NASA.

Magellan reported Q3 2025 revenue of C$278.3 million, up 15.6% year-over-year.

Don't leave money on the table with expensive trading fees. Click here to discover the best online brokerages in Canada and start keeping more of your hard-earned gains.

Most of the money in space ends up floating closer to Earth

As exciting as the thought of space exploration may be, the bulk of the space economy revolves around more Earthly matters.

Moneywise spoke to Chris McHaney of Global X Investments Canada about the sector. He’s executive vice-president and head of the firm’s Investment Management and Strategy division.

This spring, Global X launched a Canadian-listed exchange-traded fund (ETF) specifically for the space economy: ORBX.

“Most of this is for us on the ground,” he told Moneywise.

McHaney cites GPS, a satellite-based system that helps people find exactly where they are on Earth: “We use it every day.”

He highlights the essential role of all the other satellites orbiting Earth, which help enable communications via voice, text and imagery. Governments, public agencies, nonprofits, media and private individuals rely on satellite data to gain information on the impact of wars, natural disasters and more.

McHaney points to the role of Starlink, Elon Musk’s satellite-based broadband internet provider, which Morningstar’s Owens and Sharma deem the most profitable business unit at SpaceX thanks to “its unmatched ability to provide connectivity in remote areas worldwide.”

Not surprisingly, Canada’s MDA — behind the Telesat Lightspeed and Globalstar satellite networks — is a big player in the satellite sector as well. McHaney notes it is (for now) the sole Canadian holding in the ORBX portfolio. Most of the holdings are U.S.-based.

Defence is another big driver of the space economy. This March, Canada committed C$200 million to establish its first spaceport in Nova Scotia as part of a national defence strategy.

McHaney said the advantage of such government investment is that it offers investors in the space economy some long-term security.

“We talk a lot about government and defence-related spending,” he said. “These are things that are going to happen, where people want to spend in terms of national security.”

Outside of the Canadian-listed market, there are a number of U.S.-listed space ETFs that can be accessed through Canadian brokerage accounts, including:

• Procure Space ETF (UFO) — One of the most focused space economy ETFs. Top holdings include Planet Labs and MDA Space Ltd.
• ARK Space & Defense Innovation ETF (ARKX) — Delivered approximately 74% gains over the past year; top holdings include L3Harris Technologies and Rocket Lab
• SPDR S&P Kensho Final Frontiers ETF (ROKT)
• Roundhill Space & Technology ETF (MARS)

Keep in mind that the U.S.-listed stocks held in a Tax-Free Savings Account (TFSA) are subject to a 15% withholding tax on dividends under the Canada-U.S. tax treaty. Registered Retirement Savings Plans (RRSPs) are generally exempt from this withholding tax under the treaty.

Even if you don’t buy into SpaceX and you plan to limit your exposure with an ETF, space is still a risky sector, so make sure it fits with your goals and your portfolio before putting money down.

Microsoft — the company that has poured about US$13 billion (C$17.8 billion) into OpenAI and writes up to 30% of its own code using generative AI — reportedly told engineers in a major division to stop using an AI coding tool because the bills got too big. Meanwhile, Uber’s chief technology officer said the company burned through its 2026 budget for Claude Code and Cursor, two leading AI coding tools, in only four months.

The uncomfortable truth is that the technology reshaping the global economy is, right now, too expensive to do what its biggest boosters have promised. For workers — including the millions of Canadians whose jobs may be in the crosshairs — that economic reality is quietly buying time.

What Microsoft actually did, and what it didn’t

In late 2025, Microsoft gave thousands of its people — engineers, product managers, designers and even staff in non-technical roles — access to Claude Code, Anthropic’s command-line AI coding agent. The idea was to let them experiment. It spread quickly, well beyond technical teams.

Then the bills arrived.

Microsoft began cancelling Claude Code licenses across its Experiences and Devices group — the team behind Windows, Microsoft 365, Outlook, Teams and Surface — with a June 30, 2026 cutoff, the last day of the company’s fiscal year. Microsoft then moved its engineers to GitHub Copilot CLI, its more affordable in-house tool.

To be clear: This isn’t Microsoft walking away from AI. Claude models still run inside Copilot CLI. In fact, its broader deal with Anthropic — including a US$5 billion investment (C$6.8 billion) and Anthropic’s US$30 billion (C$41 billion) commitment to buy Azure computing capacity — remains intact, according to Forbes.

The problem is the pricing model. Token-based billing charges per unit of output, and when engineers use an AI agent for hours on complex coding tasks, those tokens — and the associated costs — pile up fast.

This matters for Canadian workers and investors, too. Microsoft has pledged C$7.5 billion in Canadian AI and cloud infrastructure over two years, part of a broader C$19 billion commitment running through 2027. The company is expanding Azure data centres in Ontario and training Canadians in AI skills. The investment shows just how much is riding on AI’s economic promise — and underscores why the cost crisis at the centre of this story is so significant.

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.

Uber: When adoption works too well

Uber’s situation makes the problem concrete. In April 2026, chief technology officer Praveen Neppalli Naga told The Information his company had burned through its entire 2026 AI coding budget in four months.

“I’m back to the drawing board,” Naga said, “because the budget I thought I would need is blown away already.”

And it wasn’t because Uber mismanaged funds. Like Microsoft, Uber sent Claude Code to its engineers in December 2025. By March 2026, about 84% of its engineers had adopted the tool, and around 70% of code committed at Uber now originates with AI. Additionally, 11% of live back-end updates are shipped by an agent with no human in the loop.

Individual engineers were spending between US$500 and US$2,000 (C$685 and C$2,740) every month because the tool worked. Engineers found it genuinely useful and made it part of their daily workflow. The budget collapsed not because engineers were wasting tokens, but because they were actually leaning on the tool — exactly what tech leadership had been demanding.

Hype meets reality: The economics of AI at scale

Bryan Catanzaro, vice-president of applied deep-learning research at Nvidia — the company whose chips power much of the global AI industry — put it plainly in an interview with Axios: For his team, the cost of compute is far beyond the cost of the employees.

Big Tech firms collectively announced roughly US$725 billion in capital expenditures in 2026 alone — a sharp jump from the previous year, according to data from Statista Research. Yet there’s still no widespread evidence that AI is driving productivity gains at scale. A 2024 MIT study found that AI could replace human labour for only about 23% of the wages tied to vision-related automation tasks in a cost-effective manner; for the remaining 77%, a human worker was still cheaper.

The infrastructure required to run AI at scale is projected to cost US$5.2 trillion by 2030, according to McKinsey & Company — just for AI-specific data centre capacity. Becoming cheaper than a human employee is only part of the challenge, analysts say. The technology must also become more predictable at scale before widespread replacement makes financial sense.

What this means for Canadians worried about their jobs

None of this means AI displacement isn’t real. Globally, almost 150,000 tech workers were displaced by mid-2026, according to industry-tracking data — with AI cited as the single leading cause of layoffs for two consecutive months in early 2026.

And Canada hasn’t been immune. Statistics Canada data published in January 2026 shows the share of Canadian businesses using AI to produce goods or deliver services doubled — from about 6% in 2023-24 to 12% in 2024-25. But critically, the share of AI-adopting businesses that reported reducing employment because of AI remained steady at about 6% over both periods.

The longer-term picture is harder to ignore. Statistics Canada’s experimental estimates find that about 31% of Canadian workers hold jobs with high AI exposure and where the technology could adequately perform key functions — also known as the displacement-risk category. Another 29% are in roles where AI is likely to augment, not replace, their work. Signal49 Research puts the share of Canadian jobs highly exposed to AI at 57.4%.

Since 2022, employment growth has also been weaker for entry-level and less-educated Canadian workers, which coincides with the mass availability of AI tools like ChatGPT. Experts say companies adopting AI risk making job prospects harder for workers most likely to perform the routine, rules-based tasks that AI handles best.

The World Economic Forum (WEF) projects that, by 2030, 40% of employers expect to cut roles where AI can handle routine tasks — while 92 million jobs globally could be displaced, offset by 170 million new positions. Canada’s policy response, researchers say, has so far prioritized building the AI industry over managing the labour disruptions it may cause.

What Microsoft and Uber show is a real limitation: To replace a human worker, AI has to deliver the same or better output for less money. Right now, for most jobs, that math isn’t working.

What Canadians can do right now

The window may be temporary, but it’s real — and it’s a reason to act, not to wait.

Understand where your job sits on the AI exposure spectrum

Not all jobs face the same risk. The Future Skills Centre distinguishes between AI-competing roles (where automation can replace core tasks) and AI-augmenting roles (where AI enhances human work). Knowing which category applies to your role is the starting point for any planning.

Build AI skills before they’re required

Signal49 Research is explicit: Workers who use AI to strengthen their skills will be more future-proof than those who don’t. Free and low-cost AI training is available through platforms such as Google’s Grow with Google, Microsoft’s AI Skills for Canada program and the Government of Canada’s Job Bank, which is investing $50 million to integrate AI-based training resources.

Know your Employment Insurance (EI) rights

If you experience a layoff, Canada’s Employment Insurance (EI) system can provide a critical buffer. The federal government has extended temporary EI measures to October 10, 2026, including waiving the one-week waiting period and providing up to 20 additional weeks of regular benefits for long-tenured workers — on top of standard entitlements.

Explore provincial retraining supports

Provincial programs can help cover the cost of upgrading skills while managing an income gap. Options include Better Jobs Ontario and the Skills Development Fund in Ontario, the B.C. Employer Training Grant, Services Québec, and the Working Up program in the Yukon. Eligibility rules vary, so contact your provincial or territorial employment office early.

Think carefully before making major financial decisions based on AI fear

Prematurely cashing out Registered Retirement Savings Plan (RRSP) or Tax-Free Savings Account (TFSA) savings, or taking on debt based on job-loss fears, can have a lasting impact on your financial future. If job security feels uncertain, speak with a licensed financial adviser before making significant changes to your savings or investment strategy.

Back in April, the International Energy Agency (IEA) pulled no punches about jet fuel shortages, saying that Europe had only six weeks of jet fuel supply left.

But as the busy summer travel season approaches, airlines are assuaging these concerns, saying major fuel shortages are not coming down the pike.

“There is no fuel shortage affecting our operations, including across Europe, and we do not anticipate any significant impact through the summer,” a marketing email from Air Canada states.

Ready to turn your everyday spending into a dream vacation? Browse our expert picks for the best travel programs and start earning today.

European airline Lufthansa shared a similar sentiment in an online post, saying, “most European airlines are confident there will be no jet fuel shortage this summer.” Back in April, Lufthansa cut 20,000 short-haul flights saying the decision would save approximately 40,000 tonnes of jet fuel.

Data from aviation analytics firm Cirium is also showing that even with the increased cost of fuel and concerns due to supply disruptions, mass cancellations aren’t materializing. In fact, seating for travel from Canada to Britain, France and Japan was essentially unchanged in May compared to the month prior.

“Any reductions in the supply of seats is [sic] minimal, even with the increased cost of fuel, despite the geopolitical climate, inflation and that the euro has gained marginally on the Canadian dollar,” Mike Arnot, spokesperson for Cirium, told the Globe and Mail.

That said, some airlines have seen some cancellations. Cirium data showed that WestJet dropped off around 1.2% of its seats to Europe since the start of the war.

Similarly, the director general of the International Air Transport Association (IATA), Willie Walsh, told Reuters in an interview last week that soaring jet fuel prices are likely to push airlines into a corner, forcing bankruptcy and the consolidation of multiple airlines.

“Unfortunately, I think there will be some carriers that will find this high fuel price very difficult to cope with,” Walsh told the outlet, pointing to the collapse of U.S.-based Spirit Airlines as a case of strain from fuel prices.

Canadian travellers are not out of the woods yet

While the Iran war has caused economic hardship and tension for months, Canadian travellers can find some solace in the fact that their summer trip likely won’t be cancelled. But that doesn’t mean that they’re out of the woods yet. The trickle-down of fuel prices from carriers to consumers is still a possibility, according to experts, though markets are in a confusing position.

The latest jet fuel price data from the IATA shows that the commodity has dropped in price every week from May 8th onwards — save for the week ending June 5th, when they rose 3.3% from the prior seven-day period. Additionally, jet fuel price data from Cirium shows that prices have largely corrected since the February jump, thanks to alternative sources of fuel from outside the Middle East, though prices are still well above pre-crisis levels.

Matt Smith, the director of commodity research for Kpler, a data and analytics firm, told CBC News that demand for crude oil has fallen over concerns regarding the Strait of Hormuz, which is helping to mitigate price increases.

However, Smith admits that the markets are giving confusing feedback, given the lack of inventory.

“The reality is supplies are dropping every single day here and have been drying up for the last three months.... Everybody is scratching their heads,” he told the outlet.

Smith was clear in his interview with CBC that if the supply of oil or jet fuel continues to fall and the Strait of Hormuz is not a reliable route, prices could take off.

“When we get there, it’s going to be too late, and we really could see prices ripping higher from here,” Smith told CBC.

How summer flyers can make the most of the season

So it looks like Canadian summer flyers don’t have major cause for concern: it doesn’t appear that flights will be cancelled en masse, while fuel prices have stabilized in the meantime. But that said, the best financial decisions are made strategically, not under pressure. That means acting with the information you have now but keeping in mind potential risks.

So, how should Canadians looking to fly this summer find ways to save money on their flights, just in case prices do take a jump? Here are some simple tips to start.

• Always book in advance, but don’t try to time markets. If fuel costs continue to climb, airlines will be more likely to pass along the added cost to consumers as their departure dates approach. Booking a few months in advance can help you lock in favourable pricing instead of risking fare hikes in the coming months.
• Use technology to your advantage. Apps like Google Flights, Hopper and Skyscanner allow users to track their preferred routes and set up notifications when costs for their destination drop. This is more reliable than manually checking for deals, especially as competition heats up during the summer months.
• Be flexible with your travel dates. Changing your flight day to a Tuesday or Wednesday versus a Friday can potentially mean hundreds of dollars in savings. Early morning or red-eye flights can also come with a lower price tag. Small changes in your schedule can reap large rewards.
• Dip into your rewards points. Reward points such as Aeroplan or WestJet Rewards can become more cost-effective when ticket prices are high — whether due to demand or fuel price surges. If your travel credit card offers additional companion fares or travel insurance perks, using rewards points can result in substantial savings.

Don't leave points on the table. Compare Canada's top travel rewards programs today to see which one gets you to your destination faster.

Bottom line

For now, Canadians' summer travel plans are not in jeopardy. But analysts warn that if the situation in the Middle East doesn’t improve, and the supply of jet fuel continues to shrink, travellers could be in for a price surge later this year. The threat of rising prices does not call for Canadian flyers to panic this summer, but they should plan their flights strategically to reduce the risk of a possible price surge.

A new survey from Edward Jones and Gallup found that while nearly half of Canadians (48%) say they feel grateful when they think about money, only 12% are considered financially fulfilled under a new measure developed for the study.

The research suggests that day-to-day financial concerns are increasingly taking priority over longer-term goals such as retirement planning and homeownership. “Even when people feel grateful, many aren’t yet experiencing the kind of confidence and freedom they want in their financial lives,” said Penny Pennington, managing partner at Edward Jones, in a statement.

Retirement is taking a back seat to more immediate concerns

The survey found that Canadians are focusing first on the financial challenges directly in front of them.

More than half of respondents (52%) said having enough income to maintain a healthy lifestyle is a high priority. Nearly half said increasing household income (47%) and reducing debt (46%) are top concerns.

Retirement savings ranked slightly lower, with 44% identifying it as a high priority. Saving for a home was even further down the list at 21%.

For many households, retirement planning is competing with more immediate concerns. Mortgage payments, rent, grocery bills and debt repayment often demand attention first, leaving less room for longer-term goals.

The survey also found that one-quarter of Canadians are making significant financial sacrifices in an effort to reduce expenses.

More Canadians are turning to the internet for financial guidance

As Canadians try to balance competing financial priorities, many are looking online for answers.

Nearly six in 10 respondents (59%) said they used internet research for financial guidance over the past year, making it the most common source of financial information. By comparison, 43% said they sought guidance from a financial advisor.

Despite that shift, financial advisors remain one of the most trusted sources of financial guidance. More than three-quarters of Canadians (76%) said they have confidence in the expertise of financial advisors, compared with 64% who expressed confidence in advice from family members or relatives.

The survey also found a strong connection between professional guidance and financial confidence.

Among Canadians who worked with a financial advisor in the past year, 90% said they felt confident managing their current financial needs, compared with 70% of those who did not. Similarly, 82% said they felt in control of their financial future, versus 60% among those who had not sought professional advice.

“What this data shows is that guidance can make a meaningful difference — helping people better understand their options, build a plan tailored to their short- and long-term goals, and stay on track with greater confidence and control,” said David Gunn, principal and head of Canada and U.S. Business Units at Edward Jones.

Is your retirement fund leaking? Secure your future today. Silent fees and stagnant interest can push your retirement date back by years. See how moving your savings to a high-interest account can help you retire sooner and with more confidence.

Why gratitude and financial stress can exist at the same time

One of the more interesting findings from the survey is that gratitude and financial stress are not mutually exclusive.

While gratitude was the most commonly reported emotion Canadians associate with their finances, stress was not far behind at 38%.

The study defines financial fulfillment as more than simply having money in the bank. It describes it as a sense that finances are aligned with personal goals and values, creating confidence, freedom and forward momentum rather than ongoing strain.

The findings suggest many Canadians haven’t abandoned long-term goals such as retirement. They’re simply dealing with more pressing demands in the present.

That may help explain why gratitude remains the dominant emotion in the survey, even as financial fulfillment remains out of reach for most respondents. Many Canadians feel thankful for what they have, while still wondering whether they’re making enough progress toward the future they want.

On June 10, 2026, the BoC held its key rate steady at 2.25% for the fifth consecutive time. The rate hold didn’t come as a surprise, as the uncertainty around rates and the overall economy continues to persist. What drew attention was Governor Tiff Macklem’s ongoing and explicit warnings regarding elevated oil prices combined with stagnant economic growth (due, in part, to U.S. President Donald Trump’s ongoing tariffs).

In the BoC’s Monetary Report released in April 2026, Governor Macklem warned that ongoing elevated oil prices and energy costs could feed into broader inflation, forcing the BoC to deliver consecutive rate hikes.

Now the next rate announcement, scheduled for July 15, sits in the shadow of that warning — and the inflation data since April has not made the outlook simpler.

In these uncertain times, here’s what homeowners and home buyers need to understand about rate risk, how it could affect their borrowing costs, and what steps are worth taking, right now.

Skip the bank-hopping. Let Homewise do the shopping for you. Access rates from 30+ lenders with one simple application and find your best fit instantly.

Why ‘looking through’ inflation has limits

Central banks routinely ‘look through’ temporary price spikes caused by supply shocks — energy disruptions, weather events, one-off tax changes. The logic behind this approach is straightforward: Raising rates to fight a gas price spike that will likely reverse on its own would cause unnecessary economic pain.

The Bank of Canada applied exactly that logic in early 2026 when the Iran war and closure of the Strait of Hormuz sent global oil prices soaring. As a result, the BoC’s April Monetary Policy Report (MPR) assumed crude would ease from around US$100 per barrel to US$75 by mid-2027, projecting that inflation would peak around 3% in April before cooling toward the 2% target by early next year.

But Macklem was explicit about where that tolerance ends. The risk, he said, is that elevated energy costs begin spreading into wages, services and other goods — becoming what economists call ‘second-round effects.’

If those ‘second-round effects’ are triggered, the BoC cannot simply stand by and watch.

Statistics Canada confirmed in May that headline inflation rose to 2.8% year over year in April 2026 — up from 2.4% in March — with gasoline prices 28.6% higher than a year earlier. Crucially, core inflation — which strips out volatile components like gas — came in at 2.1% and was actually softer than in March. Why does this matter? Because right now it shows that soaring energy costs have not yet spread — the ‘second-round effects’ have not been triggered. But the Bank has made it clear: They are watching closely for any sign, and if it does, they will respond. More than likely, that response will come as a rate hike.

What consecutive rate hikes would do to a $500,000 variable mortgage

The BoC policy rate currently sits at 2.25%, which puts most lenders’ prime rate at around 4.45%. Variable-rate mortgage holders end up paying prime plus or minus the lender rate. For most borrowers, this means a variable-rate mortgage of prime minus the discounted range, which is currently between 0.5% to 1.0%.

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

But fast-forward to a point in time after two consecutive 25-basis-point BoC rate hikes — the scenario Governor Macklem described — and the BoC policy rate now sits at 2.75% — shifting your lender’s prime rate to roughly 4.95%. On a $500,000 variable mortgage with a 25-year amortization, that shift translates to approximately $130 to $150 more per month in interest costs (depending on the specific rate and payment structure).

Fixed-rate borrowers face a different but related pressure. Fixed mortgage rates are priced off Government of Canada bond yields, not the overnight rate. But fixed income markets will adjust pricing based on expectations — including a modest probability of rate hikes. When this happens, bond yields rise, and fixed rates follow. As a result, borrowers renewing fixed mortgages in the next 12 months are looking at potentially higher mortgage rates — at a time when they are already renewing into rates well above what they originally locked in.

For context, the market assumed a 5% probability of a rate hike on June 10 and about an 7% chance of a rate hike on July 15 — low odds, but a material shift from the near-zero probability that prevailed just a few months ago.

The Middle East conflict as a Canadian personal finance risk

The Iran war and the Strait of Hormuz closure account for roughly 20% of global oil supply. Macklem told the Senate committee that the conflict has pushed global energy prices sharply higher, increased financial market volatility and disrupted shipping for fertilizer and other commodities — all of which weigh on the global growth outlook.

For Canadian households, these economic headwinds have a direct impact both on Canadian budgets and on economic growth. For instance, the price of gasoline is up 28.6% year over year — a direct cost that’s felt at the pump every day. Even those that don’t drive are feeling the impact, with food suppliers adding fuel surcharges that eventually work their way through to grocery prices. And it’s not just gas. Utility costs — water, fuel and electricity — rose 5.5% year over year in April, according to Statistics Canada, reflecting higher energy input costs, all around.

The Bank of Canada’s MPR notes a second, countervailing risk as well: Significant new U.S. trade restrictions on Canada. The Canada-U.S.-Mexico Agreement (CUSMA) comes up for review in July and any hiccup or headwind in this agreement could slow Canadian economic growth enough to require rate cuts rather than hikes.

Unfortunately, the forces impacting Canada’s economic outlook require action in opposite directions, which is precisely why Macklem has avoided giving a clear directional signal and instead described the path ahead as “unusually uncertain.”

How to rate-proof your budget

None of this means Canadians should panic — or rush into a fixed rate at the first sign of concern. But there are specific steps worth taking before the July 15 BoC rate announcement or the remaining 2026 rate decisions (when the Bank should have significantly more inflation data).

Right now, if you hold a variable-rate mortgage, the most useful first step is a break-even analysis. Ask your lender or mortgage broker what it would cost, in penalty terms, to convert your variable to a fixed rate today. For many borrowers with variable-rate mortgages structured as adjustable-rate products, conversion is permitted without a prepayment charge — but terms vary by lender, so be sure to ask and confirm.

The BoC suggests homeowners test their finances against higher mortgage rates. Try calculating what your mortgage payment would be if rates increased by 1% or 2%. If a 2% rate increase would make your mortgage payments difficult or impossible to afford, it’s a sign that your variable-rate mortgage may be riskier than you think.

To find the best rates, use the Homewise no-obligation rate comparison tool

Remember, it’s better to assess that risk now and make adjustments if needed, rather than waiting until rates actually rise and your payments increase.

For those approaching a fixed-rate renewal in the next 6 to 12 months, locking in a rate 90 to 120 days in advance is worth exploring. Many lenders allow rate holds over that window at no cost, providing a hedge if bond yields move higher while you wait.

5 steps to prepare for rate uncertainty

• Review your mortgage type — variable or fixed — and understand the terms for conversion or prepayment
• Run a stress test: calculate your payments if the policy rate rises by 50 bps (two hikes of 25 bps each)
• If your fixed mortgage renews in the next 12 months, ask your lender about rate holds of 90 to 120 days
• Track the July 15 Bank of Canada decision — the next Monetary Policy Report will include updated oil price projections
• Households carrying significant variable-rate debt should prioritize building a cash buffer before fall decision dates

Build your emergency fund faster. An emergency fund works best when it’s both accessible and earning a competitive return. If you’re setting aside money for unexpected expenses, consider comparing high-interest savings accounts. For example, EQ Bank offers a high-interest savings account that can help your savings grow while keeping your cash accessible for when you need it.

Bottom line

The situation remains fluid. Core inflation is still contained. Oil prices have not yet spread into wages or services at a worrying rate and, as a result, the Bank of Canada may end up holding the overnight rate for the rest of 2026. But there’s no certainty in this scenario and for borrowers who have not stress-tested their debt at modestly higher rates, now is the right time to do so — before the next set of decisions forces a less comfortable conversation.

The Bank of Canada held its overnight rate at 2.25% for the fifth consecutive time on June 10, 2026.

During the rate announcement, BoC Governor Tiff Macklem made it clear that the next move could go in either direction — a cut if U.S. tariffs escalate and hit the Canadian economy harder, or a hike if energy-driven inflation from the Middle East conflict becomes entrenched.

For mortgage holders, savers and anyone managing a household budget, that ambiguity makes it even harder to plan for current and future financial decisions. Here’s what you need to be thinking about for the next six months.

Ready for a better banking experience? Switch to a top-rated account today and earn a cash bonus when you set up your direct deposit.

What ‘holding’ means in plain terms for your money today

When the Bank of Canada holds its overnight rate, the prime rate at major lenders stays put — currently 4.45%. That means variable-rate mortgage payments and home equity line of credit (HELOC) rates do not move. High-interest savings account (HISA) and guaranteed investment certificate (GIC) rates also hold roughly where they are.

For variable-rate mortgage holders, this rate hold is good news.

2 triggers that could push rates higher or lower before year-end

What makes this hold different from the previous four is the explicit acknowledgment of two-way risk by Bank of Canada Governor Tiff Macklem.

Macklem identified both a potential hike scenario and a potential cut scenario during the June 2026 rate announcement.

The hike risk comes from energy. The war in the Middle East has pushed global oil prices higher, which is flowing through to Canadian inflation at the pump and in household energy costs. As stated during the June 2026 rate announcement, the Bank will “look through” the short-term spike — meaning it won’t react to a one-time price shock — but it will act if that pressure starts to spread into broader prices and become persistent. As stated in the Bank’s April Monetary Policy Report, it’s projected that inflation will stay elevated for the next few months, near 3%, before easing toward the 2% target in 2027.

The cut risk comes from trade. The Bank has been clear that if the United States imposes significant new tariffs on Canada, the resulting drag on exports, business investment and employment could require further monetary policy support. The labour market is already soft, with the unemployment rate sitting in the 6.5% to 7% range.

Markets currently price a higher probability that rates hold or move very modestly. But the Bank has made clear it will not be passive if either risk materializes.

Variable vs. fixed: What to do at renewal right now

If your mortgage is coming up for renewal in the next 90 days, the two-way uncertainty changes the math on variable versus fixed.

A variable rate gives you exposure to future cuts — which could still happen if tariff escalation weighs on growth. But it also leaves you exposed to a hike if energy inflation becomes stickier than the Bank expects.

For borrowers who can absorb payment volatility and have a financial cushion, variable remains defensible. For anyone who needs payment certainty, a short-term fixed rate — two or three years — offers a hedge without committing to a full five-year term at current levels.

Sweet spot for renewals + a warning for those with a trigger clause

Two or three-year fixed rates give you downside protection against a hike while keeping your renewal window short enough to benefit if cuts materialize in 2027 or 2028. Check whether your mortgage contract includes a trigger clause — a provision that can result in lenders converting variable-rate mortgages to fixed if your regular payment no longer covers interest. In a rising rate scenario, trigger clauses can create an unwanted forced conversion. Review your documents or call your lender now, before rates move.

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

What the Bank’s dual warning means for GIC and HISA holders

For savers, the holding pattern has a shelf life. GIC rates are near their current floor — locking in a long-term GIC now means betting rates don’t rise. But with the uncertainty in the market, this bet may not be wise. A smarter approach is laddering: Spreading maturities across short, medium and slightly longer terms so you are not fully committed in either direction.

For example, in this hypothetical scenario, rather than putting $30,000 into a single two-year GIC, consider splitting it roughly equally into terms of 6 months, 12 months and 18 months. As each term matures, you can reinvest at whatever rate the environment offers. You give up the marginal yield of a longer-duration commitment, but you preserve the ability to react.

High-interest savings account (HISA) rates move with prime and will hold for now. If the Bank cuts, HISA rates will follow quickly. If the Bank hikes, HISA rates will benefit. Either way, keeping a portion of your savings liquid in a HISA rather than locked into a long-term GIC gives you the flexibility you need to take advantage of either direction rates could go in the near-term future.

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.

How to position yourself before the next decision

The next rate announcement for the Bank of Canada is July 15, 2026, when it will also publish its next Monetary Policy Report. That will be the first full update to the Bank’s official growth and inflation projections since April. Watch for any shift in language around the energy inflation risk, and for whether the May jobs data changes the Bank’s assessment of labour market softness.

In the meantime, the clearest action steps are practical, not predictive. You do not need to forecast what the Bank will do. You need to make sure your financial structure can absorb either outcome without forcing a reactive decision under pressure.

HVAC technicians across the country are seeing an uptick in rodent infestations inside heating and cooling systems. Mice, rats and squirrels seek warmth in these units during winter months — and when temperatures rise and the system kicks on, whatever they’ve left behind gets circulated through your home’s air supply.

That’s more than just a mechanical problem. Hantavirus — a rare but potentially fatal respiratory illness — is transmitted by airborne particles from infected rodent urine, droppings and nesting materials. And with hantavirus in the news following a high-profile 2026 outbreak that prompted Canada’s Chief Public Health Officer, Dr. Joss Reimer, to issue national guidance, public health experts say this is exactly the moment to check your HVAC system before turning it on.

Hiding in an HVAC

HVAC maintenance professionals have seen seasonal surges in rodent-related service calls. “As soon as temperatures climb, so do the number of calls coming in,” noted one Massachusetts-based technician in a widely reported interview. In one case, the technician found baby squirrels nesting inside a cooling unit — a discovery that underscores how early and thoroughly wildlife can embed themselves in home climate systems.

“They find shelter in these systems and the wires sometimes are made out of rice resin, so the mice will chew through it,” the technician explained. The results include erratic system behaviour, electrical faults and, in the worst cases, fires.

In Canada, this risk is compounded by the country’s climate. Long, cold winters drive small animals — especially deer mice, the primary carrier of the Sin Nombre hantavirus strain in Canada — indoors. Deer mice have been detected in Sin Nombre virus surveys in every province except Prince Edward Island and Nova Scotia, and in the Yukon Territories, but not the Northwest Territories or Nunavut, making the risk geographically widespread. Hantavirus pulmonary syndrome (HPS) cases in Canada have historically been concentrated in western provinces, with Alberta reporting the highest number.

Don't pay more than you have to for peace of mind — compare Canada’s top-rated home insurance providers in minutes.

The hantavirus risk in Canada

The Public Health Agency of Canada (PHAC) has confirmed 168 cases of hantavirus infection in Canada since active surveillance began in 1994, with an average of five new cases annually. Peak infections occur in spring and early summer, when deer mouse populations rise and people return to spaces that have been sealed up all winter.

In Canada, hantavirus is transmitted primarily when virus particles from the droppings, urine, saliva or nesting materials of infected rodents are disturbed and become airborne. “If you are doing some spring cleaning, cleaning out your lake cabin here in Canada, we actually do have mice that can transmit hantaviruses,” virologist Angela Rasmussen of the University of Saskatchewan told CBC News.

In Canada, the rodents known to carry hantavirus are the deer mouse, the white-footed mouse and the red-backed vole, which are species that tend to live in rural and wooded areas but regularly move indoors in colder months. House mice, roof rats and Norway rats — more common in urban centres — are not known to carry the virus.

The World Health Organization (WHO) says the case-fatality rate of Hantavirus Pulmonary Syndrome (HPS) in North America is approximately 30% to 35%, and there is currently no cure. Early detection and accessing medical care as soon as possible are critical. Symptoms typically begin within one to six weeks of exposure and can include fever, muscle aches, headache, nausea and progressive shortness of breath — which can rapidly become severe and life-threatening.

The financial cost of doing nothing

Beyond the health risk, ignoring your HVAC system’s upkeep has a real financial cost — one your home insurance most likely won’t cover.

Canadian homeowners’ insurance policies generally exclude rodent damage, classifying it as a maintenance responsibility rather than a sudden or accidental peril. That means the cost of cleaning contaminated ductwork, replacing chewed wiring and repairing or replacing your HVAC unit is entirely your responsibility.

However, there’s one important exception: if rodents chew through wiring and cause an electrical fire, the resulting fire damage may be covered under your home insurance policy — because it’s the fire, not the rodent activity, that’s the insured event. But the infestation itself, and all the damage leading up to the fire, remains uninsured.

Regular preventive maintenance is the far cheaper option. Canadian homeowners can expect to pay between $100 and $150 a year for routine HVAC system maintenance, and annual plans covering seasonal tune-ups for both the furnace and cooling system run from $150 to $500. By contrast, HVAC duct replacement can cost between $1,000 and $3,000 or more, depending on the extent of the damage — to say nothing of professional biohazard cleaning of rodent-contaminated ductwork.

How to keep your home — and family — safe

Most HVAC professionals recommend having your system serviced at minimum once a year — ideally twice: once in spring before air conditioning season and once in fall before heating season begins. A spring inspection is the critical window for catching any winter wildlife that has taken up residence.

Beyond scheduling service calls, PHAC and provincial health authorities recommend the following steps for managing rodent activity around your home:

• Seal gaps and entry points around your home’s foundation, utility lines, roof vents and door sweeps using foam insulation, steel wool or wire mesh
• Install wire mesh covers over HVAC vents, chimney caps and dryer exhaust openings to block access
• Store food, water and garbage in sealed, hard-sided containers
• Keep firewood, brush and debris at least six metres away from your home's foundation
• Use spring-loaded traps to remove rodents from buildings and dispose of them in sealed, double-bagged plastic bags

If you find rodent droppings in your home — including near vents or ductwork — don’t sweep or vacuum the area. The Canadian Centre for Occupational Health and Safety states that dry cleaning methods can cause virus particles to become airborne. Instead:

• Open doors and windows and air out the space for at least 30 minutes before cleaning
• Wear rubber or plastic gloves and a well-fitting N95-rated filter mask
• Spray the area with a disinfectant or a mixture of 1 part bleach to 9 parts water and let it soak for at least 10 minutes
• Wipe up droppings with paper towels and seal in a double plastic garbage bag for disposal
• Wash your hands thoroughly after removing gloves

Keep in mind, critters can compromise more than the HVAC system. Rodents can damage wiring, chew through insulation and find their way into garages and attics. Seasonal maintenance of your electrical systems, vehicles and pest-control measures are all part of responsible home ownership.

What Canadians can do right now

Consider this the reminder you needed. Before switching on your air conditioning for the first time this season, book a professional HVAC inspection. It's a small annual expense that protects both your family's health and your wallet.

• Schedule a spring HVAC inspection before first use. Annual maintenance typically ranges from $100 to $150 in Canada
• Check for signs of rodent activity. These include droppings near vents, chewed wires or insulation, and unusual smells when the system runs
• Seal exterior entry points before fall to prevent wildlife from moving in during winter months
• Follow PHAC cleaning protocols if you find droppings. Wear gloves, an N95 mask and use a bleach solution — and consider calling a professional for contaminated ductwork
• Review your home insurance policy to understand exactly what rodent-related damage is and isn't covered
• If you develop flulike symptoms — fever, muscle aches, shortness of breath — within six weeks of potential rodent exposure, seek medical attention immediately and mention the possible exposure

And yet, many women are still financially vulnerable — not because of discrimination, but because of how credit is structured. The story of an 83-year-old widow named June makes that vulnerability painfully clear.

June had always paid her bills on time and carried no debt. She drove an older car, spent well below her means and paid off her credit card balance in full each month. By every measure, she was a responsible borrower. Then her husband died — and with him, her entire credit history.

Out of nowhere, June received a notice that her credit card was being closed and the bank refused to issue her a new one. What June hadn’t realized was that the account was in her late husband’s name and she was only listed as an “authorized user.”

When he died, most of her credit history was wiped out. With a limited credit file of her own, June didn’t qualify for a card in her own name.

While this story is hypothetical, it is a reality many Canadian widows experience as they try to rebalance their financial health after the death of a partner.

The problem with being an authorized user

June’s situation is more common than most people realize — and in Canada, it can happen to anyone whose credit history is largely tied to their spouse’s account.

Being added as an authorized user on someone else’s card can show up on your credit report with Equifax Canada or TransUnion Canada, and it can help build your score. But there’s a catch: You’re entirely at the mercy of the primary cardholder’s financial habits. That means if they miss payments or carry a high balance, that damage can reflect on your credit score, too. And when the primary cardholder dies, that account history can disappear from your credit file entirely — taking years of good money habits with it.

In Canada, once the two national credit bureaus — Equifax and TransUnion — are notified of someone’s death, they place a death notice on the deceased’s credit report, and credit scores can no longer be calculated for that file. More importantly, for surviving spouses named as an authorized user, their access to that account and potentially their associated credit history can get wiped out.

Older women are at particular risk in this situation. Statista Research reports there were 1.6 million widows in Canada in 2022 — outnumbering widowers by more than 3 to 1 — with more than 58% of those women aged 75 and older. Many couples of that generation managed money the way June and her husband did: One person handled the bills, while the other was added for convenience. There was no reason to think twice about it at the time. Unfortunately, that arrangement can have serious and unintentional consequences down the road.

The lesson for couples today is that both partners should hold at least one credit card in their own name. Applying takes only minutes. Paying the balance in full each month costs nothing in interest. But it could spare a surviving spouse the experience of starting over from scratch.

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

How to build your credit from nothing

Building credit in your later years can be challenging, particularly if your income in retirement is fixed. But there are clear, practical steps available to Canadians — no matter their age.

Ask for help from your financial institution

If you find yourself in a situation similar to June’s, the first step is to contact your bank or credit card provider and ask to speak with a representative or a manager who may have more authority to assist. Ask whether they can make an exception, if additional documentation would help, or whether you can transfer the account or open a new card. Not every request will succeed, but it’s always worth inquiring about.

Become an authorized user

If the bank can’t help, consider asking a trusted family member — such as an adult child with a solid credit history — to add you as an authorized user on their card. This solves the immediate practical problem: You will have a card you can use.

But it still doesn’t solve the underlying issue. Being an authorized user builds credit slowly at best, and it leaves you exposed to another person’s financial habits. It’s a short-term fix rather than a long-term solution.

Consider a secured credit card

One of the most effective ways for Canadians to build credit is with a secured credit card. You put down a deposit — typically between $50 and $500 — and that deposit becomes your credit limit. You use the card, repay the balance and use it again. The card issuer reports your payment history to Equifax and/or TransUnion each month. Over time, a positive track record can earn you approval for a traditional unsecured credit card.

Most Canadian secured cards look identical to regular credit cards on your credit file and don’t show as “secured” to lenders — that condition exists in your contract with the issuer, not on your credit report.

Look into a credit-builder loan

Credit-builder loans are available in Canada through credit unions and online lenders such as Borrowell, KOHO and Spring Financial. They work in reverse of a standard loan: The lender holds the funds in a secured account while you make fixed monthly payments. Once the loan is paid off, you receive the money. Each payment is reported to the credit bureaus, building your payment history along the way — and payment history is the single biggest factor in your credit score.

Borrowell, for example, reports that users of its Credit Builder product see an average credit score increase of 41 points within five months.

One more option worth exploring: Some Canadian lenders are beginning to use open banking and cash-flow underwriting — a method that assesses how you earn and spend money using real-time analysis of your money habits rather than relying solely on your credit file. This can make it easier to access credit when your traditional credit history is thin.

