On paper, it sounds like a clean trade — but for a growing number of Canadians approaching their golden years, the numbers don’t add up the way they expect.

In fact, the decision is almost evenly split. A 2025 Royal LePage survey conducted by Leger found that 46% of Canadians approaching retirement plan to downsize within two years of leaving work, while 47% say they will not (1). A closer look at the financial mechanics of selling and moving explains why so many people hesitate.

The hidden costs of downsizing

On the surface, downsizing looks like simple math: Take the market value of your four-bedroom home, subtract the price of a two-bedroom condo and pocket the difference.

But this calculation leaves out a long list of costs that can eat into that windfall faster than you might expect.

In Canada, sellers typically pay 4% to 7% of the final sale price in closing costs — and real estate commissions are the single biggest line item (2). Across the country, commission rates range from 3% to 7% of the selling price, depending on the province and the specific agreement with your agent (3). On a $900,000 home, that alone could run between $27,000 and $63,000, before factoring in legal fees, adjustments and home preparation costs.

Then there’s the cost of actually moving. If you’re relocating to a different province — say, from Ontario to British Columbia to be closer to family — you could be looking at $7,500 to $14,000 or more just for a professional moving company to transport the contents of a 3- to 4-bedroom home (4).

And don’t overlook the mortgage picture. Many Canadians who purchased or refinanced during the pandemic locked in 5-year fixed rates at or below 2%. If you sell today and enter the market as a buyer, you’ll be looking at a new 5-year fixed rate of approximately 4.09%, or a variable rate of about 3.35% to 3.70%, as of late March 2026 (5). Even on a smaller mortgage, your monthly payment could be significantly higher than what you’re used to paying — precisely the opposite of what most people expect when they downsize.

The tax outlook is more favourable in Canada

Here’s where Canadian homeowners catch a significant break compared to their American counterparts: Canada’s principal residence exemption (PRE).

Under Canada’s Income Tax Act, if a property has served as your principal residence for every year you have owned it, the entire capital gain from the sale is exempt from tax — with no dollar cap (6). There’s no income threshold, no filing limit and no requirement to reinvest the proceeds within a set time. As long as the property was ordinarily inhabited by you, your spouse or common-law partner, or your children during the ownership period, you can sell a home that has doubled or tripled in value without owing a dollar in capital gains tax.

For context, when you sell a property that isn’t your primary residence, the CRA doesn’t tax the full profit. Only half of that capital gain — 50% — is included as taxable income for the year. That rate held firm after the federal government scrapped its proposed two-thirds increase earlier in 2025 (7). But for your primary home, the PRE means the inclusion rate is effectively zero, so you aren’t taxed on the profit.

There’s one important caveat: If you own more than one property — a cottage, a rental unit, a secondary home — only one can be designated as a principal residence in any given year. This is why strategic tax planning matters before you sell. Consult a tax professional or financial adviser to make sure you’re designating the right property as your primary.

So why aren’t more Canadians downsizing?

Even with the PRE reducing the tax burden of selling your home, downsizing isn’t always straightforward.

Financially speaking, moving makes sense when the savings are significant enough to offset the cost of selling. If you’re in an expensive market like Toronto or Vancouver and relocating to a neighbourhood with lower property taxes, condo fees and monthly expenses, recovery can happen faster than you’d expect.

Also, when your capital gain is fully sheltered by the PRE and you’re moving into a significantly cheaper market, the tax math also works in your favour — you can invest a significant lump sum to generate additional retirement income.

And outside of financial gain, proximity to family is still the most compelling reason to move. If your health is declining such that it may limit your independence, it could be in your best interest to relocate where you have support.

However, many retirees are choosing to stay put — and for good reason. Canada’s home equity has become increasingly central to retirement security, sometimes uncomfortably so. According to the 2025 Canadian Retirement Survey commissioned by the Healthcare of Ontario Pension Plan (HOOPP), 50% of working homeowners plan to use the sale of their home to fund retirement (8). Having most of your wealth tied up in a single, illiquid asset is a financial risk that many financial planners routinely caution homeowners about.

What Canadians should consider before deciding

If you are a Canadian homeowner approaching retirement and weighing a potential sale, here are practical steps to help you navigate the decision clearly:

Run the full cost of selling — not just the equity number. Add up agent commissions (3% to 7%), legal fees, land transfer tax on your new purchase, moving costs and any repairs or staging you need to do before listing. These costs can easily total 8% to 10% or more of your home’s sale price.

Confirm your principal residence exemption. If your home has been your principal residence for all years of ownership, you won’t pay capital gains tax on the proceeds. But if you also own a cottage or rental property, speak with a tax professional about which property to designate before you sell.

Check your mortgage penalty. If you’re still carrying a mortgage and want to sell before the end of your term, you may owe a prepayment penalty. For a fixed-rate mortgage, this is typically the greater of three months’ interest or the interest rate differential (IRD) — which can run into thousands of dollars, depending on your lender and remaining term.

Don’t let your home become your entire retirement plan. The HOOPP 2025 Canadian Retirement Survey found that 50% of homeowners plan to retire based on their home’s sale — but financial planners will caution you against relying on a single, illiquid asset to fund your retirement (8). Even if you plan to sell, continue to contribute to your RRSP or TFSA where possible to diversify your retirement income.

Consider lifestyle cost, not only the financial math. Proximity to family, amenities, single-level living and paid maintenance are the top priorities cited by Canadian near-retirees who are planning to downsize, the 2025 Royal LePage survey reveals. These factors have real financial value over time — factor them in.

Bottom line

Downsizing isn’t a swift slam dunk. For some Canadians, it’s the right financial and lifestyle decision. For others, the hidden costs, mortgage dynamics and emotional toll make it a far less obvious move. A closer look at your personal situation — ideally with a fee-only financial adviser or a certified financial planner (CFP) — can help you decide.

Article sources

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

Royal LePage (1); WOWA.ca (2, 4); Canadian Mortgage Trends (3); Discount Moving (4); Ratehub.ca (5); Canada Revenue Agency (6); Government of Canada (7); Healthcare of Ontario Pension Plan (HOOPP) (8)

Sunwing isn't alone. Across the Canadian economy, businesses are quietly passing elevated fuel costs on to consumers — sometimes as a visible line item, sometimes folded into higher prices across the board. Understanding where these charges appear and how large they are is the first step to managing them.

Why did fuel costs spike so fast?

What triggered fuel costs to spike so fast was the disruption of tanker traffic through the Strait of Hormuz, the narrow waterway near Iran that handles roughly 20% of the world's oil shipments. The disruption came after the U.S. and Israel attacked Iran in late February 2026. Crude oil prices climbed past US$100 (C$135) a barrel almost immediately (1).

For Canadians, the effect at the pump was fast and steep. The national average for regular gasoline rose from approximately $1.28 a litre to nearly $1.91 in just over a month, with Vancouver reaching as high as $2.18 a litre (2). According to John Gradek, an aviation management lecturer at McGill University, jet fuel — which tracks crude oil closely — saw an even sharper move, with the International Air Transport Association's (IATA) price tracker showing a 58.4% spike in a single week (3).

"I think what you're seeing happening now is a volatility in jet fuel that hasn't been seen in years," Gradek told Global News.

Where the surcharges are showing up

Fuel surcharges, due to the disruption in the Strait of Hormuz aren’t just showing up as an extra fee on your airline ticket; these charges are showing up in a variety of products and services used by Canadians every day. Here’s a list of sectors and businesses currently hit.

Travel and vacation packages

Vacation package operators are moving the fastest and most visibly. Sunwing Vacations announced a $50-per-person fuel surcharge on all new bookings made as of April 14, 2026, with bookings made before 11:59 pm ET on April 13 grandfathered in at existing prices. Existing bookings are not affected.

Air Transat has added a surcharge of $25 on flight segments departing Canada and approximately $23.50 on segments departing Europe, and Air Transat has raised fares on peak travel dates and routes with less competition (4).

Air Canada Vacations — the package-travel arm of Air Canada (TSX:AC.TO) — added a $50-per-passenger fuel surcharge to warm-weather destinations as of early April (5). Air Canada's mainline flights are not listing a separate surcharge, but the carrier confirmed in a CBC interview that pricing "has been and continues to be adjusted to reflect these higher fuel costs." WestJet confirmed to Global News that the situation "has already made operating flights more expensive" and that further pricing adjustments are likely.

Parcel delivery and shipping

The surcharges are particularly transparent in the shipping sector. According to CBC News, Canada Post introduced temporary fuel surcharges of 35% on domestic services, 20.75% on international parcels and 18.75% on international packets for the period between March 30 and April 5. FedEx (NYSE:FDX) and UPS (NYSE:UPS) also adjust fuel surcharges regularly based on current diesel prices.

Amazon (TSX:AMZN.TO) is applying a 3.5% surcharge to fulfillment fees for Canadian sellers using its Fulfillment by Amazon (FBA) program, starting April 17, 2026 (6). For small business owners who ship product to customers, those costs typically get passed on downstream.

Ride-hailing and delivery apps

For now, ride-hailing and delivery platforms appear to be absorbing more of the pressure rather than passing it directly to consumers. DoorDash (NASDAQ:DASH) is offering drivers up to $36 per week in fuel support, while Lyft (NASDAQ:LYFT) has rolled out a similar program. Uber (NYSE:UBER) is increasing cash-back fuel rewards for drivers rather than adding visible fees for riders (7). That balance may not hold if oil prices stay elevated.

What this means for your household budget

According to a report (8) from Claire Fan, a senior economist at RBC (TSX:RY.TO), "higher energy prices mechanically raise headline inflation, but lower household purchasing power — potentially weakening demand for non-energy goods and services." Fan notes that it is too early to know whether elevated oil prices will require a formal response from the Bank of Canada.

Supply chain expert Andre Cire, a professor at the University of Toronto, warns that grocery costs could also climb 10% to 15% if oil prices remain elevated, because transportation is embedded in virtually everything sold in a Canadian store (9).

What can Canadians do, right now!

You can't control the price of crude oil, but you can reduce your exposure where you have choices.

On travel bookings: if you have a Sunwing, Air Transat or other package vacation in mind, book before the surcharge cutoff if possible, or check whether flexibility on dates can land you on a less-affected route.

Loyalty points and travel rewards tend to hold their value more steadily than cash fares during fuel spikes — if you have unused air miles or credit card travel points, this is a reasonable time to redeem them.

Read any travel insurance policy carefully before purchasing: Acts of war are typically excluded from standard coverage.

On shipping and deliveries: if you run a small business, review your shipping cost structure now and consider whether surcharges need to be reflected in your own pricing before they erode margins further.

For personal shipments, consolidating packages can reduce per-item surcharges, or consider e-gifts such as e-gift cards.

On your grocery and household budget: build a small buffer into your monthly grocery budget before food transportation costs filter through to shelf prices. Buying staples now, while prices are relatively stable, is a modest hedge against an increase in grocery prices in the near future.

On variable-rate debt: University of Calgary Economist Trevor Tombe has noted that Canadians should prepare for prolonged inflation if the conflict continues, and that the Bank of Canada may not be positioned to lower rates while energy-driven inflation is running (10). If you carry variable-rate debt, speak with your lender about locking in a fixed rate before conditions shift further.

Another option is to consolidate high-interest debt into a consolidation loan — this gets you one low monthly payment and helps pay off debt faster. Use a loan consolidator, like Loans Canada. Fill out one application and compare rates from 20+ lenders — with access to cash usually within 48 hours.

Looking forward

The conflict is still unfolding, and no expert is forecasting a quick return to pre-war fuel prices. The best approach right now is to review where fuel surcharges affect your regular spending, make any time-sensitive booking or purchase decisions before announced cutoff dates, and avoid big financial commitments given today's elevated fuel prices. Costs could stabilize — or climb further. Building in flexibility is the most practical hedge available.

Article sources

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

Money.ca: Iran war hitting your grocery bill (1); Money.ca: Gas prices are up 49% in a month (2); Money.ca: Jet fuel prices are spiking because of the war in Iran and your next flight could cost a lot more (3, 4); Money.ca: Fuel surcharges are showing up everywhere (5, 6, 7); RBC (8); Vision Times (9); The Hub (10)

The reasons are real and compounding. Auto theft claims topped $1.5 billion in 2023, according to the Insurance Bureau of Canada (IBC), a national industry association representing Canada's private property and casualty insurers (2). Severe weather cost the Canadian insurance industry a record $8.5 billion in insured losses in 2024 (3). And the U.S. tariffs on vehicles and auto parts introduced in March 2025 are pushing repair costs even higher — costs that insurers will eventually pass on to policyholders.

In Ontario, the average annual premium reached approximately $2,120 as of mid-2025, a 4.1% increase from the year before, according to the Financial Services Regulatory Authority of Ontario (FSRA). In Alberta and Atlantic Canada, where private insurers compete for your business, premiums are rising even faster (4).

But you’ve got your own budgetary pressures. To help, here’s what you can do to get the best coverage and premium when it’s time to renew your car insurance.

Why your renewal quote may no longer be your best option

No two insurers price the same driver the same way. One company may have had an unusually costly year in your region — flooding in Southern Ontario, hail in Calgary, a surge in theft claims in the GTA — and will pass those losses on to all its policyholders at renewal, regardless of your personal record. A competing insurer that didn't absorb those losses may price the same driver significantly lower.

That gap matters. Industry data show that comparing quotes from multiple providers can save Canadian drivers hundreds of dollars annually. Yet many drivers renew automatically, assuming loyalty earns them a better rate. In most cases, it doesn't.

If you're in a province with private insurance — Ontario, Alberta or Atlantic Canada — you can shop the market.

By using a comparison platform like Rates.ca, you could potentially save $500 or more by comparing 20+ quotes from top-rated auto insurance providers. Just answer a few basic questions, and Rates.ca will show you the most affordable deals in your area in as little as three minutes — from paying a hidden ‘loyalty tax’ to your current insurer. Not only is the process 100% free, but you could also potentially save 20% by bundling your auto and home insurance together.

What you can actually control on your premium

Several factors affect your rate and are within your control.

Your deductible

The deductible is the amount you pay out of pocket before your insurance coverage applies. Choosing a higher deductible — say, $1,000 instead of $500 — directly lowers your premium. The tradeoff is that you'd pay more in the event of a claim, so only raise it to an amount you could realistically cover.

Your driving record

Insurers reward clean driving records. An at-fault accident or traffic conviction typically triggers a surcharge that can follow you for several years. Paying for a minor repair out of pocket, rather than filing a small claim, is sometimes the more cost-effective choice over a three-to-five-year horizon.

Bundling and multi-vehicle discounts

Combining your auto and home insurance with one provider — or insuring multiple vehicles under the same policy — typically unlocks discounts. According to insurance industry guidance, bundling can save 10% to 25% on premiums (5).

Paying annually

Many insurers add a monthly payment surcharge of 3% to 5% to cover administrative costs. Paying your annual premium in full up front eliminates that charge.

Considering a new car? Skip the dealership headache. Get pre-approved with MyAutoApproved before you even step onto a lot so you can shop with the confidence of a cash buyer. Start your 180-second application now.

Should you sign up for a telematics program?

Usage-based insurance (UBI) — sometimes called telematics — tracks your driving habits through a device or smartphone app and adjusts your premium based on real behaviour rather than demographic averages. The IBC notes that programs are voluntary and require your informed consent before any data is collected or shared.

Telematics programs are currently available in Ontario, Alberta, Nova Scotia, New Brunswick and Prince Edward Island. For low-mileage drivers, remote workers or anyone who drives primarily in off-peak hours, the savings potential is meaningful. The catch is that the data you share is real — speeding, hard braking and late-night driving can count against you with some programs, so understand what your specific insurer measures before you opt in.

One thing to be careful about before cutting coverage

The temptation when premiums rise is to strip back coverage. Don’t do this unless you fully examine the impact.

Comprehensive and collision coverage adds cost — but it also pays out if your vehicle is stolen, hit in a parking lot or damaged in a weather event. Given that auto theft and weather-related damage remain serious and systemic problems in Canada, dropping comprehensive coverage on a vehicle with significant replacement value could leave you exposed to a large out-of-pocket loss.

In Ontario, Direct Compensation Property Damage (DCPD) coverage — which pays for damage to your vehicle when another driver is at fault — became optional in 2024. Some drivers dropped it to save money. While removing this coverage does decrease your policy cost, it also means absorbing costs that were previously covered. Talk to your insurance broker to get a clear understanding of the risks.

Remember, before cutting any coverage, ask if you could realistically afford to replace or repair without insurance, as this tipping point is far more important than the monthly savings.

What to do before your next renewal

• Get at least three quotes from competing providers before you renew — not after
• Ask your broker specifically about multi-policy, multi-vehicle and loyalty discounts
• Review whether your deductible still makes sense given your savings and vehicle value
• Ask whether a telematics program is available and what it measures
• Check the IBC's free How Cars Measure Up tool before your next vehicle purchase — it scores Canadian models by their theft rate, repair costs and claims history, all of which affect your premium

Stop overpaying for insurance. Compare 20+ quotes on Rates.ca and potentially save $500+ on auto insurance.

Article sources

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

Statistics Canada (1); Insurance Bureau of Canada (2); MyChoice.ca (3); LowestRates.ca (4); BrokerLink (5)

That is why a small corner of The Cotton Factory in Hamilton is suddenly buzzing with the rhythmic clack of keys and the ring of return carriages.

Jonathan Marshall, known professionally as "Jonny Types," recently opened the Hamilton Typewriter Company. After a decade of tinkering with these mechanical relics, Marshall is offering more than just repair services; he is offering a way to slow down. At a time when efficiency is the ultimate goal, Marshall suggests that the friction of a vintage machine may be exactly what our brains need to produce better work.

The financial case for slow productivity

We often talk about the "time is money" equation. We buy apps and subscriptions to speed up our output. However, there’s a hidden cost to digital sloppiness. When tools make it too easy to delete, edit and pivot, we often spend more time fixing mistakes than we do thinking about the original idea.

Marshall notes that modern word processors can actually encourage a lack of focus.

"Using a modern word processor, my writing is a bit sloppy because I’m able to make mistakes," Marshall said in an interview with CBC Hamilton (1).

When you sit down at a manual machine, the stakes change. You cannot simply hit backspace. This forced intentionality creates a different kind of value — one rooted in high-quality, focused thought rather than high-volume, distracted clicking. For a freelance writer, student or entrepreneur, the discipline required to use a typewriter can translate into sharper communication skills and a more disciplined mind.

A growing community of collectors

You may think typewriters are exclusively for retirees or "nostalgia junkies," but the demographics tell a different story. Marshall’s opening drew over 200 people, with inquiries coming from as far away as the Northwest Territories.

"Typewriters, for the longest time have been sort of relegated to attics, basements, crawl spaces and thrift shops. What I wanted to do is give them a place where people could come in and interact with them," Marshall said.

The surge in interest coincides with a broader cultural pushback against generative AI. As Rachel Spence, a typewriter shop owner in Nova Scotia, told CBC News (2), writing without the crutch of autocomplete allows for greater creativity. It also teaches a vital life lesson: making mistakes is part of the process.

How to start your analog journey

If you are looking to diversify your "productivity portfolio" with some vintage hardware, Marshall suggests a low-barrier approach. You don't need to spend thousands on a rare antique to reap the benefits.

• Research the look and feel: Look at models like the Corona, Olivetti or the Royal Arrow. Marshall describes the best keys as feeling "like butter."
• Check the local market: Marshall frequently scours thrift stores and resale sites across the Greater Toronto Area, Niagara and Kitchener-Waterloo. He finds roughly a dozen machines hitting the market every month.
• Prioritize maintenance: If you find a machine in a basement, it may need professional help. Marshall’s shop functions as both a museum and a clinic to get these machines back into "working order."

Protecting your investment

Once you have acquired a machine, maintenance is surprisingly straightforward. Unlike a laptop, you’ll never have to worry about a battery dying or a software update slowing your system down. Marshall recommends regular dusting and keeping the machine in a dry environment free of moisture.

The best way to keep a typewriter healthy is simply to use it. These machines were engineered for daily labor, not for sitting on a shelf as a static decor piece.

In a world that demands we move faster, there is a quiet, rebellious power in choosing a tool that forces us to move slower. By reintegrating these machines into our daily routines, we aren't just preserving history—we are reclaiming our attention.

"My ultimate goal is just to have these machines re-enter our daily life and routines," Marshall said.

Article sources

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

CBC News Hamilton (1); CBC News (2)

Oil prices rose sharply due to the war in Iran and the closure of the Strait of Hormuz, and when energy costs spike, transport and production costs tend to follow. Those increases usually end up on your grocery bill, your rent and your Amazon delivery.

But Peter Schiff, a renowned economic forecaster and outspoken gold advocate, resists that conventional thinking.

In a recent post on X, Schiff argued that higher oil prices likely won’t directly drive inflation (1).

“Rising oil prices won’t cause higher inflation. More expensive oil means Americans will have less money to spend on other things. Reduced spending will cause a recession, which will result in larger budget deficits, rate cuts and QE. That’s what will cause higher inflation,” he wrote.

Although Schiff’s comment references the U.S., Canada isn’t exempt from this scenario. The Bank of Canada held its key interest rate at 2.25% as recently as March 18, 2026, and gas prices have already felt the pressure — hitting a national average of $1.91 a litre, up 49% since late February. That’s before the full trickle-down has worked its way through the supply chain.

The “QE,” Schiff is referring to is quantitative easing — a tool central banks use to stimulate spending when the economy slows. The Bank of Canada used it during the pandemic and could face pressure to do so again.

Schiff flips the story

Schiff’s argument focuses on sequencing. In his view, rising oil prices don’t directly cause inflation. Rather, they set off a chain reaction.

Higher oil prices mean consumers spend more on energy. That leaves less money for other spending, which slows the broader economy. As growth weakens, the risk of a recession rises.

From there, Schiff predicts the usual government response will follow — bigger deficits, lower interest rates and eventually quantitative easing. In his view, that combination is what really drives inflation. Higher oil prices are only the trigger.

A simple example of how Schiff’s idea plays out

When the war in Iran began in late February, we didn’t have to wait long to feel the effects. Gas prices climbed 50 cents from $1.28 to $1.78 on average in a matter of weeks. That’s a 27% jump at every station across the country (2) — it has since risen to an average of $1.91 a litre.

For a driver filling up a mid-size vehicle with a 55-litre tank, that’s roughly $27.50 more at each fill-up. For a household with two drivers filling up twice a week, that adds up to hundreds more over a span of several months. Multiply that across Canadian households and demand starts to weaken across the economy. Trevor Tombe, a professor of economics at the University of Calgary and director of fiscal and economic policy at the School of Public Policy, estimates that a sustained 50% increase in crude oil prices would add roughly $500 to the average household’s costs each year in direct fuel spending alone (3).

And those costs don’t stay at the pump for everyday drivers: trucking costs rise which pushes up grocery prices. Airlines face higher jet-fuel costs, which raise ticket prices. Furthermore, manufacturers will have to pay more to ship goods.

Tombe also estimates that higher fuel costs could push grocery prices up another 1% — or, around $75 each year for the average Canadian household. If the price of oil stays elevated, food inflation could rise from 5.2% to somewhere between 6% and 6.6% by mid-2026.

Canadians will have to adjust how they spend. It may mean fewer dinners out, fewer online purchases or cutting back on services. Multiply that behaviour across millions of Canadian households, and demand starts to weaken in other parts of the economy. That’s ultimately what Schiff is talking about.

How this looks in real life

Schiff’s thinking is more than just theory.

In the words of Steve Kopits, president of Princeton Policy Advisors: oil shocks coincide with recessions (4). This causal phenomenon can be witnessed throughout history. The energy crises of the 1970s pushed both Canada and the U.S. into a recession, with oil prices nearly quadrupling within several months (5). In 2008, a sudden increase in demand saw oil prices soar and set the stage for the 2008 financial crisis (6).

And it’s not hard to see why. When energy costs rise, everything gets more expensive: groceries, shipping, manufacturing and household heating. That leaves consumers with less to spend on everything else, and businesses with thinner margins. It’s less like a market correction and more like a slow tax that no one voted for.

Canada was already showing cracks before this most recent shock. The GDP contracted in the fourth quarter of 2025, and the country lost 84,000 jobs in February 2026, pushing unemployment to 6.7%. That doesn’t set a strong foundation heading into an oil-driven inflation spike.

It also puts the Bank of Canada in an uncomfortable position. A weakening economy normally calls for lower interest rates to encourage spending — but cutting rates when inflation is already climbing from rising energy costs risks making the situation worse. There’s no clear answer, and that uncertainty is what has investors on edge.

Why some investors turn to gold in uncertain markets

When investors start worrying about both inflation and a recession at the same time, traditional assets don’t always behave as expected. That’s one reason they’ll circle back around to gold.

Gold has a long track record of holding its value when inflation rises or currencies weaken. That’s why it’s often the first place investors turn when economic conditions become unstable.

Schiff, a vocal gold advocate and owner of gold-selling companies, recently posted on X: “Falling real rates are bullish for gold” (7).

For Canadian investors, gold is an accessible inflation hedge — and it can be held in a tax-advantaged account. The Canada Revenue Agency (CRA) allows investment-grade gold bullion of at least 99.5% purity to be held inside a Registered Retirement Savings Plan (RRSP) or a Tax-Free Savings Account (TFSA), as long as it’s purchased from an accredited source such as the Royal Canadian Mint (8). Either of these investment options mean Canadians can gain exposure to this precious metal while benefiting from either tax-deferred or tax-free growth.

For those who prefer not to hold physical metal, gold exchange-traded funds (ETFs) listed on the Toronto Stock Exchange (TSX) — such as the iShares Gold Bullion ETF (CGL) — are fully eligible for registered accounts and provide a simpler way to track the price of gold.

Many financial advisers suggest keeping precious metals to roughly 5% to 10% of a well-balanced portfolio as a diversification strategy and inflation hedge (9).

Gold is one way investors try to protect against inflation. But there are other options, too.

Real estate — and why it holds fast against inflation

Unlike assets such as gold, income-producing real estate can generate cash flow while also benefiting from rent increases over time.

For Canadian investors, real estate investment trusts (REITs) — companies that own and manage portfolios of properties and trade on the TSX — offer a way to gain real estate exposure without the capital requirements, maintenance costs or tenant headaches of owning a rental property.

By law, Canadian REITs are required to distribute at least 90% of their net operating income to investors annually, which is why their dividend yields tend to be materially higher than those of most other equities (10). Canadian REITs delivered an 11.8% total return in 2025, outperforming the global REIT benchmark of 8.3% (11).

Like gold, REITs can also be held inside a TFSA or RRSP, adding a tax-efficient layer to income-producing real estate. Most Canadian financial planners suggest keeping REITs to roughly 5% to 10% of a well-balanced portfolio (12).

Where there’s pushback

Not everyone agrees with Schiff’s theory.

In fact, many X users pushed back on his argument, claiming that rising oil prices can be inflationary right away — not only through policy responses later on.

Keith Woods, author of Nationalism, wrote: “Great illustration of how simplistic the libertarian understanding of economics is. For Peter, inflation simply has to always be central bank-driven and downstream of ‘money printing.’” (13)

He added that “an oil shock is the classic case of cost-push inflation because it raises production costs.”

The economic organization International Monetary Fund (IMF), also notes that supply shocks — such as those in oil — can drive “cost-push” inflation by raising production costs across the economy (14). In practice, that means higher fuel costs don’t just hit consumers at the pump. They affect everything a consumer pays for.

Randall Bartlett, deputy chief economist at Desjardins, made a similar point in the Canadian context, warning that the war in Iran could affect inflation through multiple channels: “You have to layer on the Iran conflict, in the oil price shock that we’ve seen, the rise in gasoline prices, transportation costs, supply chain disruptions,” he said. “And so that’s really thrown a lot of uncertainty into the outlook for the economy, for inflation and for monetary policy.” (15)

That’s where Schiff’s argument diverges from the mainstream view. While he focuses on how higher oil prices reduce spending and slow the economy, there’s also a real and immediate impact on prices — one that Canadian families are already feeling.

What rising oil and inflation mean for your wallet

Higher oil prices could eventually tip the economy into a slowdown, triggering rate cuts and renewed stimulus. That could bring volatility and a policy-driven rebound in asset prices.

But if inflation remains stubborn, the Bank of Canada keeping interest rates higher for longer will continue to put pressure on household budgets — particularly the wave of Canadian homeowners renewing mortgages, who are already facing higher fixed rates than a few months ago (16).

The yield on a five-year Government of Canada bond rose to 3.18% from 2.67% since February 28 2026 (17). Either way, any uncertainty and volatility won’t disappear overnight.

Getting a second opinion in uncertain markets

Figuring out how to structure your portfolio isn’t always straightforward during periods of economic strife.

A Certified Financial Planner (CFP) — the most widely recognized financial planning designation in Canada, administered by FP Canada — can help crunch the numbers and build a plan suited to your specific situation (18).

But finding the right adviser matters. When searching for one, look for a fee-only or advice-only planner — one whose compensation comes from you rather than commissions on the products they sell to you. The fee you pay eliminates any conflict of interest and ensures the advice you receive is genuinely in your interest.

In Canada, the Financial Planning Association of Canada and Canada.ca’s financial consumer agency offer free tools to help Canadians find and vet financial advisers in their province or territory (19).

What Canadians can do now

Rising oil prices, slowing growth and potential inflation are a lot to navigate at once. Here are some practical next steps:

Review your household budget for energy exposure. With gas prices up, calculate how much more you’re spending on fuel and transportation each month. Adjust discretionary spending before the squeeze hits your grocery bill and other indirect costs.

Consider inflation-hedging assets inside registered accounts. Gold bullion or gold ETFs held in a TFSA or RRSP offer tax-advantaged inflation protection. The CRA allows eligible gold bullion (99.5%+ purity) inside registered accounts. Gold ETFs such as iShares Gold Bullion ETF (CGL) or the Royal Canadian Mint’s Canadian Gold Reserves ETF (MNT) are TFSA- and RRSP-eligible.

Look at income-producing real estate through Canadian REITs. REITs listed on the TSX can be held in a TFSA or RRSP and provide regular income distributions that can rise with inflation over time. Canadian financial planners typically suggest 5% to 10% of a portfolio in REITs as part of a diversified strategy.

Don’t assume a rate cut is coming. The Bank of Canada has stated it’s watching inflation closely. If the oil shock persists, rate hikes — not cuts — are possible. Review your variable-rate debt, mortgage renewal timeline and overall interest-rate sensitivity.

Talk to a fee-only CFP. In uncertain markets, a second opinion from a qualified, independent adviser is worth more than any single asset call. Look for a planner who carries the CFP designation and who charges a transparent flat or hourly fee over commissions.

- With files from Melanie Huddart

Article sources

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

@PeterSchiff (1); The Globe and Mail (2); The Hub (3); Princeton Policy Advisors (4); BBC News (5); Expert Journal of Economics (6); MSN Money Markets (7); Royal Canadian Mint (8); Gold RRSP (9); TSI Network (10); Coldwell Banker Horizon Realty (11); MIllion Dollar Journey (12); @KeithWoodsYT (13); International Monetary Fund (14); BNN Bloomberg (15); Canadian Mortgage and Housing Corp. (16); Morningstar (17); FP Canada (18); Financial Planning Associates of Canada (19)

How much did FSRA's enforcement actions increase in 2025 — and what were the most common violations?

The Financial Services Regulatory Authority of Ontario (FSRA) oversees more than 16,000 mortgage professionals and almost 1,200 brokerages operating in the province. FSRA licences and monitors mortgage agents, mortgage brokers and mortgage administrators — and has the power to impose fines, suspend or revoke licences, and issue compliance orders (1).

In the 2024–25 fiscal cycle, FSRA initiated 100 enforcement actions, up from 65 the prior year. It imposed 80 unique sanctions — nearly double the volume over two fiscal years. The mortgage sector drove the bulk of that activity: 43 of those 80 achieved sanctions targeted at mortgage professionals, accounting for $875,000 of the $1.2 million in total administrative monetary penalties (AMPs) across all FSRA-regulated sectors.

What’s significant is that FSRA fines the year before were almost half what was imposed in 2025 — from $460,000 in 2024 to $875,000 in 2025, a jump of roughly 90%.

Common violations included:

• Failing to ensure mortgage suitability
• Operating outside an authorizing brokerage or without a licence
• Receiving remuneration from unauthorized sources
• Failing to disclose conflicts of interest
• Providing false or misleading information to the regulator

Who gets fined? The difference between brokers, agents and administrators

In Ontario, mortgage professionals operate at three levels.

Mortgage agents (level 1 and level 2) work under a licensed brokerage and deal directly with borrowers. Mortgage brokers hold a higher-tier licence and can act as principal brokers — effectively running and supervising a brokerage. Mortgage administrators service existing mortgage portfolios.

Because both agents and brokers are individual licensees, FSRA can act against them directly — unlike sectors where only corporate entities hold licences. That distinction explains why mortgage professionals accounted for the largest share of enforcement among all FSRA-regulated sectors (2).

The 2022 amendments to the Mortgage Brokerages, Lenders and Administrators Act also significantly raised maximum penalties from $10,000 to $100,000 for individuals, and from $20,000 to $500,000 for brokerages.

Some of the fines issued in 2024–25 were still calculated under the older, lower limits because the conduct predated the rule change — meaning future fine totals are likely to grow.

What do these violations actually cost borrowers?

What is the actual cost for borrowers when mortgage professionals do not adhere to their fiduciary responsibilities?

In one widely reported Ontario case, FSRA found that vulnerable clients — many on fixed incomes — were steered into complex, high-fee mortgages by a brokerage that failed to ensure suitability, obtain independent legal advice for reverse mortgages, and disclose conflicts of interest. In a statement released to the public, FSRA agents concluded that “many clients who fully owned their homes a few years ago are now in significant debt and are at risk of losing them (3).”

In another case, a borrower sought a mortgage of $100,000 mortgage, but after a consultation fee of $15,000 was factored into borrowing costs, the borrower was left with just under $61,500. The FSRA investigation found that the borrower’s quoted rate was 10% per month on a two-month term. Once fees were added, the borrower ended up with a stated cost of borrowing of 231% annually (4).

These aren't edge cases. Unsuitable product recommendations, undisclosed referral fees and falsified application documents are among the most common triggers for FSRA action.

How can you check whether your mortgage professional has a disciplinary record?

FSRA maintains two public registries that every Ontario borrower should know about:

• Licence lookup — search by name to confirm your broker or agent is currently licensed: fsrao.ca/consumers/mortgage-brokers-and-agents
• Enforcement actions and warnings — a searchable list of all past and pending actions: teao.fsrao.ca

Both tools are free and take under two minutes to use. Enforcement actions remain on the FSRA site permanently — so a search will surface past sanctions even if a licence was later reinstated.

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

What red flags should you watch for when choosing a broker?

• Pressure to break an existing mortgage without a written suitability analysis
• Requests to sign a 'gift letter' for funds that are actually a loan
• Fees paid directly to the broker — not through the brokerage
• A broker who says they can arrange a mortgage 'outside' their brokerage
• Reluctance to provide the name and licence number of their authorizing brokerage
• Promises of approval for private or B-lender mortgages without reviewing your full financial picture

What to do if you think your broker has misled you

File a complaint with FSRA directly at fsrao.ca/consumers.

The Financial Consumer Agency of Canada (FCAC) also provides general guidance on consumer rights in mortgage transactions at canada.ca/en/financial-consumer-agency.

If you signed mortgage documents based on false or misleading advice, consult a real estate lawyer before taking any further steps — particularly if a private or second mortgage is involved.

Finally, before signing any mortgage commitment, spend two minutes checking your broker's FSRA licence status at fsrao.ca. It's the fastest due diligence step most Canadians skip.

Article sources

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

Financial Services Regulatory Authority of Ontario (FSRA) (1); Benefits and Pensions Monitor — FSRA enforcement report 2024–25 (2); Canadian Mortgage Professional — brokerage licence revocation and suitability case (3); Canadian Mortgage Professional — high-cost private mortgage case (4)

But Canada's banking ombudsman says something is going wrong. In a February 2025 consumer bulletin, the Ombudsman for Banking Services and Investments (OBSI), an independent not-for-profit that investigates unresolved complaints against banks and investment firms, reported a rise in balance transfer complaints. The most common issues: Confusion about how interest is charged, how payments are applied and what happens when something goes slightly off plan (2).

If you're one of the many Canadians who carry a credit card balance — with an average balance at just over $4,680 — and you're considering a balance transfer, here's how the fine print can cost you more.

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Why balance transfers don't come with a grace period

Most credit cards offer a grace period — typically 21 days after your statement closes — during which you can pay off new purchases without incurring interest. Balance transfers are different. The promotional rate applies to the transferred amount, but any new purchases made on that card begin accruing interest immediately at the standard rate, often 19.99% or higher. According to OBSI, there is no grace period for those charges while a transferred balance remains on the account.

This surprises a lot of cardholders. The assumption is that the low promotional rate applies to the whole account. It does not. If you use a balance transfer card for groceries, gas or anything else and don't pay those new charges in full, interest on new purchases starts accumulating from the day of the transaction.

For most people, the safest approach is to treat the balance transfer card as a dedicated debt-repayment vehicle — not a card for everyday spending — until the transferred balance is fully paid off.

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How payment allocation rules can wipe out your savings

This is the issue OBSI says generates the most confusion. When a cardholder carries both a transferred balance and new purchase charges on the same card, payments are typically distributed proportionately across all balance categories — or, in some cases, applied to certain categories first. The result: new purchases can accrue interest month after month even as the cardholder believes they're paying the debt off.

An OBSI case study from January 2025 illustrates how a cardholder transferred $10,000 to a 0% promotional card and continued using it for regular purchases. She paid off the full statement balance each month — or thought she had. Because her payments were distributed proportionately across her transferred balance, purchase charges and cash advances, a portion of her new charges remained unpaid each cycle, accruing interest. The bank confirmed no interest had been charged on the transferred amount, but the purchase interest kept compounding over time (3).

The takeaway: Check your cardholder agreement for the exact wording on how payments are allocated. If the agreement allows the bank to apply payments proportionately or to lower-rate balances first, new purchases can become an expensive blind spot.

Miss a payment and lose the rate — permanently

Most balance transfer promotional terms include a clause that revokes the low rate if you miss a payment or exceed your credit limit. This is not a warning buried in small print — it is a standard contractual term. But OBSI says many cardholders don't realize they've triggered the clause until after the promotional rate has already been cancelled and interest at the standard rate has begun accruing on the full transferred balance.

In a second January 2025 case study, a cardholder transferred $14,000 under a 0% promotional offer. She missed two monthly payments due to confusion over the charges she was seeing on her statement. Her bank revoked the promotional rate on the full transferred balance. When she brought her complaint to OBSI, investigators found the bank had properly disclosed the payment terms. This meant there was no basis to recommend compensation, and the cardholder was stuck with the additional cost.

Setting up automatic minimum payments as well as a calendar reminder for the full balance due on the card is a practical way to avoid an unexpected interest expense on a balance transfer card. Remember, if the promotional rate is lost, the financial advantage of the transfer can disappear quickly.

The credit score hit you may not have expected

Accepting a balance transfer offer often means opening a new credit card account. That triggers a hard credit inquiry, which can temporarily lower your credit score. The new account also changes your credit utilization ratio — how much of your available credit you're using — as well as your average account age, both of which factor into how lenders assess your creditworthiness.

This isn't typically an issue, unless you plan to apply for a mortgage, car loan or other major credit product in the near term. A lower score at the time of a mortgage or other significant debt application can affect the rate you're offered — or whether you qualify at all.

A fee that may not be a bargain

There is also the annual fee to factor in. Some balance transfer cards carry annual fees of $99 or more. On a transfer fee of 2% to 3% of the balance, plus an annual card fee, the upfront cost can narrow the savings significantly, particularly on smaller balances or shorter promotional windows.

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What can Canadians do to stop the risks of balance transfers?

OBSI's investigation doesn't mean a debt-repayment strategy using a balance transfer card doesn't work. What the report highlighted is the need to understand how these products work — and how you can make them work for you. Here are six steps to help:

1. Read the full cardholder agreement before accepting any balance transfer offer — specifically the sections on payment allocation and promotional rate conditions.
2. Add up the transfer fee (typically 2% to 3%) plus any annual card fee, and compare that total against the interest you'll actually save over the promotional period.
3. Avoid using the balance transfer card for new purchases until the transferred balance is fully paid off — new charges accrue interest at the standard rate from day one.
4. Confirm in writing how your payments will be allocated across balance categories — proportionately, or to specific categories first.
5. Set up automatic minimum payments to protect the promotional rate, and a separate reminder for your full balance due date.
6. If something goes wrong, file a formal complaint with your bank first — then escalate to OBSI for free if the issue isn't resolved.

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In the end

A balance transfer can be a genuinely useful tool for paying down debt faster and at lower cost — but only if the terms work in your favour from the start.

The complaints registered with OBSI show a pattern: A gap between expectation and reality. Specifically, there are three areas to watch: payment allocation, grace period assumptions and the conditions under which the promotional rate disappears. Closing that gap before you transfer is the work that determines whether the offer actually saves you money.

Article Sources

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

TransUnion Canada (1); Ombudsman for Banking Services and Investments (2),(3)

There's a second program most homeowners have never heard of: Canada Mortgage Bonds (CMBs). And in January 2026, the Bank of Canada confirmed that the federal government would continue buying up to $30 billion in CMBs throughout 2026 (1). That's real money, moving through a market that directly influences what you pay on a fixed-rate mortgage.

Here's what CMBs do and why these matter if you're renewing or shopping for a mortgage in 2026.

What is a Canada Mortgage Bond?

When a Canadian lender gives you a fixed-rate mortgage, it doesn't simply hold that loan on its books forever. Instead, it sells these insured mortgage debts to the Canada Housing Trust (CHT). This frees up capital for your lender to make more mortgage loans available to borrowers.

The CHT will then bundle these mortgages and sell these packages of debt to big investors, such as pension funds, insurance companies and other institutions looking for long-term, stable returns. These packages of debt sold by CHT are known as Canada Mortgage Bonds.

Because CMBs carry a guarantee from the Canada Mortgage and Housing Corporation (CMHC), they are considered low-risk investments that trade at yields very close to Government of Canada bond yields (2).

And that’s the key: The yield investors demand on a CMB is directly connected to the fixed-rate mortgage your lender will offer you. That’s because lenders typically price their fixed-rate mortgages using a simple spread:

• Fixed Mortgage Rate = CMB Yield + Lender Spread

Where the yield covers the base cost of the money and the spread covers the lender’s overhead, marketing, risk, and their profit margin.

Why does the government buy CMBs?

The federal government first announced its intention to buy CMBs in the 2023 Fall Economic Statement, with purchases beginning in February 2024. In that first year, the government purchased $29 billion of the $58 billion in fixed-rate CMBs issued — roughly 50% of all issuances. It bought another $29 billion in 2025. As of September 30, 2025, total government CMB holdings had reached $50.8 billion (3), according to the Parliamentary Budget Officer (PBO).

By committing to purchase up to $30 billion in CMBs each year, the government acts as a reliable large buyer in the primary market. That steady demand has helped narrow the yield spread between CMBs and Government of Canada bonds, reducing what lenders pay to access mortgage funding.

In practical terms, this means current fixed mortgage rates are modestly lower due to the federal government's purchase of CMBs. But this is not a direct subsidy. Your lender still sets its own rate based on that bond yield plus a spread that covers operating costs, risk and profit. But the CMB program affects the floor that the spread is built on.

How does this affect what you pay on a fixed mortgage?

Watching the Bank of Canada's overnight rate tells you where variable mortgage rates are heading. But if you're renewing into a fixed rate — or deciding between fixed and variable — the 5-year Government of Canada bond yield is a more useful signal.

That’s because fixed mortgage rates are priced as a spread above Government of Canada bond yields for the matching term — typically the 5-year yield for a 5-year fixed mortgage. When CMB yields fall, lenders' funding costs fall, which creates room for lower fixed mortgage rates.

But in early 2026, the relationship between yields and rates became harder to track. Bond yields moved sharply in recent weeks, driven by rising oil prices and geopolitical uncertainty, pushing fixed mortgage rates up by as much as 30 basis points in a short period. As of late March, the lowest insured 5-year fixed mortgage rate available to Canadians was around 3.89% to 3.94%, up from 3.79% in February (4).

That kind of move can happen even when the Bank of Canada holds its policy rate steady — as it did in March 2026, keeping it at 2.25%.

It's also a reminder that fixed and variable rates are driven by different forces, and that bond market volatility can affect your renewal independently of what the central bank does.

What could change — and what to watch for

The CMB program is not unlimited. The PBO has noted that further expanding purchases beyond $30 billion could risk undermining the functioning of the CMB market itself, which investors use as a risk management tool. The government has so far maintained that annual ceiling.

Budget 2025 did announce that the overall CMB issuance limit would increase from $60 billion to $80 billion starting in 2026, but government purchases would remain capped at $30 billion, allowing the private market access to the additional capacity (5).

For borrowers, what matters most is the direction of the 5-year Government of Canada bond yield. When yields rise — as they have recently — fixed rates follow, typically within days. When yields fall and stabilize, lenders can lower fixed rates, but rarely all at once.

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

What to do if you're renewing in 2026

The CMB program is structural, not something you can act on directly. But understanding the bond-rate link helps you make sharper decisions at renewal time. To help, use these four steps when approaching your mortgage renewal date:

• Watch the 5-year Government of Canada bond yield — it's a leading indicator of where fixed rates are heading, often days before your bank moves its posted rate
• Ask your broker whether the spread between bond yields and fixed mortgage rates is wider than normal — if lenders are pricing in extra risk, there may be room to negotiate or shop around
• Don't assume the Bank of Canada's policy rate tells the whole story — variable and fixed rates are driven by different benchmarks and can move in different directions simultaneously
• Consider timing your renewal carefully — if bond yields are elevated, a shorter fixed term may make sense if you expect them to ease, whereas locking in during a period of yield stability gives you more predictability

The government's CMB program is not a guarantee that your fixed rate will stay low. Bond markets can still rise sharply, as 2026 has already shown. But knowing that Ottawa is in the market as a significant buyer gives context for why fixed rates have remained relatively contained — and what would need to change for that to shift.

Article sources

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

Bank of Canada (1, 2); Parliamentary Budget Officer (3); True North Mortgage (4); Government of Canada — Budget 2025 (5)

A 15% to 20% mortgage payment jump carries risks that working-age Canadians simply don't face — and retirees need a different strategy to absorb higher housing costs.

Why do fixed-income households face the steepest relative payment shock?

The Bank of Canada has confirmed that about 60% of all outstanding mortgages in Canada are expected to renew in 2025 or 2026 (1). For holders of five-year fixed-rate mortgages — the most common product — the average payment increase is projected at 15% to 20% (compared to monthly payments on rates from three to five years ago). In dollar terms, that translates to roughly $400 to $600 more per month for a typical affected household.

For a 45-year-old with a salary that adjusts, absorbing $500 a month is a cash-flow problem. For a 68-year-old drawing from a Registered Retirement Income Fund (RRIF) and collecting Canada Pension Plan (CPP) and Old Age Security (OAS), this extra-housing cost can be a retirement plan problem.

That’s because employment income is elastic, while retirement income is typically not elastic. Even though CPP and OAS payments adjust for inflation — both increased by 2.0% in 2026 (2) — neither responds to individual cash-flow shortfalls. RRIF withdrawals are subject to minimum annual requirements that escalate with age, meaning a retiree cannot simply reduce draws to compensate.

The Bank of Canada projects that the median mortgage debt service (MDS) ratio — the share of income dedicated to mortgage payments — will climb from 15.3% to 18% for those facing payment increases (3). For a retiree, that shift may encroach on spending limits for fixed costs, such as housing, and force spending adjustments elsewhere, just to survive.

Planning for retirement? Get personalized mortgage solutions from Homewise. Whether you refinance, opt for a reverse mortgage, or renew, this online mortgage broker will help you find your best rate in minutes.

Options retirees have at renewal

While retirees may feel a bigger pinch when it comes to higher housing costs, the standard renewal advice still applies: Compare rates, shop around and don’t be afraid to ask questions.

The good news is that retirees have additional levers that working-age borrowers rarely need to consider. Including: extending their amortization, opting for a shorter mortgage term and getting a reverse mortgage.

Amortization extension

Extending the remaining amortization period — say, from 10 years to 20 — reduces the monthly payment, but extends the period over which interest accumulates. For a retiree who does not expect to need estate proceeds from the property, this can be a practical bridging tool. For those who intend to leave equity for heirs, the long-term costs are a consideration. Weigh the pros and cons before opting for this solution.

Shorter term

If you plan to downsize, relocate or move to assisted living within a few years, locking into a five-year term creates unnecessary prepayment risk — where equity you’ve built ends up spent on a prepayment penalty fee. Instead, consider a 2- or 3-year fixed term mortgage. This can be a good balance between a lower mortgage rate and flexibility for changes in the near-future. According to the CMHC Fall 2025 Residential Mortgage Industry Report, a growing share of borrowers are selecting shorter mortgage terms (4) — a pattern that makes particular sense for retirees with anticipated life transitions.

Reverse mortgage

For homeowners aged 55 and older, a reverse mortgage allows them to access up to 55% of their home's appraised value without monthly payments. The loan plus accrued interest is repaid when the home is sold, the owner moves out permanently or passes away. Proceeds are tax-free and do not affect OAS or GIS eligibility (5).

For a retiree carrying a small remaining mortgage balance and facing a significant payment increase at renewal, using a reverse mortgage to retire the conventional mortgage entirely can eliminate monthly payments. The trade-off is a higher interest rate — HomeEquity Bank's CHIP Reverse Mortgage currently carries a 5-year fixed rate of 6.64% — and compounding interest that reduces the equity available to the estate, over time.

Selecting the best option at renewal time

A reverse mortgage is not the right solution for every retiree with a renewal coming. It is best suited to homeowners who intend to stay in the property long term, have limited alternative income sources and have enough equity to support the loan.

Borrowers who expect to sell and downsize within two to three years may be better served by a short-term renewal, particularly as prepayment penalties on conventional mortgages can be significant.

A financial planner — not just a mortgage broker — should be part of this conversation. Mortgage decisions in retirement interact with RRIF drawdown timing, CPP deferral strategies and estate planning in ways that go beyond a monthly payment calculation.

Helpful checklist for retirees with a mortgage renewal

To help, here’s a checklist you can use when approaching your mortgage renewal date. Remember, you can start shopping for a mortgage rate a few months before the deadline. Start sooner to help alleviate any stress or anxiety about the process.

Steps to take:

• Speak to both a mortgage broker and a financial planner — not just one
• Model your post-renewal budget, including RRIF drawdown schedules and CPP/OAS income over the next five years
• Consider a shorter 2- to 3-year term if you plan to downsize or move in the near future
• Ask your financial planner whether a HELOC or reverse mortgage is a more appropriate product than a standard renewal

Final thoughts

The renewal wave that Bank of Canada data describes is a broad, aggregate story. For retirees, it is personal. A $500 monthly increase is not an annoyance to be managed through spending adjustments — it is a structural change to a retirement income plan that may have taken decades to build. Getting the renewal decision right in 2026 may be one of the most consequential financial choices a retired homeowner makes this year.

Article sources

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

Bank of Canada (1, 3); HomeEquity Bank (2, 5); CMHC (4)

In 2024, insured losses from severe weather reached $8.5 billion — the highest ever recorded in Canadian history, according to the Insurance Bureau of Canada (IBC) (1). That single-year total is 12 times the annual average of $701 million recorded in the decade between 2001 and 2010.

The result is a home insurance market where insurers lost money two years in a row, and now have to rebuild their pool of funds — through your premium.

Why 2024 broke every record for insurance claims in Canada

The summer of 2024 was the most destructive on record. Four catastrophic weather events in July and August alone generated more than $7 billion in insured losses and triggered more than 250,000 insurance claims — 50% more than Canadian insurers typically handle in an entire year (2).

The worst single event was a Calgary hailstorm in August that caused $3 billion in insured losses in just over an hour. The Jasper wildfire added another $1.1 billion. Then there were claims due to flooding that hit the Greater Toronto Area and Quebec repeatedly throughout the season.

These weren't random bad-luck events. These weather events reflect a long-term shift: The average number of catastrophic weather events in Canada has risen from roughly two per year in the 1980s to 15 per year by 2025.

The provinces hit hardest by catastrophic events

Alberta has become the country's largest loss centre. In 2024, provincial weather damage reached $4.1 billion — the highest of any province (3). Industry operating costs in Alberta exceeded premium revenues by nearly 20% that year, according to TD Economics (4).

British Columbia, Ontario and Quebec have also been significantly affected. More than 60% of total insured losses between 2008 and 2024 came from damage to personal property.

What insurers are doing in response

Canada's property and casualty (P&C) insurance industry posted underwriting losses in both 2023 and 2024 — meaning claims and operating expenses exceeded premium revenues. This is a big problem, particularly for shareholders and regulators.

As a result, the industry has responded in three ways: higher premiums, bigger deductibles and narrower coverage.

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Home and mortgage insurance costs rose 31% between 2021 and 2025, according to Statistics Canada — more than double the 15% overall inflation rate over the same period (5). In provinces with heavy claims, increases have been steeper: TD Economics data shows average five-year increases of 68% in British Columbia and 58% in Alberta.

In some hail-prone areas, deductibles for that specific peril have been raised to as much as $10,000. In the worst cases, coverage for certain risks — particularly overland flooding — is simply not available to homeowners living in high-risk flood-prone areas. At this point, IBC estimates roughly 1.5 million households, about 10% of the national total, cannot obtain flood coverage at any price, due to ongoing, persistent and expensive weather-related issues.

Even the insurers who still provide coverage to higher-risk communities are starting to pull back — quietly reducing the amount of coverage offered in catastrophe-prone zones and choosing not to write new business in these areas.