What Canadians can do now

Whether you’re currently working through a situation like June’s or want to protect yourself before one arises, here are practical next steps:

• Make sure both partners hold at least one credit card in their own name — not just as an authorized user. This is the single most important step couples can take.
• Check your own credit report for free at Equifax Canada or TransUnion Canada, available by mail or phone at no cost, or online for a fee. Confirm what accounts appear in your name versus accounts where you are listed as an authorized user only.
• Open a secured credit card if you have a thin credit history and use it for small, regular purchases. Pay the balance in full each month. After 12 to 18 months of consistent use, your score should improve enough to qualify for a traditional card.
• Explore credit-builder loans through Canadian credit unions or online lenders if you need additional credit-building tools. These require no upfront spending — just monthly payments.
• Contact the Financial Consumer Agency of Canada (FCAC) for free, unbiased information on credit reports, credit scores and your rights as a consumer when dealing with federally regulated financial institutions.

Financial independence isn’t only about income. It’s also about having a credit identity that’s completely your own — and that no one else’s death can erase.

The traveller recounted being stuck in the Philippines after their bank account was abruptly frozen. To make matters worse, a phone agent told them the only way to unlock the account was to fly back to Canada to verify their identity. "I called them today and the agent told me that my account is locked and I need to fly back to Canada as soon as possible to fix it,” the Redditor posted. “How am I supposed to do that?? I am 6500 miles away from Canada."

For many Canadian travellers, this crisis becomes a reality not because of a sophisticated hacker, but because of a back-end compliance glitch at their own bank. Understanding why Canadian financial institutions trigger these sudden lockdowns can help you protect your funds before you ever skip town.

Why Canadian banks freeze accounts from a distance

Canadian banks operate under strict federal regulations managed by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). Under these laws, institutions must maintain accurate, up-to-date Know Your Customer (KYC) records for every account holder. If a bank realizes it is missing valid, unexpired identification for you, it is legally required to restrict your account access to prevent potential money laundering or identity fraud.

The trap for many newcomers, international students or temporary workers happens during status transitions, which is exactly what triggered the panic for the traveller on Reddit. They later discovered the freeze was tied to paperwork paperwork issues, noting in an update, "My cousin went to Scotia and they told her that the reason my account was flagged is due to expired identification card. They said that my student permit was expired."

Even if you visit a branch to present your new credentials, records can hit unexpected snags in the system. As the original poster pointed out, "I updated my identification with them twice, once when I had my work permit given and when I got my permanet residence. Are they even updating it in their system?"

When you combine an unresolved paperwork issue with a sudden change in behavior, such as sending multiple international money transfers from a foreign IP address, the bank’s automated fraud detection systems flag the account. Because the system views the activity as high risk, it forces a hard lockout that front-line customer service agents cannot easily override over the phone.

Don't settle for average banking. Discover which Canadian institutions offer the best digital tools, lowest fees and highest rewards for your lifestyle.

The travel notification myth

For decades, the standard advice before heading to the airport was to call your credit card company and bank to log a travel note. Today, that advice is largely obsolete.

Most major Canadian financial institutions, including Scotiabank, TD and RBC, have phased out travel notifications entirely. Modern fraud prevention relies on real-time machine learning, looking at your chip-and-pin usage, device biometrics and global location data.

In fact, letting your bank know you are traveling won’t prevent a freeze if your foundational account documentation is expired. Your primary line of defense is no longer a travel memo, but an explicit check of your profile accuracy.

How to safeguard your funds before you fly

To ensure you maintain seamless access to your money while outside of Canada, add a financial checkup to your travel packing list.

• Audit your digital profile: Log into your online banking portal a month before departure. Verify that your legal status, home address, phone number and employment information are completely accurate.
• Confirm ID expiry dates: If you originally opened your account using a study permit, work visa or temporary passport, call your bank or visit a branch specifically to ask if your current legal document is marked as active and verified in their primary compliance system.
• Establish a trusted power of attorney: Consider appointing a trusted family member in Canada as a legal power of attorney for your banking needs, or add them as a joint account holder on a secondary account. If an emergency occurs, a joint owner can walk into a local branch with their physical ID to resolve documentation disputes that you cannot fix from abroad.
• Diversify your financial tools: Never rely on a single financial institution while traveling. Maintain accounts with at least two different Canadian banks, and carry a mix of credit cards, debit cards, and a small amount of local currency.

If your account does get frozen while you are away, don’t despair if the first agent tells you to buy a plane ticket. Ask to escalate your case to the bank’s international banking team, corporate customer care, or the ombudsman office.

These specialized departments frequently have secure channels that allow you to upload scanned, notarized identification from abroad to prove your identity without requiring an emergency flight back to Canada.

The husband-and-wife co-founders of prebiotic soda brand Poppi sold their company to PepsiCo (PEP.TO) last May for US$1.95 billion (C$2.67 billion). Roughly nine years earlier, Allison was mixing apple cider vinegar in her kitchen — she had no idea it would become a soda brand with US$500+ million in annual revenue, earning the couple an estimated US$100+ million personal payout, according to Fortune.

In a School of Hard Knocks interview published in March, the couple — who have three children together — went into greater detail on what it takes to run a business with a spouse. Asked whether other couples should follow their lead, Stephen, 38, didn’t hesitate.

“It’s definitely not for the weak,” he said. “I wouldn’t advise against it, ‘cause I mean, look at us, we built and sold a business for nearly $2 billion, and built a family.”

Allison, 38, was more blunt. “There’s no such thing as balance,” she said. “There’s spreadsheets in the bedsheets. We maxed out our credit cards. We did everything we could to survive.”

Bubbling up

Before Poppi took off, the Ellsworths invested roughly US$90,000 of their own savings in the first year, with Stephen working night and weekend gigs as a waiter to cover their mortgage, Fortune previously reported.

Allison, a former oil-and-gas industry professional, started mixing apple cider vinegar with fruit juice and seltzer in her kitchen in 2015 to detoxify and manage her gut health. By 2018, the couple pitched the drink — then called Mother Beverage — on Shark Tank, the American equivalent of Canada’s Dragons’ Den, while Allison was nine months pregnant. They walked away with a US$400,000 (C$547,000) investment from “Brandfather” Rohan Oza for a 25% stake.

A 2020 rebrand to Poppi, paired with a pandemic-era TikTok strategy that Allison fronted herself, sent annual revenue from US$4 million to more than US$500 million in 2024, according to a company spokesperson. PepsiCo, which already owns a massive roster of beverages from Gatorade to Rockstar, announced the deal in March 2025 and closed it that May. Fortune later estimated the Ellsworths walked away with more than US$100 million from the deal. Poppi is currently sold in the U.S., Canada and the United Kingdom.

More than just a business partner

During their School of Hard Knocks interview, Stephen Ellsworth was candid about how going into business with your significant other isn’t a seamless journey.

“Marriage is not 50/50, a business partnership is not 50/50,” he said. “Each person has to be committed 100%, because at any given time, someone’s gonna be falling short of 100%. Trust and commitment are absolutely critical.”

Co-founding a company with a spouse is more common than you might think. As of 2024, Canada has approximately 1.08 million small businesses, employing 5.8 million people in the private sector. Many of those businesses are family enterprises — some run by couples who are most certainly navigating the same pressures the Ellsworths describe.

Canada has its own high-profile example of what building a company with a romantic partner can look like. Michele Romanow and Andrew D’Souza co-founded Clearco (formerly Clearbanc), a Toronto-based fintech platform that distributed more than US$3 billion in capital to entrepreneurs worldwide. Romanow — best known to Canadian audiences as the youngest Dragon in Dragons’ Den history — and D’Souza built Clearco into a near-unicorn valued at close to US$2 billion before eventually splitting as a romantic couple in 2022; Romanow is the company’s executive chairman while D’Souza has since stepped down from his position.

The Ellsworth story is a useful contrast: Couples who stay the course can achieve extraordinary outcomes. But the risk is very real.

Tired of high commissions eating your returns? Compare Canada’s top discount brokerages and switch to a $0-commission platform today.

What Canadian couples need to know about the risks

Canada’s divorce rate has declined to a 50-year low — dropping to 5.6 divorces for every 1,000 married persons in 2020, according to Statistics Canada data cited by the Vanier Institute of the Family. But that figure doesn’t give the full picture: As of 2021, StatCan data shows that more than 22.7% of Canadian couples live in common-law scenarios, the highest rate among G7 countries, and those separations don’t show up in divorce statistics. For entrepreneurs, breaking up a relationship — married or not — can have serious financial consequences when there’s a business involved.

What happens to the business if a couple splits up in Canada?

Canadian law diverges from what many people assume when married business partners split. Property division on divorce isn’t a federal matter — it’s governed by provincial and territorial legislation. In most provinces, the principle applied when couples split is the equalization of net family property: For example, in Ontario as well as many other provinces, the value of assets accumulated during the marriage is divided equally between spouses.

That means if a business was started during the marriage — as Poppi was — it’s generally considered family property and subject to equal division upon separation. Even if one spouse isn’t involved with business operations, the value of the business can still belong to both parties.

Provinces and territories have their own legislative frameworks, such as:

• Ontario: Family Law Act — equalization of net family property
• British Columbia: Family Law Act — family property divided equally by default
• Alberta: Family Property Act — marital property including assets acquired during marriage divided equally, with some exemptions
• Québec: Civil code system — distinct rules based on partnership of acquests, unless couples opt out
• Yukon: Family Property and Support Act — territorial legislation governing how separating or divorcing couples divide their assets, property and debts, as well as determining spousal support

However, a business and its assets can be excluded from net family property division through a marriage contract — otherwise known as a prenuptial agreement — or a cohabitation agreement for common-law partners.

The tax side of a big exit

For Canadian entrepreneurs who dream of an exit similar to the Ellsworths’, the tax implications of selling a business are important to consider. Canada doesn’t have an equivalent to the simple capital gains holding period rule in the U.S. Instead, Canadian tax law offers the Lifetime Capital Gains Exemption (LCGE), a cumulative lifetime shelter on profits from the sale of qualifying small business corporation shares.

As of June 25, 2024, the federal government increased the LCGE to $1.25M, up from the previous limit of approximately $1,016,836, indexed to inflation. However, it’s important to note that the LCGE isn’t automatic: The shares must qualify under Canada Revenue Agency (CRA) rules, and it’s essential you get professional tax advice well before closing any deal.

What Canadian couples can learn from the Ellsworths

The Poppi story isn’t a scenario anyone should jump into blindly. But it does carry lessons for entrepreneurial couples in Canada.

Define roles early and revisit them often

Stephen and Allison divided responsibilities: Allison ran brand and product, and Stephen handled operations. Clear lanes allowed them to build their business without constantly renegotiating. Canadian couples going into business together should document role boundaries ahead of time — and revisit them as the company grows.

Get a marriage contract or cohabitation agreement

A business is likely one of the most valuable assets a couple will ever own. Because Canadian family law generally treats businesses started during a relationship as family property, a marriage contract or cohabitation agreement is one of the most powerful tools available to protect the business in the event of separation. Consult a family law lawyer in your province before launching.

Understand the tax tools available at exit

The LCGE represents a significant tax planning opportunity for small business owners. Work with a chartered professional accountant (CPA) well in advance of any planned sale to be sure your corporation and its shares qualify.

Keep personal finances separate from the business

The Ellsworths maxed out personal credit cards to fund Poppi. While that strategy worked for them, it creates significant personal liability and risk. Canadian entrepreneurs can explore business credit lines, BDC (Business Development Bank of Canada) financing and provincial small business grants as lower-risk options to personal debt.

Build in time away from each other as co-founders

“There’s spreadsheets in the bedsheets,” Allison said, but that isn’t sustainable as a permanent way of operating. Couples who run businesses together consistently report that protecting personal time — setting hard stop times, taking separate vacations, limiting business talk in the bedroom — is essential to both the relationship and the company surviving long term.

As for the Ellsworths, Allison returned to Shark Tank as a guest investor in March 2026 — the first former contestant to come back as a Shark — and Poppi continues operating under PepsiCo.

While Musk’s feedback was for the state of American finances, the warning is just as applicable to Canadians and Canadian investors.

And there are plenty of reasons to pay attention. Canada’s federal debt crested at just over $1,266.5 billion at the end of fiscal year 2024-25. According to the Montreal Economic Institute, the Carney government is now projecting a deficit of $78.3 billion for 2025-2026, up from $48.3 billion the year before, and that would mark the 10th consecutive year without a balanced federal budget. To put this in perspective, this means that every baby born in Canada now enters the world carrying more than $33,000 in federal debt.

One of the biggest problems with carrying large debt is the interest cost. Analysis from the Montreal Economic Institute shows our nation’s debt costs are projected to rise to $55.6 billion this fiscal year and to $76.1 billion by 2030 — a 37% spike.

Ready to take control of your portfolio? Use our ultimate guide to brokerage accounts to compare account fees, trading tools, and sign-up bonuses for Canada's leading investment platforms.

The slow erosion of your dollar

This isn't just an abstract number problem. When governments borrow beyond their means, the purchasing power of your money quietly shrinks, as well.

According to Statistics Canada's Consumer Price Index (CPI), $100 in 1970 is equivalent in purchasing power to about $813 today. In other words, a dollar now buys roughly 12 cents of a good or service back in 1970.

Ray Dalio, founder of Bridgewater Associates, the world's largest hedge fund, has warned repeatedly that we are in the late stages of a major debt cycle — and that the next shock is more likely to come from governments than from Wall Street. At the World Government Summit, Dalio described a scenario in which governments must borrow simply to pay interest — a vicious cycle he calls a "debt death spiral."

His prescription? Diversify. "There won't be a default," he said in remarks about central-bank dynamics. "The central bank will come in, and we'll print the money and buy it. And that's where there's the depreciation of [the value of] money."

Dalio's framework applies to Canada, too. Viewed through his "Big Cycle" lens — which examines how nations rise and decline through patterns of debt expansion, productivity growth and geopolitical pressure — Canada shows late-cycle characteristics: Rising debt, modest productivity growth and growing social tension tied to the housing affordability crisis.

The good news is that savvy investors have ways to protect their wealth, even when government fiscal math stops adding up.

A safe haven worth reconsidering

To insulate investments from the effects of currency erosion and government debt, Dalio has consistently emphasized the value of diversification — and singled out one time-tested asset in particular.

"People don't have, typically, an adequate amount of gold in their portfolio," he said. "When bad times come, gold is a very effective diversifier.”

Gold in Canadian dollars rose more than 57% in 2025 alone, and the precious metal has long served as a store of value. Unlike fiat currency, it can't be printed. Because it isn't tied to any single economy, investors have historically flocked to it during periods of economic turmoil or geopolitical uncertainty.

Other prominent voices see gold’s value in the investment portfolio. JPMorgan chief executive Jamie Dimon recently said gold could "easily" reach US$10,000 (C$14,100) an ounce in the current environment.

Ready to start growing your wealth? Compare Canada’s top-rated investment apps and find the perfect platform for your financial goals.

How to invest in gold

Canadian investors have a few different ways to get exposure to gold and precious metals.

One of the easiest, tax-efficient ways is to add gold exposure by investing in a gold exchange-traded fund (ETF) through a tax-free savings account (TFSA) or a registered retirement savings plan (RRSP). Both registered accounts can hold gold ETFs listed on Canadian stock exchanges — such as the iShares Gold Bullion ETF (TSX: CGL), Purpose Gold Bullion Fund (TSX: KILO) or the Sprott Physical Gold Trust (TSX: PHYS). These ETFs offer liquid, low-cost exposure without the complexities of storing physical metal.

For instance, Wealthsimple lets investors trade shares of gold ETFs — funds that typically hold physical gold in vaults or track the price of gold. The best part is that shares in these funds can be purchased in a TFSA, RRSP, FHSA or in a non-registered account. The funds offer liquid, low-cost exposure without the complexities of storing physical metal.

Another option is to expand into precious metals — rather than focus solely on gold. Examples include Global X Silver Bullion ETF (TSX: HUZ), Sprott Physical Silver Trust (TSX: PSLV) and Global X Gold ETF (TSX: HUG).

Or consider investing in gold mining stocks, where you can buy shares of mining companies, such as Barrick (TSX: ABX), Agnico Eagle Mines (TSX: AEM), Wheaton Precious Metals (TSX: WPM) or Franco-Nevada (TSX: FNV).

But what if you know you should be investing, but don’t want the guesswork of doing it alone? Wealthsimple portfolios offer an easy, hands-off way to grow your money. The pre-built portfolios are tailored to your financial goals, risk tolerance and investment horizon — whether you’re saving for retirement, a home or building long-term wealth.

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. Plus, 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.

For investors interested in holding physical gold, be sure to work with an approved custodian and purchase bullion that meets the Canada Revenue Agency's (CRA) purity requirements (at least 99.5% pure). For instance, Questrade lets you buy and sell physical precious metals — even holding physical gold inside a self-directed RRSP or TFSA. Open an account today and get $50 cash back, access to award-winning investment tools and pay no trading fees, no account opening fees and no annual fees on RRSP and TFSA accounts.

Don't let high fees eat your returns. Discover which Canadian brokerages offer $0 commission trading and low account minimums to keep more of your money.

Real estate without the landlord headaches

Gold isn't the only asset that has historically held its value during inflationary periods. Real estate has also proven to be a powerful hedge.

When inflation rises, property values often rise with it, reflecting higher costs for materials, labour and land. At the same time, rental income tends to increase, giving landlords a revenue stream that adjusts for inflation.

That said, Canada's real estate picture is nuanced right now. The national average home price sat at $658,300 in January 2026, which is about 22% below the $841,900 peak reached in early 2022. While the market has cooled significantly from its pandemic-era highs, the Canadian Real Estate Association (CREA) forecasts the national average price will rise 2.8% in 2026, reaching $698,881.

When most people think about investing in real estate, they picture massive down payments, midnight plumbing emergencies, and tedious tenant screenings. But diversifying your portfolio with alternative investments doesn’t have to mean taking on a second job as a landlord. Real Estate Investment Trusts (REITs) offer a savvy middle ground, allowing you to capture the income-generating potential of commercial, industrial, and residential properties—completely hands-free. By moving independently from traditional stocks and bonds, REITs provide a practical way to hedge against inflation and add steady distribution yields to your financial blueprint.

With CIBC Investor’s Edge, tapping into this alternative asset class is as seamless as trading any standard stock. Using REITs, you have the entire real estate landscape right at your fingertips, giving you the flexibility to target specific, high-performing individual REITs or spread your risk across the sector with a mix of REITs and real estate ETFs. REITs offer broad real estate exposure with high liquidity, and can be held inside a TFSA, RRSP or First Home Savings Account (FHSA).

Start investing in real estate with CIBC Investors Edge. Pay no account maintenance charges for portfolios of $10,000 or more and 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 Canadian investors should do

The signals from global investors and domestic fiscal data point in the same direction: the time to build a more resilient portfolio is before a crisis, not after. Here are practical steps to consider:

Diversify beyond stocks and bonds. A portfolio concentrated in Canadian equities and fixed income leaves you exposed if a broad market correction coincides with continued currency erosion. Consider adding allocations in assets with low correlation to traditional markets — such as gold, real estate investment trusts and, if appropriate, alternative assets.

Use your registered accounts strategically. Your TFSA and RRSP are among the most powerful tools available to Canadian investors. A TFSA shelters growth and withdrawals from tax entirely; an RRSP provides an upfront deduction and tax-deferred growth. Both can hold gold ETFs, REITs and other diversifying assets.

Understand the cost of inflation on savings. Keeping large amounts of cash in a low-interest savings account may feel safe, but the data tells a different story. With inflation averaging roughly 3.8% per year since 1970 in Canada, money sitting idle is quietly losing purchasing power every year.

Check your debt charges versus your savings rate. Just as rising government interest payments crowd out other spending, high personal debt can crowd out saving and investing. Prioritize paying down high-interest debt before building out alternative investments.

Speak with a qualified financial adviser. The strategies outlined here — from gold ETFs to fractional real estate platforms — carry risks unique to each investor's situation. A licensed financial adviser or certified financial planner (CFP) can help tailor an approach to your goals, tax situation and risk tolerance.

Unlock exclusive sign-up bonuses. Many of Canada’s leading investment apps offer cash rewards for new accounts — see which current promotions you can claim right now.

And the threat is real: According to Infosecurity Magazine, ClickFix attacks surged 517% from 2024 to 2025, making it one of the fastest-growing forms of cybercrime in the world. In Canada, it can result in substantial losses: The Canadian Anti-Fraud Centre’s (CAFC) Annual Statistics Report shows it received 112,000 fraud reports in 2025, with identity theft topping the list at 8,403 reported incidents; in total, reported losses totalled $704 million.

Crucially, the Competition Bureau Canada estimates that only 5% to 10% of fraud incidents are ever reported, meaning the real cost is almost certainly far higher.

Tricking targets into installing malware themselves

What makes ClickFix so dangerous — and so effective — is that the target is tricked into doing all the work themselves. And since victims unknowingly type in the commands to install the malware themselves, antivirus systems may not recognize it as an intrusion. Once the malware is installed, cybercriminals have broad access to the device and can sell your personal information to others.

Here’s how the attack plays out on both Windows and Mac devices.

Step 1: The fake verification page

You land on a website and encounter what looks like a standard CAPTCHA prompt — “Verify you are human” or similar. What comes next reveals the scam.

A message appears claiming the CAPTCHA system has failed and that you need to follow a few quick steps to resolve the problem. You may see a button labelled “Fix It” or “How to Fix” — this is where the scam’s alternate name, ClickFix, comes from. Clicking it copies malicious code onto your clipboard. At this stage, nothing is installed yet.

Step 2: You install the malware yourself

Here is the key moment: The scammer’s page then prompts you through a set of keystrokes that paste and run that code on your own system — and once you do, the malware is live.

On a Windows computer, the sequence typically looks like this:

• Win + R (opens the Windows Run dialog)
• Ctrl + V (pastes the malicious code)
• Enter (executes the malware)

On a Mac, victims are directed to:

• Command + Space (opens Spotlight)
• Type “Terminal” and press Enter (opens the command-line interface)
• Command + V (pastes the malicious code)
• Return (executes the malware)

Since the victim initiates each step, conventional antivirus programs may not flag anything as suspicious. Microsoft Defender experts documented thousands of compromised devices every month by ClickFix attacks — even on machines that have enterprise-grade endpoint detection and response solutions installed.

Are you protected against the latest digital threats? Find a bank that offers real-time fraud alerts and multi-factor authentication — and keep your money safe.

How to protect yourself

The first and most important rule: Real CAPTCHAs will never ask you to open a command window or type in keystrokes to fix a problem. If any verification step asks you to hit a button or run commands on your computer, stop immediately and navigate away from the site.

Canada’s Get Cyber Safe national awareness campaign — run by the Communications Security Establishment (CSE) — recommends enabling multi-factor authentication (MFA) on every account you have that allows it. According to Get Cyber Safe, MFA is capable of blocking over 99.9% of account compromise attacks: Even if a cybercriminal obtains your password, they still can’t access your account without a second form of verification.

What to do if you think you’ve been caught

If you followed any of the steps on a suspicious page that prompted you to install malware, act immediately:

• Disconnect from the internet. Turn off your Wi-Fi or unplug your ethernet cable to limit the malware’s ability to transmit your data.
• Use a different, clean device to change your passwords on any important accounts including banking, email, investment platforms and social media.
• Scan your compromised device for malware while it remains offline, using a trusted antivirus program if you have one installed.
• If you don’t have antivirus software, take the device to a professional for a full security scan before reconnecting it to the internet.
• Monitor your bank and credit card accounts closely for any transactions you don’t recognize.
• Place a fraud alert on your credit report by contacting Equifax Canada or TransUnion Canada directly.
• Report the incident to the RCMP’s Report Cybercrime and Fraud portal at reportcyberandfraud.canada.ca, or contact the CAFC at 1-888-495-8501. Even if you weren’t victimized, reporting attempted scams helps law enforcement track and disrupt criminal networks.

Next steps for Canadians: building better digital habits

The ClickFix scam works because it exploits trust and routine. The best long-term defence is a combination of awareness and practical security habits. Here are the steps experts recommend:

• Enable MFA on every account that offers it. Only 53% of Canadians currently use MFA — a gap that leaves millions of accounts vulnerable.
• Keep your devices and operating systems up to date. Software updates frequently patch the security vulnerabilities that malware exploits.
• Use a reputable antivirus program and keep its definitions current.
• Bookmark the Government of Canada’s Get Cyber Safe website (getcybersafe.gc.ca) for practical, plain-language security guidance updated regularly by CSE.
• Know where to report. Bookmark the Report Cybercrime and Fraud portal (reportcyberandfraud.canada.ca) before you need it. Reporting — even an attempted scam — helps the CAFC and RCMP National Cybercrime Coordination Centre (NC3) build a national picture of threats to warn others.
• Talk to family members who may be more vulnerable. The CAFC’s Financial Literacy Report says Canadians over 60 tend to experience higher average financial losses per incident, and fraud awareness conversations within families are among the most effective prevention tools available.

-With files from Melanie Huddart

His situation is extreme, but the financial pressure that came from it isn’t, especially for Canadians. Statistics Canada reports that total household credit market debt reached nearly C$3.2 trillion by the end of 2025 — or C$1.77 owed for every dollar of household disposable income. As of Q1 2026, the average Canadian with credit such as loans, leases and credit cards carries C$22,278 in non-mortgage consumer debt, according to Equifax Canada.

For Mark, those numbers are very real. With limited work options due to an undisclosed health condition and a son attending school for only three hours a day, he relies on approximately US$4,080 (C$5,620) a month in veterans’ disability benefits, plus occasional side income of up to US$2,000 (C$2,750).

Even with the income Mark earns, his debt keeps piling up. He carries roughly US$65,000 (C$89,400) in consumer debt — including a US$37,000 (C$51,000) car loan, about US$18,000 (C$24,800) in overdue loans and US$10,000 (C$13,800) in collections — alongside a mortgage that pushes the total to US$169,000 (C$232,500). And he’s behind on his debt repayments.

Against that grim reality, here’s what Warshaw and Delony recommended.

A note for Canadian veterans and disability benefits

In Canada, veterans may be eligible for two distinct disability benefit programs through Veterans Affairs Canada (VAC). The Disability Pension — a legacy monthly benefit under the Pension Act for service before April 1, 2006 — pays a single pensioner with 100% disability C$3,513.48 per month as of January 1, 2026. That amount increases with dependents: a married pensioner receives C$4,391.85/month, rising to over C$6,200/month with a spouse and multiple children. These benefits are tax-free and adjusted annually by the Consumer Price Index.

For veterans who applied for disability benefits on or after April 1, 2006, the Pain and Suffering Compensation (PSC) applies instead. The PSC is also a non-taxable lifetime monthly benefit — or an optional lump sum — but operates on a different rate scale. As of April 1, 2024, monthly PSC payments range from C$67.77 to a maximum of C$1,355.38, depending on the assessed degree of disability. Unlike the Disability Pension, the PSC rate does not automatically increase for dependents, though additional benefits such as the Caregiver Recognition Benefit may apply separately.

Veterans unsure which program applies to them should contact VAC directly or visit My VAC Account to confirm their entitlements and assessed disability percentage.

Why he should attack consumer debt first

Delony didn’t sugarcoat the situation; he pushed Mark to stop blaming his circumstances and take full ownership of his path forward.

“A bad thing happened, and… [you] chose to handle this bad thing in these ways. That ownership is critical for the next step,” the co-host said.

With that established, Warshaw laid out a game plan built on Dave Ramsey’s recommended repayment method: The debt snowball.

The snowball strategy is straightforward: List all debts from the smallest balance to the largest, completely ignoring interest rates. Throw every extra dollar at the smallest debt while paying only the minimums on the rest. Once that debt is cleared, redirect the freed-up payment into the next one, and so on.

The snowball is “all about quick wins and maintaining momentum,” Warshaw said.

An alternative approach, the debt avalanche method, targets the highest-interest debt first — potentially saving more money over time. For those carrying high-interest debt such as credit card balances, which in Canada can run as high as 25.99% annually, the avalanche approach can be the better financial fit.

For Mark, zeroing in on his consumer debt rather than spreading his payments thin across all accounts is central to the strategy. Warshaw noted that scoring early wins is psychologically vital when someone feels buried under a mountain of balances.

How to tackle collections debt

Warshaw also highlighted a massive opportunity many people overlook: negotiating collections debt for a fraction of what they owe.

Her advice to Mark: Build a cash cushion of roughly US$3,000 to US$4,000 (C$4,100 to C$5,500) first. Then contact the collection agency directly and offer a lump-sum settlement — starting at just 20% to 30% of the original balance.

This approach works north of the border too. Licensed Insolvency Trustees (LITs) and credit counsellors confirm that creditors in Canada will often accept a partial settlement rather than chase a debt indefinitely. A starting offer of around 30% of the total balance is widely cited as reasonable.

One rule applies on both sides of the border: Never pay anything until you get a written settlement agreement. Don’t give the collection agency access to your bank account.

Canadians also have a formal, regulated option that doesn’t exist in the U.S.: A consumer proposal. Filed through a Licensed Insolvency Trustee, a consumer proposal lets you repay a portion of your unsecured debt over up to five years while keeping your assets — and stopping all collection action. As of October 2025, 78.6% of Canadians who file for insolvency choose a consumer proposal over bankruptcy.

What someone in Mark’s position needs to do next

Warshaw’s more aggressive restructuring plan calls for a US$7,000 (C$9,600) credit union loan. The idea: Put US$2,000 (C$2,750) to the remaining balance on the car loan — Mark’s paid off US$35,000 (C$48,200) of US$37,000 (C$51,000) — and use the remaining US$5,000 (C$6,900) to replace the vehicle with a used option bought privately. That move frees up monthly cash flow and immediately cuts exposure to high-interest debt. In Canada, credit unions are a well-established alternative to the big banks, often offering lower interest rates on personal loans.

The Ramsey Method doesn’t stop at shuffling balances. It demands what Ramsey calls “gazelle intensity” — an all-out push to eliminate debt that includes cutting non-essential spending, selling assets you don’t need or use and directing every spare dollar toward what you owe.

It also means pausing all investing — including Registered Retirement Savings Plan (RRSP) contributions and any employer group RRSP matching — until the consumer debt is fully cleared. The logic: Guaranteed debt interest almost always outpaces long-term investment returns. That said, Canadians should check on pausing RRSP contributions if it means forfeiting employer matching — free money that’s hard to ignore.

At the same time, The Ramsey Method calls for maintaining a bare-bones $1,000 emergency fund. If something forces you to dip into it, stop the debt snowball immediately and rebuild that cushion before resuming.

The Ramsey Method has critics, and “gazelle intensity” can be hard to sustain over years for someone already stretched thin by caregiving responsibilities and limited income. It works best with a clear plan and consistent follow-through.

For Mark, none of this will be easy. Caring for a child with special needs while managing limited work capacity and a mountain of debt leaves little room for error. But as Delony made clear, the path forward begins with full ownership — not of what happened, but of what comes next.

A note for Canadian veterans and disability benefits

In Canada, veterans may be eligible for two distinct disability benefit programs through Veterans Affairs Canada (VAC). The Disability Pension — a legacy monthly benefit under the Pension Act for service before April 1, 2006 — pays a single pensioner with 100% disability C$3,513.48 per month as of January 1, 2026. That amount increases with dependents: a married pensioner receives C$4,391.85/month, rising to over C$6,200/month with a spouse and multiple children. These benefits are tax-free and adjusted annually by the Consumer Price Index.

For veterans who applied for disability benefits on or after April 1, 2006, the Pain and Suffering Compensation (PSC) applies instead. The PSC is also a non-taxable lifetime monthly benefit — or an optional lump sum — but operates on a different rate scale. As of April 1, 2024, monthly PSC payments range from C$67.77 to a maximum of C$1,355.38, depending on the assessed degree of disability. Unlike the Disability Pension, the PSC rate does not automatically increase for dependents, though additional benefits such as the Caregiver Recognition Benefit may apply separately.

Veterans unsure which program applies to them should contact VAC directly or visit My VAC Account to confirm their entitlements and assessed disability percentage.

What Canadians in a similar situation should do

Mark’s story is a U.S. example, but the financial and emotional dynamics are universal. If you’re carrying significant consumer debt after a major life disruption — separation, job loss, health crisis — here are some practical next steps specific to Canadians.

• Talk to a Licensed Insolvency Trustee (LIT) first. An LIT consultation is free and confidential. They can assess whether the debt snowball, a consumer proposal or another strategy best fits your situation. Additionally, they’re federally regulated professionals who can negotiate with creditors on your behalf.
• Know your provincial property rights. If you’re going through a separation, asset division in Canada is governed by provincial law. In Ontario, for example, assets accumulated during a marriage are subject to equalization of net family property (NFP) under the Family Law Act — meaning the higher-earning spouse may owe the other an equalization payment (13). Speak with a lawyer specializing in family law before signing anything.
• Protect your RRSP carefully. In most Canadian provinces, RRSPs are protected from creditors in a consumer proposal or bankruptcy — though recent contributions within 12 months of filing may be clawed back. Speak with an LIT before withdrawing funds, as RRSP withdrawals are taxed as income and losing that contribution room is permanent.
• Check your VAC entitlements if you’re a veteran. If you’ve served in the Canadian Armed Forces (CAF) or the RCMP and have a service-related health condition, you may be eligible for a tax-free disability pension or Pain and Suffering Compensation through Veterans Affairs Canada (VAC). Benefits don’t impact most other financial calculations, but confirming your entitlement and level is essential to understanding your real income picture.
• Get settlement agreements in writing. Whether you’re negotiating directly with a collection agency or through an LIT, always obtain the settlement terms in writing before making any payment. Never provide direct access to your bank account.
• Build your emergency fund before you invest. The Ramsey Method’s $1,000 emergency floor is a reasonable starting point, though many Canadian financial planners suggest building toward three to six months of essential expenses as a long-term target. Once consumer debt is gone, redirect those payments to your RRSP and Tax-Free Savings Account (TFSA).

A new survey from Fidelity Investments Canada suggests more Canadians are experimenting with tools like AI for financial planning, even as confidence in those tools remains limited and traditional advisors continue to dominate trust.

The 21st annual Fidelity Retirement Report, based on a survey of 2,000 Canadians, found that 26% of pre-retirees and 11% of retirees have used AI for financial planning. But just 5% of AI users say it is their most trusted source of financial information.

“AI may have the ability to process large amounts of information very quickly, but financial advisors remain the most trusted source of financial and retirement planning among respondents”, said Michelle Munro, Director, Tax and Retirement Research at Fidelity, in a statement.

AI is becoming part of retirement planning — but mostly for research

For most Canadians using AI, the role is still fairly limited.

Among those who have tried it, AI is primarily being used to get information on investments (36%), taxes (29%) and budgeting (27%).

That puts AI more in the category of a research tool than a decision-maker — something people use to get a starting point, rather than actionable advice.

The survey also points to clear differences in who is adopting the technology. Canadians born outside of the country are roughly twice as likely to use AI for financial planning compared with those born in Canada. Usage is also highest in Ontario, followed by the Prairies and British Columbia.

Even among financial professionals, AI is gaining attention. The report found that 83% of advisors expect to increase their use of AI in 2026.

Don’t let the loss of a steady paycheque catch you off guard. Start building a custom retirement plan today to ensure your income lasts as long as you do.

Trust still sits with human financial advisors

Despite growing experimentation with AI, trust remains firmly anchored in human advice.

The survey found that 88% of Canadians who work with a financial advisor say they trust them as their primary source of financial guidance. By contrast, only a small share of AI users say the same about AI tools.

Part of that gap appears to come down to confidence. Nearly two-thirds of Canadians using AI for financial planning say they are only “somewhat confident” in the information it provides.

“Trust is built through context, judgment and personal understanding, helping Canadians interpret information, navigate uncertainty and make decisions aligned with their goals”, said Munro.

The findings suggest that while AI can quickly generate information, many Canadians still want that information filtered through someone who understands their personal situation.

Retirement uncertainty is keeping advice in demand

The broader retirement picture helps explain why advice and trust matters so much right now.

Canadians continue to worry about inflation (80%), global political instability (60%) and economic growth (60%) as key factors affecting their retirement outlook.

Debt is also shaping long-term planning. More than half of pre-retirees still carry a mortgage, and most don’t expect to pay it off within the next decade.

Planning — not just saving — is where the gap shows up

One of the clearest messages from the report is that having a plan makes a measurable difference.

Among Canadians with a financial advisor and a written plan, the vast majority say they feel positive about retirement. Confidence and optimism are significantly higher compared with those without advice or structure.

Still, Fidelity points to a gap in how Canadians approach retirement drawdown itself — not just saving.

Only 8% of pre-retirees and 18% of retirees have a detailed plan for how they will withdraw and use their savings in retirement. Many are still relying on ad hoc decisions rather than a structured income strategy.

That difference, the report suggests, is better planning — whether supported by AI, advisors, or both.

“Saving is only half the equation; how Canadians turn savings into income is just as important,” added Munro. “Having a clear withdrawal plan can help Canadians make more informed decisions, avoid costly missteps, and feel more confident that their savings will support them throughout retirement.”

While Canadians appear to be using all of their available resources to plan for retirement, when it comes to the decisions that really matter, most still place their trust in a professional advisor.

For many Canadians whose daily coffee run has become part of their rewards strategy, this raises a practical question: what happens to the points, and what should you do before the program closes?

Why co-branded cards get cancelled

Co-branded credit cards exist because of a partnership between a retailer and a financial institution. In this case, that partnership was between Tim Hortons and Neo Financial. When that partnership ends, the card goes with it, regardless of how long you have been a cardholder. These cancellations are very common. Issuers and brands renegotiate licensing agreements regularly, and when commercial terms no longer work for both sides, the program disappears.

The Financial Consumer Agency of Canada (FCAC), the federal regulator responsible for protecting consumers in the banking sector, requires that cardholders receive advance written notice before a credit card account is closed. But the required timeframe can be as short as 30 days, and it does not guarantee that points will retain their value after the transition.

What happens to your Tims Rewards points?

The good news is that you won’t lose your existing Tim’s Rewards points, as they are added to your TimsRewards account as soon as they are earned.

According to Neo Financial, while your card will stop earning new Tims Rewards points on October 1, you will still be able to spend the points you’ve accumulated up to that date. Keep in mind that the points expire 12 months after you earn them.

Now is probably a good time to log into your Tims Rewards account before October to confirm your current balance.

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

How will this affect my credit score?

According to Neo Financial, the credit card closure will not affect cardholders’ credit scores, and account histories are being transferred to the replacement card. It’s welcome news, because normally when a cardholder decides to close a credit card account, it can affect two factors in their credit profile: their credit utilization ratio and the average age of their accounts.

Credit utilization, which is the percentage of available revolving credit that you are using, is one of the most heavily weighted factors in your credit score. The average age of your accounts also factors into your score. A card you’ve held for several years contributes positively to that average; losing it shortens your credit history.

Neither effect is catastrophic and is usually temporary if you have other credit products, but it is worth noting in case you decide to close any other credit card you may have.

What to do now

Thankfully, cardholders won’t wake up on October 1 to find their credit card has suddenly stopped working. According to information provided by Neo Financial, eligible Tims Mastercard cardholders can act now to switch to a Neo Financial cash back credit card without a new application or credit check.

If you don’t act before October 1, Neo will send you a separate, Neo-branded credit card with no cash back or rewards.

Since you don’t need to find a replacement card immediately, you should take these steps to make sure you’re prepared for the transition:

• Log in to your Tims Rewards account and confirm your points are properly linked to your loyalty account.
• Watch for communications from Neo Financial about your card conversion options and any available upgrade offers.
• Review your spending habits and compare the new card’s features with those of other rewards cards on the market before deciding whether to keep what’s being offered.