What every homeowner should do before the next home insurance renewal

The worst move is to auto-renew. Insurers are recalibrating risk by postal code, so the policy that worked last year may have gaps this year. Here's what to do instead:

• Review your deductibles, not just your premium.
• Ask your broker whether your postal code has been flagged as higher risk for hail, flooding or wildfire. Some areas now face coverage limits that weren't in place 12 months ago.
• Consider loss-prevention upgrades. Impact-resistant roofing and backwater valves can reduce your risk profile and, with some insurers, lower your premium by 5% to 15%.
• Compare quotes from at least three insurers. The market has become less uniform — the spread between the cheapest and most expensive quotes for the same property is growing.

Don't settle for the first quote you see. Compare 50+ home insurance providers in one place using Rates.ca

The long-term fix, according to the IBC, is investment in climate resilience: Updated building codes, better flood mapping and land-use rules that stop new housing from being built in high-risk zones. Until that infrastructure catches up, the financial cost will eventually hit the bank accounts of policyholders.

"All those costs ultimately have to be borne somewhere," said Liam McGuinty, IBC's vice-president of federal affairs. "And ultimately it's policyholders, it's premium payers that bear that cost (6)."

Article Sources

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

Insurance Bureau of Canada (1)(2); Insurance Business Canada (3); TD Economics (4); Insurance Business Canada (5); CTV News (6)

That is starting to change — and the shift has support from high-profile financial experts like Ramit Sethi, author of I Will Teach You To Be Rich. “We have this obsession with independence. We think if we live with our parents, we’ve failed. But in many cultures, multigenerational living is the ultimate 'Rich Life.' It’s a way to pool resources, provide care for children and the elderly, and build generational wealth that would be impossible if everyone lived in separate boxes paying separate mortgages (1).”

Now, some of Canada's major lenders are helping by offering purpose-built mortgage products for multigenerational buyers. Unlike standard mortgages, these products let multiple family members be named as borrowers, allowing family members to pool their incomes and use projected rental income from non-owner-occupied suites to help qualify for the home loan (2).

But before you go into your bank asking for a multgenerational mortgage (hint: it doesn’t exist!), here’s what you need to know.

What is a multigenerational mortgage?

In Canada, there is no single multigenerational mortgage product; instead, all major lenders, including Canada’s Big Six banks as well as the well-known credit unions (like Vancity and Meridian), facilitate these arrangements using joint mortgages or segmented equity plans that allow multiple family members to pool income and title.

What makes a multigenerational mortgage different from co-signing?

Co-signing a standard mortgage and applying for a dedicated multigenerational mortgage may look similar on the surface, but they are structured differently in ways that matter at qualification time.

A standard co-signed mortgage typically adds a co-borrower to help the primary applicant qualify, but the full debt still sits on one property, and income pooling is still an option, but limited in scope.

By contrast, a purpose-built multigenerational mortgage is designed for properties with multiple units, multiple income contributors and, in some cases, a mix of owner-occupied and rental income-generating suites.

The key difference is how the lender treats the property.

Some lenders with dedicated multigenerational products will assess the household's income holistically, account for projected rental revenue from non-owner suites and underwrite the application with a construction draw schedule if the project involves building or renovating. For families who need all of these elements to make the numbers work, a standard co-signed mortgage on a single-family home is often the wrong tool.

How do the CMHC insurance rules factor in?

Canada Mortgage and Housing Corporation (CMHC) mortgage loan insurance — the government-backed insurance that allows buyers to purchase a home with less than 20% down — applies to owner-occupied properties with one to four units. That means duplexes, triplexes and fourplexes are all eligible, provided the buyer lives in at least one of the units.

This is an important detail for multigenerational buyers. A family that builds or buys a triplex — with one unit for the parents, one for an adult child's family and one rented to a third party — can still access CMHC-insured financing as long as the property meets occupancy requirements and the purchase price falls below $1.5 million.

Equally important is how CMHC handles rental income from the non-owner-occupied units. For qualifying applications on owner-occupied two-to-four-unit properties, lenders can count up to 50% of projected gross rental income when calculating whether the borrowers meet the debt service ratios (3).

For example, if that same family that bought the triplex rents out one suite for $2,000 per month, then 50% of this rental income would be included when this multigenerational family applies for a mortgage. For families in expensive markets, this can be the difference between approval and refusal.

Construction mortgages: The cost families tend to underestimate

When a family isn't buying an existing multiplex but building new — or converting an existing home into a multigenerational property — the financing shifts to a construction mortgage. These products work differently from standard residential mortgages and carry materially higher rates.

Construction mortgage rates in Canada currently start around 6% to 7% for owner-occupied multiplex builds (4). Unlike a standard mortgage where the full amount is advanced at closing, a construction loan is drawn down in stages tied to build milestones — foundation, framing, lock-up and so on. Each draw typically requires an inspection, either by the lender's appraiser or by the municipality’s permit office, or by both — adding time and cost to the project.

For a family building a multiplex over 18 months at a 6.25% construction rate, the interest-bearing cost alone can run into the six figures before a single suite is rented.

Keep in mind, these carrying costs do not appear in the sticker price of the build and catch many families off guard.

Before assuming a multigenerational build is affordable, families should model the full construction financing cost — including interest on undrawn funds — not just the projected end mortgage.

Don't overlook the MHRTC tax credit

If the goal is to add a secondary suite to an existing home — a basement apartment, a garage conversion or an addition — rather than buy or build a multiplex from scratch, the federal Multigenerational Home Renovation Tax Credit (MHRTC) is worth understanding carefully.

The MHRTC is a refundable federal tax credit that covers 14.5% of eligible renovation expenses, with a maximum credit per claim of $7,250 (5). To qualify, the secondary suite must be created for a senior aged 65 or older, or for an adult who qualifies for the federal Disability Tax Credit, who will be living with a qualifying relative in the same dwelling.

The credit is refundable, which means it reduces tax owing and, if the credit exceeds the claimant's tax liability, the Canada Revenue Agency (CRA) will pay out the difference. A family spending $40,000 to finish a basement suite for an aging parent could receive $5,800 back — a small but meaningful offset against renovation costs.

Remember, only one renovation can be claimed per qualifying individual over their lifetime, and the suite must meet local building code requirements for a self-contained secondary unit, including (but not limited to): separate entrance, bedroom, bathroom and kitchen. Expenses covered by other credits — such as the Home Accessibility Tax Credit — cannot be double-counted (6).

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

The joint mortgage options from major lenders across Canada

Scotiabank (STEP): Their Total Equity Plan allows you to split one mortgage into up to three separate segments with different rates, making it easy for different generations to manage their own portion of the debt.

RBC (Homeline Plan): Combines a standard mortgage with a line of credit; as the main mortgage is paid down, the available credit increases, which can be used to fund separate living spaces or secondary suites.

BMO (Homeowner ReadiLine): Similar to a split-limit plan, it allows families to segment their borrowing to track individual contributions while sharing a single 80% loan-to-value limit.

TD Canada Trust: Focuses on Multi-Unit Residential Mortgages for properties with up to four units, providing specialized underwriting for families buying "plexes" or homes with legal secondary suites.

CIBC: Utilizes standard joint mortgages where multiple family members can pool their incomes to qualify for a higher total loan amount than they could individually.

National Bank: Offers made-to-measure mortgages that can include significant cashback offers (up to $7,250 in 2026), which families often use to offset the legal costs of drafting co-ownership agreements.

Meridian Credit Union: Features a specific "Friends and Family Mortgage" designed for non-traditional households to join forces on a single title with simplified approval for multiple borrowers.

Vancity: A leader in multiplex and laneway house financing, they provide specific construction-to-mortgage conversions for families building multi-unit compounds on a single lot.

Desjardins: Provides specialized coaching on using the FHSA and Home Buyers' Plan in tandem for multigenerational buyers to maximize tax-free down payment savings.

The legal question every family needs to answer first

Financing a multigenerational home raises a question that most families defer until it causes a problem: Who actually owns what?

Two common co-ownership structures exist in Canada. Joint tenancy means all parties own equal, undivided shares — and if one owner dies, their share passes automatically to the surviving owners. Tenants in common allow unequal ownership and let each party's share pass through their estate, not an automatic transfer to the co-owners.

The right structure depends on the family's goals, estate plans and what happens if one party wants to sell. For parents who are contributing a larger share of the down payment, tenants in common may better reflect the actual economic arrangement. For adult children who are building equity together, joint tenancy may simplify things. These are not decisions to make at the mortgage application stage — a real estate lawyer should be involved before signing anything.

What to do next

Before approaching a lender, families should work through four questions:

• Who is on the mortgage? All income contributors should be named as borrowers, not co-signers, if the goal is to pool income for qualification.
• What is the property configuration? A duplex, triplex or fourplex qualifies for CMHC insurance differently from a single-family home with an in-law suite. Knowing the end state before applying will determine which insurance product and which lender product applies.
• Is construction involved? If so, work with a mortgage broker or the lender's commercial construction team — not a standard residential underwriter. These applications have different requirements and standard underwriters may not know how to process them.
• Does the MHRTC apply? If the plan involves adding a suite for a qualifying senior or disabled adult family member, confirm MHRTC eligibility with a tax professional before the renovation begins. The renovation must be completed before you can claim the credit.

Multigenerational living can reduce housing costs, help families build equity together and provide meaningful support across generations. But the financing behind it requires more preparation — and more professional guidance — than a standard home purchase. Getting it right from the start is significantly cheaper than untangling it later.

Article sources

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

IWT (1); Vanplex (2, 4); CMHC (3); OMJ Mortgage Capital (4); Canada Revenue Agency (5); LRK Tax (6)

Federal Housing Minister Gregor Robertson recently confirmed that Ottawa is in active discussions with provinces across the country to temporarily eliminate the GST on new home purchases. This move follows a landmark agreement between the federal government and Ontario, which effectively paused the harmonized sales tax (HST) on many new builds to help get shovels in the ground.

A temporary window for significant savings

The concept is straightforward: by removing the federal portion of the sales tax, the government hopes to lower the final price tag for buyers and encourage developers to start projects that were previously sitting on the shelf.

"We are in discussions with all of the provinces and territories about taking down the GST for one year on new home purchases," Robertson said in an interview with Global News (1).

While the exact details for each province are still being hammered out, the Ontario model provides a clear blueprint of what this could look like. In Ontario, the 13% tax was removed for one year on homes valued up to $1 million. This translates to a maximum rebate of $130,000. For homes priced between $1 million and $1.5 million, the rebate still applies but scales down proportionally.

Why the government is moving now

The urgency behind these talks stems from a cooling construction sector. The Canada Mortgage and Housing Corporation (CMHC) has warned that homebuilders are facing a perfect storm of high costs and weaker demand. Current projections suggest that new home construction could continue to decline through 2028 if no intervention occurs (2).

The minister noted that the sluggish market is already starting to impact the workforce. "The construction jobs unfortunately will be impacted in the next year or two, so you know we’re going to see a ripple effect here. That’s what we’re trying to prevent," Robertson said.

By offering a one-year tax holiday, the government intends to "infuse some momentum in the market," particularly in high cost hubs like Toronto and Vancouver where pre-sales have stalled.

What this means for your next move

If you’re currently house hunting or considering a new build, this potential policy shift is a critical factor for your financial planning. Here’s how you can prepare:

• Watch for provincial announcements: Since Ottawa requires provinces to "put up their own money or bring forward new legislation," the timing will vary by region.
• Factor in the 'cliff': This is intended to be a temporary measure. Robertson clarified he does not expect the cut to be permanent, meaning there will likely be a specific window to lock in these savings.
• Calculate the impact on your mortgage: A $100,000+ reduction in the purchase price does not just mean a lower down payment; it significantly reduces the interest you will pay over the life of your mortgage.

Local leaders are already pushing for quick action. Vancouver Mayor Ken Sim has urged British Columbia to secure a deal, stating, "This is a window of opportunity for the province to partner with the federal government and municipalities to lower costs and deliver the homes people need," Sim said in a statement.

Navigating the road ahead

While a tax cut helps with the purchase price, the government is also looking at the underlying infrastructure that makes housing possible. Part of the broader strategy includes an $8.8 billion commitment over a decade to help cities pay for essential services like sewers and roads.

As these negotiations continue, stay tuned to provincial budget updates. If you’re timing the market, this one year GST holiday could be the most significant single saving opportunity for Canadian homebuyers in recent history.

Article sources

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

CBC News (1); CMHC (2)

For most Canadians, the answer is no. The average ongoing savings account interest rate in Canada is currently 0.93% according to Finder Canada, a figure that includes rates from the Big Banks, digital banks and credit unions (1). At Canada’s largest banks, standard savings account rates can dip as low as 0.01% to 0.20% (1).

That means if you have $10,000 sitting in a typical big-bank savings account, you could be earning as little as $1 to $20 in interest over an entire year.

The gap between that and what a high-interest savings account (HISA) can offer isn’t only a technicality — it’s real money your savings could be earning in the background, with no extra effort from you.

The real cost of keeping your cash in the wrong account

Canada’s Consumer Price Index (CPI) rose 1.8% year-over-year in February 2026, according to Statistics Canada (2). That means money sitting in a standard savings account earning less than 1% isn’t just standing still — it’s actively losing purchasing power. Your $10,000 buys a little less each year.

By comparison, some of the best HISAs in Canada currently offer everyday interest rates of 2.00% or higher, while promotional rates can reach as high as 4.75% for a limited time (3). On a $10,000 balance, the difference is striking:

• At 0.36% (an average Big Bank rate): up to approximately $38 a year
• At 0.93% (the Canadian average savings rate): approximately $95 a year
• At 2.75% (EQ Bank Personal Account): approximately $278 a year

That’s a gap of more than $240 annually. Over time, that difference compounds into thousands of dollars — simply based on where your money sits.

The structural reasons for this gap are similar to those at play in any competitive market. Canada’s Big Six Banks carry significant overhead costs: branch networks, ATM infrastructure, staffing. These costs mean the banks don’t need to compete aggressively for deposits, and that translates into lower rates for customers.

Online-only banks and fintech companies, on the other hand, operate without branches. Their lower overhead gives them the flexibility to offer meaningfully higher interest rates to attract customers.

A strong savings option worth mentioning

If you’ve been looking for a better place to keep your savings, EQ Bank’s Personal Account is one of the more popular options right now.

EQ Bank, the digital banking arm of Equitable Bank — Canada’s seventh-largest bank — offers an everyday interest rate of 2.75% with no monthly fees and no minimum balance requirements (4). Deposits are eligible for coverage under the Canada Deposit Insurance Corporation (CDIC), providing protection of up to $100,000 for each insured category, per depositor — the same federal protection offered at any Big Six bank.

The account can be opened entirely online in about 10 minutes and funded immediately via Interac e-Transfer.

It’s worth noting that interest earned in a standard HISA counts as taxable income in Canada and must be reported on a T5 slip. However, if your HISA is held inside a Tax-Free Savings Account (TFSA), that interest is completely tax-free (5). Most financial planners suggest maximizing your TFSA contribution room first, then holding any remaining savings in a non-registered HISA.

The Bank of Canada held its overnight rate at 2.25% at its March 18, 2026 meeting (6). That means HISA and Guaranteed Investment Certificate (GIC) rates are likely to remain relatively stable in the near term — making this a good time to compare accounts and lock in a competitive rate.

How to make the switch

If you have emergency savings or excess cash sitting in a standard savings account, moving it to a higher-interest option can take as little as a few minutes.

Start by comparing HISAs from online banks and credit unions against your existing institution. When assessing accounts, look beyond the advertised rate. Consider:

• Whether the rate is promotional or ongoing — promotional rates revert to a lower base rate after a set period
• Monthly fees or minimum balance requirements
• Whether the account is CDIC-insured or covered by a provincial credit union regulator
• Transaction limits or notice periods — some accounts, such as EQ Bank’s Notice Savings Account, offer higher rates in exchange for advance notice before withdrawals

Whether you choose to hold your HISA inside a TFSA or a non-registered account, the key step is simply moving the money. On a $10,000 balance, the difference between a standard bank account and a competitive HISA can easily exceed $240 a year — without any additional risk or complications.

What Canadians can do right now

If your savings are sitting in a standard bank account, here are a few steps to get more from your money:

Compare accounts before you commit. The best everyday HISA rates in Canada as of March 2026 range from 1.50% to 4.75%, depending on the institution and any conditions attached.

Prioritize your TFSA. Interest earned inside a TFSA is tax-free — a significant advantage over a standard HISA, where interest is taxed as income. The 2025 and 2026 annual TFSA contribution limit is $7,000 yearly, and unused room carries forward.

Don’t chase promotional rates blindly. A 4.50% promotional rate that lasts five months and then drops to 0.50% may not outperform a steady 2.75% everyday rate over the course of a year. Run the math before making the switch.

Consider a GIC for money you won’t need soon. If you have savings you won’t need access to for a year or more, a GIC can lock in a rate that’s generally higher than an everyday HISA.

Check your deposit insurance. CDIC protects eligible deposits up to $100,000 for every insured category, per institution (7). If your savings exceed that threshold, splitting deposits across two CDIC-member institutions adds an extra layer of protection.

Bottom line

In Canada’s current interest rate environment, there’s no significant benefit to keeping your savings at a large bank in a standard account. High-interest alternatives are free to open, offer sufficiently higher rates and carry the same government-backed deposit protection. The only thing standing between you and earning more on your savings is a few minutes online.

Article sources

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

Finder Canada (1); Statistics Canada (2); Ratehub.ca (3); EQ Bank (4); Canada Revenue Agency (5); Bank of Canada (6); Canada Deposit Insurance Corporation (7)

“I think I finally solved the stock market,” Arnold shared in a recent post shared on X (1).

His solution? A stripped-down portfolio split between just two sectors: technology and energy. On paper, the results look compelling: the image in Arnold’s post illustrates how the strategy delivered double-digit returns in six of the past seven years.

More importantly, the results are strong relative to risk, with a Sharpe ratio 1.16 (2) — essentially a score of how much return you’re getting for the risk you take. Anything above 1 is generally considered strong.

But before you ditch your index funds, it’s worth asking a tougher question: Did Arnold really decode the market, or just describe what’s been working lately?

A simple bet on two powerful trends

Arnold’s strategy is a straightforward bet on two forces that have shaped the global economy: the explosive growth of Big Tech and the comeback of energy — driven by inflation, geopolitical tensions and supply disruptions.

It’s not hard to see why that combination has worked. Technology stocks have grown on the back of artificial intelligence (AI) and digital transformation. At the same time, oil and gas markets have been rattled by the war in Iran, pushing crude prices to US$104 (C$145) per barrel as of late March 2026. (3)

Put those two developments together, and you get a portfolio that holds its own whether markets are booming or inflation is running hot — something traditional portfolios can struggle to tolerate.

In fact, Arnold’s approach even held up during periods when the classic 60/40 stock-and-bond portfolio (4) struggled, even as rising interest rates hurt bond prices.

What this looks like for Canadian investors

For Canadians watching from the sidelines, Arnold’s two-sector approach feels familiar. The Toronto Stock Exchange (TSX) is already heavily weighted toward energy — the sector accounts for approximately 15.4% of the S&P/TSX Composite Index and delivered returns of over 16% in the 12 months leading up to December 2025 (5).

Canadian tech has had its own wild ride. In 2025, AI hype created what one analyst called the largest gap in 20 years between the TSX’s best and worst tech performers (6). Celestica Inc. stocks shot up 262% while other names lost ground — a sign of how uneven the sector can be.

The broader market had a strong year, too. The S&P/TSX Composite returned 31.7% in 2025 — its best performance since 2009 and the second among G7 markets (7). Energy led the way, followed by materials and financials.

Practically speaking, Canadian investors looking to build Arnold-style exposure can do so through registered accounts. The iShares S&P/TSX Capped Energy Index ETF (TSX: XEG) provides exposure to approximately 26 Canadian energy stocks, with an MER of 0.60% (8). For tech exposure, the iShares S&P/TSX Capped Information Technology ETF (TSX: XIT) tracks the Canadian tech sector. Both can be held inside a Tax-Free Savings Account (TFSA) or Registered Retirement Savings Plan (RRSP), meaning gains can grow tax-free or tax-deferred.

For Canadian investors whose primary means for retirement savings are their RRSP and TFSA (9) — the registered accounts most commonly used to build long-term wealth — the idea of piling into only two sectors raises some concerns. The 2026 RRSP contribution limit is $33,810 (or 18% of prior-year earned income, whichever is lower) (10). The 2026 TFSA annual limit is $7,000 (11). These limits are your hard-won contribution room. Concentrating that capital in only two sectors is a significant bet.

Reasons for investors to be cautious

Here’s an uncomfortable truth most of us may not want to hear: Strategies that look brilliant in the theory may often fall apart when put in practice over a period of time. But there are a few caution signs worth watching out for.

It’s highly concentrated. Two sectors is a bigger bet than robust diversification. If either tech or energy falls, your strategy also takes a hit. In the last full week of March 2026, the tech-heavy Nasdaq index was down 3.23% — its biggest weekly decline since April 2025 (12).

It’s backward-looking. The last seven years were favourable for both sectors. However, that doesn’t mean the next seven will be.

Fragile assumptions. If AI momentum stalls, tech stocks could also slide. If governments clamp down on energy profits, or if supply stabilizes, energy stocks could follow. Supply and price disruptions can reverse as quickly as they happen

The TSX concentration problem cuts both ways. Canadian investors face a specific risk: The TSX is already heavily concentrated in energy, materials and financials, altogether making up approximately two-thirds of the index (13). An investor who doubles down on energy alone may be reducing their diversification rather than building a different kind of portfolio.

What most Canadian investors should consider

The appeal of Arnold’s strategy is understandable: simplicity, clarity and a compelling track record. But as Shon Anderson, president and chief wealth strategist at Anderson Financial Strategies, explained to CNBC: “Each asset class performs differently in various economic and financial environments. When you have multiple asset classes, you should have more opportunities to have pieces of your portfolio make money in almost any environment (14).”

Most everyday Canadian investors — saving through TFSAs, RRSPs, or non-registered brokerage accounts — may not have the stomach for the swings that come with a two-sector portfolio.

There’s no magic formula for long-term investing. What works best is building a portfolio sturdy enough to weather whatever ups and downs the market can throw at it.

A properly diversified portfolio spreads your money across different assets, sectors and countries — which helps reduce risk, smooth returns and limit losses when markets fluctuate. But real diversification goes deeper than just owning different assets. It’s also about spreading different kinds of risk, including inflation, interest rates, economic growth and currency swings (15).

For most Canadians, that still means broad diversification — not a two-sector bet.

What Canadian investors can learn from John Arnold

Arnold’s portfolio is an interesting consideration, rather than a fail-safe template. Here are some practical takeaways for Canadian investors:

Max out your registered accounts first. Before exploring concentrated sector plays, be sure you’re making your full TFSA and RRSP contributions. The tax-free growth inside a TFSA or the tax-deferred compounding inside an RRSP are advantages that no two sector strategy can match.

Understand sector concentration on the TSX. If you already hold a broad Canadian index fund, you’re probably more exposed to energy and financials than you realize. Piling on an energy ETF doesn’t diversify your portfolio — it only doubles down on the same bet.

Think of Arnold’s insight as a consideration rather than a rulebook. His core point — that a simple portfolio can outperform a complex one when it’s lined up with the right economic trends — is good to remember. The tricky part is spotting those trends before they play out. His energy and tech bet paid off for seven years, but that doesn’t mean it always will.

Diversify across borders. The TSX leans heavily on financials, energy and materials — so branching out globally can help balance everything out. A simple way to do that is with an all-in-one ETF such as Vanguard’s VEQT, which spreads your money across Canadian, U.S. and international equities.

Keep an eye on your Sharpe ratio. Arnold uses it to show that his strategy earns strong returns without taking on excessive risk. Simply put, it measures your return based on the risk you’re taking. If your Sharpe ratio is trending down over time, it’s a sign your risk is growing faster than your returns.

Talk to a qualified financial adviser. Before you make any big portfolio moves — especially ones that concentrate your money in a specific sector — make sure they make sense for you: that means your risk tolerance, timeline, income, tax bracket and retirement goals.

Article sources

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

@johnarnold/X (1); Financegeek (2); Trading Economics (3); Vanguard Canada (4); The Motley Fool Canada (5, 8); The Globe and Mail (6); National Bank of Canada (7); Canada Revenue Agency (9, 11); Government of Canada (10); Reuters (12); Questrade (13, 15) CNBC (14)

That number has only grown as the federal government has expanded income-tested programs. The Canada Revenue Agency (CRA) delivers dozens of benefits — from the Canada Child Benefit (CCB) to the quarterly Canada Groceries and Essentials Benefit (formerly the GST/HST credit) — but only to Canadians who file their taxes.

This tax season, the CRA is making it easier to file for free — and within minutes. The deadline for most Canadians is April 30, 2026. If you have a low income and a simple tax situation, you may be able to use the CRA's SimpleFile service — no forms, no fees and no tax software required.

"It's stupid of me, and I know that," one user wrote recently on Reddit's f/PersonalFinanceCanada forum (2) "I've left money on the table… I just want to get it figured out now."

That feeling is more common than most Canadians realize.

What you could be missing by not filing

The average tax refund issued by the CRA last filing season was $2,202 — across more than 13.9 million refunds totalling $30.8 billion (3).

But refunds are only part of the story. Non-filers also forfeit access to the Canada Groceries and Essentials Benefit, the Canada Workers Benefit (CWB), provincial credits, and potentially the CCB for families with children.

According to the CRA, some Canadians eligible for SimpleFile may think they don't have a reason to file, especially if they don't owe taxes — but the agency says filing is essential to unlock benefit and credit payments throughout the year (4). For lower-income seniors, not filing can also interrupt Guaranteed Income Supplement (GIS) payments.

Non-filers are most likely to be male, young, single and concentrated in lower income brackets, according to research (5). New Canadians, individuals with language barriers, and those with cognitive challenges are also disproportionately affected, the CEO of Prosper Canada has noted (6).

SimpleFile: the CRA's free filing shortcut — and who qualifies

SimpleFile opened for the 2025 tax year on March 9, 2026. As of this year, nearly three million Canadians are eligible, according to the CRA. The service has two formats:

• SimpleFile Digital: Available online without an invitation. Takes 10 to 20 minutes. No forms, no calculations. The CRA uses your answers plus information it already has on file to complete and process your return.
• SimpleFile by Phone: Available only by invitation, sent in March and again over the summer to those who have never filed or have a filing gap.

To qualify for SimpleFile Digital, you must be a Canadian resident with no income or income limited to specific sources and below a certain threshold, and your tax situation must be straightforward — no self-employment income, no foreign property over $100,000 and no bankruptcy during 2025. Eligibility also varies by province and territory.

If you did not receive an invitation, the CRA's eligibility questionnaire at canada.ca/simplefile can tell you whether you qualify.

What's coming next: the CRA auto-filing pilot

The CRA is also preparing a larger shift. Pending Royal Assent, a "deemed filing" pilot is expected to launch in fall 2026. Under this model, the CRA would file a tax return on behalf of eligible individuals who do not owe tax — unless they choose to opt out.

From March 2027, pre-filled returns will be available in CRA My Account for roughly one million lower-income Canadians, expanding to approximately 5.5 million by March 2029 (7). Budget 2025 committed $71 million over five years to fund the rollout.

But that future system does not help Canadians who need to receive the Groceries and Essentials Benefit top-up this spring. That requires a filed 2025 return before April 30.

Limitations worth knowing

SimpleFile does not handle every situation. Medical expenses, tuition deductions and some provincial credits cannot be processed through the service. In 2023, only 7% of the Canadians invited to use SimpleFile by Phone actually did so — often because they found the instructions unclear or lacked the technology to complete the process, according to the Institute for Research on Public Policy (IRPP) (8).

For Canadians with more complex situations, free tax clinics run through the Community Volunteer Income Tax Program (CVITP) are available in-person and virtually. Call 1-800-959-8281 or visit canada.ca/taxes-help to find a clinic near you.

What to do before April 30

• Check your CRA My Account for a SimpleFile invitation. If none appears, try the eligibility questionnaire at canada.ca/simplefile.
• File your 2025 return before April 30 to access the Canada Groceries and Essentials Benefit top-up, expected by June 2026.
• Even with zero income, filing matters: it unlocks GST credits, CCB, CWB, provincial credits and RRSP contribution room.
• Need help? Call the CRA at 1-800-959-8281 or find a free tax clinic at canada.ca/taxes-help.

Missing the auto-filing pilot is not a risk worth taking. The benefits the CRA administers — worth thousands of dollars a year for many low-income Canadians — depend on a filed return. The quickest path to that money, right now, runs through SimpleFile.

Article sources

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

Canadian Public Policy (1, 5); Money.ca (2); Government of Canada (3); BNN Bloomberg (4); CBC (6); Government of Canada (7); Institute for Research on Public Policy (8)

On November 27, 2025, OPP officers received a report of an individual having their identity defrauded, CTV News reported (1). The investigators on the case allege that the victim’s personal information was used to create a fake identification card.

Police allege that this fake ID was used at a bank in New Tecumseth, ON, to obtain a credit card in the name of the victim. But, the string of fraud didn’t stop there. OPP investigators state that the identical ID was used once more in Surrey, B.C., to purchase a “luxury vehicle.”

At this time, police are asking members of the public to come forward if they recognize the subject in question. Anyone who may have information about the matter has been asked to contact the Nottwasaga police, the news outlet noted.

The state of identity fraud in Canada

Identity fraud — bad actors stealing personal information for financial benefit (2) — is one of the most persistent, and most reported, fraud types across the nation.

According to the Canadian Anti-Fraud Centre’s (CAFC) 2024 Annual Statistical Report, identity fraud was the most reported type for that year, with over 9,600 reported incidents out of 108,878 (3). And these cases only represent a small portion of the fraud in Canada; the CAFC estimates that only 5% to 10% of incidents are actually reported (4). In total, Canadians lost a combined $643 million to fraudulent activity in 2024.

Identity fraud can take many forms, from obtaining personal information from a phishing email or even impersonating a financial authority to get key information from consumers to open bank accounts or apply for credit cards. In some cases, fraudsters can obtain personal information from data breaches against businesses or even buy personal information from an inside source (5).

Once they have this information, bad actors use it for immediate financial gain. This is usually done by applying for additional credits in the victim’s name, draining their bank accounts, applying for loans or other benefits, or making lavish purchases (6). The only real pattern with fraudsters is taking advantage of others, and doing so quickly.

While identity fraud is devastating in its own right, it's the more hidden consequences that can wreak continued havoc on consumers after the incident is resolved.

How identity theft hurts more than just your account balance

Identity theft or fraud is destructive because consumers lose their hard-earned funds. But there’s more at play than just money. For example, if a fraudster opens a line of credit in your name but never repays it, your credit score will take a major hit if the issue is not resolved (7). Having a lower credit score can impact your ability to get lower interest rates on loans and get approved for a mortgage.

There’s also a devastating emotional component to identity fraud. Research from Equifax found that identity fraud victims show signs of emotional trauma similar to a person who has had their home broken into or been assaulted (8). Moreover, victims can show signs of depression, grief and heightened anxiety from being taken advantage of. These psychological issues can take time to mend.

How to react properly if you fall victim

If you’ve been receiving credit card statements with transactions you don’t recognize or have gotten bills in the mail for services you’ve never requested, you may be a victim of identity fraud. Here’s how to react correctly.

1. Report it immediately. As soon as you notice something suspicious, report it to the local police, the CAFC, your financial institutions and the credit bureaus (Equifax and TransUnion). If you believe your social insurance number may be at risk, contact the CRA.
2. Document every step. Once you have taken immediate action, start gathering evidence and documenting your incident. Write down when you noticed the fraud, how much you lost and the steps you have taken so far. You may be required to swear an affidavit of forgery to prove the fraud occurred and to properly dispute fraudulent accounts or debts (9).
3. Take proactive measures. Following reporting and documenting the issue, start closing any affected credit cards, accounts and change passwords on all your financial logins. In some cases, placing fraud alerts with your credit bureaus can also protect you from additional fraudulent transactions (10). It’s also critical you begin the process of restoring your identity with Equifax and TransUnion to protect your credit score long-term. These bureaus have departments to help you restore your identity properly.
4. Remember your rights. Seeing your credit score plunge and your financial accounts drop can make you wonder if you’re on the hook. According to the Canadian Government, as long as you took reasonable care to protect your credit/debit card information, you cannot be held liable for more than $50 in most cases regarding unauthorized transactions (11). Additionally, federally regulated financial institutions (e.g. any of the Big six banks) cannot hold you responsible for a financial transaction simply because your password or PIN was used.

Bottom line

Identity fraud is a devastating crime that leaves consumers psychologically vulnerable and even financially crippled. But, it’s preventable. Taking measures like reviewing your credit report annually and setting up real-time notifications on your banking apps to catch fraudulent activity before more damage is done is paramount. Early detection makes all the difference.

Article sources

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

CTV News (1); CAFC (2, 3, 4); Equifax (5, 8, 10); Government of Ontario (6); Credit Counselling Society (7); TransUnion (9); Government of Canada (11)

But the people running the town will say that the community is on the verge of a transformation that most small towns only dream of.

From stagecoach stop to a growing regional hub

Situated about 50 kilometres north of London, Exeter serves as the primary urban hub for the municipality of South Huron. The community was originally settled in the mid-19th century and built its early reputation on a thriving canning industry and its location along the historic London to Brucefield stagecoach route.

Today, while it is famously known as the "Home of the White Squirrel" due to its unique population of leucistic mammals, Exeter has evolved into a key service centre for the surrounding agricultural industry. Its proximity to both the Lake Huron shoreline and the growing city of London makes it an increasingly attractive destination for those seeking a blend of rural charm and modern accessibility.

Recent provincial infrastructure investments show that what’s happening in Exeter is a perfect case study for anyone interested in where Ontario’s housing market is headed. It’s not just about hammers and nails; it is about the unglamorous world of municipal sewage.

For years, the southern end of Exeter has had the land but lacked the capacity to support significant growth. That’s changing thanks to the London Road South trunk sewer project. This isn’t just a minor upgrade. It’s a $7.5 million endeavour that will extend a trunk sanitary sewer pipe to the town’s southern edge.

The provincial government is footing a massive portion of the bill, contributing $5.3 million through the Housing Enabling Water Systems Fund. While "trunk sewer" may not sound like the most exciting topic, the implications for the local economy and real estate landscape are significant.

South Huron Mayor George Finch is not understated about the impact. In a recent interview with CTV News London (1), he described the project’s potential as "legendary."

"Once that pipe goes into the ground, which we anticipate to be done this year, that will allow up to 2,100 new homes to be built on the south end of Exeter," Finch said.

To put that in perspective, South Huron currently has about 4,500 homes. Adding 2,100 new units to Exeter would increase the entire municipality’s housing stock by nearly 50%. This is a massive shift for a rural community, and it represents a broader trend in Ontario: the push to move housing supply beyond the cramped borders of the GTA and into the surrounding counties.

Why a single pipe changes the local economic landscape

When analyzing these shifts, timing is the most critical factor. Even with the necessary infrastructure, houses do not appear overnight.

"When you think of how many people that would bring to the community, now, they’re not going to be building homes tomorrow or next week," Finch noted. "There’s going to be land acquisitions, planning applications to come through and whatnot, but the potential is huge."

The long term projections for the area are bullish. Huron County predicts that South Huron will lead the region in population growth and housing starts through 2051, averaging about 70 new homes per year over the next quarter century.

Finding the hidden signals in municipal growth plans

Getting ahead of the curve in the Ontario real estate market requires following the "sewer money." Real estate value is often driven by serviced land. When a municipality announces a major water or wastewater project, it’s often a leading indicator of where the next major developments will occur.

In this case, the Exeter project is part of a larger $40 million provincial investment in Huron-Bruce intended to unlock nearly 5,000 new homes across the region. For those looking for more affordable entry points into the housing market compared to London or Kitchener-Waterloo, these "infrastructure-ready" towns are worth watching.

Monitoring these opportunities can be done by checking the Ontario Ministry of Infrastructure’s newsroom or looking at municipal "Capital Expenditure" reports.

The $5.2 billion blueprint for growth in Halton

While Exeter represents a significant rural expansion, the town of Georgetown in Halton Hills serves as a prime example of how major wastewater infrastructure acts as the "go signal" for large-scale urban development.

For anyone tracking the connection between pipes and property values, Halton Region’s massive infrastructure investment is a masterclass in planning. The region is currently deploying a $5.2 billion investment in water, wastewater and roads infrastructure by 2031. A cornerstone of this plan is the expansion of the Mid-Halton Wastewater Treatment Plant, which is boosting capacity from 125 to 175 million litres per day to handle the influx of residents in Georgetown, Milton and Oakville (2).

This investment is the literal foundation for "Vision Georgetown," a massive 1,000-acre development project. Located south of 15 Sideroad between Eighth Line and Trafalgar Road, this new community is expected to house approximately 20,000 new residents. Much like the project in Exeter, the construction of these homes is entirely dependent on the successful rollout of the Drumquin Wastewater Pumping Station, designed to move 1,200 litres of wastewater per second from Georgetown to the central treatment plant.

Without these deep-earth connections, the thousands of planned townhouses, apartments and schools in Vision Georgetown would remain on the drawing board. For investors and homeowners, Georgetown’s strategy highlights a vital lesson: the real growth doesn't start with the first brick laid, it starts with the first pipe buried.

"The water capacity is there. And now the wastewater will be the next project," Finch said. "And like I said, that will be done hopefully by the end of this year. And then let’s see where it goes. The future is bright for South Huron."

Article sources

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

CTV News (1); Halton Region (2)

After uncovering this charge, McKay began an eight months’ long battle with the telecom company to have the debt wiped off her record. Rogers alleged that McKay opened the account for a family member and lived at the address attached to it. However, McKay disputes these details: She claims she never opened an account for a family member, and she hasn’t lived in the address tied to the account for nearly 10 years.

"They sat there and went, 'Well, are you sure you didn't forget? Lots of people forget they open accounts,'”McKay told the outlet, adding, "Forgetting to buy a pack of gum I understand, but opening up a cable account, which is over $100 a month? That's a big leap."

During the battle, McKay filed a complaint with the Commission for Complaints for Telecom-television Services (CCTS), an organization that helps customers resolve complaints with telecom and internet companies. However, Rogers argued in an email that McKay didn’t have the right to do so, citing the fact that she has “expressly confirmed they are not the account holder and are therefore not authorized to submit a complaint on behalf of the account holder.”

McKay told CBC that she also tried to dispute her debt with Equifax, and Rogers had no issue telling them the debt was indeed hers, which caused confusion given the response to her CCTS complaint. In addition to contacting these agencies and organizations, McKay also contacted the Winnipeg police, who confirmed they are investigating the fraud claim.

In an email to CBC, Rogers notes it continues, “to work with local law enforcement as they conduct their ongoing review, consistent with our customer’s request."

After CBC contacted Rogers, McKay says the debt was removed from her Equifax report the following day.

How application fraud works

McKay appears to have fallen victim to what’s known as application fraud (a subset of identity fraud): When a bad actor uses personal information to open an account or apply for a financial service and receive the benefits without ever paying (2). This type of fraud can take many forms: In some cases, personal information is stolen to access services. In others, a fraudster provides false information to gain approval for accounts or loans (e.g. applying for a mortgage). McKay’s case is the former.

Personal information can be obtained in several ways, including data breaches and social engineering scams (3). In some cases, fraudsters use breached data as a starting point, then gather additional details to make fraudulent applications more convincing.

The good news is application fraud is experiencing a downswing, for now. A recent report from Equifax found that overall application fraud rates have dropped to their lowest point since Q3 of 2022 (4). However, even though this type of criminal activity is stagnating, Canadians who get caught in its web can face massive financial consequences.

The consequences of application fraud

Part of the reason application fraud can be so devastating is because of how businesses deal with unpaid accounts. Generally speaking, if an invoice in your name goes unpaid long enough, your credit score will be lowered due to your perceived inability to repay debts (5). These negative data points will stay on your credit report for six to seven years.

If a bill remains unpaid long enough, a business may sell it to a collection agency to retrieve payment on its behalf. The tactics can be aggressive, with individuals being contacted repeatedly and asked detailed questions about their income, employment and assets (6).

This can take an emotional and financial toll on anyone — especially if the debt was not theirs to begin with.

How you can dispute unfair bills

Given the damage application fraud can leave in its wake — just look at the eight-month-long battle McKay went through — you can quickly feel overwhelmed. So how can someone deal with an unfair invoice? Here’s some simple advice:

• Report it immediately. If you receive a bill that you did not authorize, report it immediately to your service provider and credit bureaus. If you suspect the transaction is fraudulent, report it to the Canadian Anti-Fraud Centre (CAFC) and your local police (7).
• Document everything. It’s critical to have evidence of anything related to the incorrect charge. Record when you received or found out about the debt, who it is from, if money left your account and when, and if you suspect your personal information was stolen or at risk (8). These details are important if you need to dispute a bill with a service provider.
• Escalate if necessary. If after disputing the bill you and the service provider do not agree, escalating the issue to a regulatory body can help. In the case of television or telecom-related services, contact the CCTS (9). If the issue is not resolved, also remember to file a dispute with Equifax and TransUnion, since each is a separate entity (10).

Always keep an eye out

Intuitively, we know when something is off when it comes to our finances. The issue is not how observant we are, but rather not reviewing our records often enough. Application fraud can be caught earlier with proper financial tracking in place.

Start by setting up real-time alerts on your banking apps so you can see suspicious transactions immediately instead of responding too late. Regularly checking your credit report is one of the most effective ways to catch unauthorized transactions early. The Financial Consumer Agency of Canada (11) recommends reviewing reports from both Equifax and TransUnion at least once a year to ensure no unauthorized accounts or credit applications appear.

Remember: The longer fraudulent accounts go unnoticed, the more likely they are to be reported to credit bureaus and sent to collections — making them significantly harder to reverse.

Article sources

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

CBC (1); FICO (2); Canadian Lenders Association (3); Equifax (4, 10); Credit Counselling Society (5); MNP (6); CAFC (7); Competition Bureau Canada (8); CCTS (9); FCAC (11)

New federal rules capping NSF fees at $10 for personal deposit accounts — down from as high as $50 — came into force under an announcement from Federal Finance Minister François-Philippe Champagne. The measure is aimed specifically at those living paycheque to paycheque. And is considered welcome news for the more than 1 in 3 Canadians who end up paying at least one NSF fee annually (1).

What the new $10 NSF cap actually covers — and what it doesn't

The cap applies to personal deposit accounts at federally regulated financial institutions, including Canada's major banks and federal credit unions.

Business and corporate accounts are excluded.

The Financial Consumer Agency of Canada (FCAC), an independent federal regulator, will oversee compliance.

Under the new rules, consumers cannot be charged more than $10 for a missed payment, cannot be charged an NSF fee more than once within two business days on the same account, and cannot be charged an NSF fee at all when their account shortfall is under $10.

That last protection is significant. Before this cap, NSF fees could be applied regardless of how small the shortfall was and could pile up quickly when multiple payments were declined in rapid succession.

Don't get caught in the two-day trap

While the new NSF restrictions are meant to minimize fees paid by Canadians there are limits. For instance, the two-business-day restriction applies per account, not per individual. If a consumer holds two accounts — whether at the same bank or different banks — an NSF fee may still be charged on the second account within that window.

How much this could save Canadians

The government estimates the new cap will save Canadians more than $600 million annually (2). For households regularly hit by NSF fees, the relief is direct. KOHO CEO Daniel Eberhard said lower-income Canadians could be paying anywhere from $500 to $1,000 a year in NSF fees — money disproportionately extracted from those who can least afford it (3).

The federal government estimates approximately 1.9 million NSF transactions will be eliminated in the first year alone (4).

What to do if your bank hasn't complied

Hit with NSF fees in the past? It's time to pay attention. Be sure to check your bank statement regularly. Any NSF fee above $10 charged on or after March 12, 2026, on a personal deposit account at a federally regulated bank may be a violation of the new rules.

The FCAC has published information for consumers on Canada.ca explaining their rights regarding NSF fees. If you believe your bank has not complied, you can contact the FCAC directly at 1-866-461-3222 or through its website.

The government also noted that 14 federally regulated financial institutions — including Canada's largest banks — have committed to offering no-cost or low-cost accounts as of December 1, 2025, with $0 per month options available for youth, students, seniors receiving the Guaranteed Income Supplement (GIS) and Registered Disability Savings Plan (RDSP) beneficiaries. Asking your bank about these options is a practical next step for any account holder paying monthly fees (5).

Smarter moves to avoid NSF fees entirely

The best protection against NSF fees is avoiding them altogether. Most banks offer low-balance alerts by email or text — enabling these notifications before your balance drops is one of the most effective, zero-cost tools available.

If you regularly run close to zero between pay periods, consider whether your current account structure still makes sense. A no-fee account with automatic low-balance alerts removes two common sources of unnecessary cost at once.

The $10 cap is a meaningful improvement for millions of Canadians — but the rule only helps if you know it exists.

Article Sources

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

Department of Finance Canada (1)(2)(5) ; Daily Hive (3) ; Torys LLP (4)

Imagine Tammy, 55, and her husband Bill, 60. They’re both healthy, but Tammy’s sister recently passed away and Bill’s father is in a care home, so estate planning is top of mind for both of them.

Bill has two adult children from a previous marriage. Tammy doesn’t have children of her own, and although she tried to cultivate a relationship with her stepchildren, they never made much of an effort to get to know her.

While Bill had about $250,000 in assets prior to the marriage, Tammy brought about $325,000 of her own assets into the marriage. They’ve since built up a $1 million nest egg and own their home.

Ultimately, it’s their money, and they can do what they want with it — and Bill wants to leave everything to Tammy in his will. He says his kids are irresponsible and would waste an inheritance.

But Tammy fears that Bill’s position will strain her relationship with her stepchildren further.

She’s wondering if there’s an estate planning structure that would protect her financially while preventing a family war if her husband passes away before she does.

On the other hand, if Bill outlives her, Tammy wants to leave her own assets to her late sister’s daughter.

Blended families mean complex estate planning

Blended families add complexity to estate planning. According to 2021 Census data, there were more than 500,000 stepfamilies in Canada (with at least one child from a previous relationship). Additionally, of all couples with children, approximately 12% were stepfamilies (1).

That’s why it’s imperative for partners in blended families to seriously consider an estate plan in the beginning. Unfortunately, most people avoid end-of-life arrangements altogether.

Less than half (48%) of Canadians have a will, according to a report by the National Institute on Ageing (NIA) in collaboration with RBC Royal Trust — and that number drops to just 34% for those aged 35 to 54 (2).

If you die without a will, also known as intestate, the province or territory where you live will determine how your assets are distributed, known as intestate succession. Intestacy rules differ significantly by province or territory, so the outcome for your family is regionally specific. This process takes place in court and can drag on for months or years.

For example, in British Columbia, a surviving spouse receives a higher preferential share ($300,000) when all children are conceived between the spouses, but only $150,000 when there are children from a previous relationship — directly relevant to blended families like Tammy and Bill's (3). Meanwhile, in Ontario, the preferential share is $350,000 regardless of whether children are from the current or a prior relationship (4).

The exception would be solely owned retirement accounts like RRSPs and life insurance, which typically skip probate and go directly to the named beneficiary. Also, property acquired before marriage isn’t automatically split.

When it comes to intestate succession, provinces and territories follow a hierarchy to decide who inherits assets and how much. The rules vary by province, but the general order is:

• The legally married spouse who receives a priority "preferential share" before the estate is divided with children
• Biological or adopted children — not stepchildren, who have no automatic inheritance rights under intestacy law in most provinces, including Ontario, unless they have been legally adopted (5)
• Parents
• Siblings, nieces or nephews

Critically for blended families: Common-law spouses are also excluded from intestacy rights in Ontario, Quebec, New Brunswick, Newfoundland and Yukon (6). And because stepchildren are not "children" under most intestacy statutes, a stepparent who dies without a will leaves their stepchildren nothing — regardless of how close the relationship was (7).

In contrast, couples who prepare wills can bequeath their assets to whomever they wish (including to one another).

Thankfully, Bill has prepared a will and certain assets will go directly to Tammy — including their joint bank accounts, jointly owned home and investments they’ve built together.

These are protected under joint tenancy with rights of survivorship (JTWROS) laws that govern assets jointly owned by spouses. In such cases, when one owner dies, the assets pass to the other owner — no probate required (8).

It would be a different matter if they owned their home as ‘tenants in common,’ meaning that Tammy would be considered to own only half of the home upon Bill’s death (9).

In situations like this, there isn’t a right or wrong answer. If Bill doesn’t want to leave an inheritance to his adult kids, that’s his right. Nor is Tammy under any obligation to explain her financial choices to her stepchildren.

However, Bill may want to consider talking to his children about his wishes now, while he’s still alive, rather than placing the burden on his wife to deal with it after his death.

Article sources

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

Vanier Institute (1); Statistics Canada (2); Onyx Law BC (3); Northern Law (4); RBHF (5); Mondaq (6); CBA (7); Manulife (8); HGR Graham (9)

The cause is clear: The war in Iran has disrupted tanker traffic through the Strait of Hormuz, the narrow waterway that normally carries about 20% of the world’s oil. For Canadian drivers, that means roughly $20 to $25 more every time they fill up their tanks.

But not everyone sees the situation as entirely bad news. Canada sits in an unusual position — it’s one of the world’s major oil producers, which means higher prices cut both ways here in a way they don’t in most countries.

Why Canada is different

The world’s top five oil-producing nations tell part of the story. The U.S. leads with about 22% of global production. Canada, at roughly 5%, sits in fourth place — just ahead of Iraq, and behind Saudi Arabia (2). That means when global oil prices rise, a significant part of Canada’s economy benefits directly.

University of Toronto political science professor emeritus John Kirton put it plainly to Global News: “Canada is a net oil and gas surplus producer and exporter and it will be for the next year even more. So the longer this goes on, the better it will be (3).”

Alberta’s government collects more royalty revenue when oil is expensive. Canadian energy stocks — Suncor, Canadian Natural resources, Cenovus — have climbed sharply since the conflict began (4). For pension funds and investors with Canadian energy exposure, higher oil prices can mean better returns.

But ordinary Canadians still pay at the pump

Here’s the thing that confuses many people: If Canada produces so much oil, why do gas prices go up when there’s a global supply shock?

The answer is that Canadian crude is priced against international benchmarks, such as Brent crude or West Texas Intermediate (WTI). When these benchmarks rise, domestic prices follow — regardless of where the oil was pumped out of the ground (5). As UBC professor Werner Antweiler explained to CBC News, countries in Asia are currently buying North American oil to cover their shortages, which pushes prices up here at home, too. “As soon as there is a bottleneck somewhere, there is a demand for oil everywhere,” he said (6).

The ripple effect to costs happens well beyond the gas station. Everything that’s shipped by the trucking industry — and most goods are — gets more expensive. An Ontario farmer warned BNN Bloomberg that if diesel prices stay this high, grocery bills could rise 25% to 50% in the months ahead — however, there is no data to support this anecdotal claim at the moment (7). Airlines are also feeling it: Both Westjet and Air Canada are sounding the alarm that higher jet fuel costs will likely lead to fare increases (8).

The Bank of Canada’s difficult call

For households already stretched by the cost of living, the timing couldn’t be worse. University of Calgary economist Trevor Tombe told The Hub that Canadians should prepare for prolonged inflation if the conflict continues — and that even a quick resolution might not bring immediate relief, given lingering supply chain disruptions (9).

The Bank of Canada is in a tough spot, too. It can’t lower rates to support a slowing economy if inflation is rising at the same time. Tombe noted that the Bank is predicting where the economy will be in 18 months, rather than focusing only on what’s happening today. That means Canadians shouldn’t expect rate relief as a cushion against rising fuel costs anytime soon.

Actions you can take

Global markets aren’t something any of us can control. But there are small, practical steps you can take to reduce the impact on your own budget right away:

At the pump: Use apps like GasBuddy to find the cheapest station near you and fill up earlier in the week, when prices tend to be lower. Avoid premium fuel unless your vehicle specifically requires it.

On the road: Combine errands into single trips, keep your tires properly inflated and your car well-maintained to improve fuel efficiency. If your job allows remote work, even a few days working from home every week helps save.

On groceries and household costs: Start building a small buffer in your grocery budget now, before prices climb further. Buy shelf-stable staples in bulk while prices are still relatively secure as a small hedge against inflation.

On your finances: If you’re carrying variable-rate debt, talk to your lender about locking in a fixed rate before they go up.

Bottom line

High gas prices are a significant hardship for most Canadian households — and the costs go well beyond the pump. For energy-producing provinces and investors with Canadian oil exposure, there’s a real upside.

However, it’s a different story for everyone else. The best strategy is to reduce your exposure where you can, plan ahead for higher grocery and travel costs and resist the urge to make big financial decisions based on where oil prices are today. The conflict is still unfolding, and no one can say with any certainty how long the pain will last.

Article sources

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

CBC (1, 6); EnergyNow (2); Global News (3); Bloomberg (4, 7); Government of Alberta (5); Travel Pulse (8); The Hub (9)

The debate over supplemental health insurance has been playing out loudly in the United States — and the lessons are directly relevant to Canadians. Personal finance expert Suze Orman has been vocal about the risks of relying on plans that look good on paper but fail when care is actually needed. In late 2024, comedian and commentator John Oliver devoted a critical 31-minute segment on Last Week Tonight on the problems with privatized health plans for seniors in the U.S., arguing the plans are “woefully insufficient,” riddled with denials and delays, and are costly to taxpayers (1).

While Canada’s publicly funded healthcare system is very different from the America’s, the underlying personal finance dilemma is the same: are you paying for supplemental health coverage that actually works for you?

Why the debate matters for your wallet

Orman’s warning in the U.S. context was simple: some plans look affordable and comprehensive on paper, but the real test comes when you’re sick, injured or navigating a chronic condition. She urged people to carefully review their annual notice of change and consider their alternatives before staying put (2).

That advice resonates in Canada, where provincial public health plans cover the essentials — doctor visits, hospital stays and emergency care — but leave significant gaps, particularly for retirees and seniors.