While the end of the Tim Hortons credit card program may be disappointing, it’s an opportunity to take a fresh look at whether a retailer-specific rewards card still makes sense for your wallet. For some Canadians, the converted Neo card may remain a good fit. For others, a more flexible cash back or travel rewards card could deliver greater long-term value. Either way, the key is to review your options before the transition happens rather than reacting after the fact.

According to police, the four suspects are Mickael Abraham Barchichat, Michael Moscovici, Marc-André Fortier and Olivier Perez.

The first suspect, Barchichat, is set to appear in court on June 4 via videoconference under charges of “fraud exceeding $5,000, use of forged documents, and conspiracy.” The other suspects were released from custody on a condition they were to appear in court at a later date.

Montreal police stated that the four men were involved in a real estate scheme specifically targeted at homebuyers who were financially vulnerable, CTV News notes. They allegedly posted online advertisements to lure in homeowners and earn their trust before offering debt solution services and other remedies for their financial problems.

But the scheme was much more insidious than a false promise of help.

“In the process, victims were taken to a notary and, without realizing it, signed documents transferring ownership of their property,” the police stated in a release.

The investigation began with a probe in 2023 and covered approximately 20 alleged incidents involving real estate fraud and a vehicle rental scheme.

The scheme affected residents in multiple Quebec municipalities including Dollard-des-Ormeaux, Longueuil, L’Épiphanie, Sorel, Lambton and Sainte-Praxède in the Eastern Townships, the outlet reported.

Real estate fraud across the nation

While the Montreal case is alarming, it is far from isolated. Real estate fraud has become an increasingly common threat for homeowners across Canada.

The Financial Consumer Agency of Canada (FCAC) identifies three different types of real estate fraud. Title fraud occurs when bad actors steal your personal information to take the title of your property and use it to sell the residence out from under you, or apply for a mortgage against it. Foreclosure fraud happens to homeowners that are having trouble making their payments, which is what occurred in the most recent Montreal real estate fraud case. Scammers trick financially vulnerable homeowners into transferring their property title to them in exchange for a loan or other credit. Mortgage fraud, or application fraud, is when a person provides false information on a mortgage application — or when an individual falsifies a mortgage application for another person or encourages them to do so.

These types of scams have occurred across the nation in recent years.

In January of 2022, a Toronto family left Canada to work overseas. Months later, they learned their property was sold entirely without their knowledge. According to Toronto police, a man and woman used fake IDs to pose as the homeowners, then hired a realtor to list the house. Police confirmed the house was sold and new homeowners took possession of the property.

In 2023, Montreal police arrested 17 people in connection with an alleged real estate fraud scheme worth more than $5 million. Police stated that the team used fake IDs to secure loans against the value of five different properties that they did not legally own. Once the financing was received from private lenders, it was then quickly withdrawn. At the time, the real property owners were “tied to mortgages they never took out and the lenders have lost all the money they lent out,” according to police insight.

More recently, the Financial Services Regulatory Authority of Ontario (FSRA) released its first Enforcement Annual Report for the 2024–25 years and signalled a shift towards stronger enforcement of regulations in the mortgage space. In fact, the regulator started 100 enforcement actions — mostly against mortgage brokers — and imposed over $1.2 million in monetary penalties for inappropriate actions.

Don't pay more than you have to for peace of mind — compare Canada’s top-rated home insurance providers in minutes.

The effects of being caught in a real estate fraud scheme

Your home is typically one of your biggest assets, so real estate fraud can be quite devastating, especially if you’re in a financially precarious position. For families that are struggling, having someone take the title to their home and refinance the mortgage can leave them with a severely damaged credit score due to a lack of payments they didn’t know existed.

Beyond the financial damage, the emotional toll of real estate fraud can be significant. A survey of 21,000 individuals by LSEG Risk Intelligence who were targeted by a scam reported feelings of anger, frustration, anxiety or fear about money, as well as embarrassment and shame. Nearly a third of respondents reported feelings of guilt, helplessness and loss of control, and a quarter noted symptoms of stress and difficulty sleeping.

Fortunately, there are both legal and financial protections available to affected homeowners to get their property title back if it has been stolen, though sometimes that can take a court battle if the case is complex. But the costs to work with a professional to prove you were taken advantage of can be covered by a title insurance policy — however, the amount of coverage will vary from policy to policy.

Additionally, Ontario residents have access to the Land Titles Assurance Fund, which can help scammed homeowners with the financial burden of dealing with certain types of real estate fraud. More information can be found on the government’s website.

How to spot real estate fraud before it’s too late

Reading about stories where multiple families were scammed out of millions of dollars can be frightening, especially in today’s volatile economic climate. But that does not mean a scam is waiting behind every real estate transaction. According to experts, there are some well-known signs consumers can be vigilant of when buying or selling a property. Here are a few to watch out for.

• Always know where the money goes. When purchasing a property, make sure that any funds are going to the lawyer and not the seller personally. That can be a major red flag. Any and all payments should be through official, established channels, not in cash.
• Be cautious of easy fixes. If you’re in a tight spot with mortgage payments, be very wary of anyone who offers you a quick and simple loan for help. Instead, contact your mortgage lender to discuss alternative methods.
• Never sign blank documents. When it comes to mortgage fraud, blank documents can signal that a party is trying to falsify information. Never sign documents that are blank or contain blanks where important information is missing (e.g. the financing amount). You need to know exactly what you are signing up for.

How to respond if you’re caught in a real estate scam

Anyone who suspects they have been the victim of real estate fraud should act promptly. Experts recommend:

• Gathering all relevant documents and communications
• Notifying financial institutions and credit bureaus
• Reporting the incident to the Canadian Anti-Fraud Centre
• Contacting the appropriate provincial land registry office
• Filing a police report

Swift action can help limit any damage and get you the help you need quickly. Remember: there’s no shame in falling for a fraud scheme — it can happen to anyone.

This nightmare scenario is exactly what happened to one Canadian consumer, who shared their frustrating ordeal in a recent Reddit Personal Finance Canada post. The user had maintained their account since 2003, using it as their primary financial hub for over two decades. However, after they decided to move their assets to a modern digital platform, their long-standing bank abruptly cut ties, highlighting a practice known as debanking.

While the term sounds like industry jargon, it refers to a bank unilaterally closing a customer’s accounts, terminating their credit lines and forcing them to move their financial life elsewhere. For many individuals, maintaining an account in good standing since youth felt like a guarantee of lifelong service. However, shifts in the digital landscape and stricter risk algorithms have fundamentally changed the dynamic between major institutions and regular retail clients.

The mechanics of a financial breakup

Under Canadian law, banks operate as private businesses. While federally regulated institutions must adhere to consumer protection frameworks, they also maintain strict corporate autonomy regarding who they choose to do business with.

The Financial Consumer Agency of Canada (FCAC) notes that under federal laws, banks must comply with guidelines to ensure Canadians have access to basic banking services. According to the Canada.ca guidelines on prohibited banking conduct, “Banks can’t make you buy a product or service from them as a condition to get another one.” However, these rules protect consumers from coercive tied selling rather than guaranteeing permanent account maintenance.

When an institution decides to offboard a client, they are legally permitted to sever ties without providing a specific justification. In the case highlighted on Reddit, the user noted they had recently moved their wealth portfolios to Wealthsimple, leaving only a basic chequing account with the minimum balance required to waive fees. Shortly after refusing aggressive promotional calls to add overdraft protection and credit cards, the bank dropped them entirely.

If a client reduces their interaction with a traditional institution to a bare-minimum chequing account just to utilize occasional branch services, the account becomes unprofitable. When marketing teams fail to upsell credit products to these minimalist users, the bank’s internal metrics may flag the account for review.

Find your perfect bank account. Use our expert comparisons to find the highest sign-up bonuses and lowest fees in Canada.

The hidden algorithmic triggers

Financial breakups are not always driven by profit margins alone; automated compliance systems play a massive role. In an era dominated by instant digital transfers, the algorithms that monitor transactions for suspicious activity have become highly sensitive.

The Reddit user noted that a pattern of deposits followed by immediate matching withdrawals likely triggered the bank’s automated defences. If an account holder frequently transfers money back and forth between a traditional brick-and-mortar bank and an external investment app, the rapid movement of identical funds can accidentally trip internal security wires. Algorithms often view sudden, repetitive transfers as potential structuring or high-risk behaviour.

Once an automated system flags an account, compliance teams often opt to close the account entirely to eliminate corporate risk, rather than dedicating manual hours to investigating a low-revenue customer. Because of strict anti-money laundering regulations, bank representatives are legally restricted from disclosing the exact internal triggers that caused the closure, leaving the consumer entirely in the dark.

How to protect your financial footprint

If you prefer to optimize your money by shifting your investments to low-fee digital platforms while keeping a traditional account for convenience, you must take active steps to protect yourself from sudden disruption.

First, diversify your day-to-day banking relationships. Never rely on a single institution for both your daily chequing needs and your secondary emergency backup. Maintaining an active chequing account at a completely separate institution ensures that if one corporate entity decides to close your profile, you will not lose immediate access to cash for groceries, rent or bill payments.

Second, avoid algorithmic flags by spacing out your electronic fund transfers. Instead of moving money into a traditional chequing account and immediately transferring the exact same amount out to an external app within minutes, let the funds rest for a few business days. This simple delay helps distinguish routine personal banking from automated high-frequency patterns that alarm compliance software.

Finally, know your rights regarding funds retrieval. If a bank chooses to end its relationship with you, they cannot permanently confiscate your legitimate money. As the original poster experienced, the institution must return your full remaining balances, typically via a physical bank draft or a corporate cheque, allowing you to seamlessly deposit your savings into a new account at a competing institution.

A heartwarming post on the social media platform Threads recently captured the internet’s collective heart, proving that loyalty isn’t just a word — sometimes, it’s a lifelong bond baked to perfection.

“Happy 103rd birthday to my incredible dad, who’s been eating Dad’s Cookies for literally a hundred years,” the post read. “They sent him a giant package for his birthday and the man couldn’t be happier ♥️.”

The dad in question is Stanley, a World War II veteran whose life has spanned more than 10 decades. Alongside his daughter, Elizabeth, Stanley had written a letter to the makers of his favourite treat. He wanted them to know a remarkable truth: he had been enjoying their oatmeal cookies since the 1920s, and to this day, they taste exactly the same.

A letter from the bakery

The response from the team at Mondelēz International’s Scarborough Bakery — the Ontario-based home of Dad’s Cookies — was nothing short of a love letter back to a legendary fan.

“One hundred years of enjoying Dad’s Cookies is something we never could have imagined when this brand first started, and yet here you are, living proof that a great cookie can be a lifelong companion,” the bakery wrote. “Stanley, hearing that our cookies taste the same today as they did in the 1920s is the highest compliment we could ever receive.”

The bakery team thanked Stanley not just for his unparalleled snacking loyalty, but for his historic service during World War II, noting that his generation’s sacrifices are never forgotten. To celebrate his 103rd birthday on June 5, the team packaged up a massive delivery of treats, ensuring that Stanley’s celebration table would be well-stocked with his favourite lifelong companion.

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

A century of crunch: The history of Dad’s Cookies

It is entirely fitting that Stanley has been eating Dad’s Cookies for a century, because the brand itself is only a few years older than he is.

The story of Dad’s Cookies began in 1914 in Western Canada, when the original oatmeal cookie recipe was perfected. Known for its hearty, rolled-oats texture and perfect hint of sweetness, the cookie quickly became a staple in Canadian households. By the 1920s — right when a young Stanley was discovering them — the brand was expanding across the country.

Eventually, production found its primary home at the famous Scarborough Bakery in Ontario. Over the decades, even as the brand introduced new variations like chocolate chip, oatmeal raisins, and chocolate-coated options, it was the original, immutable oatmeal recipe that anchored the brand’s legacy.

Part of a global snacking family

Today, Dad’s Cookies is stewarded by Mondelēz International, a global snacking powerhouse. While Dad’s holds a uniquely nostalgic, beloved place in the hearts of Canadians, it shares a pantry with some of the most famous and recognizable brands in the world.

When Stanley unwrapped his birthday package, he was tapping into a corporate family tree that includes:

• Oreo: The world’s best-selling sandwich cookie
• Christie (Ritz, Premium Plus): The ultimate companion to Canadian soup lunches
• Cadbury: The legendary British chocolate makers
• Toblerone: The iconic, triangular Swiss chocolate peaks
• Sour Patch Kids and Maynards: The beloved candy shelf staples

A recipe unchanged

In a fast-paced corporate world where ingredients are constantly swapped and recipes “new and improved” to cut costs, the Scarborough bakers take immense pride in holding the line for Stanley and millions like him.

As the bakery team told Stanley in their letter, his plea to ”please continue making such a great cookie” is a mission they will carry with them every day. After all, when you have a customer who has been cheering you on for 100 years, you don’t change a single thing.

This vision is closer to reality following a landmark, tri-government agreement. A $3-billion funding commitment from the federal, provincial and municipal governments has officially cleared the tracks for construction of the Waterfront East Rapid Transit Line, an initiative designed to connect Union Station directly to the rapidly growing Port Lands. Alongside this massive announcement, regional plans are also shifting into high gear with a program dubbed "GO 2.0" — a coordinated effort to bring expanded, two-way, all-day rail service to suburban lines running out to commuter hubs like Milton and Kitchener.

When public transit expands on this scale, it does more than just move people from point A to point B. For everyday residents, proximity to these major transit lines acts as a powerful hidden wealth builder. Living near robust transit networks can completely reshape your household budget by driving up home equity and driving down the astronomical costs of car ownership.

If you’re a homeowner, a renter or a local business owner near these areas, these massive investments are poised to change your financial outlook. Here’s a look at how regional rapid transit investments build up local economies and how you can position yourself and your bank account to benefit.

Location, location, location — The transit premium on your property value

One of the most reliable wealth-generating side effects of public infrastructure is the increase in neighbourhood real estate values, often referred to by economists as the transit premium. When a new light rail transit line or a high-frequency commuter rail station is built, the surrounding land instantly becomes more desirable.

The planned Waterfront East LRT line is a prime example of this phenomenon. It’s expected to provide service to more than 150,000 people who will live and work along the eastern waterfront. Toronto Mayor Olivia Chow, at a press conference, called the project “critical missing piece needed to unlock the eastern waterfront.” The line will serve as a catalyst for growth, enabling the construction of roughly 75,000 housing units in brand-new communities.

When you buy a home near a planned transit node before shovels hit the ground, you’re essentially investing in future convenience that the market will eventually price in. Buyers are consistently willing to pay a premium to live within walking distance of reliable rail access. This means that if you own property near the incoming waterfront line or along the expanding Milton and Kitchener GO corridors, you can expect long-term upward pressure on your home equity.

Cutting down the cost of commuting

Beyond real estate equity, rapid transit offers an immediate antidote to inflation through your monthly transportation budget. Owning and maintaining a vehicle in Canada is increasingly expensive when you factor in financing, insurance, fuel and regular maintenance.

By shifting your daily commute from a car to an expanded rail network, you can save thousands of dollars annually. Prime Minister Mark Carney noted during the transit funding announcement that “Canadians deserve faster more reliable commutes back home and to our major cities.” He added that the regional projects are designed to “shorten commutes, grow communities, get more homes built [and provide] better quality of life.”

When two-way, all-day GO transit service becomes a reality for communities outside the downtown core, it breaks the absolute necessity of multi-car households. If a family living in Milton or Kitchener can comfortably transition from owning two vehicles to just one because of reliable public rail options, the financial savings are massive. That freed-up cash flow can be instantly redirected toward high-interest savings accounts, retirement funds or paying down a mortgage faster.

Stop wondering where your money went. Compare Canada’s top-rated budgeting apps and find the perfect tool to help you save more this month.

Commercial vitality and local job creation

A neighbourhood that’s easy to access is a neighbourhood where businesses can thrive. Rapid transit acts as an economic engine by drawing foot traffic directly to local storefronts, restaurants and service providers.

The economic scale of these projects is massive. Mayor Chow stated that the Waterfront East rapid transit development is “expected to create 100,000 jobs, generate more than $13 billion in economic growth for Toronto, for Ontario and for Canada.” Additionally, Ontario Premier Doug Ford noted that infrastructure investments will rely on strict domestic sourcing, stating that “as we build these transformational projects, they will be subject to our Buy Canada and Buy Ontario policies so that Ontario tax dollars support Ontario workers.”

For residents, this local economic boom translates directly into better job opportunities closer to home. Instead of spending hours traveling to a distant employment hub, a well-connected transit line brings commercial investments and employers directly to your region. A thriving local business district also increases the commercial tax base of your municipality, which can help fund better local parks, community centres and public services without putting the entire tax burden on residential property owners.

Cash in on the transit boom before shovels hit the ground

To make the most of these multi-billion-dollar transit expansions, you need to take a proactive approach to your finances.

If you are looking to purchase a home or an investment property, study the future transit maps provided by regional agencies like Metrolinx or the City of Toronto. Look for neighbourhoods positioned along the Milton and Kitchener lines that are slated to receive some of the dozens of new stations and connections planned under the regional rail expansion. Buying into these areas early allows you to acquire assets before the transit premium is fully realized.

For business owners or aspiring entrepreneurs, positioning your storefront or service commercial space near an incoming transit stop can secure a steady stream of future foot traffic. The influx of tens of thousands of daily riders creates a built-in customer base that can insulate your business during broader economic downturns.

Large-scale public transit projects are more than just infrastructure; they are financial foundational blocks for the communities they serve. By aligning your personal real estate and career goals with the path of regional rail expansions, you can catch the economic wave of these historic investments.

Prior to becoming a mother, Sarah had worked for a major tech company. Nearing retirement age she began to check old accounts, including her employee benefits account from her former employer — and what she found left her speechless. Her account had grown from next to nothing to roughly US$18 million (C$24.7 million). Although she didn’t reveal which company it was, online commenters speculated the stock could be Nvidia, the semiconductor giant that has surged dramatically over the past two years.

Still, the sudden windfall left Sarah both happy and confused. She had “no idea” what to do with her unexpected windfall. So she called into The Ramsey Show to ask personal finance commentator Dave Ramsey for advice.

The financial dilemma she faced isn’t exclusive to the ultra-rich — and the lessons Ramsey offered apply to anyone navigating windfalls, not just millionaires.

Don't leave money on the table with expensive trading fees. Discover the best online brokerages in Canada and start keeping more of your hard-earned gains.

Diversify and withdraw in a tax-conscious way

Having so much of your net worth tied up in a single stock is “scary and unwise,” Ramsey said. He recommended that Sarah offload some of the shares and invest her money elsewhere.

• Ready to take control of your portfolio? Use our ultimate online brokerage guide to compare account fees, trading tools, and sign-up bonuses for Canada's leading investment platforms.

But that sound, practical advice will have drawbacks. Given the size of the fortune, selling even a fraction of the account would likely push her into the top tax bracket — no matter which country she lives in.

In Canada, capital gains aren't taxed at a separate flat tax rate. Instead, only a portion of the capital gain — known as the inclusion rate — is included in your taxable income and taxed at your marginal income tax rate.

For 2025, the Canada Revenue Agency (CRA) confirmed that the capital gains inclusion rate remains at 50%, meaning half of your capital gain is added to your taxable income for the year. (The proposed increase to 66.67% was cancelled by Prime Minister Mark Carney on March 21, 2025.)

So what does that mean in practice? If you sold shares and the profit from that sale was C$2 million, then C$1 million would be added to your taxable income. At the top combined federal-provincial marginal rate — which ranges from around 44.50% in Nunavut to 54.80% in Newfoundland and Labrador, with Ontario sitting at 53.53% and Alberta at 48% — the tax bill on the C$1 million capital gain would fall somewhere between C$400,000 to C$548,000, depending on where you live.

While Ramsey suggested that Sarah speak with an expert tax planner or investment adviser to lower her tax bill, he was crystal clear on the situation’s urgency. He insisted she diversify away from a single stock as soon as possible.

“If I’m you, even if it costs me some money, I would rather have the safety than I would the extra 20%,” Ramsey told her.

Whether you’re a beginner or a pro, we’ve found the best trading platforms for you. Read our full breakdown to see which Canadian brokerage offers the tools you need to grow your wealth.

Ready to build an investment portfolio? Consider opening an online and mobile trading account with CIBC Investor's Edge. 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.

Get in touch with an expert

Sitting down with a financial planner can help you optimize your portfolio so that your net worth isn’t dependent on only one stock or asset.

In Canada, the Government of Canada’s Financial Consumer Agency recommends verifying any financial adviser through the Canadian Securities Administrators (CSA) National Registration Search before using their services. Look for a Certified Financial Planner (CFP) — Canada has more than 17,000 active CFP professionals — or a Registered Financial Planner (RFP). For an advice-only, fee-for-service model where the adviser doesn’t sell investment products on commission, FP Canada’s national directory is a good place to start.

Fee-based advisers typically charge around 1% of assets under management (AUM) annually, while fee-only, advice-only planners charge flat or hourly rates — often a better fit when you want unbiased guidance without sales pressure.

Beyond the importance of diversifying, Sarah’s story could offer another lesson for investors: The value of holding instead of folding. (Note: This is the buy-and-hold approach that many investors, including Warren Buffett, champion for most mainstreet investors.)

Time in the market is better than timing the market

An often-repeated investment principle is that “time in the market beats timing the market.” Popularized by investing experts such as Jack Bogle, it alludes to how it’s a struggle for most investors to find the right stock at the right time and at the best price.

By focusing on a longer timeline, rather than optimizing short-term gains, investors can take advantage of the market’s tendency to go up over the long term. When investors try to time the market, they can end up buying at a peak and selling in a valley. Investing consistently can help your portfolio better manage the ebbs and flows of the market over a longer duration, delivering compound returns.

Buffett captured this philosophy in his 1989 Letter to Shareholders for Berkshire Hathaway: “It’s far better to buy a wonderful company at a fair price than a fair company at a wonderful price.”

In Sarah’s case, this type of “set and forget” approach seems to have paid off. But in the event of a major market downturn, she’d risk losing millions leaving it as-is.

Focus on quality, not quantity

Another Buffett principle is that you should invest in stocks priced on solid fundamentals: Chasing market trends can cost you dearly. According to updated data from Fidelity using Bloomberg figures, a hypothetical investor who missed the best five days in the S&P 500 between 1987 and 2025 could have reduced their long-term gains by 38%.

There’s a lesson with global relevance here for Canadian investors. Whether you’re tracking the S&P/TSX Composite Index or holding a diversified mix of Canadian and global ETFs, the cost of being out of the market on its best days is steep — and those days are impossible to predict in advance.

According to the S&P/TSX Composite Index’s historical record, the index delivered an annualized return of approximately 7.7% from 1979 to 2020. For Canadian investors who want broad, low-cost market exposure, index ETFs such as the iShares Core S&P/TSX Capped Composite Index ETF (TSX: XIC) or the BMO S&P/TSX Capped Composite Index ETF (TSX: ZCN) offer access to the Canadian market as a stable portfolio foundation. For U.S. market exposure, Canadian versions of S&P 500 index ETFs — including the iShares Core S&P 500 Index ETF (TSX: XSP) and Vanguard S&P 500 Index ETF (TSX: VFV) — are available on the Toronto Stock Exchange (TSX).

Having a baseline of diversified, low-cost investments can give you more security to build the rest of your portfolio — whether in stocks, real estate or otherwise.

Ready to start growing your wealth? Compare Canada’s top-rated investment apps and find the perfect platform for your financial goals.

Diversifying outside the stock market

Not only is the bulk of Sarah’s wealth tied up in a single stock, but it’s also fully exposed to equity market risk. As Goldman Sachs CEO David Solomon noted, a 10% to 20% drawdown in equity markets in the next one to two years is a real possibility. If that turns out to be true, diversification is more than a smart move — it’s essential.

For Canadian investors, real estate has historically been another way to diversify — but you don’t need to become a landlord to get exposure.

Real estate investment trusts (REITs) listed on the TSX offer Canadian investors fractional exposure to large, diversified property portfolios — including residential, commercial, industrial and retail — without needing a large down payment, or the headache of managing tenants. Leading Canadian REITs include Canadian Apartment Properties Real Estate Investment Trust (TSX: CAR-UN), which as of December 31, 2025, owned approximately 45,000 residential suites across Canada. Other options include the Choice Properties REIT (TSX: CHP-UN), Granite REIT (TSX: GRT-UN) and Dream Industrial REIT (TSX: DIR-UN).

Canadian REIT ETFs, such as the iShares S&P/TSX Capped REIT Index ETF (TSX: XRE), offer a diversified basket of Canadian REITs in a single low-cost vehicle.

However, Canadian investors should beware: If you had put money into REITs instead of a broad stock market index fund, you would likely have made less money over the past several years — a fact worth considering when building a diversified portfolio.

Stop guessing and start automating. Use our guide to the best robo-advisors in Canada to compare the top platforms side-by-side for fees, features, and account minimums.

What Canadians can do right now: 4 steps for managing a financial windfall

Sarah’s experience is a reminder that large amounts of wealth can grow under the radar — and that being unprepared when it shows up can be costly. Here’s what Canadians should consider if they find themselves in a similar situation:

1. Pause before acting

Resist the urge to make sweeping decisions immediately. A windfall is not an emergency that demands action today. Take 30 to 90 days to understand what you have before selling, spending or gifting anything.

2. Consult a fee-only CFP and a tax professional

Canada’s tax code treats capital gains at a 50% inclusion rate for 2026. Selling a large position can trigger a significant taxable event in a single year. A CFP and a CPA (Chartered Professional Accountant) working together can help you plan the timing and size of any dispositions to minimize your tax bill across multiple years.

3. Max out your registered accounts

Before moving money into non-registered accounts, maximize your available registered shelters. For 2026, the Tax-Free Savings Account (TFSA) annual contribution limit is $7,000, with a lifetime cumulative limit of $109,000 for those who have never contributed. The Registered Retirement Savings Plan (RRSP) 2026 contribution limit is 18% of your prior year’s earned income or $33,810, whichever is lower. Sheltering gains inside a TFSA or RRSP eliminates the tax drag on future growth.

4. Diversify — and don’t wait too long

As Ramsey made clear: The safety of a diversified portfolio is worth more than the potential upside of a concentrated position. Spreading wealth across Canadian equities, global index ETFs and real estate assets through REITs gives you exposure to multiple drivers of growth — without betting everything on one company’s continued success.

Former Real Housewives of Beverly Hills star Crystal Kung Minkoff did exactly that when she posted a simple question on Threads that turned into a masterclass for affordable living.

Breaking away from the typical luxury product placements that dominate reality star profiles, she turned to her followers with a simple request: “Drop your favo[u]rite dupe and let’s save each other some money.”

The massive community response proved that even in a world obsessed with luxury labels, consumers are eager to protect their monthly household budgets. With high grocery prices and stubborn inflation sticking around, finding high-quality product substitutes has transformed from a casual hobby into an essential defensive strategy for your wallet.

Ready to build a better financial future? Check out our guide to the best budget apps in Canada and start your free trial today.

The skincare aisle is a goldmine for hidden luxury savings

The most significant price discrepancies between premium products and their budget-friendly counterparts are found in cosmetics and skincare. High-end beauty brands command massive premiums based largely on packaging and marketing rather than the cost of raw ingredients. Savvy consumers have figured this out, pointing to everyday discount finds as the ultimate beauty hacks.

Multiple participants in the viral conversation highlighted specific, direct swaps for cult-favourite luxury items that are easily accessible on Canadian retail shelves. According to user lenamsm, shoppers can confidently swap the high-end "Olehenriksen Banana Bright ($46)" eye cream for the highly accessible "e.l.f. Bright + Brew-tiful Eye Cream ($13)" to get the exact same illuminating, vitamin C-packed under-eye boost for a fraction of the cost.

Even deep-discount retailers like Dollar Tree are entering the luxury beauty space. Commenters highlighted the store's "Soleil Bum Bum Cream" as a direct alternative to the pricey, tropical-scented Sol de Janeiro Brazilian Bum Bum Cream. User lindseyvanparis also urged bargain hunters to look for "Dollar tree bronzer drops for the drunk elephant ones!" adding the emphatic advice: "Don’t sleep on dollar tree!"

Hidden gems aren't just limited to skincare either. Budget-friendly makeup alternatives are performing just as well as prestige brands on the midway of beauty choices. User tysont89 shared a personal household favourite, noting that "My wife loves the Dolly Parton mascara and it’s like $16," proving that you do not need to drop luxury-store prices to get long, high-impact lashes.

The savings even extend to classic drugstore legacy brands that have been sitting on pharmacy shelves for decades. A popular sentiment shared among beauty bargain hunters is that Nivea cream, packaged in its traditional blue glass jar, delivers the exact same deep hydration as luxury moisturizers that cost hundreds of dollars per jar. As user madamreporter1 stated, "Nivea is the same damn thing as La Mer. I’m convinced."

Rethinking athleisure and everyday home goods

Skincare isn't the only category where brand names artificially inflate consumer costs. Athleisure wear has become a major line item in many personal budgets, with premium leggings and athletic tops frequently crossing the $100 mark. Online marketplaces have stepped in to fill the gap with highly rated alternatives.

Shoppers looking to stretch their clothing budgets noted that brands like CRZ Yoga on Amazon offer some of the best fabric and fit matches for high-end brands like Lululemon at a fraction of the cost. Shifting your shopping habits for athletic gear to these verified online alternatives can easily save a household hundreds of dollars a year on workout attire.

Even the grocery cart offers unique opportunities to bypass expensive baking staples and packaged mixes for simple, low-cost kitchen hacks. On the midway of supermarket choices, consumers are finding creative ways to substitute basic ingredients to save on grocery bills while still getting premium results. As user frecklesmcredhead shared, "For baking a cake.. if you don't have oil and eggs just use a can of diet coke. Turns out perfectly moist!" This clever swap cuts down on the need to purchase pricey baking essentials, proving that a little resourcefulness can stretch your household budget.

Stop wondering where your money went. Compare Canada’s top-rated budgeting apps and find the perfect tool to help you save more this month.

How to safely spot a quality alternative

While social media threads are an excellent starting point, adopting a smart approach to your shopping requires a bit of research to ensure you are actually getting value for your money.

• Analyze the active ingredients: In skincare and sunscreens, the active chemical percentages are legally required to be listed on the back of the packaging. If the budget version uses the exact same active compounds in the same order as the luxury version, you’re likely paying a premium purely for the brand name.
• Check review stability: Look for alternative brands on major e-commerce platforms that have thousands of consistent four-star reviews over a long period. This indicates reliable manufacturing quality and consistency.
• Test small quantities first: Before replacing your entire daily routine with a budget alternative, purchase a single trial size to ensure it matches your expectations and performance needs.

The heavy engagement on the post, with users eager to provide their best quality dupes, proves that maintaining a comfortable lifestyle does not require paying a premium or matching a Beverly Hills budget. By letting go of brand loyalty and focusing instead on product performance, you can systematically lower your cost of living while keeping your financial goals firmly on track. Crystal Kung Minkoff may live in a world of absolute abundance, but her thread proved that no matter your tax bracket, nobody wants to spend more than they have to.

To explore the full community crowdsourced list of budget recommendations and financial hacks, you can read the original conversation directly on the Crystal Kung Minkoff Threads Post.

The Rich Dad Poor Dad author recently warned on X that the “Everything Bubble” is bursting and that 2026 could bring what he called “the greatest depression in world history.” Whether you agree with his apocalyptic framing or not, the underlying worry about retirement security is one that many Canadians share.

But there is a silver lining.

“You don’t have to be a victim,” Kiyosaki wrote, arguing that even as bubbles burst and the world economy crashes, people can still position themselves to be “a financial winner.” He pointed to economic stress in major global markets “from Dubai to Vegas, from Tokyo to New York City,” warning that financial hardship could spread globally if conditions deteriorate.

However, Kiyosaki’s warning goes beyond a broad market crash. In a separate post, he revived one of his long-running concerns: what he calls the “Baby Boomer Retirement Disaster.”

“In 2026, millions of Boomers will be out of work in trouble financially [and] many homeless,” he wrote.

A Canadian retirement gap that’s hard to ignore

Kiyosaki says he saw the crisis coming as far back as 1974 — a pivotal year for retirement security in North America. While that year marked a major legislative shift in the U.S., Canada was undergoing its own long, slow transformation in how retirement savings work.

For decades, many Canadian workers — particularly in the private sector — relied on defined benefit (DB) pensions that promised a fixed income for life. But over the past two decades, DB plans have been in persistent decline, replaced by defined contribution (DC) plans and group Registered Retirement Savings Plans (RRSPs), where the risk of saving enough falls squarely on the worker.

Even with institutions like EQ Bank offering no-fee, high-interest RRSP accounts, the Office of the Superintendent of Financial Institutions reported that only 34% of the Canadian labour force were active registered pension plan members as of 2023. In other words, the retirement burden has increasingly shifted from employers to workers — and that shift helps explain Kiyosaki’s concern about boomers.

Is your retirement fund leaking? Secure your future today. Silent fees and stagnant interest can push your retirement date back by years. See how moving your savings to a high-interest account can help you retire sooner and with more confidence.

The numbers back up Kiyosaki’s fears. The BMO 2026 Retirement Survey, for example, found that Canadians believe they need an average of $1.7 million to retire comfortably. But the average RRSP balance for Canadians aged 55 to 64 is only about $120,000 — a significant gap that might be pushing many boomers to keep working longer than planned.

Meanwhile, the Canada Pension Plan (CPP) — Canada’s public earnings-based pension — paid new retirees an average of $925.35 per month at age 65, with a maximum of $1,507.65 per month, in January 2026. In the period between April and June 2026 Old Age Security (OAS), the residency-based government pension, is paying a maximum of $743.05 per month for Canadians aged 65 to 74. Even at their maximums, those two combined — $2,250.70 a month — fall well short of what most Canadians consider a comfortable retirement.

Although Statistics Canada data shows the average boomer household net worth reached $1,458,282 in Q2 2025, much of that wealth is tied up in real estate — wealth that is illiquid, hard to draw down and sensitive to housing market shifts.

All of this is worrying, especially considering that RBC Economics reports Canada is at “peak aging,” with an estimated 5.2 million boomers having already departed the labour force. And Canadians are starting to take notice. In fact, a 2025 Healthcare of Ontario Pension Plan (HOOPP) survey found that 59% of unretired Canadians do not believe they will ever be able to retire due to their financial situation.

Stop leaving money on the table. Compare Canada’s best RRSP accounts and find the perfect match for your financial goals.

What Kiyosaki likes for protection

Kiyosaki’s preferred playbook has been consistent for years.

“For years, I have recommended real gold, silver, Bitcoin, and Ethereum as your foundation for your financial future,” he wrote.

The reason behind his affection for precious metals stems partly from his deep distrust of the fiat currency system. As he put it in a 2021 interview, “I’m not buying gold because I like gold, I’m buying gold because I don’t trust the Fed.” Although Canadians don’t have to worry about “the Fed” — the U.S. Federal Reserve System — they still have their own central bank — the Bank of Canada — so his point stands.

However, the broader appeal of precious metals for Kiyosaki and many other investors is that, unlike fiat currencies, gold and silver can’t be printed at will by central banks, which is why they’re often viewed as potential hedges against inflation and currency debasement. Gold, in particular, is widely treated as a safe haven asset because it isn’t tied to any one company, government or economy.

Kiyosaki has even said he holds physical gold: “I have boxes of gold. I own gold mines,” he revealed in a 2025 interview.

For Canadian investors, the gold story in 2025 was particularly compelling. Gold surged 57% in Canadian dollar terms — its strongest annual gain since 1979, outpacing all major asset classes, including technology stocks. That run also helped the S&P/TSX Composite Index climb 29% in 2025, driven in part by the resource-heavy materials sector.

Canadians cannot hold physical gold directly in a Tax-Free Savings Account (TFSA) or Registered Retirement Savings Plan (RRSP). However, gold exchange-traded funds (ETFs) and gold mining equities listed on the Toronto Stock Exchange (TSX) are eligible investments in both registered account types, allowing investors to gain exposure to gold price movements within a tax-advantaged structure.

Practically speaking, for those in Canada trying to get in on the gold rush, an investing strategy that is slightly different from their American counterparts might be necessary, as Canadians are limited to holding gold ETFs and equities in their TFSA or RRSP rather than physical precious metals. That means the normal considerations of trading apply, like paying commissions on trades and maintenance fees.

In recent years, competition among brokerages in Canada has driven down these costs. Platforms like Questrade, which has long been one of Canada’s leading discount brokerages, have started offering commission-free trades on stocks and ETFs listed in Canada or the U.S., making it a top choice for DIY investors. Plus, Questrade lets you buy and sell physical precious metals and hold these assets in registered accounts like a TFSA or RRSP. Investors can get $50 cash back if they open a self-directed investing account today and deposit as little as $250 into the account.

Ready to keep more of your investment returns? Check out our expert breakdown of the best online brokers in Canada — including platforms offering $0 trades and up to $150 in transfer fee rebates.

Build retirement income through real estate

Beyond precious metals, Kiyosaki has long pointed investors toward real estate as an income-generating asset class. His book Retire Young Retire Rich focuses on using “good debt” to acquire cash-flowing assets and building income streams that do not depend solely on a paycheque — an idea that can be especially relevant in retirement.

While stock markets can swing wildly on sentiment, well-located properties can continue generating monthly cash flow, helping retirees cover expenses without having to sell assets during a downturn. Real estate can also act as a hedge against inflation: When inflation rises, property values and rental income tend to follow.

For Canadians who want real estate exposure without the responsibility of being a landlord, Canadian Real Estate Investment Trusts (REITs) listed on the TSX offer an accessible alternative. REITs are required to distribute at least 90% of their net operating income to unitholders, which is why many offer yields in the 5% to 6% range with monthly distributions. That’s perhaps why most Canadian financial planners recommend keeping REITs to roughly 5% to 10% of a well-balanced portfolio.

The beauty of REITs is that they trade like stocks and can be held in the same accounts as other holdings. This lets you diversify into real estate without having to open and manage multiple accounts. The ease of diversifying using REITS is a big advantage — it gives you real estate exposure, while allowing you to use dependable and secure online and mobile trading platforms, like CIBC Investor’s Edge. Not only can you maximize diversification, but you can also take advantage of the no-maintenance charges on investor portfolios of $10,000 or more. Open an account today and get 200 free trades when using promo code EDGE2026. Plus, enjoy unlimited commission-free trades on over 180 select ETFs. Terms and conditions apply. Offer ends September 30, 2026.

Imagine managing your daily banking and a self-directed investment portfolio all under one secure roof. Check out our deep-dive review to see how easy it is to instantly fund your trades and track your wealth with CIBC Investor’s Edge.

Mind the risks — and potential — of crypto

Kiyosaki’s protection playbook doesn’t stop at hard assets. Alongside gold and silver, he has long recommended Bitcoin and Ethereum as part of a financial foundation, citing his broader skepticism of fiat currency and central banks. Bitcoin is designed with a fixed supply cap, which is why supporters often describe it as a form of “digital gold.”

“I am so bullish on Bitcoin, I am buying more and more as Bitcoin’s price goes down,” he said in February 2026, pointing to Bitcoin’s hard-coded supply limit of 21 million coins.

Cryptocurrencies remain highly volatile, and not everyone has the stomach for the swings. But for Canadians curious about adding crypto exposure, there’s a distinctly Canadian advantage: Canada was the first country in the world to launch a spot Bitcoin ETF, in February 2021. TSX-listed Bitcoin and Ethereum ETFs are eligible for TFSAs and RRSPs, meaning Canadians can gain crypto exposure within tax-advantaged accounts — something U.S. investors in registered accounts have only recently been able to access. By the end of 2025, combined assets under management in Canadian crypto ETFs approached $6 billion.

But that doesn’t mean you can’t trade crypto on your own in Canada, provided that you have the ironclad stomach for volatility. In fact, with platforms like Kraken, buying and trading cryptocurrencies is more straightforward than ever, whether you’re on a desktop or using the mobile app.

With Kraken, you can buy and trade 600+ cryptocurrencies✢ or set up recurring buys to invest automatically. There’s also the option to add price conditions, so your trades only execute when the market hits your target.