Canadian Medicare covers approximately 70% of Canadians’ healthcare needs (3). The remaining 30% is paid privately — out of pocket or through private supplemental insurance. That 30% includes prescription drugs not on a provincial formulary, vision, hearing aids, paramedical services (such as physiotherapy and chiropractic care) and many home care services.

For seniors, those gaps can be financially significant. According to data from PolicyMe’s health insurance access and affordability research, 21% of older Canadians are uninsured for supplemental coverage, and 47% of Canadians aged 55+ are delaying medical visits due to cost — including 35% who have delayed dental care, 28% who have delayed vision care and 21% who have delayed mental health services (4).

What Canadian public health coverage actually gives you

Canada’s publicly funded healthcare system, informally called Medicare and governed by the Canada Health Act, provides universal coverage for medically necessary services through each province and territory. But “medically necessary” has a specific, limited meaning.

Provincial health plans generally cover:

• Doctor and specialist visits
• Hospital stays and emergency care
• Approved diagnostic tests (X-rays, MRIs, bloodwork)
• Some prescription drugs through senior drug benefit programs — for example, the Ontario Drug Benefit (ODB), BC PharmaCare, the Nova Scotia Seniors’ Pharmacare Program

Provincial health plans generally don’t cover:

• Prescription eyeglasses or contact lenses
• Hearing aids
• Paramedical services such as physiotherapy, chiropractic care, massage therapy, psychology
• Brand-name or nonformulary prescription drugs
• Home nursing care or long-term home support
• Semi-private or private hospital rooms

The Canada Health Act doesn’t cover prescription drugs, home care, long-term care or dental care. Provinces provide partial coverage for children, people living in poverty and seniors, but programs vary significantly by jurisdiction (4).

Because of those gaps, more than 67% of Canadians carry some form of private supplemental health insurance, with many receiving it through employer-sponsored group plans. (5)

The retirement “coverage cliff” effect

One of the most financially dangerous moments for Canadian seniors comes at retirement, when employer-sponsored group benefits end, or transition to a less comprehensive retiree plan.

According to Statistics Canada’s 2024 Labour Force Survey, 75.1% of core-age employees (25 to 54 years old) had access to supplemental medical or dental benefits through their main job. For employees aged 55 and older, that figure dips to 67.4%. (6) When those employees retire, the coverage often disappears entirely.

For workers without a retiree benefits package, the transition out of a group plan can leave a costly gap at the exact moment their healthcare needs are likely increasing.

The average monthly cost of a private health insurance plan for Canadian seniors ranges between $50 and $300 each month, depending on province, age, coverage level and provider (7). Full coverage plans — including dental, vision, paramedical and prescription drug coverage — can range from $100 to $200-plus each month for a single senior aged 65 and over (8).

What the Canadian Dental Care Plan changes

A significant shift in Canada’s coverage range is the introduction and implementation of the Canadian Dental Care Plan (CDCP), a federal program launched in late 2023 and fully expanded to all eligible Canadians in 2025.

The CDCP provides government-funded dental coverage to eligible residents who don’t have dental insurance and whose adjusted annual family net income is less than $90,000. As of February 2026, the plan had approved almost 6.4 million Canadians (7).

Coverage under the CDCP includes preventive services (cleaning, X-rays), restorative services (fillings), endodontic care and oral surgery. However, individuals with adjusted family incomes between $70,000 and $79,000 must pay a 40% copayment, and those with incomes between $80,000 and $89,999 must pay 60% (9).

The CDCP doesn’t cover all dental services or apply to individuals who already have private dental insurance. Also, the CDCP only covers procedures up to a set fee established by Health Canada. If your dentist charges more than that amount, you’ll pay the difference out of pocket — a practice called “balance billing.”

Orman’s advice in the U.S. context — to carefully review what your plan actually covers — applies equally here: the existence of a program doesn’t guarantee it covers everything you need.

The Suze Orman test: Does your plan actually work for you?

Orman’s criticism of U.S. privatized plans centred on a core concern: that the incentives within a plan aren’t always aligned with the policyholder’s interests. She urged people to read their annual notice of change carefully and not to passively stay in a plan that no longer serves them.

While Oliver’s criticism was aimed at structural problems in the U.S. Medicare Advantage system, his underlying message — that plan rules, network restrictions and prior authorization processes can make getting care far harder than it should be — is a warning worth paying attention to (10).

For Canadians, it’s worth asking the same questions about any supplemental private plan:

• Does your plan cover the doctors, dentists and paramedical providers you actually use?
• Are your prescription medications covered or are you paying for a drug plan that doesn’t cover your specific prescriptions?
• Are there annual coverage limits that are lower than what you typically spend?
• Has your insurer changed premiums, networks or coverage at renewal without your full attention?

Staying put is easy. But it’s worth checking that your supplemental plan is still delivering value every time your policy renews.

Stick with your supplemental plan if:

• It covers your current doctors, dentists, paramedical providers and prescription medications at a reasonable cost
• You’re healthy and rarely need specialist or extended care
• The premium is affordable relative to your expected annual expenses
• You have a chronic condition that the plan is managing well

Consider switching or reviewing your supplemental plan if:

• You have retired and your group coverage has ended or changed significantly
• Your out-of-pocket costs are consistently higher than expected
• Your insurer has changed your premiums, coverage, or provider networks at renewal
• A new program, such as the CDCP, may now cover some services your current plan includes — making part of your coverage redundant
• You’ve developed a chronic or complex condition that requires more specialist access

Next steps for Canadians

If you’re unclear whether your current supplemental health coverage still makes sense, here are steps to take:

1. Know what your provincial plan covers

Each province and territory publishes its health benefits guide. Understanding exactly what your provincial plan covers — and what it doesn’t — is the starting point for any decision about private supplemental coverage. Check your province’s ministry of health website for the most current information.

2. Inquire about the Canadian Dental Care Plan

If you don’t currently have dental insurance and your adjusted family net income is below $90,000, you may be eligible for the CDCP. Applications can be submitted online through your My Service Canada Account or by calling Service Canada at 1-833-537-4342. Take note that you’ll be required to renew every year.

3. Review your private plan annually

Read your renewal notice carefully. Premiums, coverage limits and provider networks can change. A plan that was right for you at 60 may not be right for you at 70.

4. Act at retirement or job change

If you’re leaving a group employer plan, ask your HR department or plan administrator whether you can convert your group plan to an individual plan. Conversion windows are often time-sensitive — typically 60 to 90 days after losing group coverage — and opting in without a medical questionnaire is a significant advantage if you have pre-existing conditions.

5. Get independent advice

A licensed insurance broker can compare supplemental health plans across multiple providers and help you find the right fit for your budget and health needs. If you want advice that takes your full financial picture into account, consider a fee-only financial adviser.

-With files from Melanie Huddart

Sources

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

YouTube (1, 8, 10); Suze Orman (2); Wikipedia (3); PolicyMe (4); Aeva (5); Statistics Canada (6); Canada.ca (7, 9)

According to analysis from RBC, higher energy prices tend to hit consumers quickly through fuel costs, while also gradually pushing up costs across the broader economy as businesses adjust pricing.

That dynamic is now becoming more visible, with fuel surcharges and related fees appearing across a growing number of industries — from travel to deliveries to everyday services.

Airlines and travel

Fuel costs are, of course, a significant factor in airline pricing, and they’re playing a greater role today as oil prices jump.

Major carriers like Air Canada and WestJet typically build fuel costs into ticket prices rather than listing a separate surcharge. That means travellers may not see a specific line item, but higher fuel prices are still reflected in fares, particularly on long-haul or last-minute bookings.

However, according to CBC (1), Air Canada Vacations, which specializes in travel packages, will be adding a $50-per-passenger fuel surcharge to all of its warm-weather destinations, as of April 6.

Shipping and deliveries

Fuel surcharges are more transparent — and more dynamic — in the shipping sector.

Companies like Canada Post, FedEx and UPS regularly adjust fuel surcharges based on current diesel or gasoline prices.

According to CBC News, Canada Post has introduced temporary fuel surcharges of 35% on domestic services, 20.75% on international parcels and 18.75% on international packets between March 30 and April 5.

Meanwhile, Amazon is also passing on higher fuel costs, applying a 3.5% surcharge to fulfillment fees for Canadian sellers using its Fulfillment by Amazon program starting April 17.

From ride-hailing to home services, the fees add up

Ride-hailing and delivery companies are starting to respond to rising fuel costs, CBC notes — but for now, much of that pressure is being absorbed behind the scenes rather than passed directly on to customers.

With average gas prices in Canada reaching $1.76 per litre, up 22 cents year-over-year, companies such as DoorDash and Lyft have introduced temporary support programs to help drivers offset higher fuel expenses. DoorDash, for example, is offering up to $36 per week based on distance driven, while Lyft has rolled out a similar initiative.

At the same time, Uber says it is increasing cash-back rewards on fuel purchases for drivers rather than adding new fees for riders, signalling a reluctance — at least for now — to introduce visible fuel surcharges.

The approach suggests companies are trying to strike a balance between supporting drivers facing higher operating costs, while trying to avoid additional charges that could dampen demand. But if fuel prices remain elevated, that balance may become harder to maintain, raising the likelihood that some of those costs are eventually passed on more directly to consumers.

While the broader economic impact of higher oil prices can be mixed — benefiting energy-producing regions while weighing on consumers — the effect on households is more straightforward. With more money being spent on gas and fuel, there’s less room in budgets for other goods and services, a dynamic that becomes more pronounced the longer prices stay elevated.

According to a recent economics report from RBC, “higher energy prices mechanically raise headline inflation, but lower household purchasing power — potentially weakening demand for non-energy goods and services and widening the economy-wide output gap.” The report concludes that while the current escalation of oil prices is significant, it is still too early to know whether or not that requires a response from the Bank of Canada.

Article sources

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

CBC News (1)

That's the pitch from Loanova, a Toronto-based startup that describes its platform as a modernized version of traditional syndicated lending — without the typical restrictions placed on investors, such as high-net-worth requirements, accreditation status or a six-figure minimum commitment.

It's an intriguing idea. It's also still awaiting full regulatory approval. As of late 2025, Loanova was accepting investor applications on its website while awaiting approval from the Financial Services Regulatory Authority of Ontario (FSRA), with a target launch in the first quarter of 2026.

FSRA approval has not been publicly confirmed as of April 2026, but interest is building for fractional mortgage investments — along with some serious concerns regarding investor suitability.

How does fractional mortgage investing actually work?

In a traditional syndicated mortgage, a group of investors pools capital to fund a single residential loan. Loanova's platform digitizes and opens up this structure to retail investors — everyday Canadians with money they want to invest — with no accreditation requirement.

Built on open banking principles and powered by AI underwriting, the platform connects everyday investors with qualified residential borrowers through a data-driven ecosystem. Its borrower-grading model goes beyond credit scores to analyze rent-payment histories, cash-flow consistency, employment and education data, and spending trends (2).

Investors only need to pass a Know Your Customer (KYC) suitability evaluation and confirm they are comfortable with a defined degree of investment risk. From there, they receive fractional exposure to first-lien residential mortgages — meaning their investment is secured against the underlying property.

What returns can investors expect — and how do fees compare?

Nathan Saliagas, co-founder of Loanova, uses BMO's three-year non-redeemable GIC, which offers a return rate of less than 2.5%, as the company's benchmark. Based on this, Saliagas suggests investors could earn more than double that return on a comparable term through the platform (3).

But what about the fees? The management fee structure is notably lean: Starting at 0.7% for grade A mortgages and capped at 1% for grade D. When compared to the approximate 4% typically charged by a mortgage investment corporation (MIC), Loanova's fee structure is appealing.

Loanova co-founder Josh Gruneir describes it as a new middle ground — mid-level risk, significantly higher reward than a GIC, positioned in a space that currently doesn't exist in the Canadian investment market.

But the risks are not to be ignored.

Fractional mortgages carry real risks that GICs do not.

• They are not CDIC insured.
• Returns are projected, not guaranteed.
• Liquidity may be limited compared to redeemable deposit products.

And the borrowers on the other side of these mortgages are, by design, people the banks declined — which means the underlying credit risk profile is higher than a prime residential mortgage.

What does FSRA oversight actually mean for investor protection?

Investors may consider using FSRA registration and approval as a de facto risk assessment test — but they shouldn't.

FSRA registration is not a rubber stamp on returns or safety — it is a licensing framework governing how the platform operates and what disclosures it must make.

It's also worth noting that this Ontario mortgage regulator has made the private mortgage sector a key supervision priority. In a recent review, FSRA found that only 35.5% of private mortgage files had correct annual percentage rate (APR) calculations, plus there were trust-account deficiencies at several licensed mortgage administrators. As a result, FSRA is actively tightening those standards heading into 2026, which is a positive signal — but it also means investors are entering a sector the regulator is still working to clean up (4).

As of mid-2025, FSRA licensed 266 mortgage administrators overseeing approximately $448 billion and more than 972,000 mortgage investments for 756,000 investors across Ontario.

Approval for Loanova would mean the investment firm is entering a regulated but imperfect market — and investors must consider the ongoing structural risk this presents.

Is this right for you as an investor?

Determining if fractional mortgage shares are right for you, as an investor, depends on your risk tolerance, time horizon and competing investment assets.

For Canadians whose GICs are maturing and who are comfortable holding an uninsured, illiquid investment secured by Ontario residential real estate, the return profile may be worth evaluating — once FSRA registration is confirmed.

For investors who need capital preservation, deposit insurance or daily liquidity, this is not a GIC substitute.

Given all the added risks, if you are still interested in adding fractional mortgage shares to your investment portfolio, be sure to do the following before committing funds:

• Verify FSRA registration is finalized
• Understand the borrower grade of any mortgage you are considering
• Ask how defaults are handled and what recourse investors have
• Compare the net return after fees against current rates on alternative products

Remember, Loanova would be offering a new investment class in an established but closely watched regulatory environment. The opportunity may be real — but so are the risks.

Article Sources

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

Canadian Mortgage Trends (1)(3) ; Fintech.ca (2) ; Financial Services Regulatory Authority of Ontario (4)

In 2026, the tax filing deadline is April 30. If you haven't filed yet, this extra GST/HST credit top-up gives you one more reason to file on time.

What is the Canada Groceries and Essentials Benefit top-up?

Following Parliament's expedited passage of Bill C-19, the Canada Groceries and Essentials Benefit Act received Royal Assent on February 12, 2026, to deliver a one-time top-up payment equal to 50% of the annual 2025-26 GST credit value — directing $3.1 billion in immediate assistance to 12 million Canadians who currently receive the GST credit (1). The full program will cost the federal government approximately $11.7 billion over six years.

The Canada Groceries and Essentials Benefit builds and expands on the federal GST/HST credit, with a one-time 50% top-up this spring and a 25% increase to quarterly payments for five years starting July 2026. No separate application is required — the Canada Revenue Agency (CRA) uses your tax return.

Who qualifies — and how much could you receive?

Eligibility for the top-up is tied directly to one condition: You must have received the January 2026 GST/HST credit payment. If you were eligible and entitled to receive that January payment, you are automatically in the group that will receive the top-up — no additional application or registration is required.

The government has provided two illustrative examples of what eligible Canadians can expect. A single senior with $25,000 in net income will receive a one-time top-up of $267. A couple with two children with $40,000 in net income will receive a one-time top-up of $533. Although, actual amounts vary by income and family size (2).

While a few hundred extra a month may not seem much, it can add up. For instance, a family of four will receive up to $1,890 this year, and about $1,400 a year for the next four years; a single person will receive up to $950 this year, and about $700 a year for the next four years.

Why you must file today to be eligible

While your 2024 tax return triggers the spring top-up eligibility, the 2025 tax return governs the July 2026 and ongoing payments. Recipients must file their 2025 tax return to receive the increased Canada Groceries and Essentials Benefit payments as of July 2026.

This matters for Canadians who don't think they need to file — particularly those with little or no employment income. The GST/HST credit is fully refundable, meaning you don't need to have paid tax to receive it. If you don't file, the CRA has no way to assess your eligibility, and the payments stop.

When will the money arrive?

The one-time top-up will be paid as early as possible this spring and no later than June 2026. If you have direct deposit set up through CRA My Account, the funds will arrive automatically. If not, a cheque will be mailed to the address on file — another reason to confirm your CRA details are current.

The fastest path to payment: File electronically today using NETFILE-certified software, set up or confirm direct deposit through CRA My Account, and make sure your address and marital status are current with the CRA.

Don't assume this payment will find you on its own. The CRA only pays what it can assess — and that starts with a filed return.

Article sources

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

Government of Canada — Department of Finance (1, 2)

That’s exactly where Phil found himself. Imagine this hypothetical scenario: He’s 62, he and his wife Susan are healthy and together they’ve spent years building a comfortable nest egg in their Registered Retirement Savings Plans (RRSPs) and Tax-Free Savings Accounts (TFSAs).

Then his 77-year-old sister Dorothy called. She and her husband Sean have been living on their Canada Pension Plan (CPP) and Old Age Security (OAS) benefits for years. They remortgaged their home to cover accessibility retrofits after Sean’s declining health introduced mobility issues. They have $25,000 left in their savings and Dorothy is terrified of losing her home after Sean dies.

She’s asking Phil for money. Phil cares about Dorothy and feels bad about the situation she and her husband are in — but he also cares about his family and maintaining the positive retirement trajectory he’s on.

Here’s what’s at stake, and how to think it through.

The retirement savings gap is real — and growing

Dorothy’s situation isn’t unusual. A 2025 survey by CPP Investments found that 59% of Canadians are afraid of outliving their savings (1). Meanwhile, a 2025 HOOPP survey found that 44% of Canadians put aside some of their earnings for savings within the last year, whereas almost half (49%) have not (2).

Government benefits help, but they don’t go far. In 2026, the average CPP monthly payment for a new recipient 65+ is $925.35 and the maximum OAS amount is $743.05 — which combined, total roughly $20,000 annually (3) (4). For someone like Dorothy, managing a mortgage and medical expenses on that amount alone is not particularly feasible.

Watching a sibling struggle in that position is hard. But before Phil does anything, he needs to get clear on one thing: Helping Dorothy can’t come at the cost of his or his wife’s own retirement security.

Talk to your spouse first

In Canada, provincial law governs how assets are treated between spouses, and the rules vary across jurisdictions. While most provinces provide for the equal division of assets acquired during a marriage — including the family home, bank accounts, and registered accounts — this does not necessarily mean those assets are held in joint title (5). In many cases, property registered in one spouse's name alone is still subject to equalization on separation or death under provincial family property legislation. Quebec operates under a distinct civil law framework, where the default matrimonial regime (partnership of acquests) allows each spouse to manage their own property independently during the marriage, with sharing occurring only at the regime's end.

Regardless of how assets are titled, any large financial decision — such as gifting money to a sibling — affects both spouses' financial interests and warrants a full conversation before acting.

That conversation should cover a few things:

1. How helping Dorothy might affect their estate plan and what their children stand to inherit
2. Whether any money should be given as an outright gift or a loan — and what a loan might do to the relationship if Dorothy can’t repay it
3. What the maximum amount would be after stress-testing their retirement projections with a financial planner

It’s also important to remember that spousal financial rights are protected in Canada. RRSPs, Registered Retirement Income Funds (RRIFs) and life insurance policies typically name spouses as primary beneficiaries for a reason (6). Before redirecting any of that toward a sibling, Phil needs to be sure his wife is fully on board and that their own plan is solid.

Have a clear, honest conversation with your sibling

Once Phil and Susan have agreed on how to move forward, they need to have a candid conversation with Dorothy — not only about money, but about covering all of her options to get help.

Cash gifts exchanged between family members aren’t taxed in Canada like they are in the U.S., so there’s no annual limit for gifting cash and no form to fill out with the Canada Revenue Agency (CRA) (7). But one important question is whether a cash transfer is really the most useful thing Phil can provide.

A few questions Phil can go over with Dorothy include:

• Has she explored all the available CPP survivor benefits she’ll be entitled to after Sean dies?
• Does she understand what Guaranteed Income Supplement (GIS) she may qualify for as a lower-income senior?
• Has she spoken to a financial counsellor about her options?

Having clarity around her understanding can help Phil decide his next best move.

Think beyond cash

Sometimes the most valuable thing you can give a struggling sibling isn’t money — it’s access to good advice.

Paying for a session or two with a fee-only financial planner could help Dorothy make the most of what she has and identify government programs she may be missing. FP Canada’s Find a Planner tool at fpcanada.ca makes it easy to find a certified financial planner closest to you.

Other options include helping Dorothy think through downsizing before a financial crisis forces her hand, setting aside a limited emergency reserve she can draw on rather than subsidizing her ongoing expenses indefinitely, or helping her review her insurance coverage.

Revisit your own estate plan

Any time a family member’s financial situation changes significantly — especially one who might be asking for ongoing support — it’s worth reviewing your own estate documents. That means wills, beneficiary designations, powers of attorney and any trusts.

The legal reality in Canada is that a spouse’s financial security comes first. Registered accounts and life insurance policies flow to named beneficiaries — typically a spouse — a structure that protects the surviving partner. Phil should be cautious about making any changes that redirect assets away from Susan in the name of helping Dorothy.

If Phil wants to leave something to Dorothy in his estate, that’s a conversation to have with an estate lawyer — not something to do informally or in the heat of a difficult moment.

Bottom line

Helping a sibling in serious need is the right impulse. But it needs to be done thoughtfully — with your spouse’s full agreement, a clear understanding of your own retirement runway and a plan that offers real help without creating ongoing financial dependency. The goal is to give Dorothy a hand up, not to put your own future at risk in the process. A fee-only financial planner can help you figure out how much you can truly afford to share — and how to structure it so everyone wins.

— 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.

CPP Investments (1); HOOPP (2); Government of Canada (3, 4); Fairway Divorce Solutions (5, 6); Turbotax (7)

Dara Khosrowshahi, the CEO of Uber, is one of the few willing to give the details on what that conversation sounds like.

In a recent interview on The Diary of a CEO (1), Khosrowshahi was asked about the disconnect between tech leaders’ statements on CNBC and at Davos versus what they say behind closed doors.

Executives who have been candid in private about the scale of disruption artificial intelligence (AI) is going to cause, he said, then go on stage and tell everyone it’ll work out fine. He argued that the reason isn’t malice — rather, it’s incentive. Being too honest about job displacement scares investors and makes fundraising harder.

“I understand the incentive,” Khosrowshahi said. He just doesn’t think it’s the right call.

Khoshrowshahi isn’t speaking abstractly. Uber’s platform runs on 9.5 million drivers and couriers — the largest flexible workforce in the world. He acknowledged most of those trips will eventually be handled by autonomous vehicles, and when pressed on what those workers do afterward, he gave an unusually honest answer for a CEO of his stature.

“I don’t know.”

The data is already moving

The displacement isn't hypothetical. In the U.S., companies cited AI in 1.2M job cuts in 2025, according to outplacement firm Challenger, Gray & Christmas — up 71% from Q4 2024 total, and 29% from the third quarter (2). Block, Meta and others have all flagged AI in recent rounds of employee cuts.

In Canada, the picture is taking shape too. Amazon and IBM have cut workers at offices in Vancouver and Toronto, and tech job postings across the country have dropped 19% since 2020 (3). According to Statistics Canada, roughly 31% of Canadian workers are in roles where AI can perform key functions without meaningfully supporting the worker (4). Also, another 29% are in roles where AI could reshape how they work even if it doesn’t replace them outright. Altogether, about 60% of Canadian workers face some degree of transformation.

A Concordia University researcher writing in Policy Options recently noted that Canada’s labour protection covers only 6% to 8% of workers when it comes to technological change — and that Ottawa has focused far more on building the AI industry than preparing workers for what comes next (5).

Some think he’s still being too optimistic

Anthropic CEO Dario Amodel has suggested AI could eliminate half of all entry-level white-collar jobs within five years — pushing unemployment as high as 10% to 20% (6). The World Economic Forum projects 92 million roles displaced globally by 2030, partially offset by 170 million new ones (7). But that net gain depends on retraining a set scale that no country has yet delivered.

Khosrowshahi flagged this himself, noting how the universal basic income pilots that have been tested thus far produced worse outcomes for recipients, not better. The safety net being proposed isn’t ready.

Some economists argue that companies are using AI to dress up layoffs that were always coming — a cleanup from pandemic-era overhiring packaged in a forward-looking story. While that’s likely true in some cases, it doesn’t change the direction things are headed, only the pace.

The part that goes beyond economics

Khosrowshahi grew up watching his father lose everything after fleeing Iran — not only his money, but his sense of purpose. That experience shapes how he thinks about work. A job is more than a paycheque, he argues. It’s how people understand their place in the world. Remove that at scale, with nothing credible to replace it, and the damage that occurs is more than financial.

When asked what advice he’d give his four children for surviving what’s coming, he kept it simple: Work hard and you’ll be fine.

The gap between reassurance and everything else he said in the interview is hard to reconcile. He doesn’t seem fully convinced, either — however, he’s admitting he just doesn’t have a better answer yet.

Bottom line

The honest version of this conversation — the one Khosrowshahi says happens privately among tech executives — is one that Canadian workers and policymakers need to be having in public. Around 60% of Canadian workers are in roles that AI will either reshape or replace, and the policy response so far hasn’t matched that reality.

For workers in exposed roles, the most useful thing to do right now is what Khosrowshahi told his kids: take it seriously, build adaptable skills and don’t wait for instructional support that may arrive too late.

-With files from Melanie Huddart

Article sources

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

The Diary of a CEO (1); CFO (2); Yahoo! Finance (3); Statistics Canada (4); Policy Options (5); Axios (6); World Economic Forum (7)

A new survey from Intact Financial Corporation, released this week, found that 62% of Canadians are not concerned about experiencing flooding in their home or community, despite the growing risk. That disconnect comes as flooding remains the country’s most frequent and costly natural disaster, particularly during the spring thaw.

"We understand it's hard to worry about flooding when life is already busy, and many people don't think it will happen to them”, said Mel Wright, Vice President of Intact, in a statement.

“But with so many major Canadian cities in or near floodplains, a little preparation can go a long way. Simple steps like clearing gutters or testing your sump pump can help protect what matters most.”

A risk hiding in plain sight

According to the release, 80% of major Canadian cities are built partly on or near floodplains, putting a large share of households at potential risk. And while major floods tend to grab attention, a lot of damage happens in more routine situations — spring melt, heavy rain or blocked drainage that leads to water pooling around foundations.

That makes flooding less of a rare disaster and more of a recurring risk that can affect homeowners in different ways, depending on where they live and how well their property is maintained.

Small fixes can go a long way — but many still delay

One of the clearer takeaways from the data is that prevention doesn’t necessarily have to be complex.

Basic maintenance, such as clearing gutters and downspouts, making sure water drains away from the home, or checking that a sump pump is working properly, can significantly reduce the chance of damage. These aren’t major upgrades, but they’re often the kinds of tasks that get pushed aside until there’s a problem.

Even when people are aware of the risk, following through can be another matter. About 20% of Canadians say finding reliable contractors is a barrier to taking steps to protect their home from extreme weather.

With spring melt and seasonal rainfall already underway in many parts of the country, the findings point to a simple reality: flooding risk is more common than many homeowners assume, and often comes down to everyday vulnerabilities that go unchecked.

As weather patterns become less predictable, that gap between perceived risk and actual exposure is becoming harder to ignore, especially when a few small fixes can make a meaningful difference.

Speaking at Nvidia’s GTC conference, the company’s founder and CEO told Jim Cramer exactly what he thinks of leaders who respond to AI breakthroughs by trimming employee headcount rather than growing their ambitions.

“Because you’re out of imagination,” he said. “For companies with imagination, you will do more with more.”

It’s a gutsy thing to declare publicly — especially when the companies doing the cutting are among Nvidia’s biggest customers.

The pattern Huang is pushing back on

The past year has seen steady layoff announcements from the biggest names in tech, with AI cited as the reason in each case. Meta is reportedly preparing to cut roughly 15,000 employees — around 20% of its global workforce — while simultaneously doubling its AI budget to US$135 billion ($188 billion) in 2026. Amazon eliminated 16,000 corporate roles in January, stating AI and automation as the efficiency engine behind the cuts (1). Microsoft shed more than 15,000 positions through 2025 while pouring US$80 billion (C$111 billion) to AI infrastructure.

The justification from each company is essentially the same: AI makes us more productive, so we need fewer people.

Huang rejects that framing entirely. In his view, the question isn’t how to maintain output with a smaller team — it’s how to do things that weren’t possible before. Companies cutting jobs in response to new capabilities aren’t being efficient. They’re being unimaginative.

The pattern is creeping into Canada, too. Amazon and IBM have both cut workers at the Vancouver and Toronto offices, and tech job postings across Canada have dropped 19% since 2020 — falling 43% in Vancouver specifically (2). A Concordia University researcher writing in Policy Options recently warned that Canada’s labour laws cover only 6% to 8% of workers when it comes to protections around technological change — leaving the vast majority with little recourse when AI restructuring takes over their roles (3).

And, as CBC has reported, not everyone buys the AI explanation at face value (4). Some analysts see pandemic-era over hiring as the bigger culprit, with AI providing a tidy, forward-looking narrative for cuts that might have happened anyway.

Why Huang can afford to say this

It’s worth questioning why the CEO of a company that’s financially entangled with Meta, Amazon and Microsoft would publicly question their judgment.

Part of the answer is that Nvidia’s revenue base has shifted. Huang told Cramer that the company now sells into sovereign governments, enterprise on-premise infrastructure, health care, manufacturing and a new wave of AI-originated companies. At GTC, cloud competitors like CoreWeave and Oracle Cloud Infrastructure were front and centre — signs that the hyperscalers no longer have the market to themselves. Huang’s point was clear: Nvidia’s fortunes are no longer tied to any single customer relationship the way they once were.

The other part is how Huang has reframed what Nvidia is to these companies. Rather than a chip supplier, he describes Nvidia as a demand generator — one that builds developer ecosystems on CUDA and funnels those developers onto cloud platforms. His argument is that AWS, Google Cloud and Azure need Nvidia more than the transaction price suggests.

“They’re not just our customers. We are their market partners. We bring customers to them.” Huang said.

When you believe that, you can afford to be candid about their strategic choices.

What it means for Canadian workers and investors

Huang’s argument has real stakes beyond the boardroom. If he’s right — that the most capable companies will use AI to expand rather than shrink — then the current wave of cuts may say more about the companies that choose a different path.

For Canadian workers in tech, the more immediate reality is a job market in transition. Demand for people who can work alongside AI tools remains strong in mid-sized companies and non-tech sectors building out digital capabilities. The disruption is real, but so is the opportunity for those who move toward it rather than away.

For Canadian investors, Huang’s confidence in Nvidia’s position — and his willingness to publicly challenge the hyperscalers’ strategy — is itself a signal worth paying attention to.

Bottom line

Huang is making a simple but provocative argument: AI should make companies bolder, not smaller. The executives using it as cover for headcount reductions are, in his view, settling.

Whether that’s an accurate read of where things are headed, or an optimistic framing from the man selling the shovels in a gold rush, is a question worth considering — especially as Canadian workers and policymakers figure out what this moment actually demands.

— with files from Melanie Huddart

Article sources

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

CNBC (1); Yahoo Finance (2); Policy Options (3); CBC (4)

That’s according to a new report from Royal LePage, which forecasts that the median price of a single-family home in Canada’s recreational property market will increase 4% in 2026, building on a 4.3% gain last year to $581,300.

“Concerns about the state of global affairs are certainly on the minds of many Canadians right now,” said Phil Soper, president and CEO of Royal LePage, in a statement.

“At the same time, limited supply is supporting price gains in many markets. New developments in these regions remain relatively rare, and many properties are tightly held by families for generations. This scarcity preserves the exclusivity of these markets and provides price stability, even when buyers are feeling cautious."

Supply constraints continue to support prices

What’s driving those gains isn’t a surge in demand, but rather a lack of available properties, with relatively little new development coming online. That dynamic is helping keep prices stable, even as buyers take more time to make decisions.

For example, more than half (52%) of real estate professionals surveyed said demand is roughly in line with last year, while 61% reported homes are taking longer to sell — a sign that buyers are becoming more selective.

That relative stability stands in contrast to the broader housing market. A recent report from TD Economics (1) expects national home sales to fall 1.8% this year, with prices edging down slightly, as affordability pressures and economic uncertainty continue to weigh on demand.

The divergence suggests that while traditional housing markets are cooling, recreational properties are being supported by tighter supply and more lifestyle-driven demand.

More Canadians looking closer to home

The survey from Royal LePage also highlights how changing travel habits are helping support demand.

With ongoing geopolitical tensions and a more cautious approach to cross-border travel, more Canadians are choosing to vacation within the country, and that shift is feeding greater interest in recreational properties.

According to the report, 40% of real estate professionals say the “Buy Canadian” mindset has led to increased inquiries from domestic buyers.

There are also signs that some Canadians who own U.S. vacation properties are reconsidering those holdings and looking closer to home instead, which could add another layer of demand in the months ahead.

Return-to-office trends reshaping demand

As more employers require workers to return to the office, some Canadians who moved permanently to cottages or rural properties are rethinking that decision.

More than one-third (35%) of real estate professionals reported an increase in full-time recreational property owners moving back to urban centres over the past year.

In many cases, those properties aren’t being sold outright, but are shifting back to their original role as seasonal or weekend homes.

A more balanced market taking shape

Overall, Canada’s recreational housing market looks to be settling into a more measured phase.

While price gains are still there, they remain modest. Homes are taking longer to sell, and most buyers are weighing decisions with a greater degree of care relative to a few years ago.

That said, with supply remaining limited and demand tied more to lifestyle than speculation, recreational properties look to be holding their ground — even as the broader housing market shows signs of slowing.

Article sources

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

CBC News (1)

A study published earlier this year by the Competition Bureau of Canada found that a data portability framework in the insurance sector alone could save Canadians between $1.1 billion and $3.8 billion in annual costs — with both lower premiums and time savings from switching providers (1).

The amount we pay in extra fees is striking, but the reason why switching providers isn’t easier — and faster — is the real story.

Why switching insurance providers is harder than it should be

When you want to change insurers, you typically have to start from scratch. You resubmit your driving record, your home details, your claims history — all information your existing provider already has. That friction isn't accidental. The Competition Bureau's report found that only 18% of Canadians switched insurance providers in the last three years, even though a much larger share considered it (2).

The barrier isn't price awareness. It's data. Consumers can't easily carry their own information from one provider to another, which makes comparison-shopping slow, imprecise and — for many people — not worth the effort.

The Bureau estimated that data portability in insurance could save Canadians up to $1.57 billion in direct monetary savings from switching to less expensive plans, and another $2.26 billion in value from the time saved — roughly five hours per household per year spent researching and switching providers.

That's a lot of time and money left on the table because moving your information between companies is harder than it should be.

What data portability actually means — and why it matters for your premiums

Data portability is the idea that consumers should be able to take their personal financial data — claims history, driving records, transaction and banking history — and share it directly with a competing provider. Think of it like phone number portability: Before that existed, changing your mobile carrier meant giving up your number. Now you can switch in an afternoon and keep everything.

Acting Commissioner of Competition Jeanne Pratt, speaking at the Open Banking Expo Canada in March 2026, described affordability as the destination and competition as "the vehicle that gets us there" — particularly in the financial sector (3).

While the Competition Bureau's study, titled Your Data, Your Control, used insurance as its test case, the Bureau authors made it clear: This friction and these costs exist elsewhere. The Bureau’s analysis suggests that the potential savings and benefits from enabling data portability across the broader Canadian economy could be much greater.

And to be clear, other countries are already implementing financial portability. In the United Kingdom, there are now more than 12 million active users of open banking, more than 300 regulated firms and an estimated contribution of £4 billion to the U.K. economy — the result of seven years of open banking implementation (4).

Open banking is coming — but it's not here yet

The good news is that Canada has begun to transition towards open banking. The Consumer-Driven Banking Act, passed as part of federal legislation, establishes a formal open banking framework with the Bank of Canada taking oversight responsibilities. But full implementation — including the ability to move financial data between institutions automatically — is still being phased in (5).

The Competition Bureau's own research found that Canadians who understand how data portability works and its benefits are 37% more likely to adopt it, while those who see it as risky are 65% less likely to use it. That knowledge gap, the Bureau warned, means industry will need to invest in clearer consent tools and better consumer communication before the real benefits materialize (6).

In the meantime, Canadians can't wait for policy to catch up to their renewal dates.

What you can do right now, without waiting for the government

You don't need open banking to comparison-shop. You need a few hours and the right tools.

For insurance

Shop your auto and home insurance manually at every renewal. Rate comparison tools, like Rates.ca, let you get quotes side by side using details you enter yourself. Ask your existing insurer for your full claims history document in writing — you're entitled to it, and it can speed up the process with a new provider. Also, consider bundling home and auto insurance, where possible, to access deeper discounts.

For banking

The Financial Consumer Agency of Canada (FCAC), a federal agency that regulates and protects the rights of bank consumers, has mandated processes to help Canadians transfer their accounts. Most financial institutions have processes to help you manage a transfer, which may include arranging for your old institution to move all pre-authorized debits to your new account. Keep both accounts open for at least four to six weeks during the transition to avoid missed payments. Plus, don’t forget to update your direct deposit information with the Canada Revenue Agency (CRA). Do through your CRA online account and the update takes effect the next business day — though some processing timelines may take longer depending on the method used.

If you’re tired of paying fees to bank, consider a no-fee chequing account, for day-to-day banking, and a no-fee high interest savings account.

For registered accounts: Be aware that transferring a Registered Retirement Savings Plan (RRSP) or a Tax-Free Savings Account (TFSA) between institutions may involve transfer fees from your current provider. Your new institution will often offer to cover those fees to win your business — ask before you assume the cost falls on you.

The switching process is more manageable than most Canadians assume. The harder part is starting the process.

According to long-running switching data tracked by Environics Research, 24% of Canadians switched a financial account or product in the past year — the highest rate recorded in more than two decades of tracking (7). The inertia is starting to break. And Canadians are starting to comparison shop for no or low-fee accounts.

Bottom line

Canada's financial system is stable and well-regulated. But stability isn't the same as competition, and competition is what keeps prices honest. Federal regulators have now put a dollar figure on what Canadians lose by staying put — and it's in the billions.

You don't have to wait for open banking to act. Pull your renewal documents. Request your claims history. Compare at least two alternatives before you sign anything. If you find a better deal and your current provider won't match it, the process to leave is simpler than most people expect.

The data belongs to you. The savings are yours to capture.

Article sources

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

Competition Bureau Canada (1, 2, 5, 6); Open Banking Expo (3); Open Banking (4); Environics Research (7)

While common, this scenario caught the attention of the police — with a warning that as many as 4.7 million Canadians may be pushed into payday loans or illegal lending due to new lending rules (1).

How were the lending laws changed?

On January 1, 2025, the laws that govern the maximum allowable rate of interest charged on a loan were changed, dropping the top rate down from 48% to 35% (2). This new lending rate cap was the most significant change to laws that govern interest rates in more than 40 years. Now, under Section 347 of the Criminal Code, it is illegal for regulated lenders to charge more than 35% annual percentage rate (APR) on most personal loans. The APR takes into consideration both the interest rate and fees.

The previous ceiling for maximum rate, set in 1980, was 60% effective annual rate (roughly equivalent to 48% APR).

Keep in mind, though, that this criminal code update only applies to the interest rates charged by regulated lenders — and some types of loans are exempt. For instance, payday lenders are exempt from the cap; however, a new federal rule now limits what payday lenders can charge — with a maximum cost of $14 for every $100 borrowed (3). That figure sounds modest, but on a two-week loan, it works out to an effective annual rate well above 300%. Also, pawn loans under $1,000 can continue to charge up to 48% APR, while commercial loans to corporations above $500,000 face no cap at all.

Who is most at risk? (Guess what? It might be your neighbour!)

For individual Canadians with imperfect credit, however, the new 35% ceiling is the central issue.

The change was meant to protect vulnerable Canadians from predatory lenders. But that joint report, from the Ontario Association of Chiefs of Police (OACP) and the Canadian Lenders Association (CLA), examined how the change impacted borrowers. Quite surprisingly, the report authors found that the lower interest rate cap may be producing the opposite effect — cutting millions of non-prime Canadians off from regulated credit entirely and leaving them exposed to illegal lenders operating beyond Canadian law (4).

"The legislation has the potential to create a vacuum for criminals to fill," explained Barry Horrobin, co-chair of the OACP's Community Safety and Crime Prevention Committee, in a statement (5).

Not every Canadian is affected equally. The OACP and CLA report estimates that approximately 4.7 million Canadians — representing about 16% of those with active credit files — could lose access to regulated credit as a result of the cap. These are non-prime borrowers: Canadians with lower credit scores who are already ineligible for bank loans or credit from regulated lenders.

This group often includes new immigrants, students, and individuals with limited credit history — people who rely on regulated installment loans as a vital tool for building credit and eventually qualifying for better rates (6).

Under a new 35% APR interest rate cap, many of these borrowers will no longer be financially viable for regulated lenders to serve — because lenders use risk-based pricing where higher default risks necessitate higher interest rates to offset potential losses. The 35% ceiling effectively locks out those whose scores are less-than-ideal for prime lenders.

This shift impacts a significant portion of the population. According to a Pollara study cited by the Canadian Lenders Association (CLA), 35% of non-prime borrowers are middle-class Canadians earning between $50,000 and $100,000 per year (7). This is not a fringe group; it is a substantial segment of the workforce.

Reduced max lending rate means less competition

When a regulated lender can no longer earn a sufficient return on a higher-risk loan, they stop offering loans to this segment of people — and according to the CLA and OACP joint reports, this is a predictable outcome.

Report authors drew on case studies from three other markets that implemented similar lending rate caps.

In California, a 36% rate cap was introduced in 2019 for non-installment loans between US$2,500 to US$10,000. According to the CLA/OACP report, this contributed to the “collapse” of the state-regulated loan market, pushing borrowers toward unregulated options at rates as high as 950%. While the impact cited by CLA/OACP analysts is unverified, the broader credit-access concern has legitimate academic support.

In Quebec, where a provincial cap pushed lenders out, an online market for high-interest microloans emerged — with many providers operating internationally and well above the legal limit. In the United Kingdom, restricted access to regulated credit coincided with a documented spike in illegal moneylending (8).

The pattern is consistent: When regulated credit disappears, demand does not.

Police warn: Expect a rise in illegal lending

As a result of the report, police are now issuing a blanket warning: Watch out for illegal lenders.

Illegal lenders operate outside Canadian law. They are often connected to organized crime, can target victims and borrowers who fall behind and have little recourse.

The OACP report cites evidence from a U.K. study showing that loan sharks now use social media to falsely advertise — claiming the loans and services as safe and legitimate — then terrorize victims with implied and real threats.

The survey data behind this concern is startling even if not supported by independent studies. According to a Pollara study — which was commissioned by the CLA and is not independently peer-reviewed — close to 3 in 10 Canadians who borrowed from alternative non-prime lenders last year — and nearly half of those who used payday lenders — have thought about going to an illegal loan shark (9). These are not people seeking out organized crime. They are people who need money for essential expenses and are running out of safe places to get help.

To be clear, statistics show that non-prime Canadians borrow primarily to (10):

• Pay bills (53%)
• Cover essential expenses (39%)
• Handle home and auto repairs (28%)
• Consolidate debt (24%)

If you’re struggling with high credit card debt or have outstanding payments on multiple cards, consider consolidating debt using a personal loan. Personal loans typically have a lower interest rate than credit cards and you’ll only one payment to keep track of. Use a loan consolidator, like Loans Canada, to shop for the best rates and terms.

What to do if you've been turned down for a loan?

Being refused by a regulated lender is a signal to pause — not to look harder for someone willing to say yes. To help, here is what financial experts and consumer agencies suggest instead:

Check for legitimate lender alternatives

The CLA maintains a directory of regulated lenders at canadianlenders.org. Even if your loan application gets rejected by one lender, shop around. Exhausting all regulated lenders is the safest — and often the cheapest option — when borrowing funds.

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

Understand the payday loan cost

Payday lenders remain active and are exempt from the 35% cap. But at a max cost of $14 per $100 borrowed, the costs are steep. For instance, a $1,500 loan may cost you $210 in fees if repaid within two weeks. The costs increase significantly if you stack multiple payday loans, which many borrowers end up doing.

Work with a non-profit credit counsellor

Accredited, free services are available across Canada, including through Credit Counselling Canada (creditcounsellingcanada.ca) and Consolidated Credit Canada (consolidatedcreditcanada.ca). These organizations can help map out alternatives, negotiate with creditors and, in some cases, access emergency lending programs. Yes, it takes a bit of work, but with a credible plan, using lower-cost lenders, you could eliminate the emergency loan cycle.

Report suspected illegal lenders

If an online lender is offering loans with no regulatory disclosure, no fixed address and no licensing information — treat it as a red flag. A big red flag. Report suspected illegal activity to your provincial consumer protection office or the Canadian Anti-Fraud Centre at 1-888-495-8501.

Know the law

Charging more than 35% APR on a personal loan is now a criminal offence in Canada. If a lender is soliciting you at a higher rate, they are already breaking the law — and you have limited protection if something goes wrong. Be sure of your rights and ask questions to regulators when in doubt before you agree to borrow money.

Final thoughts

The 35% rate cap may benefit Canadians with decent credit scores, as the cost of borrowing just went down for them, but for those with no or poor credit scores, the gap between regulated lender rejection and illegal lending is now much narrower. Knowing where the safe options are — before you need them — is the best financial defence.

Article sources

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

A Rise in Illegal Lending and Criminal Activity (1, 4, 7, 8); McMillan LLP (2, 3); Government of Canada's Interest Cap Risks Criminal Surge (5); Canadian Lenders Association (6, 9, 10)

“If every time you get afraid by watching the news, quit watching the news,” Ramsey said. “Turn off your television … you should not change a thing (1).”

It’s easier said than done when markets are turbulent and your retirement savings are on the line. But Ramsey’s position is backed by decades of market history — and right now, Canadian investors have their own version of this story unfolding in real time.

What’s happening in Canada

The TSX hasn’t been immune. With Canada’s stock market weighted toward energy and resources, conflict in the Middle East hits closer to home here than in many other countries. When oil prices spiked due to Strait of Hormuz fears in mid-March, Canadian Natural Resources Ltd. and Suncor both gained roughly 3% on a day the broader TSX fell. This is a clear illustration of how Canada’s resource-heavy index responds differently to geopolitical strife than most global markets (2).

That’s the nature of a resource-heavy index — it responds to stock market disruptors differently than the S&P 500 would, sometimes absorbing shocks better and sometimes amplifying them. Either way, the swings can feel unsettling.

But the S&P/TSX Composite has delivered an annualized total return of roughly 9.1% since 1956 — through oil crises, recessions, a financial catastrophe and a global pandemic. In each case, the market dropped, recovered and eventually climbed higher (3).

The TSX has been there before

The COVID crash is the most recent example most Canadians remember. In March 2020, the TSX fell 37% — its worst single-day drop since 1940. News reports about the virus were relentless, people were afraid and no one knew how long it would last.

The TSX took eight months to fully recover its losses — and investors who stayed in were rewarded (3). Those who panicked and sold locked in losses they didn’t have to take.

That pattern is consistent going back over 150 years. According to Morningstar’s long-term analysis of market crashes, every bear market over that span of time eventually recovered and reached new highs — even after the 1929 crash, the dot-com bust at the turn of the century and the 2008 financial crisis (4). The recoveries have varied in length, but have always come.

Why selling feels right but usually isn’t

When markets fall, selling feels like taking back some semblance of control. In reality, it often just makes things worse.

The problem is timing. Recoveries can happen fast, sometimes before the crisis that triggered the sell-off has even resolved. Investors who sell during the drop frequently miss the strongest rebound days while sitting on the sidelines waiting for everything to feel safe again. By the time confidence returns, much of the recovery is already over.

Ramsey pointed to this directly: Reacting emotionally to headlines is one of the most expensive investing mistakes people make (5). A two-percentage-point difference in average returns — the kind of gap that can open up between investors who stay in and those who repeatedly move in and out — can mean hundreds of thousands of dollars in lost wealth over a long retirement savings timeline.

Stick to your plan — and tune out the noise

Ramsey’s advice isn’t to ignore risk. It’s to base your investment decisions on your personal plan — your goals, your time horizon, your risk tolerance — rather than on what’s happening in the news on any given day.

For Canadians with decades before they retire, a market dip driven by geopolitical events can be a real opportunity to buy quality investments at lower prices and benefit from the recovery.

For those closer to retirement, the calculus is different. A more conservative allocation makes sense, but that shift should happen as part of a deliberate long-term plan, not as a reaction to a week of bad headlines.

If you’re unclear whether your current mix is right for where you are in life, this is a good time to talk to a certified financial planner.

Bottom line

Geopolitical crises come and go, markets drop, recover and climb higher — that’s what 150 years of data consistently shows us. The investors who tend to come out ahead are the ones who make a solid plan, stick to it and resist the urge to react every time the news gets scary. Turn off the notifications, stay invested and let time do the work.

- 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, 5); BNN Bloomberg (2); IG Wealth Management (3); Morningstar (4)

A cancer diagnosis doesn't just disrupt your health. It can drain your income, derail your career and leave you navigating a maze of treatment schedules, fatigue and paperwork — often without a roadmap.

Most Canadians with group benefits know their plan covers prescription drugs, licensed health professionals, dental, vision and in some cases, disability income. Fewer realize that recovery support — managing sleep disruption, energy loss, nutrition changes and the logistics of returning to work — has historically fallen outside that coverage, until now.

Manulife Canada, one of the country's largest group insurers, announced on March 25, 2026 that it has partnered with Osara Health to introduce the Cancer Coach program to select Manulife group benefits members (1) — a reported first for a Canadian insurer to offer this type of program.

What does cancer coaching actually cover?

The Cancer Coach program connects eligible members with Canada-based coaches trained in nursing, oncology nutrition and exercise physiology. Support is delivered one-on-one and addresses the practical and physical challenges that come up throughout clinical treatment — things like disrupted sleep, low energy, dietary changes and emotional stress.

Plan members also receive weekly digital education content through the Osara Health app, which includes tools for symptom logging and progress tracking. Return-to-work planning is built into the program — a detail that matters considerably for Canadians receiving short- or long-term disability benefits, where a structured comeback plan can influence both recovery timelines and benefit duration.

The program is currently available to Manulife group benefits members who have disability coverage at additional cost. The initiative is currently in a pilot phase.

While provincial health care covers your doctor, it doesn't cover your mortgage, lost income, or out-of-pocket costs during a health crisis. Critical illness insurance provides a tax-free, lump-sum payment to spend however you need, giving you the financial freedom to focus entirely on getting better.

Don’t leave your future to chance. Get a personalized quote in minutes.

Why this matters to your benefits and your finances

For working Canadians managing a cancer diagnosis, the financial stakes are significant.

Disability benefits typically replace a portion of pre-disability income — often 60% to 70% — for a defined period. Getting back to work sooner, and more sustainably, directly affects how long you need to plan and budget for that income gap.

Programs like Cancer Coach are designed to reduce the non-clinical obstacles that can delay or complicate recovery.

Evidence from Osara Health, which expanded into Canada in early 2026, suggests that structured support during treatment can improve energy, reduce symptom burden and improve a member's confidence around returning to work (2).

What to check if you have group benefits

Not every Manulife group benefits plan will include the Cancer Coach program.

If you or someone in your household is managing a cancer diagnosis, here is where to start:

1. Confirm your group benefits, through your employer, is under Manulife.
2. Contact your plan administrator or HR department to ask whether the Cancer Coach program is included in your current group benefits plan.
3. If you access your benefits through a Manulife online member portal, check for any new wellness or support programs listed under your disability or health benefits.
4. If your plan does not yet include the program, ask when it may be available — or whether your employer can request it.

The announcement is an early signal that Canadian insurers are beginning to look at recovery support, not just treatment coverage, as part of a competitive group benefits offering.

Article sources

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

Newswire / Manulife Canada (1, 2)

The company recently received approval from the Canadian Investment Regulatory Organization (CIRO), the investment industry's national self-regulatory body, to offer what are known as forecast contracts (1) — a form of prediction trading that lets users wager on outcomes tied to economic indicators, financial markets and climate trends.

It’s not the first online trading platform to venture into forecast contract trading. In April 2025, Interactive Brokers Canada became the first CIRO-regulated dealer to officially launch Forecast Contracts in Canada (2). While Wealthsimple isn’t breaking new ground, its announcement that it may be pursuing forecast contract trading landed with quite a big thud.

"Wealthsimple is a great financial platform without prediction trading. But I guess the gamblers will like it!?" — bwana4, March 27, 2026 (3)

What is prediction trading, exactly?

Prediction markets let users place yes-or-no bets on whether a specific event will occur. For example, a user can bet on whether the Bank of Canada will cut interest rates at its next meeting, or whether inflation will hit a particular threshold. Users typically buy contracts that pay out a fixed amount if they are right, and nothing if they are wrong.

The sector has exploded internationally, driven largely by U.S.-based platforms such as Kalshi and Polymarket, and has become especially popular among younger users. On the surface, it can look like an informed, data-driven form of investing. In practice, it more closely resembles sports betting — with similar psychological hooks and loss patterns.

Werner Antweiler, a UBC Sauder School of Business associate professor who ran a not-for-profit prediction market at UBC for over two decades, put it plainly in a recent article (4): "In practice, commercial prediction markets resemble gambling. When a market is based on a simple win-or-lose outcome, it's essentially a bet."

Why Canada tried to keep prediction markets out

The concerns of Antweiler and other critics of forecast trading are not without precedent. In 2017, the Canadian Securities Administrators (CSA), the umbrella organization of provincial securities regulators, banned short-term yes-or-no contracts, classifying them as "binary options" — a product already associated with widespread fraud and consumer harm (5).

The concern was straightforward: These products are structurally designed to look like financial instruments while functioning more like gambling bets. They offer no ownership of underlying assets, no dividends and no long-term wealth-building mechanics. The payout is binary — win everything or lose everything on a single outcome.

In 2025, Ontario's securities regulator finalized a settlement with Blockratize Inc. and Adventure One QSS Inc. (Polymarket's operators), that included a two-year ban and a $200,000 fine (and disgorgement and administrative repayments in excess of $40,000) for offering markets to customers in Ontario from June 2020 through May 2023 (6). Despite the ban, some Canadians had continued to access these platforms using virtual private networks (VPNs).

"These are all-or-nothing bets and whenever large amounts of money are involved, and big losers, families can be ruined. Isn't it 'unrighteous' to bet on something to fail? We saw that in the Subprime Mortgage Crisis of 2008. When investment bankers should have been warning mortgage holders, they were betting on them to lose their homes instead." — Leah & Todd Sonne, March 28, 2026 (7)

The insider trading concern Canadians shouldn't ignore

The risks with prediction markets go beyond simple loss. In America, regulators and lawmakers are actively debating whether these products enable insider trading on a scale that undermines market integrity.

An anonymous trader cashed out over US$430K on an approximate bet of US$32,000 that Venezuelan President Nicolás Maduro would be ousted by the end of January — shortly before a U.S. military operation did so — prompting serious questions about whether that position was placed using non-public information (8).

Then, in the same week Wealthsimple's approval was confirmed, a pair of U.S. senators introduced legislation called the Prediction Markets Are Gambling Act, which would bar prediction markets from offering contracts tied to sporting events.

And the concern is real. When prediction market payouts hinge on geopolitical developments or policy decisions, the potential for those with privileged access to exploit everyday retail investors is real and documented (9).

What Wealthsimple's approval does and doesn't allow

Wealthsimple's approval permits the company to offer contracts tied only to economic indicators, financial markets and climate trends — not sports or elections, which are among the most popular prediction market categories in the U.S.

While this allows for trading through a narrower scope, it does not reduce the core risk: That ordinary Canadians, many of them new or casual investors, will engage with a binary-outcome, loss-prone product through a platform they already trust for their TFSA or RRSP contributions.

Jean-Paul Bureaud, executive director of FAIR Canada, a national investor advocacy organization, warned that this move could open the door to a "dangerous slippery slope" as firms will "inevitably" try to push the envelope further. "Ultimately, it blurs the line between investing and gambling," he said. "Prediction markets are shorter-term bets. Putting gambling-style products on investing platforms risks real harm to people who think they're investing, not gambling. (10)"

There’s even a warning from CIRO spokesperson Joanna Nicholson, who noted that investors in forecast contracts must be particularly careful, because companies that offer them are not required to assess whether the products meet individual clients' investment goals and risk tolerance (11).

For at least one Wealthsimple user already dealing with a platform dispute, the announcement felt like the wrong move at the wrong time:

"Considering they don't have any procedures to help customers when customers accidentally send $800 to the wrong person — with no way of getting it back and simply telling them they can't do anything about it — this is a really bad idea." — Jonas soulier, March 28, 2026 (12)

The sentiment from Soulier and other Canadian commenters can’t be ignored: Trust is hard to build and easy to lose.

Money.ca reached out to Wealthsimple for a comment when the CIRO approval was first announced, but didn’t get an official response.

What should investors do?

To be blunt: Prediction trading contracts are not a substitute for investing. Forecast trading carries no ownership stake, offers no compounding returns and resolves as an all-or-nothing payout. Before engaging with this product through any platform, Canadian investors should consider the following:

Treat it like a casino budget, not a portfolio allocation. Any capital you put into prediction markets should be money you can afford to lose entirely — not savings earmarked for retirement or a down payment.

Keep it out of registered accounts. Losses in a TFSA or RRSP cannot be offset against taxes, and the long-term purpose of those accounts should not be compromised by speculative one-off bets.

Ask yourself honestly whether you have an edge. If the answer is no, recognize that you may be trading against people who do — including, in some cases, people with access to non-public information.

Review CIRO's published guidance on event contracts before placing any trade, and understand the specific terms and conditions attached to any contract Wealthsimple offers.

This doesn’t mean Canadians should avoid prediction trading. As Matthew Burgoyne, chair of the digital assets and blockchain practice at Osler, Hoskin & Harcourt LLP noted: Regulated approvals create "a safe place for Canadian residents to trade these types of contracts," particularly given that many were already accessing unregulated offshore platforms (13).

Still, for most Canadian investors the ability to access forecast trading will do little to when it comes to smart money management and financial goal setting; it may, however, offer a little bit of real-time fun to financial events.

Article sources

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

Globe and Mail (1, 13); BLG (2); Global News (3, 7, 12); Insights at UBC Sauder (4); Ontario Securities Commission (5); OSC (6); CBC News (8); Poole Thought Leadership (9); CTV News (10); Globe and Mail (11)

In an effort to find responsible renters, most landlords now require prospective tenants to submit an application along with a credit history and references. For younger Canadians, newcomers to Canada as well as international students and professionals this presents a big challenge.

Since landlords rely on credit bureau reports from Equifax and TransUnion as part of their due diligence, not having a financial history often means struggling to find good, quality rentals. Settle, a new Ontario fintech, is trying to fix that (1).

What Settle does differently

Settle is a new housing site that offers newcomers to Canada — and anyone struggling with little or no financial history — a way to qualify for rental leases using real-time financial data instead of a Canadian credit score.

The company's rent guarantee and credit-building products underwrite rental risk through Open Banking — a secure framework that allows individuals and businesses to share financial data from traditional banks with Settle using secure technology, such as APIs. By removing the need for a credit score, Settle is able to provide landlords with a written 12-month guarantee and help tenants to build a credit score by reporting on-time payments to major credit bureaus starting with the tenant's very first lease.

Rather than asking how long you've held a Canadian credit card, Settle evaluates income velocity, savings patterns and expenditure volatility through Open Banking technology, with same-day results.

What does Settle cost — and who pays?

Settle launched in early 2026, and uses Open Banking to assess a tenant's income and spending patterns as an alternative to a Canadian credit score. Landlords get a written 12-month rent guarantee and Settle reports on-time payments to Equifax and TransUnion. But tenants need to pay 5% of monthly rent to access the service (landlords and agents pay nothing.)

Not the only option to build a credit history as a renter

Settle launched in 2026, but other programs that offer rental payments as a way to build a credit history already exist in Canada.

FrontLobby: Canada's pioneer in rent reporting, FrontLobby allows both landlords and tenants to report verified rent payments to Equifax and, as of January 2026, TransUnion, with landlord delinquencies reportedly dropping by as much as 92% on the platform. Tenants need to pay a flat monthly fee, while landlords typically pay for screening and reporting features.

Borrowell Rent Advantage: This program lets tenants connect a bank account or credit card to report rent payments directly to Equifax, with the added option to backfill up to 24 months of past payments, for a fee, to get an immediate credit boost. Borrowell offers a money-back guarantee if the credit score does not increase after at least 12 months of reporting.

SingleKey: This is a landlord-facing platform that screens more than 15,000 rental applications monthly and includes a tenant-side credit-building feature — renters pay $8 per month to have payments reported, while landlords pay $30 for a tenant screening report.

Chexy: This program routes rent payments through its platform via credit card or bank account and offers an option to report those payments to Equifax through its Credit Builder feature, while also letting tenants earn credit card rewards, such as Aeroplan points, on rent. Transaction fees are 1.75% for credit card payments, and the platform sends payment to the landlord via Interac e-Transfer or pre-authorized debit.

Neobanc: Neobanc lets tenants pay rent and earn stacked cashback rewards — both from their credit card and from Neobanc's own cashback layer — while optionally reporting payments to Equifax with no landlord involvement required. Interac payments are free; credit card payments carry a 1.75% fee for 1% cashback or a 2.5% fee for 5% stacked cashback held for 12 months.

City Lending Centers: CLC is a straightforward, low-cost rent reporting service that charges $5 per month to report on-time payments to credit bureaus, with landlord verification required each month. A one-time additional fee unlocks retroactive reporting for tenants who want to backfill past payment history.

What to do if you're in this situation

If you're a newcomer or recently returned to Canada and facing rental barriers, here's where to start:

• Ask your property manager or real estate agent if they accept Settle guarantees or any other rent reporting services
• Connect directly with any of these service providers to apply or check costs and sign up directly, if available
• Confirm that rent payments will be reported monthly and clarify if costs or other actions are required to get this service

Regardless of how good you are at managing your money, the credit score system wasn't built for people who rely on cash or have built a financial history in another country. Tools that allow rent payments to build one’s credit history can help newcomers and those with little financial history appear as favourable candidates to landlords, bankers and lenders. The goal is to start soon, keep costs low and pay on time.

Article sources

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

Fintech.ca (1)

“It was considerable, and that’s why I’m still working at 71,” she told the hosts of The Ramsey Show.

To help her recover, Marie’s daughter completely took over her finances. Every month, Marie gets a monthly allowance for groceries, gas and medication. Her rent is covered when it’s due, and if something unexpected comes up, such as a car repair or a dentist bill, she gets an extra transfer. It’s a system that’s worked well enough that Marie has managed to save US$200,000. Now, she wants access to this money to use it as a down payment on a condo or townhouse (1).

But her daughter won’t hand back the reins, worried that history might repeat itself.

“I want this arrangement to stop,” Marie said. “I’ve asked her several times and she’s just not inclined to do so — she still doesn’t trust me.”

So how does Marie take back control of her money without blowing up her relationship with her daughter? That’s where hosts Jade Warshaw and Rachel Cruze helped her sort out the issue.

Romance scams cost Canadians millions

Marie is far from alone. The Canadian Anti-Fraud Centre (CAFC) recorded more than C$58 million lost to romance scams from just over 1,000 reported victims in 2024 — and that figure is really only the tip of the iceberg (2). The organization estimates that only 5% to 10% of fraud victims ever report, meaning the real numbers are likely 10 to 20 times higher.

The scammer’s playbook is typical: They make contact on a dating app or social media platform. They’re charming, attentive and quick to build a connection. However, there’s always a reason they can’t meet, such as a military post, an offshore oil rig job or a construction project out of country — but the relationship feels real.

Then they ask for money for an emergency, or help with a blocked account or surprise medical bill. Sometimes it’s an offer for a too-good-to-be-true investment opportunity, often involving cryptocurrency.

Romance scams are now among the top 10 frauds reported to the CAFC, and they’re getting harder to identify (3). Bad actors can now use photos generated by artificial intelligence (AI), deepfake videos and voice cloning to make their false identities look and sound convincing.

Finding a balance between protection and control

Host Rachel Cruze acknowledges the difficult position both Marie and her daughter are in. Her advice: Rather than demand full control back all at once, Marie should work with her daughter to build a gradual plan, one with clear milestones, shared budgeting and bolstered by growing transparency.

If Marie has gone a full decade without any red flags, Cruze said, that track record is significant and should count for something. Moving toward independence doesn’t mean abandoning the safeguards that helped her rebuild — it means adjusting them as trust grows.

That said, Cruze was clear that there’s a big difference between a daughter looking out for her mother and a daughter making financial decisions for an adult who hasn’t asked for that management and control. If Marie and her daughter can’t find common ground, Marie may need to look at her legal options. A competent adult has the right to control her own finances, and no informal family arrangement can change that.

Rebuilding financial independence

If you find yourself a target of a romance scam similar to Marie, acting fast can limit the resulting damage. Here’s where to start:

Call your bank. If you’ve recently moved money, your bank may be able to reverse a transfer or freeze the account before more is lost.

Place fraud alerts on your credit files. Canada has two main credit bureaus — Equifax and TransUnion — and you should contact both to flag your file (4). A fraud alert tells the lenders to verify your identity before opening any new accounts in your name. Reach out to Equifax at 1-800-465-7166 and TransUnion’s Fraud Victim Assistance Department at 1-800-663-9980.

Report the scam to the Canadian Anti-Fraud Centre. The CAFC is Canada’s national fraud reporting hub. You can file a report online (5) or contact 1-888-495-8501. The CAFC doesn’t investigate cases directly, but it shares intelligence with law enforcement across the country.

File a report with your local police. A police report creates an official record that may be needed for insurance claims or legal steps down the road.

Remember: The shame in a romance scam belongs to the person behind it — not the person who was deceived. These operations are calculated and professional. Feeling embarrassed is understandable, but don’t let it stop you from reporting what happened. The more people who have been victimized that notify authorities, the better equipped law enforcement becomes to track these schemes down.

— 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); CBC (2, 3); Government of Canada (4); Canadian Anti-Fraud Centre (5)

New data from Vividata shows that 36% of Canadian credit card holders carry a balance, with many using credit to cover shortfalls when money runs tight. The findings come as broader financial pressures push more households to adjust spending and rely on borrowing.

“Debt plays very different roles depending on a household’s financial situation,” said Pat Pellegrini, president and CEO of Vividata, in a statement. “For some Canadians, credit cards are simply a rewards tool. For others, they’re increasingly being used to cover gaps when money runs short.”

Credit becoming a financial safety valve

The data shows that for some, credit cards are shifting from a convenience to a necessity.

Among Canadians carrying debt, 49% say they are living paycheque to paycheque, while 58% report having less disposable income than before. At the same time, 51% say they need to stick to a budget just to make ends meet, and 37% say they feel overwhelmed by financial burdens.

Those carrying credit card balances report even higher levels of strain, reinforcing the idea that revolving credit is often being used as a stopgap rather than a choice.

Pellegrini said the trend reflects longer-term changes in both income growth and borrowing behaviour.

“I think there’s two things,” he told NowToronto (1). “One, wages in Canada have not kept up with the rate of inflation… and then I think debt levels, people’s attitudes about taking credit, have changed over generations.”

That gap between income and costs is forcing many households to make riskier trade-offs more regularly, particularly in higher-cost cities.

Spending habits shifting under pressure

As financial pressure builds, Canadians are being forced to become more cautious in how they spend.

The report from Vividata found that 74% say rising costs have made them more careful with money, while 71% say those same costs have reduced how much they are able to save.

Pellegrini described this as a shift toward what he calls “survival spending,” where managing debt takes priority over building savings.

“Instead of saving, they’re servicing their debt,” he told NowToronto, pointing to a broader change in financial behaviour among Canadians.

That shift could have longer-term implications, particularly for younger Canadians who are more likely to carry non-mortgage debt such as credit cards and personal loans.

Mortgage debt still dominates household finances

While credit card balances are a growing concern, housing debt remains the largest financial burden for many Canadians.

The Vividata data shows mortgage ownership is concentrated among Canadians aged 35 to 49, particularly higher-income households and families. Many of those homeowners are well into repayment, with about 60% having 15 years or less remaining on their mortgage.

At the same time, the size of that debt varies significantly across the country. Among major cities, Kitchener has the highest average remaining mortgage balance at just over $400,000, followed by Toronto, Hamilton and Vancouver.

“Mortgage debt remains one of the largest financial commitments Canadians make,” Pellegrini said. “Understanding where those pressures are most concentrated helps paint a clearer picture of how housing costs are influencing financial decisions.”

A growing reliance on credit

For some households, credit cards remain a tool for convenience or rewards. For others, they are increasingly being used to manage day-to-day cash flow as budgets tighten.

The broader concern isn’t just the number of Canadians carrying a balance, but how normalized that behaviour has become. With nearly half of indebted households living paycheque to paycheque, credit is playing a more central role in how people navigate those rising costs.

That shift may be manageable in the short term, but it leaves less room for savings and fewer buffers if financial conditions worsen — a reality that many households are already starting to feel.

Article sources

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

NowToronto (1)

Most Canadians are paying for at least twice as many subscriptions than they thought. A 2024 survey by personal finance app Hardbacon found the average consumer has eight recurring subscriptions, but believes they only have four (1). Two-thirds of respondents admitted they’d been charged for something they’d completely forgotten about.

The problem isn’t only about subscriptions you might have completely disregarded — it’s about the benefits each membership offers that are hiding in plain sight.

Most people sign up with club memberships for the headline perks: fast shipping, bulk savings, streaming services — and never dig any deeper. But, buried in the fine print of memberships you already hold are protections, freebies and services that could be saving you money every month.

Here’s what’s worth knowing about before your next renewal.

Amazon Prime: Way more than two-day shipping

At $99 a year, Amazon Prime is a staple for millions of shoppers — but most people only scratch the surface of what their membership includes.

Prime Reading gives you access to a rotating library of free e-books, magazines and comics (2). Prime Gaming — bundled in at no extra cost — lets you claim free PC games to keep each month, with titles from publishers, including Ubisoft, regularly appearing in the lineup (3). You also get access to a circulating selection of games to stream instantly through Amazon Luna, no console required. Amazon Music, also included, lets you stream a large catalogue of songs and podcasts without paying extra (4).

The perk most members miss includes a free DashPass membership through DoorDash. Linking your Amazon and DoorDash accounts unlocks $0 delivery fees on eligible orders — a benefit normally worth $9.99 every month (5). It flies under the radar because it doesn’t activate on its own. You have to go looking for it, and many people never do.

Prime also includes 5 GB of free unlimited photo storage at full resolution through Amazon Photos (6). If you’re currently paying for extra iCloud or Google Photo space, this perk is worth a closer look.

Costco: Free tech support and a warranty you didn’t know you had

A Costco Gold Star membership costs $65 a year, with the Executive tier coming in at $130. Beyond bulk groceries and the parking lot hot dog, both memberships come with a perk that can easily be worth more than the fee alone.

Buy a TV, computer or other electronic device at Costco and you automatically get a free second-year warranty on top of whatever the manufacturer provides (7). Free tech support and setup are included as well. Given that a standalone extended warranty on a major appliance or TV typically costs anywhere from $100 to $500 or more, this benefit is one that often goes unnoticed.

Executive members also earn a 2% annual reward on eligible Costco purchases, plus a $10 monthly credit on Instacart or Costco Same-Day orders over $150. For regular Costco shoppers, the upgrade often pays for itself.

Your credit card: The benefits booklet nobody reads

The certificate of insurance that comes with your credit card is probably gathering dust in a drawer somewhere, or it went straight into recycling. But it may be one of the most valuable documents available to you.

Many Canadian rewards cards include extended warranties, purchase protection, rental car insurance, trip cancellation coverage and mobile device insurance — all folded into the annual fee you already pay (8). Take note, these aren’t add-ons: They’re already active.

Mobile device coverage is one perk that’s often the most overlooked. Several Canadian credit cards cover up to $1,000 or more for theft or accidental damage to your phone — sometimes beating what your carrier charges for a standalone protection plan (9). The catch with most cards is, you must charge your monthly phone bill to that card in order to qualify. Some also require that the card is used to purchase the phone. Check your certificate of insurance to confirm.

If you’ve misplaced your card’s insurance documents, a quick call to the number on the back of your card will get you a new copy.

The 10-minute check-in that’s worth your time

With the cost of living as high as it’s been in recent years, it makes sense to further scrutinize what you’re spending your money on. But cutting a membership you’re not using to its fullest potential is only half the issue. The other half is making sure you’re actually collecting everything you’re entitled to, especially since you’re already paying for it.

Log in to each membership you hold. Check your credit card’s benefits page, and compare what’s available versus what you’re using. You might find you’ve been leaving benefits — and money — on the table for years.

— 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.

Hardbacon (1); Amazon (2, 4, 6); Prime Gaming (3); Bargain Moose (5); Costco (7); Rates.ca (8); Ratehub (9)

On March 26, 2026, Bill C-15, the Budget Implementation Act, received Royal Assent, bringing Canada's first national regulatory framework for stablecoins into law. Days earlier, Deloitte Canada and Toronto-based fintech Stablecorp announced they would build stablecoin infrastructure for Canadian financial institutions — the first institutional-grade infrastructure of its kind in the country (2).

Right now, changes are happening behind the scenes at the bank level, but if the rollout goes as planned, Canadians could see faster, cheaper payments — including international transfers — built directly into their banking apps within the next year or two.

What is a stablecoin and why should Canadians care?

A stablecoin is a digital currency designed to hold a steady value pegged 1:1 to a fiat currency — in this case, the Canadian dollar.

Unlike Bitcoin or Ethereum, its value doesn't swing wildly from day to day. Think of it as a digital version of a loonie that can move across a blockchain instantly, around the clock.

As a blockchain-based digital asset, the stability of stablecoins depends on a reserve of cash or cash-like assets maintained by the issuer. This is what the Deloitte–Stablecorp collaboration aims to create — QCAD, Canada's first compliant Canadian dollar stablecoin (3).

Both firms say the infrastructure could support around-the-clock payments, faster settlement, better transparency and new products built on tokenized infrastructure.

What Canada’s new stablecoin law actually requires

The Stablecoin Act requires issuers to register with the Bank of Canada, maintain a 1:1 reserve of highly liquid assets with a qualified custodian, comply with reporting and verification requirements and offer at-par redemption (4).

In other words, every QCAD in circulation must be backed by a real Canadian dollar held in reserve by the issuer. The Bank of Canada will administer the framework and supervise stablecoin issuers, and the stablecoin framework is expected to become active in 2027 (5).

How Canadians already use stablecoins

Whether you realize it or not, Canadians are already using stablecoins. Any Canadian investor who invests or trades in cryptocurrency uses fiat-backed stablecoins as a store of value when trading cryptocurrencies. In this situation, the stablecoin is used as a bridge between the traditional fiat currency system and the digital asset space.

Trade 140+ coins instantly with Wealthsimple. Open and fund your first account with just $1 to claim your $25 cash bonus. Visit Wealthsimple for up-to-date terms and conditions. Get started today.

Now, with Canada's new stablecoin framework, Canadians will be able to feel more confident using fiat-backed stablecoins for payment purposes, such as sending money abroad.

What this means for your bank account

The Deloitte–Stablecorp partnership is institutional, for now. That means your bank isn't launching a QCAD wallet next week. Plus, Royal Assent for the stablecoin law isn’t expected for another six to 12 months, with an additional 12 to 18 months for the full registration and compliance framework — making 2027 the most likely implementation timeline for the release of QCAD (and any other approved stablecoins) available for use by Canadians.

The adoption and use of stablecoin also depends on quickly major banks adopt the infrastructure.

The areas most likely to see near-term benefit are international money transfers, where fees and settlement delays are highest, and business-to-business payments that currently require same-business-day cutoffs.

Consumer protection is a factor

The consumer protection side of the law also matters. Stablecoin issuers must maintain fully segregated reserves and offer redemption at par value — meaning that if you hold QCAD through a bank product, your dollar stays a dollar. Reserves must be segregated from issuer and custodian property and while also being legally protected from creditor claims if the issuer becomes insolvent.

What to watch for next

The framework is now law, but the details are still being drafted. The Department of Finance, working closely with the Bank of Canada, will begin regulatory development once the legislation has received Royal Assent, with draft regulations to be published in the Canada Gazette for consultations before being finalized (6).

If your bank launches a stablecoin-backed payment product before those regulations are fully in place, read the fine print carefully, particularly around how your funds are held and whether redemption is guaranteed.

For now, the most practical step is to monitor your bank's announcements over the next 12 months. The infrastructure is being built. The law is on the books. What comes next depends on how fast Canada's financial institutions are willing to move.

Article sources

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

Statistics Canada (1); Deloitte Canada (2, 3); Segev LLP (4, 5); Department of Finance Canada (6)

In a speech given to the Manitoba Chamber of Commerce at the end of March, Bank of Canada (BoC) Senior Deputy Governor, Carolyn Rogers, acknowledged that Canadians who had already lived through five years of economic upheaval may need to brace for the next half decade (1). Speaking in Brandon, MB, Rogers outlined a list of current structural forces reshaping how the central bank thinks about inflation, prices and economic growth. In particular she highlighted that the new oil price shock from the conflict in Iran, U.S. protectionist trade policy, Canada’s slowing population growth and the rise of artificial intelligence are all problematic themes that will continue to impact Canada’s economic health.

While the BoC held its benchmark interest rate steady at 2.25% for a third consecutive time in March 2026, Rogers made it clear: Stability today does not mean stability tomorrow.

For Canadians managing mortgages, variable-rate debt or inflation-sensitive budgets, this is not just central bank commentary. It has direct dollar implications.

Why the Bank of Canada is rethinking its inflation playbook

The BoC's inflation target of 2% remains in place, and Rogers reaffirmed the bank's confidence in this economic measure, but she acknowledged that the central bank underestimated how long inflation would stick after COVID-19 — and that its models failed to fully account for the scale of the supply shocks that drove prices higher.

As a result, the BoC has since widened the set of measures it uses to track underlying inflation. Rogers acknowledged that this new approach has, at times, created confusion — even signalling the appearance of moving the goalposts.

"So, we are reflecting on what we learned and on how we can improve our communications to guide expectations," she explained (2).

While the annual inflation rate cooled to 1.8% in February, Rogers and many other economists expect this rate to rise in the months ahead as higher gas prices persist and tariffs continue to hurt specific sectors of the economy.

For Canadians, this creates a difficult backdrop for households trying to plan: Inflation is low for now, but the factors that could push it higher are already in motion.

What 'more variable' inflation means for your mortgage and debt

Rogers explained that the BoC expects a "more variable inflation environment" in the coming years (3) — and borrowers, particularly those that rely on variable-rate loans, need to pay attention.

It could mean rate increases, not rate drops, in the near-term (4), even as many economists argue the slow pace of Canada's economic recovery does not justify higher rates.

That tension puts variable-rate mortgage holders and those carrying lines of credit in an uncertain position. In this hypothetical scenario, consider a homeowner with a $450,000 variable-rate mortgage: A 50-basis-point increase in the BoC's benchmark rate could add roughly $150 to $200 per month to their mortgage payments, depending on their amortization and terms. Those numbers aren't guaranteed — but they illustrate the real exposure that comes with rate uncertainty.

For Canadians renewing fixed-rate mortgages in 2026, locking in now versus waiting on future rate cuts involves a genuine trade-off. If inflation rebounds and the BoC responds with hikes, a floating rate could cost more than anticipated. If the economy stalls and rates fall further, variable-rate holders benefit.

There is no one-size answer — but the BoC's own signals suggest the range of outcomes is wider than it has been in calmer times.

What the Bank of Canada can and can't do with housing

Rogers addressed housing and affordability directly in her Manitoba speech, and her message was sobering for anyone expecting monetary policy to fix affordability. The BoC does not target home prices and is limited in what rate decisions alone can do to make housing more affordable for Canadians, she said (5).

Still, the BoC continues to review all factors that influence housing and while also monitoring shelter inflation.

For Canadians, Rogers remarks offer a practical takeaway: Canadians should not expect rate policy to rescue housing. Lower rates can fuel price gains; higher rates increase mortgage carrying costs. Either way, someone loses and someone gains and the math is rarely clean on either side.

What Canadians should do right now to prepare for volatility?

The BoC's mandate renewal — a scheduled five-year review with the federal government — is coming later in 2026. Part of this mandate renewal will be the Bank’s assessment of the impact of rapid rate swings. Turns out Canadians have made it clear: What we value is stability in both inflation and interest rates.

That feedback reflects what most households already know from experience: Sudden shifts in borrowing costs are expensive and hard to plan around.

To help, here are practical steps to consider before the next rate decision:

Review your mortgage terms. If you're on a variable rate or approaching renewal, model out what a 50-to-75-basis-point rate increase would mean for your monthly payment.

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

Don't assume rate cuts are coming. Markets are now pricing in potential hikes, not cuts, for later in 2026. Build your budget around rates staying flat or moving higher.

Check your emergency fund. More economic volatility means more job and income uncertainty. A buffer of three to six months of expenses matters more when the path ahead is uneven.

• Build your emergency fund faster. Open a high-interest savings account with EQ Bank — earn more while keeping your money accessible.

Revisit GIC and fixed-income timing. If rates rise, waiting to lock in could mean better yields. If the economy slows, current rates may look attractive. Talk to a financial adviser before making large fixed-income commitments.

Watch the real inflation signals, not just the headline. Rogers flagged that federal tax changes have distorted year-over-year comparisons. The BoC is using broader measures — Canadians should look past the monthly headline number and watch energy prices and core inflation trends.

The Bank of Canada held rates steady but it told Canadians plainly not to expect the turbulence to stop. Planning around stability that may not arrive is costlier than planning for the volatility that’s already here.

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

The Brandon Sun (1, 2, 3, 5); Scotiabank (4)

“This price was set by an algorithm using your personal data.”

That single line, first highlighted in a Washingtonian investigation (1), has pulled back the curtain on a pricing strategy many consumers don’t realize is already shaping what they pay for groceries to airline tickets.

From surge pricing to “surveillance pricing”

Dynamic pricing isn’t new.

Airlines have long adjusted ticket prices based on demand. Ride-hailing apps increase fares during busy periods and hotels charge more during peak travel seasons.

In Canada, regulators describe this as a system in which prices adjust in real time (2) based on factors such as demand, supply and timing.

But advances in artificial intelligence have introduced a more personalized layer. Companies can now set prices based not just on market conditions, but on your behaviour.

This emerging model is known as “surveillance pricing.”

A 2025 study by the U.S. Federal Trade Commission (3) found companies are already using personal data — including browsing history, location and online activity — to tailor prices to individual consumers.

Canadian experts say the same shift is happening here.

A discussion paper (4) from the Competition Bureau Canada notes that AI-driven pricing systems can continuously learn from user data and market responses which allow companies to adjust prices in real time with minimal human oversight.

What data are companies using?

The Washington Post has not publicly detailed its pricing algorithm. However, Luca Cian, a University of Virginia business professor, told The Washingtonian (5) that such systems typically rely on a mix of demographic signals, behavioural data and inferred income.

These factors can include:

• Device type: Premium devices may signal higher purchasing power
• Location data: Postal codes to estimate income levels
• Usage behaviour: Frequent users may be charged more because they appear to value the service more
• Purchase or subscription history: Patterns of renewal, cancellation or engagement

In other words, the system is trying to predict how much you personally are willing to pay.

While the Post disclosed this practice, most companies don’t — even though it is increasingly common.

In Canada, regulators and industry observers report that companies use algorithmic pricing across sectors, from retail to transportation (6).

And the trend is moving beyond online shopping.

A Retail Insider report (7) found AI-powered pricing — including digital shelf labels — could allow grocery prices to change in real time in physical stores which raises concerns about affordability and fairness.

Sylvain Charlebois, Dalhousie University professor of food distribution policy and senior director of the Agri-Food Analytics Lab, argues (8) that cost and competition, not AI, should drive food prices.

Can you avoid it?

Most consumers agree to extensive data collection when they accept user agreements (9). Once accepted, companies can create a detailed digital profile to gauge pricing decisions.

Here are some practices to preserve your privacy:

• Using a VPN to mask location
• Browsing in private or incognito mode
• Avoiding logged-in sessions

Still, modern pricing systems rely on a wide range of signals, and avoiding them entirely can be inconvenient.

Even Canadian regulators (10) acknowledge that these systems are becoming more complex and less transparent over time, which make it harder for consumers to understand how prices are set.

What regulators are doing next

Canadian regulators are beginning to take notice.

The Competition Bureau has warned (11) that algorithmic pricing can improve efficiency but also raises concerns about fairness, transparency and potential anti-competitive behaviour.

Some stakeholders have also flagged risks that these systems could treat consumers differently (12) based on personal characteristics or purchasing behaviour.

The Bureau is actively studying how these tools affect competition and consumer outcomes, as part of a broader push to understand the impact of AI on pricing (13).

Unlike in parts of the U.S. and Europe, Canada does not yet have specific laws requiring companies to disclose when they use personalized pricing.

As AI and data tracking become more advanced, prices are becoming more fluid — shaped not just by supply and demand, but by who you are, where you live and how you behave online.

In Canada, the shift is already happening without clear disclosure.

Article sources

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

Washingtonian (1, 5, 9); Competition Bureau (2, 13); FTC (3); Competition Bureau (4, 6); Retail Insider (7); Canadian Grocer (8); Kitchener City News (10, 11); Lexpert (12)

That was the situation facing a 50-year-old caller, Stewie, on The Ramsey Show. He revealed he has stashed roughly $300,000 in cash at home — $100 bills he’d been setting aside as a personal challenge that started as a game years before. Hosts Jade Warshaw and Ken Coleman were impressed by his discipline. But they had some concerns about where that money was sitting (1).

Why keeping cash at home costs you more than you realize

Money kept at home doesn’t earn interest. That means every year that it sits there, inflation slowly chips away at it, lowering its value and limiting what you can buy.

The Bank of Canada’s inflation calculator shows just how significant that erosion can be over time (2). Using Statistics Canada Consumer Price Index (CPI) data, $300,000 in 2016 when Stewie started saving, would need to be roughly $369,000 today to have the same purchasing power (3). That represents a gap of nearly $70,000, simply from doing nothing.

“We need to harness the power of compounding interest, and when it’s at home, there’s zero compounding interest,” said Warshaw. “As a matter of fact, it’s almost negative. It’s depleting the value of your money because [of] inflation.”

There’s also a safety risk. Cash kept at home isn’t protected by the Canada Deposit Insurance Corporation (CDIC). The CDIC automatically insures eligible deposits up to $100,000 per category at each member institution — but only when that money is deposited at a CIDC-member bank (4). It offers zero protection for bills at home sitting inside a drawer.

Why he hasn’t invested yet

When the hosts asked why the money hadn’t been put to work inside some sort of investment, Stewie admitted he was afraid of the stock market. Stories from his grandfather about the Great Depression had left a lasting impression.

It’s a common feeling. But Warshaw gently pushed back: yes, markets can go down. But over long stretches of time, they’ve also consistently recovered and moved higher.

“Yes, there’s been downturns, but usually it [the stock market] recovers very quickly within the next year or two,” said Warshaw. “And so the point of the stock market is it’s a long-term ride. It’s not something you hop in and hop out of.”

For Canadian investors, the long-term numbers back her claim. The S&P Composite Index has delivered average annualized returns in the range of between 7% and 9% over multi-decade periods, while globally diversified index funds — including those tracking the S&P 500 — have historically averaged around 10% annually. Past performance doesn’t guarantee future results, but the long-term trend for broad, diversified index investing has consistently had an upward trajectory.

How his savings could potentially grow to $2M

Using an investment calculator, the hosts guided Stewie through a hypothetical scenario based on his situation:

• Invest the $300,000 lump sum into a broad index fund
• Add $500 every month in ongoing contributions
• Leave it invested for 17 years, from age 50 to 67
• Assume an average annual return of 10%

Under those assumptions, the total could hypothetically grow to around $1.89 million by the time he retires.

Canadian investors have a notable advantage here: both Registered Retirement Savings Plans (RRSPs) and Tax-Free Savings Accounts (TFSAs) allow investments to grow sheltered from tax — either tax-deferred with RRSPs, or completely tax-free in a TFSA.

For someone starting with a large lump sum at age 50, maxing out both accounts and holding low-cost index exchange-traded funds (ETFs) inside them could significantly improve the after-tax outcome compared to investing in a non-registered account like a high-interest savings account.

Of course, returns aren’t guaranteed. Markets fluctuate and no one can predict what the next 17 years will look like. But the core principle — getting a large sum invested early and letting compound growth do the work — is well-supported by historical data.

What about the $400K in savings?

Later in the conversation, Stewie revealed he also had around $400,000 in a high-yield savings account, bringing his total savings to roughly $700,000.

Considering the CIDC insures eligible deposits for up to $100,000 per category per member institution, a $400K balance sitting in a single savings account at one bank would leave $300,000 unprotected in the event of a bank failure. Spreading funds out across different deposit categories — such as a TFSA, RRSP and personal savings account in the same institution — or across multiple CIDC-member banks can help maximize security coverage.

The hosts advised keeping three to six months of living expenses in the savings account as an emergency fund, and investing the rest alongside the $300,000 cash.

“Let’s say he keeps a hundred in there,” said Coleman. “So, now we’ve got $600,000 that you need to get invested soon … and let that money go to work for you.”

Coleman added a caveat: every year spent waiting to invest is a year of compound growth lost — and over 17 years, those early years matter the most.

Bottom line

Saving up $700,000 by age 50 takes real discipline. But money that isn’t working for you is losing value in the background to inflation every year. Whether it’s $300 or $300,000, getting it invested in a low-cost index fund inside a TFSA or RRSP — and leaving it there — is one of the most straightforward ways to build long-term wealth.

Article sources

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

YouTube (1); Bank of Canada (2); CPI Inflation Calculator (3); Government of Canada (4)

A new report from the University of Calgary (1) found that more than one-third of senior homeowners are worried about affording basic home upkeep, even if they no longer have a mortgage. The study, based on a survey of Albertans aged 65 to 85, also found that 16.6% have considered selling their home due to financial pressure.

“There’s a general assumption… that owning your own home, especially in later life, is a sign that you’ve essentially made it,” report co-author Alex Bierman told CTV News (2). “We were shocked when we started looking at the data.”

Rising costs are eroding the value of homeownership

Rather than large, one-time financial shocks, the report highlights the cumulative impact of higher everyday costs such as utilities, home maintenance and groceries. Even for homeowners without a mortgage, those ongoing expenses are becoming harder to manage.

“I don’t think it’s so much these major life issues as it is the everyday, day-to-day need,” Bierman told CTV. “There needs to be repairs, there needs to be upkeep.”

That pressure is being compounded by broader cost-of-living increases, creating what Bierman described as a “domino effect,” where rising expenses in one area reduce the ability to keep up in others.

Another key issue is that much of a homeowner’s wealth is tied up in their property and not easily accessed.

“The issue here is that’s a locked-in asset,” Bierman said, noting that even households with significant home equity can still feel financially constrained on a day-to-day basis.

A broader trend beyond Alberta

While the report focuses on Alberta, similar pressures are emerging throughout Canada.

Separate survey data from Bloom Finance (3), released in October last year, suggests that many older Canadians are facing similar trade-offs. Among Canadians aged 55 and older, for example, 55% said they are concerned their retirement savings won’t be enough to maintain their lifestyle, while 76% say supporting family members is affecting their ability to save.

At the same time, many are adjusting their expectations. About 61% say they plan to cut spending or change their lifestyle, and 36% expect to take on part-time work in retirement due to rising costs.

Despite the growing pressure faced by homeowners, only 21% say they are considering downsizing or alternative living arrangements.

Fixed incomes and difficult choices

The report from the University of Calgary stresses that housing costs do not end when the mortgage is paid off, and for many seniors that reality is becoming more pronounced.

Larry Mathieson, Executive Director of Unison, told CTV News that the organization regularly sees older Canadians struggling with the ongoing cost of homeownership.

“Even a house that is fully paid for is still a big expense,” said Mathieson.

And for seniors living on fixed incomes, those everyday costs can force difficult trade-offs.

“It’s not uncommon for us to hear people making decisions between buying the groceries they need and buying the medications they need,” he said.

The findings demonstrate that for many retirees, homeownership alone is no longer a reliable indicator of financial stability.

Rising day-to-day expenses and limited access to home equity are inevitably resulting in continued financial pressure, despite many being asset-rich on paper.

Article sources

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

Policy School (1); CTV News (2); Business Wire (3)

Paul Polak, a resident of Colorado, recently shared his experience after ordering a US$67 (about C$92) replacement hubcap from a U.K.-based online seller for his granddaughter's inherited Audi station wagon.

When the package arrived, a letter from FedEx was waiting — not to celebrate the delivery, but to collect. The carrier had paid the import duties on Polak's behalf and was seeking reimbursement, plus a US$4.50 (about C$6.18) disbursement fee for handling the customs paperwork. In total, Polak owed US$46.38 (roughly C$63.70) on a US$67 purchase — an effective tax rate of approximately 69% (1).

A retired economics professor who reviewed the invoice concluded the tariffs appeared to have been improperly stacked, each one assessed against the full value of the item rather than applied correctly. The likely correct duty, according to the professor's analysis, was closer to US$16.75 — meaning Polak may have been overcharged by roughly US$25. (1)

While Polak's story unfolded south of the border under U.S. customs rules, it's a cautionary tale that every Canadian online shopper should take to heart. The mechanics are different here — but the risk of being hit with unexpected fees, or of paying too much and not knowing it, is just as real.

The Canadian version of the story

Canada's customs system works differently from the one Polak encountered, but it's no less confusing for the average online shopper — and errors do happen.

When a Canadian purchases goods from a seller in the United Kingdom, the transaction falls under the Canada–United Kingdom Trade Continuity Agreement (CUKTCA), which preserves the preferential tariff rates previously established under the Canada-European Union Comprehensive Economic and Trade Agreement (CETA) (2). Under these agreements, most goods — including many automotive parts — enter Canada at significantly reduced or zero duty rates.

However, "reduced duty" doesn't mean "no cost." Even on a duty-free purchase from the U.K., a Canadian buyer can still expect to pay:

• GST/HST on the value of the goods (5% to 15%, depending on the province)
• A carrier brokerage fee, covering the cost of having the courier file the customs paperwork on your behalf
• A disbursement fee — roughly 2.5% of whatever duties or taxes the carrier paid on your behalf, typically with a minimum charge of about C$15 to C$20 (3)

For goods shipped from countries outside the U.S., Canada's duty-free de minimis threshold is just C$20 — meaning any package from the U.K. worth more than $20 is potentially subject to duties and taxes (4). By contrast, packages shipped by courier from the U.S. or Mexico enjoy a higher threshold: duty-free up to C$150, and tax-free up to C$40, under the Canada–United States–Mexico Agreement (CUSMA) (4).

In other words, Canadians ordering from the U.K. — or anywhere outside North America — are operating with far less cushion than many realize.

Brokerage fees: the sneakiest charge of all

For many Canadians, the most surprising line item isn't the government duty at all. It's the brokerage fee.

When FedEx, UPS or DHL delivers your package, it typically acts as the customs broker — filing the declaration on your behalf. That service costs money, and the fee varies significantly by carrier and shipment type. Ground shipments are usually the most expensive for brokerage; express shipments sometimes include it in the shipping price.

Canada Post charges a flat C$9.95 handling fee per dutiable package — typically lower than what commercial couriers charge. Some Canadians choose to "self-clear" packages at a local Canada Border Services Agency (CBSA) office to avoid paying a carrier's brokerage fee entirely, though it requires picking up the manifest number and visiting the CBSA in person.

When something looks wrong, you can push back — for free

Here's where the Canadian situation is notably better than what Polak encountered in the U.S.

When Polak formally disputed the claim, FedEx warned him he'd be on the hook for a US$90 to US$150 US fee if the tariff was found to be correct. However, disputing a duty or tax assessment with the CBSA in Canada carries no upfront cost for non-commercial imports.

In fact, Canadians who believe they've been overcharged on duties or taxes have two main options:

The first is to dispute directly with the courier before the package is cleared or payment is made. This is easiest to do before accepting delivery and handing over your credit card.

The second is to file a Form B2G — the CBSA Informal Adjustment Request — which allows you to apply for a refund of duties and taxes paid on goods imported for personal use (5). The form is submitted by mail to the CBSA Casual Refund Centre corresponding to your postal code, along with supporting documents such as the original invoice and any duty receipts.

Important caveats: the CBSA will not refund brokerage fees or shipping and handling costs — only duties and taxes that were incorrectly assessed. If your classification-based claim is denied, you have 90 days from the date of the denial letter to file a formal appeal with the CBSA's Regional Recourse Division.

The takeaway? Save everything — original listing, order confirmation, shipping receipt and duty invoice. If an assessment looks off, it almost certainly is worth questioning. The process isn't quick, but it won't cost you anything to try.

A nationwide pattern Canadians should watch

The U.S. story isn't just a cautionary tale — it's a window into what happens when customs systems struggle to keep up with the volume of cross-border e-commerce. The U.S. eliminated its duty-free de minimis exemption for all countries in August 2025, forcing formal customs processing on packages that previously sailed through unchecked. The results have been chaotic: misfiled tariff codes, improperly stacked duties and surprise invoices for amounts that bear little relation to the goods purchased.

Canada has not eliminated its own de minimis framework, but the global surge in cross-border shopping has already increased scrutiny at the CBSA, particularly for courier shipments from non-CUSMA countries (6). And with U.S.-Canada trade tensions driving Canadians to diversify their shopping toward U.K. and European sellers, many are encountering Canada's $20 duty-free threshold for the first time — and finding it unforgiving.

The lesson from the U.S. experience is worth heeding: as international e-commerce volumes grow, so does the risk of misclassification, over-assessment and poorly disclosed fees.

What to do before you click 'buy'

Check where the seller ships from: Many international marketplaces don't make it obvious that a product is originating outside North America. Look for seller details and country of shipment before you purchase — because where a product ships from determines which de minimis threshold applies, not where it was manufactured (7).

Know your threshold: For packages arriving from the U.S. or Mexico by courier, you're duty-free up to C$150 and tax-free up to C$40. For everything else — including the U.K. and Europe — the duty-free threshold is just C$20 (8).

Look for 'Delivered Duty Paid' options: Some sellers offer to include all import costs in the listed price. If shipping terms say 'DAP' (Delivered at Place) or don't specify, expect a bill on arrival.

Compare couriers before you buy: If you have shipping options, note that Canada Post's flat C$9.95 handling fee is typically lower than commercial carriers' brokerage fees on ground shipments (9).

Review your customs invoice: Check the tariff codes and assessed amounts against what you actually purchased. If something doesn't add up, document everything.

Dispute without fear: In Canada, challenging a duty or tax assessment through the CBSA costs nothing for personal imports. File Form B2G if you believe you've been overcharged — and don't wait. For disputes over tariff classification, value or origin on goods arriving by mail or hand-carried, the window is one year. For courier shipments, all requests — including classification disputes — are subject to the four-year limit (10).

Hold onto everything. Save your original listing, order confirmation, shipping receipt and any duty or tax invoices. They're your evidence if you need to dispute.

Canadian next steps: manage cross-border shopping smarter

Here is how you can manage cross border shopping as a Canadian in a smarter, financially-conscious way:

• Use the CBSA's duty estimator tool before purchasing from international sellers. It can help you forecast the total landed cost of an item before you order. The tool is available at cbsa-asfc.gc.ca and is updated regularly. Note: as of September 1, 2025, the CBSA's 25% surtax on steel and aluminum products and certain auto imports from the U.S. is not yet factored into the estimator — so flag those separately (11).
• Understand CUSMA, CETA and CUKTCA before shopping from those regions. Under CUSMA, most goods made in the U.S. or Mexico enter Canada duty-free. Under CETA and the Canada-U.K. Trade Continuity Agreement (CUKTCA), most goods from the EU and U.K. also enter at reduced or zero duty rates — but you still owe sales tax and carrier fees (12).
• Consider self-clearing high-value packages. If you're ordering something expensive by ground courier from outside Canada, it may be worth self-clearing at your local CBSA office to avoid the carrier's brokerage fee entirely. You'll need the manifest or waybill number. Note: self-clearing is only available for commercial courier shipments (FedEx, UPS, DHL). Packages arriving through Canada Post's postal stream cannot be self-cleared.
• Build the true cost into your buying decision. Before purchasing from an international seller, estimate duty, GST/HST and brokerage fees as part of the total price. A C$90 item from the U.K. might actually cost C$120 or more by the time it reaches your door.

Article sources

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

9NEWS Denver (1); Global Affairs Canada (2, 12); Canada Post (3, 9); CBSA (4, 6, 7, 8)(5, 10)(11)

When monthly cash-flow is tight, a growing number of retirees are turning to a reverse mortgage. A reverse mortgage lets homeowners aged 55 and older borrow against their home equity without making monthly payments. The loan — plus accrued interest — is repaid when you sell, move out permanently or pass away. One feature that helps is that funds through a reverse mortgage are tax-free — since the money isn’t a loan, so it’s not considered income.

Unfortunately, the reverse mortgage product carries a stigma — one of predatory lending to unaware seniors. But the Canadian market has shifted meaningfully and these days more people are aware of the benefits and risks attached to a reverse mortgage. Combine this with lower rates and more competition in this non-traditional loan space and the number of Canadians now turning to a reverse mortgage as a retirement option has grown.

Here’s how to determine if a reverse mortgage is right for you.

What is a reverse mortgage and how does it work?

A reverse mortgage works like a standard mortgage, but in reverse: The lender gives you money against your home's equity, and interest accumulates over time rather than being paid monthly.

What’s key is that you, the homeowner, retain title and ownership your home and no one can force you to move or sell, until you’re ready.

To qualify, you must be at least 55 years old, own a home that is your primary residence, have the home appraised, and carry no existing mortgage. (Some reverse mortgage lenders will also allow you to use proceeds from the reverse mortgage to pay off an existing mortgage — allowing you to retire without making monthly mortgage payments.) In most cases, no income verification or minimum credit score is required to apply and be approved for a reverse mortgage.

How much can you borrow with a reverse mortgage?

In most cases, lenders in Canada allow you to borrow up to 55% of your home's appraised value — a limit that is established and enforced by the Office of the Superintendent of Financial Institutions' (OSFI) Guideline B-20 (1). Some lenders and products can extend the borrowing limit to 59% for older borrowers in desirable markets.

You can receive funds as a lump sum, in regular installments or as a combination of both.

The loan is repaid — principal plus all accrued interest — when you sell, move out or die. Any remaining equity goes to you or your estate.

What rates do you pay with a reverse mortgage?

Expect to pay more than you would on a traditional mortgage — but meaningfully less for the same product compared to a few years ago when borrowers were paying between 7% and 10% interest on their reverse mortgage equity loan.

More competition in this space along with Bank of Canada rate cuts means costs on reverse mortgages have come down. Now, homeowners can find reverse mortgage products with interest rates as low as 6.44%, not including application and administrative fees (2).

For instance, HomeEquity Bank, the operator of CHIP Reverse Mortgage, currently offers a 5-year fixed rate at 6.64%, which works out to an APR of 7.06% after factoring in closing costs and administrative fees (3). Equitable Bank's Flex Lite product starts at 6.44% for a 5-year fixed term, though that rate applies to lump-sum borrowers only, with a maximum loan-to-value (LTV) of 40%. Its more flexible Flex product — which allows scheduled and ad-hoc advances up to 55% LTV — carries a 5-year fixed rate of 6.54% (4).

For borrowers who want rate certainty for the life of the loan, Bloom Finance introduced Canada's first lifetime fixed-rate reverse mortgage in November 2025, at 6.69% — eliminating renewal risk entirely (5).

As a general rule, the more you borrow relative to your home's value, the higher the rate. Older borrowers accessing larger LTV products — such as Equitable Bank's Flex PLUS, designed for borrowers aged 70 and older — will see rates starting at 7.69% for a 5-year fixed term (6).

Consider all costs when selecting a reverse mortgage product

Interest rates matter most, because they compound over time, but additional fees can add up making an advertised low rate not as attractive.

Interest rates

For instance, if you took out a reverse mortgage on a $170,000 loan, the difference between 6.5% and 8% compounded over 10 years adds up to tens of thousands of dollars in accrued interest before repayment.

Administrative fees

Setup fees vary by lender. For instance, HomeEquity Bank charges $1,795 for standard terms, while Equitable Bank and Home Trust both charge $995.

Appraisal fees

All lenders require an independent appraisal on your home — at a cost of $300 to $600 out of your pocket. Plus, you’ll need to pay independent legal advice before closing.

Total extra cost

Generally, expect to pay $1,500 to $3,500 for these appraisal fee and administrative costs, although these costs can climb depending on the lender, term and province.

Prepayment costs

Prepayment penalties are another consideration. Reverse mortgages are designed to remain in place until the home is sold — paying down or closing the balance early can be expensive. Some lenders offer provisions to avoid this fee. For instance, Bloom Finance's SafeRate includes a fee waiver within three years of the first homeowner's death or if the last surviving borrower enters long-term care.

Is a reverse mortgage a good idea for you?

It depends on your situation, your timeline and what alternatives exist.

A reverse mortgage may make sense if you want to stay in your home, your cash flow needs are ongoing rather than one-time, and you've exhausted or ruled out other options — like a mortgage refinance, home equity line of credit (HELOC), downsizing or tapping registered retirement savings.

A reverse mortgage may be a poor fit if you plan to move within a few years (transaction costs could erode the value quickly), if preserving equity for heirs is a priority or if you can meet your needs through other means at a lower cost.

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

Where the math can shift in favour of a reverse mortgage is when you carry existing mortgage debt into retirement. This situation is far more common among older Canadians (7).

The good news is that all lenders require borrowers to obtain independent legal advice before closing — and this advice is a regulatory requirement. Consider it an opportunity to ask the hard questions about total cost, alternatives and long-term impact on your estate.

If a reverse mortgage is right for you, what are your next steps?

If you're considering a reverse mortgage, here's how to approach it:

Get an independent home appraisal to understand your current equity position. This helps establish whether the mandatory appraisal required by your lender is fair.

Compare at least two or three lenders — rates, setup fees and product features (lump sum vs. installment, fixed vs. variable, lifetime rate options). Ask each lender about prepayment terms and what happens if you need to move to long-term care.

Speak with a fee-only financial advisor before committing, particularly if estate planning is a concern. And use the required independent legal advice appointment as a real conversation — not a formality.

Final thoughts from the FCAC

The Financial Consumer Agency of Canada (FCAC), a federal consumer protection regulator, maintains a consumer guide on reverse mortgages and recommends comparing other options first (8). That's sound advice. A reverse mortgage can be the right tool in the right circumstances — but it works best when you go in with clear numbers and realistic expectations, not just a sense that your house is worth a lot.

Article sources

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

Financial Consumer Agency of Canada (FCAC) (1, 8); Equitable Bank (2, 4, 6); Chip (3); Bloom Financial (5); Statistics Canada (7)

Halter, a New Zealand-based company that builds AI-powered smart collars for cattle, is in talks to raise a new funding round led by billionaire Peter Thiel's Founders Fund that would double its valuation to more than US$2 billion, Bloomberg reported (1). The deal is reportedly oversubscribed, with so much investor interest that the final size of the round hasn't been determined yet.

For Canadian investors, the story is more than just a quirky tech headline — it's a signal about where serious capital is flowing in the agriculture sector, at a time when Canadian beef prices are at record highs and ranchers here at home are searching for ways to do more with less.