If you’re new to the crypto game, Kraken even provides guides on popular coins, helping you understand what you’re buying and how to navigate the process from start to finish. And if you have questions, 24/7 support is available via live chat, phone or email.

For experienced crypto-traders who want greater control, Kraken PRO offers a more advanced trading experience. Designed for active traders, it features a highly customizable interface with real-time market data, advanced tools and detailed order types like stop-loss and take-profit to help manage trades more precisely. You can also trade across spot, margin and derivatives markets, monitor performance in one unified portfolio, and tailor your dashboard with multiple data widgets to suit your strategy.

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

Cryptocurrency trading doesn’t have to be overwhelming or risky. Choose an established, FINTRAC-registered exchange from our top picks to fund your account and begin investing with confidence.

✢ Not investment advice. Crypto trading involves risk of loss. See kraken.com/legal/ca-pru-disclaimer for info on Kraken’s undertaking to register in Canada.

What Canadians can do

Whether you share Kiyosaki’s alarm or take a more measured view, the retirement savings gap in Canada is real. Here are practical steps Canadian investors — especially those in or near retirement — can take:

• Max out your RRSP and TFSA first: The 2026 RRSP contribution limit is $33,810 (or 18% of prior year earned income, whichever is less), and unused room carries forward. TFSA contributions are separate and can be withdrawn tax-free at any time. These registered accounts are the most tax-efficient tools available to Canadian investors.
• Consider delaying CPP: Every month you defer CPP beyond age 65 increases your monthly payment by 0.7%, meaning delaying to age 70 locks in a 42% larger permanent benefit. If you expect to live past roughly 82 to 83, deferring tends to pay off.
• Use your TFSA for volatile assets: Gold ETFs and Bitcoin ETFs can be held inside a TFSA, shielding any gains from tax entirely. Given the volatility of both asset classes, the tax-free structure is especially valuable.
• Consider REITs for income: Canadian REITs listed on the TSX offer regular distributions without the hassle of being a landlord. Many are RRSP- and TFSA-eligible, and financial planners generally suggest limiting REIT exposure to 5% to 10% of a total portfolio.
• Diversify, don’t concentrate: Kiyosaki’s conviction bets — gold mines, 1,500 rental properties, large Bitcoin holdings — are not typical of most investors’ risk tolerance or capacity. Gold and crypto are best treated as one component of an otherwise diversified portfolio, not its foundation.
• Speak to a financial adviser: Given the complexity of CPP timing, RRSP/RRIF conversion rules, OAS clawback thresholds and tax-efficient withdrawal sequencing, working with a certified financial planner (CFP) or chartered financial analyst (CFA) can help ensure your retirement strategy fits your specific situation.

The researcher, posting in Reddit’s r/ClaudeAI community, said he connected an AI tool to a database containing every Polymarket wallet and trade, allowing him to query the platform’s entire trading history using plain-English prompts.

What he found has fueled a growing online debate over whether some traders may be operating with an information advantage.

Among the findings:

• Roughly 80% of wallets were unprofitable
• Only 2.4% wallets generated more than US$1,000 in profit
• The top 0.1% of wallets captured 71.5% of the platform’s roughly US$1 billion in total profits

More notably, the researcher identified what he described as “weird and suspicious trading patterns that look like insiders.”

The wallets that don’t look like ordinary traders

In follow-up comments, researcher and Reddit user Advanced-Rub2065 highlighted wallets with unusually high win rates, concentrated betting activity immediately before event outcomes and clusters of accounts apparently funded from common sources.

Digging deeper into the data, researcher and Reddit user Advanced-Rub2065 identified a small group of wallets that appeared to consistently beat the odds. Some repeatedly placed large bets shortly before events were decided, while others appeared connected through common funding sources. One wallet reportedly earned US$9.37 million across nearly 4,700 completed bets while maintaining a success rate far above what many observers would expect from luck alone.

The researcher argues these patterns deserve closer scrutiny.

“The patterns that flag a wallet: betting hard against the consensus right before an event resolves, unusually high win rate on one narrow category, clustering with other wallets funded by the same source, and concentrated timing,” the researcher wrote.

The analysis also identified several wallets that lost millions of dollars in only a handful of trades. One wallet reportedly lost US$21.8 million across just eight bets, while another lost US$18.9 million in 22 bets. The researcher argued these patterns appear inconsistent with ordinary trading losses and could potentially indicate wash trading or transfers of wealth between participants.

To be clear, neither regulators nor law enforcement agencies have verified the findings, and unusual trading success or failure, on its own, is not evidence of insider trading, money laundering or other illegal conduct.

Get the data you need to trade with confidence. Compare the pros and cons of Canada’s top-rated discount brokers and open your new account in minutes.

Suspicion isn’t proof

Nic Skitt, COO of Wise Publishing, cautioned that blockchain analysis can identify suspicious patterns but cannot determine who is behind a wallet or why trades occurred.

“A wallet that wins big right before news breaks looks suspicious, but looking suspicious isn’t proof,” Skitt said in a statement to Money.ca. “The danger here is calling out actual fraud, although I do admit there’s reason for suspicion.”

He added that regulators have powers unavailable to independent researchers.

“A regulator could potentially tie a wallet to a real person. They can subpoena the exchange for the name, ID and bank account behind it,” Skitt said. “This kind of analysis is a great way to find where to look. The analysis offers a starting point for an investigation.”

What the regulators are saying

When asked, the Canadian Securities Administrators (CSA) stopped short of commenting on the Reddit analysis itself, but in a statement to Money.ca said prediction markets, such as Polymarket, can fall under Canadian securities and derivatives laws.

“Prediction markets, like Polymarket, may involve products that are considered securities, derivatives or both under Canadian securities and derivatives law,” CSA spokesperson Ilana Kelemen explained.

Kelemen also noted that securities regulators actively pursue market misconduct when evidence exists.

“Securities regulators take enforcement actions where they have identified violations of securities laws, including insider trading or conduct in the capital markets that is contrary to the public interest,” she said.

Take the guesswork out of investing. Browse our list of the best robo-advisors and DIY trading platforms available in Canada today.

Or, if you’re ready to build your own investment portfolio, start with CIBC Investor's Edge online and mobile trading platform. 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.

Regulators are already concerned about prediction markets

The timing is notable because Canadian regulators have already raised concerns about prediction markets.

In April, the CSA and the Canadian Investment Regulatory Organization (CIRO) reminded investors that anyone trading or facilitating event contracts that qualify as securities or derivatives must comply with Canadian securities laws. Regulators warned that failure to comply with those requirements could lead to enforcement action.

The CSA also noted that while two CIRO-regulated dealers have been authorized to facilitate access to certain event contracts under strict conditions, “to date, no prediction market has been recognized as an exchange or registered as a dealer (or exempted from those requirements) by the CSA.”

The Ontario Securities Commission (OSC) previously sanctioned Polymarket’s operators for violating Ontario’s ban on short-term binary options. In April 2025, the OSC approved a settlement after determining Polymarket’s former and current operators offered prohibited binary options to Ontario investors between 2020 and 2023. The settlement included market bans and financial penalties.

Who can investigate?

For now, the Reddit analysis proves only that unusual patterns exist within publicly available blockchain data.

It also demonstrates a critical market change: The barriers to investigating financial markets have fallen dramatically.

“What changes is who can look,” Skitt said. In the past, investigations and analyses had to be undertaken by regulators or well-funded newsrooms. “Now, almost anyone with the skills can surface suspicious patterns.”

Whether those patterns ultimately point to sophisticated traders, coordinated betting networks, insider information — or something more serious — remains an open question.

For the individual investor, Keleman offers the following insight: “Avoid using platforms that do not comply with Canadian securities laws, and are not registered with or recognized by a Canadian securities regulator, as they present significant risks to customers because investors’ assets may not be adequately safeguarded.”

To be sure, investors are encouraged to check the registration of any person or company offering investment products.

Travellers who have no single must-visit destination are increasingly making their booking decision based on wherever they can reach for the fewest points or the lowest fare — and the savings can be substantial. Instead of booking the trip first and hunting for a deal second, they’re letting the deal lead.

It’s a strategy that won’t suit every traveller. For instance, if you have a dream destination locked in, flexibility isn’t really an option. But if you just want to get away — somewhere European, somewhere new — this approach could put serious money back in your pocket.

Michelle Sutton’s experience is one such example. She told Bloomberg she and her wife scrapped their plan to visit Croatia after they noticed one-way business class fares departing at US$6,000 (C$8,200) each — roughly 100,000 points. The couple decided to book whatever destination offered the lowest points redemption instead, with Germany and Portugal on the shortlist.

Fares are going up — and more than only the ticket price

The surge in airfare isn’t a Canadian-only problem, but it’s hitting Canadians hard. Higher jet fuel prices tied to instability in the Middle East have prompted Canada’s major airlines to raise fares and tack on surcharges.

According to the KAYAK Canada Airfare Trends Dashboard, average domestic flight costs in Canada were up between 11% and over 26% through April 2026 compared to the same month in 2025 (2). International flights from Canada have also climbed — from an average of $1,052 in January to $1,173 in April, a 12% jump.

It’s not just the base fare that’s gone up. Daily Hive National reports that Air Canada updated its checked baggage fees for Economy Basic and Standard fares purchased on or after April 13, 2026: The first checked bag now costs $45 to $54, up from $35 to $42. WestJet also added a $10 increase to first and second checked bags at airport check-in (3). Travellers should price out the full trip — base fare, fuel surcharges and bags — before assuming they’ve found a deal.

Ready to turn your everyday spending into a dream vacation? Browse our expert picks for the best travel programs and start earning today.

Being flexible could mean big savings

If you have your heart set on one European country, you can still save by choosing a city with lower-cost accommodation — or by crossing into a neighbouring country.

According to Expedia, travellers are increasingly searching for what the company calls “destination dupes” — cities that offer experiences comparable to famous hotspots, but at a meaningfully lower cost.

Travellers are also leaning on points to manage costs. But that strategy has become more expensive, too — Air Canada updated its Aeroplan Flight Reward Chart effective June 1, 2026. Most partner award redemptions increased by just over 7% to 20%, with some long-haul premium cabin routes rising by up to 30%. Practically speaking, the points you’ve been saving won’t stretch as far as they did last year.

For finding the best fare, flight-tracking apps and websites — including KAYAK, Google Flights and Hopper — let you monitor price changes over time and set alerts when fares drop on a specific route. It’s also worth checking whether booking directly on an airline’s website saves you anything versus a third-party platform.

Consider traveling outside peak season

If summer dates aren’t locked in, there’s an even simpler solution: Travel during the shoulder season. The window between the peak summer rush and the winter holiday period tends to bring lower fares and less crowded destinations.

According to Expedia’s Fall Travel Outlook, booking international travel around October 26 and November 24 tends to yield the best deals on airfare.

Smart travel moves for Canadians

• Compare total trip cost, not just the base fare. Fuel surcharges, seat-selection fees and new baggage fees from Air Canada and WestJet can significantly change which deal is actually cheapest.
• Check your reward balances sooner than later. With the June 2026 chart update now in effect, most Aeroplan partner redemption rates have risen 10% to 25%. Lock in bookings before additional devaluations occur.
• Use Canadian flight-tracking tools. KAYAK’s Canada Airfare Trends Dashboard (ca.kayak.com) tracks domestic and international fares from Canadian origins on a week-over-week basis — useful for spotting the right moment to book.
• Try a “destination dupe” mindset. Rome, Paris and Barcelona aren’t the only options. Naples, Brussels and Porto offer comparable experiences at significantly lower accommodation costs.
• Consider shoulder season. Based on Expedia data, the window around late October to late November offers international travellers some of the year’s best airfare deals — and far fewer crowds.
• Bundle when possible. Expedia data shows that combining flights and hotels into a package can save hundreds of dollars compared to booking each separately.

-With files from Melanie Huddart

The plan was to work a few more years, bank their savings, and enjoy a quiet life tending to their garden and hosting their two adult children for visits. Then a diagnosis of advanced prostate cancer changed everything. Jason is only expected to live for about three more years.

Jason and Theresa made the difficult decision to sell their home. They managed to pocket a $550,000 lump sum — proceeds that qualified for Canada’s Principal Residence Exemption (PRE), meaning the sale of their primary home is sheltered from capital gains tax by the Canada Revenue Agency (CRA). The couple then downsized to a smaller, mortgage-free place nearby. But Jason doesn’t just want to simplify things — he needs to be sure Theresa won’t be left financially strapped, while also trying to carve out an inheritance for their two grown kids.

Jason stepped away from his job earlier this year. He now pieces together his income through disability insurance and employer benefits — with Employment Insurance (EI) sickness benefits providing up to 26 weeks of income replacement at 55% of his insurable earnings. Jason earns the 2026 maximum of $729/week. After Jason’s EI sickness benefits run out, long-term disability (LTD) insurance through his employer may extend coverage further. Theresa, 50, still works full time, bringing in $75,000 a year before taxes.

But now the couple is left wondering: How do you stretch and protect a half-million-dollar nest egg when medical costs are creeping up, the timeline is uncertain and the surviving spouse needs that money to last for the next 30 years? While this situation is hypothetical, it has real-world resonance for couples in a similar situation.

How to protect a $550,000 payout

Before his diagnosis, Jason’s finances were relatively straightforward. Retirement savings in a Registered Retirement Savings Plan (RRSP), some cash savings in a Tax-Free Savings Account (TFSA) and a workplace pension plan. Building that safety net has gone by the wayside since he stopped working — now he’s trying to figure out how long a $550,000 lump sum can realistically last.

While Canada’s publicly funded health-care system covers hospital care, chemotherapy and radiation, it doesn’t cover all cancer treatment-related costs. Prescription drugs, home care, assistive devices, travel to treatment centres and lost income are additional costs that add up fast and fall largely on patients and their families.

According to a 2024 Canadian Cancer Society (CCS) report, the average Canadian cancer patient faces nearly $33,000 in lifetime costs, including approximately $16,000 in out-of-pocket expenses and lost income. In total, patients and caregivers absorbed $7.5 billion of Canada’s $37.7 billion cancer cost burden in 2024.

And the financial pressure doesn’t stop there. A 2025 Angus Reid Institute survey conducted in partnership with CCS found that nearly 80% of working-age Canadians (aged 18 to 64) worry they would struggle to save for retirement if faced with a cancer diagnosis. Furthermore, two-in-five cancer patients said their retirement savings took a direct hit.

For Jason and Theresa, the $550,000 from their home sale is more than a financial windfall. It’s all that’s standing between stability and uncertainty.

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

‘Bucket’ the money to manage expenses and lower spending risk

When you’ve got a sudden lump sum in the middle of a major health crisis, one way to structure savings is to put the money into “buckets” to help manage expenses. Here’s an example of how that could break down:

• Short-term cash (1 to 3 years): Living expenses held in a High-Interest Savings Account (HISA) — ideally inside a TFSA for tax-free growth — keeping funds liquid and easy to access
• Medium-term reserves: Funds for future needs placed in conservative options such as laddered Guaranteed Investment Certificates (GICs), which offer a fixed rate and CDIC-insured protection on eligible deposits
• Long-term growth: Any remaining balance invested cautiously with the help of a Certified Financial Planner (CFP) to support Theresa’s financial security in the years ahead

Jason doesn’t invest for a living. He doesn’t need complexity at this point in his life. In fact, complexity is usually what gets people into trouble in situations like this.

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.

Life insurance matters — and changes the math

If Jason holds a life insurance policy, that changes how the $550,000 lump sum needs to work. In Canada, the average life insurance payout is approximately $446,800 — the average policy size identified in recent Canadian market data. Death benefits are paid tax-free directly to named beneficiaries and don’t form part of the estate, meaning they bypass probate entirely when a beneficiary is designated.

Because there’s already a separate payout Theresa could receive when Jason dies, the $550,000 doesn’t have to do every job at once. Instead, it can be used for care, living costs or filling gaps as they appear.

Theresa may also be eligible for the CPP Survivor’s Pension — an ongoing monthly benefit paid to the legal spouse of a deceased Canada Pension Plan (CPP) contributor. The maximum monthly survivor’s pension for a surviving spouse under age 65 in 2025 was $770.88. Additionally, the CPP Death Benefit — a one-time lump sum that increased to up to $5,000 as of January 1, 2025 — may be paid to Jason’s estate.

Planning around a three-year timeline

When you only have an estimated three-year timeline like Jason does, traditional investing advice may not apply. There’s no “time in the market” for funds that will be needed in the near term. What matters most is cash flow — what’s coming in and what’s going out.

Even with a paid-off home and modest lifestyle, the costs tied to illness don’t hold steady. Prescriptions can change, appointments may require further travel and additional care may be needed at an unpredictable time. These risks don’t fit neatly into a budget line item.

Jason still has disability income and employer benefits, but they don’t cover everything. If monthly expenses start outpacing income and benefits, savings from the home sale can disappear far faster than expected. In situations like this, having a clear financial plan matters far more than chasing higher investment returns.

A lower-risk setup would likely focus on stability first. Given the complexity of their situation, Jason and Theresa could consider working with a Certified Financial Planner (CFP) — the regulated, licensed standard for financial planning professionals in Canada, credentialed by FP Canada.

Theresa’s $75,000 salary is important because it keeps everything moving. It reduces pressure and delays drawing on their savings. Financial and emotional pressures are likely to mount over the next three years, and she may need to take time off work or reduce her hours — something worth factoring into any financial plan sooner rather than later.

Don’t let the paperwork undo the plan

Another consideration is the legal side. Estate planning decisions — updating a will, naming or updating account beneficiaries and documenting account instructions — may not feel as urgent as medical decisions, but after death, they can create delays, stress and friction if not handled proactively.

In Canada, this is especially important for registered accounts. An RRSP can be rolled over to a surviving spouse’s RRSP or Registered Retirement Income Fund (RRIF) on a tax-deferred basis — as long as the spouse is named as beneficiary directly on the plan. A TFSA can be transferred to a surviving spouse as a “successor holder,” preserving the tax-free status without affecting the survivor’s own contribution room. These designations must be made directly on the account — not only in a will — to take effect and avoid probate.

That’s where families get tripped up. Not on the big financial strategy — but on the paperwork that didn’t get updated while everything else was happening.

What Canadians in similar situations can do

If you or a family member is navigating a serious medical diagnosis alongside a financial windfall or lump sum, here are some steps worth taking:

• Claim the Principal Residence Exemption: If you’ve sold your primary home, you’ll be exempt from paying capital gains tax. You must report the sale on CRA Schedule 3 and Form T2091(IND) to receive the exemption — it isn’t automatic.
• Bucket the lump sum: Divide proceeds into short-term (HISA or TFSA), medium-term (laddered GICs) and long-term (diversified investments, managed conservatively) buckets based on your timeline and income needs.
• Update beneficiary designations now: Named beneficiaries on RRSPs, RRIFs and TFSAs bypass probate and deliver funds directly to your spouse. Don’t rely solely on a will for registered accounts.
• Apply for CPP Survivor’s Pension and Death Benefit: A surviving spouse must apply through Service Canada; they aren’t automatic. The CPP Death Benefit (up to $5,000 as of 2025) is paid to the estate.
• Check EI sickness benefits and LTD coverage: EI sickness benefits provide up to 26 weeks of income replacement at 55% of insurable earnings (up to $729/week in 2026). After that, employer-sponsored long-term disability insurance may apply. Know your coverage before you need it.
• Work with a CFP: A Certified Financial Planner (CFP) credentialed by FP Canada is trained to help with this kind of planning — complex situations where cash flow, registered accounts, insurance and estate planning all intersect.

Hundreds of buyers are preparing to take possession of their homes, but the financial ground has completely shifted beneath their feet.

From the very beginning, market watchers were fixated on the steep price tags commanded by these master-planned units, where buyers locked in contracts at an average price well north of $2,000 per square foot. Fast forward to today, and the broader economic landscape looks completely different. The entire pre-sale condo sector across the region has experienced a severe sea change that became glaringly obvious by mid-2025.

Values have fallen across most types of condo units, and there are thousands of completed but unsold units currently sitting on the market.

So what will this mean when it comes time for buyers of the pre-sale condo units at Oakridge Park? It means a significant number of contract holders are facing a painful financial reality: they are under contract to pay a higher price than what the condos are worth now in the market and to their lenders.

A national trend hitting home

While this is playing out at a specific intersection in Vancouver, the situation serves as an urgent case study for anyone holding a pre-construction contract across Canada. From the stalled high-rises of downtown Toronto to cooling suburban hubs in Alberta and Ontario, the luxury condo boom has slammed into a wall of elevated borrowing costs and shifting buyer demographics.

The core issue stems from the gap between the day you sign a presale contract and the day the building is actually completed. When you buy a home before it’s built, you secure the price with a deposit, but your mortgage cannot be finalized until the structure is ready for occupancy.

If the market dips while the building is under construction, banks will only lend based on the current fair market value at completion, not the ambitious price point you agreed to years ago.

If a buyer signed a contract for a premium unit at an original valuation of $1.5 million, but a bank appraiser evaluates the finished unit today at $1.3 million, a $200,000 appraisal gap is born. Because lenders strictly enforce loan-to-value ratios based on the lower figure, the buyer is entirely responsible for coming up with that cash shortfall to close the deal. Failing to bridge the gap means losing the initial deposit and potentially facing devastating legal action from the developer.

Save thousands in high-interest fees. Use our comparison tool to find a personal loan that rolls all your balances into one easy monthly payment.

Strategies to bridge a valuation gap

If you’re holding a pre-construction contract that is nearing its completion date anywhere in Canada, ignoring a cooling local market is the most dangerous path you can take. To protect your wealth and preserve your housing future, consider taking these proactive steps well ahead of your closing date.

• Secure an independent local appraisal: Don’t wait for your primary bank to catch you off guard at the eleventh hour. Hire a certified local appraiser to get a realistic, conservative look at recent comparable sales in the immediate neighbourhood.
• Freeze spending and hoard cash: If an early assessment hints at a valuation shortfall, redirect every single dollar of discretionary income into a high-interest savings account. You’ll need liquid cash to make up the difference between your mortgage approval and the original contract price.
• Engage a specialized mortgage broker: Traditional tier-one banks have tightened their lending criteria significantly. A specialized broker can help you explore credit unions or alternative B-lenders that may use more flexible valuation metrics, though this often comes with a higher interest rate.
• Initiate a conversation with the developer: In a slow market swamped with unsold inventory, developers are highly motivated to ensure contracts successfully close. Reach out to ask about structured closing cost credits, extended payment timelines or developer-backed secondary financing options.

Watching the market slide after you have legally committed to peak pricing is incredibly stressful, but acting early gives you leverage. By analyzing the numbers honestly and adjusting your financing strategy months before the moving trucks arrive, you can shield your hard-earned equity from the worst of the real estate downturn.

Then 2025 happened — and a more diversified mix beat the classic 60/40 strategy by 5%, the biggest margin since 2009, with most registered accounts not holding nearly enough assets.

If your Registered Retirement Savings Plan (RRSP) or Tax-Free Savings Account (TFSA) is built entirely around a simple balanced fund or a single domestic stock index, you may have left meaningful returns on the table last year. Here’s what the data shows — and what Canadian investors can do about it.

What was actually in the winning portfolio

Morningstar portfolio strategist Amy Arnott tested an 11-asset portfolio against the classic 60/40 mix as part of the firm’s 2026 Diversification Landscape report. The diversified portfolio was spread across various asset classes, including:

• 20% in large-cap global stocks
• 10% each in developed international stocks; emerging market stocks; government bonds; core investment-grade bonds; global bonds; high-yield bonds
• 5% each in small-cap stocks; commodities; gold; real estate investment trusts (REITs)

Arnott found the diversified portfolio outperformed the standard 60/40 portfolio by just over 5% by the end of 2025 — returning 18.3% in 2025, compared to 13.3% for a basic 60/40 mix of stocks and investment-grade bonds. Arnott also found that the advantages offered in the diversified portfolio could continue into 2026.

However, investors should realize that the additional returns created through the diversified portfolio were strong due to prolonged market volatility. During more stable times — and over a longer time horizon — the standard 60/40 portfolio allocation generated better risk-adjusted returns than the diversified version. In other words, diversification wins during volatile or uncertain markets.

Take the hands-on approach to your financial future. A self-directed investing account gives you direct control over your assets, providing the tools and resources needed to make informed decisions while keeping fees manageable. For instance, a self-directed investing account with CIBC Investor’s Edge gets you access to investor tools, low fees, and more control to build your wealth. Open an account using promo code EDGE2026 and get 200 free trades. Plus, enjoy unlimited commission-free trades on over 180 select ETFs. Terms and conditions apply. Offer ends September 30, 2026.

3 forces that made diversification pay off in 2025

According to Morningstar, three interconnected forces drove last year’s result: A weakening U.S. dollar, more attractive international valuations and a near 70% surge in gold. All three were amplified by rising geopolitical uncertainty and a broader global shift away from U.S.-centric assets.

First, international stocks — the assets a classic 60/40 portfolio typically ignores — had a breakout year. Developed markets outside the U.S. jumped 32.2%, while U.S. stocks gained 17.4%.

The U.S. dollar weakened 10% against other major currencies in 2025. The Canadian dollar gained against the U.S. dollar, but lost ground against the euro, yen and British pound. Canadians holding international assets denominated in those currencies received a double tailwind — gains in the local currency of those markets, and gains when those returns were converted back to Canadian dollars.

Meanwhile, gold surged nearly 70% for the year, driven by central bank buying and investors seeking a safe-haven asset amid rising geopolitical tensions.

“People are buying it because they think it’s going to keep going up,” Arnott told USA Today. “And that’s definitely what we saw in 2025.”

Ready to build a diversified portfolio? Start with an online brokerage account that gives you access to alternative investments, such as gold and crypto. If you don’t want to manage a dozen different accounts, check out Wealthsimple — where you can buy gold (and even get it delivered to your door), Bitcoin and Ethereum right alongside your RRSP, TFSA, and favourite stocks. It’s the easiest way to build a diversified portfolio under one secure roof — with clear tracking and zero confusing jargon. Simplify your portfolio: Trade gold and crypto on Wealthsimple today. 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.

Why diversification doesn’t always win

From 2009 to 2024, the simple 60/40 portfolio earned its reputation. U.S. stocks delivered a 14.5% annualized return over that period, compared to just 7.6% annualized for international equities, according to Morningstar. Holding foreign stocks that couldn’t keep pace with North American markets dragged down the average return of diversified portfolios.

There’s also a structural challenge: In severe market crashes, assets that are supposed to diversify your risk can fall together, eliminating the very protection you were counting on.

What Morningstar recommends for investors right now

So what should investors do? Arnott’s advice is to keep things simple, even when diversifying.

She recommends three core asset classes: global stocks, both domestic and international, and investment-grade bonds. Arnott told CNBC that international stock valuations still look more attractive than U.S. stocks. On the bond side, she recommends sticking to short- to intermediate-term maturities.

“In addition, a small commodity exposure could make sense if inflation continues to run above the 2% target,” she said.

Furthermore, Arnott advises against investing too much in gold, cryptocurrency or newer asset classes like private equity and private credit, because the risks may outweigh the benefits.

“Even if you have a fairly simple approach of just building a portfolio focused on [domestic] stocks, international stocks, and investment-grade bonds, that can take you pretty far from a diversification standpoint,” she said.

How Canadian investors can apply this advice

The S&P 500 index funds that dominate many Canadian registered accounts give investors zero international exposure. But Canadian-listed exchange-traded funds (ETFs) on the Toronto Stock Exchange (TSX) make it straightforward to add that exposure.

For broad international diversification, two commonly used options are:

• The iShares Core MSCI All Country World ex Canada ETF (XAW) holds both U.S. and international stocks from developed and emerging markets — giving Canadian investors global exposure in a single fund while excluding Canadian equities, which most Canadians already hold through domestic funds or their employer pension.
• The Vanguard FTSE Developed All Cap ex North America Index ETF (VIU) focuses specifically on developed international markets, including Europe, Japan and Australia — the same markets that surged in 2025 — and has historically traded at lower valuations than North American equities.

Both ETFs are available in Canadian dollars and are commonly held inside RRSPs and TFSAs.

One additional consideration for Canadian investors: Capital gains earned inside a TFSA are entirely tax-free, and gains inside an RRSP are tax-deferred until withdrawal. For investors holding international assets in a non-registered account, capital gains are taxed at a 50% inclusion rate in Canada — meaning only half of your capital gain is added to taxable income. This is a meaningful advantage compared to many other jurisdictions and makes it worth reviewing which account holds which assets.

Know you should be investing but don’t want the guesswork? Consider a managed portfolio, such as Wealthsimple Portfolios. These pre-built portfolios are tailored to your retirement goals, risk tolerance and investment horizon and offer an easy, hands-off way to grow your money. Expert-managed and designed to weather market ups and downs, Wealthsimple takes care of the heavy lifting: Automatic contributions, dividend reinvesting and smart rebalancing to 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.

What to do now: A Canadian investor’s checklist

The Morningstar findings don’t mean you should abandon your current strategy. But they do offer a useful prompt to review your portfolio. Here are four steps Canadian investors can take:

• Check your international exposure. If your RRSP or TFSA is largely Canadian equities and bonds — or purely a U.S. index fund — you had little exposure to the international stocks that outperformed in 2025. Consider whether adding a broadly diversified international ETF like XAW or VIU aligns with your risk tolerance.
• Review your bond duration. Analysts recommend short- to intermediate-term maturities for bond holdings (11). Long-duration bonds remain more sensitive to interest rate changes, which matters in the current environment.
• Consider a small commodity allocation. A modest exposure to commodities — through a commodity ETF or a diversified asset allocation fund that includes commodities — may offer a hedge if inflation stays elevated.
• Be cautious about chasing last year’s winners. Gold surged 70% in 2025. Buying heavily into any asset after a dramatic run-up introduces timing risk. Arnott specifically warns against over-allocating to gold, crypto or private markets.

Arnott’s research shows the 60/40 portfolio isn’t dead — rather, it works best with a longer time horizon — and offers an opportunity to strategically add hedges during volatile markets. This means adding diversification to your investment portfolio, including gold, cryptocurrency, international stocks or real asset exposure doesn’t require complexity, but intention.

He took out the loan from CashMoney (which is now LendDirect) due to health problems he experienced a few years ago. He got his leg amputated and needed some cash to cover a wheelchair purchase and some modifications to his home.

Given that he’s made 60 payments over the last half-decade — $196 per month — O’Halloran expected his loan to be nearly paid off. Instead, he’s still owing $3,697, and learned he actually took out a line of credit and not an instalment loan.

“At $4,500, if you do the math, it comes out to close to $10,000 for a $4,500 loan,” O’Halloran told CTV News, adding, “I know there is no possible way to pay this thing, as the interest is going to keep adding on.”

He noted that he did not receive the paperwork when he first signed the loan, as the company alleged their photocopier was broken.

While O’Halloran did tell the news outlet he refinanced his loan once, he was shocked he still owed so much. Of the $196 he pays monthly, $147 goes towards interest and only $49 towards the principal amount. On top of the loan, O’Halloran is still paying medical bills and other necessary expenses — he now regrets borrowing the money.

CTV News contacted the lender, but received no response.

Criminal interest rate cap lowered last year

Stories similar to O’Halloran’s in part prompted the federal government to institute new legislation for interest rate caps on January 1, 2025, with an aim to protect financially vulnerable Canadians from predatory lending practices.

As a result, it is now illegal for lenders to offer high-interest loans with an annual percentage rate (APR) of 35%: APR is a combination of interest rates and fees. Payday loans were also lowered to a cost of $14 per $100 borrowed (an annual interest rate of 365%) as well.

Prior to the changes, the legal cap on interest rates was at 48% APR.

The changes were first presented back in Budget 2023, updating the “Criminal Interest Rate Regulations.” Subsequent additions were put forward in Budget 2024 to “prohibit offering of credit at the criminal rate of interest.”

The changes to the criminal limit on interest rates were not retroactive, so consumers like O’Halloran weren’t eligible for lower rates on their old loans.

While the changes can’t help Canadians who got a high-interest loan prior to the beginning of 2025, consumers in 2026 will access regulated lenders at the amended rates. The question is: will it help?

One payment, zero stress: Trade your mountain of bills for a single, easy-to-manage monthly payment today.

Experts raise issue with the cap

On paper, the change seems welcome. As many as 8 million Canadians or more don’t meet the strict credit requirements (a score of 720 or more) to borrow from major financial institutions. So, they turn to alternative, sub-prime lenders and payday loans.

Shouldn’t lowering the interest rate for millions of Canadians be a prudent decision? Not if it stops regulated lenders from being able to offer loans to those who are financially vulnerable.

That’s the argument made in A Rise in Illegal Lending and Criminal Activity, a paper co-authored by the Canadian Lending Association (CLA) and Ontario Association of Chiefs of Police (OACP). The organizations suggest that 4.7 million Canadians will no longer have access to fair alternative lenders — instead they are pushed to borrow from payday lenders or illegal loan sharks.

Regulated lenders set high interest rates to account for the risks of a sub-prime borrower failing to make a payment. A lower interest rate means they may not turn a profit when lending to Canadians who are at a high risk of defaulting. So, they exit the market.

Thus, illegal lenders and payday loan sharks fill the void.

“The legislation has the potential to create a vacuum for criminals to fill,” Barry Horrobin, co-chair of the OACP’s Community Safety and Crime Prevention Committee, said in a statement.

The paper cites a number of case studies where government interest rate changes led to a rise in illegal and predatory lending practices, including California, Quebec and the UK.

Consumer advocacy groups have also raised warning flags. Credit Canada Debt Solutions, a non-profit credit counselling agency, has cautioned that restricting higher-cost lending without expanding access to affordable credit could leave financially vulnerable Canadians with fewer borrowing options and potentially push them toward unregulated lenders.

“Lowering the criminal rate doesn’t solve the problem,” CEO Bruce Sellery said in a release. “Many people turn to high-interest loans because they have low credit scores and can’t qualify for loans from traditional lenders. Without addressing the underlying issues, like financial literacy, mental health struggles, and income instability, we risk pushing Canadians toward unregulated, riskier credit options like pawn shops, illegal lenders, or offshore borrowing.”

How to escape a high-interest loan trap

Statistics from the CLA show that Canadians like O’Halloran turn to alternative lending solutions to cover their bills (53%), essential expenses (38%), home and auto repairs (28%) and to consolidate debt (24%). Because they can’t get loans at a better rate from large institutions, necessity forces them to look elsewhere. And when you’re dealing with an emergency repair, looming bills or any other urgent issue, it’s hard not to act quickly.

So, if you’re trapped with a high-interest loan you feel you can’t pay off fast enough, what are your options? Here are some steps you can take to get out of a debt spiral.

• Work with a professional. There are free, accredited services for Canadians stuck in a trap of emergency loans from organizations like Credit Counselling Canada and Consolidated Credit Canada.
• Consider a debt consolidation plan. If you have multiple sources of high-interest debt, consolidating them into a single loan may lower your cumulative interest paid.
• Look into a debt management plan. Similar to a consolidation loan, this option has the added benefit of potentially reducing your debt load. A licensed credit counsellor will work with your creditors to negotiate amounts owed and come up with a single monthly payment that matches your budget. The Credit Counselling Society offers debt management plans across all provinces in Canada.

Bottom line

If the CLA and OACP are right, consumers with sub-prime credit scores need to be even more vigilant when it comes to finding a loan — especially in the short-term. If you’re looking for a loan, start with the CLA’s list of certified lenders. If you see a lender with an unusually high rate — above the federally mandated 35% APR — don’t take the offer, no matter how badly you need the money. The best financial decisions are never made under pressure.

Canada’s ongoing trade dispute with the United States is creating ripple effects throughout the auto industry, and it’s not just affecting new vehicle prices. The same tariffs also pushing up the price of replacement parts and repairs. According to Consumer Price Index (CPI) data from Statistics Canada, the price of passenger vehicle parts, maintenance and repairs increased by 2.9% between April 2025 and April 2026. Those higher costs eventually make their way onto the balance sheets of Canada’s property and casualty insurers.

Auto insurers base premiums partly on the cost to repair or replace a vehicle after a claim —when that figure rises, insurers often seek rate increases from provincial regulators. Many provinces have already approved increases in recent years, and the tariff environment signals further pressure ahead.

This doesn’t mean every driver will see an immediate increase. Rate changes need to go through a regulatory approval process first, and timing varies by province, insurer and policy type. However, if your renewal is due in the months ahead, it’s a good idea to plan ahead.

Why parts costs matter to your insurer

Canada imports a significant share of its auto parts from the United States. Under the tariff measures introduced in 2025, many of those parts now face additional duties at the border, increasing costs for repair shops and auto body facilities across the country.

When you file a claim, your insurer pays the repair bill — including both labour and parts — which can become pricey quite quickly. For example, if a bumper assembly or sensor array is now 20% more due to tariff-driven supply chain disruptions, the insurer absorbs that price hike across thousands of claims. Over time, costly payouts affect their profitability. When loss ratios exceed expectations, they typically apply to regulators for permission to increase rates.

How rate increases actually reach your policy

In Canada, auto insurance is provincially regulated. Providers can’t simply raise premiums whenever claims become costlier. Before they make any rate change, they must file an application with the appropriate regulator, such as the Financial Services Regulatory Authority of Ontario (FSRAO) or the British Columbia Utilities Commission (BCUC) in B.C.

As a result, today’s tariff-driven pressures may not show up in your premium tomorrow. It can take months, and sometimes longer, for higher repair costs to work their way through the regulatory system. That said, insurers don’t wait around until the losses pile up. If current trends point to future claims inflation, they will often file rate applications in anticipation of steeper expenses.

Are you paying a "loyalty tax" to your current insurer? Most drivers find their best rates by switching; click here to see how much you could save by comparing the latest market rates.

Which drivers face the most exposure to higher rates?

Drivers with newer vehicles, particularly those with advanced safety technology, tend to see higher repair bills after collisions. A fender-bender that would have cost a few hundred dollars to fix on a 2010 sedan can run several thousand dollars on a 2023 model equipped with parking sensors, cameras and radar modules embedded in the bumper.

Urban drivers may also face greater exposure. Higher traffic density tends to result in more low-speed collision claims, which are exactly the types of repairs most affected by rising parts prices. Comprehensive coverage can also become more expensive when replacement parts are harder to source or are more expensive than before. Claims involving theft, vandalism, hail damage, or falling objects all depend on the availability and price of the necessary components.

Leased or financed vehicles often carry mandatory and comprehensive collision coverage as a lender requirement, leaving drivers little room to reduce exposure by dropping coverage tiers.

What you can do before your next renewal

Rising repair costs don’t automatically mean your premium will increase, but they do strain the insurance system. The good news is that you still have options.

If your policy is up for renewal in the coming months, now is a good time to take a proactive look at your coverage and pricing. Depending on where you live, by taking a few simple steps, you may be able to avoid some of the impact of higher rates:

• Get at least three quotes before renewing. Premiums for identical coverage can vary by hundreds of dollars between insurers.
• Review your deductibles. Increasing your collision or comprehensive deductible from $500 to $1,000 will often reduce your annual premium.
• Ask about telematics insurance. Some insurers offer discounts for safe driving habits or lower annual mileage.
• Bundle your home and auto insurance with the same provider, if possible, to qualify for a multi-policy discount.

While you may not have control over tariffs or repair costs, you do have authority over how you shop for coverage. Taking a few minutes to compare quotes, review your deductibles and ensure your policy still meets your needs could reduce the impact of any future rate increases.

So, just because you can start collecting OAS at 65 and not 67, it doesn’t mean you have to. Canadians have the flexibility to begin collecting retirement benefits from age 60 to 70. When you start can have a major impact on your financial status for the rest of your life.

Is retirement age 65 or 67 in Canada?

In Canada, there is no mandatory retirement age, and most provinces prohibit forced retirement. The standard age of 65 that is often used refers to when Canadians can collect OAS.

While the age of 67 for OAS collection was brought in by the Conservative Government in 2012, it was never put into effect. The Liberals reversed this in 2016, keeping the minimum age for OAS collection at 65. If you ever see OAS and the age of 67 mentioned, it’s likely an outdated article.

You can begin collecting OAS at 65, but you don’t have to. When it comes to the Canadian Pension Plan (CPP), there is a whole different set of rules.

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

When can you start collecting CPP?

Many Canadians confuse collecting CPP and OAS. Both are benefits meant to aid Canadians in retirement, but, perhaps confusingly, they have different sets of rules.

The Canadian Pension Plan (CPP) is much more flexible than the OAS. Canadians can begin collecting the CPP as early as age 60, or as late as age 70. But collecting your CPP early has some very real financial repercussions.

If you decide to collect your CPP early, you’ll be penalized. How much? Your CPP payments will be permanently reduced by 0.6% per month before you turn 65. The math says that if you begin collecting your CPP at 60, that’s 36% less than if you waited just five years.

On the flip side, you can also delay collecting CPP until age 70. If you decide to do this, your CPP will increase by 0.7% for every month after you turn 65. The math says that if you begin collecting your CPP at age 70, that is 42% more than if you collected at 65.

CPP Retirement Benefit Example

The average CPP payment at age 65 in Canada is about $815/month. Here’s what that would be if you started collecting that at different ages.

• At age 60, that would be reduced to roughly $520/month
• At age 65, you would receive the full $815/month
• At age 70, that would be increased to roughly $1,150/month

Keep in mind that these figures assume a full contribution by a Canadian during their working career.

One more thing: CPP is taxable income. If you’re still working when you begin collecting it, the CPP will increase your income for the year and could even bump you to a higher tax bracket.

When does OAS start — and should you delay it?

Unlike CPP, you cannot collect your OAS before the age of 65. But, like the CPP, you can choose to delay collecting your OAS, which can pay off over the long run.

For every month after you turn 65 that you delay collecting your OAS, it will increase by 0.6%. If you can hold off until age 70, that adds up to 36% more. Here’s an example:

• At 65, the average OAS amount is about $727/month
• If you can wait until age 70, that would increase to about $990/month

On top of that, at age 75, Canadians receive an additional 10% OAS boost. This was introduced by the Canadian Government in July 2022.

Here’s one warning for high-income retirees: if your annual income exceeds $90,997, you will begin paying back your OAS at a rate of $0.15 per dollar. If you are still working at 65, it’s beneficial to delay your OAS to avoid the clawback.

Finally, for lower-income seniors, the Guaranteed Income Supplement (GIS) does not increase if you delay your OAS. So if you are a lower-income retiree, it’s beneficial to start collecting your OAS as soon as you turn 65.

What’s the best age to retire in Canada?

Retirement is a personal decision for most Canadians. Generally, there are four factors for the ideal time to retire:

• Health and life expectancy
• Other income sources (workplace pension, RRSPs, TFSAs, real estate)
• Whether you’re still working
• Your tax situation

Canadians approaching retirement age can consider the breakeven formula: delaying their CPP from age 65 to 70 means giving up five years of payments, but they will receive a much higher monthly amount.

The “breakeven age” for most Canadians will be between 82 and 84. Why these ages?

If you expect to live longer than that, then delaying the collection of your retirement benefits will certainly pay off. If your family has a history of health concerns, then taking it earlier makes the most sense.

If you can wait until the breakeven age, then it is best to use your existing investments to bridge the gap. This includes your RRSPs, RRIFs or TFSAs.

One last note: if you retire before the age of 65, or did not work full-time when you were younger, your CPP amount will likely be less than that of someone who worked full-time.

FAQs

Is retirement age 65 or 67 in Canada?

There is no mandatory retirement age in Canada, but the traditional age has been 65. This is the age at which Canadians can begin collecting their Old Age Security (OAS) benefit.

Can I retire at 60 in Canada?

Yes, there is no mandatory retirement age in Canada. If you choose to retire at 60, you may also begin collecting your CPP at that age. Keep in mind that it comes with a permanent reduction and decreases by 0.6% every month before you turn 65.

What happens if I keep working past 65 and collect CPP?

If you are still working by the time you begin collecting your CPP, you can still contribute to it to boost your post-retirement benefit. Keep in mind that this is optional, and a higher CPP benefit could impact your post-retirement income.

The superyacht boom in the west has proven that high-net-worth marine traffic injects massive amounts of international capital directly into coastal communities. Now, the historic industrial Port of Botwood, Newfoundland, is attempting to capture its own piece of the global maritime wave — pivoting its strategy from industrial shipping to aggressively courting the international cruise ship industry.

Whether it is a private billionaire boat docking in Victoria or a massive commercial liner dropping anchor in Central Newfoundland, Canada’s coastlines are betting big on the “Blue Economy.” But as these small communities open their arms to global wealth, they face a familiar balancing act: managing massive cash injections against acute local infrastructure strain.

The maritime playbook: Over 100 touched industries

It’s easy to view luxury maritime tourism purely as a spectacle for onlookers, but these vessels — whether private yachts or commercial cruise liners — effectively function as floating corporations.

When a vessel docks, its operational overhead is astronomical. In major BC hubs, a single superyacht stopover requires thousands of litres of marine fuel, specialized shipyard maintenance and extensive logistical coordination for high-end provisions. Maritime experts note that this industry ripples through well over 100 localized sectors, from marine engineers to local artisans.

The Port of Botwood is looking to activate that exact same economic engine. Historically known as a heavy industrial distribution port tied to the region’s pulp, paper and mining history, Botwood’s shift toward cruise tourism is a deliberate move toward economic diversification. A single docked cruise ship can funnel thousands of affluent travellers into central Newfoundland simultaneously, creating a surge in high-value contract opportunities for regional tour operators, local retailers, and hospitality businesses that survive on seasonal traffic.

The industrial evolution of Botwood

Botwood’s push for cruise ships is not happening in a vacuum. The town is currently at the centre of a massive identity shift for the late 2020s, moving aggressively away from 20th-century industrial models and positioning itself at the crossroads of green energy and tourism.

Just weeks before announcing its cruise ship ambitions, the region hit a major milestone with the submission of an environmental impact statement for a proposed large-scale wind energy project near Botwood. By pairing green industrial development with international tourism, the port is attempting to build a resilient, multi-pronged modern economy.

Don't leave points on the table. Compare Canada's top travel rewards programs today to see which one gets you to your destination faster.

The rural “demand shock”

However, capturing global maritime wealth introduces unique economic pressures for everyday Canadians living in these destination hubs. In established urban centres like Victoria or Vancouver, an influx of luxury consumers causes a micro-level demand shock, driving up seasonal costs at high-end grocers, boutique hospitality venues, and private transportation.

In a smaller, rural setting like Botwood, that demand shock is even more concentrated. When a cruise ship arrives, thousands of international passengers step off the boat at once, instantly overwhelming local infrastructure. Regional supply chains can pivot rapidly to accommodate these high-margin tourists, triggering localized inflation. For the average resident, this means that space at regional tour bookings, municipal slip access, and local culinary experiences can suddenly become scarce and expensive, forcing locals to compete financially with international capital.

Navigating the changing tides

The shifting strategies on both of Canada’s coastlines reveal a broader macroeconomic truth: Domestic tourism and maritime infrastructure are increasingly relying on global wealth to fuel regional growth.

For everyday Canadians looking to enjoy a classic summer by the water without a billionaire’s budget, navigating this high-demand economy requires a strategic approach. Safeguarding personal cash flow against localized price spikes means exploring secondary municipal launches, securing baseline pricing weeks in advance before dynamic pricing scales upward, and timing local experiences to avoid the immediate rush of docked passengers.

As Botwood prepares to welcome the cruise industry, it joins BC in a new economic era — one where local communities must learn to successfully ride the financial wave of global maritime tourism without washing out the residents who live there year-round.

This year, the energy surrounding the event is higher than ever. With ongoing diplomatic and economic friction south of the border making travel to the United States less appealing, an unprecedented number of Canadians are choosing to vacation closer to home. This surge in domestic tourism has made iconic homegrown events like the Stampede — already massive and deeply rooted in Canadian culture — the top destination for summer travellers looking for a world-class experience without crossing the border.

Rooted in Alberta’s ranching heritage and celebrated for its world-class rodeo, vibrant midway and rich cultural showcases, the Stampede is more than just a festival — it’s a one-of-a-kind Canadian tradition that blends history, heart and high-energy fun.

Experience rich traditions and cultural celebrations

While the rodeo may be the main attraction, the Calgary Stampede is also a powerful celebration of cultural identity, storytelling and Western heritage, offering an experience that’s as meaningful as it is memorable.

Elbow River Camp

At the heart of this is Elbow River Camp, a vibrant and evolving space dedicated to honouring the traditions of the 26 tipis representing the Siksika, Piikani, Kainai, Tsuut’ina and Stoney Nakoda First Nations. This cultural showcase features:

• Authentic tipi living and cultural demonstrations
• Daily dance and music performances
• Artisanal crafts made by local creators

Led entirely by members of Treaty 7 Nations, the camp offers a rare and respectful opportunity to engage with Indigenous cultures directly, learn about traditional knowledge and appreciate the living legacy of the peoples whose land the Stampede takes place on. This isn’t a tourist photo-op. It’s an immersive, educational and welcoming space that reflects the Calgary Stampede’s broader commitment to truth and reconciliation through storytelling, visibility and mutual respect.

The parade and community spirit

Elsewhere on the grounds, the opening ceremonies and daily parades provide a spectacle of Western pride and community spirit. Crowds gather for marching bands, chuckwagon outriders, First Nations dancers, mounted police and themed floats, all flowing through Calgary’s downtown in a colourful display of tradition and showmanship.

The atmosphere this year promises to be exceptionally patriotic, serving as a massive reunion for Canadians from coast to coast sharing in a collective celebration. It offers visitors a poignant reminder that amid the entertainment and excitement lies a deep, enduring connection to place, culture and people.

Culinary innovation on the midway

For many, Stampede food is just as memorable as the rides and rodeos, and it’s anything but ordinary. Each year, food vendors compete to outdo themselves with wild, creative and indulgent treats.

From deep-fried delicacies and wacky pickle fusions to over-the-top desserts and international street food mashups, the midway offers culinary experiments that are as Instagram-worthy as they are outrageous.

Stampede staples like mini donuts, BBQ ribs and poutine remain crowd favourites, while the 2026 menu pushes the envelope of edible innovation. Sampling the midway eats can be a budget-friendly adventure too; many vendors offer snack-sized portions or food share combos that help visitors stretch their spending without missing out on the flavour.

And if you’re early enough, many pancake breakfasts around the city are completely free — a beloved Calgary tradition that mixes Western hospitality with great value.

What to eat on the midway: Four wild new treats for 2026

The 2026 Calgary Stampede midway menu is packed with sweet, salty and downright daring creations. As Canadians flock to the grounds for their ultimate summer vacation, food vendors have truly outdone themselves with bold international fusions and over-the-top treats.

Here are four standout new food items to hunt down on the midway this year:

• Butter Chicken Birria Tacos (Mexican Street Food - Booth #R5): This ultimate Indian-Mexican style fusion takes slow-cooked, rich butter chicken and stuffs it inside a cheesy, birria-style taco. It’s topped with fresh onion and cilantro and served with a traditional consommé dip for an unforgettable mashup of global comfort foods.
• Dubai Chocolate Pistachio Cheesecake Mini Donuts (Ogopogo Artisan Mini Donuts - Booth #2042): Capitalizing on the global Dubai chocolate craze, this decadent treat features 12 fresh mini donuts topped with a pistachio cream cheese glaze. It’s then drizzled with a rich chocolate glaze and finished with dark chocolate curls and a dusting of powdered sugar.
• The Cheesy Saddle Slice (Pizza 73 - Booth #2021): The winner of the 2026 New Midway Food Naming Contest, this item features a gooey slice of cheese pizza dipped in corn dog batter and deep-fried to golden perfection. To finish it off, the slice is heavily dusted with Cheetos seasoning. Adventurous foodies can choose from a classic slice, creamy garlic and pickle, or creamy garlic and pepperoni.
• Buldak Stuffed Grilled Cheese (Melt Town Grilled Cheese - Booth #2043): If you’re looking for sweet, spicy and cheesy chaos, this sandwich brings serious heat. It’s loaded with saucy, spice-packed Korean Buldak noodles wrapped inside crispy, golden-toasted bread. The gooey melted cheese helps cool things down just enough before the spice builds again.

Savvy spending: How to enjoy the Stampede on a budget

The Calgary Stampede may be a marquee summer event, but with a surge of domestic travellers arriving this year, planning ahead is key to keeping costs down. With smart planning and a little insider knowledge, visitors can experience the excitement, culture and food of the Stampede without overspending.

Plan around Value Days and free programming

Even after early bird discounts close, there are still excellent ways to save. The Stampede offers several designated Value Days throughout the 10-day run that can dramatically reduce your admission costs:

• Sneak-A-Peek (Thursday, July 2): Get in the night before the official opening with half-price admission starting at 5 p.m. — ideal for a sneak preview of the grounds and midway.
• Family Day (Sunday, July 5): Free admission for everyone who arrives during the early morning hours, featuring a free pancake breakfast, live family entertainment and early access to rides and exhibits.
• Seniors Day (Tuesday, July 7): Free park entry all day for seniors aged 65 and older, along with exclusive morning events and perks.
• Kids Day (Wednesday, July 8): Children aged 12 and under get free admission until 11 a.m., with plenty of kid-focused activities, special performances and midway discounts throughout the day.

Free fun all day long

Beyond headline concerts and rodeo events, there’s a surprising amount of no-cost entertainment included with your general admission ticket:

• The Coca-Cola Stage: Catch daily shows showcasing a premier lineup of Canadian and international music acts.
• Agriculture & Animal Showcases: Explore barns, try hands-on exhibits and watch live stock dog trials and demonstrations.
• The BMO Centre & The Market: Wander through fully air-conditioned hubs where vendors, demonstrations and international performances keep the energy high without added cost.

Stretch your dollars at the midway

• Set a game budget ahead of time and stick to it, or challenge your group to compete for bragging rights instead of pricey prizes
• Split food items to sample more of the outrageous 2026 menu without overdoing it
• Bring your own water bottle to take advantage of the free refill stations scattered across Stampede Park

Transit and accommodations

Avoid the hassle and expense of parking downtown by taking Calgary Transit, which runs extended 24-hour service on the CTrain line during Stampede. The Red Line drops riders off directly at the Stampede grounds via the Erlton/Stampede or Victoria Park/Stampede stations.

Because domestic travel demand is exceptionally high for 2026, accommodations are booking up fast. Cost-conscious travelers can find savings by staying outside the downtown core — such as in suburbs connected directly to the CTrain line — and commuting into the park.

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.

Calgary Stampede delivers economic impact and community support

The Calgary Stampede isn’t just Canada’s biggest summer festival; it’s a powerful economic driver and a vital contributor to Alberta’s cultural and financial ecosystem.

With over a million visitors pouring into Calgary each year — and a massive influx of Canadians keeping their tourism dollars within the country this summer — the event fuels critical local spending at hotels, restaurants, shops and transit services. Hundreds of local businesses, food vendors and artisans rely on this 10-day window for exposure and income that carries them through the year.

Attending the Stampede also directly gives back to the community. Through the Calgary Stampede Foundation, the organization invests in youth development, agricultural education, scholarships and community partnerships. Programs like The Young Canadians School of Performing Arts, Stampede School and 4-H programs nurture the next generation of leaders and artists, ensuring the festival’s positive ripple effect is felt year-round.

Plan your trip for a unique Canadian experience

Whether you’re riding into the Stampede for the first time or you’re a seasoned attendee, there’s something here to rope in everyone. From pulse-pounding rodeo showdowns and the iconic evening chuckwagon races to rich cultural experiences, foot-stomping concerts, and family-friendly fun, the Calgary Stampede packs its 10-day run with non-stop action.

So saddle up and mark your calendar for July 3 to 12, 2026. Head over to calgarystampede.com to wrangle your tickets, plan your route through the grounds and check out the full lineup of entertainment and events.

Amid a changing travel landscape, there has never been a better summer to celebrate the very best of Canadian culture, community spirit and Western hospitality right here at home.

Crory and Thompson told CTV News that they returned to massive ruts in their recently renovated lawn. The delivery driver appeared to have missed their driveway and got stuck in their front lawn — they eventually had to be towed out.

“When we pulled into the driveway, it looked like there had been a monster truck rally on our property. We had an Amazon delivery gone wrong,” Crory said. “It starts at the beginning of the driveway and goes for 100 feet, and it’s from eight to 12 feet wide.”

In a statement to CTV News, a spokesperson from Amazon Canada noted that the delivery driver was neither an Amazon employee nor an independent contractor. Instead, they are a “delivery associate employed by a Delivery Service Partner.”

“We’ve apologized to the customer for this experience, and the driver’s employer is working directly with them to resolve the matter.”

The spokesperson confirmed that any reimbursements to the customers based on the damage are handled through an independent assessment process, led by a professional appraiser.

Crory and Thompson are currently dealing with an insurance company out of New Jersey to get the repairs completed and have received two estimates; the lowest being $3,900. The insurance company so far is only willing to offer $1,200 for a repair.

“I think the goal is they want customers to sit back and accept what they are giving us, and it’s just not right. We want Amazon to pay the full price,” Thompson told the news outlet.

What homeowners can do if their property is damaged

Dealing with damages to your property, especially when a third-party is involved, can be very complicated. That said, homeowners do have multiple options when seeking compensation.

The most intuitive way is to directly reach out to the offending party with evidence of the issue. A resolution for this can be simple if the individual who caused the damage chooses to pay for repairs.

For cases involving a delivery driver like Crory’s and Thompson’s issue, there are more variables at play. In Canada, businesses that deliver goods are required to carry commercial auto insurance, which includes coverage for third-party liability claims. Third-party liability coverage protects a business if it is at fault for an accident. In cases where a customer shows that the business was at fault for damages, the insurer will step in to deal with the claim.

However, this is where friction begins to form.

Property owners may get multiple quotes from contractors as evidence for how much they should be paid for the damages. But an insurance company is not required to take those quotes at face value — the insurer is responsible for determining the amount of loss to settle a damage claim under its policy. Conflict can quickly build when an insurer has a vastly different view of the loss the homeowner suffered versus what the property owner believes they are owed.

In cases where the delivery company’s insurer and the property owner are deadlocked, getting a lawyer involved can be an option to find common ground. That does not necessarily mean entering into a lawsuit, as a lawyer may send a demand letter or negotiate with the insurer to find a resolution. But this can get very expensive quickly.

Don't pay more than you have to for peace of mind — compare Canada’s top-rated home insurance providers in minutes.

What about home insurance?

If a homeowner is in a stalemate with an insurer about a property damage claim, there is another option on the table aside from a lawsuit: home insurance.

Home insurance generally covers damages to property including accidental damage, but it isn’t always a clear-cut option. While homeowners will be dealing with their insurance company rather than another party’s, they may not share the same view of the damages to your property — or deny your claim outright. Homeowners are still at the mercy of an insurance company without legal assistance.

From another angle, making a claim can increase policy premiums in the future or upon renewal. And in some cases, the deductible the insured is required to pay can be more than the cost of the repairs. In fact, a BC resident ran into this exact issue when a delivery driver damaged her fence and she made a claim through her home insurance. The deductible was nearly double the cost of the repairs, so her insurance claim was a non-starter.

How homeowners can respond to property damage

Whether it’s damage from a delivery gone wrong or even accidental destruction from a neighbour, dealing with property damage can be overwhelming. Here are some simple tips you can take if you face a situation similar to Crory’s and Thompson’s.

• Document issues immediately. Before anything is moved or repaired, document the full extent of the damage. Take information on the person who caused the damage and their insurance information. These details will be used to support a potential insurance claim, so gather as much information as possible.
• Contact the responsible party quickly. The sooner you can start negotiations with the party that damaged your property, the better. Make sure to bring evidence of the issue forward. If negotiations don’t bear any fruit, you’ll start to deal with their insurance company.
• Obtain multiple quotes. Rather than getting a single quote to repair the damages, seek out multiple contractors to provide an estimate. You may be able to use these estimates as evidence of the amount of your loss with an insurance company.
• Be prepared to negotiate. If you receive an offer to compensate you for the damages you aren’t happy with, you can negotiate with the insurer. Don’t think you have to take the first offer on the table.
• Get additional help. Regardless of the stage of the claims process, property damage issues can be very complex. Getting the help of a legal professional or insurance expert can be invaluable for both your compensation offer and your well-being.

The median yearly income for an individual senior in Canada is $31,400 according to Wealthsimple. This figure includes both Canada Pension Plan (CPP) and Old Age Security (OAS) benefits, any workplace pensions as well as withdrawals from personal retirement accounts.

As Statistics Canada reported in 2023, data from the 2021 census showed that roughly 1 in 3 Canadian renters aged 65 and over spends more than 30% of their income on housing — the commonly used threshold for being considered “shelter-cost burdened.” That figure is higher still among those on fixed incomes, including seniors relying primarily on government pensions.

Canada’s rental market has seen some stabilization. While asking rents hit record highs in 2024 and early 2025, many metropolitan areas saw significant decreases in asking rents later in 2025 and early 2026.

However, according to data from RBC, rent still ranks as one of the fastest growing components of Canada’s Consumer Price Index (CPI). This is mainly due to landlords continuing to raise rents for existing tenants as well as on rental units that have turned over between old and new tenants.

Homeowners aren’t faring much better, as rising property taxes, strata fees and home-maintenance costs are squeezing budgets and leaving little room for financial error. For seniors who do own, wealth is often tied up in the home itself, which is difficult to access without selling the property or taking on debt.

These economic pinch points are leading many seniors to believe that seeking out a roommate may be the most financially responsible thing to do when living on a fixed income in retirement.

Home-sharing options in Canada

Shared living isn’t a new concept, but it’s growing as a practical solution for older Canadians on tight budgets. Intergenerational home-sharing programs now operate across the country to connect seniors who have housing with those who need it — sometimes in exchange for companionship, household help or a reduced-rent arrangement.

Canada HomeShare is a national non-profit organization that operates as an intergenerational housing program matching older adults with students. Other regional programs include Home Share BC, a program offering eligible adults flexible residential options. Additionally, the City of Ottawa’s Homeshare Program offers housing support for people with intellectual disabilities, and LOFT Community Services offers supportive housing for youth, adults, and seniors in Ontario alongside mental health services and addictions support. If you’re interested in finding a program near you, call 211 Canada, the national social services helpline, or visit your local municipality’s housing office.

And, as many participants in these programs have found, the benefits extend beyond the purely financial. Shared living can reduce isolation — a significant concern for seniors living alone — and provide a measure of mutual support that’s hard to put a price on.

There’s also the increasingly popular living arrangement known as the Golden Girls model, named after the popular 80s sitcom starring four senior roommates sharing a home in Miami. According to its advocates, the Golden Girls model has many benefits: there’s the potential for cost savings, it creates a network of easily accessible support and care, it can also reduce the number of individual seniors living in single-family homes — opening up housing opportunities for others who need it.

The right living arrangement depends on your financial picture, as well as your need to address any feelings of loneliness in retirement.

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.

Are you going to need a roommate in retirement?

The traditional retirement framework for Canadians has been built on three pillars: the Canada Pension Plan (CPP), Old Age Security (OAS) and personal savings — most commonly held in a Registered Retirement Savings Plan (RRSP) or a Tax-Free Savings Account (TFSA).

But workplace pensions, once a reliable part of that plan, have become less common. According to Statistics Canada, roughly 37% of Canadian employees have access to a registered pension plan (RPP) — meaning the majority of workers are left to fund their own retirements through personal savings and government programs alone.

That can leave a significant gap — particularly for those who didn’t consistently save throughout their careers. According to the Healthcare of Ontario Pension Plan (HOOPP), a major institutional pension fund that conducts annual retirement security research, 58% of Canadians between the ages of 40 and 60 worry they won’t have enough savings to retire comfortably.

If you’re nearing your golden years and fear you’re behind on savings, you may want to consider delaying retirement or transitioning to part-time work before fully stepping away — a sobering reality for some.

What you need to know about CPP and OAS

Both CPP and OAS offer meaningful incentives for delaying retirement — and significant penalties for taking benefits early.

The earliest age you can start collecting CPP is 60, but doing so lowers your monthly payment by 0.6% for each month before age 65 — a reduction of up to 36%. On the other hand, if you delay CPP past 65, your benefit increases by 0.7% a month, adding up to a 42% increase if you wait until 70.

You may also defer collecting OAS, which is available to most Canadians starting at age 65. Delaying OAS by up to five years (to age 70) increases the benefit by 0.6% a month, or up to 36%.

The decision to take CPP and OAS earlier versus later depends on your health, other sources of income and how long you expect to live — it’s worth discussing with a qualified financial adviser before making a decision you can’t reverse.

Maximizing your RRSP and TFSA before and after retirement

If you’re still working, the years before retirement are a critical window for boosting your personal savings. Your 2026 RRSP contribution room is equal to 18% of your prior year’s earned income up to a maximum of $33,810 — whichever is less. One of the most valuable — and underused — features of the RRSP is that unused contribution room carries forward indefinitely. If you didn’t maximize your RRSP in earlier years, you may have significant room available now.

The 2026 TFSA annual contribution limit is $7,000, and like the RRSP, unused contribution room accumulates. If you’ve never contributed to a TFSA since the program launched in 2009, your total available room could be as high as $109,000 — check your limit via your My CRA Account at canada.ca.

For Canadians who are already retired and living on afixed income, there are other options available. For homeowners, these include downsizing to free up home equity, or taking on part-time or contract work to supplement retirement income. Another option is applying for the Guaranteed Income Supplement (GIS) — a federal benefit available to low-income OAS recipients. You may want to consult a licensed financial adviser or a not-for-profit credit counsellor to see if you’re eligible for this benefit.

What Canadians can learn from this: Next steps

Whether you’re 45 and still building your retirement plan or 68 and trying to stretch a fixed income further, housing and rental costs are a real and growing issue everywhere. Here’s a quick recap of what to consider:

Review your RRSP carry-forward room. If you haven’t maximized your RRSP over the years, you may have more contribution room than you realize. Log into My CRA Account at canada.ca to see your exact limit and consider making a catch-up contribution while you’re still earning income.

Think carefully about when to take CPP and OAS. The difference between taking CPP at 60 versus 70 can mean as much as a 78% increase in your monthly payment between the two, meaning the timing decision has lifetime financial implications. Run the numbers with a financial adviser before you commit.

Check your GIS eligibility. If your retirement income is low, you may qualify for GIS, which can provide hundreds of dollars a month in additional tax-free income. Many eligible Canadians don’t apply. Visit canada.ca or call Service Canada to check.

Explore home-sharing programs in your community. If you own a home with unused space, renting a room can supplement your income. If you’re a senior renter facing unaffordable costs, a home-sharing program may offer a lower-cost option that reduces social isolation. Contact HomeShare Canada or call 211 to find programs in your area.

Talk to a licensed financial adviser. The decisions you make about CPP, OAS, RRSP withdrawals and housing in retirement are interconnected. Find a qualified financial planner to help you map these out in a way that makes sense for your specific situation.

But as the province moves forward with legislation that would give it greater control over the airport, another question is drawing attention: Who stands to benefit financially from the expansion?

The passenger terminal at Billy Bishop Toronto City Airport is owned by Nieuport Aviation, which, in turn, is owned through the Infrastructure Investments Fund, a group of institutional investors advised by J.P. Morgan Asset Management, according to Nieuport Aviation itself. J.P. Morgan, the largest bank in the United States, reported global assets and operations of US$3.9 trillion as of its most recent annual filing.

For Canadians trying to follow the money, the involvement of investors linked to the largest U.S. bank adds another layer to the debate.

What the bill would change

The Building Billy Bishop Airport Act would allow the Ontario government to assume the City of Toronto’s role in the airport’s governing agreement, including the acquisition of the city’s ownership interest in airport lands at “fair market value.”

Today, the airport operates under a shared ownership structure. The City of Toronto owns roughly 20% of the land, while the remainder is controlled by the Toronto Port Authority (TPA), as well as the federal government.

If the legislation passes, the province would effectively replace the city as a key decision-maker and gain greater influence over future development plans.

One of the most significant proposed changes would be to remove the restrictions that currently limit Billy Bishop to smaller, quieter aircraft. Ford’s government wants to allow jet operations at the airport, a proposal that has already sparked concerns about noise, environmental impacts and potential conflicts with nearby housing developments planned along Toronto’s waterfront.

Don't leave points on the table. Compare Canada's top travel rewards programs today to see which one gets you to your destination faster.

The terminal ownership question

Nieuport Aviation has operated the passenger terminal at Billy Bishop since 2015, when it purchased it from Porter Airlines. By 2019, institutional investors advised by J.P. Morgan Asset Management had taken full ownership of the company.

The connection to J.P. Morgan extends beyond investment management. A former J.P. Morgan banker sits on Nieuport Aviation’s board of directors, and a 2023 J.P. Morgan document lists Nieuport Aviation among its portfolio and operating companies.

In a separate regulatory proceeding conducted south of the border, the U.S. Federal Energy Regulatory Commission determined that a J.P. Morgan subsidiary was affiliated with the Infrastructure Investments Fund. According to reporting by Public Citizen, a U.S.-based consumer advocacy organization, the commission concluded that the relationship “undermines any potential for independence between the two entities” and specifically identified the airport as affiliated with J.P. Morgan.

Furthermore, on May 6, Ontario Green Party Leader Mike Schreiner raised the ownership question directly in the Legislative Assembly.

“It just feels like the government is pushing hard to expand Billy Bishop Airport to bail out American bankers at the expense of what people love about Billy Bishop Airport, the Toronto waterfront, and all the housing that can be built.”

Schreiner continued:

“There are so many negative results of doing this. You sort of ask yourself, well, what are the positives? And all I could really find was that, you know, this company controlled by J.P. Morgan, is going to cash in, and the rest of us are going to pay the price for it.”

The lobbying effort

Lobbying records show Nieuport Aviation has been actively engaging with both provincial and federal governments as discussions around airport expansion continue.

According to Ontario’s Lobbying Registry, Nieuport Aviation has retained lobbyists to communicate with the Ford government. One of those lobbyists is Mark Lawson of Anthem Advisory, a former Progressive Conservative staff member who held several chief of staff positions. He also served as vice-president of communications and external relations at Therme Canada, the company behind the controversial Ontario Place spa project.

What this means for Torontonians

The economic projections attached to the Ford government’s plan are significant. If the province’s estimates prove accurate, the expansion could generate thousands of jobs and billions of dollars in economic activity.

But large infrastructure projects are rarely just about economic growth. They also raise questions about who benefits, who bears the risks and how public assets are managed. In this case, the terminal operator that would profit from passenger traffic increase is owned through a Cayman Islands-registered investment fund advised by the world’s largest U.S. bank. On its own, it doesn’t make the expansion a bad idea, but it does mean Canadians may want a clearer understanding of where the financial benefits would ultimately flow.

For Toronto residents, there are also more immediate considerations. The city would lose its ownership stake in airport lands, jet operations could change noise and air-quality conditions along the waterfront, while nearby housing developments may face new flight-path constraints.

Those are issues that could directly affect local communities. If you’re trying to understand how the proposal could affect you, here are a few practical steps you can take:

• Contact your Ontario MPP and ask how the province plans to ensure the benefits of any airport expansion are shared broadly, not concentrated among private investors.
• Review the Building Billy Bishop Airport Act to better understand what powers and land rights would transfer from the City of Toronto to the province.
• If you live near the waterfront or proposed housing developments, follow updates from the City of Toronto regarding flight-path studies and impact assessments.
• Search Ontario’s Lobbying Registry to review lobbying activity connected to Nieuport Aviation and related organizations.
• Watch for the federal government’s response. Because the Toronto Port Authority is a federal agency, Ottawa’s position will likely play a major role in determining whether the expansion ultimately moves forward.

The debate over Billy Bishop Airport is about more than just planes, jobs, or economic growth. It’s also about ownership, accountability and whether the promised public benefits align with the interests of the firms that stand to gain from the project.

A new report from Money Mentors found that one in seven Canadians used AI tools such as ChatGPT, Claude or Gemini for financial guidance over the past year. Meanwhile, nearly one-third sought financial advice online through sources such as social media, podcasts, articles and online communities.

“The most concerning findings in this report aren’t that Canadians are using AI or social media; it’s that more than one in four didn’t reach out for professional help because they didn’t think their situation was serious enough,” said Stacy Yanchuk Oleksy, CEO of Money Mentors, in a statement.

Younger Canadians are driving the shift online

The report points to a clear generational divide in how Canadians seek out financial guidance.

Nearly half of Canadians aged 18 to 34 said they sought financial advice online in the past year, compared with just 17% of Canadians aged 55 and older. Gen Z respondents reported the highest use of both social media and AI tools for financial advice.

Across all age groups, Canadians said they were often looking online for practical help with budgeting, investing, debt repayment and savings decisions involving TFSAs, RRSPs and emergency funds.

The findings suggest many younger Canadians are becoming more comfortable treating AI chatbots and online personalities as a first stop for financial information — especially when traditional advice feels expensive, intimidating or difficult to access.

Take the guesswork out of investing. Browse our expert-vetted list of the best robo-advisors and DIY trading platforms available in Canada today.

Convenience and anonymity are part of the appeal

While Canadians still trust traditional financial professionals more than online sources overall, many respondents said online advice feels easier to access and less stressful.

Among Canadians who sought financial advice online, 69% said online information was faster to access, while nearly half said they preferred educating themselves before speaking with a professional.

Others pointed to emotional reasons. More than one-third said they wanted to avoid feeling pressured by a professional, while 23% said online advice allowed them to seek help without feeling judged.

That dynamic may be particularly relevant for Canadians struggling with debt or financial stress but hesitant to formally ask for help.

Money Mentors says many people delay seeking professional support because they assume their situation is not serious enough yet — even as debt and financial pressure quietly build over time.

Online advice is shaping real financial decisions

The report also shows Canadians are not just casually browsing financial content online — many are acting on it, too.

Among those who sought financial advice online, 37% said it influenced savings decisions, while another 37% said it affected investment choices involving stocks, ETFs or cryptocurrency. Others said online advice shaped budgeting decisions, debt repayment strategies and borrowing choices.

Still, the results suggest online financial guidance can be a mixed experience. While 56% of users said the advice had a positive impact on their finances, roughly one-quarter said it made little difference, while others said it was too early to know.

The report comes as Canadians continue dealing with elevated living costs, higher debt loads and ongoing affordability pressures, pushing more households to search for quick and accessible financial guidance wherever they can find it.

Experts say online advice can help — but shouldn’t replace professional guidance

Money Mentors says online research and AI tools can be useful starting points for learning basic financial concepts or organizing questions before speaking with an expert.

But the organization cautions that generalized online advice may not account for individual circumstances, especially when it comes to debt management, credit problems or major financial decisions.

The report also highlights how many Canadians remain unaware that free or low-cost non-profit financial counselling services exist. More than half of respondents said they did not know these services were available.

“Online research can be a starting point, but it shouldn’t be the final word on debt, credit or investing”, noted Oleksy. “Free, accredited help exists in every province. The earlier people reach out, the more options they have.”

The CAA South Central Ontario says organized criminals are combining brief face-to-face interactions with electronic devices that can intercept or amplify key fob signals, allowing vehicles to be unlocked or stolen without physical force.

“Today vehicle thieves are becoming increasingly calculated, using distraction tactics alongside electronic tools designed to intercept or relay key fob signals,” said Elliott Silverstein, director of Government Relations at CAA South Central Ontario, in a statement.

“A brief interaction in a parking lot can quickly become an opportunity for organized criminals to target both drivers and their vehicles. Public awareness and simple preventative measures remain some of the strongest tools drivers have to protect themselves.”

How the new theft tactics work

According to CAA, more car thefts now begin with what appears to be a harmless interaction in a parking lot or shopping area.

Drivers may be approached with unusual requests for help, offered gifts or discounts, or drawn into conversations near their vehicle while criminals attempt to capture or relay signals from nearby key fobs. In some cases, thieves may also try to create enough distraction for a driver to leave a vehicle unlocked or temporarily lose track of their keys.

CAA says these thefts can happen quickly and quietly, with drivers sometimes not realizing anything is wrong until later on. One early warning sign may be an unexpected alert that a vehicle key is missing.

The organization says the trend reflects how auto theft has evolved well beyond traditional break-ins or overnight driveway thefts.

Stop overpaying for your car insurance. Spend just three minutes comparing 20+ quotes on Rates.ca to find a better deal and potentially save $500 or more annually.

Older drivers may be especially vulnerable to distraction tactics

While CAA’s warning applies to all drivers, distraction-based scams have historically targeted people perceived as more approachable or easier to pressure into conversations — including some seniors.

Parking lots, grocery stores and shopping centres are common environments where thieves may try to exploit politeness, confusion or momentary distraction.

Security experts generally recommend being cautious about unsolicited interactions near vehicles, especially if someone attempts to keep a driver occupied close to their car or asks them to move between vehicles.

CAA says drivers should trust their instincts if a situation feels unusual or overly persistent and move to a safer, busier area if necessary.

Simple precautions can lower the risk

CAA says drivers can reduce the chances of becoming a target by taking a few practical precautions.

The organization recommends parking in well-lit, high-traffic areas and locking vehicles immediately after exiting. Drivers are also being encouraged to keep key fobs on their person rather than leaving them exposed in shopping carts, purses or bags.

To help protect against signal interception, CAA recommends storing key fobs in RFID-blocking or Faraday pouches, which are designed to block wireless signals.

Other measures include using visible anti-theft devices such as steering wheel locks, removing personal information from vehicles and deleting saved home addresses from built-in GPS systems.

As vehicle theft methods continue to evolve, CAA says awareness and attentiveness remain some of the strongest tools drivers have to protect themselves.

But after the split, everything changed: most of his savings were drained, legal fees kept ballooning and the financial future he thought he was building was shattered. Now, Ryan is staring at his bank balance and wondering whether retirement is still realistic.

While this is a hypothetical scenario, it will certainly resonate with many Canadians who have watched their marriage dissolve and the assets built within it divide in two. Divorce, aside from being emotionally exhausting in any circumstance, can feel financially catastrophic when savings vanish and legal bills pile up. Then, what looked like a comfortable retirement suddenly means starting over from scratch instead.

But the numbers suggest Ryan isn’t alone — and at 36 years old, he’s also far from being too late.

According to Statistics Canada data, the median value of Registered Retirement Savings Plans (RRSP) held by Canadians aged 35 to 44 is modest — around $33,000 — and far below what most people assume their peers have saved. Worse, a significant share of Canadians in this age group (over 67%) hold no registered retirement savings at all.

The good news? At 36, Ryan still has time on his side. With nearly three decades to go before the traditional retirement age of 65, compound growth can still do the heavy lifting — if he takes the right steps now.

If you are starting over from scratch, here are some ways to rebuild your wealth.

Lock in an emergency fund first

Before you worry about maximizing your Registered Retirement Savings Plan or Tax-Free Savings Account (TFSA), you need to be financially grounded. Setting up an emergency fund as your shield against inevitable financial curveballs is the best start.

A 2023 report from Statistics Canada found almost half (46%) of Canadians between the ages of 35 to 44 found it difficult to meet their financial needs over the previous year. More than one-third (35%) of the same group also reported they would be unable to cover a surprise $500 expense. Without a cash cushion an emergency fund can provide, you risk relying on high-interest credit cards or raiding your registered investments — which would trigger immediate tax consequences — when the unexpected occurs.

As a general rule of thumb, financial planners recommend saving three to six months of essential expenses in an emergency fund. If that feels impossible right now, aim smaller: Secure your first $1,000, a milestone that creates immediate breathing room and the drive to continue moving forward.

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

Put your retirement on autopilot

Once your emergency fund is stable, your next move is to make investing less triggering. Automation is the single most effective wealth-building tool available to help separate emotion from investing.