What Halter actually does

Halter's solar-powered collars use AI to create virtual fences for cattle, eliminating the need for physical barriers. The collars connect to a farmer's phone, allowing producers to monitor their herd's location and health indicators through an app — and even move cattle remotely using vibrations and audio cues from the devices.

It's a step beyond the typical livestock monitoring collar, which typically focuses on tracking digestion or breeding cycles. Halter's pitch: full herd management from a smartphone, at US$5 to US$8 (C$7 to C$11) per animal per month.

"The goal was to make pasture farming more sustainable and productive using technology,” Halter founder Craig Piggott told to Bloomberg in 2024.

The company's last funding round pulled in US$100 million (C$140 million) at a roughly US$1 billion valuation in June, led by BOND. Halter has since set up a Colorado office and said it's prioritizing expansion in the U.S.

Why Canadian farmers should be watching

Canada's cattle industry is at an inflection point. The national herd fell for three consecutive years before posting a modest 0.8% recovery in July 2025, when Statistics Canada counted 11.9 million cattle and calves — still among the lowest levels recorded since the 1980s (2).

Drought in western Canada, rising feed and labour costs, and an aging farming population have all squeezed producers. Meanwhile, retail prices for Canadian beef climbed 16% in 2025, according to research from Dalhousie University — and are expected to remain elevated into 2026 and 2027 (3).

Against that backdrop, technology that promises to cut labour costs and help producers do more with fewer workers has obvious appeal. Farm Credit Canada (FCC), an Ottawa-based federal Crown corporation that provides financial services to Canada's agricultural sector, committed US$2 billion through 2030 to accelerate agtech innovation (4).

Precision agtech outlier in a struggling sector

Halter's momentum is notable because agtech has had a rough few years globally. A wave of agricultural technology startups have declared bankruptcy, and venture capital firms are largely pulling back from the sector as companies struggle to convince farmers to adopt their products amid high operational costs.

But precision agriculture — the broader push to use technology to manage farms more efficiently and reduce labour needs — remains a fast-growing market. Industry estimates peg the global precision agriculture market at roughly US$9.5 billion in 2025, with projections to surpass US$17 billion by 2031 (5).

Closer to home, the Canadian precision farming market generated US$1.5 billion in 2023 and is projected to reach US$3.7 billion by 2030, growing at a compound annual growth rate (CAGR) of 13.4%, according to Grand View Research (6). Canada accounted for 14.6% of the global precision farming market in 2023.

More efficient farming could eventually translate to more stable food prices for consumers, though that connection is still playing out.

How Canadian investors can get exposure

Halter is private, so you can't buy shares directly. But several publicly traded companies are already deep in the precision agriculture space — and could benefit as the same tailwinds lift the sector.

For Canadian investors, the most direct domestic play is Nutrien Ltd. (TSX/NYSE: NTR), headquartered in Saskatoon, SK. Nutrien is the world's largest producer of potash and a major provider of crop inputs and services. Its Nutrien Ag Solutions division operates one of the largest precision agriculture retail networks in North America, providing soil testing, GPS-guided crop scouting, data analytics and agronomic planning tools to over 500,000 growers worldwide (7). The company reported full-year 2025 net earnings of US$2.30 billion and is forecasting continued growth in 2026. While Nutrien's core business is fertilizer, its expanding digital agronomy platform gives it meaningful exposure to the precision farming trend.

Deere & Co. (NYSE: DE) is the closest thing to a precision ag bellwether on public markets. Its See & Spray technology uses cameras and machine learning to identify and target weeds in real time, reducing non-residual herbicide use by nearly 50% across more than 5 million acres in 2025 (8). Deere is also pushing into autonomous tractors and AI-driven field analytics, making it the most direct large-cap play in the sector.

Merck & Co. (NYSE: MRK) is a name you might not associate with cow collars — but the pharmaceutical giant already makes them. Merck's Allflex and SenseHub divisions reached a milestone of 2 million dairy cows monitored globally in November 2025, and the company sells over 500 million animal identification tags per year (9). Merck paid US$2.4 billion (C$3.4 billion) to acquire this technology through its purchase of the Antelliq Group in 2019 (10). While it's a small slice of Merck's overall business, it's the most direct public comparison to what Halter is building — though Halter's virtual fencing capability is what sets it apart.

For broader exposure to the theme, AGCO Corp. (NYSE: AGCO) manufactures farm equipment and owns Precision Planting, a division focused on planting and application technology for row crops. CNH Industrial (NYSE: CNH) is similarly investing in digital farming tools across its Case IH and New Holland brands, both of which are common on Canadian farms. And Corteva (NYSE: CTVA) focuses on crop protection and precision application technologies, including partnerships with satellite imagery and data analytics platforms.

What Canadian investors should keep in mind

The themes driving Halter's valuation — labour shortages, drought-stressed herds, record-high beef prices — are not uniquely American. They're Canadian stories too. Here are a few practical steps investors can take to engage thoughtfully with this space:

1. Do your homework on Canadian-listed options first. Nutrien (TSX: NTR) is the most accessible Canadian-headquartered company with growing agtech exposure. Look at its Nutrien Ag Solutions division when evaluating the company's technology footprint.

2. Consider U.S.-listed agtech stocks through a Tax-Free Savings Account (TFSA) or Registered Retirement Savings Plan (RRSP). While U.S. dividends are subject to a 15% withholding tax in a TFSA, holding U.S. equities in an RRSP eliminates that withholding tax under the Canada-U.S. Tax Treaty. Deere, Merck and Corteva all pay dividends.

3. Currency risk matters. All four U.S.-listed companies report in U.S. dollars. A stronger Canadian dollar can erode returns for Canadian investors buying U.S. stocks. Consider whether your brokerage account allows you to hold U.S. dollars directly to reduce unnecessary conversion costs.

4. Watch for Canadian agtech startups. Canada's agtech sector is growing quickly, and Agriculture and Agri-Food Canada (AAFC) runs programs — including the Agricultural Clean Technology (ACT) Program and the Sustainable Canadian Agricultural Partnership — that fund innovation in this space. New private companies may eventually go public on the TSX Venture Exchange (TSXV).

5. Think about the broader food-security trade. Tight North American cattle herds, record beef prices and a growing reliance on technology are secular trends, not short-term blips. Investors who believe food production will remain a global priority have reason to look at this sector for the long term.

The bottom line

Agtech may be down broadly, but standout companies are still attracting serious capital. Thiel's bet on Halter signals that investors see precision agriculture as more than a niche — even as the sector sorts out which business models actually work. Between a cow collar startup doubling its valuation in under a year and billions flowing into public players like Deere, Merck and Nutrien, it's a space worth watching.

For Canadians, the timing could hardly be more relevant: record beef prices, a strained national herd and a federal government investing in agtech innovation are creating conditions that make precision agriculture both a practical necessity and a long-term investment theme.

Article sources

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

Bloomberg (1); Statistics Canada (2); CBC News (3); Mordor Intelligence (4); ResearchAndMarkets (5); Grand View Research (6); Nutrien (7); John Deere (8); Merck Animal Health (9); Merck (10)

Speaking with CTV News, the Ontario resident revealed how he initially paid for a return flight to Thailand via Air Canada for $4,958 and noticed a small error on his tickets following the purchase — his name was spelled wrong (1). Instead of having a space between his middle and last name, they were combined. Concerned, Bowman called Air Canada to confirm.

“I called them and the employee said I should be fine,” Bowman told the outlet.

But apparently the issue was not resolved. Two days before he was scheduled to leave, Bowman reached out to Air Canada once more to confirm everything was in order. This time, another employee answered him, and gave him a vastly different response.

“The next employee said it is not fine, we will have to cancel everything, and the price of a new ticket jumped about $6,000,” Bowman said. His new return flight ticket was $11,200 total, but, he chose to continue with his dream vacation, largely because he had pre-paid for multiple outings and tours.

After coming home, Bowman contacted Air Canada to receive compensation for the mistake. After all, he initially reached out to the airline to check if the typo would be an issue and was assured it would not. Thankfully, Air Canada decided to refund Bowman the difference between his original ticket price and the revised ticket: a total of $6,223.

“We reviewed this case and we concluded that the customer should have been advised more clearly about his options during the initial call, which would have remedied this situation,” a spokesperson for Air Canada said in a statement to CTV.

Small mistakes can lead to big problems

While tickets containing a typo for domestic travel may not be an issue, trying to board an international flight with this minor error could is much more serious. For example, a P.E.I. man was not allowed to board his flight because his name was spelled “Doug Lee” on his ticket but “Douglas Lee” on his passport (2). Because of the discrepancy, Lee and his wife ended up missing out on a $10,000 vacation, they told CBC News.

At a macro level, Lee and Bowman’s airline issues aren’t unique in the Canadian travel ecosystem either. According to the Canadian Transportation Agency’s (CTA) 2024-2025 Annual Report, there were over 40,000 air travel complaints made to the agency for the third year in a row. As a result, the CTA reported nearly 85,000 complaints in a backlog at the end of its 2024-2025 fiscal year (3).

Issues like Bowman’s and Lee’s bring up a critical question: Who’s responsible for information on a ticket being correct? The passenger or the airline?

Who’s on the hook?

According to Air Canada’s website (4), customers seem to carry the responsibility of putting in their information correctly. Their website states that, “If, after booking your flight at aircanada.com, you notice that you made an error (e.g., wrong date, misspelled passenger name), you will need to contact us directly to make the necessary corrections.”

Moreover, if the passenger does not inform Air Canada of the issue within 24 hours of the flight booking, they could face complications (e.g. a higher fare for a new ticket), according to the carrier’s website.

On the CTA’s website, which outlines air passenger protections and rights, the agency recommends that whenever consumers purchase an airline ticket they review the details to ensure their “...name is spelled correctly and matches your passport and other travel documents (5).”

Taking into account Air Canada’s policies and the CTA’s guidance, the implication seems to be that it’s the customer who is responsible for catching errors and reporting them accordingly. But some consumer advocates don’t think this takes the airline off the hook for typos altogether.

"An airline can't walk away from a contract by way of a clerical error," Gábor Lukács, president of Air Passenger Rights, told CBC News.

"If you make a typo in your ticket, you have the right to have it corrected. When there is no doubt who the passenger is, there is no doubt that it is a genuine typo, the airline has to reasonably co-operate," he added.

What remedies do consumers have?

When it comes to mistakes on tickets, consumers have some options to find recourse; however, it may be difficult to pursue.

If an error does lead someone to have to purchase a more expensive ticket (such as in Bowman’s case), Air Canada states that the customer will have the option to, “obtain a refund for the price of your ticket,” instead of paying the higher price. However, it isn’t explicitly stated if customers have any legs to stand on if they fail to contact the carrier to correct the mistake.

Furthermore, anyone that is denied boarding due to a ticket error may have a high bar to meet to expect compensation. According to Air Canada’s policies (6), a client may be eligible for compensation after being denied boarding based on:

• “The reason why you were denied boarding and whether it was within our control or for safety reasons;
• The length of your arrival delay at your final destination; and
• Other key eligibility factors”

Customers of any air carrier that feel they are owed compensation but are not being heard can contact the Canadian Transportation Agency through its website (7) or by calling 1-888-222-2592. Keeping detailed records of all written communication, paid tickets and notes from verbal calls will be critical to make a case.

How to prevent your own travel debacle

Flight ticket nightmares like Bowman’s and Lee’s point to an important truth: there’s no such thing as a “small mistake” when it comes to travel documents. If you’re planning a trip to kick off spring and are worried about administrative mistakes, here are some tips to help you prepare.

• Be wary of using autofill: While it is convenient, using browser-saved autofill information and profiles can lead to unintentional mistakes. Be sure to double-check your information closely if you do use it.
• Double check pre- and post-purchase: When booking flights, always double-check that your information is displayed correctly. After the flight is booked, closely inspect the information on your receipt and itinerary once again. If you do find an error, you’ll meet the 24-hour window to have it fixed without complications.
• Take caution with third-party bookings: Using a third-party to book flights, such as an agency, can slow down the correction process. If you choose this route, triple-check documents from all sources before and after you pay.

If you do happen to find a typo upon review, contact the air carrier immediately so they can remedy the situation. If you booked a flight with Air Canada, they recommend contacting them through their customer support page (8).

Bottom line

Running into an expensive ticket issue can completely derail your travel plans, and put a major dent in your finances. Thankfully, Bowman’s narrative shows that consumers can find relief from these kinds of issues — so long as they do their due diligence. Remember, when it comes to international travel, there’s no such thing as a “just a typo.”

Article sources

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

CTV News (1); CBC News (2); Canadian Transportation Agency (3, 7); Air Canada (4, 6, 8); Air Passenger Protection (5)

TD Direct Investing, a division of TD Waterhouse Canada Inc., launched a fully redesigned TD Easy Trade app on March 31, 2026, built to lower the cost and complexity of DIY investing for Canadians who are new to the market. The app gives investors access to Canadian and U.S. stocks and exchange-traded funds (ETFs) — including fractional shares — with no account minimums and no account fees (1).

Why the confidence gap matters for new investors

The timing is deliberate. According to TD survey data, 71% of Gen Z Canadians are already using direct investing platforms — higher than the national average of 52% — but the confidence of these investors still lags behind participation (2). According to TD data, 1 in 3 Gen Z respondents (33%) say they don't feel confident in their investing knowledge, the highest share of any age group surveyed. Meanwhile, 78% say they'd feel more confident if financial institutions used simpler, more relatable language (3).

That confidence gap has a real cost. Canadians who delay investing — even by a few years — risk missing out on compounding returns inside their Tax-Free Savings Account (TFSA), Registered Retirement Savings Plan (RRSP) or First Home Savings Account (FHSA). Getting started earlier, even with small amounts, typically matters more than the exact amount invested.

What the TD Easy Trade app actually offers

The new app includes several features relevant to first-time and cost-conscious investors, including:

• 100 commission-free trades per year on Canadian and U.S. stocks and ETFs
• Partial share investing starting at $1 — meaning you can buy a fraction of a share in a high-priced stock rather than waiting until you can afford a full one
• No account fees and no minimum balance required to open or maintain an account
• Full ETF access from day one, including both domestic and cross-border funds
• Built-in learning tools, watchlists and goal-setting features, plus access to live support Monday to Friday, 24 hours a day

Account types supported include the TFSA, RRSP, FHSA and non-registered cash accounts.

Who benefits most — and what to watch

The app is best suited for Canadians who want to begin investing but have been deterred by trading commissions, account minimums or complicated platforms. For someone contributing small amounts to a TFSA regularly — say, $50 or $100 at a time — eliminating per-trade fees removes a real drag on returns.

The 100 free trades per year should comfortably cover most beginner investors. Those who plan to trade more actively may eventually need a platform with broader tools or unlimited commission-free trading.

As Executive Vice President of TD Direct Investing, Scott Ignall, noted during the launch, the goal is to cut through complexity without leaving investors on their own (4). The app also includes access to a real person when needed — a feature that 31% of Gen Z respondents said still matters to them (5).

Survey methodology

The TD survey was conducted by The Harris Poll in both English and French from August 29 to September 2, 2025, among a nationally representative sample of 2,164 Canadian adults. Results were weighted by age, gender and region (and in Quebec, language) to reflect the population according to Census data. For comparison purposes, a probability sample of this size has an estimated margin of error of approximately ±2.1 percentage points, 19 times out of 20.

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

TD Direct Investing (1, 2, 3, 4, 5)

Kate — a stay-at-home mother with a one-year-old and a baby on the way — said her husband had told her about the losses just a week earlier. The night before calling in, she learned that this had been going on throughout the entirety of their four-year marriage (1).

Her husband runs his own business and pays himself a US$60,000 (C$84,000) salary. She wasn’t sure, but suspected the money he used for his day trading may have been from business loans. Delony flagged that right away, noting that using business loans to make speculative trades could potentially constitute fraud.

Kate said they planned to file for bankruptcy and had already spoken to an attorney. But she was unclear about what else she needed to do.

“The world you knew, as of like two weeks ago, doesn’t exist anymore. The integrity of the man you anchored your life to doesn’t exist anymore, and you owning that reality is really important,” Delony said bluntly.

What is financial infidelity?

What Kate’s husband did has a name: Financial infidelity — and it’s more common than people realize.

A survey by Credit Canada and the Financial Planning Standards Council found that 36% of Canadians have lied to a partner about a financial matter, and 34% are currently keeping financial secrets from their partner (2). The most common offences range from hidden credit card debt and undisclosed purchases to secret loans and bank accounts — and in some cases, going bankrupt without telling a spouse.

Financial infidelity is a serious breach of trust. It can do lasting damage to both partners’ financial health and emotional well-being. Rebuilding a relationship after this kind of revelation is possible for some couples, but it requires full transparency, honest conversations about what happened and often professional support. For others, the damage runs too deep.

Delony was candid about the road ahead for Kate. “It’s rare for the whole story to come out at once,” he told her, warning that she should prepare herself for potentially more difficult revelations.

One thing the hosts said she needs to do right now

Cruze gave Kate a single urgent item: Immediately open her own bank account and ask her husband to deposit 50% of each paycheque into it. That one step could give her a baseline of financial safety — money in her own name that she controls, that he can’t touch, and that she can rely on for herself and her children, regardless of what happens next.

The hosts also advised the Kate gets a full picture of their finances as quickly as possible to assess the damage. That means asking her husband for all of his financial login information, freezing both of their credit cards and pulling credit reports on herself, her husband and even their child. Delony pointed out that people in financial crises don’t always think clearly — and in extreme cases, desperate spouses have been known to take out debt in a child’s name.

Taking advice from her husband on financial decisions at this point, Delony pointed out, would be “like your spouse cheating on you and then giving you dating advice.”

What Canadian law says about a spouse’s debt

For Canadians in similar circumstances, it’s important to understand how debt responsibility works — because the rules are different here than in the U.S.

Generally, in Canada you’re not responsible for debts that are solely in your spouse’s name (3). From a creditor’s perspective, only the person who signed the loan agreement is liable. If your spouse took out a personal loan or business loan in their name only, that debt belongs to them.

That said, the picture gets a little more complicated during separation or divorce. Family law courts in Canada can treat debt acquired during a marriage as joint debt to be shared equally upon divorce, particularly if it can be shown that the debt benefitted the family. The rules vary significantly across provinces, so getting advice from a family lawyer in your area is essential.

Kate mentioned they’ll be filing for bankruptcy. In Canada, if one spouse is filing for personal bankruptcy, the other spouse’s credit isn’t automatically affected — but any joint debts remain the responsibility of both partners. To understand the nuances around this, it’s best to contact a Licensed Insolvency Trustee (LIT) for clarity on the specifics and how they may affect you.

What comes next

Recovering from financial infidelity of this scale is a long road. For couples who want to try to repair the relationship, that usually means regular, structured conversations about money, shared access to financial accounts and often couples counselling to address the underlying issues.

But for Kate, the more pressing question is her own stability. She’s pregnant, caring for a baby and not currently working. Becoming financially independent in the short term will be difficult — but the hosts were clear that protecting herself and her children must come first.

She’ll need a family lawyer to navigate the divorce and debt division, and potentially a separate lawyer if her husband faces any criminal investigation related to the loans. Starting those conversations sooner rather than later gives her the best chance of protecting what she has.

Bottom line

Financial infidelity at this scale is devastating — and it can happen to anyone, in any relationship. The most important thing you can do to protect yourself is stay involved in your household finances, maintain access to your own accounts and never rely on a partner alone for financial information.

If you’re in a situation like this, a family lawyer and a financial counsellor are your first two calls. Credit Canada offers free, confidential counselling and can help you understand your options.

— 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); Credit Canada (2); Scotiabank (3)

Their story, shared with MarketWatch (1), is surprisingly simple: spend less than you earn, invest consistently and avoid lifestyle inflation. They lived humbly, resisted the urge to upgrade their spending habits and focused on long-term financial discipline rather than quick wins.

While their story comes from the U.S., the lesson translates easily to Canada, where rising living costs often make wealth-building feel out of reach.

Millionaires are more “ordinary” than you think

Financial influencer JC Rodriguez has built a following spotlighting what he calls “quiet millionaires” — ordinary people who reached seven-figure net worths without flashy careers or viral success.

Across interviews featured by Entrepreneur (2) and Fox Business (3), he found the same pattern: wealth is built through long-term saving and investing, not risky bets or sudden windfalls.

The idea that wealth is for high earners or entrepreneurs doesn’t hold up under scrutiny.

There are about 2.1 million Canadians that have a net worth of over US$1 million, and 20% of households hold 64.7% of Canada's total net worth (4). However, Canadian millionaire wealth is largely self-made through wages and investment gains (5).

In other words, wealth often looks normal.

Common millionaire careers include engineers, accountants, teachers and managers (6), which is hardly the stuff of overnight success.

The habits behind “quiet” wealth

Across all these stories, the same behaviours keep appearing.

According to GOBankingRates (7), the most important driver of wealth isn’t income — it’s the gap between what you earn and what you spend.

It doesn’t mean cutting out everything you enjoy. Instead, it means being intentional. Many millionaires skip status purchases — like luxury cars — while still spending on what matters to them.

“Time in the market” (8) beats trying to time it, according to Rodriguez. Quiet millionaires automate their savings and invest regularly in diversified portfolios rather than chasing trending stocks.

For the average Canadian, becoming a millionaire takes decades. Many reach that milestone in their 50s or 60s, after years of steady contributions and compounding.

How to apply it in real life

The fisherman and nurse didn’t follow a complicated strategy and neither should you.

Here are practical ways Canadians can apply the same principles:

• Make saving automatic: Set up automatic transfers into your TFSA or RRSP (9) so investing happens before you spend.
• Focus on your savings rates: Instead of only trying to earn more, look at how much you can consistently invest. Even small increases can grow significantly over time.
• Avoid lifestyle inflation: As your income increases, avoid upgrading everything — from your car to your housing — all at once. Many millionaires keep their spending relatively stable.
• Keep investing simple: Investing on low-cost ETFs that track the market such as the S&P/TSX Composite Index (10) can provide broad diversification without complexity.
• Take advantage of Canadian benefits: Maximize employer pension plans (11), group RRSPs (12) or matching programs. These are essentially “free money” toward your future.
• Start early, even with small amounts: Whether it’s $50 or $500 a month, starting early gives compounding more time to work.
• Stay invested through volatility: Markets will fluctuate, so avoid reacting emotionally; Staying invested is often more important than making perfect decisions.
• Avoid high-interest debt: Credit card balances and high-interest loans can cancel out investment gains. Paying them down is often a guaranteed return.
• Increase income gradually: Negotiating pay, switching roles or adding a side hustle can boost how much you’re able to invest over time.
• Spend intentionally, not restrictively: You don’t need to cut everything. Focus on what actually adds value to your life and trim what doesn’t.

The most surprising thing about multimillionaires isn’t how they invest — it’s how they live.

From a fisherman and nurse who gave away 20% of their income to everyday Canadians quietly building wealth, the pattern is clear: financial success isn’t about brilliance or luck.

It’s about doing simple things, consistently, for a long time — even when no one is watching.

Article sources

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

Marketwatch (1); Entrepreneur (2); Fox Business (3); Statistics Canada (4) RBC (5); Yahoo Finance (6); GOBankingRates (7); Entrepreneur (8); Qtrade (9); S&P (10); Canada Life (11, 12)

EQB Inc. — the parent company of EQ Bank — announced on March 6, 2026, that it received Competition Bureau clearance for its proposed acquisition of President's Choice Bank, PC Financial Insurance Agency Inc. and affiliated entities (1). The deal is one of the largest loyalty-linked banking transactions in Canadian history and would make EQ Bank the exclusive financial partner for the PC Optimum program.

The acquisition still requires sign-off from the Office of the Superintendent of Financial Institutions (OSFI) and the Minister of Finance before it can close, with the expected timeline landing within calendar 2026 (2).

What's actually being acquired?

The transaction covers the entire PC Financial operation, including the PC Mastercard portfolio — one of the largest credit card books in Canada with more than two million active accounts — along with retail deposits and insurance. In total, EQB says the deal adds $5.8 billion in assets and more than $800 million in direct retail deposits to its balance sheet (3).

Combined with EQ Bank's existing customer base, the merged institution means EQ Bank will now serve nearly 3.5 million Canadians (4).

For context, EQ Bank built its reputation as a digital-first challenger bank known for high-interest savings accounts and no-fee everyday banking. Adding a major credit card portfolio and a grocery loyalty partnership is both a meaningful pivot as it provides even more value to its customers, and also a declaration: it aims to become a big bank in the Canadian fintech space.

What does this mean for PC Mastercard holders?

In the short term, nothing changes. The deal still needs federal regulatory approval, and until that happens, PC Financial continues to operate as it does today.

Once the acquisition closes, EQ Bank becomes the institution behind your PC Mastercard and the financial backbone of the PC Optimum loyalty program. Whether that means changes to earn rates, cardholder perks or redemption terms is not yet known — those details would be set by the new operator and Loblaw Companies Limited as part of their commercial arrangement.

PC Optimum members who do not carry the credit card are less directly affected, but the program's financial partner will change, which could eventually influence how points are structured or promoted.

What to do right now

Cardholders do not need to take any action before the deal closes. Accounts, balances and points are not affected by a change in ownership during a regulatory review period.

That said, it is worth paying attention once closing is announced. When ownership of a major credit card portfolio changes, issuers sometimes introduce new terms — including interest rates, reward structures or annual fees — typically with 30 days' notice to cardholders. Reviewing any notices from PC Financial or EQ Bank when the deal finalizes will help you decide whether the card still fits your needs.

If the rewards structure improves — something EQ Bank has signalled as part of its loyalty-banking strategy — that could be a genuine benefit for Canadians who shop regularly in the Loblaws family of stores. If terms shift unfavourably, cardholders will have the option to cancel without penalty before changes take effect, per federal financial consumer protection rules.

The deal is not yet complete. But for millions of Canadians, a familiar card is about to get a new bank behind it.

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

Newswire: EQB receives Competition Bureau clearance for acquisition of PC Financial (1, 2, 3, 4)

A new survey from True North Mortgage found that 83% of Canadians say they have never missed a mortgage payment, even as higher interest rates and rising living costs continue to put pressure on household budgets.

“Even as Canadians face rising household costs, from groceries to credit and potentially higher mortgage payments, homeowners overall remain financially prepared to meet their mortgage obligations,” said Dan Eisner, CEO of True North Mortgage, in a statement.

Payment resilience holding, but pressure building

The survey illustrates that while most borrowers are still managing, they’re doing so with less room to spare.

According to the findings, 36% of mortgage holders said they found it challenging to make payments over the past year, suggesting that while defaults remain low, financial flexibility is tightening.

The report shows that most homeowners say their current mortgage rate is manageable. About 73% reported being comfortable with their payments, while 19% said they could face difficulty if their financial situation changes, and 8% said they are already struggling and adjusting their spending to keep up.

That pressure is starting to show up in day-to-day decisions. Among those surveyed:

• 36% delayed or skipped travel or vacations
• 31% postponed home repairs or renovations
• 27% reduced or delayed retirement savings

Interest rate uncertainty driving renewal concerns

With more than one million mortgages expected to renew in 2026, uncertainty around interest rates is a major concern for many Canadians.

The survey found 36% of mortgage holders identified interest rate uncertainty as their top worry when renewing, reflecting ongoing questions about where borrowing costs are headed.

Other concerns include the possibility of higher-than-expected payments, choosing between fixed and variable rates, and locking in at the wrong time.

Many of these mortgages were taken out during the low-rate period of 2021, when borrowing costs were near historic lows. As a result, many homeowners will see a noticeable increase in payments when they renew.

And recent comments from the OFSI suggest that while most borrowers are expected to manage, a smaller group could face more serious strain.

OSFI head Peter Routledge said as many as 30,000 to 150,000 households could be particularly vulnerable at renewal, especially those with high debt levels and limited equity. “Those folks are going to struggle,” he said, while noting the broader financial system is expected to absorb the pressure.

Affordability remains a barrier, but demand persists

Affordability continues to shape the outlook for both current and prospective homeowners. According to the survey, 78% of Canadians say affordability and financial planning are key concerns when buying or renewing a mortgage, with monthly payment costs identified as the most important factor.

For those trying to qualify, budget strain is the top concern, followed by interest rate uncertainty and income-related challenges.

At the same time, attitudes toward homeownership remain mixed. While 62% of Canadians still see owning a home as a stable long-term investment, a growing share say it may be out of reach. The survey also found that 42% of respondents believe homeownership is financially unattainable, while just 5% describe it as easily achievable.

The picture that emerges is one where Canadians are still committed to homeownership, but facing a growing challenge to manage the financial realities.

O'Leary admitted he made several early missteps when handling money requests from family members before eventually finding what he calls "a path to success." His solution is simple, firm and, by his account, highly effective: it's a one-time-only gift. The money is offered with a clear understanding that all future requests will be declined.

It's a blunt strategy. But as O'Leary has framed it, it's also a compassionate one — it draws a firm line, closes a door that might otherwise stay perpetually open, and removes the ambiguity that often poisons these financial arrangements.

And this problem isn't limited to the ultra-wealthy — everyday Canadians can learn a thing or two.

Hidden costs of 'helping' loved ones

You don't need a private jet or a television deal for family members to start viewing you as a resource. Across the income spectrum, many Canadians face the same uncomfortable situation: a relative or close friend in need, a genuine desire to help and the growing risk that lending money could damage — or even destroy — the relationship.

The financial stakes are real. A 2025 survey conducted by Fig, in partnership with the Angus Reid Forum, found that 84% of Canadians currently carry debt and that financial stress is now deeply entangled with mental health and personal relationships (2). According to the same survey, 45% of Canadians say a single unexpected expense could throw their finances off course — leaving many one emergency away from asking someone they love for help.

The parent-child financial relationship is one of the most common fault lines. A 2024 survey by TD Bank Group found that nearly 3 in 5 Canadian parents (57%) expect to financially support their children after they reach adulthood (3) — even as two-thirds of those same parents say they're not very confident in their ability to do so. The top reasons: a belief that the future cost of living won't be manageable for their children, and the concern that their kids may not be able to afford a first home.

However, a written contract or verbal agreement may not be enough to capture all the nuances of a financial arrangement between loved ones. If you're thinking about lending money to a sibling or asking a parent to co-sign a loan, it may be worth pausing before you proceed.

And if you're struggling to set boundaries with a persistent relative or friend, O'Leary's one-time gift rule isn't the only tool available.

How to set boundaries (without burning bridges)

Turning down a money request is genuinely hard — especially when the ask is sincere and the person inquiring means a great deal to you. Saying yes without conditions can enable a pattern of dependency. Saying no too bluntly risks real relational damage.

To find the right balance, personal finance expert Ramit Sethi — Netflix host of How to Get Rich and founder of I Will Teach You To Be Rich — offers a framework worth applying (4).

His first recommendation: know your own numbers. Without a clear picture of your own budget, monthly cash flow and longer-term financial goals, it's dangerously easy to lend more than you can actually afford to lose. Once you have a clear snapshot of your finances, you can determine what, if anything, you can genuinely spare — without stretching yourself.

From there, Sethi recommends placing a firm ceiling on your generosity based on your personal situation. You might replicate O'Leary's one-time-only policy, set a fixed annual dollar amount you're willing to give across all requests, or decide that you'll only ever offer money as a gift — never a loan — so that repayment never becomes a source of resentment.

If a loan is unavoidable, document it. Put the terms in writing: the amount, a repayment schedule and what happens if payments stop. It may feel overly formal between people who trust each other, but the formality is precisely what protects that trust.

For requests that cross a line — ones that feel uncomfortable or lay beyond what you can responsibly provide — Sethi is direct: practise saying no, and say it firmly. Clear communication about your limits, delivered with care, is far healthier in the long run than grudging compliance that breeds quiet resentment.

Finally, consider whether financial help is even the right kind of support. Offering to review someone's budget, connecting them with a financial counsellor, or helping them research debt management resources can be far more valuable than writing a cheque — and far less likely to cost you the relationship.

Setting financial boundaries isn't about withholding care. It's about making sure your generosity doesn't come at the cost of your own financial stability — or the health of the relationship itself.

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

The Fifth Column (1); GlobeNewswire (2); TD Bank Group (3); I Will Teach You To Be Rich (4)

That's starting to change. Canadians can now use a participating Scotiabank Visa card to pay rent or condo fees on the Casa platform, a Canadian payments and rewards platform — and pay no transaction fees while earning Scene+ points (1).

How can you earn Scene+ points paying rent?

The participating card earns 1 Scene+ point per $1 on everyday purchases. Through the Casa partnership, cardholders can also use the card to pay rent or condo fees directly, bypassing the transaction fees that other Visa and Mastercard cards still incur on the platform (2).

To earn Scene+ points on housing payments, cardholders must first meet a minimum of $350 in everyday purchases in a given month. Those who hit that threshold earn 1 Scene+ point per $1 on their housing payments made through Casa — turning what is often the biggest monthly expense into a rewards-eligible one.

New cardholders can also qualify to earn up to 10,000 bonus points within their first three months.

For a renter paying $2,000 a month who consistently meets the $350 everyday spend threshold, that works out to approximately 24,000 Scene+ points per year from rent alone. Total annual points will depend on combined spending across both everyday purchases and housing payments, given the 1:1 dollar-to-point earn rate.

Should renters pay attention to this offer?

This offer is most relevant to renters and condo owners who pay monthly fees and hold — or are considering — the ScotiaGold Passport Visa Card. It also applies to those paying condo corporation fees, since Casa serves residential owners, operators and property managers in addition to individual tenants.

It's worth noting that the no-transaction-fee benefit is specific to the ScotiaGold Passport Visa Card used through Casa. All other Visa and Mastercard cards on the Casa platform continue to incur standard transaction fees.

What to do next

If you're already a ScotiaGold Passport Visa cardholder, check whether your building or property manager is set up to accept payments through Casa. The platform works with residential operators across Canada.

If you're evaluating credit cards and pay rent or condo fees, this partnership changes the math — housing payments were previously a dead zone for points accumulation. Being able to earn on that spend without absorbing a fee makes this worth a closer look, provided you can reliably meet the $350 monthly everyday spend threshold.

As with any rewards card, accumulating points should never be the primary purchase, as carrying a balance and interest charges will quickly outpace the value of any points earned.

Editor's Note – April 2, 2026: This article has been updated to correct the earning rate for Scene+ points when paying through Casa using the appropriate Scotiabank Visa.

Article sources

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

Newswire (1, 2)

Since March 1, the Canadian Anti-Fraud Centre (CAFC) has received nine reports of text phishing linked to the $500-million class-action settlement (1). While nine reports may sound low, the CAFC notes that it typically only receives five to 10% of actual fraud reports.

"It's safe to say that nine reports is only a small percentage of what is actually circulating," a CAFC spokesperson told CBC News.

Red flags in your inbox

The scam usually arrives as a text message from various Canadian area codes, including 902 and 306. These messages urge recipients to "verify" their eligibility or claim their share of the settlement before a fake April 1 deadline.

Elizabeth Haddock, a resident of Mono, ON, nearly fell for the ruse after signing up for the legitimate settlement months ago. She followed a link to a professional-looking website that promised her a payout of $182.

"It looked so legitimate," Haddock said. "It mentioned facts about the price-fixing issue, and the rebate, and walked you through the steps."

The illusion shattered when the site asked for her credit card information to "process" the refund. "That was a major red flag for me," she said.

The truth about the payout process

Jay Strosberg of Strosberg Wingfield Sasso LLP, the firm behind the Ontario class action, has been blunt about the situation.

"This is fraud," Strosberg confirmed to CBC.

His firm is now working with the RCMP and the CAFC to issue takedown requests for these fraudulent domains. However, as soon as one site is shuttered, another often appears using a slight variation of the official URL.

To stay safe, keep these three facts in mind:

1. The deadline has passed: The claims process for the national settlement involving Loblaw Companies Ltd. and George Weston Ltd. closed on Dec. 12, 2025. You cannot file a new claim now.
2. No texts allowed: The official settlement administrator, Verita, is not using SMS to contact claimants. "No text messages will be sent to you," the official website states.
3. No credit cards required: A legitimate settlement will never ask for your credit card or debit card number to send you money.

Official sources only

Payments are expected to begin in April via e-transfer or cheque for those who successfully filed before the December deadline. If you are looking for status updates, only use the verified portals:

• National Settlement (excluding Quebec): canadianbreadsettlement.ca
• Quebec Settlement: breadsettlement.ca

If you receive a suspicious text, the CAFC advises against responding or clicking any links. Instead, report the incident to the Canadian Anti-Fraud Centre.

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

CBC News (1)

To start, let’s assume the couple has managed their finances well. The Ontario couple owns a home valued at around $750,000, have $500,000 invested in Registered Retirement Savings Plans (RRSPs) in mutual funds, and $250,000 in their respective Tax-Free Savings Accounts (TFSAs), which is invested in a combination of exchange-traded funds (ETFs) and guaranteed investment certificates (GICs).

Income-wise, James takes home $100,000 pre-tax each year and Jenny makes $90,000 before tax annually. James is set to start earning his pension in two years’ time, which works out to $45,000 a year pre-tax — Jenny will also earn her pension at the same time, coming in at $43,000 before taxes. Once they turn 65, however, those pensions will be cut in half due to their bridge benefits ceasing. Bridge benefits are additional monthly payments from their employers for retiring early, which stop at 65 (1).

In terms of expenses, the couple spends approximately $40,000 a year. They also have budgeted around $20,000 a year for vacations. In total, the couple expects that they will need to spend around $7,000 a month after tax ($84,000 annually) to keep up with the lifestyle they want and keep a solid financial buffer in place — more than their pensions can cover.

So, they wonder: what’s the best way for them to cover these expenses? Should they lean on their Canada Pension Plans (CPP) to fill the gap or tap into their RRSPs? Is this kind of retirement plan feasible?

CPP or RRSP: What’s the right option?

As it stands, James and Jenny are expected to earn around $64,000 post-tax, so they’re shy of their income goal by around $20,000 annually or $1,666 each month. Let’s compare the merits of tapping into CPP early to cover these gaps or dipping into their RRSPs.

On the one hand, CPPs are a source of reliable, government income (2) that can continue to payout until you pass. However, in James and Jenny’s case, choosing to start taking CPP early at 60 will severely impact their payments in the future and lower their retirement income overall. By taking their CPP at age 60, they shrink their payments by 36% — a reduction of 7.2% annually for each year prior to their 65th birthday (3). Currently, the average CPP payout is $803.76 per month (4), so at a 36% reduction, they would each earn only $514. This lower CPP amount could cause them to dip even further into their retirement savings in their later years, when both of their pension incomes drop significantly at 65.

Moreover, taking out CPP right now would not cover their gap expenses entirety. They would still have to cover around $667 each month from their savings.

A better option is for the couple to tap into their RRSP savings now and delay their CPP benefits until they hit age 65. While they have to pay a 30% withdrawal tax for taking out the $30,000 to cover their expenses — and potentially additional income tax if their income tax bracket increases after the withdrawal (5) — the couple won’t face a major CPP income hit for the rest of their lives. James and Jenny will also be withdrawing exactly 4% of their retirement income, which has long been considered a safe rule (6).

By delaying their CPP benefits until 65, the couple gains a much higher payout, which will help them meet their retirement budget needs into the future.

How you can decide which income source is best for your needs

Like anything in the personal finance world, there isn’t a one-size-fits-all solution. The same goes for deciding on whether to tap into CPP benefits versus your retirement savings. That said, there are some key considerations Canadians need to take into account when making such a major decision.

• Consider delaying CPP. Delaying receiving CPP benefits until you are 65 or older is generally a smart move, as taking them early reduces your overall income. Additionally, because CPP is indexed to inflation and therefore inflation-proof, relying more on CPP in later years instead of RRSPs can reduce your investment risk overall (7).
• Review your retirement budget and timeline. While the math might say that delaying CPP is a net positive, sometimes life takes precedence. Review your retirement budget, savings and timeline to see if you have enough to comfortably cover expenses. If not, taking CPP early might make sense.
• Consider other benefits. Additional government benefits kick-in at age 65, such as the Old Age Security (OAS) and Guaranteed Income Supplement (GIS) for lower-income Canadians. Having a higher income level when these benefits begin could result in clawbacks — additional tax paid on retirement income (8). Getting a picture of what your total retirement income looks like at 65 is important to not inadvertently step into these tax traps.

Bottom line

There’s no universal formula for funding retirement. However, it’s important to consider the big picture when deciding how to fund your golden years and what you plan to do with them. For James and Jenny, their best option meant using their savings strategically in the early years while preserving the long-term value of their CPP benefits.

Delaying CPP may not be the right move for everyone. But for Canadians with sufficient savings, it can act as a powerful form of longevity insurance — and provide stable, inflation-protected income later in life when other sources may decline.

That said, the best approach is one that aligns with your personal circumstances: your health, your savings, your lifestyle goals and your risk tolerance.

Article sources

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

HOOPP (1, 7); Government of Canada (2, 4, 5, 8); Credit Counselling Society (3); Morningstar (6)

In Canada, income, savings and investments often don’t add up to equality, and these numbers dictate the autonomy you have over your own life.

The reality of the "hidden" pay gap

The disparity isn't always obvious in a job description, but it reveals itself in the long game. In Canada, women still earn approximately 91 cents for every dollar paid to the median man. In Ontario, that figure sits closer to 88 cents based on average hourly wages.

Over a lifetime, this isn't just a few cents — it’s a "wealth gap" worth hundreds of thousands of dollars. It results in smaller pensions and lighter retirement accounts. It’s why, despite working the same hours, one person may feel secure while another feels one life event away from a crisis.

The cost of caregiving and the "motherhood penalty"

Women are statistically more likely to pivot to part-time work or take multi-year career breaks to manage childcare or eldercare. While these are often choices made out of necessity, the Canadian market often penalizes them.

These "pauses" don't just stop a paycheque; they freeze your retirement contributions and halt the power of compounding interest. If two colleagues start at the same salary but one takes five years away for child-rearing, the "cost" of those five years can manifest as a six-figure difference in their nest eggs by age 65.

Protecting your future: Beyond "small moves"

To counter systemic disadvantages, women need a financial strategy that accounts for life’s volatility — including the reality that divorce often hits women harder financially. Statistically, women’s household income drops more significantly than men's after a split.

• Own your assets individually: Even in a partnership, maintain your own TFSA and personal investments. Financial independence ensures that "staying" is a choice, not a financial necessity.
• The "caregiver" catch-up: If you are taking time off for kids, negotiate "spousal RRSP" contributions from your partner. This ensures your retirement savings continue to grow even when your formal income is on hold.
• Max the match as insurance: If your employer offers a retirement match, it is non-negotiable. It is the only guaranteed 100% return on your money and acts as a buffer against the wage gap.
• Aggressive early compounding: Because women live longer on average than men, your money needs to last longer. Starting to invest at 25 instead of 35 is more than a "good idea" — it’s a necessity to offset the years you may spend out of the workforce later.

Structural gaps vs. personal agency

According to Ontario’s Pay Equity Office (1), about 70% of the wage gap remains unexplained even after accounting for education and experience. This confirms that structural inequality is still very much in the room.

However, recognizing this inequality isn't about admitting defeat; it’s about fuel. Every dollar you save, every investment you understand and every debt you clear becomes a tool for independence.

Money as a tool for freedom

International Women’s Day and Women's History Month are reminders that progress requires action. Financial literacy is a form of self-defense.

Today, check your beneficiary designations. Open that investment account. Ensure you aren't just "managing the household budget," but actually building wealth. Controlling your money isn’t just about being "good with numbers. It’s about having the power to manage your finances and protect yourself and your future.

Article sources

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

Pay Equity Office (1)

But investor and TV personality Kevin O'Leary says the ideal income — especially for millennials — might be too far out of reach, unless they're willing to make some hard choices.

"Everybody's unhappy," O'Leary told Fox Business, citing a survey from U.S. financial technology company Empower that found baby boomers require an average salary of US$124,000 (C$172,000 approx.) a year to feel happy — while millennials say they'll need a stunning US$525,000 (C$726,000 approx.) annually (1).

The Shark Tank and Dragon's Den judge pointed out that the average salary in the U.S. is roughly US$62,000 (C$86,000 approx.) a year — making the millennials' target income wildly out of reach for most.

"Wake up and smell the roses, everybody," he said. "Now get back to work and hold three jobs down and raise some kids and pay off your mortgage, and stop whining about it."

But O'Leary may be missing a few key issues that are giving Canadian millennials genuine grief. Here's why balancing their responsibilities while boosting their incomes isn't so simple north of the border.

Why it's hard to feel happy in the current economy

Canadian millennials (roughly aged 30 to 45 in 2026) are in a class all their own right now. They're in their prime working years, but also hitting the stage in life where, in previous generations, their boomer parents might have purchased their first homes, started families and mapped out their retirement savings.

But the economy this demographic are navigating looks nothing like the one their parents faced.

As a group, Canadian millennials have endured two significant financial crises during their working years, plus the inflation wave that followed the COVID-19 pandemic. Many carry student debt into a period of elevated prices and high cost of living — all of which has strained their ability to hit traditional milestones: buying a first home, starting a family, or saving enough for retirement.

While the income bar for 'happiness' may be hard to pin down precisely in Canada, the numbers tell a story of real financial strain. According to a September 2025 survey by MoneySense, conducted with Leger Marketing, the most commonly cited income threshold to feel financially 'comfortable' in Canada is a household income of C$100,000 (2).

Yet Statistics Canada data shows the average Canadian salary sits at approximately C$67,000 annually as of 2025 (3), meaning the gap between what Canadians earn and what they feel they need is very real — even without aspirations as high as O'Leary's US$525,000 benchmark.

Meanwhile, the Deloitte 2025 Gen Z and Millennial Survey found that 46% of millennials say they don't feel financially secure, up sharply from 32% the prior year. More than half report living paycheque to paycheque (4).

Housing is another source of acute pressure. In November 2025, the national average Canadian home price sat at C$682,219, according to the Canadian Real Estate Association (CREA) (5). Even with mortgage rates easing from pandemic-era highs, the income required to qualify for a home in Canada's major cities remains well above what most millennials earn. A 2024 report by the Canada Mortgage and Housing Corporation (CMHC) found that homebuyers aged 25 to 34 had a median household income of C$105,000 — suggesting that those who are buying are typically a dual-income couple, or receiving family financial help (6).

According to research by Generation Squeeze, a public policy group focused on generational economic fairness, home prices in Canada have outpaced wage growth for decades, leaving younger buyers at a structural disadvantage compared to their parents' generation.

Is working multiple jobs really the answer?

Some Canadian millennials are, in fact, doing exactly what O'Leary recommends — taking on multiple jobs to make ends meet.

Statistics Canada's Labour Force Survey shows that the number of Canadians holding multiple jobs rose to a 10-year high of 1,178,600 during 2025 (7). In August 2025, 5.4% of workers held more than one job — and one-third of them said the main reason was simply to pay for essential needs (8).

But for millennials who are also caregivers — whether to aging parents or young children — working multiple jobs isn't just a scheduling puzzle. For many, it's simply not possible.

Childcare access and cost remain a significant barrier. Statistics Canada's 2025 child care arrangements report found that nationally, full-time centre-based childcare for children aged 0 to 5 averaged C$435 per month for families accessing the federal Canada-Wide Early Learning and Child Care (CWELCC) program — down from C$663 per month in 2022, thanks to government fee subsidies (9).

The federal government has set a target of $10-a-day average childcare fees by this year, with eight provinces and territories already delivering at or near that benchmark (10).

However, families who cannot access a subsidized CWELCC spot — due to waitlists that can stretch for months in urban centres like Toronto, Vancouver and Calgary — may still pay C$1,200 to C$2,000 or more per month for unsubsidized infant care (11).

The broader financial picture of raising children in Canada is daunting. Statistics Canada estimates the average cost of raising one child from birth to age 17 at approximately C$293,000 for a middle-income, two-parent family — or roughly C$17,000 per child per year (12). That figure excludes post-secondary costs entirely.

A 2025 survey on parenthood found that 53% of Canadian parents say having children compromised their financial stability, and more than 7 in 10 millennial parents say they often feel overwhelmed by their family's financial responsibilities (13).

So when O'Leary says millennials should simply hold down three jobs and raise some kids, he's underestimating — or overlooking entirely — the real structural and logistical costs that make that combination genuinely difficult.

What Canadians can do: 5 steps to strengthen your financial position

If O'Leary's advice to 'work harder' oversimplifies the challenge, that doesn't mean there are no levers to pull. Here are some practical steps Canadian millennials can take to improve their financial footing:

1. Max out government-registered accounts first. Before putting money in a regular investment account, take advantage of tax-sheltered registered accounts. A Registered Retirement Savings Plan (RRSP) reduces your taxable income for the year you contribute, while a Tax-Free Savings Account (TFSA) lets your investments and withdrawals remain tax-free — both valuable tools for closing the gap between what you earn and what you'll need in retirement.

2. Apply for every childcare benefit you're entitled to. If you have children under 6, confirm whether your childcare provider participates in the CWELCC program — and if not, get on the waitlist for one that does. You may also be eligible for the Canada Child Benefit (CCB), which provides up to C$7,787 per year for each child under 6 (for eligible low-income families), and claim childcare expenses on your tax return.

3. Build an emergency fund before taking on a second job. If you're considering additional work to increase income, financial advisers generally recommend having three to six months of expenses saved before making major commitments. This protects you if one income source disappears unexpectedly.

4. Know your housing affordability before you stretch. Canada's major banks generally consider housing to be affordable when mortgage or rent costs represent less than 30% of gross household income. With the Bank of Canada's overnight rate holding at 2.25%, and the best 5-year fixed mortgage rates sitting around 3.69% as of early 2026, now may be a reasonable time to reassess your buying timeline — but only if the numbers actually work for your income.

5. Reframe 'happiness income' as a goal, not a requirement. Research consistently shows that day-to-day happiness is more connected to financial security — having your needs covered, a cushion for emergencies, and a sense of forward progress — than to reaching a specific salary number. You don't need US$525,000 (C$726,000) a year to feel okay. But a clear plan, even with a modest income, makes a measurable difference.

Article sources

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

Empower (1); MoneySense (2); Statistics Canada (3)(8)(9); Deloitte y (4); Ratehub (5); Zoocasa (6); Business in Vancouver (7); Refdesk (10); RBC (11); Connect Education (12, 13)

The two interviewees share a property with Emma’s ex-husband, split financial responsibilities across two households and are raising four children — all while carrying mounting debt. The couple’s story, though based south of the border, is a wake-up call that lands just as hard for Canadians.

The culprit isn’t unusual. It’s a pattern of financial avoidance, impulse spending and a growing stack of buy now, pay later (BNPL) instalment payments that quietly spiralled out of control.

"There is no organization"

Brian admitted his spending habits haven’t helped matters. "A lot of the times I just won’t care… I’ll go out to eat every day when I’m at work and I’ll order on Amazon all the time," he told Hammer.

Emma was equally candid. "There is no organization, I’ll be honest." She also revealed the couple had dozens of active instalment payments running at the same time.

Financial avoidance is extremely common among couples dealing with stress or debt. When no one takes ownership of the numbers, small spending habits can quietly spiral into major financial problems. This couple’s story is far from unique — and small shifts in mindset and approach could have kept them out of trouble.

Spending habits that quietly wreck a budget

Emma and Brian’s purchases weren’t large expenses, but the frequency with which they made them quickly inflated their debt.

Brian admitted that impulse spending is one of his biggest weaknesses: "I blow a lot of money just on stupid stuff all the time. That’s my big problem." Some of that spending went toward collectibles. "[I] probably [spend] about a thousand bucks a month on collectible crap," he added.

Between daily takeout meals, online purchases and impulse buys, the couple created a constant stream of new expenses that made it nearly impossible to reduce their debt.

Without a system for tracking spending, these small purchases can quietly derail a budget. Debt is a growing concern for Canadians: total consumer debt reached $2.65 trillion in Q4 2025, a 3.1% increase year-over-year according to Equifax Canada. At the individual level, the average non-mortgage debt was $22,377 (2).

Debt creep: How small purchases can snowball

As the couple’s spending habits snowballed quickly, they were forced to tap into their registered savings to pay down debt — but the cycle continued. "We paid off a car… and then we racked them up further than they were," Emma said.

This is a common trap with BNPL services. Each purchase may seem manageable — a $40 payment here or a $25 instalment there. However, when dozens of payments pile up at once, the total monthly obligation can balloon into hundreds or even thousands of dollars.

Instalment services can create the illusion of affordability, encouraging consumers to spend money they would not otherwise pay upfront. Research from Harvard Business School found that BNPL adoption led to "immediate and substantial increases in spending," with shoppers spending about 10% more per purchase on average after BNPL (3).

The Financial Consumer Agency of Canada (FCAC), the federal agency responsible for protecting consumers of financial products and services, has flagged concerns about BNPL products, including a lack of clarity in contracts and the potential for unexpected fees (4).

Canada’s BNPL market is expanding rapidly: It is projected to reach US$11.32 billion (C$15.6 billion) by 2030 — a 12% annual increase — with platforms like Affirm, Klarna, Afterpay and Sezzle all competing for Canadian consumers (5).

This dynamic escalates quickly. Imagine someone finances just 10 purchases at $200 each using a typical four-payment instalment plan. Each purchase may require only $50 every two weeks — which feels manageable on its own. But if all 10 purchases overlap, that person suddenly owes $500 every two weeks, or about $1,000 a month. And that’s before factoring in any late fees or interest charges.

Financial stress can damage a relationship

Money problems often extend far beyond the bank account. Emma admitted she had grown frustrated with Brian’s passive attitude toward finances: "I feel like he doesn’t [care]… he’s just there." She confessed to feeling resentment building over their shared obligations.

Brian, for his part, told Hammer he felt unheard: "A lot of the time the outcome I want won’t happen." But complacency clearly hasn’t helped the couple, either.

Financial disagreements are one of the most common sources of stress in Canadian relationships. A February 2024 BMO survey found that 32% of partnered Canadians say spending is often a source of conflict in their relationship, and 36% admitted they are not always truthful with their partner about their finances (6). A separate Simplii Financial poll found that 38% of Canadians say money is a cause of stress in their relationship — rising to 46% among couples aged 18 to 34 (7).

When couples don’t agree on priorities — whether it’s spending, saving or career decisions — money issues can quickly morph into personal conflicts.

A way to turn dozens of payments into one

When debt spirals out of control, some households may choose to use debt consolidation — combining multiple balances into a single, lower-interest loan or payment.

In Canada, there are several ways to consolidate debt. Canadians with decent credit can apply for a personal consolidation loan through their bank, credit union or an online lender.

For those who do not qualify for a traditional loan, non-profit credit counselling agencies like Credit Canada and the Credit Counselling Society offer Debt Management Programs (DMPs), which are structured repayment plans that combine unsecured debts into one monthly payment, often with negotiated reductions in interest. These programs are government-regulated and consumer-protected (8).

If you owe more than $10,000 in unsecured debt and cannot keep up with payments, speaking to a Licensed Insolvency Trustee (LIT) about a consumer proposal is also worth considering. LITs are the only professionals in Canada legally authorized to administer formal debt relief solutions. However, be aware that consumer proposals will negatively affect your credit score three years after you complete your proposal or six years from the date you filed, whichever comes first (9). It will effectively signal to potential lenders that you’ve had troubles paying off debt in the past and that you are a high-risk borrower.

The Financial Consumer Agency of Canada’s free Debt Solutions Portal can also help Canadians explore which options fit their situation.

Getting professional help with a financial reset

For couples dealing with complicated finances, a neutral third party can help.

In Canada, fee-only financial planners and certified financial planners (CFPs) are trained to help households create a realistic plan for managing debt, building savings and planning for the future. The Financial Planning Standards Council (FP Canada) is the national professional body for financial planners and offers a planner-search tool at fpcanada.ca.

According to FP Canada’s Financial Stress Index 2025, Canadians who work with a financial planner are five times less likely to be stressed about debt than those without one (10). Thirty per cent of Canadians cite anxiety over debt as a top financial stressor — a figure that drops sharply among those with a financial plan.

Building wealth once the debt is under control

When looking to build a financially robust future in the midst of a debt spiral, even small investments can grow significantly over time thanks to compounding.

For example, investing just $5 a day — roughly the cost of a coffee — adds up to about $150 a month. If that money were invested and earned an average annual return of 7%, it could grow to more than $180,000 after 30 years.

Luckily Canadians have a powerful tool at their disposal: the tax-free savings account (TFSA). Any investment gains inside a TFSA are completely tax-free — meaning every dollar of growth stays in your pocket. The 2026 annual TFSA contribution limit is $7,000, with a cumulative lifetime limit of $109,000 for those who have not contributed anything since the account’s inception in 2009 (11).

That’s the power of starting small and staying consistent.

The bottom line

During the episode, the couple rated their own finances a 2 out of 10. Their story highlights a broader truth: Many households struggle not because they earn too little, but because they never build a system for managing their money.

The good news is that with the right tools, guidance and habits, even difficult financial situations don’t have to be permanent.

What Canadians can do right now

Early in the podcast, Hammer reminded the couple: "You have access to every resource that existed in the history of the world."

If Emma and Brian’s story feels familiar, here are concrete steps for getting back on track:

1. Know what you owe

Before anything else, list every debt, every BNPL instalment plan and every minimum payment. The FCAC’s free online tools at canada.ca/en/financial-consumer-agency can help you organize this.

2. Use a budgeting app that works in Canada

Try a free bank-integrated tool (Nomi from RBC, MySpend from TD, CreditSmart from CIBC) or a paid app like YNAB or Monarch Money. The goal is seeing where every dollar goes.

3. Pause BNPL for 30 days

Commit to paying for purchases upfront for one month. This forces a real-money mindset and breaks the habit of treating instalment payments as "free."

4. Consolidate and simplify

Compare debt consolidation loan options on Borrowell for free. If your credit score is too low to qualify, contact a non-profit agency like Credit Canada (creditcanada.com) for a free consultation.

5. Open a TFSA and automate small investments

Even $25 or $50 per paycheque invested in a diversified ETF inside a TFSA can help initiate robust savings through the power of compounding.

6. Talk about money with your partner

Schedule a monthly "money date" — a low-stress check-in on spending, savings goals and upcoming bills. Couples who communicate about finances are less likely to experience conflict and more likely to reach their goals.

Article sources

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

Youtube (1); Equifax Canada (2; Harvard Business School (3); Financial Consumer Agency of Canada (4); Globe Newswire (5); BMO Real Financial Progress Index (6); Newswire (7); Credit Canada Debt Consolidation Program (8); MNP Debt (9); FP Canada (10); Wealthsimple (11)

Federal regulators say several food businesses have been fined for misleading or inaccurate “Product of Canada” labelling, as more shoppers look for Canadian-made goods amid rising trade tensions and cost pressures.

In a recent update, the Canadian Food Inspection Agency said it has issued $47,000 in penalties since April 2025 to companies that failed to meet origin labelling requirements. “Consumers deserve origin labels they can trust so they can make informed choices,” the agency said in a statement.

Grocery stores fined as enforcement ramps up

Among the businesses penalized were two Ontario grocery stores — a Fortinos location in Etobicoke and a Real Canadian Superstore in Toronto — each fined $10,000 for mislabelling products.

According to CTV News (1), the Fortinos case involved cheese products, while the Superstore incident related to a packaged broccoli slaw. The CFIA did not disclose further details about the specific items.

The agency said it has recorded 104 instances of non-compliance related to country-of-origin labelling over the past year through inspections, complaints and surveillance, though only a handful resulted in financial penalties.

That enforcement push comes as more Canadians actively try to support domestic producers — a trend that has accelerated in recent years.

“The preference for supporting Canadian business is unlike anything I’ve seen in my lifetime,” Richard Leblanc, a professor at York University, told CTV News Toronto. “I think it’s important for grocers to get this right so we don’t have regulatory fines and we don’t have frustrated or confused consumers.”

What “Product of Canada” actually means

Part of the challenge for consumers is that not all “Canadian” labels carry the same meaning.

Under federal guidelines, a product labelled “Product of Canada” must have nearly all of its ingredients, processing and labour sourced domestically. By contrast, labels such as “Made in Canada” may still include imported ingredients, provided the final processing takes place in Canada.

Retailers are responsible for ensuring that the claims they make, whether on packaging or in-store signage, accurately reflect those definitions.

Some industry observers suggest the issue may not always be intentional. David Soberman, a marketing professor at the University of Toronto, said the fines themselves are relatively modest.

“Not really as a punitive fine because $10,000, even for a grocery store like Loblaws … is relatively small,” Soberman told CTV News Toronto, adding that many cases may come down to outdated signage or operational gaps rather than deliberate deception.

Even so, reputational risks may carry more weight than the penalties themselves. Leblanc noted that mislabelling can erode consumer trust and raise legal concerns for retailers.

For shoppers, the CFIA says the best defence is awareness. Consumers are encouraged to look closely at labels, understand the differences between common claims and report products they believe may be misleading.

As demand for Canadian-made goods continues to grow, regulators appear to be increasing scrutiny — with the expectation that labels match what’s actually on the shelf.

Article sources

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

CTV News (1)

That may not be unusual. A July 2025 review by the Financial Consumer Agency of Canada (FCAC), a federal regulator that supervises banks for consumer protection compliance, found that several small and medium-sized banks are failing to meet a mandatory 56-calendar-day deadline for resolving customer complaints (1).

The FCAC’s findings matter. Most Canadians don't know the deadline exists — or that they have formal escalation rights when their bank blows through this deadline. Here’s what every bank customer needs to know.

The 56-day rule most Canadians have never heard of

In 2022, the federal government updated its consumer protection rules for banks through the Financial Consumer Protection Framework (FCPF). Among the new requirements: Federally regulated banks must deal with customer complaints within 56 calendar days of receiving them.

The FCPF also expanded what counts as a complaint. Banks are now required to treat any expression of dissatisfaction as a complaint — whether or not the customer explicitly uses the word "complaint." That means a frustrated email or a phone call raising concerns about a fee, a denied credit application or billing errors should trigger the formal process.

If your bank hasn't resolved your complaint or acknowledged your escalation rights within 14 days of receiving it, they're required to refer it to a designated complaints employee.

These rules apply to all banks operating in Canada — and protect every Canadian with a bank account.

What the FCAC review of mid-size banks found

The FCAC's July 2025 thematic review assessed six small and medium-sized banks selected to represent a range of sizes, business models and regional presence. The regulator reviewed compliance over an eight-month period (2).

The findings identified three main gaps:

• Some banks did not treat all expressions of dissatisfaction as complaints, meaning some issues never entered the formal process
• Some banks missed the 56-day deadline
• Some complaint records submitted to FCAC lacked required information

Each bank in the review received individualized findings and has been directed to take corrective action. The FCAC says it is actively monitoring progress.

The review is part of a broader picture. According to the FCAC's 2024–2025 annual report, the agency's supervision of regulated entities resulted in more than $38 million being reimbursed to more than 745,000 consumer and business accounts during the year (3).

What to do if your bank isn’t taking action on your complaint?

Knowing the rule is only useful if you act on it. Here's how the complaint process is supposed to work — and where to push back if it doesn't.

Start in writing. File your complaint in writing, whether by email or through your bank's online portal. This creates a record and establishes the date the bank received your complaint — the clock starts there.

Track the 14-day and 56-day marks. If your complaint hasn't been acknowledged or escalated to a designated complaints employee within 14 days, flag it. If 56 days pass without a resolution, you have the right to escalate externally.

Escalate to your bank's complaints department. If the first contact doesn't resolve it, ask to be moved to your bank's formal internal complaints process. Banks are required to assist you in navigating each step and to tell you about your right to go to an external body.

When to escalate to OBSI — and when to contact FCAC

If your complaint remains unresolved after the 56-day window — or if you receive a final written response and still aren't satisfied — you can take your case to the Ombudsman for Banking Services and Investments (OBSI).

OBSI is Canada's independent, not-for-profit dispute resolution service for banking and investment complaints. It is free for consumers, confidential and operates as an alternative to the legal system. OBSI can investigate complaints about most banking matters, including fees, transaction errors, mortgages and credit. Where it finds a complaint has merit, it can recommend compensation — up to $350,000. You have 180 calendar days from receiving your bank's final written response to bring your complaint to OBSI.

If you can't locate your bank's complaint process or believe your bank is violating the rules, you can also contact the FCAC directly. The FCAC does not resolve individual complaints, but it uses consumer enquiries to inform its supervisory work.

How to protect yourself before the escalation stage

The most effective thing you can do is start the paper trail early. Send your complaint in writing, keep copies of every response and note dates carefully. If your bank's first-line staff don't formally log your concern, ask them to — or submit it through your bank's formal complaints channel directly.

Banks are legally required to provide clear information about their complaint process, including your right to contact OBSI and FCAC. If they don't, that's worth noting in any escalation.

This regulatory framework was designed to remove the burden from consumers to know how to push back. The rules are now on your side — but only if you use them.

Article sources

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

FCAC: FCAC Supervisory Highlight (1); FCAC: How to file a complaint with your financial institution (2); FCAC: Annual report 2024 to 2025 (3)

The reason? The province needed the land for the construction of Peacekeepers Way, a major bypass road project. Under the provincial Family Homes Expropriation Act, the family was given just 60 days to pack their lives into boxes and vacate. They watched their home be demolished shortly after, believing their sacrifice was a necessary contribution to public infrastructure.

The story took a surreal turn more than a decade later. While the land sat vacant for years, Cyndie recently discovered through a video call with a friend that a new private residence was being framed on the exact spot where her living room once stood. The "essential" highway project apparently didn't need her specific dirt after all, yet the land had been sold to a private developer rather than being offered back to the original owners.

Understanding the power of the state over your backyard

Most Canadian homeowners assume that "owning" land is an absolute right. In reality, all land in Canada is held "of the Crown." Governments at the municipal, provincial and federal levels possess the power of eminent domain, known in Canada as expropriation.

This power allows the government to take private property for public use — such as roads, hospitals or utilities — provided they offer "fair market value" compensation. However, as the Stapletons discovered, fair market value often fails to cover the emotional toll of displacement or the cost of finding a comparable home in a rising real estate market.

The Stapleton case highlights a specific loophole in Canadian property law: what happens when the government takes your land but then changes its mind? In many jurisdictions, there is no automatic "right of first refusal" that requires the government to sell the land back to you if the project is cancelled or the boundaries change.

The high cost of being moved

When the government knocks, they offer a settlement. But "gobsmacked" is the word Hannah Stapleton used when describing the realization that her family's former land was now a private construction site for someone else. "To see what was yours and what was taken now belonging to somebody else... it’s a violation. It really is," she told NTV News (1).

There is, it turns out, an "uninsurable risk" of location. You can insure your home against fire, flood and theft, but you cannot easily insure yourself against the government deciding your street should be an off-ramp. If you are looking to buy, it’s vital to check municipal long-term 20-year plans to see if any major transit corridors are proposed near your prospective backyard.

A shift in provincial policy

The silver lining of this specific story is the legislative ripple effect it caused. Following the public outcry over the Stapleton family's situation, the Newfoundland and Labrador government announced it would be reviewing how it handles surplus land.

Transportation and Infrastructure Minister Barry Petten signaled a shift in how the province views its responsibilities to former owners. The government is now looking at developing a policy where expropriated land that is no longer needed must be offered back to the original owners before it hits the open market. This would prevent the government from essentially acting as a real estate flipper at the expense of displaced families.

How to protect your interests if the government knocks

If you find yourself in a situation where a government agency is eyeing your property, you need to act less like a resident and more like a business owner.

First, don’t accept the first offer. The government’s initial valuation is based on their appraisal, but you have the right to hire your own independent appraiser to determine the "highest and best use" of the land. In most provinces, the expropriating authority is actually required to pay for your legal and appraisal costs so that you are not out of pocket while defending your property rights.

Second, document everything. Cyndie Stapleton’s ability to challenge the government’s narrative was bolstered by the fact that she kept the original 2012 documents. While the department initially claimed the land was a "negotiated purchase," the family had the paperwork proving it was an expropriation. "I kind of joked and said, 'Alright, are you here to take the house?'" Cyndie recalled of the initial encounter, noting that the joke quickly turned into a reality that lasted over a decade.

Knowledge is power

Property rights in Canada are more fragile than many realize. While we cannot always stop the "public good" from moving our fences, we can stay informed about local development and demand legislative changes that prioritize original homeowners when projects fail to materialize.

The Stapleton family’s experience is a cautionary tale, but it is also a catalyst for better consumer protection in the real estate sector. If you are buying a home, your due diligence should include a look at the "Official Plan" of your municipality to ensure your dream home isn't in the path of a future highway.

Article sources

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NTV News (1)

Take the hypothetical case of Susan, a 59-year-old who wants to divorce her husband after almost 35 years of marriage. However, she hasn’t worked since 2020, when her job was made redundant. Since then, her husband has supported her, and he’s the sole title owner of their house. She also relies on his health insurance to cover her prescriptions.

Prior to that, Susan made a decent salary. And, over the years, she’s amassed $1.2 million in investments. But those investments aren’t liquid, and she’s not ready to tap into her retirement savings just yet.

She knows she’s probably entitled to some of their marital assets, but she’s worried that it won’t be enough to move out on her own. She’s also wondering if she should claim her Canada Pension Plan (CPP) retirement benefit as soon as she turns 60, even though it means a permanently reduced benefit.

Grey divorce is on the rise

Grey divorce — or divorce after 50 — is on the rise. Divorce rates among those who are 50 and older have roughly doubled since the 1990s, according to the Pew Research Centre (1).

Of those, 34% had been married at least 30 years and 12% had been married at least 40 years, with research indicating that “many later-life divorcees have grown unsatisfied with their marriages over the years and are seeking opportunities to pursue their own interests and independence.”

But grey divorcees — particularly women — tend to be less financially secure than married or widowed seniors. Grey divorce not only increases expenses (there’s now two households instead of one), but it can change tax situations, estate plans and retirement security.

Of women aged 55 to 64, more than one in three (36%) have no retirement savings at all (compared to 22% of men), according to the HOOPP 2024 Canadian Retirement Survey (2).

“We know women make less money than men and they are more likely to work part-time or take time off work to have children or look after their families,” Ivana Zanardo, head of plan services at HOOPP, said in a release. “Factor in rising expenses and prolonged high interest rates and it’s no surprise that their retirement security is paying the price.”

With grey divorce, there’s limited time to recover financially, meaning that advance preparation is crucial if you’re planning to leave your marriage later in life.

Dividing marital assets

In most cases, assets acquired while married are divided equally in a divorce. That includes the house, as well as retirement savings, government pensions and debts (with some exceptions) (3).

Even if you bought a house prior to the marriage, it could be considered the ‘matrimonial home,’ meaning that your ex could be entitled to either the home’s increase in value or a share of the equity (4).

Common-law couples aren’t legally required to split property.

Since Susan’s husband bought the home after they were married, she would be entitled to half the equity of the house (even though her husband’s name is on the deed). They’d also split their assets equally.

However, splitting investments and retirement accounts can be complex, so it’s important to consult with a financial advisor and divorce attorney who specializes in grey divorce. For this reason, it’s probably best to avoid a DIY divorce, even if the split is amicable.

It’s also important to consider alimony, particularly for women who took time out of the career to raise children. Alimony allows you to maintain a reasonable standard of living or rebuild your financial independence after divorce.

Other budget considerations

Aside from any money Susan would receive from alimony and a divorce settlement, she should list all other sources of income, as well as expenses and debts, to create a post-divorce budget.

That budget should take into account her CPP and Old Age Security retirement income, as well as any pension income, personal savings and investments. If she needs to move, she should estimate her new housing costs.

While you can start taking CPP at age 60, it doesn’t mean you should — you’ll get a permanent reduction in your benefit until you reach age 65 (or a bump in your benefit if you wait, up until age 70).

Not only will Susan need a post-divorce budget, but she’ll also need an alternative retirement plan as a newly single person. She may realize she needs to go back to work or move to a less expensive community to meet her financial targets.

For example, since she’ll lose access to her husband’s employer-sponsored health insurance after they’re divorced, she’ll have to decide if she wants to purchase private coverage or get a job that offers benefits.

A financial advisor could model various scenarios to help Susan figure out a retirement strategy. Many recommend a 3% to 4% annual withdrawal rate in retirement to make savings last, combined with CPP and other sources of monthly income. It’s important to consider the tax implications — for example, when you withdraw funds from an RRSP, those funds are taxed as ordinary income.

It’s a lot for Susan to think about — but she doesn’t have to do it alone. Working with an attorney who specializes in grey divorce can help her avoid leaving money on the table. And working with a financial advisor can help her take stock of where she’s at now and what she needs to do to create the life she wants in retirement will help her feel a sense of stability in a time of disruption.

Article sources

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

Pew Research Centre (1); HOOPP (2); Canada Life (3); Shim Law (4)

George Brown Polytechnic has officially triggered a "mass termination" process, a move required by provincial labour rules when an employer plans to let go of 50 or more staff within a four-week period. According to a government-mandated "Form 1" notice dated March 4, the college is laying off 51 employees, including 22 hourly and 29 salaried workers.

A steep decline in the student body

The numbers behind this decision are startling. Full-time enrolment at George Brown has plummeted by 29% to 15,889 compared to the winter 2025 term. The impact is most visible at the St. James campus, where several hospitality and culinary arts programs were suspended last fall. That campus is currently operating at just over half the capacity it saw this time last year.

In a statement, a spokesperson for George Brown described the layoffs as a "last resort, taken only after exploring all other cost-saving measures and following a comprehensive review of program delivery, workload and operational requirements."

Why the funding boost is not enough

Ontario government's recently promised to inject $6.4 billion into the post-secondary sector while finally lifting the long-standing tuition freeze (1). While that sounds like a lifeline, George Brown President Gervan Fearon warned staff in a February email that he did not expect these changes to solve the broader financial hurdles.

Internal slides from a recent faculty meeting point to a "severe drop in international enrolment, the drop in domestic enrolment across the institution, the multi-year tuition freeze and low government grant, and rising labour costs" (2) as the primary drivers for a 6% across all department budgets.

A pattern emerging across Ontario

George Brown is not alone in this struggle. Earlier this week, Humber Polytechnic also moved forward with layoffs after voluntary exit packages failed to bridge a projected fiscal gap for 2026-27. Across the province, colleges have already cancelled or suspended more than 600 programs.

Union leaders, some with decades of experience at these institutions, noted they have never seen "mass termination" notices of this nature before. Jeff Brown, lead steward for George Brown faculty, told Toronto Star, "What we’ve seen at George Brown over the past few months is a clear shift in the justification the college is providing for faculty and staff layoffs." He noted that while previous cuts were targeted at specific closed programs, management is now indicating a need for "cuts across the board."

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Government of Ontario (1); Toronto Star (2)

The post was titled "I Read 'Rich as F*ck' so You Don’t Have To," and honestly, I appreciated someone else did that heavy lifting. I’ve been curious about what is actually in that Real Housewives of Beverly Hills’s book. (1).

If you have spent any time on the entrepreneurial side of Instagram or TikTok lately, you’ve probably seen the "money queen" aesthetic. It is all about high-end handbags, first-class flights and the idea that money is just an "energetic frequency."

Frances, who has built a massive brand around these concepts, argues that traditional financial wisdom is a trap. In her book, she suggests that saving money out of fear actually keeps you poor.

One of the most striking quotes from the text states: “I never would have gotten here if I had forced myself to save when everything in me desired to earn and spend.” On the surface, that sounds incredibly liberating. Who wouldn't want to be told that their desire to buy a designer bag is actually an "energetic shift" toward wealth?

The danger of reframing debt as a choice

The core of this philosophy relies on reframing how we look at liabilities. Frances writes that “spending money I technically didn’t have deeply served me.” She calls debt "choosing to pay over time" and suggests that if you pay off debt while focusing on the lack of money, you’ll simply manifest that debt right back because that is what you are an "energetic match" for.

While changing your mindset about money can be helpful for reducing anxiety, the math of compound interest does not care about your vibrations. According to data from the Bank of Canada, the average interest rate on credit card balances has remained consistently high over the last few years, with standard purchase rates typically anchored at 19.99% and frequently reaching 21% or more for rewards-based cards.

When you "choose to pay over time" on a credit card, you aren't just manifesting a future version of yourself; you are mathematically guaranteeing that the item you bought will cost you double or triple its original price.

Investing in yourself versus investing in a lifestyle

One of the more controversial takes in the book involves the idea of "spending intentionally" on high-level coaches or mentors, even if it means maxing out a credit card. Frances writes: “I do believe that spending intentionally from a state of gratitude and joy, while declaring what this purchase means about you and your future, is a vibrationally positive decision. Even if it means using a credit card, a loan, or some savings.”

This is where the line between "self-investment" and "predatory marketing" gets thin. Financial experts like those at the Consumer Financial Protection Bureau (2) frequently warn against taking on high-interest debt for speculative returns. There is a massive difference between taking a student loan for an accredited degree and putting a $5,000 "soul-alignment" coaching package on a Visa because you want to "vibrate higher." One has a statistically verifiable return on investment; the other relies entirely on the hope that your "energy" will change your bank account.

How to actually honour your money

If you want to feel empowered about your finances, the solution isn't to ignore your balance or spend your way to a "wealthy state of mind." True financial peace comes from agency and transparency.

Here is a simple way to start "honouring your money" without the woo-hoo:

• Track the math, not the mood. Use a simple spreadsheet or app to see exactly where your money goes. Awareness reduces fear more effectively than manifestation ever will.
• Build a "freedom fund." Frances suggests saving is "hot" but warns against doing it out of fear. Call your savings a "Freedom Fund" instead. It’s not there because you’re afraid of the world; it’s there so you have the power to say no to jobs or situations that do not serve you.
• Audit your influences. If an influencer or author tells you that your "vibration" is the reason you are struggling with debt while they are simultaneously trying to sell you a four-figure course on a payment plan, be skeptical.

We can all benefit from a more positive relationship with our cash, but let's keep one foot on the ground. You cannot "manifest" your way out of a 29% APR. The most "vibrationally positive" thing you can do for your future self is to build a foundation of real, tangible assets.

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Reddit (1); Canadian Financial Protection Bureau (2)

A year later, and the trade environment remains unsettled. The conditions the Bank described — falling business investment, rising unemployment and temporarily elevated inflation — remain live threats to Canadian household finances.

Here is what the Bank's analysis actually says, what it could mean for your mortgage, job and savings, and what steps financial planners suggest Canadians take now.

What the BoC economic scenarios actually say

The Bank of Canada's April 2025 Monetary Policy Report laid out two distinct paths for the Canadian economy depending on how U.S. trade policy evolves (1).

In the first scenario — a negotiated resolution — uncertainty eases, business investment recovers and Canada avoids a prolonged contraction. In short: Growth slows but stabilizes.

In the second, more severe scenario, U.S. tariffs become permanent and broad. Under that path, the Bank projected Canada's gross domestic product (GDP) could fall by roughly 5% compared to a no-tariff baseline, with business investment declining nearly 12% by early 2026. In this case, unemployment rises and inflation could temporarily exceed 3% as the cost of imported goods climbs and the Canadian dollar weakens.

The Bank's May 2025 Financial Stability Report added another layer: Nearly 60% of outstanding Canadian mortgages were set to renew in 2025 and 2026 — many of them locked in at the low rates offered in 2020 and 2021. If a recession hit at the same time as a mass renewal cycle for Canadian mortgages, there could be significant household financial stress across the country (2).

How a recession due to a trade war would hit Canadian households

A recession shaped by tariffs is not a typical demand-side slowdown. It combines job losses in export-sensitive sectors with rising prices on consumer goods — a combination that squeezes household budgets from both ends.

In the Bank's severe scenario, sectors tied to cross-border trade face the sharpest contractions. This includes: Manufacturing, resource extraction and agriculture — industries concentrated in Ontario, Alberta, British Columbia and Quebec. To be clear, workers in these sectors face the most direct risk, but companies that rely on business from these sectors will also feel the impact.

At the same time, a weaker Canadian dollar makes imported goods more expensive, which keeps inflation elevated even as economic activity slows. As a result, Bank analysts project inflation to rise temporarily above 3% — eroding purchasing power precisely when household incomes are under pressure (3).

The mortgage renewal risk hiding inside the tariff threat

For Canadians not directly impacted by tariffs, the big concern is how these economic pressures impact the cost of housing.

Borrowers who locked in 5 year fixed rates in 2020 and 2021 did so at historically low rates — in many cases below 2%. Those mortgages are coming up for renewal and in a rate environment that sits considerably higher, even with recent BoC overnight rate holds and cuts.

For instance, a household carrying a $500,000 mortgage balance renewing from a 1.9% fixed rate into a 4.5% fixed rate would see their monthly payment increase by roughly $700 to $900 per month (depending on amortization).

Layer a job loss or income reduction on top of that monthly mortgage increase and the financial math deteriorates quickly.

This is why the Bank expressed concern over Canada’s housing sector in 2025 Financial Stability Report — and why the BoC continues to monitor the vulnerability of this sector.

What this means for your job, savings and debt

To be clear, the risks associated with trade war are not evenly distributed. Canadians working in tariff-exposed industries — auto parts, lumber, steel, agriculture, energy — face the most direct exposure to job loss or reduced income due to reduced work hours. Service-sector workers in regions dependent on those industries carry secondary exposure.

For savers and investors, the Bank's severe scenario implies continued volatility in equity markets, particularly in sectors tied to exports or commodities.

A weaker Canadian dollar also affects Canadians holding U.S.-dollar investments — offering some natural hedge, but complicating portfolio rebalancing decisions.

For Canadians carrying variable-rate debt — such as variable-rate mortgages, personal loans or home equity lines of credit — a prolonged period of economic uncertainty adds risk. Rates could rise again — and sharply if the BoC needs to flex its influence to help mitigate pressure.

What Canadians can do to minimize downside risk

The Bank's analysis is a scenario, not a forecast. But prudent financial planning accounts for downside risks — and these risks should be considered credible.

To help, here are five steps worth taking now:

• Review your mortgage renewal timeline. If your mortgage renews in 2026, contact your lender or broker about locking in a rate hold. Many lenders allow rate holds of 90 to 120 days at no cost.
• Build a cash buffer. Aim for three to six months of essential expenses in a high-interest savings account. This is a standard emergency fund benchmark — but it is especially relevant when job security is uncertain.
• Avoid new variable-rate debt. Taking on flexible-rate borrowing during a period of elevated economic uncertainty adds risk to a household balance sheet that may already face pressure.
• Check your investment sector exposure. If your registered retirement savings plan (RRSP) or tax-free savings account (TFSA) is heavily weighted toward export-sensitive industries, consider whether that concentration matches your risk tolerance.
• Know your employer's tariff exposure. Canadians working in sectors that sell significantly into the U.S. market should understand how prolonged tariffs could affect their employer's revenues — and their own job security.

Final thoughts

While the Bank’s worst-case scenario is not a reality, the conditions that could prompt more severe economic conditions remain in play. To avoid getting caught off-guard, or feeling hopeless, pay attention to what you can control: How can you minimize the risk in your portfolio? Where can you cut spending? How can you replace lost income? While it’s never comfortable discussing emergency plans, it’s even more uncomfortable being forced to make changes while living in a pressure cooker.

Article sources

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

Bank of Canada: Monetary Policy Report (1, 3); Bank of Canada: Financial Stability Report - 2025 (2)

Even among Canadians earning $100,000 or more a year, nearly 30% say they are living paycheque to paycheque, according to a 2024 report by the National Payroll Institute.

For those caught in this cycle, each month can feel like a race to the next payday, leaving little room for emergencies, unexpected expenses or even the simple joys of life.

But personal finance expert Suze Orman says there's a way out.

“The most important thing, really, for everybody to understand about their money ... is that you have got to live a life below your means, but within your needs,” Orman said in a 2023 interview on CNBC.

Here are six practical steps she recommends to help you break free from living paycheque to paycheque.

Tip 1: Tackle high-interest debt fast

“Debt is bondage. You will never, ever, ever have financial freedom if you have debt,” warns Suze Orman.

The average Canadian now carries $21,427 in non-mortgage debt, while total consumer debt in Canada has climbed to a massive $2.53 trillion, according to the latest data from Equifax Canada.

High-interest balances are dangerous to your financial health. Credit cards and payday loans are especially damaging, silently draining your income and trapping you in a vicious cycle.

Orman’s advice is simple but powerful: focus on the balance with the highest interest rate first, attack it aggressively, and make minimum payments on the rest.

Even small extra payments can build momentum quickly, reduce stress, and free up cash so you can finally move beyond living paycheque to paycheque.

If you have multiple high-interest balances, consider consolidating your debt into a single loan at a lower rate through Loans Canada. Instead of juggling multiple monthly payments, you'll have one predictable payment to manage each month.

This can both ease your interest costs and improve your credit score. You can shop for the most competitive interest rates on personal and debt consolidation loans, since Loans Canada specializes in comparing rates offered by different lenders.

You don’t need a minimum credit score or annual income to receive personalized loan offers.

If you owe a substantial amount, you may also want to see if you qualify for a debt relief program to clear a significant portion of your debt.

You can get a free consultation with a debt relief expert who can work with you to help clear your debts and rehabilitate your credit with a plan tailored to your needs.

If you owe a substantial amount, you may also want to see if you qualify for a debt relief program to clear a significant portion of your debt.

You can get a free consultation with a debt relief expert who can work with you to help clear your debts and rehabilitate your credit with a plan tailored to your needs.

Tip 2: Build a realistic emergency fund

Statistics Canada reports that 25% of Canadians cannot cover an unexpected $500 expense.

This suggests on unexpected expense — such as a major car repair or a job loss — can push many households into debt.

"You need as much money in the bank that makes you feel secure," Suze Orman said in an interview on CNBC.

She advises that anyone serious about getting rid of debt should find ways to scale back spending. Instead of looking for one big-ticket expense you can drastically cut or eliminate, look for at least a dozen monthly expenses that you can cut by at least 10%.

That extra money can be redirected toward building an emergency fund, which will help reduce financial stress and protect you from accumulating new debt.

One practical place to store those savings is a high-interest savings or chequing account, so your funds remain easily accessible while earning more interest than a traditional savings account.

For example, accounts like the EQ Bank Personal Account combine the everyday convenience of a chequing account with the benefits of a high-interest savings account.

When you fund the account and set up direct deposit, you can earn 2.75% interest on every dollar, while still keeping your money accessible if you need it.

The account also comes with $0 monthly fees, no minimum balance requirements, and even free ATM withdrawals anywhere in Canada.

In other words, your emergency fund stays liquid and flexible, but it’s still quietly working for you in the background.

Tip 3: Automate savings, even small amounts

For those living paycheque to paycheque, especially older adults trying to catch up on retirement, every small contribution matters.

“A portion of every paycheque should go directly into savings — automatically,” says Suze Orman.

The key is consistency, not the size of the deposit. Even $25 to $50 from each paycheque can grow significantly over time when set up to transfer automatically.

One easy way to invest on autopilot is through platforms like Wealthsimple Portfolios.

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.

For a limited time, transfer $25,000 or more into an eligible Wealthsimple account and earn up to a 3% match, plus a chance to win a $3-million home. Offer ends March 31, 2026.

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

Tip 4: Know your starting point

Before you can make meaningful progress with your finances, it’s essential to understand exactly where you stand. Track your income, monthly expenses, debts, and credit score — writing it down or using a budgeting app can make this process much easier.

This is especially important for older adults with less time to save. Knowing your starting point helps you focus on high-impact actions, like paying down debt or boosting savings, and plan for long-term security.

As Suze Orman reminds us, “It’s impossible to map out a route to your destination if you don’t know where you’re starting from.”

A quick daily check-in of your accounts can show you exactly where your money is going.

An app like YNAB makes it easy to get a clear, big-picture view of your spending and net worth growth.

Its goal tracking feature helps you prioritize both short- and long-term objectives — from saving for a dream vacation to funding a down payment on a home.

Plus, detailed reports on your spending and net worth give you actionable insights, so you always know where your money is going and how close you are to hitting your financial milestones.

The easy-to-use platform allows you to simplify spending decisions and clarify your financial priorities. Plus, you don’t need to add your credit card information to start your free trial today.

Tip 5: Make spending intentional

“Stop leasing cars, stop eating out, stop doing the things that make your life easier … because in the long run it’s going to make it harder,” warns Suze Orman.

You can start by tracking your spending for a month. This simple step reveals patterns and highlights areas where you may be overspending.

One area where many people can save significantly is home and car insurance. Regularly shopping around and comparing rates between insurance providers can make a big difference in your budget.

Auto insurance premiums have climbed 18.9% since October 2020, according to Statistics Canada.

This jump suggests you might be overpaying every month if you’ve simply just auto-renewed your policy.

While average annual premiums in Ontario hover around $1,927, for instance, many experienced drivers with good credit and a clean record can find rates closer to the $1,500 mark by shopping around.

By using a comparison platform like Rates.ca, you could potentially save $500+ by comparing 20+ quotes from top-rated auto insurance providers to ensure you aren't paying a hidden ‘loyalty tax’ to your current insurer.

Just answer a few basic questions, and Rates.ca will show you the most affordable deals in your area in as little as 3 minutes.

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

Tip 6: Protect yourself and your loved ones

Suze Orman emphasizes that true financial stability isn’t just about budgeting and saving — it’s also about protecting what you’ve already built. That’s why life and disability insurance are part of her “Financial Strength Test.”

A term life policy can help replace income, cover major debts, and provide stability for your family if the unexpected happens. Term life insurance is usually less expensive and more flexible than whole life insurance — and the payout is tax-free.

Disability insurance is just as critical, especially since your ability to earn an income is often your biggest financial asset.

With PolicyMe, you can get an instant life insurance quote after you fill out a form with your age, income and smoking status. You’ll get quotes based on the coverage amount and term length you select.

According to a 2025 survey by H&R Block Canada, a staggering 85% of Canadians say living paycheque to paycheque has become their new normal (1) — a sharp jump from 60% the year before. A separate Leger poll puts the share of Canadians who are actively running out of money before the next pay date at around 46% (2).

High-income earners aren’t immune, either. The same H&R Block Canada survey found that 81% of respondents — regardless of income level — feel their wages can’t keep up with rising costs.

For those caught in this cycle, each month can feel like a race to the next payday, leaving little room for emergencies, unexpected expenses or even the simple joys of life.

But personal finance expert Suze Orman says there’s a way out.

“The most important thing, really, for everybody to understand about their money … is that you have got to live a life below your means, but within your needs,” Orman said to CNBC (3).

Here are six simple-to-start steps Orman recommends to help you break free from counting down the days to the next payday.

Tip 1: Know your starting point

“It’s impossible to map out a route to your destination if you don’t know where you’re starting from.” — Suze Orman

Before you can make meaningful progress with your finances, it’s essential to understand exactly where you stand. Track your income, monthly expenses, debts and credit score — writing it down or using a budgeting app can make this process much easier.

For older adults with less time to build savings, it’s especially important to know your starting point. It will help you focus on high-impact actions, like paying down debt or boosting savings, and planning for long-term security.

A daily check-in of your accounts can show you exactly where your money is going.

Take control of your money use a smarter budgeting tool. Try YNAB free for 34 days — no credit card required. Just powerful insights for less than the price of your daily coffee.

Once you have a handle on your finances and have begun building an emergency fund, consider consulting a financial professional. FP Canada’s Find a Planner tool at fpcanada.ca lets you search by location for a Certified Financial Planner (CFP) or a Qualified Associate Financial Planner (QAFP) near you. According to the FP Canada 2025 Financial Stress Index (4), Canadians who work with a financial professional are significantly more likely to feel hopeful about their financial futures than those who do not (57% vs. 47%).

Tip 2: Automate savings, even small amounts

“A portion of every paycheck should go directly into savings — automatically.” — Suze Orman

For those living paycheque to paycheque — especially older adults trying to catch up on retirement — every small contribution matters.

The key is consistency, not the size of the deposit. Even $25 to $50 from each paycheque can grow significantly over time when set up to transfer automatically and succumb to the magic of compounding.

Use a no-fee chequing account to set up automated payments to a no-fee high interest savings account.

This is also a good moment to think about where those automatic savings should go. Two of Canada’s most powerful tools for tax-efficient growth are:

• Registered Retirement Savings Plan (RRSP): Contributions are tax-deductible, reducing your taxable income in the year you contribute, and your investment grows tax-deferred until withdrawal. They’re particularly powerful for people in higher tax brackets.
• Tax-Free Savings Account (TFSA): Contributions are made with after-tax dollars, but all investment growth and withdrawals are completely tax-free. The annual contribution limit is $7,000 (as of 2026). The TFSA is especially useful as an emergency fund because you can withdraw funds at any time, without tax consequences, and the withdrawn room is restored on January 1 of the following calendar year.

For example, you can set up an EQ Bank account that includes an RRSP savings account and a TFSA savings account, where each account earns 1.5% on every dollar deposited. Collect savings automatically in these accounts before executing an investment strategy. Even automating a small contribution to either account every payday — before you have a chance to spend it — is one of the most effective savings habits you can build.

Tip 3: Protect yourself and your loved ones

Orman emphasizes that true financial stability isn’t only about budgeting and saving — it’s also about protecting what you’ve already built. That’s why life and disability insurance are part of her “Financial Strength Test.”

Despite its importance, PolicyMe’s 2025 Life Insurance Gap Report found that 42% of Canadians don’t have life insurance, or aren’t sure whether they do (5) — that’s more than 17 million Canadians missing a key layer of financial protection.

If you have dependents, life insurance can help cover essential expenses like housing, child care or education if something happens to you. Disability insurance is equally critical, since your ability to earn an income is often your biggest financial asset. Even if you’re single, having coverage can protect you from draining your savings or going into debt after an accident or illness.

The key is to start where you can. You don’t need the most expensive or comprehensive policy right away even modest coverage — often using a term life policy —within your budget can provide meaningful peace of mind. As you continue paying down debt and building savings, you can adjust your coverage over time.

You can get a PolicyMe term life insurance policy with coverage up to $5 million. Premiums start at just $21/month — making it easier for you to secure your family’s financial future within minutes. Just answer four questions, and PolicyMe will provide you with an instant, no-obligation quote which is valid for up to 90 days. Most policies are approved without any medical tests, and you can opt for term lengths ranging from 10 to 30 years.

Tip 4: Tackle high-interest debt fast

“Debt is bondage. You will never, ever, ever have financial freedom if you have debt.” — Suze Orman

The average Canadian carries $22,377 in non-mortgage debt, according to Equifax Canada Q2 2025 report (6). In total, Canadian households owe roughly $3.2 trillion, according to Statistics Canada, with a debt-to-income ratio of approximately 177.2% — among the highest in the G7 (7). In other words, for every dollar Canadians earn in after-tax income, they owe about $1.77.

High-interest balances are dangerous to your financial health. Credit cards and payday loans are especially damaging, silently draining your income and trapping you in a vicious cycle of debt. Payday loans are regulated at the provincial level in Canada but remain extremely costly — in Ontario, for example, lenders can charge up to $14 for every $100 borrowed (8), which works out to an annual percentage rate roughly between 365% and 391%.

Orman’s advice is simple but powerful: Focus on the balance with the highest interest rate first, attack it aggressively, and make minimum payments on the rest. Even small extra payments can quickly build momentum, reduce stress and free up cash so you can finally move beyond a life of living paycheque-to-paycheque.

If you’re a homeowner, the equity you’ve built in your home may offer a more efficient way to pay off high-interest debt. A home equity line of credit (HELOC) allows you to borrow against that equity as needed, often at a lower interest rate than credit cards, payday loans and car loans. In Canada, HELOCs are capped at 65% of your home’s appraised value on a standalone basis — or up to 80% when combined with a mortgage — under federal Office of the Superintendent of Financial Institutions (OSFI) guidelines. Rates are typically set at the bank’s prime rate plus a markup, for example prime plus 0.50% or 1.00%.

If you owe a substantial amount of debt and have no real estate assets to tap into, a non-profit credit counselling agency is your best starting point for guidance. Credit Canada and the Credit Counselling Society offer free counselling and can set up a Debt Management Program (DMP) that consolidates your payments with reduced or eliminated interest. For more serious debt situations, a Licensed Insolvency Trustee (LIT) can guide you through a Consumer Proposal — a legally binding federal process under the Bankruptcy and Insolvency Act that allows you to negotiate paying a portion of what you owe up to five years while protecting your assets.

Tip 5: Build a realistic emergency fund

“You need as much money in the bank that makes you feel secure.” — Suze Orman

It may surprise you that 56% of Canadians worry that just one unexpected expense — a car repair, a dental bill or a job loss — would push them into debt, according to the H&R Block Canada 2025 survey. Additionally, the FP Canada 2025 Financial Stress Index found that 42% of Canadians cite money as their greatest stressor, with 49% losing sleep over financial worries (9).

Orman advises that anyone serious about escaping the paycheque-to-paycheque cycle should find ways to scale back spending. Rather than looking for one big expense to cut, look to other monthly costs you can reduce by at least 10%, such as utilities.

That extra money can be redirected toward building an emergency fund, which will help reduce financial stress and protect you from accumulating new debt.

One practical place to store those savings is a High-Interest Savings Account (HISA), so your funds remain easily accessible while earning more than a traditional savings account.

Tip 6: Make spending intentional

“Stop leasing cars, stop eating out, stop doing the things that make your life easier … because in the long run it’s going to make it harder.” — Suze Orman

Check your spending by tracking it for a month. This simple step reveals patterns and highlights areas where you may be overspending.

One area where many Canadians can save significantly is home and car insurance. Regularly shopping around and comparing rates between providers can make a real difference in your budget.

In provinces where private insurance applies — Ontario, Alberta and the Atlantic provinces — you can compare auto insurance quotes from multiple Canadian insurers at with a comparison site. Note that in British Columbia (ICBC), Manitoba (MPI), Saskatchewan (SGI) and Quebec (SAAQ), car insurance is government-run, so the comparison process works differently.

If you’re a retired or nearly retired Canadian, CARP (Canadian Association of Retired Persons) is Canada’s equivalent to the U.S.’s American Association of Retired Persons (AARP), with more than 350,000 members. CARP members get access to discounts on insurance, travel, retail, prescriptions and entertainment, as well as resources to help maximize Canada Pension Plan (CPP) and Old Age Security (OAS) benefits and navigate provincial health coverage options.

Final thoughts

Orman’s six tips are universal in spirit — but here’s how to apply them specifically as a Canadian:

• Tackle your highest-rate debt first. Credit card debt in Canada typically carries interest around 20%. Make eliminating it your top priority.
• Open a TFSA for your emergency fund. Contributions are flexible and withdrawals are always tax-free, making it the ideal account for accessible savings. Aim to build three to six months of essential expenses.
• Set up automatic contributions to your RRSP or TFSA. Even $50 saved from every paycheque adds up.
• Track your spending for one month then identify at least a dozen expenses you can trim by 10%.
• Compare your home and car insurance annually, and use comparison sites to see if there are better deals to make sure you’re not overpaying.
• If you’re carrying serious debt, call Credit Canada or the Credit Counselling Society. Both offer free counselling and can set up a Debt Management Program. For severe debt, an LIT can help you file a Consumer Proposal.
• Protect your income and your family.
• Book time with a CFP professional or QAFP professional using the FP Canada Find a Planner tool at fpcanada.ca.

Even small steps, taken consistently, can help you reach your financial 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.

H&R Block (1); Leger (2); CNBC (3); FP Canada (4, 9); PolicyMe (5); Equifax Canada (6); Statistics Canada (7); Government of Ontario (8)

Jared explained his situation to hosts Rachel Cruze and George Kamel: his mother had offered to buy him a brand-new truck — but his wife didn’t want to accept it (1).

“I’ve found myself in a tug-of-war situation. I’m being offered a very generous gift with stipulations from my mother, and my wife doesn’t want to take it,” he said.

“Nothing like a gift with stipulations!” Kamel said.

“And nothing like a mom-and-wife situation!” Cruze quipped.

The couple carries US$86,000 in debt against a combined gross income of US$220,000. His wife’s preference is for her mother-in-law to put the amount of the vehicle toward paying off their debt. The complication: the offer comes with a condition. His mother isn’t offering cash — the gift has to be the truck itself.

“If you can go, ‘Hey, mom, wait until we’re debt-free and then give us the car,’ I think that’s a great compromise,” Kamel advised.

The hosts also cautioned that a new truck comes with ongoing costs — insurance, maintenance and fuel — that could reach higher price points than what the couple is already paying. It may put strain on a household budget that’s working overtime to pay down significant debt.

Why a generous gift can still cause conflict

Jared’s situation sounds like something many people may recognize: a well-meaning gesture lands as a source of tension rather than celebration. Part of what makes large gifts like the truck so complicated is that they can carry unspoken expectations. As Kamel mentioned, there are deeper dynamics at play here.

“I think it’s more the issue of your mom’s and your wife’s relationship,” he said. “There’s a pattern of her stepping in and maybe crossing a boundary line into your marriage and finances that I think your wife is uncomfortable with.”

PsychCentral has written about how gifts with strings attached can feel less like acts of generosity and more like tools to create obligation — and that accepting them can mean agreeing to terms you never saw coming (2). A gift that requires specific behaviour in return or that creates a lingering sense of debt can breed resentment rather than gratitude over time.

The same is especially true when partners bring different financial backgrounds into a marriage. People who grew up in households with different relationships to debt, spending and familial financial support often find they surface when a large sum of money enters the picture.

What you should know about large family gifts

Cash or property gifts from a family member are generally not considered taxable income for the recipient, and there’s no form to file with the Canada Revenue Agency (CRA), regardless of the amount gifted (3).

That said, there are situations where tax considerations come into play for a gift-giver. If someone gifts a capital property — such as stocks, real estate or some other appreciated assets — the CRA treats it as a deemed disposition at fair market value, which could trigger capital gains taxes for the person receiving the gift, even if no cash is exchanged (4). A brand-new truck purchased by a parent and gifted to an adult child generally wouldn’t trigger those tax rules, but it’s worth speaking with a tax professional regarding any large or complex gift transfer.

There’s also the practical cost of the gift itself to consider. In most provinces, transferring a vehicle between family members may still involve provincial sales tax. In Ontario, for example, used vehicle transfers between specific family members are exempt from retail sales tax (RST). But a brand-new truck purchase usually involves full HST at the point of sale, which the giver absorbs (5). These aren’t reasons to turn a gift like this down, but they’re details worth understanding before accepting anything.

Money and marriage: A point of recurring friction

Jared’s story isn’t all that unusual. A December 2024 RBC poll found that money is a source of stress for more than three-quarters of couples, and the cause of arguments for three in five Canadians (6). Money disputes don’t only cause stress — they can erode a marriage over time if they aren’t addressed.

The solution isn’t to agree on every financial decision before it comes — that’s completely unrealistic. What helps is making money conversations a regular part of a relationship rather than something you only bring up in the middle of a crisis. Many financial counsellors suggest a monthly check-in where couples can review their budget, revisit their goals, celebrate milestones reached or address any tensions before they build to a breaking point. The goal isn’t to make every conversation easy, but to make sure there’s a consistent space for honesty.

As Kamel summed it up, recipients don’t get to dictate what gift they receive. Jared’s mother has the right to offer whatever she wants to give, with whatever conditions she chooses. But the couple also has the right to decline — and protecting their marriage and their financial goals is a perfectly good reason to do so.

Bottom line

A large gift from a parent can be a genuine act of love. Or it can introduce friction, obligation and conflict into a marriage, depending on how it’s handled. Before accepting any major financial gift as a couple, it’s wise to have an honest conversation about what the gift actually means, whether any strings are attached or if both partners feel equally comfortable accepting it.

If one partner has strong concerns, it’s worth taking seriously, even if the gift is well-intentioned. Talking to a fee-only financial adviser or couples counsellor can help navigate these sensitive conversations when you feel stuck (7).

- 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); PsychCentral (2); Turbo Tax (3); FBC (4); Government of Canada (5); Newswire (6); FP Canada (7)

The original promise was ambitious: two-way, all-day service every 15 minutes across the core network by 2032. However, a confidential 10-year plan drafted in March 2025 reveals that those timelines are slipping and the scope is narrowing.

A tale of two networks

The updated roadmap paints a divided picture for Ontario commuters. While the Lakeshore East and West lines are still slated for electrification and faster travel times, other major corridors are being left behind in the mid-term.

According to the report, the Stouffville, Kitchener and Barrie lines will not see electrification within this new 10-year window. Instead of getting faster, some trips on the Kitchener and Barrie lines are actually projected to slow down. This is largely due to the addition of several new stations, such as Woodbine and St. Clair-Old Weston, which add more stops to the journey without the efficiency boost that electric trains provide.

"GO Expansion is continuing, including service increases, signalling and electrification work," Metrolinx spokesperson Lyndsay Miller told Toronto Star in response to the findings. However, neither the agency nor the Ministry of Transportation provided a concrete updated completion date for the full network.

Complexity and contract friction

So, what went sideways? The documents point to a "perfect storm" of logistical and contractual hurdles. The provincial government moved to a public-private partnership (P3) model with the ONxpress consortium in 2022, but the partnership hit turbulence early on.

Internal reports indicate that Metrolinx and its private-sector partners struggled to agree on an execution plan. The report notes that an "incremental process of restructuring" eventually shifted key risks back onto Metrolinx, forcing the agency to step in as the "single integrator and guiding mind."

Furthermore, Metrolinx is simply juggling too much at once. With the Ontario Line and various station extensions under construction simultaneously, there is intense competition for labour, supply chains and track access. The report admits that these overlapping projects have "increased the number of interfacing projects" and "intensified safety oversight."

Growing calls for transparency

The lack of a public timeline has sparked frustration at Queen's Park. NDP Leader Marit Stiles noted that Ontarians are largely in the dark about how decisions are being made.

"The only way to get any information from Metrolinx is through FOIs," Stiles said in a statement. "It’s unacceptable."

As the province continues to grow, the pressure on the existing diesel fleet remains high. While work continues on bridge upgrades and track twinning, the dream of a fully modernized, high-frequency rail network appears to be moving further into the 2030s and 2040s.

For now, the province maintains it is "phasing our work to ensure we are building in a way that is practical," Dakota Brasier, a spokesperson for Transportation Minister Prabmeet Sarkaria, told Toronto Star.

Article sources

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

Toronto Star (1)

But some investors take a radically different approach: they invest the entire year's maximum contribution at once, sometimes on the very first day they're allowed.

Charly Stoever, founder of Traveler Charly Money Coaching, is one of them. At the start of each year, Stoever contributes the maximum amount possible to their retirement account, according to CNBC's Make It (1). That means Stoever, who is 35 years old, has already deposited their full annual contribution for the year.

"A lot of people think it's better to drag out investing for retirement throughout the year and do what's called dollar-cost averaging," Stoever told the broadcaster. "But for me, it just works better to frontload and max out my individual retirement account the first week of January in order to capture the entire year's worth of gains."

For Canadians, the same strategy applies — just in a very different kind of account.

The Canadian equivalent: the TFSA and RRSP

In Canada, the closest equivalent to Stoever's frontloaded retirement strategy involves two accounts: the Tax-Free Savings Account (TFSA) and the Registered Retirement Savings Plan (RRSP).

The TFSA is one of the most powerful savings tools available to Canadians. Contributions are not tax-deductible, but any interest income, dividends or capital gains earned inside the account are not taxed, and withdrawals can be made tax-free. For 2026, the Canada Revenue Agency (CRA) has confirmed the annual TFSA dollar limit is $7,000. Canadians who have been eligible for the TFSA since its launch in 2009 and have never contributed now have $109,000 of cumulative contribution room as of January 1, 2026.