Industry data from Benefits Canada shows that workers enrolled automatically in workplace pension plans — such as Defined Contribution Pension Plans (DCPPs) — save at dramatically higher rates than those who manually opt in. If you don’t see the money leave your chequing account, you won’t miss it.

Since starting at age 36 means missing roughly a decade of early compound growth, the standard “save 15% of your income” rule might not cut it. To catch up, aim closer to 20% of gross income over time.

Most importantly, don’t panic if you can’t hit that target today. Start where you can, based on your income:

• At a $60,000 salary: Aim for $500 to $750 a month
• At an $80,000 salary: Aim for $670 to $1,000 monthly
• At a $100,000 salary: Aim for $830 to $1,250 each month

For Ryan — and others in a similar situation — small annual increases can make a meaningful difference over nearly three decades of investing.

Try the ‘1% trick’

You don’t need to completely slash your lifestyle overnight. A smarter, more sustainable approach is to increase your savings contribution by only 1% each year.

Whenever you get a raise, a promotion or pocket some side-hustle cash, immediately route that extra money into your RRSP or TFSA before you have a chance to spend it.

Consistency over decades matters infinitely more than trying to perfectly time the stock market. Consider this: Statistics Canada data shows that average registered savings balances are significantly higher among Canadians in their 60s than those in their 30s. That growth isn’t luck — it’s the result of steady compounding.

There’s another Canadian advantage to consider: if you have years of unused RRSP contribution room — common after a financially turbulent event like divorce — you can use that carry-forward room to make larger contributions in future years when your income is higher. Maximizing that room can provide a significant tax deduction and accelerate a savings catch-up.

According to the Canada Revenue Agency (CRA), the 2026 annual RRSP contribution limit is 18% of the previous year’s earned income, to a maximum of $33,810.

Give your earning power a boost

Cutting back on lattes and avocado toast purchases will only get you so far. To truly fast-track a post-divorce recovery, you need to be proactive with your income.

Use this transition phase to pursue new professional certifications, negotiate a higher salary, freelance or pivot into a higher-paying industry.

Even a modest income boost of a few hundred dollars a month — if directed straight into your RRSP or TFSA — can grow to tens of thousands of additional dollars by retirement.

The TFSA is worth a specific mention here: Unlike RRSP withdrawals, which are taxed as income when taken out, TFSA withdrawals are completely tax-free. For someone rebuilding after divorce, the TFSA offers powerful flexibility — you can grow savings tax-free and withdraw without penalty if an emergency arises. The 2026 annual TFSA contribution limit is $7,000, with a cumulative lifetime room of $109,000 for those who have been eligible since the TFSA was introduced in 2009.

Divorce can feel like a financial death sentence, but 36 is nowhere near the end of the road. A lot can happen over the next 20 to 30 years. Careers take off, paycheques grow and today’s financial setbacks eventually become distant memories.

What feels like starting over right now might actually be the fresh start that changes everything for the better.

What Canadians should know about divorce and retirement savings

Before you can rebuild, it helps to understand what happened to your savings — and what the law says about it.

In most Canadian provinces, RRSPs, TFSAs and workplace retirement accounts accumulated during a marriage are considered family property and are subject to equalization on separation. This means that when divorce happens, both spouses are generally entitled to an equal share of the net family property accumulated during the marriage — including registered savings.

It’s important to note that if your RRSP was divided as part of a divorce settlement, the transfer itself isn’t a taxable event — provided the funds are transferred directly to the other spouse’s RRSP, as per your court order or written separation agreement. This is a critical detail to discuss with both a family law lawyer and a financial adviser before signing anything.

Next steps for rebuilding retirement savings after divorce

If you’re facing a financial reset after divorce, here are some concrete actions to take now:

1. Check your RRSP carry-forward room. Log into your CRA My Account to see how much unused RRSP contribution room you have accumulated. This room doesn’t expire and can be used in high-income years for maximum tax impact.

2. Open or re-fund a TFSA. If your TFSA was emptied or split during the divorce, rebuild it first — contribution growth and withdrawals are tax-free, and the flexibility makes it ideal for someone still establishing financial stability.

3. Understand your CPP entitlement. The Canada Pension Plan (CPP) allows for credit-splitting upon divorce, which means your former spouse’s CPP contributions during the marriage may be shared with you — and vice versa. Check with Service Canada to understand how this affects your projected retirement income.

4. Get a new financial plan. A fee-only financial planner, rather than a commissioned adviser, can help you model retirement scenarios based on your actual post-divorce income and savings timeline.

5. Contribute to your workplace pension. If your employer offers a DCPP or a group RRSP with matching contributions, enrol immediately and contribute at least enough to get the full employer match — it is the closest thing to free money in personal finance.

6. Revisit your beneficiary designations. After a divorce, update RRSP, TFSA and life insurance beneficiary designations immediately. In some provinces, a former spouse may still receive your registered assets if you don’t update these forms.

She has $100,000 sitting in a high-interest savings account (HISA) — money she originally set aside as an emergency fund. Now she’s wondering whether she should move it into S&P 500 index funds, which have been posting record-high returns.

It’s a question that cuts to the heart of one of the most common dilemmas in retirement planning: when does playing it safe actually mean falling behind?

What’s happening with the stock market

The S&P 500 has been rallying since the end of March — despite the conflict in Iran and a blockade of the Strait of Hormuz that’s led to the largest oil-supply disruption in history and sent energy prices soaring.

The U.S. stock index initially fell during the first few weeks of the conflict, which began February 28. But stocks have since rebounded, now trading near all-time highs.

“The stock market isn’t trying to price what’s happening today,” senior markets economist at J.P. Morgan Private Bank, Joe Seydl told CNBC. “The stock market is always trying to price what the world is going to look like six to 12 months from now.”

At the same time, the S&P 500 has been buoyed by gains in tech and AI-related stocks — driven in large part by increasing demand for data centres to fuel rapid AI growth. This is despite inflation concerns tied to rising oil prices.

Still, there are whispers of a market correction — or worse. Billionaire investor Warren Buffett has warned the stock market is “playing with fire,” and “Big Short” investor Michael Burry is sounding alarms about a dot-com-style crash.

Make your savings work harder. Open a self-directed investing account with CIBC Investor’s Edge — low fees, powerful tools, and control over your future.

To invest or not to invest?

Since its launch in 1957, the S&P 500 has delivered average annual returns of around 10.5%. Markets have historically recovered after downturns, though timelines vary widely. For Canadians who may need access to their money sooner rather than later, that uncertainty matters.

For Patricia — or any Canadian in a similar position — deciding whether to move a large amount of cash into index funds comes down to how much risk you’re comfortable with and how much time you have to invest. Many financial planners suggest that investors who are close to or are already in retirement shift toward safer, more stable investments to protect against market swings.

But being too conservative carries its own risk. If Patricia’s $100,000 is earning 3% in a HISA and inflation is running at 3.5%, she’s slowly losing purchasing power.

If she doesn’t need the money for another five to 10 years, she may be able to afford more risk — if she’s comfortable with it. The key question is whether a sudden 30% market drop would keep her up at night.

The Canadian retirement income picture

Canadians have a two-pillar public retirement income system: The Canada Pension Plan (CPP) and Old Age Security (OAS).

CPP benefits can begin as early as age 60, but at a reduced rate. Taking CPP at 65 gives you the standard amount, and deferring to age 70 increases the monthly benefit by 42% compared to taking it at 65, according to the Government of Canada. Similarly, OAS begins at 65 and can also be deferred to 70, resulting in a 36% increase in monthly payments.

If Patricia can cover her living expenses through part-time consulting and by drawing on her Registered Retirement Savings Plan (RRSP) or Registered Retirement Income Fund (RRIF), deferring both CPP and OAS even a few years could meaningfully boost her guaranteed income — and reduce pressure on her investment portfolio.

If Patricia sets herself up this way, she’ll have some flexibility for how she approaches her $100,000. With a predictable government income starting in a few years, she could take on moderate investment risk in the meantime.

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

What about health-care costs?

Canadians often assume that their provincial health plan covers them from major out-of-pocket medical expenses. But provincial plans — such as OHIP in Ontario or MSP in British Columbia — don’t cover dental, vision, most prescription drugs or long-term care.

Long-term care costs in Canada are significant. According to the Canadian Life and Health Insurance Association (CLHIA), the average long-term care cost in a subsidized room ranges from $1,300 to $3,500, and $6,000 to around $9,000 a month for a private room, depending on the province.

Patricia should plan for potential long-term care costs — and make sure she has enough coverage or savings to pay for them without draining her investments.

Diversification and the concentration problem

Many financial experts recommend spreading investments across different types of assets industries and regions. The S&P 500, however, has become increasingly dominated by a small number of large technology companies — a concentration that’s raised concerns among market watchers concerned about how fragile the index could become.

For Canadian investors, broad market exposure can also mean holding the S&P/TSX Composite Index, funds that track international markets, and bonds. A balanced portfolio might combine Canadian stocks and bonds — adjusted for Patricia’s age and risk she’s comfortable taking on.

Conservative alternatives: GICs and HISAs

If Patricia isn’t comfortable taking on significant market risk right now — especially with ongoing global uncertainty — she has two low-risk options well-suited to Canadian investors.

A Guaranteed Investment Certificate (GIC) is a Canadian investment that offers a fixed interest rate for a set term — typically 30 days to five years — and is insured by the Canada Deposit Insurance Corporation (CDIC) up to $100,000 per depositor per member institution. As of May 2026, one-year GIC rates from major Canadian financial institutions range from approximately 2.15% to 2.70%.

The downside of this option is lower long-term return potential — but for a retiree who values stability over growth, that tradeoff can make sense.

What Patricia should do next

Patricia’s situation warrants a conversation with a fee-only financial adviser. A qualified adviser can help her model different scenarios: What happens to her portfolio under different market conditions? How does CPP/OAS timing affect her income? Also, how does she balance withdrawals from registered and non-registered accounts to minimize tax?

The answers for Patricia — and for the many Canadians in a similar position — are unlikely to be all-or-nothing. Moving the $100,000 into the S&P 500 all at once is one approach. But so is keeping it entirely in a HISA. A more measured path might involve gradually moving a portion into a diversified portfolio over time — a strategy sometimes called dollar-cost averaging — while keeping a meaningful cash reserve for near-term needs and emergencies.

What Canadians in Patricia’s position can do

Understand your CPP and OAS options. Use the Government of Canada’s online calculators to model the impact of deferring CPP and OAS. Even one or two years of deferral can significantly increase your guaranteed monthly income for life.

Check your RRSP/RRIF strategy. If you haven’t already converted your RRSP to a RRIF, which is mandatory by age 71, now is the time to model balancing withdrawals with a financial adviser to minimize tax.

Consider a TFSA for flexible investing. A Tax-Free Savings Account (TFSA) allows Canadians to hold investments — including index exchange-traded funds (ETFs) — and withdraw gains tax-free. As of 2026, the cumulative TFSA contribution room for eligible Canadians who have never contributed is $109,000. This can be an efficient home for moderate-risk investments.

Cover yourself for long-term care. Look into long-term care insurance or factor care costs into your retirement plan. Provincial programs exist but have eligibility requirements and wait lists. Private coverage is significantly less expensive the earlier you get it.

Avoid making all-or-nothing decisions in volatile markets. Investing a large cash sum all at once — known as lump-sum investing — can work well, but for retirees with a shorter time horizon, spreading investments over months (dollar-cost averaging) can help reduce the risk of entering at a market peak.

Talk to a fee-only adviser. Look for a Certified Financial Planner (CFP) or Chartered Financial Analyst (CFA) who operates on a fee-for-service basis. The Financial Planning Standards Council (FPSC) offers a directory of CFP professionals at fpcanada.ca.

The Financial Consumer Agency of Canada (FCAC), the federal regulator responsible for consumer protection at banks, requires federally regulated financial institutions to open a basic personal bank account for anyone who provides acceptable identification. This includes newcomers, regardless of employment status or credit history. The only grounds for refusal are narrow and specific — “you just arrived” is not one of them.

Without a bank account, it’s nearly impossible to receive government benefit payments, set up a payroll direct deposit, or make bill payments online. For newcomers trying to establish themselves in Canada, a bank account is often the first step toward fully participating in the financial system.

But financial confidence is already a challenge for many immigrants. In a recent TD survey, 76% of newcomers said they fear making a financial mistake, reflecting the uncertainty of navigating an unfamiliar financial system. Being turned away when trying to open a basic bank account can add another layer of stress at a time when many are simply trying to establish themselves in a new country.

Here’s what the law actually says, what ID will open the account and what to do if a bank says no.

What the law says about your right to a bank account

Federal banking regulations under the Bank Act require all banks regulated by the Office of the Superintendent of Financial Institutions (OSFI) to open a basic account for any person who provides acceptable identification. The FCAC enforces these consumer-facing obligations.

A basic bank account must include the ability to deposit cheques, withdraw cash, make bill payments and complete electronic transfers. Monthly fees are capped at $4 or less for qualifying accounts, and some accounts that meet the basic account standard are free.

Banks can only refuse to open an account if the person has previously committed fraud against that institution, cannot provide the required identification, or poses a specific physical, legal, or regulatory risk. A newcomer with a valid foreign passport will typically satisfy the identification requirement, and the remaining grounds for refusal are unlikely to apply.

What ID is accepted

Under FCAC rules, banks must accept a combination of documents to verify your identity. A foreign passport counts as primary identification. Paired with one supporting document, it satisfies the requirement.

Supporting documents that banks must accept include:

• A Canadian immigration document (such as a Confirmation of Permanent Residence or a study/work permit)
• A utility bill or lease agreement with your name and Canadian address
• A letter from a recognized shelter, school, or social service organization

You do not need a Social Insurance Number (SIN) to open an account. A SIN is required for interest-bearing accounts for tax-reporting purposes, but not for basic transaction accounts. Arriving in Canada before you’ve been issued a SIN is not a valid reason for a bank to delay or refuse your application.

Ready to become debt-free? Use the Money.ca comparison tool to see how much you could save by moving your high-interest balance to a low-rate card today.

The difference between a basic account and a newcomer package

Many major banks promote newcomer banking packages. These are bundled products that may include a free chequing account, a credit card and other financial tools for a limited period, typically 12 months.

These packages can be genuinely useful, but they are separate from the basic account entitlement under FCAC regulations.

First, promotional packages have eligibility criteria, such as being a permanent resident who arrived within the past two to three years. The criteria may not apply to all newcomers, such as international students or temporary foreign workers. Second, they are commercial products, not legal rights. If you don’t qualify, or if the package terms change, you could end up with a fee-bearing account without realizing it.

The basic account entitlement applies to everyone, regardless of immigration category, arrival date, or income. For newcomers who may not yet qualify for a promotional package, or who simply want to understand their minimum floor of protection, a basic account is the more reliable option.

What to do if a bank refuses you

If a bank representative tells you they cannot open an account, ask a manager to confirm this in writing, specifically citing the reason for refusal. Many refusals at the counter level stem from staff unfamiliarity with FCAC rules, not from a genuine regulatory requirement.

If the refusal stands, you can escalate your complaint. The FCAC outlines how to file a complaint with your financial institution. If your complaint remains unresolved, there are additional steps you can take, including contacting the banking ombudsman.

Note that federal credit unions and provincially regulated financial institutions are subject to different rules, so the FCAC basic account obligation applies specifically to Schedule I and II banks, such as the major chartered banks and foreign bank subsidiaries operating in Canada.

How to open a basic bank account

The right to a basic bank account is one of the most important and least understood financial protections available to newcomers in Canada. Before comparing credit cards, researching investment options, or deciding where to save, take the step of opening your first bank account

If you’re new to Canada, the process is straightforward:

• Bring your foreign passport and one supporting document, such as an immigration document or proof of address.
• Visit a major bank branch and specifically ask for a “basic bank account.”
• If you’re only opening a bank account, remember that a SIN is generally not required.
• If a bank refuses your application, ask for the reason in writing and consider escalating your complaint through the bank.
• You can also compare newcomer banking packages, but make sure you understand any fees or conditions before signing up.

Federal regulations require major banks to provide access to a basic bank account when you meet the identification requirements. The key is knowing that this right exists and being prepared to ask for it.

The most popular “solution” for many has been to stretch a car loan term to 84 months or beyond, setting unassuming drivers up for a financial trap that could cost them dearly.

The trap is called negative equity, and it happens when you owe more on your car loan than your vehicle is actually worth. It’s a hole that’s difficult to dig out of, and the longer your loan term, the deeper it can get.

Here’s a look at why long-term car loans are a losing proposition for many Canadians — and what you can do to protect yourself.

Negative equity is a growing problem for Canadians

The Financial Consumer Agency of Canada (FCAC), the federal agency responsible for consumer protection in financial services, has flagged negative equity as a serious and growing risk for Canadian auto-loan borrowers — especially those who take out long-term loans.

Canadian Black Book (CBB), the country’s leading vehicle-valuation authority, reports that vehicle values have balanced out after pandemic-era highs — meaning trade-ins are worth less today relative to what drivers paid. For those who bought at peak prices in 2021 or 2022 and now want to trade in, the gap between what they owe and what their vehicle is worth can be substantial.

Vehicle depreciation is the main part of the problem. According to Canadian Black Book, most vehicles lose between 15% and 25% of their value in the first year alone, and approximately 50% to 60% of their original value over five years. When you drive a new car off the lot, it immediately loses value — before you’ve even made a single payment.

Ready to get behind the wheel? Compare the best car loan rates in Canada today and find a payment plan that fits your budget.

Long-term loans make the problem worse

Stretched loan terms are now the norm in Canada. JD Power has found that loans of 84 months or longer now represent more than 12.8% of all new-vehicle financing during March alone in Canada — up sharply from 7.3% in March 2019. While these loans lower the monthly payment on paper, they dramatically slow down the rate that a borrower builds equity in the vehicle.

“One of the side effects of this is that equity in the vehicle builds more slowly,” Michael Sommer, founder of Alaminos Wealth Planning, told MarketWatch. For Canadians who trade in every three or four years — a very common pattern — that slow-building equity translates into a financial hit at trade-in time.

“It’s just not something you can dig your way out of unless you pay off the entire car,” Ivan Drury, director of insights at U.S. automotive research firm Edmunds, told MarketWatch. The same logic applies north of the border: If you owe $55,000 on a vehicle worth $42,000, rolling that $13,000 gap into a new loan doesn’t make it disappear — it makes the problem bigger.

The FCAC specifically warns that consumers who roll negative equity into a new vehicle loan often end up in a cycle of debt, as every trade-in they make leaves them deeper in the hole. It’s a risk that’s higher for borrowers with lower credit scores, since lenders may require longer terms to keep monthly payments affordable — which only slows equity-building further.

How to mitigate negative equity

If you’re in the market for a new vehicle, here are several steps you can take — both before and after buying — to protect yourself from the negative equity trap.

Choose a shorter loan term

If your budget allows, opting for a 60-month (five-year) loan means you’ll pay off most of the debt around the same time the vehicle has lost much of its value. This alignment is important: Your loan balance drops in step with the vehicle’s market value, leaving you with positive or neutral equity when you’re ready to sell or trade in.

Shorter loan terms also reduce the total interest you pay. Because most of each early payment goes toward interest rather than principal, stretching the term over seven years means paying significantly more in interest on the same vehicle price.

Buy vehicles that hold their value

One of the most effective hedges against negative equity is to buy a vehicle with a strong resale history. According to Canadian Black Book’s 2025 Best Retained Value awards, the following vehicles best hold their value in the Canadian market:

• Toyota Tacoma: Best retained value, small/mid-size pickup category (for 17 consecutive years); Toyota 4Runner, best retained value, SUV category; Toyota C-HR, winner of Sub-Compact/Compact over the past two years
• Porsche: Dominated the Premium category with multiple wins across its 911, Macan and Panamera PHEV models
• BMW: Winner for electric category with its EV lineup
• Buick: Winner for Overall Brand

Vehicles with strong brand reputations for reliability — particularly Toyota and some Porsche models — consistently top the Canadian Black Book charts. Choosing from this list won’t eliminate depreciation, but it will slow it down compared to brands and models that drop faster in value.

Hold on to your vehicle until the loan is paid off

If you’re already locked into a long-term loan, the most straightforward strategy to avoid the debt treadmill is to hold the vehicle for longer. While it may be tempting to trade it in after five or six years, the FCAC shows that borrowers with 84-month loans can get stuck in a negative equity situation even that far into the term.

To completely eliminate the risk of carrying debt forward, the safest financial move is to hold onto the vehicle for the full seven years until the loan balance hits zero.

However, if keeping the car for the full term isn’t possible, holding on for another six months to one year before trading in can allow you to pay down more of the principal balance, help you shrink any financial gap and get closer to a break-even point.

Use cash incentives and manufacturer offers

Many automakers offer trade-in incentives and cash-back deals that can help offset negative equity. Brands whose vehicles depreciate faster tend to offer larger incentives because they need to help buyers bridge the gap between loan balances and vehicle values.

Before trading in, check the manufacturer’s current incentive programs and ask the dealership directly about loyalty bonuses or trade-in top-ups. These offers can sometimes reduce negative equity by $1,000 to $3,000 or more, depending on the vehicle and the time of year.

Make a larger down payment

The single most effective way to prevent negative equity from day one is to put more money down. Personal finance experts and automotive market researchers, such as JD Power, recommend the 20/4/10 rule: Put 20% down on a four-year finance term, and keep your total transportation costs at 10% or less of your monthly income — including car payments, fuel, insurance and maintenance. On a $63,000 vehicle, that's $12,600 up front — but it means your loan starts well below the vehicle's market value, giving you a significant buffer against first-year depreciation.

What you can do next

If you’re shopping for a vehicle or already carrying a long-term car loan, here are practical steps to improve your position:

• Get your buy-out quote: Ask your lender for your current loan buy-out amount and compare it to your vehicle’s trade-in value using Canadian Black Book (canadianblackbook.com) or a dealership appraisal. Knowing your equity position is the starting point.
• Run the numbers on refinancing: If you have a long-term loan at a high interest rate, refinancing to a shorter term may save you money in interest and accelerate equity-building — even if your monthly payment increases slightly.
• Pause before trading in: If you have negative equity, holding the vehicle for another six to 12 months can meaningfully reduce or eliminate it. Avoid rolling negative equity into a new loan.
• Speak to an accredited financial adviser: A Certified Financial Planner (CFP) can help you model the true cost of your financing plan and whether it’s affecting your broader financial health — including your ability to save, invest or manage other debt.
• Use the FCAC’s auto loan calculator: The Financial Consumer Agency of Canada offers free online tools to help Canadians compare loan terms and understand the total cost of borrowing. Visit canada.ca/fcac for resources.

— with files from Melanie Huddart

A new survey from TD Bank Group found that 35% of Canadians plan to spend less this summer, while nearly half say higher fuel prices are already affecting their travel plans.

For many households, summer spending is increasingly becoming a balancing act between enjoying the season and keeping day-to-day costs under control. “Summer comes with a lot of expectations and spending can add up quickly,” said Sumaiya Bhula, senior manager of Saving and Investing Journey at TD, in a statement.

She added that simple steps such as setting a realistic budget, tracking expenses and focusing spending on what matters most can help people stay on track financially while still enjoying the summer months.

Fuel prices are changing travel plans

Travel is one of the clearest areas where Canadians are adjusting their plans this year.

According to the survey, 44% say rising fuel and aviation costs are influencing how they approach summer travel, while 61% of those planning trips say they are actively trying to reduce costs.

Many are also staying closer to home. More than three-quarters of respondents planning to travel this summer said they intend to vacation within Canada, with many choosing road trips or shorter domestic getaways over more expensive international travel.

At the same time, some travellers may be taking risks to save money. Nearly half of respondents said they do not plan to purchase travel insurance this summer, despite 29% saying they could only cover up to $300 in emergency travel costs themselves.

Canadians are finding smaller ways to save

Rather than cutting out summer spending altogether, many Canadians appear to be making smaller adjustments to stretch their budgets further.

The survey found that 62% are redirecting more money toward essentials such as groceries, fuel and housing, while others are leaning more heavily on loyalty points, discounts and lower-cost alternatives.

About 44% said they plan to redeem loyalty points this summer, while 36% are considering options such as DIY activities, second-hand purchases or cheaper alternatives to typical seasonal spending.

The survey also found that 79% of Canadians plan to support local or Canadian businesses this summer, with many respondents saying it has become a stronger priority than last year.

Stop guessing and start travelling. Use our comparison tool to see which Canadian travel rewards program offers the best flexibility and highest point value.

Gen Z is spending differently

Younger Canadians appear to be approaching summer spending with a mix of caution and social pressure.

The survey found Gen Z respondents were the most likely generation to increase spending this summer, with 24% planning to spend more. Nearly one-third also said social pressure influences their spending decisions — more than double the national average.

Dining out, concerts, travel and “photo-worthy” experiences ranked among the biggest spending categories for younger Canadians this summer.

At the same time, many are also becoming more selective about where they spend. Nearly two-thirds of Gen Z respondents invited to weddings said they have already declined invitations or become more selective about attending because of costs.

A little planning may go further this summer

TD says many Canadians are trying to avoid overspending not by cutting out summer entirely, but by being more deliberate about how they budget for it.

Some of the strategies highlighted by TD include setting spending limits before trips or events, prioritizing one or two key experiences instead of saying yes to everything, and using loyalty points or discounts to offset costs.

The report also recommends separating essential expenses from discretionary spending and regularly checking spending throughout the summer rather than waiting until the end of a trip or month to review costs.

TD’s latest survey shows that many Canadians still want to enjoy the summer months, but after several years of higher living costs, more households are hyper-aware of just how quickly seasonal spending can add up.

We’re now in the midst of what’s being called a “RAMageddon” — a dramatic nickname for the crisis consumer tech makers now find themselves in, as AI’s hunger for memory chips drives prices higher.

For Canadians who already struggle with inflation across most consumer goods, especially essentials like groceries, the prospect of pricier laptops and smartphones — on top of a weak Canadian dollar — adds yet another pressure to household budgets.

What is RAM, and why does AI need so much of it?

RAM, which stands for random access memory, is what allows users to run programs on their laptops or smartphones, delivering the information those processes need in nanoseconds. Think of it as the short-term memory of your device’s brain — it processes what you’re doing right now, then gets wiped clean at the end of each session.

AI applications have proven to be the biggest RAM consumers — not just on consumer devices, but behind the scenes at the data centres that power these apps. As AI spreads, so too does the demand for data centre infrastructure, all of it requiring immense amounts of electricity and water, plus lightning-fast, ultra-efficient processing power fuelled by RAM chips.

The resulting chip shortage, or RAMageddon, alongside a manifold increase in prices has brought many companies to a turning point: Dedicate RAM chips to AI ventures, or to customer-facing products — or absorb the escalating costs of trying to do both.

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.

Apple CEO points to ‘significantly higher memory costs’

In the world of consumer tech, there’s no corporation as dominant as Apple (NASDAQ: AAPL) — a company whose products sit in the hands and on the desks of millions of Canadians.

Tim Cook, the company’s outgoing CEO, recently flagged memory prices as a key obstacle to future revenue during the company’s Q2 2026 earnings call. Cook and his team, while noting the quarter’s financial successes, acknowledged “supply issues” that analysts pressed them on during the question period.

Though Apple’s executives noted that the largest supply constraint they’re seeing isn’t memory but the limited availability of some other chip components — amid zealous demand for products like the Mac Mini and MacStudio — they did expand further on the growing issue of memory limitations.

“In the December quarter, we really had minimal impact due to memory, and you can see that in the gross margin results. We said it would be a bit more in the March quarter, and we did see higher memory costs in the March quarter, [which] were partially offset by benefits from carry-in inventory,” Cook said.

“For the June quarter…we expect significantly higher memory costs. They are also partly offset by the benefit of carry-in inventory. But I can tell you that beyond the June quarter, we believe memory costs will drive an increasing impact on our business. And we’ll continue to evaluate this.”

This admission runs counter to a long-held belief — considered an empirical law — that computing power should get cheaper as it grows exponentially. But AI has managed to dramatically reverse that, mushrooming at such an accelerated pace that it has become difficult to measure.

Apple’s executives added that they will be considering “a range of options” for dealing with the new realities of memory costs. With incoming CEO John Ternus taking the reins in September and planning to invest more profits into innovation, the details of that strategy remain to be seen.

What this means for Canadians buying tech

It’s not just Apple and other industry giants that will have to shell out more for memory: household electronics — especially laptops — will become significantly more expensive and harder to upgrade.

And the pain is compounded for Canadian consumers. Device prices domestically are typically set in U.S. dollars and then converted, meaning a weaker loonie amplifies every price increase at the manufacturing level. When Apple or any other manufacturer raises prices to offset higher RAM costs, Canadian buyers absorb that increase — and then some.

Canadian households already spend significant amounts of money on information and communications technology equipment, according to Statistics Canada. Any broad-based price increase in consumer electronics will be felt directly in household budgets — especially for families replacing aging devices or investing in upgrades for school or work.

The Bank of Canada has tracked communications equipment and digital goods as a component of its consumer price index, and persistent price increases along with rising costs for shelter, food and other necessities contribute to the broader cost of living pressures Canadians are already struggling to manage.

What you can do now

The RAM price crunch is a global phenomenon, but there are practical steps Canadian consumers can take to soften the impact on their wallets:

Buy before the next price jump. If you’re already considering a new laptop or smartphone, purchasing sooner rather than later — before manufacturers pass higher memory costs onto shelf prices — may save you money. Tim Cook has signalled that costs will increase “beyond the June quarter,” suggesting retail price adjustments could follow.

Prioritize RAM in your next device purchase. As AI-integrated features become standard in operating systems and apps, devices with more RAM will stay useful for longer. Spending more up front on a higher-spec device may be more economical than replacing a lower-spec device sooner.

Consider refurbished or previous-generation devices. Canada has a growing certified refurbished market — including Apple’s own refurbished store and third-party retailers — where you can access last-generation hardware at a significant discount, often under warranty.

Factor in the exchange rate. When comparing Canadian prices to U.S. prices, remember that the Canadian dollar’s performance directly affects what you pay. A device listed at US$1,299 (C$1,800 or more, depending on the exchange rate at time of purchase) can vary significantly in real cost from month to month.

Extend the life of existing devices. Software tools — clearing cache, managing startup programs, freeing up storage — can help aging devices perform better without a costly upgrade. For laptops where RAM is user-upgradeable (less common on newer models), a third-party RAM upgrade may be far cheaper than a full device replacement.

— with files from Melanie Huddart

In a 2019 interview on NBC News, Orman answered a question from a caller whose recently-graduated son wanted him to co-sign on a car loan. His son claimed he needed a vehicle to be able to get a job, but didn’t have the income to qualify for a car loan on his own.

Orman’s advice was blunt: Family member or not, don’t co-sign a loan. She told the caller his son needed to find an alternative way to get around and start earning income first.

In Orman’s blog post about financially supporting children after graduation, she outlined her house rules for helping new grads — a guide any parent or caregiver can use.

“As a parent or grandparent, I want you to be smart about how you help,” she writes.

The 3 rules

Orman’s rules might seem harsh to some, but they’re meant to protect both you and the recent grad in your life.

1. Only help if you can

Or as Orman says: “No stipend unless your finances are in great shape.”

If you have a few hundred dollars a month that you can spare, helping your newly-graduated child isn’t necessarily a problem. But Orman advises only giving support if you carry no credit card debt, have a full emergency fund and are on track with your retirement savings — whether that’s your Registered Retirement Savings Plan (RRSP), Tax-Free Savings Account (TFSA) or both.

That’s a high bar, and for good reason. According to a 2025 RBC poll, nearly half of Canadians (47%) live paycheque to paycheque and couldn’t cover three months of living expenses using savings alone. If you’re in that group, Orman’s message is clear: You’re in no position to financially support someone else — even your own child.

“Don’t you dare tell me — or yourself — that a few hundred dollars a month isn’t a big deal. It is very much a big deal if you are within 10 or so years of retirement and aren’t truly financially secure,” Orman says.

For Canadian context: The 2026 RRSP contribution limit is 18% of prior-year earned income, to a maximum of $33,810, and the annual TFSA contribution limit for 2026 is $7,000. If you’re not maximizing — or at least actively contributing to — these accounts, your own retirement is the priority.

2. Needs instead of wants

If you’re in a position to help, Orman recommends putting a “need versus want frame on your contribution.”

While your child might insist they need a car to land a job, Orman challenges parents to think through all the alternatives before making a costly contribution — or worse, co-signing a loan.

Co-signing a loan carries serious risks: The Financial Consumer Agency of Canada (FCAC) states you become equally responsible for the debt. So, if your child misses payments, the lender can come after you. It also affects your credit score and your ability to borrow for your own needs.

The median student debt at graduation from a Canadian public post-secondary institution sits at around $17,500, according to the most recent data available from Statistics Canada. Further, many new grads are already carrying financial responsibilities before they’ve earned their first paycheque. Adding a car loan you’ve co-signed to that picture can compound financial risk for both you and your child.

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.

3. If they live with you, they should pay rent

This may be Orman’s harshest rule. After all, isn’t part of the appeal of moving back home after graduation the fact that it’s (supposedly) rent-free?

“I am fine if you want to let them just plop down for a month or two and catch their breath. But if they continue to live at home beyond that, it’s time for them to contribute,” Orman writes. She advises assigning household chores, asking them to pay rent and encouraging them to take part-time work while they continue to seek full-time employment.

“Don’t cringe that this sounds like punishment. It is anything but,” she adds, noting that structure during the transition between graduation and a first real job can be more helpful than a free ride.

This advice is particularly relevant in Canada, where the number of adult children living with their parents has been rising steadily. Statistics Canada reported that the number of adult children who lived with their parents increased from 31% to 35% between 2001 to 2021. However, the older cohort (those aged 25 to 34) saw a rise from 38% to 46% in the same period — the highest rate recorded since the 1940s. The cost of housing and wage disparity are major drivers, but Orman’s point stands: Indefinite free rent isn’t a kindness if it stunts financial independence.

What Canadians can do now

Whether you’re a parent thinking about how much to help, or a new grad figuring out how to find some financial footing, here are some grounded next steps:

• Check your own financial foundation first. Before offering money, double-check:
• Do you carry credit card debt?
• Is your emergency fund fully funded (three to six months of expenses)?
• Are you contributing to your RRSP and/or TFSA?

If any of these are shaky, protect your own future first.

• Never cosign without legal advice. If you do decide to co-sign a loan for your child, speak with a financial adviser first. Understand that co-signing makes you jointly liable — you’re not a “backup,” you’re an equal borrower.
• Set a clear timeline for financial support. If your grad is living at home or receiving a monthly stipend, agree up front on how long this arrangement lasts and what milestones trigger its end. Vague arrangements lead to conflict and dependency.
• Help them open a TFSA. If you want to give your grad a meaningful financial gift, consider helping them open and fund a TFSA. Every Canadian 18 or older accumulates $7,000 of TFSA contribution room in 2026. Investment growth inside a TFSA is tax-free — a far better long-term gift than a monthly stipend.
• Charge symbolic rent. Orman’s logic is sound: even $300 to $500 a month in rent — far below market rate — teaches financial accountability and keeps your child building toward independence. Some parents put the rent money into a savings account and return it as a lump sum when your child moves out.

While it is fascinating to watch these architectural marvels navigate our harbours, their sudden popularity highlights a much larger story about how global wealth affects the domestic economy. When high-net-worth individuals bring massive vessels into local ports, the sheer scale of their spending ripples through regional industries, creating a complex financial wave that touches everything from corporate supply chains to the price of a weekend dinner.

The heavy machinery of luxury tourism

It is easy to view a superyacht simply as a playground for billionaires, but these vessels function as floating corporations. Greg Norris, the CEO of Victoria International Marine, highlighted the broad financial footprint of the industry, telling Business in Vancouver, “There are well over 100 industries that it touches: everything from fuel, to ship repair to almost anything you would have in a house you would have in a yacht.”

When a vessel docks, the operational overhead is astronomical. A single stopover can require thousands of litres of marine fuel, extensive mechanical servicing from specialized shipyards and massive logistical coordination for high-end provisions. Local artisans, specialized tech technicians and marine engineers all experience a surge in high-value contract opportunities.

Furthermore, the economic infusion extends well past maritime maintenance. “When they are visiting here, they’re looking to spend money on art, and in the community, on all kinds of things: food and real estate and buying from retailers,” Norris explained. “They’re just like any one of us: they go into a store, they like something, they buy it. It’s just that they might buy a lot more.” This concentrated injection of cash provides an undeniable boost to local hospitality businesses, high-end retailers and premium service providers.

The local cost of a booming marine sector

While luxury tourism drives significant revenue to coastal business owners, it also introduces unique economic pressures for everyday Canadians living in these destination hubs. This phenomenon is a classic example of micro-level demand shock, where an unexpected influx of affluent consumers increases competition for local resources.

When regional supply chains pivot to accommodate high-margin clients, it can trigger localized inflation. High-end grocers, boutique hospitality venues and private transportation services find themselves able to command premium rates. For the average resident, this means that seasonal price hikes for recreational activities, waterfront dining and artisanal goods can become much steeper and arrive much earlier in the year than expected.

The increased demand also places a premium on local infrastructure. Space at premium marinas becomes scarce, driving up mooring fees and storage costs across the board. This structural price creep eventually trickles down to standard boat rentals, regional tour bookings and municipal slip access, forcing local hobbyists to compete financially with international capital.

Don't leave points on the table. Compare Canada's top travel rewards programs today to see which one gets you to your destination faster.

Smart strategies to navigate seasonal inflation

You don’t need an extraordinary net worth to enjoy a classic Canadian summer, but navigating a high-demand economy does require a strategic approach to your recreational budget. If you want to make sure your household finances remain resilient against localized price spikes, a few proactive adjustments can help you get the most out of your seasonal spending.

• Diversify your destinations: Major waterfront hubs experience the highest concentration of premium pricing. Exploring secondary marinas, municipal boat launches or inland lakes allows you to enjoy the water without the added premium attached to luxury destinations.
• Time your experiences strategically: High-end hospitality venues often adjust their pricing or introduce strict minimum spending requirements during peak weekend evening hours. Planning mid-week outings or afternoon visits frequently secures the exact same views and menus at a lower cost, often alongside matinee promotions.
• Secure baseline pricing early: Many tourism operators, equipment rentals and regional transit services utilize dynamic pricing structures that scale upward as availability shrinks. Booking your summer excursions several weeks in advance locks in baseline rates before high demand drives up the final price.

Monitoring broad economic shifts, like the influx of international luxury assets, gives you the foresight needed to manage your personal cash flow. By understanding how high-end demand shapes the market, you can successfully protect your personal savings while still making the most of the season.

According to the Canadian Anti-Fraud Centre (CAFC), the federal agency that tracks fraud, more than 2,300 Canadians reported losing over $49 million to job and employment scams in 2024 — a quadrupling of losses since 2022, when the total loss was closer to $7 million.

What changed are the tools scammers use to dupe Canadians out of hard-earned coin. For instance, crypto task platforms, along with fake Labour Market Impact Assessments (LMIAs) and AI-generated job listings, have made fake job offers look almost indistinguishable from real ones — and the damage to workers, especially newcomers, is growing rapidly.

The 5 most common job scam formats in Canada right now

Understanding how each scam works is the first line of defence. The CAFC and reporting by CBC News identify the formats hitting Canadians hardest:

1. Crypto commission jobs

A recruiter — often through WhatsApp or Telegram — offers flexible, remote work, completing ‘product review’ or ‘task’ assignments. Early tasks pay small commissions deposited into a crypto wallet. Then, workers are asked to invest their own money to unlock higher-paying tasks. Those funds are never returned.

2. Fake LMIA job offers

Newcomers or foreign workers looking for employer-sponsored positions are targeted with fraudulent job offers that claim to include a Labour Market Impact Assessment — a document required for many work permits. Victims pay upfront fees of thousands of dollars for paperwork that does not exist and a job that was never real. Charging placement fees to job applicants is illegal under provincial employment standards legislation across Canada.

3. AI-generated listings

Generative AI now allows scammers to produce job postings that mimic real employers at scale — correct logos, plausible job descriptions, even spoofed careers pages. In some cases, the fake listing appears above the real employer’s posting in search results. A job seeker may submit a resumé and banking details before realizing the company never posted the role.

4. Courier and reshipping scams

Workers hired as ‘package processors’ or ‘logistics assistants’ are asked to receive parcels at home and reship them — often internationally. The goods are frequently purchased with stolen credit cards, making the worker an unwitting money mule. CBC News reported in January 2026 that job scams and courier scams are increasingly running on the same platforms and playbooks.

5. Overpayment cheque scams

An ‘employer’ sends a cheque or e-transfer for more than the stated pay (or for employer-related expenses) and asks the worker to wire back the difference. The original cheque bounces days later. The worker is out the wired amount, and the bank holds them responsible.

Are you protected against the latest threats? Find a bank that offers real-time fraud alerts and multi-factor authentication — and keep your money safe.

Who is most at risk

Job scams target anyone actively job hunting, but several groups face heightened exposure. Newcomers to Canada are disproportionately targeted through fake LMIA offers because they may be less familiar with Canadian employment law and the illegality of placement fees. Recent graduates and gig workers seeking flexible remote work are frequently reached through social platforms with crypto commission schemes. Workers in sectors with high turnover — hospitality, logistics and retail — are also regularly targeted with reshipping roles.

With unemployment elevated and job postings increasingly distributed across social media rather than verified platforms, the conditions for these scams to thrive are strong heading into 2025.

Why the numbers may be worse than they appear

The CAFC figures count only reported losses. Fraud reporting in Canada is consistently underreported — shame, confusion about whether a crime occurred and uncertainty about where to report all suppress the total. In the first quarter of 2025 alone, CAFC data showed $22.7 million lost to job scams — suggesting 2025 may surpass 2024 if current trends hold.

Platforms including LinkedIn, Indeed and social messaging apps have rolled out anti-fraud measures, but scammers adapt quickly — shifting to newer platforms and using AI to make flagged templates harder to detect.

Start banking with confidence. Explore our list of the best banks in Canada to find your perfect match for both growth and iron-clad security.

Red flags every Canadian job seeker should know

Several signals indicate a posting or recruiter warrants extra scrutiny before you invest time — or personal information — in an application:

• The job arrived unsolicited via a messaging app. Legitimate employers do not recruit cold via WhatsApp or Instagram DMs.
• The pay seems unusually high for the described work, or the role requires no experience for well-paying remote tasks.
• The recruiter asks for your Social Insurance Number (SIN), banking details or a copy of your passport before any formal offer letter is issued.
• The ‘company’ email address uses a free domain (Gmail, Hotmail) rather than a corporate address.
• You are asked to pay for a background check, training materials, equipment or any certification as part of the hiring process.
• Any offer that includes a crypto wallet, investment component or asks you to ‘try the platform’ before being paid is a strong indicator of a task scam.

What to do to protect yourself

• Verify any employer or recruiter on the company’s official website before applying — search the company name directly, don’t click a recruiter’s link
• Never pay a fee to apply for a job — it is illegal for Canadian recruiters to charge placement fees
• Reject any job offer that arrives via WhatsApp, Snapchat or Instagram from an unknown sender
• Confirm the job listing exists on the official company careers page before sharing any personal information
• Be wary of any job that asks you to use your personal bank account, receive and reship packages, or move cryptocurrency
• Report fake job offers to the CAFC at antifraudcentre.ca and to the platform where you found the listing

If you’ve been targeted — or already sent money

If you have shared financial information or sent money, act quickly. Contact your bank or financial institution immediately to flag the transaction and freeze affected accounts. If money was sent via wire transfer, the bank may be able to initiate a recall — but speed matters.

Report the scam to the CAFC at antifraudcentre.ca (1-888-495-8501) and to local police. Even if recovery is unlikely, filing a report contributes to data the CAFC uses to track patterns and issue public warnings.

If a fake job offer involved immigration documents — including false LMIA claims — Immigration, Refugees and Citizenship Canada (IRCC) has a dedicated fraud tip line at 1-888-242-2100.

For Canadians who keep a large portion of their money in savings accounts, guaranteed investment certificates (GICs), or other low-risk investments, falling interest rates can slowly erode wealth. Throw a weaker Canadian dollar into the mix, and your savings may be growing more slowly while your purchasing power is shrinking.

The good news is that there are asset classes that have historically performed well when cash and traditional savings products become less attractive. Three worth considering are equities (particularly dividend-paying stocks), gold and gold exchange-traded funds (ETFs), and cryptocurrency.

Keep in mind that none of these options is risk-free, and none is right for every investor. But they can help Canadians diversify beyond cash and potentially protect their purchasing power when interest rates fall, and the loonie weakens.

Why conventional savings fall short in a rate-cut cycle

The Bank of Canada's benchmark interest rate directly influences the returns offered on high-interest savings accounts (HISAs) and GICs. When the Bank cuts rates — as it did repeatedly through 2024 and 2025 — deposit rates follow. A savings account that yielded 5% in 2023 may now offer 2.5% to 3%, depending on the institution and product.

At the same time, the Canadian dollar has faced pressure against the U.S. dollar, as investors weigh factors such as lower Canadian interest rates, trade uncertainty, and the outlook for Canada's resource-driven economy.

The result is a double hit for savers. Not only are you earning less on your deposits, but those deposits may also buy less if the Canadian dollar continues to lose value. That’s why many investors start looking beyond cash when rates begin to fall.

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.

Dividend: Earning income that may outpace inflation

One of the easiest ways to protect against inflation and currency weakness is through stocks, particularly shares of established companies that pay dividends.

Unlike cash sitting in a savings account, companies can often increase prices when costs rise. Over time, that can lead to higher revenues, stronger earnings, and potentially higher stock prices.

Dividend growth is particularly beneficial for income-focused investors. Canadian banks, utilities, and consumer staples companies have long histories of paying and increasing dividends, even during difficult economic periods.

Those dividends can also be reinvested, creating a compounding effect that helps your portfolio grow over time.

Canadian investors can hold dividend-paying stocks inside registered accounts such as a TFSA or RRSP. However, it’s worth noting that U.S.-listed stocks held in a TFSA are generally subject to a 15% U.S. withholding tax on dividends. In some cases, holding those same investments in an RRSP can eliminate the withholding tax, making account selection an important part of your investment strategy. Either way, always consult a qualified tax professional if you're unsure which account is best for your situation.

Gold: the original inflation hedge

Gold has been viewed as a store of value for centuries, and many investors still turn to it when they're worried about inflation, currency weakness, or economic uncertainty. Unlike government-issued currencies, gold can't simply be created at the push of a button. Its supply grows slowly, and its value is driven by global demand rather than central bank policy.

That's one key reason gold has often performed well during periods of market stress or geopolitical uncertainty. When investors get nervous, many seek out assets they believe will hold their value.

Over the past five years, gold has broadly outperformed the S&P/TSX Composite Index on an annualized basis. For most Canadians, the easiest way to invest in gold is through a gold ETF rather than buying physical bullion.

You can purchase a gold ETF through a brokerage account, held inside a TFSA or RRSP, eliminating the challenges that come with storing and insuring physical gold.

That said, gold isn't a perfect investment, and it should never be the core holding in a long-term portfolio. It doesn't pay dividends or generate income. Your return depends entirely on whether the price rises. And always remember that past performance is not an indicator of future returns. If you're considering a gold ETF, compare management fees carefully, as those costs can vary from fund to fund.

Cryptocurrency: higher risk, lower correlation

Cryptocurrency occupies a very different place in an investment portfolio than stocks or gold. Assets such as bitcoin and ether are far more volatile than traditional investments, which is why many investors view them as speculative holdings.

At the same time, cryptocurrency doesn't always move in lockstep with stocks or bonds. Its performance is often driven by factors such as adoption rates, technological developments, regulation, and investor sentiment.

That lower correlation is one reason some investors use crypto as a portfolio diversifier.

Another appeal is that cryptocurrency exists outside the Canadian dollar altogether, giving investors exposure to a global asset class that isn't directly tied to the Canadian economy.

Of course, there are significant risks. Prices can swing dramatically in short periods of time and regulations continue to evolve, with organizations like the Canadian Securities Administrators (CSA) continuing to develop rules for crypto asset trading platforms.

In short, you should never put money into crypto that you can't afford to lose.

If you want crypto exposure but aren't comfortable managing it directly, crypto ETFs listed on the TSX offer a simpler alternative. They can be purchased through a traditional brokerage account and held inside registered accounts such as a TFSA or RRSP.

The bottom line

A weaker Canadian dollar and lower interest rates can quietly erode the purchasing power of your savings over time, which is why it may be worth looking beyond cash and GICs alone.

Modest allocations to dividend-paying stocks, gold ETFs, and even cryptocurrency can offer different ways to diversify and potentially protect your wealth, but each comes with its own risks and trade-offs.

Before you make any changes, review how your investments are held, pay attention to tax implications, and consider whether your current portfolio is aligned with your goals, timeline, and risk tolerance. The question isn't whether one asset class is the perfect one, but whether your current strategy is positioned for the economic environment ahead.

It sounds like a pipe dream, but it is actually a real phenomenon known as being grandfathered in. If you have ever scored an incredible deal that felt like getting away with highway robbery, you’ve likely benefited from a grandfather clause.

In the world of money, contracts and government policy, being grandfathered means you get to keep following an old, highly beneficial rule even after a stricter new rule is put in place for everyone else. It’s an exemption that protects existing participants from the negative consequences of a sudden policy shift.

Understanding how this mechanic works is not just a fun trip down memory lane. It is a critical wealth-preservation strategy that saves Canadians serious cash when the economic landscape shifts beneath our feet.

Epic scores from the internet hall of fame

A recent Reddit thread on AskReddit asked users to share the wildest lifetime deals they are still grandfathered into. The answers prove that when you hold onto a legacy contract, corporate buyouts can turn a standard promotion into a literal goldmine.

Take Reddit user lolamongolia, whose father hunted for a fitness centre back in 1987 that would allow a young child to tag along on the track. One local club agreed, provided the dad paid a small youth membership fee. Fast forward through nearly four decades of corporate mergers:

“That gym eventually got bought out by Chicago health club, then by Bally’s, then by L.A. Fitness, but my membership terms stayed the same,” the user wrote. “I have the highest tier membership, meaning I can use any L.A. Fitness facility in the country, and I’m still paying the 1987 price for it. It comes out to just under 5 bucks a month.”

Another user, Cookcroghan_, managed to lock down a legendary mobile plan by purchasing the very first iPhone in July 2007, less than a month after its release. AT&T offered a quick promotional window to early adopters:

“If you bought the phone outright you could get a promotional deal that was unlimited data, free iPhone upgrade with every new iPhone release or every 18 months, whichever is first, for 50$ a month... Every year when I go and get my free new iPhone, the sales people are flabbergasted.”

Other legendary internet saves include TheYankeeFist, who paid $400 for lifetime oil changes at a dealership 16 years and 250,000 miles ago, and juliabelleswain, who received a Medic-Alert bracelet in the 1980s before the company switched to a subscription model. Her legacy member number is so low that a customer service representative shocked her by blurting out, “everyone with those numbers is DEAD.”

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.

Real world Canadian rule changes that save big money

While cheap gym memberships and free iPhones make for great storytelling, grandfather clauses in Canada often dictate the trajectory of your largest financial pillars: your home, your taxes and your retirement. According to the Canadian Tax Foundation, the term grandfathered simply means “someone or something that is exempt from a new law or regulation.”

When the federal government or municipal bodies alter major financial structures, they frequently include these legacy clauses to prevent a massive public backlash or legal gridlock. Here is how that plays out in the real world for Canadian wallets.

1. Real estate and short-term rental bans

As cities across Canada grapple with housing shortages, municipalities from Vancouver to Toronto have heavily restricted short-term rentals like Airbnb. However, when these bylaws drop, certain property owners are often grandfathered. If a homeowner legally operated a secondary suite or commercial property under old zoning bylaws, they are often permitted to continue operating indefinitely. For real estate investors, this protection can preserve tens of thousands of dollars in annual rental revenue that would otherwise instantly vanish.

2. The mortgage stress test evolution

When the federal government and the Office of the Superintendent of Financial Institutions (OSFI) introduced and later tightened the mortgage stress test rules, it fundamentally shifted how much house Canadians could afford. Buyers were suddenly forced to qualify at a rate much higher than their actual contract rate.

Crucially, the government grandfathered existing borrowers who were simply renewing their existing mortgages with the same lender. If you bought a home prior to the strict rule rollouts and maintained your mortgage relationship, you were saved from having to re-qualify under a harsher financial lens, keeping your housing security intact without a forced downsize.

3. Historic tax changes

On a broader scale, grandfathering is the holy grail of tax planning. When major changes occur — such as modifications to capital gains rules, business structures or registered accounts — tax professionals scramble to see what can be protected.

For example, when the federal government drastically overhauled the taxation of private corporations and the “income sprinkling” rules to family members, historic structures that utilized specific share classes were given distinct transition windows. For Canadian small business owners, navigating these transitions correctly meant saving hundreds of thousands of dollars in corporate tax hikes.

How to use legacy rules to your advantage

You cannot always predict when a corporation will change its terms or when a government will rewrite the tax code, but you can build a framework to protect yourself.

• Read the transition fine print: Whenever a service provider — be it your insurance company, internet provider or bank — announces they are phasing out an old plan, don’t immediately click accept on the new offer. Check to see if your current plan is protected under a legacy clause.
• Keep your paper trails: As Reddit user NoDragonfruit9656 noted when discussing a multi-generational family home with warranties dating back to 1946, “Always keep your warranties in physical form, kids!” Corporations count on you losing the original contract. Physical or secure digital copies of your original terms are your only leverage when a company undergoes a merger.
• Consult a professional before changing accounts: If you hold an older financial product, specialized insurance policy or unique corporate share structure, never close it or modify it without speaking to a financial planner or CPA. Once you voluntarily step off a grandfathered plan, you can never get back on.

Ultimately, grandfather clauses serve as a powerful reminder that stability has its own financial value. In an era where corporate buyouts and shifting regulations constantly threaten the bottom line, holding onto a legacy contract can be one of the most effective ways to preserve wealth. Protecting these rare exemptions requires diligence and a paper trail, but as the data shows, the long-term savings are well worth the effort.

If you are trying to find your financial footing, it may be time to change your geographic perspective. Have you ever considered looking north?

During a recent immigration webinar hosted by the New Canadians TV Network, experts and residents broke down exactly why communities outside the standard metropolitan hubs are worth your attention. It turns out that stepping outside major cities can be the ultimate career hack.

The career growth you have been waiting for

When Afreen Shabbir first immigrated to Canada two decades ago, she faced a classic job-seeker bottleneck in a highly populated urban area. The competition was incredibly stiff. To pivot her strategy, she looked toward Dryden, a town in northwestern Ontario.

“Up here in the North, there’s a lot of room for growth,” Shabbir said during the panel. “There’s a lot of room for you to build those networks, for you to build those connections and then leverage them towards your career.”

Instead of fighting through tightly formed professional networks in the big cities, she found an ecosystem where fresh talent can stand out. Her secret was diving into the local fabric by volunteering, attending local business events and joining community activities.

“It is very much that sort of a community, because they want to grow together, because they want to develop together, and there’s a sense of shared prosperity,” Shabbir said. “If you are able to carry yourself in that way, you will reap the rewards without a doubt.”

The numbers behind the northern job market

This is not just about feel-good anecdotes. The macroeconomic data backs it up. Northern Ontario is facing a massive demographic shift, meaning local employers are actively hunting for people to fill open roles.

According to data shared during the webinar, roughly 20% of the northern workforce is expected to retire by 2035. Right now, there is an average of 5,100 unfilled job vacancies across the region. The labour market requires a steady influx of fresh faces just to keep the wheels turning.

“Research has indicated that 2,000 new residents are needed per year in Northern Ontario to be able to just sustain the labour market the way it is, never mind any growth,” explained panelist Beyak.

The openings span nearly every industry imaginable, including healthcare, hospitality, transportation, shipping and resource sectors. For example, St. Joseph’s Care Group in Thunder Bay employs 2,500 people and is constantly recruiting for both specialized healthcare roles and vital support staff.

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.

How to make the transition work for you

If you want to capitalize on these geographic opportunities, you need a smart game plan.

First, use local employment resources. Organizations like Sudbury.com report that tapping into settlement services can give you a massive advantage. Recruiter Trevor Hamalainan noted that while breaking into large organizations can sometimes be tough initially, consistency pays off. He advises job seekers to customize every single application and “access those services in your community that help with job searching.”

Second, check your credentials. If you work in a regulated field like nursing or physiotherapy, you must align with provincial regulatory bodies. Look for northern employers who actively help candidates navigate and demystify these licensing processes.

Gerard Keledjian, the managing director of New Horizons Media, summarized the region well by calling it a “huge area full of opportunities, full of nature and full of amazing people.” While he acknowledged that no single region is a perfect fit for absolutely everyone, the lower cost of living and dedicated regional immigration pathways make it an option you cannot afford to ignore.

If your current budget is stretched to the limit, expanding your map north might be the quickest way to fast-track your savings and your resume.

When Priya arrived in Toronto from Bengaluru, she had a graduate degree, a job offer and years of financial experience behind her. What she didn’t have was a Canadian credit score.

Within six months, she had financed a used car at 28% interest and taken on a short-term personal loan to cover a rental deposit because nothing else was available to her.

Unfortunately, stories like Priya’s are not unusual.

According to a report from TransUnion, which is one of the nation’s main credit bureaus, Canadian newcomers added $2.6 billion in new credit balances in the first quarter of 2025, up over 6% from the previous year.

This isn’t because newcomers are irresponsible with money. More often, it’s because they’re navigating a financial system that doesn’t recognize their credit history from back home.

Without an established Canadian credit file, many individuals are pushed toward some of the most expensive borrowing options available at a time when they’re already facing significant financial pressure.

Here is what the data shows, and what newcomers can do to avoid falling into a costly debt cycle.

The hidden cost of having no Canadian credit history

Canada's credit system does not account for international credit history. This means that someone who spent years responsibly managing loans, mortgages and credit cards in another country may arrive in Canada and effectively have to start from scratch.

From a lender's perspective, there is no Canadian credit score, no Canadian borrowing history and very little information to assess risk.

The Financial Consumer Agency of Canada (FCAC), a federal agency that protects the rights of consumers of financial products, notes that without a Canadian credit file, applicants are typically declined for standard credit cards, leaving secured products or alternative lenders among the only viable options.

Those alternative lenders, which can include payday loan companies, generally charge much higher interest rates than their more conventional alternatives, such as banks or credit unions.

The result is often a heavy debt load shortly after arriving in Canada, which takes longer to pay down.

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

Financial products that trap newcomers in a debt cycle

The following credit products may disproportionately affect newcomers:

• High-rate auto financing. Sometimes called “bad credit” car loans, rates as high as 30% are common. At that level, the total cost of borrowing on a vehicle with an $18,000 purchase price over five years would be close to $35,000, far more than what a conventional borrower would pay.
• Rent-to-own furniture and appliance plans. Rent-to-own retail plans require you to make payments over a specified period, but interest rates are high and there are often additional fees. Renters can typically pay between two to five times the regular retail price by the time they own the item.
• Short-term instalment loans marketed to newcomers. Private lenders specifically target Canadian newcomers with personal loans, offering promises of fast approvals with little to no credit history. These products are sometimes framed as 'credit-building' tools but charge rates well above those of secured or traditional credit products.
• Unsecured credit cards. While offering slightly better rates than the options above, credit cards are high-interest products that typically start around 19.99% and go up from there.

The problem compounds because each of these products generates monthly payments that tighten the borrower’s debt-to-income ratio's headroom, making it harder to qualify for lower-cost alternatives even as their credit file begins to grow.

How to build credit without accumulating dangerous debt

The following steps can help you avoid taking on bad debt, as long as you follow one rule: use the lowest-risk product available to you at each stage, not the first one offered.

Step 1: Open a newcomer bank account. All of Canada's major banks offer newcomer banking packages that can be opened without proof of Canadian income or a credit file, often with the first year's fees waived. By opening this account as soon as you arrive, you begin to establish a banking relationship that can support secured credit applications.

Step 2: Obtain a secured credit card. A secured card requires a cash deposit — typically $200 to $500, depending on the issuer — as collateral, and payments are reported to Canada's credit bureaus. By using the card consistently and always paying in full to avoid interest, you can start building a credit score in Canada within three to six months at minimal cost.

Step 3: Use patience with instalment products. If a vehicle or large purchase is unavoidable, treat higher rate loans as a short-term bridge. Refinance to a better rate the moment your credit score is more established. The difference in total interest cost can be several thousand dollars.

Step 4: Track your debt-to-income ratio from month one. Strive to keep your total debt payments below 40% of your gross monthly income as a household threshold. Exceeding this limit early on can not only make life unaffordable, but it can impact your ability to borrow in the future.

What to do now

The good news is that building credit in Canada doesn't have to involve taking on expensive debt. For many newcomers, the smartest approach is to start with a newcomer banking package and a secured credit card, while avoiding high-cost financing products that promise quick approvals. Try to keep your debt payments manageable, and refinance expensive loans once your credit history is established. This can help you save thousands of dollars and put you on a much stronger financial footing.

According to Agriculture and Agri-Food Canada (AAFC), Canada exported more than $844 million in maple products in 2025, with the vast majority of production concentrated in Quebec.

But that dominance depends on something less tangible than supply: Trust. When international buyers pay a premium for genuine Canadian maple syrup, they’re paying for provenance, purity and traceability. And that’s exactly where a growing pattern of misrepresentation complaints — products mislabelled as Canadian or pure maple when they are not — is beginning to create friction.

For the approximately 6,300 farms that depend on this system, the risks aren’t abstract. They show up in pricing power, export volume and market access. Here’s what’s at stake — and what the signals mean for anyone watching Canada’s agricultural trade.

How Canada became the world’s maple syrup superpower

Quebec produces roughly 90% of Canada’s maple syrup and approximately 72% of the world’s supply — a concentration that gives Canada a near-monopoly on global maple syrup supply. That level of control didn’t happen by accident.

The Federation of Quebec Maple Syrup Producers (FPAQ), a supply management body established under Quebec provincial law, oversees production quotas, pricing and the strategic global reserve. That reserve — which holds an estimated 50 million to 60 million pounds of syrup — functions as a buffer against crop failures and a stabilization tool for global pricing.

The model works because consistency and scarcity can be managed together. Quota-controlled output limits the boom-and-bust cycle that hits most agricultural commodities. Canadian maple commands a premium on world markets precisely because buyers know what they’re getting — a regulated, traceable, consistent product.

What the FPAQ’s strategic reserve actually does

The strategic reserve is one of the more unusual agricultural instruments in the world. Unlike most commodity buffers, which are government-held, the FPAQ’s reserve is managed by the federation itself and used to stabilize supply and prices across harvest cycles.

In a strong harvest year, producers contribute excess production to the reserve. In a weak year, the reserve releases product to maintain supply commitments to international buyers. This keeps Canadian maple prices stable and prevents the kind of supply shock that competitors in the U.S. and elsewhere cannot absorb.

For producers, the reserve is a financial backstop. It means a bad sugaring season doesn’t become a price collapse. For exporters, it means long-term supply contracts can be honoured. For Canada as a whole, it means an agricultural export sector that punches well above its weight — $844 million annually from a product made almost entirely in one province.

Why fraud complaints abroad are a real economic risk

The threat isn’t a single scandal. It’s a pattern: Products marketed internationally as Canadian maple syrup or ‘pure maple’ that do not meet those standards — whether through adulteration, mislabelling or substitution further down the supply chain.

For Canadian producers, the damage works through three channels.

First, premium erosion. Canadian maple earns more per litre than competing syrups precisely because of provenance claims. If misrepresentation becomes widespread enough to create buyer scepticism, that premium compresses — even for legitimate Canadian product.

Second, regulatory risk. Export markets that detect misrepresentation can impose certification requirements, tariff scrutiny or outright rejections on broad categories of maple imports. A rejection in a major import market isn’t just one shipment — it disrupts the whole export pipeline.

Third, brand dilution. Canada’s maple brand is built on three things: Purity, origin and consistency. If international consumers start associating ‘Canadian maple’ with uncertainty about authenticity, the brand loses the only real competitive advantage it has — and the ability to monetize on that competitive edge.

The larger stakes for Canada’s agricultural trade position

Canada’s agricultural export identity is built on a small number of high-value commodities — canola, wheat, beef and maple among them. Maple is unusual in that it isn’t just a commodity; it’s a branded product. You don’t buy ‘generic maple.’ You buy Canadian maple, Quebec maple — pure maple.

That brand distinction is what makes fraud damaging in a way that, say, a bad harvest is not. A bad harvest is recoverable. A brand trust problem compounds over the years and is far harder to quantify — and far harder to reverse.

Producers who export, or whose co-operatives export, have a direct interest in how the FPAQ responds to misrepresentation complaints. So do investors holding positions in any fund with exposure to the Quebec agri-food supply chain. The strategic reserve is only as valuable as the market’s willingness to pay a premium for what it contains.

Canada has built something genuinely rare: near-monopoly control of a global premium food category. The risk isn’t losing that control overnight. The risk is a slow erosion of the trust that makes the premium possible in the first place.

Let’s take the hypothetical case of Diane as an example. At 42, she felt like she was doing everything right. She bought a $600,000 house, kept a $27,000 safety net in the bank and had $58,000 in a retirement savings account — money she promised herself she would never touch.

Then life happened. Her work hours were cut, reducing her income by nearly 20%. And that was when her house experienced some physical trauma — plumbing, electrical and roof damage from a particularly nasty storm. Suddenly, she was staring at a $18,000 repair bill.

Diane’s dream home had become a source of financial dread. And she is far from alone.

A 2025 Ipsos poll shows just over 40% of Canadians say they’re within $200 of being unable to meet their monthly financial obligations. An additional poll by RBC from the same year reports that almost half (48%) of its respondents have no emergency savings at all.

Meanwhile, guidance from major Canadian financial institutions like Scotiabank estimates homeowners should budget 3% to 5% of a home’s value annually for total home ownership costs — including maintenance, repairs, property taxes and insurance. On a $600,000 home, that’s upwards of $30,000 a year, something the listing price doesn’t show.

For Diane, all of that hit at once. Here’s what she, or anyone facing the same crunch, should consider.

Talk to your lender before you panic

It’s easy to freeze up or feel ashamed when your income drops. But with mortgages, letting time pass is the worst thing you can do, as your options will disappear and turn a manageable setback into a long-term credit problem.

Reaching out to your lender early can provide relief. Canada’s major banks — often called the Big Six — all have hardship programs for borrowers facing short-term financial shocks. These can include temporary payment deferrals, interest-only periods or amortization extensions to reduce monthly obligations. During the COVID-19 pandemic, more than 800,000 Canadian homeowners accessed mortgage deferrals through their lenders, so these programs are well-established.

The key is to act before you miss a payment. Once you’re behind, options narrow and penalty fees start compounding. Contacting your lender early isn’t an admission of defeat — it’s financially savvy.

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.

Create short-term cash flow

Between a shrinking paycheque and mounting repair bills, Diane is in a cash crunch. This is where she — and anyone in a similar position — has to get creative with bringing in money. This may include freelancing side-gigs, selling underused assets or renting out a spare room.

In fact, renting a room or a basement suite can generate significant extra income that helps cover essentials like repairs, utilities and mortgage payments while longer-term solutions emerge. Financial planners call this “bridge income” — a temporary cash flow to stabilize the situation without derailing future goals.

An important note for Canadians: If you rent out a room in your primary residence, you must declare any rental income to the Canada Revenue Agency (CRA). The upside is that landlords can deduct a proportional share of eligible expenses, such as utilities and maintenance, against that income. Keeping clear records from day one makes tax time far less stressful.

None of these choices will feel particularly comfortable at the time. But the alternative, like running out of cash and falling behind on the mortgage, is far worse.

Think carefully before you touch your retirement savings

Diane has a Registered Retirement Savings Plan (RRSP) she promised herself she would never touch, and raiding it during a cash crisis comes with real financial pain.

RRSP withdrawals are considered fully taxable income in the year they’re withdrawn. On top of that, the financial institution is required to withhold tax at source: 10% for amounts up to $5,000; 20% for amounts between $5,001 and $15,000; and 30% for amounts above $15,000. Worse still, the contribution room is lost forever, meaning you can’t put the money back.

In contrast, a Tax-Free Savings Account (TFSA) allows withdrawals without tax consequences, and the contribution room is restored the following calendar year. If Diane had a TFSA, that would be a far less costly emergency option for her to use. Going forward, contributing even small amounts to create more TFSA room is one of the most effective ways to build a financial buffer that doesn’t punish you for using it.

Stop wondering where your money went. Compare Canada’s top-rated budgeting apps and find the perfect tool to help you save more this month.

Is staying in the home realistic?

For someone like Diane, deciding whether to stay in her home is the hardest question she will have to face. After years of saving, selling can feel like giving up. But financial experts caution against the “sunk-cost trap” — holding on to a property simply because of what you’ve already put into it, even when the math no longer works.

When income drops and repairs keep mounting, selling now might be the move that protects her equity and preserves her retirement savings. The longer she waits without a plan, the less financial control she has.

Housing affordability is already a major pressure for Canadian homeowners. RBC Economics’ housing affordability research identifies Canada’s housing market as one where ownership costs consume a historically high share of household income in most major markets. The most recent Housing Market Outlook from the Canadian Mortgage and Housing Corporation (CMHC) reinforces this, citing affordability as the central challenge facing homeowners.

Diane’s next steps — talking to her bank, creating short-term cash flow, protecting her retirement savings, and honestly evaluating whether she can sustain the home — aren’t just about fixing a roof. They’re about protecting her financial future in an environment where even the most rigorous plans can fall apart.

What Canadians can do from here

Whether you’re in a similar situation to Diane’s or just want to make sure you never are, here are practical steps for Canadian homeowners to take:

Build a TFSA emergency fund first. Unlike an RRSP, withdrawals from a TFSA don’t trigger withholding tax and don’t reduce your contribution room permanently. Financial advisers generally recommend three to six months of expenses in an accessible account — you can also look into a high-interest savings account.

Budget for ownership costs before you buy — or as you manage what you own. Personal finance experts, major financial institutions and real estate professionals recommend you set aside 3% to 5% of your home’s value annually for maintenance and repairs. The CMHC guidance suggests tucking away some savings to cover emergency repairs, a job loss or illness. Automate a monthly transfer into a dedicated home maintenance fund.

Contact your lender at the first sign of trouble. Canada’s major banks have hardship programs, but they work best when you access them before you miss a payment. Ask specifically about payment deferrals, interest-only periods or amortization extensions.

Know the cost of touching your RRSP. Before withdrawing, understand that you’ll immediately owe withholding tax — 10% to 30% — and the full amount will be added to your taxable income for the year. If you have any TFSA savings, use that first.

Declare rental income to the CRA. If you rent a room or suite to generate a bridge income, you must report it — but you can also deduct eligible expenses proportional to the rented space. A licensed accountant or tax professional can help you get this right.

According to Statistics Canada, the median after-tax income for individual seniors in Canada is about $31,400 per year, or roughly $2,617 per month. That amount pales in comparison to most working wages in Canada.

So, how much do Canadian retirees actually live on each month? Where does the money come from, and is it enough? This article will dive into answering those questions and take a closer look at the typical Canadian’s retirement income.

What is the average monthly retirement income in Canada?

Here’s the hard truth that many Canadians learn in retirement: The average after-tax retirement income for senior families is about $74,200 each year, or about $6,183 per month.

The median retirement income data for Canadians paints a more realistic picture for most households. For individual seniors, that figure drops to about $31,400 annually, or $2,617 per month. The median senior couple will earn about $64,300 per year.

Why are these figures different? High-income retirees skew the results, pulling the average up. The median data reflects the exact midpoint of the entire group of Canadian retirees.

Retirement income snapshot (after tax):

• Individual senior (average): about $2,800/month
• Individual senior (median): about $2,617/month
• Senior couple (average): about $6,183/month
• Senior couple (median): about $5,358/month

These totals include all of the retirement benefits that Canadians rely on, including CPP, OAS, the Guaranteed Income Supplement (GIS), pensions and personal savings, as applicable.

Where does retirement income actually come from?

For most Canadians, retirement income comes from a combination of the three pillars: government retirement benefits, workplace pensions and personal savings and investments.

The first pillar includes things like CPP, OAS and GIS Canada, which some seniors may qualify for. In 2025, the average CPP payment was about $772 per month, while the maximum benefit was $1,364.60. For OAS, the monthly payment was $713.34, and for seniors over 75, it was increased to $784 per month.

Low-income seniors may also qualify for GIS. This can add up to $1,065.47 per month for a single senior. Unfortunately for many retired Canadians, this GIS represents a necessary foundation of their retirement income.

The second pillar is the employer-provided pension. A defined benefit pension can provide a guaranteed monthly income in retirement. A defined contribution plan will depend on investment performance and withdrawals. According to Statistics Canada, more than 6.6 million Canadians are a part of registered pension plans, even though fewer than one-third of workers have employer-sponsored pensions.

The third and final pillar is personal savings. This includes investments in Registered Retirement Savings Plans (RRSPs), Registered Retirement Income Funds (RRIFs), Tax-Free Savings Accounts (TFSAs) and non-registered investments. For Canadians without pensions, these savings often determine how comfortable retirement feels.

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

Is CPP and OAS enough to retire on?

For most Canadians, relying on CPP and OAS provides a basic retirement income, but it’s generally not enough to have a comfortable retirement.

A retiree who receives the maximum CPP and OAS would collect about $2,077.94 per month before taxes. Unfortunately, most people receive far less, with the average amount received being closer to about $1,500 monthly.

In comparison, the low-income measure for a single person in Canada works out to approximately $2,083 per month. Translation: government benefits can help, but it is nearly impossible to rely on them as your only retirement income.

Home ownership is certainly a benefit in retirement. About 75% of Canadian seniors own their homes. This lowers monthly expenses for seniors who have to rent, especially in expensive cities like Toronto or Vancouver.

On the other end of the scale, high-income retirees need to watch out for the OAS clawback. If your net income exceeds $90,997 annually, your OAS payments will begin to shrink and could even disappear altogether at higher income levels.

How does retirement income vary by situation?

Like most things, retirement income can vary dramatically depending on a long list of factors. Things like household structure, geography, and work history can all play a part in determining your income.

Timing also matters. Taking CPP at age 60 permanently reduces benefits by up to 36%, while delaying until age 70 boosts payments by as much as 42% compared with starting at 65.

For example, someone eligible for $900 monthly at age 65 would receive about $576 monthly at age 60 or roughly $1,278 monthly at age 70. This is where the other pillars of retirement income matter.

Women, newcomers and gig workers often receive lower CPP payments because of lower lifetime earnings or contribution gaps. Cost of living and location also matter: retirees in smaller communities may need far less income than renters in major urban centres.

What should you do if your projected income falls short?

The first thing is not to panic. Get a good understanding of your own finances and retirement situation.

The Canadian government provides some useful planning tools you can take advantage of. The Canadian Retirement Income Calculator makes it easy to estimate your future retirement income, taking into account your CPP, OAS, pension, and savings.

For some Canadians, delaying their benefits can meaningfully increase their guaranteed lifetime income. If you are healthy and can reasonably expect to live a bit longer than average, then delaying the benefits can really increase your payouts.

For Canadians who do not have an employer-provided pension, they should focus on utilizing the TFSA and RRSP to supplement retirement income.

Finally, lower-income seniors should check their GIS eligibility. Many eligible Canadians never apply for the benefits they qualify to receive, and supplementing your OAS and CPP with a GIS payment can go a long way in providing a little extra breathing room in retirement.

FAQs about retirement income in Canada

What is the average monthly retirement income in Canada?

The average monthly retirement income for Canadians sits at around $2,800 per person. The mean monthly retirement income is a more accurate view, and according to Statistics Canada, it comes in at about $2,617 per person.

What is the maximum CPP payment in 2025?

In 2025, the maximum CPP retirement benefit is $1,364.60 per month for retirees who started collecting at age 65. The CPP benefit depends on lifetime contributions, so it could change depending on work history.

How much is OAS per month in Canada?

In 2025, the maximum OAS monthly payment was $713.34 for seniors aged 65 to 74. For those who were 75 years and older, the payment bumped up to $784 per month.

Can you live on CPP and OAS alone in Canada?

Some Canadians do, particularly homeowners or those who live in less-expensive cities. Still, it is difficult to live on the CPP and OAS alone, as it may not fully cover the rising cost of living in Canada.

What is the average CPP payment in Canada?

In 2025, the average CPP payment for retirees was approximately $772 monthly. Just as with OAS, the CPP payment can vary depending on earnings history and at what age collection started.

What is GIS and who qualifies?

The GIS is the Guaranteed Income Supplement, which helps low-income retirees. It is a non-taxable monthly benefit, and eligibility is dependent on annual income and marital status.

What is considered a good retirement income in Canada?

A good retirement income is certainly subjective in 2026. This depends on factors like housing costs, debt, and lifestyle. Many financial planners in Canada suggest retirees aim to replace 60% to 70% of their pre-retirement income.

How much does the average Canadian couple receive in retirement?

Senior couples in Canada receive an average retirement income of about $74,200 annually. This equates to about $6,183 monthly. The median annual income is lower, at about $64,300 annually.

A new study from IG Wealth Management found that 84% of Canadians say having an estate plan is a priority. Yet fewer than half — just 41% — actually have one. The report highlights a significant gap between intention and action when it comes to planning for later life, family responsibilities and the transfer of assets.

“A thorough and thoughtfully constructed estate plan should be a priority for all Canadians,” said Christine Van Cauwenberghe, Head of Financial Planning at IG Wealth Management, in a statement. “It helps ensure that financial and personal affairs are managed according to one’s wishes, both during their lifetime and after their passing.”

In just 20 minutes, you can create a legally-binding will from anywhere in Canada using the online portal from Epilogue. That means in less time than it takes to get an oil-change, you could prepare a legally-binding will as well as Power of Attorney documents, affidavits of execution, along with other estate planning tools.

Estate planning involves more than just a will

Many Canadians still associate estate planning primarily with writing a will, but financial experts say it typically involves a much broader set of decisions.

An estate plan can also include naming beneficiaries, setting up powers of attorney, creating healthcare directives and organizing how financial affairs would be handled in the event of illness, incapacity or death.

The IG survey suggests that while many Canadians understand the importance of planning in theory, fewer are taking practical steps to formalize those decisions.

For some, the process may feel uncomfortable or easy to postpone. Others may assume estate planning is only necessary for wealthy households or retirees, even though experts generally recommend basic planning for adults at a wide range of income levels and life stages.

Many Canadians want to leave a legacy — but haven’t planned for it

The study also found that many Canadians are thinking about the long-term impact they want to leave behind, including charitable giving.

More than two-thirds of respondents said it’s important to address charitable giving within an estate plan. However, only two in five said they had discussed charitable giving strategies with a financial advisor, lawyer or notary.

And even fewer — less than one-third — said they had made a formal plan with family members or executors about how charitable donations should be managed within their estate or in the event of cognitive decline.

“It’s encouraging to see that many Canadians recognize the importance of giving back and preserving their legacy through estate planning,” Van Cauwenberghe said. “However, there is a clear gap between recognizing the need to plan and taking meaningful action.”

More Canadians may be thinking about long-term planning

The findings come at a time when many Canadians are paying closer attention to long-term financial planning amid rising living costs, an aging population and growing intergenerational wealth transfers.

IG Wealth Management says interest is also growing around donor-advised funds — charitable giving accounts that allow people to donate assets, receive a tax receipt and distribute funds to charities over time. According to the survey, 40% of Canadians expressed interest in including that type of tool in their estate plans.

While estate planning can be easy to delay, financial experts say putting even a basic plan in place can help reduce uncertainty and stress for family members later on.