The RRSP works differently. In 2026, you can contribute 18% of your earned income from the previous year or a maximum of $33,810, subject to certain adjustments. Contributions may be claimed as a tax deduction, which can help reduce the total amount of income tax you pay, and income earned within the RRSP is tax-deferred until it's withdrawn. However, being able to frontload into an RRSP is quite unrealistic for the vast majority of Canadians, even if you have an employer match, so it may be best to contribute monthly or in larger chunks throughout the year without the risk of running into a deficit for everyday cash.

Since both accounts allow new contribution room to open up on January 1 each year, a Canadian investor could choose to deploy their full annual limit as early as possible.

Why some investors frontload their contributions

Stoever's business income has never exceeded roughly US$60,000 (C$83,700) a year. Even so, they treat the annual retirement contribution as non-negotiable.

"If I don't do that, I will not retire," Stoever said.

The strategy spotlights a question every saver eventually faces: Is it smarter to invest a lump sum at the start of the year, or to spread contributions out gradually?

The answer, at least from a data perspective, tends to favour getting in early. Lump-sum investing tends to outperform dollar-cost averaging about 70% of the time, according to research, thanks to more time in the market.

Canadian data tells a similar story. RBC Global Asset Management (GAM) tracked the average returns of both strategies across 3-, 6-, 9- and 12-month periods between January 1, 1990 and June 30, 2025, using the S&P/TSX Composite Index. The data, which reflects rolling monthly periods, found lump-sum investing returned 11.5% annually on average, while a full-year dollar-cost averaging strategy returned just 6.1% (2).

The logic is straightforward: if markets rise over the year, the investor who got their money in earlier benefits from more of that growth. Frontloading contributions gives your money more time to compound — and that extra time, over decades, can make a meaningful difference.

Why dollar-cost averaging still appeals to savers

Despite the math, many Canadians still prefer to spread contributions throughout the year — and that approach has real advantages.

In this strategy, someone might break up a $7,000 TFSA contribution into regular deposits, such as monthly instalments of around $583. Many employees already do something similar through automatic payroll deductions into a group RRSP.

There's also a psychological benefit. Investing a large amount of money all at once can be intimidating. Fear of market volatility, potential losses, or bad timing can cause hesitation or second-guessing. Investing on a schedule removes that pressure.

This method also provides a cushion if markets decline. When stock prices fall, investors who contribute gradually may end up buying units at lower prices — smoothing out volatility over time.

By making contributions automatic, savers often find they don't miss those few dollars each month. But they'll really start to see the savings add up over time.

When frontloading makes sense — and when it doesn't

Maxing out a TFSA or RRSP early can be a powerful strategy, but it works best for investors who already have their financial foundation in place.

Before committing thousands of dollars to a registered account in January, consider whether you have:

• A robust emergency fund (typically three to six months' worth of living expenses)
• No high-interest consumer debt from credit cards or other sources
• A stable income and predictable cash flow

Without those safeguards, tying up money in registered accounts too early in the year could create financial stress down the road.

For those who want to coordinate their strategy, a good rule of thumb is to prioritize whichever account will benefit you in retirement. If you expect your marginal tax rate to be lower in retirement, then contributing most to an RRSP may be your best bet. However, if you expect your marginal tax rate to be higher during your golden years, or you need flexible access to your money in the present, a TFSA may be your best route. However, the optimal balance is a nuanced discussion best had with a financial professional.

For many Canadians, the best approach may simply be the one they can maintain consistently. Whether someone invests all at once or gradually throughout the year, the biggest driver of long-term wealth is the habit of saving — and staying invested.

What Canadians can do now

If you're inspired by Stoever's approach, here are a few practical next steps tailored to the Canadian context:

• Check your contribution room. Log in to your CRA My Account at canada.ca to confirm how much TFSA and RRSP room you have available. Your RRSP limit is also listed on your most recent Notice of Assessment.
• Decide which account to prioritize. Generally, higher-income earners may benefit more from RRSP contributions (the deduction reduces taxable income at a higher rate), while those in lower tax brackets — or anyone who wants flexible, tax-free access to their money — may find the TFSA more advantageous. First-time homebuyers should also consider the First Home Savings Account (FHSA), which offers the tax deduction of an RRSP and the tax-free withdrawal of a TFSA.
• Automate if you can't lump sum. If dropping $7,000 in January isn't realistic, set up a pre-authorized contribution to automatically invest a fixed amount each month. Hitting the 2026 TFSA limit can be as straightforward as setting aside $583.33 monthly.
• Don't wait unnecessarily. Unused TFSA room is a wasted opportunity. Every year you delay contributions, you limit the amount of time for compound, tax-free growth on that unused capital.
• Get advice if you're unsure. A certified financial planner (CFP) can help you map out a contribution strategy that accounts for your income, tax bracket, employer benefits and retirement goals.

Article sources

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

CNBC (1); RBC Global Asset Management (2)

Eric Sauvageau, a 60-year-old father, recently found himself at the centre of a sophisticated impersonation plot. It started with a phone call from a private number. The voice on the other end sounded exactly like his son, Sam.

The "son" claimed he was at a courthouse following a car accident. He explained that his voice sounded slightly off because he had broken his nose in the crash.

"It totally sounded like Sam’s voice," Eric told Global News (1).

Over the course of just three hours, Eric was caught in a whirlwind of high-pressure calls involving a fake son and a fake lawyer. Driven by the biological urge to protect his child, Eric went to his bank twice. He withdrew nearly $19,000 in cash and handed it over to two different couriers who came directly to his front door.

The illusion only shattered when Eric finally called his son’s workplace, only to find Sam had been there safely the entire time.

The psychology of the 'grandparent' scam

This is a textbook example of what the Canadian Anti-Fraud Centre (CAFC) calls the "grandparent" or "emergency" scam. These criminals rely on a state of high physiological arousal. When you believe a loved one is in jail or injured, your "fight or flight" response kicks in, often bypassing the logical part of your brain that would otherwise ask why a lawyer is asking for cash via a courier.

The Montreal police noted in a statement to Global News that while some victims suspect artificial intelligence is being used to mimic voices, that specific technology is difficult to confirm. However, whether it’s AI or just a very good actor, the result is the same: devastating financial and emotional loss.

"You feel like an idiot," Eric told Global News, reflecting on the experience. "I know the scam — I know the grandfather scam, I’m aware of it. They just play on your emotions, really."

How to verify an emergency

If you get a call like this, the first thing you need to do is pause. The scammer's greatest tool is urgency. They will tell you not to call anyone else or that there is a "gag order" on the case. This is a red flag.

The CAFC and local police services recommend several immediate steps to verify the situation:

• Hang up and call back: Use a phone number you’ve already saved in your contacts for that person. Do not trust the caller ID, as "spoofing" technology can make a call look like it’s coming from a trusted source.
• Ask a "safe" question: Have a family password or ask a question that only the real person would know the answer to, such as the name of a first pet or a specific childhood memory.
• Never use cash for legal fees: No legitimate lawyer, police officer or bondsman in Canada will ever send a courier to your home to pick up cash or ask for payment in cryptocurrency or gift cards.

Rebuilding after a loss

For Eric, the loss was so significant that he considered selling his lifelong music collection to cover the hit. His son, Sam, has since started a fundraiser to help his father recoup the $19,000.

But as the Sauvageaus pointed out, speaking out is about more than the money. It’s about breaking the stigma. Scammers count on victims being too embarrassed to tell their friends or the police. By sharing their story, they hope to ensure other Canadian families don't have to experience that same devastating realization.

If you or a family member has been targeted, report it to your local police and the Canadian Anti-Fraud Centre.

Article sources

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

Global News (1)

It's a point personal finance expert Dave Ramsey drives home bluntly with his characteristic flair.

"If you hate the people in your family, leave unclear instructions and no will. Because they will all fight [for] the rest of their lives over your crap," he said on The Ramsey Show.

"If you love them, do the opposite," quipped co-host Kristina Ellis, a personal finance author and college finance expert.

The 11-second TikTok clip of their exchange racked up tens of thousands of likes — and hundreds of comments alluding to post-death family drama. It's darkly funny. It's also, for millions of Canadians, uncomfortably close to reality.

The numbers are worse than you think

Despite recognizing the importance of estate planning, Canadians are largely unprepared. Only 15% of Canadians have a formal estate plan — and just 1 in 4 retirees have one in place, according to a 2024 Ipsos poll conducted on behalf of RBC Insurance (2). A separate survey by Narrative Research found that only 43% of Canadian adults currently have a will at all. (3)

Out of all age groups, millennials are particularly at risk: as 88% have no will that reflects their current circumstances (4).

And the reasons people give — "I'm too young," "I don't have enough assets," "I don't know where to start" — don't hold up under scrutiny. As Ramsey's team put it on TikTok: "If you're over 18 and breathing… you need a will!"

The cost of dying without a plan

When someone dies without a will in Canada, they are said to have died "intestate." At that point, it is no longer your family's decision. Provincial intestate succession laws take over, and the government decides how your estate is divided (5).

That process is expensive, time-consuming and emotionally debilitating.

It starts with the funeral. In Canada, the average cost of a traditional funeral runs between $5,000 and $10,000, and can climb as high as $20,000 depending on your province and the choices involved (6). A 2024 survey by Seniors Choice put the average at $7,793, with nearly half of those surveyed (46%) saying they didn't think they could meet the costs required for a family bereavement (7).

Then comes the financial reckoning. Every debt must be settled. Every asset must be legally transferred. Every financial account must be closed or reassigned.

Without a will, there is no executor pre-selected to manage any of this — so a court must appoint an estate administrator. That process triggers probate, the court procedure that validates and administers a deceased person's estate. In Ontario, probate fees alone are calculated at $15 for every $1,000 of estate value over $50,000 — meaning an estate worth $500,000 could face $6,750 in fees before a single dollar reaches your family (8). And legal costs associated with the probate process can add up to $5,000 more (9).

A particular threat to common-law couples

Here's a uniquely Canadian risk that American estate planning advice often overlooks: if you are in a common-law relationship and die without a will, your partner may inherit nothing.

In most provinces, common-law spouses are not entitled to inherit under intestate succession laws. In Ontario, the Succession Law Reform Act protects legally married spouses only. If your common-law partner is not named in a will, they have no automatic right to your estate, your home (even if they live in it) or your financial accounts (10). They would need to file a dependent support claim or an unjust enrichment claim through the courts — an expensive and arduous process with no guaranteed outcome.

This is a legal distinction that does not exist in the same way in the U.S., and it makes estate planning especially urgent for the millions of Canadians in common-law relationships.

Where there's a will, there's a way

For those who want to spare their family the uncertainty and stress, having a will is essential. In Canada, a valid will must:

• Include your personal information: Your full legal name, date of birth and names of your immediate family members.
• Declare testamentary intent: Language that clearly identifies the document as your Last Will and Testament.
• Detail your assets: Any money, real estate, personal property or investments you want to distribute — and who should receive them.
• Name your beneficiaries: The people, charities or organizations who will receive your assets. Be specific about who gets what.
• Appoint an executor: Someone you trust to carry out the terms of your will, manage unresolved financial affairs and deal with the Canada Revenue Agency (CRA) on your estate's behalf. Without a named executor, the court appoints one — and that appointment comes with additional costs and delays.
• Name a guardian: If you have children under 18 or dependent adults in your care, you can designate a legal guardian. Without this, the courts decide.
• Sign and witness the document: Your will must be signed in the presence of two independent adult witnesses, who must also sign. Requirements can vary slightly by province — in British Columbia, for example, remote witnessing is now permitted in some circumstances.
• Update your will after major life changes: marriage, divorce, the birth of a child, or a significant shift in assets.

What it actually costs to get a will in Canada

The cost of doing nothing is far higher than the cost of acting. A simple lawyer-drafted will in Canada averages $624 nationally, according to a 2021 legal fees survey by Canadian Lawyer magazine (11). In Ontario, the average is around $503; in British Columbia, it's closer to $821. For more complex estates involving trusts, blended families or significant assets, costs can rise to $1,500 or more.

For those who want a lower-cost option, online will platforms such as Willful and LegalWills.ca offer legally binding wills starting at roughly $40 to $200. A will created through these services is just as legally valid as one prepared by a lawyer — provided it meets your province's requirements for signing and witnessing.

As Ramsey's team put it: "So, why not spend a small portion of that (and just once) on a document that'll give you peace and protect your family's future instead?"

The math is straightforward. For the price of a few dinners out, you can spare your family years of grief — financial and otherwise.

What to do next: a Canadian action plan

• Get a will. If you don't have one, start today. Online platforms offer basic wills for $200 or under. If your estate is complex — involving trusts, a blended family, a business, or significant assets — consult an estate lawyer.
• Add beneficiary designations. RRSPs, RRIFs, TFSAs, life insurance policies and pension plans can pass directly to a named beneficiary, bypassing probate entirely. Review these designations annually.
• Appoint a power of attorney (POA). A POA for property and a POA for personal care allow a trusted person to manage your finances and make health decisions if you become incapacitated. These are separate from a will but equally important.
• Tell your executor. Make sure the person you've named knows where your will is kept and what your wishes are.
• Update your will after major life changes. Marriage, divorce, a new child, the death of a beneficiary — all of these are reasons to review and revise your estate plan.
• If you're in a common-law relationship, act now. Without a will, your partner may have no legal right to your estate. This is not a hypothetical risk — it is a concrete legal reality in most Canadian provinces.

Article sources

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

Logit Group (1, 3); Ipsos (2); Epilogue Wills (4); Willful (5, 9); Canada Life (6); Seniors Choice (7); Steps to Justice (8); Hummingbird Law (10); ClearEstate (11)

Remote workers employed by U.S. companies, freelancers with American clients, cross-border commuters — all are living inside one of the most misunderstood tax relationships in personal finance: the Canada-U.S. tax treaty.

What the Canada-U.S. Tax Treaty Actually Does

The treaty exists to prevent Americans and Canadians from being taxed twice on the same income. Both countries allow a foreign income tax credit for taxes paid to the other, so in most cases you won’t pay full rates in both countries (1). But treaty protection is tied to your residency status, and that’s where things get complicated.

What tax does Blue Jays pitcher Kevin Gausman owe the CRA?

In Canada, your tax obligations are based on your residency status, not your citizenship. That means anyone who lives and works in Canada must pay Canadian income tax — regardless of their citizenship.

In theory, Blue Jays pitcher Kevin Gausman would owe approximately $16.3 million to the CRA on an annual income of $30.5 million (the Canadian equivalent of one-fifth of his contract).

The CRA determines residency by examining ties to the country: whether you have a home in Canada, your spouse or dependants live here, and you hold Canadian bank accounts or retirement savings plans. Turns out significant ties can override treaty protections (2).

What tax does Blue Jays pitcher Kevin Gausman owe the IRS?

The U.S. handles tax differently. The Internal Revenue Service (IRS) collects tax based on both residency and citizenship.

In theory, Gausman would owe the IRS about US$8.95 million (C$12.4 million) on his annual US$22 million(C$30.5 million) income.

Thankfully, the Canada-U.S. tax treaty prevents double taxation, allowing Canadian residents — including Gausman — earning U.S. income to claim credits in either country.

Canada’s 183-day rule: Why it's not a clean out

Many cross-border workers believe staying under 183 days in Canada keeps them off the CRA’s radar. For employees in cross-border leagues like MLB or the NHL, that’s partly true — the CRA only taxes Canadian-sourced income if they spend more than 183 days here (3).

But this rule has limits.

Independent contractors don’t qualify for this exemption. According to Cardinal Point Wealth Management, independent contractors may owe Canadian tax on all income earned from Canadian activities, regardless of days spent in Canada (4).

For U.S. citizens living and working in Canada — like Gausman and other professional athletes — road games and U.S. spring training don’t count as Canadian activities, so no tax is owed on income earned from these activities.

For Canadians working remotely as contractors for U.S. companies, the contractor/employee distinction matters significantly.

Ontario's tax rate is among the highest in North America

If the CRA determines you’re a Canadian resident, you’ll face combined federal and provincial tax rates.

According to TurboTax Canada’s 2025-26 calculator, the combined federal and Ontario marginal rate reaches 53.53% at the top bracket (5) — putting Gausman in the highest tax bracket.

Even at lower incomes, a Canadian resident earning US$80,000 (C$111 million) from an American employer could face a larger-than-expected tax bill without careful residency planning.

What can reduce the tax you owe?

Cross-border tax planning isn't exclusively for athletes. Several tools and strategies apply to Canadian residents earning U.S. income.

Track days carefully. The CRA and the IRS both use time-in-country as a key variable. Keeping detailed records of time spent in Canada can help prevent unintended deemed-residency status, according to Cardinal Point Wealth Management (6).

Understand your employment classification. The employee-versus-contractor distinction significantly changes your treaty eligibility. If you're classified as an independent contractor providing services to a U.S. client, your Canadian tax exposure may be broader than you expect.

Use registered accounts where you can. Canadian residents — even those earning in USD — can contribute to a Registered Retirement Savings Plan (RRSP) or Tax-Free Savings Account (TFSA) based on Canadian-sourced income, reducing taxable income here. Note that RRSP and TFSA rules and limits are set annually by the CRA.

Get cross-border advice before you file. The Canada-U.S. tax treaty has treaty tie-breaker rules that can establish non-residency even for people with Canadian ties, but those rules require a formal assessment. According to Rotfleisch & Samulovitch P.C., a Canadian tax law firm, the legal analysis is nuanced enough that professional athletes and high-earning cross-border workers are advised to seek guidance from a Canadian tax lawyer (7).

Final thoughts

Gausman has said he and his wife talk often about how lucky they are to have made the right decision in coming to Toronto. From a lifestyle perspective, that's clearly true. From a tax perspective, the decision required careful planning — the kind that most Canadians earning cross-border income don't realize they need until after the fact.

If you work in Canada, live in Canada, or hold significant ties here while earning U.S. income, the CRA will have an opinion about what you owe. Talking to a qualified cross-border tax adviser before you file — not after receiving a reassessment notice — is the only way to know where you actually stand.

Article sources

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

Canada Revenue Agency (1); Turbotax: The USA/Canada Tax Treaty Explained (2, 7); Rotfleisch & Samulovitch P.C. via Mondaq (3); Cardinal Point Wealth Management (4, 6); TurboTax Canada (5)

That breezy attitude came to an abrupt end several years ago when my flight from Las Vegas to Toronto hit the worst turbulence I'd ever experienced. I was flying at least once or twice a month and had seen my share of bad flights — but this was something else entirely. The man sitting beside me actually grabbed the cross from his necklace, clenched it in his fist and rocked back and forth reciting the Lord's Prayer as the plane shook.

What will happen to my pets if I die?

What surprised me most wasn't the fear — it was what I thought about. Not my sister or brother. Not old regrets. My cats. All three of them.

Who would take care of them if I died? Would they end up at the Humane Society? Would they be kept together or separated? Who would tell their new owner about their hypoallergenic diets and favourite brand of catnip?

The uncertainty was crushing — and it was entirely my fault for not having a will.

I come from a long line of animal lovers. My sister is a veterinarian and has always stressed that full responsibility for a pet doesn't end at the food bowl. And yet, there I was — no will, no plan, no protection for the animals I loved most. According to an Angus Reid survey, 50% to 58% of Canadian adults don't have a will at all (1). Among those who do, pet provisions are among the most commonly overlooked elements.

It's a gap that has real consequences. Humane societies across Canada report that one of the leading reasons pets are surrendered is the death or sudden incapacitation of an owner who had no plan in place.

Planning for the worst-case scenario

Spoiler alert: the flight didn't crash. As we came in for landing, I made a promise to myself — I would get a legal will before the month was out.

As soon as I got home, I mapped out how I wanted to divide my estate between my sister and brother — and, critically, who would care for my three cats. My siblings were ruled out quickly: my sister has a dog who doesn't get along with cats and my brother has allergies.

So I had an honest conversation with my neighbour — a close friend, fellow cat lover and my regular cat sitter. I asked if she'd be willing to take in all three cats if I died unexpectedly. She agreed without hesitation.

I also decided to set aside $50,000 to cover their care and any significant vet bills. I don't have that sum sitting in a savings account, but I own my home. My sister, whom I named as executor, would be able to sell the property and direct funds accordingly. For context, the Canadian Animal Health Institute estimates Canadians spend between $1,500 and $5,000 annually per pet, depending on the animal — so a dedicated fund makes practical sense, not just sentimental sense (2).

Setting up a legal will

The next step was making it official. I wanted a will that was legally enforceable, but I didn't want to spend a fortune. I did my research and discovered that Canadians have more affordable options than ever.

Online legal will platforms, such as Epilogue, allow users to create a complete, legally binding end-of-life plan — including a power of attorney, a personal directive and provisions for pets. This platform has become increasingly robust since I first looked into it, and are now recognized across most Canadian provinces.

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.

Get started with Epilogue.

Specific bequest vs. pet trust: What's the difference?

In Canada, pets are still considered property under the law — which means you can't leave money directly to an animal. But there are two practical ways to protect them in your will.

The first is a specific bequest: you leave your pet to a named person, the same way you may leave a piece of jewellery or an art collection. This is simple and legally straightforward, but it doesn't guarantee funds will be used for the animal's care.

The second is a pet trust: you designate a trusted guardian to care for your pet, and a separate trustee to manage and distribute funds for that purpose. The trustee releases money to the guardian at defined intervals — quarterly, annually or as needed for vet bills.

Pet trust rules vary by province. Ontario's Succession Law Reform Act (3), Alberta's Wills and Succession Act (4) and British Columbia's Wills, Estates and Succession Act (5) each provide frameworks that make pet trust provisions more legally enforceable today than they were even a decade ago. If you're setting up a trust, a lawyer can help ensure it's structured to hold up.

One complication worth knowing: there's no guarantee your chosen trustee will honour the arrangement over time. For this reason, many estate lawyers recommend appointing a third-party "protector" — someone who oversees the trustee and can step in if the trustee becomes incapacitated or fails to follow through.

How I made sure my cats would be looked after

In my case, I trusted my neighbour completely and didn't feel I needed a separate trustee. I also confirmed — outside of the formal will — that she'd temporarily take in my cats if I was ever hospitalized or incapacitated. You can, and arguably should, include that kind of provision directly in your will.

Getting a will isn't just about the people you'll leave behind — it's about every living thing in your care. Knowing my cats would be fed, loved and together, no matter what happened to me, gave me a peace of mind I didn't know I was missing.

When to update your will

Lawyers generally recommend updating your will after any major life or financial event — a new pet, a move, a change in the value of your estate or a shift in your relationships. If you already have a will but haven't named a pet guardian, a simple amendment (called a codicil) is far less costly than drafting a new document. With online platforms such as Epilogue, updates can be made free of charge at any time.

If you don't have a will yet, your pets are a perfectly good reason to finally get started. Meet with a lawyer or explore an online platform — and once your will is sorted, consider looking into pet insurance to protect them while you're still around to enjoy them.

Article sources

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

Angus Reid (1); Canadian Animal Health Institute (2); Government of Ontario (3); Government of Alberta (4); Government of British Columbia (5)

By December 31, any Canadian who turned 71 during the calendar year must convert their registered retirement savings plan (RRSP) into a registered retirement income fund (RRIF). Miss the deadline and the Canada Revenue Agency (CRA) treats your entire savings as taxable income — in one shot. Essentially, you’re sitting on a "tax bomb" for your retirement fund unless you understand how and when to open a RRIF.

And the deadline is just the first hurdle.

Once that RRIF kicks in, you're forced to start taking mandatory withdrawals every year, even if you don't need the cash. This extra income is fully taxable and can grow large enough to trigger an OAS clawback, eating away at your government benefits.

Here’s how you can avoid these traps with a little bit of proactive planning.

What RRIF mandatory minimums actually look like

The first year your RRIF is open, you are not required to make a withdrawal. But you must start your withdrawals in the first calendar year after the RRSP to RRIF conversion. These minimum withdrawals are mandatory for each year for the rest of your life.

To understand how this works, consider how the mandatory withdrawal rate changes as you age. At age 71, the prescribed withdrawal rate is 5.28% (applied to the January 1 value of the account). By age 80, that rate rises to 6.82%, and by age 90, it reaches 11.92% (1).

Using these withdrawal rates and a RRIF worth $250,000, a retiree would need to withdraw a minimum of roughly $13,500 in the first year after the RRIF conversion. Remember, this sum is treated as income on top of the Canada Pension Plan (CPP), Old Age Security (OAS) and other sources of income — and fully taxable.

Each year, the mandatory withdrawal rate for RRIFs increases, regardless of market conditions. This means a down market does not reduce your tax obligation; it just reduces the asset base that future minimums are calculated against.

The OAS clawback trap

For retirees with meaningful RRSP balances, the compounding effect of rising RRIF minimums combined with CPP and OAS can push annual income above a threshold — forcing clawbacks that most people don't see coming.

How does this work? Most retirees expect to pay the standard marginal tax rate on their retirement earnings. In most cases, this means a retiree faces a tax rate of 30% and 40% on income earned (from CPP, OAS, investment earnings and RRIF withdrawals). But once your earnings exceed the OAS threshold (roughly $90,000 to $95,325 depending on the tax year), the government triggers a 15% recovery tax, commonly known as the "OAS clawback" (2).

Think of this clawback as a hidden surcharge. For every dollar you earn above that limit, you don't just owe income tax — you also lose $0.15 of your OAS pension. When you stack that loss on top of your regular taxes, your "effective" tax rate can skyrocket to 45% or 55%.

In 2026, the clawback begins once net income exceeds $95,323.

For retirees in their late 70s and 80s, when RRIF minimums are significantly higher and harder to control, this risk compounds.

While many Canadians may consider themselves free from worry when it comes to the OAS clawback, keep in mind that even middle-income seniors who experience a one-time spike in taxable earnings, say from a property sale, can get caught in OAS clawbacks and double taxation if the finances aren’t managed properly.

Strategies that can reduce the damage

Consider withdrawing from your RRSP before it’s mandatory

Canadians who are in a lower tax bracket between ages 65 and 71 — before CPP and OAS are both flowing — can voluntarily draw down their RRSP in advance. That reduces the RRIF balance and, by extension, all future mandatory minimums.

Use your spouse's age if it's lower

Before your first RRIF payment is made, you can choose to use your spouse's age to calculate the minimum withdrawal — a one-time election that can meaningfully reduce how much you are required to take out each year.

Draw your TFSA last

Withdrawals from a Tax-Free Savings Account (TFSA) are not counted as taxable income and do not affect OAS clawback thresholds — making the TFSA one of the most effective tools for managing income in retirement (3).

Spread income across years

Staggering large RRIF withdrawals over multiple tax years, rather than taking a lump sum in a single year, can help keep income below the clawback line (4).

What to do before December 31

If you are turning 71 in 2026, this checklist is worth working through before year-end:

• Confirm your RRSP will be formally converted to a RRIF before December 31, 2026
• Calculate what your mandatory minimum withdrawal will be in your first RRIF year
• Add that figure to your expected CPP, OAS and other income to model whether you will breach the $95,323 clawback threshold
• If you have a TFSA, consider using it to supplement income in high-tax years rather than drawing additional RRIF amounts
• If your spouse is younger, ask your financial institution about basing your RRIF on their age before the first payment is made
• Speak to a financial adviser or tax professional — ideally, well before the December deadline, not after

Planning is key to maximizing retirement benefits

While the conversion of an RRSP to a registered income is mandatory — and the deadline is fixed — you have options. Rather than selecting a RRIF, you can opt for an annuity or take a lump-sum RRSP withdrawal — but each carries its own tax implications.

For most Canadians, the RRIF is the default path. The key is not to let the deadline arrive without a plan already in place. While the conversion to a RRIF is straightforward, what requires thought is the decade of mandatory withdrawals that follow. The earlier you model the income stream, the more options you have to manage the tax that comes with it.

Article sources

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

CRA: RRIF minimum withdrawal table (1); CRA: Old Age Security pension recovery tax (2); Home Equity Bank (3, 4)

If you’ve been following the news regarding international fraud, the name Jimmy Ylimaki may sound familiar (1). For over a year, Ylimaki was a man on the move, avoiding authorities while his alleged accomplices faced the music. That run ended recently in Central America.

According to a press release from the United States Attorney’s Office for the District of Vermont, the 36-year-old Canadian national was apprehended in Nicaragua and subsequently removed to the U.S. to face charges. His arrest marks a significant milestone in a long-running investigation into a Montreal-based network that specialized in the "grandparent scam."

A network built on deception

The mechanics of the scam were as heartless as they were effective. Court documents suggest the group operated out of Montreal, targeting mostly American seniors. The fraudsters would pose as family members or legal professionals to convince victims that a loved one was in urgent legal trouble.

Ylimaki is described in court documents as having "operated as an attorney," allegedly pretending to be a lawyer to facilitate the transfer of funds from elderly victims. This added layer of perceived authority is a common tactic used to bypass the natural skepticism many people have when asked for money over the phone.

The scale of the operation was breathtaking. Police allege the network scammed hundreds of victims out of millions. The alleged mastermind behind the group, Gareth West, was known for presenting himself as a successful real estate mogul with interests in Montreal and southern Ontario before his own arrest in July 2025.

The long road to justice

While many of Ylimaki’s associates were caught during a sweep in March 2025 that saw two dozen people arrested in the Montreal area, Ylimaki remained at large. Evidence suggested he had been living in a coastal city in Costa Rica before moving to Nicaragua following West’s arrest.

Now in U.S. custody, Ylimaki faces a potential sentence of up to 20 years in prison. During a court appearance in Vermont, he entered a plea of not guilty. These allegations have not yet been tested in court, and the legal process is expected to be lengthy as other alleged members of the group contest their extradition to the United States.

A growing pattern of Canadian fraud networks

The $30 million case involving Ylimaki and West is part of a larger, troubling trend of organized fraud operating out of Canadian hubs. Montreal and the Greater Toronto Area have frequently appeared in recent investigations as central nodes for these high-stakes "emergency" schemes.

Just last year, a joint-forces operation known as Project Sharp led to the arrest of 14 individuals in Montreal linked to a similar national network. According to the Ontario Provincial Police, that group was responsible for over $2.2 million in reported losses across Canada. Like the Ylimaki case, Project Sharp suspects allegedly posed as lawyers or police officers, using "money mules" to collect cash directly from the homes of seniors.

More recently, in December 2025, police in Saskatchewan arrested two individuals from Quebec in connection with a series of grandparent scams that defrauded residents of over $45,000 in a single week. These groups often use similar scripts, claiming a grandchild was in a car accident involving a pregnant woman or a high-profile legal dispute to heighten the emotional stakes.

The Canadian Anti-Fraud Centre reported that while total victim counts for emergency scams saw a slight dip in 2024, the financial impact remains devastating. In that year alone, over 560 Canadians lost a combined $3 million to these specific tactics. The persistent nature of these networks shows that when one cell is dismantled, others often pivot to new regions, making the arrest of international fugitives like Ylimaki a rare but critical victory for law enforcement.

Article sources

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

CBC News (1)

While the average payment increase is estimated to be 6%, this masks the monthly mortgage increase faced by many mortgage holders. To assess the impact of rate increases — from the low-rate years of 2020 and 2021 to now — the Bank of Canada did the math. The numbers are sobering.

For Canadians who locked in at those low rates five years ago, the current mortgage rate environment will mean an average monthly payment increase between 15% to 20% (2). That translates to roughly $5,100 more per year for a typical affected household — or just over $425 more every month (3).

Canadians who currently hold mortgages with RBC can expect even greater payment increases. According to RBC earnings disclosures, the average monthly mortgage payment increase is $513, a jump of 22% (4).

These are not edge cases. Here’s what you need to do before your mortgage renewal date arrives.

Why do Canadians with 5-year fixed-rate mortgages face the steepest jump?

In 2020 and 2021, five-year fixed mortgage rates in Canada dipped to historic lows — some below 2%. Locking in was the obvious and prudent choice. But that five-year clock is now expiring for hundreds of thousands of Canadians, and rates in the current market are two or more times the rate when compared to the last time these homeowners negotiated a mortgage loan.

For instance, a borrower who secured a five-year fixed rate of 1.9% in 2021 and is renewing today may be looking at rates in the range of 4% to 5%, depending on their lender, loan-to-value ratio and credit profile. That gap — two to three percentage points on a $400,000 to $600,000 mortgage balance — can be significant. According to BoC calculations, it translates to an extra $5,000 or more spent on repaying your mortgage loan.

Variable-rate holders, by contrast, have already seen their rates fluctuate. Their payment adjustment at renewal is typically smaller because the gap between what they were paying and current rates is narrower.

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

How much more will you actually pay? Running the numbers

The payment increase you face depends on your remaining balance, your original rate and the term you choose at renewal.

For instance, if a borrower with a mortgage balance of $450,000 renews at 4.5%, they’ll face a 32% increase in their monthly payment — paying approximately $2,490, compared to $1,884 if they’d renewed at 1.9%.

Some lenders allow borrowers to re-extend an amortization that has been running for several years, effectively resetting the clock. It lowers the monthly payment but increases total borrowing costs.

Making a lump-sum prepayment before renewal — if your mortgage contract allows it — is another option. This prepayment reduces how much you need to borrow, which reduces the monthly payment and the overall interest paid.

5 things to do before your mortgage renews

The renewal process gives borrowers more leverage than many realize — but only if they act early.

• Know your renewal date. Contact your lender today if you don't know when your term expires. Mark it clearly; everything else depends on it.
• Request a renewal offer from your current lender at least 120 days before expiry. You are under no obligation to accept that first offer.
• Get a rate hold from your current lender or a mortgage broker. Most lenders will lock in a rate for 90 to 120 days. If rates fall before renewal, you can take the lower rate. If they rise, you're protected.
• Compare offers from at least three lenders using a mortgage broker. Switching lenders at renewal does not trigger a penalty and can reduce your rate by a meaningful margin.
• If the new payment is unmanageable, speak to your lender about extending your amortization period. It is not ideal from an interest-cost standpoint, but it can make the payment workable while you adjust.

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.

Final thoughts

The wave of mortgage renewals — and the impact higher rates will have on Canadian budgets — isn’t a theory. It’s happening. Canadians who act early, compare offers and understand their options will be far better positioned than those who accept the first renewal letter that arrives in the mail.

Article sources

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

Bank of Canada: Staff Analytical Note (1, 2, 5); Ratehub.ca (3); RBC Earnings Disclosure (4)

Fourteen year-old Sebastian Correa lives with a number of medical conditions and his family chose to open a Registered Disability Savings Plan (RDSP) to help save for his future, CTV News reported (1). Correa currently needs to be fed via a tube, is non-verbal and has autism, his mother Sandra Martinez told the news outlet.

Martinez was told opening an RDSP would be a prudent financial move for their son’s future, as the account allows them to save funds — and receive additional grants from the government — for their son to access when he is older. Martinez was allegedly told by her bank they could make withdrawals from the account after 30 years. Now that the family has accumulated around $100,000 in the account, they recently found out that isn’t the case.

Instead, the family may have to wait until Correa is 60 so they can withdraw funds without losing portions of the government grants. But his parents are concerned they might not be around to facilitate that distribution — or that Correa will even make it to 60 given his conditions.

“For us, that’s almost impossible,” Martinez told CTV. “We do not know what his life expectancy will be. Unfortunately, I don’t think he will make it to 60 years old.”

“If we were told at the beginning when we sat down with an advisor at the bank, we would have never had done it,” Martinez added.

How RDSPs work in practice

An RDSP is a long-term savings account designed to help Canadians with disabilities build financial security. Introduced in 2008 (2), the program allows Canadians approved for the Disability Tax Credit (DTC) to contribute money themselves or receive it as beneficiaries (3), which grows tax-deferred while also receiving significant government support.

The idea behind the program is simple: People with disabilities often face higher living costs and lower lifetime earnings, so the government encourages families to save by adding contributions to the account.

Two programs provide that support. The Canada Disability Savings Grant (CDSG) matches contributions — sometimes up to three dollars for every dollar saved — while the Canada Disability Savings Bond (CDSB) provides deposits for lower-income families even if they cannot contribute themselves. The CDSG has a lifetime maximum of $70,000, or $3,500 per year, and the CDSB has a lifetime cap of $20,000 or $1,000 per year (4).

Over time, these incentives can significantly increase the value of an RDSP.

But the accounts are designed for long-term savings, and that’s where things can get complicated.

If money is withdrawn while government grants or bonds deposited within the last 10 years remain in the account, some of those government contributions will be repaid. This rule — known as the 10-year assistance holdback amount rule — can make early withdrawals costly. This rule does not apply if the beneficiary of the account turns 60, or if they have a reduced life expectancy of five years or less, though certain conditions may apply (5).

In practical terms, withdrawing $1 can trigger the repayment of up to $3 in government contributions, until all grants and bonds paid into the account over the previous decade have been returned. For example, a family withdrawing $5,000 from an RDSP could end up repaying up to $15,000 in government support.

For families who suddenly need access to the money like Correa’s parents, that structure can turn what looks like a sizeable savings account into a much smaller nest egg — especially when they need money the most. And experts have called for changes because of it.

Calls for adjustments

According to the Canada Disability Savings Program’s 2023 Annual Report (6), almost 35% of all eligible Canadians have opened an RDSP. This is an arguably low ratio considering the major benefits qualified Canadians receive.

Some experts see this low use rate as a sign that RDSPs are too complex for the average Canadian. In a recent issue of the Canadian Tax Foundation’s publication Perspectives on Tax Law & Policy (7), CIBC Private Wealth staff published a piece calling for measures to improve the RDSP, citing the plan as being “extremely complex.”

To help increase usage of the RDSP across Canada, the authors noted four areas that could be improved, one of which was more flexibility surrounding government grant repayments — a challenge Correa’s family is facing. The authors called for either shortening the 10-year holdback rule to five years or removing it entirely once the beneficiary reaches 50 years of age to allow for them to access the funds when they need it.

“Here again, the rules are unduly inflexible and may undermine the plan’s core purpose of assisting people with disabilities,” they write.

Additional points of reform to the program include creating an auto-enrolment process for qualified families/individuals and relaxing the withdrawal rules regarding age limits to create greater flexibility for beneficiaries.

Alternatives for families with disabled children

Hearing about strict rules regarding withdrawals might make many Canadians reconsider using an RDSP. There are two alternatives that parents of disabled children can use to help save for their future and don’t have the restrictive assistance holdback amount.

The simplest is to open a TFSA for a child. This allows the parents to save for their children’s future tax-free, subject to certain contribution limits, and withdraw funds at any time without penalty (8). However, this account does not allow disabled beneficiaries or holders to receive grants from the government like an RDSP does.

Another option, though much more complex, is to create a fully discretionary trust called a Henson Trust (9). Parents or other family members can create a trust for a disabled child that allows the trustees to withdraw funds at any time, in contrast to an RDSP. While funds utilized in this way are taxed, if the beneficiary of the trust qualifies for the DTC, income generated by the trust may be taxed at a lower rate.

Still, none of these alternatives offer the same level of government support as an RDSP. For families that care for children like Correa, that means navigating a difficult trade-off: A savings plan that can grow significantly with government help, but one that can be far harder to access when they need the money most.

Article sources

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

CTV News (1); Employment and Social Development Canada (2, 3, 4, 5, 6) Canadian Tax Foundation (7); Government of Canada (8); Mackenzie Investments (9);

According to the 2025 Ageing in Canada Survey (1), one in five (20%) of Canadians aged 50 and up are experiencing a “poverty-level standard of living”. Eighteen percent of the 6,001 surveyed said they wouldn’t be able to pay for an unexpected expense worth $500 or more, and 14% said they could not afford spending a small amount of funds on themselves weekly.

Respondents that were unable to afford two or more essential goods or services (e.g. dental care, clothes) were considered to be “materially deprived” or facing a poverty-level standard of living.

The NIA’s unique approach to poverty measurement makes a connection between someone’s inability to afford necessities and the likelihood they are facing financial hardship. It uses the Material Deprivation Index (MDI), developed through a collaboration of various non-profits, Maytree Environics and researchers at the University of Ottawa (2). The MDI is based on 11 core goods, services or activities that are considered necessary for a decent living standard, such as dental care, gifts, clothes, bills, protein intake and unexpected expenses. The amount of MDI items that a person cannot afford increases the chances they are impoverished.

“We look at real, practical measures. When we find that people are struggling with two or more of those things, we know that this is a much more accurate measure,” Dr. Samir Sinha, a consultant on the study, told CTV News (3).

Measuring poverty in Canada

The NIA’s study methodology for measuring poverty stands out as a pragmatic approach to a complex question of seniors’ financial well-being. But what are the other ways poverty is measured across the country?

Canada’s official measure of poverty is known as the Market Basket Measure (MBM) (4). It takes the cost of a “basket” of goods and services that represent a basic standard of living, such as food, clothing, transportation, shelter and other necessities. If a household or a family member has a disposable income less than the cost of the basket, they’re considered to be experiencing poverty.

Another method researchers use to determine poverty in Canada is the low-income measure, after tax (LIM-AT) (5), which uses the national median income of households in Canada as a comparative benchmark. If a household cannot meet 50% of the national median income, they’re considered to be low income and may be living at a poverty level.

The NIA’s study is unique because it doesn’t measure the likelihood of poverty based on what a person earns, but based on what someone cannot afford. While income-based measurements are important, an MDI-like framework could help policymakers see how everyday financial realities are playing out, which is extremely important for older Canadians who face unique challenges.

For example, seniors typically rely on fixed-income sources (e.g. government benefits, annuities) that can be quickly eroded by the rising prices of essential goods and services. Since 2021, grocery prices have risen over 30% (6) — much higher than inflation as a whole in that time period, which spiked around 17% (7). While government benefits such as the Canadian Pension Plan (CPP) or Old Age Security (OAS) are indexed to inflation, they may not take into account the rising costs of certain core goods like groceries. For some, this can mean choosing between essentials, covering the rent or delaying dental care.

Do we need to rethink poverty in Canada?

While the NIA does push for change regarding poverty measurements in Canada, the call for reform does not mean doing away with other measures, but simply complementing them.

“There is no singular measure that can appropriately capture the full range of experiences of poverty. It is critical to use multiple poverty measures to capture the complexity,” the report states.

For instance, the authors of the report found that the MBM and LIM-AT poverty measurements came with differing values when it came to measuring how many Canadians older than 65 were living in poverty. The MBM model only predicted 5.5% were impoverished, whereas the LIM-AT method showed 13.8% of seniors were experiencing poverty. This kind of difference calls for a more well-rounded method of poverty measurement, experts argue.

In fact, a project spearheaded by Food Banks Canada that puts forward cutting-edge research creating the MDI for poverty measurement, calls for Statistics Canada to use their method as a complement to the official MBM method.

“We recommend that Statistics Canada establish and maintain a material deprivation module – a set of questions to measure living standards via the ‘normal’ goods, services, and activities that households with modest but acceptable living standards would ordinarily be expected to be able to afford. The material deprivation module would complement the MBM, which measures poverty by inputs. Together, the two types of indicators would provide a deeper and more accurate insight into poverty in Canada,” the paper states.

How older Canadians can find relief

While the new methods of measuring poverty in Canada might be surprising, the reasons for seniors facing increased poverty levels shouldn’t be. The cost of groceries in Canada has risen 30% since 2021 alone. And while housing costs are starting to simmer in 2026, Canadians are still grappling with the massive housing costs from previous years (8). Now, the pressing question is: “What can older Canadians do to find relief?” Here’s some advice to help you get started.

• Access core government benefits: Programs such as Old Age Security (OAS), the Guaranteed Income Supplement (GIS) and the Canada Pension Plan (CPP) provide essential income support, with GIS offering additional help for low-income seniors.
• Explore housing assistance: Seniors who rent may qualify for provincial housing benefits, rent supplements or subsidized housing programs that can reduce monthly costs.
• Negotiate recurring bills: Reviewing monthly expenses — such as phone plans, insurance and utilities — can uncover opportunities to switch providers or negotiate better rates.
• Take advantage of senior discounts: Many retailers, transit systems and service providers offer senior discounts that can add up to meaningful savings over time.
• Leverage community support: Local non-profits, food banks and senior centres often provide assistance with meals, transportation and social services, helping stretch limited budgets further.

Article sources

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

NIA (1); FBC (2); CTV News (3); Statistics Canada (4, 5, 6, 7); C.D. Howe Institute (8)

That’s according to a new report from EY Canada, which suggests the country’s transition to EVs is entering a more cautious phase, with 30% of potential buyers saying they’ve delayed or reconsidered a purchase.

“Canada's EV story hasn't stalled — rather it's becoming more pragmatic. Consumers still care about fuel costs and the environment, but they’re asking harder questions about affordability, charging reliability and the day-to-day experience,” said Jennifer Rogers, automotive and transportation leader at EY Canada, in a statement.

Cost and charging concerns slowing EV momentum

According to the report, the demand for EVs has not necessarily waned, but the level of scrutiny from consumers is on the rise.

Among Canadians leaning away from EVs, 32% point to the upfront purchase price as a key barrier, while 28% cite concerns around public charging quality and compatibility.

Even for those still considering an EV, the ownership experience is raising doubts. The EY Canada EV report also found:

• 38% say finding a charging station can be difficult
• 32% are concerned about the cost of charging
• 31% report long wait times

For EV owners, home charging is often far from straightforward. Installation costs, electrical upgrades and higher utility bills are all part of the equation, making the switch feel more complex than it might have a few years ago, now that the novelty has somewhat worn off.

Gas and hybrid vehicles regain ground

That overall hesitation is showing up in shifting consumer preferences.

The report from EY shows interest in traditional gas-powered vehicles has climbed to 58%, up from 44% last year, while preference for fully electric vehicles has dropped from 15% to just 7%.

The report shows that hybrids are emerging as a middle ground. About 17% of Canadians say they prefer hybrid vehicles, offering better fuel efficiency without the need to rely entirely on charging infrastructure.

At the same time, the reasons people consider EVs haven’t gone away. Fuel costs remain the top motivator, cited by 53% of respondents, while 47% point to environmental concerns, both up from a year ago.

In other words, the interest is still there, but many consumers appear to be waiting for the practical side of EV ownership to catch up.

Practical considerations shaping buying decisions

That more measured mindset is also shaping how Canadians shop for vehicles.

Most buyers now start their research online, but the final decision still tends to happen in person. In the survey, 37% of EV buyers and 41% of gas vehicle buyers say they wouldn’t purchase without a test drive, underscoring the continued importance of the dealership experience.

Online purchasing is gaining traction, however, with 27% saying they would consider buying a vehicle digitally, though many still prefer a hybrid approach that combines online research with in-person evaluation.

There’s a similar pattern when it comes to in-car technology. Drivers are generally open to features that improve safety, navigation and maintenance, but remain cautious about more advanced automation. Most respondents said they are comfortable with partial automation only, while concerns about safety and system reliability remain common.

The overall result is an evident shift in tone around EV adoption. Rather than rushing toward a fully electric future, many Canadians are weighing the trade-offs more carefully — and, for now, sticking with what feels practical.

The Financial Consumer Agency of Canada (FCAC), the federal regulator that protects users of financial products, applied a $4 million penalty against Bank of Montreal (BMO) for charging monthly plan fees that should have been waived or discounted (1).

While the bank conceded that the overcharged fees were due to the bank's billing errors, the FCAC investigation and February 2026 ruling highlight how a systemic failure took more than decade — and over 500 consumer complaints — before regulators stepped in.

Here's what happened, who it affected and what you should do if you think you're owed money.

What BMO did wrong — and for how long

The error traces back to 2010, when BMO launched discounted banking programs for four groups: newcomers to Canada, medical and dental students, Indigenous banking clients and participants in a home financing promotion. Customers who enrolled received written confirmation, but the document listed an incorrect start date for the fee waiver (2).

That single clerical error had a 14-year tail. Because the disclosure was wrong, BMO continued charging monthly plan fees to customers who qualified for a waiver or discount. Between 2022 and 2024, the bank compounded the issue by failing to clearly communicate when fees would begin (3).

Part of the issue, according to the FCAC investigation, is that BMO employees did not consistently follow the correct procedures, and that the bank's internal controls failed to catch the error — even as complaints accumulated.

As a result, the $4 million penalty reflects the degree of BMO's negligence in failing to prevent and detect the problem (4).

The Canadians who were affected by BMO’s negligence

The four groups enrolled in BMO's 2010 Discounted Banking Programs were:

• Newcomers to Canada
• Medical and dental students
• Indigenous banking clients
• Participants in BMO's home financing promotion

If you opened an account under any of these programs at any BMO branch after 2010 and were charged a monthly plan fee, you may have been part of the 101,091 customers the FCAC confirmed were financially impacted (5).

What BMO paid back

BMO issued refunds and interest to affected accounts totalling close to $3.03 million. For the portion that could not be returned directly to accounts or accountholders, the bank made a charitable donation of just over $600,000 (6).

BMO spokesperson Jeff Roman said the bank proactively reimbursed customers and self-reported the matter to the FCAC.

Does BMO owe you a refund?

If you were in one of the affected groups and have not received a refund or any communication from BMO, here's what to do:

• Review your statements from the time you enrolled. If you were charged a monthly plan fee on an account that should have been discounted or free, document it
• Contact BMO directly and reference FCAC Summary of Proceeding #4, published February 2, 2026. Ask whether your account was part of an affected program and confirm whether a refund was issued
• If a refund was not applied to your account and BMO indicates a charitable donation was made in lieu, ask for a full accounting of what amount was calculated for your account
• If BMO does not respond or resolve your concern, file a complaint with the FCAC at canada.ca/en/financial-consumer-agency

Your rights when your bank bills you incorrectly

Under the Bank Act, federally regulated banks are required to clearly disclose all fees before charging them — and to keep those disclosures accurate. The BMO case is a reminder that disclosure failures can persist for years without triggering correction, even when customers are actively complaining.

If you believe your bank has been charging you incorrectly, you don't need to accept the outcome. Every federally regulated bank must have a formal complaint-handling process. If that goes nowhere, customers can escalate to the Ombudsman for Banking Services and Investments (OBSI), an independent body that resolves disputes between consumers and financial institutions at no cost.

Fee waivers and discounted banking programs are only as useful as the systems behind them. Checking your statements periodically — particularly in the first year after enrolling in any promotional account — is a simple way to catch an error before it runs for a decade or more, costing you thousands in out-of-pocket expenses.

Article sources

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

Financial Consumer Agency of Canada (1, 4, 5); Financial Consumer Agency of Canada (2, 3, 6)

According to the 2025 UBS Global Wealth Report, the number of so-called “everyday millionaires” — people with wealth between US$1 million (C$1.38 million) and US$5 million (C$6.9 million) — has quadrupled globally since 2000, now reaching nearly 52 million worldwide (1). In Canada specifically, about 2.1 million people, or approximately 5% of the population, had a net worth exceeding US$1 million as of early 2025.

Much of that growth is tied to real estate. As home values rose in major cities and even mid-sized markets over the past decade, many middle-class homeowners became millionaires without making any conscious investment decisions. They simply stayed in place.

But here’s the thing: A seven-figure net worth doesn’t automatically mean you’re financially set for retirement. And many of these new millionaires don’t feel wealthy — because in practical terms, they may not be. Here’s why.

The hidden millionaire phenomenon

Most Canadians agree they need around $1.7 million for a comfortable retirement, according to a 2026 BMO Retirement Survey (2). But if your $1 million net worth includes a $900,000 home and only $100,000 in cash savings, you’re likely well short of what you’ll actually need to fund a 30-year retirement — even before factoring in inflation.

Financial researchers have started using the term “hidden millionaire” to describe people who built most of their wealth through home equity and retirement savings, but don’t think of themselves as investors or high-net-worth individuals. They didn’t pick stocks or build a portfolio. They paid their mortgage, contributed to their Registered Retirement Savings Plan (RRSP) and watched their home value appreciate. Now they’re sitting on a million dollars — and have no idea what to do with it.

Why hidden millionaires may be putting themselves at risk

If you’ve crossed the seven-figure threshold without consciously managing your wealth, there’s a real chance your money isn’t working as hard as it could, or is slowly eroding. Here are some considerations:

Lifestyle creep is a slow leak. The biggest threat to any millionaire’s wealth isn’t a market crash — it’s gradually spending more as your income rises. Retirement savings that look impressive today can shrink faster than expected if your spending isn’t kept in check. The simple principle of living below your means doesn’t disappear once you hit a million dollars: It becomes more important.

Concentrated wealth is a vulnerability. Many hidden millionaires have most of their net worth tied up in one or two places — typically a home, and a single employer’s pension or stock plan. That concentration creates risk. If property values in your area decline, or if a company’s shares drop sharply, a large portion of your wealth can evaporate. A 2025 study in the Journal of Asset Management found that broad diversification across asset classes reduces risk and improves returns compared to putting everything all in one place, even through major market shocks (3).

Cash sitting idle is money left behind. A common mistake when rolling over or transferring registered accounts is failing to reinvest funds. Money that sits as cash inside a Tax-Free Savings Account (TFSA) or Registered Retirement Income Fund (RRIF) isn’t growing. A 2025 TD Bank survey states that about 4 in 10 Gen Z and Millennial Canadians keep most of their TFSA balances as cash — and are missing out on the account’s primary advantage: Tax-free compounding (4).

How hidden millionaires can make their wealth last

The good news is that none of these scenarios require anyone to start over from scratch. A few intentional shifts in how you manage your money can make a significant difference over the long run.

Get professional guidance. One of the most consistent habits among wealthy Canadians is working with a qualified professional. However, many hidden millionaires who didn’t consciously build their wealth through investments don’t think to seek that kind of help. A fee-only financial advisor or certified financial planner can help you assess your readiness for retirement, identify gaps and build a strategy that fits your specific situation. The Financial Planning Standards Council (FP Canada) keeps a national directory of certified planners (5).

Diversify beyond your home. Home equity is wealth — but it’s concentrated into a single, illiquid asset. Consider working with an adviser to convert some of that equity into a diversified portfolio inside your TFSA, RRSP or other non-registered account. Broad-based exchange-traded funds (ETFs), bonds, and other assets classes can help spread risk and generate income in retirement.