For many households, the process is less about wealth alone and more about making personal wishes clear before those difficult decisions are forced.

REMAX’s 2026 Recreational Property Report found that 45% of prospective buyers in Canada plan to purchase a recreational property as an entry point into the overall housing market. Younger Canadians aged 18 to 34 specifically are hoping to include this type of real estate as part of their overall goals, the survey found. In contrast, only 30% of respondents aged 35 and above held the same stance.

“What we’re seeing is a more thoughtful, strategic buyer emerge in the recreational market,” Don Kottick, President of REMAX Canada, said in a statement. “Recreational properties are no longer viewed solely as discretionary purchases, but instead as a foothold into homeownership with long-term value potential.”

Prospective buyers are also becoming more selective about the cottages they prefer, with 61% favouring renovated properties that can function year-round, while 59% want to use a seasonal property perennially.

While there is optimism for these types of properties, current cottage owners have slightly different perspectives, with 28% saying they hope to sell their property given the rise of return to office mandates and remote work declining.

Current buyers are sharing these concerns as well, but they are less pronounced, with only 14% of non-cottage owners being hesitant about purchasing a recreational property due to in-office mandates.

Market shifts open the door for alternative homeownership plans

Younger Canadians seem to be putting cottages on their radar largely due to two reasons: increasingly unaffordable homes in traditional markets and improving market conditions in vacation property areas.

As of mid-May, the average price (non-seasonally adjusted) of a home in Canada sat at $695,412, according to the Canadian Real Estate Association. But in more populated locations such as Vancouver or Toronto, home prices easily cross over into seven-figure territory.

As a result, younger Canadians are feeling like the traditional route to owning a home isn’t possible. A study from Statistics Canada comparing census data from 1996, 2001, and 2021, found that Canadians aged 25-39 were twice as likely to live with their parents compared to baby boomers of the same age in 1991. Additionally, after accounting for those who still lived with their parents, millennials were still the generation that is least likely to own a home at 49.9%.

Mounting housing costs have made the allure of seasonal homes shine brighter, especially with price corrections and inventory shifts in the last few years. According to REMAX’s report, locations such as Laurentians, QC; Sylvan Lake, AB; Sault Ste. Marie, ON; North Bay, ON; and Northern Nova Scotia are well under the national average home price.

The real estate company also found that over two-thirds of 21 different recreational markets are expected to be favourable to buyers in 2026, showing that some regions may offer more negotiating power than major urban centres.

But is buying a cottage as your first home a smart move?

Planning for retirement? Get personalized mortgage solutions from Homewise. Whether you refinance or choose to access home equity using a reverse mortgage, this online mortgage broker will help you find your best rate in minutes.

Should you buy a cottage as your first home?

At face value the math does show cottages as being less expensive than buying a home in a traditional urban area — but that doesn’t mean younger Canadians should jump to purchase. There’s more to buying a recreational home than just the purchase price. Here are some considerations to take into account before taking the leap.

Think about your remote work policy. Using a cottage as primary residence means being out of the hustle and bustle of the city but also having a much longer commute. If your employer doesn’t have a remote work policy or a hybrid model, the cost of commuting to work in fuel alone could make a sizeable dent in your monthly budget.

Take into account maintenance costs. Compared to a condo or newer build, cottages can come with additional upkeep expenses due to weather, wildlife issues, septic upkeep or even private road access for more remote locations. In fact, in REMAX’s report, 40% of those surveyed mentioned that if they were to inherit their family cottage, they would struggle to keep up with ongoing upkeep costs.

Prepare for higher-than-usual insurance fees. Potential buyers should be aware of potentially higher insurance rates than urban properties. This is especially true for older properties that may use a wood-fireplace for heating, are remote or harder to access, or are situated in flood-risk or wildfire-risk areas.

Adjust to a different pace of life. In cottage country, everyday life has a much calmer ebb and flow due to a smaller population — especially in the more cost-effective areas. For some places, that may mean having less access to amenities compared to a major city-centre, but that might be a good change-of-pace depending on your circumstances.

Realistically, a recreational home can stand as a new foothold into the Canadian housing market for younger Canadians, especially if they have a remote-friendly occupation. But it’s important to count all the costs that go into a cottage home, especially those beyond the purchase price.

Canadians who lose money to certain types of fraud, theft or investment deception may be entitled to claim either a capital loss or a business loss on their tax return — a provision that could offset other taxable income and reduce the financial damage of being scammed.

With fraud losses hitting a record $704 million in reported cases in 2025 — and likely far more going unreported — hundreds of thousands of Canadians may be leaving a legitimate tax benefit unclaimed simply because they don’t know it exists.

When the CRA allows you to deduct a fraud loss

The CRA does not treat all fraud losses equally. Whether your loss qualifies — and how it qualifies — depends on what the money was being used for and the nature of the scheme that took it.

The primary authority is the CRA Income Tax Folio S3-F9-C1, which addresses losses from theft, misappropriation, or embezzlement. In general, if the loss occurred in the course of earning income — say, through an investment account or a business — it may be deductible. If the funds lost were personal savings with no income-earning connection, the path to deductibility is narrower.

For most individual Canadians, a fraud loss on an investment — including fake securities, fraudulent trading platforms or Ponzi-style schemes — will most commonly be treated as a capital loss. Under CRA rules, allowable capital losses can be applied against capital gains in the same tax year, carried back three years or carried forward indefinitely.

For self-employed Canadians or business owners, a fraud-related loss tied directly to business operations may qualify as a business loss instead, which can be applied more broadly against all sources of income.

Get your taxes done right. Start filing using our top-recommended Canadian tax platforms and ensure you don’t miss a single deduction.

Capital loss vs. business loss: which applies to your situation?

The distinction matters because it changes how much tax relief you can actually access.

A capital loss can only offset capital gains — so if you have no gains to absorb it in the current year, the benefit is deferred. An allowable capital loss is one-half of the actual loss, meaning a $20,000 fraud loss produces a $10,000 allowable capital loss for tax purposes.

A business loss, by contrast, can be set against employment income, rental income or other earnings — making it more immediately valuable. However, qualifying requires demonstrating that the lost funds were genuinely deployed in a business or income-earning capacity, not simply held as personal savings.

Toronto tax law firm Rotfleisch & Samulovitch P.C. notes that the classification is not always straightforward and that CRA may scrutinize claims closely — particularly where the taxpayer cannot demonstrate the commercial nature of the investment. Consulting a certified public accountant (CPA) or tax lawyer before filing is strongly recommended.

How to document a fraud loss for a tax return

Documentation is the difference between a successful claim and a disallowed one. The CRA requires evidence that the loss occurred, that it was not recovered and that it is connected to an income-earning purpose.

The Canadian Anti-Fraud Centre (CAFC), a federal agency co-managed by the Royal Canadian Mounted Police (RCMP), the Ontario Provincial Police (OPP) and the Competition Bureau, is the national reporting body for fraud. Filing a report with the CAFC and obtaining a report number is a critical first step — both for your tax claim and for any potential law enforcement involvement.

A local police report is also typically required. Beyond those two documents, you should preserve all records related to the fraud: bank statements showing transferred funds, transaction confirmations, communications with the scammer, account screenshots and any documentation from the fraudulent platform.

The CRA may also require you to demonstrate that you have taken reasonable steps to recover the funds — even if those efforts have been unsuccessful.

What a tax professional needs from you to make the claim

If you are working with a CPA or tax lawyer to file the claim, they will typically need the following:

• A police report or CAFC report number
• Proof of the original investment or transfer (bank statements, wire confirmations)
• Documentation of the fraudulent nature of the scheme (communications, platform records)
• Evidence that the funds have not been and cannot be recovered
• The tax year in which the loss occurred

If you were victimized in a prior tax year and did not claim the loss at the time, you may still be able to recover the benefit by filing an amended T1 return using the T1-ADJ form. The CRA generally allows amendments within 10 years of the original filing.

When the CRA will not allow the deduction

Not every fraud loss qualifies. The CRA will not allow a deduction if:

• The loss involved personal funds with no connection to income-earning activity
• The taxpayer cannot demonstrate the loss actually occurred or that recovery is not possible
• The claimed investment was speculative to the point of having no legitimate commercial purpose
• The transaction was part of a tax shelter or arrangement that CRA already considers abusive

It is also important to note that CRA guidance on this topic is technical and fact-specific. The same type of fraud can produce different outcomes depending on how the funds were held, how they were described at the time of investment and what documentation the victim can produce. No two claims are identical.

Final thoughts

Being scammed is already a financial and emotional blow. The CRA provision won’t undo the damage — but for victims who qualify, it can meaningfully reduce what they owe and put real money back in their pocket. The key is knowing the deduction exists and building the documentation to support it.

So how popular is pet travel? According to GlobalPETS, around 48% to 54% of Canadian pet parents now travel with their dogs (1).

The tradeoff, though, is cost. Travelling with a dog can be more expensive than you may expect, and the expenses have a way of adding up quickly. Here's a breakdown of what you may pay this travel season.

Before you hit the road

Go to the vet: Before you fly, a visit to the vet is non-negotiable. Most airlines require a health certificate confirming your dog is fit to travel (veterinarian exam and health certificate issued within 10 to 14 days of travel costs $55 to $82), so budget for the office visit and any treatment needed to get them cleared for the trip.

Microchip: If your dog isn't already microchipped, now is the time to do it. A microchip is one of the best safeguards against losing your pet in an unfamiliar place — if they escape, it significantly improves the chances of getting them back. Expect to pay around $27 to $68 for the procedure.

Give your dog a flea bath: If you're planning to stay in hotels or rent a car, a flea treatment is a worthwhile precaution. At around $15 to $25, it's a small price to pay compared to the cleaning fees you could face if you leave unwanted guests behind.

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, Petsecure✢ helps cover up to 80% of eligible vet bills, including taxes and exam fees.

Petsecure also offers four tiered plans depending on what you actually need — from essential coverage to unlimited accident and condition protection, plus dental and optional wellness care.

Sign up today and you can get 10% off your first year of pet insurance.

Planes, trains and automobiles

Taking your dog on your flight. Transportation tends to be the biggest expense when travelling with a dog. For cabin travel, most airlines charge around $50 to $200 each way for airline in-cabin fees, and you'll need an airline-approved carrier if you don't already own one — prices range from $50 to $150 depending on size and brand. Keep in mind that your pet counts as a carry-on, so you may need to pay to check your luggage separately.

For larger dogs that don't fit in the cabin, the options are more limited. Many major airlines no longer allow oversized dogs in the cargo hold as checked baggage, meaning they must travel as air cargo instead. This comes with a different pickup process too — you'll need to collect your dog from the airport's cargo area rather than at baggage claim.

Flying as cargo can cost If your dog is too large for the cabin, cargo rates range from $300 to $1,500+ depending on the distance each way for domestic flights, and even more internationally. You'll also need to invest in a sturdy, IATA-compliant crate, which typically runs between $150 to $350 — not the place to cut corners when your pet's safety is on the line.

Road tripping. Driving can be a more budget-friendly option, but it's not without its own costs. If you don't already have a harness seat belt, doggy car seat, or pet barrier, factor those into your trip budget — a harness seat belt runs between $15 and $150, depending on the type and brand.

If you're renting a car, the good news is that most rental companies are pet-friendly and won't charge an upfront pet fee. The catch is that returning the car coated in fur could result in a cleaning bill. To avoid the extra charge, consider draping a sheet over the seat during the trip and running the car through a thorough vacuuming before you drop it off.

Travelling by train. Travelling with a dog on Canadian trains typically costs $50 per direction (plus tax) on VIA Rail and is free on local commuter systems like GO Transit, in Ontario. Prices vary based on the carrier and specific route, with strict rules regarding advance booking, weight and carrier dimensions.

Overnight guests

Hotels and motels. Most pet-friendly hotels charge a nightly pet fee, with $2 to $50 per pet per night considered reasonable — though many luxury or boutique properties charge a flat per-stay fee or a higher one-time deep-cleaning fee. On the more wallet-friendly end, chains like Holiday Inn, Motel 6 and Red Roof Inn allow pets to stay free.

It's also worth reading the fine print before booking. Many hotels that advertise as pet-friendly still prohibit leaving dogs unattended in the room. If you're planning any dog-free excursions, budget for a local doggy daycare — prices typically range from $35 and $60 per day depending on where you are.

Rent a cottage: A vacation rental can be a great option for dogs who love extra space to roam. That said, pet fees are generally comparable to what you'd pay at a hotel, and most hosts will also require a refundable damage deposit as a precaution.

Bottom line

Even pets like a little change of scenery, and when you’re prepared, have just as much fun on vacation as you do. By budgeting all the costs that come with pet travel, you won’t be surprised by any surprises when you’re on the road or jet setting to your fabulous vacation destination.

Article sources

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

GlobalPETS (1)

✢ Disclaimer: The views and information shared in this article are based on my personal experiences and general understanding. The author is not a licensed insurance agent, broker, or advisor, and nothing in this piece should be interpreted as insurance advice or a recommendation.

A 361-year-old painting of Prince Rupert, the first governor of the Hudson’s Bay Co., fetched $217,250 at a live auction in Toronto on May 22, 2026. The sale comes as the collapsed department store chain unloads its historic 4,400-piece art collection through Heffel Fine Art Auction House.

For generations, the artwork was believed to be the product of studio assistants working under Flemish portraitist Anthony van Dyck. Its valuation was pinned at just a few thousand dollars. However, an international investigation by art historians eventually proved the piece was actually painted by Dutch portraitist Peter Lely (1). The discovery instantly bumped the initial conservative estimate to $150,000 before bidding pushed the final price tag even higher.

The sale is drawing fresh attention to the world of tangible alternative investments. As financial markets face ongoing volatility, items like fine art, rare coins and vintage wine are increasingly viewed as viable hedges against inflation.

Ready to start growing your wealth? Compare Canada’s top-rated investment apps and find the perfect platform for your financial goals.

Understanding the alternative asset class

Alternative investments encompass any financial asset that does not fall into the conventional categories of cash, bonds or equities. For decades, institutional funds and ultra-wealthy individuals have used these tangible assets to diversify their portfolios.

According to data tracked by the Heffel Fine Art Auction House (2), Canadian masterpieces routinely command six and seven-figure sums. The same auction that featured the Prince Rupert portrait also offered works by iconic Canadian figures, including Emily Carr, Jean Paul Riopelle and members of the Group of Seven.

The primary allure of these assets is their low correlation with public stock exchanges. When equities plunge, the value of a rare painting or a piece of real estate does not necessarily follow suit. This independence can stabilize an investment portfolio during economic downturns.

High risks and hidden costs

Despite the potential for explosive returns, experts warn that alternative tangible assets carry unique structural hazards that do not exist with mutual funds or exchange-traded funds.

The most significant hurdle is liquidity. While a public stock can be sold in milliseconds, physical art can take months or even years to liquidate. Finding a motivated buyer typically requires working through specialized auction houses or private dealers.

Transaction fees are also exceptionally high. In the case of the Hudson’s Bay Co. painting, the final purchase price of $217,250 included a hammer price (the final, winning bid accepted by an auctioneer for an item at an auction) of $180,000 plus a substantial buyer’s premium. Heffel charges a premium of 25% on the first $25,000 of the hammer price, plus 20% on any amount exceeding that threshold, alongside applicable sales taxes.

Furthermore, physical assets demand ongoing maintenance. Investors must budget for professional appraisal fees, climate-controlled storage, restoration and specialized insurance policies to protect against theft or property damage.

The authentication gamble

The dramatic price surge of the Prince Rupert portrait highlights another critical risk factor specific to alternatives: provenance and authentication.

Had art experts not uncovered centuries-old records to reattribute the piece to Peter Lely, the asset would have remained valued at a fraction of its ultimate selling price. Misattributions and counterfeits are common in the collectibles market, meaning an investor’s entire thesis can hinge on the subjective consensus of historians.

For Canadian investors interested in the space but unwilling to buy physical paintings, newer financial products are bridging the gap. Fractional ownership platforms now allow individuals to buy shares of high-value artwork, though these platforms still carry liquidity and platform-specific risks.

As the retail financial landscape evolves, alternative assets are becoming more accessible. However, wealth managers generally recommend that collectibles and alternative tangibles occupy no more than 5% to 10% of an individual’s total investment portfolio, ensuring that core financial security remains anchored in liquid, traditional assets.

Article sources

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

Toronto Star (1); Heffel Fine Art Auction House (2)

On the surface, it might look like an easy way to make money. But like any form of gambling — although prediction market exchanges would strenuously object to that word — the losers vastly outnumber the winners.

An analysis by The Wall Street Journal found that 67% of profits on Polymarket, one of the leading prediction markets in the industry, go to just 0.1% of accounts. And of the 1.6 million accounts studied, more than 1.1 million were unprofitable. Over on Kalshi, another popular marketplace, there are 2.9 unprofitable users for every profitable one, according to WSJ.

For Canadians looking at these platforms with curiosity, the numbers should give serious pause — and the regulatory picture adds another layer of risk that most players don’t fully understand.

Mention markets: A cautionary tale

John Pederson knows the pain of prediction markets first-hand. While recovering from a car crash, the 33-year-old former restaurant line cook turned to Kalshi to make ends meet. He took out a variable interest loan and started betting.

He did well at first, quadrupling his money to US$8,000 (C$11,040) by betting on snowfall totals. That pot eventually jumped to US$41,000 (C$56,580) via sports bets where he used artificial intelligence to help with his predictions.

Then he decided to roll the dice on what are called “mention markets” — and bet all of his winnings on a single wager that a celebrity would say a specific word on TV. They didn’t, and he lost it all.

Mention markets are a fast-growing niche within the prediction market world, which, in January 2026, experienced US$117 million (C$161.5 million) in trading volume on Kalshi. According to WSJ, they took in just US$22,000 (C$30,360) in January 2025 — that’s a staggering increase in popularity and use in just 12 months.

That rise comes despite the fact that mention markets are easily susceptible to abuse, as insiders — such as staff or members of an audience in pre-recorded shows — might know what will be said in advance.

Last October, Coinbase CEO Brian Armstrong cited prediction markets on the company’s earnings call and began reciting a list of words. “I just want to add here the words Bitcoin, Ethereum, Blockchain, Staking and Web3 to make sure we get those in before the end of the call,” he said. He later said he was joking and hadn’t made any bets ahead of the conference.

More recently, a soldier in the U.S. Special Forces was charged with using classified intelligence about a military mission to place a wager on Polymarket and win US$400,000 (C$552,000).

Don't leave money on the table with expensive trading fees. Click here to discover the best online brokerages in Canada and start keeping more of your hard-earned gains.

What Canadians need to know about accessing these platforms

Most Canadians assume that if a platform is popular in the U.S., it’s fair game here. And that can be a costly assumption with prediction markets.

Kalshi is licensed by the U.S. Commodity Futures Trading Commission (CFTC) but isn’t available to Canadian residents. Polymarket, which operates on the Polygon blockchain, is technically accessible to Canadians via a crypto wallet — but it operates in a regulatory grey zone and isn’t licensed by any Canadian provincial securities regulator or the Canadian Securities Administrators (CSA). In fact, it is banned in Ontario outright.

However, Canadians who are eager to join in on the action have been gaining access to these exchanges via virtual private networks, or VPNs, which disguise their location and allow them to wager on the American markets. And this is particularly popular among young men, as the path to wealth is much faster and more exhilarating than stock or cryptocurrency trading.

As of May 2026, no prediction market exchange holds a licence to operate in Canada. In April 2026, the CSA and CIRO jointly reminded industry and investors of the applicable requirements governing prediction markets and event contracts. The organizations clarified that anyone trading or facilitating trading in event contracts that are securities or derivatives must follow applicable requirements under securities or derivatives legislation, such as registration or recognition requirements.

ETF delays signal caution ahead

Even in the U.S., regulators are pumping the brakes. The U.S. Securities and Exchange Commission (SEC) delayed the launch of the first exchange-traded funds (ETFs) linked to prediction markets proposed by Roundhill Investments, GraniteShares and Bitwise. Regulators are requesting more information about the structure of these ETFs and want more investor disclosures.

That delay came as New York U.S. Sen. Chuck Schumer called on the White House and U.S. House of Representatives to ban government officials from betting on prediction markets — something the U.S. Senate has already done.

Canadian investors watching this space should note: If the U.S. — the world’s most permissive market for financial innovation — is hitting pause on prediction market ETFs, Canada is unlikely to move faster in licensing these products.

The tax trap Canadians may not see coming

One of the most overlooked risks for Canadian prediction market participants is the tax bill.

In Canada, gambling winnings are generally not taxable — but that exemption doesn’t always apply to prediction markets. The Canada Revenue Agency (CRA) has stated that where a taxpayer bets with a “system,” a strategy or a reasonable expectation of profit, the activity may be treated as business income — and fully taxed at the individual’s marginal rate.

That means a Canadian who uses artificial intelligence (AI) models to inform prediction market bets — as John Pederson did — could find their winnings fully taxable, even before losses are factored in. The CRA’s approach to this is still evolving, but the risk can be significant.

Anyone earning consistent income from prediction markets should speak with a tax professional and consider whether the activity qualifies as a business under CRA guidelines.

What Canadians should know before betting on prediction markets

Whether you’re drawn in by the buzz of winning big, or are just curious and want to learn more, here are practical steps before placing a single bet:

• Understand who you’re really competing against. The data is clear: The vast majority of profits flow to only a tiny number of sophisticated players. If you’re a casual participant, you are almost certainly on the losing side of those trades.
• Know your platform’s legal status. Before depositing funds, verify whether the platform is licensed to operate in Canada. Unregulated platforms offer no investor protections if something goes wrong.
• Factor in taxes before you celebrate a win. If you bet systematically — using research, models or strategy — CRA may treat your winnings as business income, not a tax-free windfall. Track every transaction.
• Never borrow to bet. John Pederson’s story illustrates this risk perfectly: He took out a variable-rate loan and lost everything. Borrowed money amplifies losses, not just gains. And using a bank loan to gamble on prediction markets could constitute a breach of contract with the lender. More critically, trading on unregistered prediction market platforms may violate Canadian securities and derivatives law — the CSA and CIRO confirmed in April 2026 that event contracts are subject to existing registration and recognition requirements, and that non-compliance may lead to enforcement action.
• Protect your core savings first. Every dollar placed on prediction markets is a dollar not growing in a Tax-Free Savings Account (TFSA) or Registered Retirement Savings Plan (RRSP). The tax-sheltered growth potential of registered accounts like TFSAs and RRSPs almost always outperforms speculative activity over the long run — and unlike prediction market winnings, any gains inside these accounts are never taxed.
• Watch the regulatory landscape. Canada’s treatment of prediction markets is still evolving. Platforms that are accessible today may be restricted or banned tomorrow — potentially trapping funds.

Bottom line

Prediction markets are having a moment, but the data can give anyone pause. The overwhelming majority of participants lose money and Canadians face additional risks that American users don’t: limited legal access, zero regulatory protection and a potential tax bill that could turn a winning bet into a net loss.

If you’re still curious, treat it like any other high-stakes, speculative activity. Never bet more than you can afford to lose outright, avoid borrowing to fund wagers and consult a tax professional before your winnings come with a surprise from the CRA. Most importantly, verify whether the platform you’re using is licensed to operate in Canada — because right now, none of them are.

The buzz may be real. But the odds aren’t in your favour.

— with files from Melanie Huddart

But moving abroad in retirement raises serious financial questions. What happens to your government pension benefits? Does your provincial health coverage follow you? And what does the Canada Revenue Agency (CRA) say about all of it?

These are the exact concerns raised by a reader who wrote to MarketWatch’s “Help Me Retire” column: “My wife and I would like to retire to Malaysia, but we would need to continue receiving our [government pension] cheques to make life more comfortable. We don’t want to lose them. Will [the government] allow us to live overseas while collecting retirement benefits, or would we have to forget about those benefits and live off other sources of income?”

The answer — for Canadians, at least — is more nuanced than a simple yes or no.

Collecting CPP and OAS when retiring abroad

The good news is that you can retire outside Canada and still receive both your Canada Pension Plan (CPP) and Old Age Security (OAS) benefits, but specific conditions and tax rules apply to each program.

CPP is a contributory program — the benefits you receive are based on what you (and your employers) paid in throughout your working years. You aren’t required to live in Canada in order to collect it. As long as you contributed to CPP while working in Canada, those earned benefits will follow you wherever you retire.

However, OAS is a residency-based benefit — you qualify based on the number of years you lived in Canada after the age of 18, rather than on employment contributions. You need at least 10 years of Canadian residency after age 18 to receive a partial OAS pension abroad, and at least 20 years to have payments continue outside Canada without interruption.

Employment and Social Development Canada (ESDC), the federal department that administers these benefits, confirms that recipients can collect CPP and OAS while living in most countries around the world. Canada also has international social security agreements with dozens of countries, which can help fill gaps in your eligibility if you spent part of your working life abroad.

There are, however, some country-specific restrictions. Payments may be suspended or unavailable in some nations that are subject to Canadian sanctions. Always confirm the current rules with Service Canada before making a final decision.

Enjoy no-fee banking and access to cash from ATMs worldwide with the EQ Bank Card — perfect for retirees living or travelling abroad.

What the CRA says about your retirement income

This is where things get complicated — and where planning ahead can ensure your payments aren’t interrupted.

When you permanently leave Canada and become a non-resident, the CRA typically applies a non-resident withholding tax to your CPP and OAS payments. The standard withholding rate is 25%, though this rate may be reduced under a tax treaty between Canada and your new country of residence. For example, retirees relocating to a country that has a tax treaty with Canada — such as Malaysia — may see their withholding rate reduced, sometimes significantly.

Canada has tax treaties with more than 90 countries. The treaty provisions vary, so it’s critical to confirm the specific terms for your desired country with a qualified tax professional before you leave.

Your Registered Retirement Savings Plan (RRSP) and Registered Retirement Income Fund (RRIF) are also subject to withholding tax once you become a non-resident. Withdrawals from these accounts while living abroad will be subject to Part XIII withholding tax — again, which may be potentially reduced under a treaty agreement. Unlike in the U.S., where specific retirement accounts (such as Roth IRAs) receive preferential tax treatment, there’s no equivalent tax-free withdrawal arrangement for Canadian non-residents drawing from an RRSP or RRIF.

It’s also worth knowing that when you leave Canada, you may need to pay a “departure tax” — a deemed disposition that treats most of your property as if you had sold it for fair market value on the day you left. This must be planned ahead, and your financial adviser or a cross-border tax specialist can help you prepare for any potential impact.

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

Your provincial health coverage won’t follow you

One of the most significant financial risks Canadians face when retiring abroad is the loss of provincial health coverage.

Provincial health insurance plans — such as the Ontario Health Insurance Plan (OHIP) or British Columbia’s Medical Services Plan (MSP) — are typically suspended or cancelled when you leave the province for an extended period or establish residency elsewhere. The specific rules vary by province, but most require you to be physically present in the province for a minimum number of days every year to maintain coverage.

This means that once you retire abroad, you’ll need to arrange your own health coverage. Options include enrolling in an international health insurance plan through providers such as Allianz Care, Cigna Global or Manulife’s international division. Costs and coverage vary widely, so it pays to shop around, get quotes and factor premiums into your retirement budget.

In practice, many Canadian expats opt for a combination of private international insurance and paying out-of-pocket for routine care — which, in many lower-cost countries, is far less expensive than equivalent care in Canada.

Healthcare costs can surprise Canadians abroad. Get affordable life and health coverage with PolicyMe before you move.

What to do about your bank accounts

Maintaining a Canadian bank account after moving abroad is generally a smart move — and in many cases, a necessity.

CPP and OAS payments can be deposited directly to a Canadian bank account and, in many cases, to a foreign bank account in a supported country. Keeping a Canadian account also makes it easier to receive other Canadian income, pay Canadian bills and manage any remaining Canadian financial obligations.

However, be aware that some Canadian financial institutions may review or close accounts for clients who establish non-resident status. Speak with your bank before you leave to clarify your plans and, if necessary, transition to a bank or account type designed for non-residents.

You’ll also want to open a local bank account in your new country, which many countries require to establish residency. Transferring funds internationally will incur foreign exchange costs, so research the most cost-effective transfer options before you go.

The bottom line: Planning ahead makes the dream possible

Retiring abroad can absolutely work financially for Canadians — your CPP and OAS benefits can follow you, and a lower cost of living can make your retirement savings go significantly further. But the logistics around it are vital.

Retiring abroad takes a lot of planning and consideration, as the rules around benefits, taxes and health coverage; the consequences of getting it wrong can follow you for years.

Work with a fee-only financial adviser who has experience in cross-border and expat planning, and consult a tax specialist familiar with Canadian non-resident rules before making any final decisions.

Canadian next steps: How to retire abroad without losing financial grounding

If you’re seriously considering retiring outside Canada, here are some concrete steps in preparation of the big departure:

• Confirm your CPP and OAS eligibility abroad. Contact Service Canada at 1-800-277-9914 or visit the Government of Canada website to verify your benefit amounts and confirm your payments can continue in your destination country.
• Research the tax treaty between Canada and your destination country. The CRA publishes a full list of Canada’s tax treaties. Know your withholding rate in advance to help you plan how much income you’ll actually receive after tax.
• Plan your RRSP/RRIF drawdown strategy before leaving. Withdrawing from your RRSP while still a Canadian resident may be more tax-efficient than doing so as a non-resident. A financial adviser can model the best timeline for you.
• Arrange private health insurance before you leave. Don’t wait until you’ve lost provincial coverage. Get quotes from international health insurers well in advance — premiums can increase significantly with age and pre-existing conditions.
• Understand the departure tax implications. When you become a non-resident, the CRA deems you to have disposed of most of your property at fair market value. A cross-border tax specialist can help you minimize the impact.
• Check your provincial health plan’s residency requirements. Contact your province’s health ministry before leaving to understand exactly when coverage ends and what, if any, options exist for maintaining limited coverage during a transition period.

-With files from Melanie Huddart

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

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

The CRA filing requirement most enrollees don’t know about

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

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

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

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

Is your bank paying you enough? Use our comparison tool to find accounts with rates up to 5.00% and start making your emergency fund work harder for you.

Is your CDCP benefit putting other income support at risk?

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

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

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

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

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

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

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

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

Ready to watch your savings grow? Check out the best HISA providers in Canada, including no-fee options and high-yield promotional offers.

How GIS and CDCP interact — and why the cliff matters

The interaction is most acute for seniors in two situations:

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

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

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

What low-income seniors should do before they enrol

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

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

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

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

Final thoughts

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

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

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

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

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

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

Ready to take control of your portfolio? Use our ultimate investing brokerage guide to compare account fees, trading tools, and sign-up bonuses for Canada’s leading investment platforms.

Or build your own investment portfolio with CIBC Investor’s Edge online and mobile trading platform and enjoy low commissions. 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.

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

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

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

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

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

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

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

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

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

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

Your bank advisor may be offering you a deliberately narrow menu

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

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

Tired of high commissions eating your returns? Compare Canada’s top discount brokerages and switch to a $0-commission platform today.

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.

Good news: Your right to compensation is getting stronger

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

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

What to do now, as an investor

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

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

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

Why some analysts think gold could skyrocket

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

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

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

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

Tired of high commissions eating your returns? Compare Canada’s top discount brokerages and switch to a $0-commission platform today.

Is now the right time to invest?

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

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

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

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

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

How Canadians can get exposure to gold

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

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

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

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

What Canadians need to know about taxes

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

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

The bigger picture

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

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

What Canadians should do next

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

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

— with files from Melanie Huddart

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

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

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

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

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

That’s where Orman steps in.

‘I’ve learned that lesson the hard way’

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

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

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

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

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

Tired of high commissions eating your returns? Compare Canada’s top discount brokerages and switch to a $0-commission platform today.

Stay the course during turbulent times

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

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

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

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

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

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

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

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

What Canadians can do right now

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

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

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

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

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

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

• With files from Melanie Huddart

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

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

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

Many Canadians see a home as the more important investment

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

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

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

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

Don't pay more than you have to for peace of mind — compare Canada’s top-rated home insurance providers in minutes.

Housing affordability is changing how couples approach major milestones

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

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

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

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

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

Weddings are increasingly being viewed through a financial lens

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

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

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

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

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

His strategy: Start at a college, then transfer.

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

The case against student loans in Canada

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

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

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

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

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

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

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

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

The shifting landscape of post-secondary education

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

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

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

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

A cost difference not worth the debt

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

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

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

Cuban’s formula — and what the data says

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

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

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

What Canadians can do

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

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

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

The pricing tipping point

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

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

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

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

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

Don't leave points on the table. Compare Canada's top travel rewards programs today to see which one gets you to your destination faster.

When the secondary market overheats

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

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

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

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

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

The broader financial takeaway

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

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

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

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

Article sources

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

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

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

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

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

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

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

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

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

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

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

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

Finding debt-life balance

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

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

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

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

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

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

How to strike an equilibrium

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

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

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

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

Ready to upgrade your banking? Compare the latest rates and account perks to find the perfect financial partner for your goals.

What Canadians can do

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

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

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

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

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

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

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

The new CFO’s deal

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

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

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

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

‘Especially those with outstanding stock options’

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

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

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

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

Tired of high commissions eating your returns? Compare Canada’s top discount brokerages and switch to a $0-commission platform today.

Debt, AI spending and a falling stock

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

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

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

What this means for Canadians with employer stock options

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

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

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

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

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

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

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

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

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

What Canadian workers can do right now

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

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

— with files from Melanie Huddart

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

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

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

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

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

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

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

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

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

Find an app that fits your experience level. Whether you're a seasoned pro or a first-time investor, we’ve ranked the best apps based on ease of use, tools, and security.

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

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

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

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

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

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

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

What Canadians can do after a market gut-check

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

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

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

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

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

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

-With files from Melanie Huddart

Article sources

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

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

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

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

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

The financial ripple effect

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

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

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

That comes at a cost:

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

The "ghost" victims

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

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

How to protect your family, your wallet and future victims

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

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

Flexible coverage for every stage of life. Whether you’re buying a home or starting a family, customize a plan that evolves with your financial needs.

A hard lesson

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

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

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

Don't let your silence fund their next crime.

Article Sources

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

Toronto Star (1); CBC (2)

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

A stadium reborn as a supermarket

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

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

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

The trend of retail consolidation

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

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

Why this matters for the Canadian consumer

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

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

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

Looking ahead at urban renewal

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

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

Article Sources

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

VOCM News (1); Unifor (2)

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

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

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

Why Dalio sees stagflation as the real risk

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

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

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

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

Tired of high commissions eating your returns? Compare Canada’s top discount brokerages and switch to a $0-commission platform today.

Why gold tends to shine in uncertain times

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

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

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

How Canadian investors can follow Dalio’s strategy

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

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

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

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

Don’t overlook your TFSA and RRSP

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

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

Be sure to not overdo it

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

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

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

What Canadian investors can do next

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

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

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

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

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

-With files from Melanie Huddart

Article sources

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

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

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

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

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

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

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

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

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

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

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.

Mistake #2: Poor tax planning in early retirement

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

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

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

Ready to watch your savings grow? Check out the best HISA providers in Canada, including no-fee options and high-yield promotional offers.

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

Mistake #3: Squandering your healthiest years

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

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

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

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

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

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

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

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

Ready for retirement? Don't let healthcare costs derail your plans. Get affordable life and health coverage. For instance, answer just four questions, and PolicyMe will provide you with an instant, no-obligation quote, valid up to 90 days. Most policies are approved without any medical tests, and you can opt for term lengths ranging from 10 to 30 years.

Mistake #5: Neglecting sequence-of-returns risk

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

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

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

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

Canadian next steps: How to put this into practice

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

Bottom line

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

Article sources

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

The Globe and Mail (1); Government of Canada (2, 3, 4); TD Bank (5); Statistics Canada (6); Fairstone (7); Elderado (8); Million Dollar Journey (9); Fidelity (10)

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

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

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

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

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

Here’s what Cruze and Kamel had to say.

When renting is the right call

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

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

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

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

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

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

Ready to watch your savings grow? Check out the best HISA providers in Canada, including no-fee options and high-yield promotional offers.

The income risk that changes everything

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

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

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

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

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

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

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

Getting back to work

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

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

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

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

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

What Canadians can take from this

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

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

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

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

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

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

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

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

Grocery shopping is becoming more calculated

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

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

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

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

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

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

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

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

Millennials are finding new ways to stretch grocery budgets

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

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

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

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

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

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

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

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

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

Can you trust finfluencer content?

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

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

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

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

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

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

Don't let high management fees eat your returns. Discover which Canadian robo-advisors offer the lowest MERs and start keeping more of your hard-earned money.

How to consume financial content responsibly

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

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

Tried and true sources of advice

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

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

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

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

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

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

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

Why habit — not knowledge — may be the bigger barrier

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

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

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

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.

What inflation actually does to a low-rate savings account

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

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

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

3 practical moves Canadian women can make right now

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

Here are some things you can do:

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

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

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

The simplest financial upgrade most savers haven't made

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

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

Article sources

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

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

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

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

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

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

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

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

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

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

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

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

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

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.

Put the money into a retirement account and invest it

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

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

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

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

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

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

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

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

Consider lower-risk investments

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

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

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

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

Don't leave money on the table with expensive trading fees. Click here to discover the best online brokerages in Canada and start keeping more of your hard-earned gains.

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

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

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

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

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

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

What you can do right now: Next steps

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

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

Article sources

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

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

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

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

Rising costs are making financial planning harder

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

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

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

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

Household finances are becoming more complicated

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

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

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

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

Find your perfect bank account. Use our expert comparisons to find the highest sign-up bonuses and lowest fees in Canada.

More families are having difficult money conversations

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

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

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

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

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

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

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

O’Leary puts his faith in Bitcoin and Ethereum

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

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

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

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

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

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

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

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

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

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

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

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

Not investment advice. Crypto trading involves risk of loss. See kraken.com/legal/ca-pru-disclaimer for info on Kraken’s undertaking to register in Canada.

Is this a fair assessment?

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

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

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

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

2025 was the year of dead coins

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

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

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

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

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

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

Some altcoins are liquid and useful — for now

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

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

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

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

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

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

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

What Canadian crypto investors should know

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

How the CRA taxes crypto

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

Gains are taxed in one of two ways:

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

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

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

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

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

How investors can assess altcoins through a Canadian lens

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

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

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

Bottom line

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

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

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

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

Article sources

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

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

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

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

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

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

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

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

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

Tired of high commissions eating your returns? Compare Canada’s top discount brokerages and switch to a $0-commission platform today.

2. Stay patient when markets feel like a casino

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Find an app that fits your experience level. Whether you're a seasoned pro or a first-time investor, we’ve ranked the best apps based on ease of use, tools, and security.

What to do now

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

Article sources

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Stop leaving money on the table. Discover which Canadian banks are currently paying up to $700 just for opening a new account.

2. Spending more on education than your career can repay

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Next steps Canadians can take

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

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

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

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

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

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

— with files from Melanie Huddart

Article sources

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

YouTube (1); Province of British Columbia (2); Family Law Ontario (3); Justice de Québec (4); Canadian Mortgage Trends News (5); Employment and Social Development Canada (6); CanLearn Loan Repayment Estimator (7); Government of Canada (8); Financial Consumer Agency of Canada (FCAC) (9); Credit Canada (10); Newswire (11); Financial Services Regulatory Authority of Ontario (FSRA) (12)

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

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

Understanding money isn't the same as managing it

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

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

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

Financial mistakes may be part of the learning process

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

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

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

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

Ready to build a better financial future? Browse our expert reviews of the best budget apps in Canada and start your free trial today.

Many parents still find money conversations difficult

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

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

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

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

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

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

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

What insolvency data reveals about consumer financial health

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

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

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

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

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

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

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

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

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

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

Lock in a better rate today. Whether you are saving for a home or an emergency fund, our guide helps you find the accounts with the highest interest rates and lowest fees.

How to decide which insolvency option is best for you

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

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

What you can do before going insolvent

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

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

Article Sources

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

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