Maximize your registered accounts. The TFSA annual contribution limit is $7,000 for both 2025 and 2026, and any unused portion from previous years carries forward. Money invested inside a TFSA grows completely tax-free and can be withdrawn any time without penalty — making it one the most powerful tools available to Canadian retirees. For those still working, continuing to contribute to an RRSP can reduce taxable income now while building retirement assets for the future.

Plan your withdrawals carefully. For higher-income retirees, the order in which you draw from your accounts is important. As of 2025, the clawback for Old Age Security (OAS) benefits happens once your net income exceeds $93,454. Benefits stop completely once earnings hit $152,062, according to the Government of Canada (6). If you draw strategically from your TFSA, RRSP or RRIF, and non-registered accounts in the correct sequence, you could significantly reduce your tax bill over a 20- to 30-year retirement.

Bottom line

Reaching a seven-figure net worth is a serious achievement, but it’s still not crossing the finish line. Many Canadians are becoming millionaires without realizing it, and without the financial habits or professional support needed to protect and grow that wealth through retirement.

The mindset shift that’s most important isn’t complicated: Start thinking of yourself as an investor rather than just a homeowner or money-saver. That means diversifying your assets, keeping your lifestyle costs in check, making your registered accounts work harder for you and, when in doubt, get professional advice before making big financial decisions.

Wealth is more than just reaching a specific number. It’s about making sure that number lasts throughout your sunset years.

Article sources

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

UBS (1); BMO (2); Research Gate (3); TD (4); FP Canada (5); Government of Canada (6)

For years, the barrier to entry for a small home-based food business included a $233 annual licensing fee and a fair bit of paperwork. But according to a new staff report heading to the emergency preparedness and protective services committee on March 23, that could soon be a thing of the past.

City staff are recommending a comprehensive overhaul of the Food Premises Licensing Bylaw. The most exciting part for the "cottage industry" crowd is a proposal to exempt home-based businesses selling "low risk" foods from needing a municipal business license altogether (1).

What counts as low risk

You may be wondering what exactly the city considers safe enough to bypass the licensing office. According to the report, "low-risk foods include breads and buns without meat or cream fillings; most baked goods without custards; chocolate, fudge, toffee, brittles and hard candies; granola, trail mix, nuts seeds; cakes, brownies, muffins and cookies that do not require refrigeration; and coffee beans and tea leaves."

This move is not just about being friendly to bakers. It is about catching up with provincial standards. In 2020, the Ontario government updated the Food Premises Regulation to allow home-based sales of these specific items, provided they meet provincial health standards.

As city staff noted in the report, "This approach balances public health protection with economic opportunity, while ensuring that food safety standards are upheld through targeted enforcement and oversight."

The fine print for home entrepreneurs

Before you fire up the oven, there are still rules to follow. While you may save the $233 licensing fee, you’re still regulated under the Health Protection and Promotion Act. You also have a legal obligation to notify Ottawa Public Health before you start selling to the public.

The city’s new Zoning Bylaw is also being aligned to ensure that if you are only preparing these low-risk items, you are in the clear to operate out of your primary residence.

Streamlining the process

For those who still need a license, the city is finally moving into the digital age. A new online licensing solution is expected to launch this fall. Staff describe it as a "one-stop-shop" that will allow business owners to handle applications and renewals without trekking down to a municipal office.

The report suggests that while the current system has worked since its last major review in 2002, these updates are necessary to "account for shared commercial kitchens" and "address emerging business areas."

If approved, these changes represent a significant shift in how Ottawa supports small-scale food entrepreneurs, making it cheaper and simpler to start a business right from your own kitchen counter.

Article sources

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

CTV News (1)

Take Suze Orman’s claim (1) that skipping coffee could make you $1 million. The idea depends on consistently investing small savings at high returns over the long term. But critics point out that this assumption is unrealistic — and overlooks bigger financial pressures facing Canadians, such as rising housing costs, stagnant wage growth and high household debt.

Other high-profile advice can be just as blunt. Kevin O'Leary (2) has suggested that people earning $70,000 should avoid buying a home. In Canada, real estate markets vary (3) between cities like Toronto, Calgary and Halifax, and that kind of blanket advice can miss the mark entirely.

Meanwhile, Dave Ramsey’s suggestion (4) that retirees can withdraw 8% annually from their savings has been widely debated. Many financial planners warn that such a rate could quickly deplete retirement funds — especially in Canada, where a longer life expectancy (5) increases the risk of outliving savings.

The core issue is context. Much of this advice assumes what worked for wealthy individuals will work for everyone — even though most households face very different financial realities, particularly in a high-cost country like Canada.

Social media is amplifying bad advice

The rise of financial influencers, or “finfluencers (6),” has made the problem worse.

Social media has become a major source of money advice (7) for younger Canadians. Platforms such as TikTok, Instagram and YouTube are now filled with content on budgeting, investing and side hustles, often presented in quick, digestible clips. That sounds promising, right?

However, this advice comes with risk. Research highlighted by the CFA Institute (8) shows that while younger generations increasingly rely on social media for financial education, the quality of advice can vary widely.

Part of the issue is that anyone can present themselves as an expert. Unlike licensed financial planners, influencers aren’t required to meet professional standards (9), yet their content can still shape real financial decisions.

That creates an environment where bad advice spreads quickly — and can be costly to follow.

Not all billionaire advice is wrong

Still, not all guidance from wealthy investors should be dismissed. In fact, some of the most reliable advice is also the simplest.

Both Mark Cuban and Warren Buffett emphasize one key principle (10): avoid high-interest debt.

Paying off debt delivers a return equal to your interest rate. For Canadians carrying credit card balances — where interest rates often exceed 20% (11) — eliminating that debt can provide a guaranteed return that’s hard to beat in the market.

Buffett also consistently advocates for low-cost index funds and long-term investing. This approach aligns well with Canadian options (12) like ETFs tracking the S&P/TSX Composite or global markets through registered accounts like TFSAs and RRSPs.

These notions are widely supported, and notably far less extreme than many viral money tips.

What financial advisors actually say

Professional financial planners tend to agree on a more grounded approach.

Across the board, financial experts emphasize the same fundamentals:

• Pay down high-interest debt: Eliminating debt first prevents interest from compounding against you. This is especially important in Canada, where household debt levels remain among the highest in the G7 (13).
• Build a budget and emergency fund: With rising living costs, having a financial buffer is critical. An emergency fund (14) can help Canadians weather job loss, rate hikes or unexpected expenses without relying on credit.
• Invest consistently over time: Rather than trying to time the market, steady contributions — particularly through tax-advantaged accounts like TFSAs and RRSPs (15) — allow Canadians to benefit from long-term growth.
• Diversify and rebalance portfolios: Spreading investments across sectors and geographies — and periodically rebalancing — helps manage risk, especially in a smaller market like Canada that is heavily weighted toward financials and energy.

Advisors also stress focusing on “needle movers” — major expenses like housing, transportation and income — rather than small lifestyle cuts like skipping coffee.

In other words, the most effective strategies aren’t flashy or extreme. They’re consistent and personalized.

How to protect yourself

With so much conflicting advice online, the key is learning how to filter what you hear.

Start by questioning one-size-fits-all rules. Personal finance depends on your income, location and goals, not someone else’s success story.

Next, check the source. In Canada, look for credentials such as CFP (Certified Financial Planner) (16) or advice aligned with organizations like the Financial Consumer Agency of Canada (17).

Be cautious of red flags. Advice that promises quick results, guaranteed returns or universal solutions should raise concerns.

Finally, focus on fundamentals. Pay down high-interest debt, build savings and invest steadily over time.

Bottom line

Famous money gurus can offer useful insights — but they can also be out of touch.

In a world flooded with financial advice, the smartest move may be the simplest one: stick to the basics that actually work.

Article sources

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

GoBankingRates (1, 2, 4); Crea (3); Government of Canada (5, 7, 14, 17); CNBC (6); CFA Institute (8) DFPI (9); Nasdaq (10); Rates (11); Morningstar (12); Wealth Professional (13); TD (15); CFP Certification (16)

JPMorgan Chase (NYSE: JPM) CEO Jamie Dimon’s message has been making the rounds, and it isn’t exactly reassuring. In a recent Bloomberg interview, Dimon suggested that investors are glossing over some serious risks — particularly around inflation — that are lingering.

“Asset prices are kind of high, credits are kind of low,” Dimon said. “There’s a lot of complacency in the market.” (1)

The stock market has been riding a wave of optimism, fuelled largely by hopes that inflation will keep falling and that central banks can cool prices without triggering a recession, something that economists call a “soft landing” (2). But Dimon is doubtful.

“Inflation is the skunk at the party,” he said. “It’s been coming down, but it seems to maybe have leveled off around 3%.”

Put simply, Dimon believes markets are underpricing a risk that hasn’t actually disappeared — it just hasn’t made headlines.

Why inflation matters for your portfolio

Dimon’s warning is noteworthy in that he’s talking about more than energy prices and supply chain disruptions.

“You can look at medical prices, construction prices, insurance prices, wages for certain things,” he said. “Inflation is a big thing. It’s not just oil.”

That’s a broader, stickier kind of inflation, and it’s harder to solve. Even though prices have fallen significantly from their 2022 peak of 8.0% in the U.S., inflation is still running above the U.S. Federal Reserve’s long-term target of 2%, according to World Data (3). The U.S. Consumer Price Index (CPI) has been sitting close to 3% year over year (4).

Why is that relevant to your portfolio, especially if you as a Canadian are invested in the American market? Because when inflation stays high for a prolonged period, the ripple effects are significant — interest rates stay higher for longer, borrowing costs rise, stock valuation comes under pressure and credit conditions tighten. Portfolios leaning heavily on stocks and bonds can struggle in this type of environment.

It’s exactly why Dimon’s warning is prompting investors to think harder about what else belongs in their investment mix.

Gold: A time-tested hedge against inflation

Gold has long been considered a store of value during periods of economic uncertainty and rising prices. Unlike stocks or bonds, it isn’t tied to corporate earnings or government debt — which is why investors often turn to it when inflation erodes the purchasing power of their dollar.

According to data from the World Gold Council, gold prices have increased about 8% annually on average since 1971, roughly matching long-term equity returns and outpacing bonds over the same period (5). After a strong 2025, gold has continued its run, trading at around US$5,004 an ounce in early 2026 (6).

For Canadian investors, gold exposure doesn’t have to mean buying physical bullion. Gold exchange-traded funds (ETFs) listed on the Toronto Stock Exchange (TSX) offer a simpler, lower-cost way to access it. For example, the iShares Gold Bullion ETF (TSX:CGL) tracks the spot price of gold and is hedged to the Canadian dollar — meaning you get gold price exposure without taking on U.S. dollar currency risk. According to BlackRock Canada, CGL is one of Canada’s largest and most liquid gold ETFs, with a management expense ratio (MER) of only 0.55% (7).

That being said, gold isn’t a perfect inflation hedge in every environment. Edward Jones Canada notes that while gold has historically acted as a hedge against large, unexpected spikes, a diversified stock portfolio can still provide meaningful inflation protection without holding precious metals, for investors with longer time horizons (8). For most people, a small allocation to gold — often cited in the 5% range — makes sense as part of a broader diversified portfolio, rather than as a standalone strategy.

Real estate: Another powerful hedge against rising prices

As prices continue to rise, property values and rents often follow. This is what makes real estate one of the most reliable inflation hedges available to investors.

When you own property, your asset tends to appreciate as the cost of building materials, labour and land increases. At the same time, rental income can be adjusted upward — even in provinces with rent increase caps, such as Ontario’s 2025 cap of 2.5% and British Columbia’s 3% cap, landlords can still adjust rents to partially keep pace with inflation (9).

Of course, directly owning rental property is only accessible to some investors. It requires significant upfront capital, ongoing maintenance and a hardiness for managing tenants and vacancies.

That’s where Real Estate Investment Trusts (REITs) can come into play. A REIT is a company that owns and operates income-generating properties such as apartment buildings, office buildings, shopping centres and industrial complexes and distributes most of its income to shareholders as regular dividend payments. Canadian REITs trade on the TSX, making them as easy to buy as a stock. According to Questrade, REITs offer exposure to real estate’s inflation-hedging benefits, like rising property values and income, without the need to own or manage a physical property (10).

For investors looking for broader real estate exposure without the hands-on commitment of property ownership, REITs are one of the most practical options available on the market.

Diversification matters most during times of uncertainty

Dimon’s warning about market complacency highlights something every long-term investor needs to keep in mind: no single asset class will protect you in every environment.

“We look at the broad range of outcomes,” he said in the Bloomberg interview.

That kind of thinking —planning for multiple scenarios rather than assuming the best — is the foundation of constructing a smart portfolio, one that spreads risk across asset classes that don’t all move in the same direction at the same time. When stocks struggle, bonds or gold may rise. When inflation hits, real estate and commodities may provide a buffer.

Keeping equity market expectations in perspective is also important. Goldman Sachs is currently forecasting only 3% annual returns from U.S. equities over the next decade (11). This suggests that relying solely on stock market returns may not be enough to build or protect wealth over the long haul.

That’s a reminder to Canadian investors that diversification across asset classes, and not just stocks, is a strategy worth taking seriously.

Make a plan and stick to it

Ultimately, the biggest risk for many investors isn’t inflation or geopolitics — it’s emotionally reacting to headlines rather than sticking to a thoughtful plan for the future.

Panic-selling during downturns, chasing trends and making big moves based on fear are among the most common and costly mistakes individual investors make. Being consistent and maintaining a long game are two of the most important factors in building wealth over time.

A fee-only financial advisor — someone who charges for their time and advice rather than earning a commission on what they sell you — can help you build a plan tailored to your specific goals and risk tolerance.

Bottom line

Dimon’s core message is straightforward: markets may be pricing in a best-case scenario while overlooking some very real risks.

Investors can’t control inflation, central bank policy or geopolitical tensions. But they can prepare ahead of them. For investors in Canada, that means thinking beyond stocks and bonds, and consider gold ETFs, REITs and other inflation-resilient assets as part of a diversified portfolio that stays buoyant over the long term.

If Dimon is right that inflation is still the “skunk at the party,” investors who diversify and plan now may be the ones who avoid being caught off guard when the economy goes sideways.

- 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); Policy Magazine (2); Worlddata (3); U.S. Bureau of Labor Statistics (4); World Gold Council (5); Goldprice (6); BlackRock (7); Edward Jones (8); Canadian Real Estate Magazine (9); Questrade (10); CNBC (11)

A recent analysis identifies three key strategies the wealthy use to reduce their taxes: incorporating to pay a lower corporate rate, using the "buy, borrow, die" approach to defer capital gains and tax-loss harvesting to offset gains (1).

But could these strategies be adapted for households with more typical incomes? While not all will apply, some may actually be accessible to middle- and upper-middle-class earners.

3 tax optimization strategies

Incorporate

If you're self-employed, one of the most powerful ways to potentially save thousands in taxes each year is incorporating your business — that is, creating a Canadian-controlled private corporation (CCPC) and earning income through it instead of personally.

The tax advantage is significant. Federal personal income tax rates for 2026 range from 14% — which the federal government recently dropped — to 33%, and when you add provincial or territorial tax, the total combined rate can push well above 50% for high earners (2). By contrast, the federal small business tax rate for a qualifying CCPC is just 9% on the first $500,000 of active business income, thanks to the Small Business Deduction (SBD). Combined, federal-plus-provincial rates typically fall between 11% and 13% for most provinces (3).

The gap between your personal marginal rate and the corporate rate creates what's called a "tax deferral" — you leave income inside the corporation, where it's taxed at the lower rate, and only pay personal tax when you eventually draw it out (ideally in retirement, when your income may be lower).

Incorporating also turns legitimate expenses into deductions: your salary, health insurance premiums, accounting fees, and business vehicle costs can all reduce the corporation's taxable income.

A common rule of thumb: if you're consistently netting $60,000 or more in freelance or small-business income, incorporating may start to make financial sense. However, there is an important caveat. If you earn passive investment income inside the corporation above $50,000 a year, the small business limit begins to be clawed back (4).

Incorporating comes with an administrative burden — corporate filings, payroll and compliance costs — so the math must favour the move before proceeding. Talk to an accountant and a lawyer before making any decisions.

Buy, borrow, die — with a critical Canadian caveat

The "buy, borrow, die" strategy works like this: you purchase appreciating assets — stocks, real estate, art — and instead of selling them (and triggering a capital gains tax bill), you borrow against them for income. The loan proceeds are not taxable because they're debt, not income.

In the U.S., this strategy works cleanly at death: heirs inherit assets with a "stepped-up" cost basis, effectively erasing decades of accrued capital gains. In Canada, it is materially different. Under the Income Tax Act, a taxpayer is deemed to have sold all capital property at fair market value immediately before death — a "deemed disposition (5).” Any accrued capital gains are taxable on the deceased's final return, except for assets rolled over to a surviving spouse or common-law partner, which defer the tax event until the surviving partner eventually sells.

So while the "borrow" portion of this strategy can still work for Canadians — borrowing against a non-registered portfolio through a secured line of credit or against home equity to avoid selling and triggering gains — the "die" component that makes the strategy so powerful in the U.S. does not eliminate capital gains tax in Canada. It simply defers it, unless careful estate planning (such as spousal rollovers or the use of a life insurance policy to fund the tax liability) is in place.

This is a strategy best discussed with a qualified tax and estate planning professional. It is not a plug-and-play solution for most Canadians.

Tax-loss harvesting

This strategy uses capital losses to reduce the taxes you owe on capital gains.

In a year where you've cashed out an investment at a profit, you can deliberately sell a different investment at a loss to offset that gain — reducing or eliminating the tax owed. Under Canada Revenue Agency (CRA) rules, capital losses must first be applied against capital gains in the current year. Any net capital losses that remain can then be carried back three years or carried forward indefinitely (6).

There is one important rule to know: the superficial loss rule. If you sell an investment at a loss and then you, your spouse, or a corporation you control buys the same or identical investment within 30 calendar days before or after the sale, the CRA will deny the capital loss (7). The loss is not gone — it's added to the cost base of the repurchased investment — but you can't use it immediately.

Note that tax-loss harvesting only applies to non-registered accounts. Because capital gains inside a Registered Retirement Savings Plan (RRSP) or Tax-Free Savings Account (TFSA) are already sheltered, the CRA does not allow losses from those accounts to offset gains in non-registered accounts.

Tax optimization for average incomes

While borrowing against assets or tax-loss harvesting may not be realistic for those with modest portfolios, there are still meaningful ways to trim your tax bill.

Start by making sure you're not leaving credits and deductions on the table. The CRA allows Canadians to claim credits and deductions for medical expenses, tuition, moving expenses (if you relocated more than 40 km closer to a new job or school), home office costs (if required by your employer), charitable donations and more (8).

On the retirement savings front, the RRSP contribution limit for the 2026 tax year is $33,810 — up from $32,490 in 2025 — calculated as 18% of the previous year's earned income, to the annual cap (9). Because RRSP contributions are made on a pre-tax basis, they reduce your taxable income for the year. The idea is that you pay tax later, at withdrawal in retirement, when you're ideally in a lower tax bracket.

In addition to your RRSP, the Tax-Free Savings Account (TFSA) remains one of the most flexible tools available to Canadians. The annual contribution limit for 2026 is $7,000, unchanged from 2025 (10). Eligible Canadians who have never contributed since the TFSA launched in 2009 have up to $109,000 in cumulative room. Unlike an RRSP, TFSA withdrawals are not taxed — making it an ideal place to grow investments you may need before retirement.

A few other 2025 tax year changes worth knowing about:

• The lowest federal income tax rate dropped from 15% to 14% on July 1, 2025, resulting in a blended effective rate of 14.5% for the 2025 tax year — and a full 14% for 2026 onward. The federal government estimates this will save individuals up to $420 per year (11).
• The basic personal amount — the income you can earn before paying any federal tax — is $16,452 for 2026 (12).
• Charitable donations made before December 31 qualify for a non-refundable federal tax credit of 14.5% on the first $200 and 29% on any amount above that (13). Combining donations from both spouses on a single return can maximize the credit.

Tax optimization isn't just for millionaires. Whether you're self-employed, investing in a non-registered account, or simply not claiming every credit you're entitled to, the best tax strategy starts with knowing what's available to you — and asking a professional whether it applies to your situation.

What Canadians can do right now

• Check your RRSP room. Log into your CRA My Account online to see your exact deduction limit before you contribute. The 2025 RRSP deadline was March 2, 2026; any contributions you make now will apply to the 2026 tax year.
• Max out your TFSA. With $7,000 in new room for 2026 — plus any unused room from previous years — your TFSA may be the most tax-efficient place to hold your investments.
• Review your deductions before filing. Medical expenses, moving costs, home office expenses and charitable donations are among the most commonly missed credits. The CRA's full list is available at canada.ca.
• Talk to a tax professional about incorporating. If your self-employment income consistently exceeds $60,000, the math on incorporating may work in your favour — but the costs and compliance requirements must be part of that calculation.
• Don't try tax-loss harvesting without advice. The superficial loss rule is easy to trip over — and the consequences (a denied loss) are not obvious until tax time.

Article sources

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

Finder (1); Canada Revenue Agency (2, 5, 6, 8, 12); Government of Canada (3,7); Invesco Canada (4); BNN Bloomberg (9); TD Bank (10); H&R Block Canada (11); TaxTips.ca (12); Akler Browning LLP (13)

That’s according to a new survey from CAA South Central Ontario, in which more than half of Canadians say geopolitical and economic factors are influencing their travel decisions. These range from higher travel prices to concerns about global instability and shifting attitudes toward visiting the United States.

“We’re seeing a clear trend toward exploring closer to home and seeking out new international experiences, all while keeping an eye on safety and value,” said Kaitlynn Furse, director of corporate communications at CAA South Central Ontario, in a statement.

Canadians reconsidering U.S. travel

According to the survey from CAA, 51% of Canadians say economic or geopolitical factors are affecting where they plan to travel.

One of the most notable changes is declining interest in trips to the United States. The research found 22% of Canadians planned to visit the U.S. in 2025, down from 33% the previous year.

Instead, more travellers are choosing to stay within Canada. About 40% of respondents said they plan to explore destinations closer to home, while others are considering trips to destinations outside North America.

The shift appears to reflect a combination of factors. Rising travel costs remain a major concern for many households, while global political tensions and changing perceptions of travel destinations are also influencing decisions.

Despite these changes, Canadians remain enthusiastic about travel overall. The survey focused on Canadians aged 25 to 64 who have travelled outside their home province in the past three years and expect to travel again within the next five years.

Many travellers still skipping insurance

The survey also highlights a financial risk many travellers may overlook.

According to the findings, 64% of Canadians said they did not purchase travel insurance for their most recent trip within Canada.

Many appear to assume that travelling domestically carries little financial risk. Among those who travelled without insurance, 44% said they believed coverage wasn’t necessary, while 29% said they expected their provincial health plan to provide enough protection.

However, according to CAA, provincial health coverage often has limits outside a traveller’s home province. While emergency medical services may be covered, other costs, such as transportation, accommodation changes or trip interruptions, may not be fully reimbursed.

"One of the biggest misconceptions we see is the idea that travelling within Canada comes with less risk," says Furse. "Unexpected medical costs, trip interruptions and emergencies can happen anywhere, and many travellers are surprised to learn they're not fully covered."

The findings suggest Canadians remain eager to travel, but many are becoming more selective about their destination, as well as more mindful of the financial risks that can come with a trip.

“How should I be investing to build wealth, but also to leave an emotionally abusive relationship?” Sarah asked the cohosts during a recent episode.

She’s been with her partner for four years and they live together. Over that time, she’s paid off her car and cleared all her debts, and has about $8,000 in savings. Now she’s wondering if she should be investing that money, “maybe buying a quadplex,” she said (1).

Host Jade Warshaw’s first question had nothing to do with investment strategy.

She wanted to know Sarah’s timeline for leaving — which Sarah said was six to eight months.

“Tell me what’s precluding you from going now,” Warshaw asked, making a clear distinction between building long-term wealth and saving up the immediate cash for a safe exit.

When your physical safety or mental well-being is at stake, financial priorities need to shift.

“Cash is your friend. You need liquid money,” Warshaw told her. Building wealth, she said, can come later — once Sarah is out of the relationship and on more stable ground.

When to prioritize liquidity over growth

The instinct to invest and grow your money faster is understandable, especially when you have a goal in mind. But if you need ready access to cash in the near future for things like a security deposit, first and last month’s rent, moving costs or furniture, putting that money into investments can backfire. Market volatility or liquidity restrictions could leave you unable to access funds exactly when you need them most.

Abusive relationships can often involve financial abuse alongside other forms of harm. In many cases, the abuser controls how money is spent, making it much harder for the other person to leave.

Research conducted in the Greater Ottawa region by the Canadian Centre for Women’s Empowerment found that 93% of the economic abuse survivors lacked access to their own money, and 86% were ordered to quit work — making them more financially dependent and socially isolated (2). As the study noted, economic abuse doesn’t always end when a victim leaves. Abusive partners can build up debt in a victim’s name — known as coerced debt — leaving survivors with damaged credit, difficulty renting an apartment and in some cases, no real choice but to return (3).

According to Women’s Gender Equality Canada, young women aged 15 to 24 are almost three times more likely than older women to have been emotionally, financially or psychologically abused by an intimate partner in the previous 12 months (4). Also, Statistics Canada reported that there were 128,175 victims of intimate partner violence in Canada in 2024 alone — with women and girls accounting for nearly 4 in 5 victims (5).

In Sarah’s situation, she has some advantages: She’s financially independent, has her own bank account, is debt-free and has some savings. But her income is modest — roughly about $2,300 a month, and she has no close support network, which makes leaving harder. Cohost George Kamel put it plainly: “Right now an emergency could tank you.”

Ideally, housing should sit around 25% to 30% of your take-home pay, Warshaw noted. At Sarah’s current income level, that’s a tight constraint in most cities, but it’s not impossible. Investing and building wealth will have to come later.

Financial steps toward independence

If you’re planning to leave an abusive relationship, here are the most important financial steps to take:

Keep cash accessible and separate. Your first priority is liquid savings that are inaccessible to your partner — ideally in a separate account at a different financial institution, with statements sent to a trusted address or available online only.

Lower your immediate housing costs. A roommate situation or short-term sublet is a bridge to getting out of a harmful environment and stabilizing yourself — it doesn’t have to be permanent. Kamel echoed Warshaw’s advice: “Do whatever you need to do to get out of that toxic situation. Now is the time to go. Don’t have some random arbitrary number” in mind.

Build your emergency fund. Once you’re out, the next step is building a cushion that covers three to six months of living expenses. A Tax-Free Savings Account (TFSA) is an excellent place to keep cash — your money grows tax-free and you can withdraw it at any time without penalty.

Then look toward the future. Only once you’re stable, with a safe place to live, a reliable income and a solid emergency fund does it make sense to start thinking about long-term investments or buying real estate. Rushing into that step while you’re still in a precarious position means taking on risks you can’t yet afford.

Help is available

If you or someone you know is experiencing abuse, you don’t have to navigate this alone. The Government of Canada’s family violence resources page provides a national directory that includes crisis lines listed by province and territory, transition houses, shelters and support services (6).

If you’re in immediate danger, call 911.

Bottom line

The Ramsey Show hosts weren’t advising Sarah to give up on her financial goals — they were helping her prioritize them. Right now, the most important investment she can make isn’t in real estate. It’s in her own safety and stability.

Liquidity comes first. Building wealth comes later. And getting out sooner rather than later is the most important financial decision she — and anyone else in a similar situation — can make right now.

— 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); Policy Options (2,3); Government of Canada (4)(6); Statistics Canada (5)

After years of delay, Bill C-4, the Making Life More Affordable for Canadians Act, became law on March 12, 2026 — giving first-time home buyers of new-build properties a GST rebate of up to $50,000. But in the year that passed since it was first announced, both buyers and builders were, at times, uncertain — and misunderstanding even one eligibility rule could still cost you tens of thousands of dollars.

What buyers of new builds can now expect to get back

The First-Time Home Buyer (FTHB) GST Rebate provides eligible first-time home buyers with a full or partial refund of the GST — or the federal portion of the HST — on newly constructed or substantially renovated homes.

For new homes valued up to $1 million, the rebate covers 100% of the GST paid, up to a maximum of $50,000. For homes valued between $1 million and $1.5 million, the rebate is gradually reduced on a sliding scale. There is no rebate for homes valued at $1.5 million or more (1).

This is a dramatic improvement over the old GST New Housing Rebate, which capped savings at approximately $6,300 — a number rendered largely irrelevant by today's home prices.

For agreements of purchase and sale entered into on or after March 20, 2025, and before 2031, eligible first-time buyers purchasing new homes under $1 million will pay no GST. For homes priced between $1 million and $1.5 million, a partial rebate applies on a sliding scale, up to a maximum of $50,000. No rebate is available on homes above $1.5 million. This relief does not apply to resale properties or those buyers already in the housing market.

Ontario buyers can expect even more — but it's not law yet

If you are buying a new build in Ontario, the provincial government has announced its intention to also rebate the full 8% provincial portion of the HST on homes up to $1 million, with a phase-out between $1 million and $1.5 million (2). If implemented, eligible Ontario buyers could qualify for a rebate up to $130,000 — combined federal and provincial savings.

However, the Ontario government has not yet passed enabling legislation for its provincial rebate. As such, buyers in Ontario should not plan their finances around the provincial $80,000 component until that legislation receives Royal Assent.

If you’re in the market, be sure to monitor provincial announcements closely before signing.

The date that determines everything

The single most consequential detail in this rebate is a date: March 20, 2025.

When Bill C-4 was first introduced into Parliament on May 27, 2025, the eligibility window was set to begin on that date — leaving buyers who had signed purchase agreements between the March 20, 2025 announcement and May 26, 2025 in a costly grey zone. That unfairness was corrected. During Parliamentary committee review in late 2025, the effective date was amended and backdated to March 20, 2025 — the date the rebate was first announced by the federal government.

That means, the FTHB GST Rebate is available for agreements of purchase and sale entered into on or after March 20, 2025, and before January 1, 2031. If you signed after the government's original announcement and before the bill was introduced into Parliament, you are eligible.

Agreements signed before March 20, 2025 do not qualify.

And the protection against workarounds is strict. If a pre-March 20, 2025 agreement is cancelled and a new one signed in an attempt to qualify, the CRA may disallow the rebate. The same applies to assignments: if the original purchase agreement predates March 20, 2025, an assignment of that contract does not unlock eligibility.

Who actually qualifies — and who doesn't

To qualify for the FTHB GST Rebate, you must:

• Be at least 18 years of age
• Be a Canadian citizen or permanent resident
• Not have lived in a home you or your spouse or common-law partner owned as a primary residence in the calendar year of purchase or in any of the previous four calendar years
• Be purchasing a newly constructed or substantially renovated home as your primary residence, where you will be the first occupant
• Have not previously claimed this rebate in your lifetime

It is the four-year look back that catches many people off guard. As an example: A buyer who sold their home in 2022, rented for three years, and purchased a new build in early 2026 would not qualify — because 2022 still falls within the four-year look back window.

Your spouse or common-law partner's ownership history also counts. If your partner owned a principal residence within those four years, your eligibility may be affected even if you personally have never owned property.

What happens if you closed before the law passed?

If you signed your purchase agreement on or after March 20, 2025, but took possession before Royal Assent was granted on March 12, 2026, you can still claim the rebate — but it requires an extra step.

Because the legislation was not yet in force at the time of your closing, your builder could not have credited the rebate on your statement of adjustments. You will need to pay — or have already paid — the full GST or HST to the builder, then apply directly to the CRA to receive your rebate retroactively. CRA forms for the enhanced rebate are being finalized now; watch for updated guidance on the CRA website and in Publication RC4028.

Be aware there is a time limit — generally two years from taking ownership or finishing construction — to file your claim. Missing that window means forfeiting the rebate entirely.

What to confirm before you sign

If you are considering a newly built home, verify the following before committing:

• Your agreement of purchase and sale will be dated on or after March 20, 2025
• Neither you nor your spouse or common-law partner has owned a primary residence in the current calendar year or the previous four calendar years
• The home is newly constructed or substantially renovated — not a resale property
• The home will be your principal place of residence, and you will be its first occupant
• You are a Canadian citizen or permanent resident, aged 18 or older
• You have not previously claimed this rebate

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

If you are buying in Ontario, confirm the status of the provincial HST rebate legislation before factoring $130,000 in combined savings into your financial planning. Work with your real estate lawyer and a tax advisor to ensure every condition is met — and that you don't miss the CRA filing window after closing.

Final thoughts

The rebate is one of the largest direct tax relief measures for first-time buyers in Canadian history, with the federal government projecting $3.9 billion in savings over five years. But those savings only flow to buyers who meet every condition — and apply before the clock runs out.

The Canada Revenue Agency (CRA) is now accepting applications for the new FTHB GST/HST rebate. The savings are real and significant — but so are the ways to miss out on this money back (3).

Editor's Note – March 24, 2026: This article has been updated to correct the eligibility cutoff date for the FTHB GST Rebate (March 20, 2025, not May 27, 2025) and to clarify that Ontario's provincial HST rebate has been announced but has not yet received Royal Assent.

Article sources

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

Canada Revenue Agency (1); Ontario Fall Economic Statement (2); Government of Canada (3)

On March 6, 2026, Nintendo of America filed a lawsuit in the U.S. Court of International Trade against multiple federal agencies, including the U.S. Department of the Treasury, the Department of Homeland Security, the Office of the U.S. Trade Representative, U.S. Customs and Border Protection and the Department of Commerce (2). Nintendo is demanding a full refund of all duties paid under tariffs imposed through U.S. President Donald Trump's use of the International Emergency Economic Powers Act of 1977 (IEEPA), plus interest and attorney fees. The legal ground appears solid: on Feb. 20, 2026, the U.S. Supreme Court ruled that Trump did not have the authority to impose tariffs via IEEPA, rendering those duties unlawful (3).

As of late March, Nintendo's lawsuit has been automatically stayed — paused pending the outcome of a broader IEEPA case before the U.S. Court of International Trade (CIT). It is expected to resume once that case is resolved (4). And Nintendo isn’t the only company waiting on the CIT ruling. As of early March 2026, more than 1,000 companies have filed similar lawsuits, including Costco, FedEx, L'Oréal, Dyson, Revlon, Bausch & Lomb, and CVS (5).

The Switch 2 saga Canadian consumers lived through

The tariff chaos hit Canada in real time. When Trump announced his sweeping trade policy in early April 2025, Nintendo delayed pre-orders for the Switch 2 — not just in the U.S. but in Canada as well. Nintendo of Canada cited a need to "align with the timing of pre-orders to be determined in the U.S.” The company eventually confirmed that pre-orders for both countries would begin on April 24, 2025, with the console price holding steady. Although, some accessories had already received price increases of US$5 (C$7) to US$10 (C$14) per item.

To protect the console's launch price in the U.S., Nintendo redirected much of its Vietnam-manufactured inventory south of the border, where certain tariff rates were more favourable — a logistical manoeuvre that had downstream effects on Canadian supply and perception.

The broader impact on Canadian consumers came in waves: in August 2025, Nintendo raised the price of legacy Switch hardware across Canada due to what the company described as "market conditions" (6). The Switch OLED went up $50, the standard Switch by $40 and the Switch Lite by $30.

The bigger picture — and what it cost Canadian households

With more than 1,000 companies, including Costco, FedEx, L'Oréal, Dyson, Revlon, Bausch & Lomb and CVS, filing similar lawsuits in the U.S. Court of International Trade, the overarching argument is the illegal collection of duties (7). According to Nintendo's complaint, the tariffs resulted in the collection of more than US$200 billion (C$221 billion) in duties on imports from nearly all countries since February 2025. U.S. Customs and Border Protection separately disclosed that it collected approximately US$166 billion (C$184 billion) in IEEPA tariffs specifically, spanning more than 330,000 importers and over 53 million entries (8).

Judge Richard Eaton, overseeing roughly 2,000 tariff refund lawsuits in the trade court, ruled on March 5, 2026 that companies are entitled to refunds — but U.S. Customs and Border Protection said it cannot immediately comply with that order. The agency estimates it will need approximately 45 days to build a new electronic system to begin processing repayments (9).

For Canadian households, the impact of the broader U.S. tariff regime has been significant. According to economists tracking the 2025 to 2026 tariff cycle, Canadian households absorbed an estimated C$1,700 to C$2,000 in higher annual costs — a squeeze that arrived from both directions: retaliatory Canadian tariffs pushed up prices on imported American goods, while U.S. tariffs weakened exports from Canadian industries that employ hundreds of thousands of workers. A December 2025 Leger survey found that 82% of Canadians said the tariffs had a very or somewhat significant impact on the Canadian economy, and 56% said the tariffs had a significant impact on their personal household finances (10).

Despite these pressures, Canada's economy proved more resilient than many economists initially predicted. Canada's gross domestic product (GDP) grew 1.7% in 2025, aided largely by the Canada-U.S.-Mexico Agreement (CUSMA) exemption, which shielded most Canadian exports from the full brunt of U.S. tariffs — particularly after CUSMA compliance reached a 20-year high by July 2025 (11).

Will Canadian consumers ever see a refund?

That is the central question — and the honest answer is: not automatically. Nintendo's legal fight is between the company and the U.S. government. Even if Nintendo wins a full refund, it is unclear whether those savings will flow back to consumers. Companies like FedEx have indicated they will issue refunds to customers if and when they receive their own reimbursements from the government — but both say they cannot act until courts and regulators clarify next steps (12).

Meanwhile, the broader tariff picture remains unsettled. After the Supreme Court struck down the IEEPA tariffs, Trump moved to impose a new 15% global tariff under Section 122 of the Trade Act of 1974, a provision that allows tariffs of up to 15% for a maximum of 150 days to address trade deficits. More than two dozen U.S. states have already challenged those tariffs in court (13). For Canadian exporters and consumers, this ongoing uncertainty means the economic disruption of 2025 is unlikely to reverse quickly, regardless of how Nintendo's legal case unfolds.

What Canadian consumers can do right now

You may not be able to recoup the extra dollars you paid for Switch 2 accessories last year, but the Nintendo lawsuit and the broader tariff drama offer a clear lesson: trade policy is a personal finance issue — and being an informed consumer matters.

Track prices on major purchases. Big-ticket electronics like gaming consoles are subject to tariff-driven price volatility. Websites that track historical pricing, such as camelcamelcamel.com, can help you identify whether today's price reflects genuine value or an inflated post-tariff market.

Understand where your money goes. When a product is made in a country that is subject to high tariffs, some of that cost is absorbed by the manufacturer, some by the retailer and some by you. Knowing this helps you push back — or wait.

Watch for refund policies. If the companies suing the U.S. government eventually win and pass savings on to consumers, that could include shipping refunds from FedEx or price adjustments on accessories. Follow the retailers you shop with to see if they communicate any tariff-related credits.

Diversify away from tariff-exposed categories. If trade war volatility worries you, consider delaying non-essential electronics purchases until the legal and trade situation stabilizes. Canadian retailers are increasingly stocking domestic and non-U.S.-sourced alternatives.

Stay informed on CUSMA. The Canada-U.S.-Mexico Agreement is up for review in 2026. Its outcome will shape the long-term cost of thousands of everyday goods. Monitoring proceedings through the Government of Canada's trade website (international.gc.ca) takes minutes and could help you anticipate changes before they hit your household budget.

Article sources

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

CBC News (1); Aftermath (2, 8, 9, 12, 13); Tom’s Hardware (3); Nintendo Life (4); All About Lawyer (5); MobileSyrup (6); Leger (10); Maclean’s (11)

Shannon Lucas in North Bay learned this lesson the hard way. He recently walked away with a $40,000 settlement to leave his townhouse, yet he told CBC News (1) he would give it all back if he could just go home. His story is a sobering reminder that while five figures looks great in a bank account, it doesn’t go that far in a predatory rental market.

The pressure of the quick flip

Lucas lived in his North Bay home from 2017 until 2025. By the time he left, he was paying $1,008 a month plus hydro. When Madigan Properties Inc. purchased the building in 2024, the atmosphere changed quickly. Lucas and his neighbour, Abigail Carper, reported being approached by an unidentified man offering tiered payouts: $5,000 to leave in a month, $4,000 for two or $3,000 for three.

"But if you wait until four months, then unfortunately you won't get anything," Lucas told CBC the man told him.

This is a classic high-pressure tactic. The landlord’s legal counsel later told CBC that "Mr. Lucas was obviously not pressured into signing any agreement as he elected not to sign any agreement." While technically true, the mental toll of facing an expiring offer while your housing security hangs in the balance is immense.

The renovation loophole

The landlord argued the building needed "extensive" work that required the units to be vacant. Under Ontario’s Residential Tenancies Act, if you are evicted for renovations, you have a "right of first refusal." This means you can move back in at your previous rent once the work is done. The landlord must also pay you three months of rent as compensation.

However, many tenants find the interim period impossible to manage. Lucas pointed out that even with three months of rent in his pocket, finding a temporary place and moving twice would be prohibitively expensive.

Puneet Shroff, a real estate lawyer, told CBC that if a tenant does return, the landlord is capped by provincial rent increase guidelines. In 2026, that cap is 2.1%. Landlords can apply for an "above-guideline" increase of an additional 3%, but even then, the rent remains far below what a new tenant would pay at current market rates.

Why the math often fails the tenant

Lucas eventually accepted $40,000 after a legal battle at the Landlord and Tenant Board (LTB). On paper, he won. In reality, he is now unhoused, staying in a friend's spare room for $750 a month.

His $40,000 payout cannot overcome two major hurdles:

1. Credit history: Lucas had a personal bankruptcy in 2022. Even with cash in hand, he cannot pass the credit checks required by most corporate landlords.
2. Real estate prices: To buy a modest home in North Bay (where the average price was $474,821 in late 2024), Lucas calculated he would need $80,000 just to keep monthly payments under $3,000.

As Stuart Bailey of the Nipissing Community Legal Clinic explained, tenants in these situations are often paying rents well below market average. When they take the cash, they lose that "subsidy" forever. "I believe that they are worse off, because there's a real affordable housing shortage," Bailey told CBC.

Know your exit value

If you are facing a "cash for keys" proposal, remember that you are not just selling a contract; you are selling your future housing stability. Shroff suggests that landlords do a cost-benefit analysis. A vacant building may be worth $80,000 more than an occupied one, which makes a $40,000 offer a bargain for the owner.

Before you sign an N11 (Agreement to End the Tenancy), consider these steps:

• Calculate the "rent gap": If your current rent is $1,100 and a new place is $2,100, you are losing $12,000 a year. A $30,000 payout only covers that gap for 30 months.
• Check your "rentability": Do you have the credit score and references to land a new spot?
• Verify permits: The LTB recently ruled in Lucas's favour because the landlord had not obtained the necessary electrical permits before trying to evict.

The most important takeaway? Once you sign and move, you cannot change your mind. The cash might feel like a win today, but as Shannon Lucas found out, you can't live in a stack of twenties.

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

CBC News (1)

While research published in American Economic Review refers to 401(k)s, the American equivalent of Group RRSPs, the underlying issue is universal. The study found that one in five couples could increase their retirement savings by US$750 (C$1,030) annually simply by coordinating who contributes to the 401(k) with the higher employer match rate (1).

This lack of coordination among couples “is common, costly, persistent over time and cannot be explained by inertia, auto-enrollment or simple heuristics,” according to the study’s authors.

By failing to optimize their retirement contributions, the research found that couples sacrifice an average of US$14,000 (C$19,000) in lifetime retirement wealth, with the top 10% of couples potentially losing up to US$40,000 (C$55,000) (2).

Leaving employer-match money on the table

A Group RRSP is an employer-sponsored retirement vehicle that offers tax-deductible contributions and tax-deferred growth. Contributions are deducted from the employee’s paycheque.

Many Group RRSPs also offer employer matching, typically ranging from 3% to 6%. That means the employer will match the employee’s contributions on a percentage basis, typically between 50% to 100%, up to a set dollar amount or percentage of the employee’s salary (3).

Say, for example, your employer offers a 50% partial match up to 5% of your salary. If you make $100,000 per year, that means the maximum employer contribution would be $2,500. But you’d need to contribute the full 5%, or $5,000, to get the full employer match of $2,500.

Couples that each have an employer match are already at an advantage. Yet, when it comes to making financial decisions, some couples act more like roommates — managing their money individually rather than as a household, Taha Choukhmane, assistant professor of finance at the MIT Sloan School of Management and co-author of the study, told CNBC (4).

“The absence of coordination can be a choice, but it’s a costly choice,” Choukhmane said.

And it’s not the only way Canadians are leaving employer-match money on the table. Some employees don’t bother to opt in (and choose to contribute to an individual RRSP instead), missing out on any matches from their employer. Some might not be contributing enough to maximize their employer match. And some might not understand the ‘vesting’ terms, leaving money behind if they switch jobs.

Another common mistake is cashing it out when they leave for another job, which triggers an immediate tax bill.

How to maximize your employer match

To maximize employer matching, contribute at minimum the percentage of your salary required to reach your employer’s match cap. If you’re part of a couple, make sure you’re coordinating your contributions.

“For instance, if one spouse has a dollar-for-dollar employer match up to a cap, and the other spouse has a 50 cents-on-the-dollar match, then the efficient allocation at the household level is to fully exploit the match offered to the first spouse before making any contribution to the second spouse’s account,” according to the study in American Economic Review (5).

By simply reallocating their existing contributions, couples could “increase their retirement wealth without changing their consumption.”

It’s not only couples who can benefit. Whether you’re an individual or a household, you’ll want to review employer-matching opportunities to avoid common mistakes.

For example, you’ll want to fully understand your company’s ‘vesting’ schedule, which is a tactic employers use to encourage employee retention. So, for instance, they might only pay out your employer match if you stay in your job for a set period of time — say, five years. If you leave before that time, you might forfeit the employer contributions, although your contributions are yours to keep (6).

If you change jobs frequently, this should be a consideration. To avoid a big tax bill, transfer your funds into an individual RRSP rather than cashing it out.

If you contribute to a Group RRSP, you can still contribute to an individual RRSP (though if you have a Group RRSP with employer matching, you may want to consider contributing to that first). But keep in mind that employer contributions still count toward your annual RRSP limit.

Your 2026 RRSP contribution limit is the lesser of $33,810 or 18% of your 2025 earned income, plus any unused room that you’ve carried forward (7).

Go on a money date

Lack of communication can lead to other “sub-optimal financial decision-making,” according to the study in American Economic Review, such as not refinancing a fixed-rate mortgage when it’s beneficial to do so, or co-holding low-interest liquid savings and high-interest credit card debt at the same time.

Leaving money on the table isn’t necessarily about inertia. Rather, “many couples have not considered that there might be gains to coordination (8).”

Coordinating workplace benefits, such as Group RRSPs, starts with communication. Couples can set up a regular ‘money date’ to discuss their finances, including their budget, benefits and future goals. Consider going on a money date at least quarterly or during any major life changes, like getting a new job (9).

If you don’t have access to employer matching, you can aim to save a higher portion of your pre-tax income to super-charge your savings. While it may seem like a lot of money, you could save money come tax time if you drop into a lower tax bracket. If you don’t have a Group RRSP, consider putting money aside in an individual RRSP.

Article sources

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

NBER (1, 5, 8); CNBC (2, 4)(9); KOHO (3); Cornerstone Benefits (6); Government of Canada (7)

As the cost of living continues to rise, more people are relying on their tax refunds to cover everyday expenses, highlighting how stretched household finances have become.

According to recent survey data, 40% of Canadians are relying on their tax refund to help cover rising cost-of-living expenses this year, with another 28% planning to use it for everyday essentials. This is especially pronounced among younger Canadians, with 53% of Gen Z and 48% of Millennials saying they’ll use their refund this way, compared to 40% of Gen X and just 17% of Baby Boomers.

The findings align with data collected in December 2025 about how Canadians feel about rising costs, with 67% saying the cost of living feels as bad as they can ever remember it.

Tax refunds no longer a bonus

Stefanie Ricchio, CPA and spokesperson for TurboTax, says the shift in how Canadians view their refunds has been noticeable.

“Historically, we had individuals who were getting tax refunds and people would think of it as a bonus,” she told Money.ca. “I’m going to take a trip, or buy that big-screen TV.”

That’s no longer the case for many households.

“I think there’s just a general sense of feeling unsafe or not secure,” Ricchio said. “That lack of stability… has altered everyone’s desire to have more discretionary spending, and also just to cover some of the everyday essentials that are increasing year over year.”

Those essentials are adding up. Ricchio noted that housing costs, utilities and groceries are among the most common pressures facing Canadians. And it’s true that while inflation has come down from the elevated levels seen earlier this decade, the cost of daily necessities remains high. Food and housing costs have risen sharply and remain high compared to pre-pandemic levels (2).

It’s no wonder that these rising costs are pushing a growing numbers of Canadians rely on their tax refund to balance their finances.

What is a tax refund, really?

Tax refunds can feel like an annual bonus. In reality, it’s mostly money you’ve overpaid in taxes throughout the year.

That raises a question: should Canadians be relying on a lump sum payment to cover essential household expenses?

From a budgeting perspective, some financial institutions suggest it may make more sense to have that extra money available throughout the year rather than waiting for a one-time payment (3).

Matching your payroll deductions with your actual tax liabilities throughout the year could increase your monthly cash flow. But for many Canadians, paying the extra taxes every two weeks acts as a form of forced savings.

“For some people… knowing that a refund is coming gives them a sense of security,” Ricchio said, noting it can also help cover large fixed expenses like property taxes or insurance payments.

Many Canadians worry they may be missing tax credits

As tax refunds grow in importance, so does making sure you maximize them.

Survey data shows that 58% of Canadians worry they may be missing credits or deductions when filing their taxes, and this number rises to 70% among Gen Z.

Canada’s tax rules include around 400 different credits and deductions that range from medical expenses and tuition costs to charitable donations.

In terms of tax credits that people often overlook, “medical expenses are always at the top of the list,” Ricchio said, adding that Canadians often underestimate how quickly those costs add up or fail to keep proper records.

If you have medical expenses throughout the year that aren’t covered by private or public insurance, hold on to all of your receipts and supporting documentation (the CRA can ask to see it) and make sure you apply to get any credit back that you are entitled to. You may be surprised how much you can recoup.

Filing your taxes unlocks key benefits

Ricchio offers two key pieces of advice when it comes to taxes: don’t procrastinate and make sure you actually file a return. While the latter may seem obvious, it’s important to realize submitting a tax return is essential to receiving a host of government benefits.

Programs such as the GST/HST credit, Canada Child Benefit (CCB) and Canada Workers Benefit for example all depend on tax filings to determine eligibility and payment amounts.

“There’s a lot of financial benefits that are tethered to filing your tax return,” Ricchio said. “If you don’t file, you don’t get them. Or payments could stop.”

The bottom line

For many Canadians, tax refunds are no longer fun money. Today’s economy demands we put them to work.

Rising living costs, higher interest rates and economic uncertainty have turned tax refunds into a financial lifeline, particularly for younger people.

At a minimum, make sure you file on time and claim all the credits you are eligible for. You may also want to adjust the tax removed from your pay cheque to boost your cash flow throughout the year. For some, this might make more sense than relying on one big annual payment.

Tax refunds haven’t changed, but what they mean to Canadians most certainly has.

Article sources

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

Abacas Data (1); Maytree (2); RBC Wealth Management (3)

That’s exactly what happened when Jack Dorsey — chief executive officer of fintech company Block, as well as Twitter cofounder — announced the layoff of more than 4,000 employees in late February. Block’s share price soared roughly 24% in after-hours trading following the announcement, according to CNN Business (1).

The reason Dorsey gave for this turnaround? Artificial intelligence (AI).

“A significantly smaller team, using the tools we’re building, can do more and do it better,” he wrote in a letter to shareholders (2). Block’s workforce dropped from over 10,000 employees to slightly under 6,000 — a cut of roughly 40%.

What made this announcement different from the typical corporate restructuring is what didn’t drive it: declining revenue. Block reported gross profit of US$10.36 billion in 2025, which was up 17% year over year (3). This wasn’t a company that was in trouble. Rather, it was profitable but choosing to come in leaner, and framing AI as the reason.

Is it really about AI?

Not everyone is convinced. Some analysts have pointed out that Block nearly tripled its headcount between 2019 and 2023 through some pandemic overhiring. The subsequent cuts may be as much about correcting that bloat as they are about AI-driven efficiency. This skepticism has a name: “AI-washing,” or, the practice of framing straightforward cost-cutting decisions as part of a larger tech transformation, according to CBC News (4).

Dorsey himself acknowledged the overhiring issue on X, but maintained that AI changed how Block operates.

Whatever the true mix of motivations, the market’s response sent a clear message. As Global News reports, experts are calling the announcement a potential “tipping point” — a signal to other public companies that investors will reward AI-framed workforce reductions (5). If this is the direction that businesses are going, the question isn’t only about what happened at Block, it’s about what it means for your job.

What employees need to know

Canada’s labour market has so far shown more resilience to AI-driven displacement than the U.S., according to a TD Economics analysis cited by Global News (6). Sectors where AI is treated as a tool that complements human judgment — like engineering, law, nursing and education — have seen relatively stable employment on both sides of the border.

But researchers are warning that Canada’s labour protections may not be ready for what’s coming. Concordia University researcher Dilara Baysal argues that “work no longer provides stability for millions of Canadians” and that the labour market is “becoming more fragile rather than more resilient” (7). She calls for major reforms to Employment Insurance (EI) so that retraining support — not just job searching — becomes a core feature of the system.

In the meantime, the best defence against workplace volatility is preparing yourself from a personal finance standpoint.

Build a real emergency fund

In a world where profitable companies can shed 40% of their staff overnight, employees having a financial cushion is essential rather than optional.

Most financial experts recommend keeping three to six months of living expenses in an account that’s easily accessible, separate from your everyday chequing account and protected from market swings. The goal is to buy time over earning the highest return.

A Tax-Free Savings Account (TFSA) paired with a high-interest savings account is one of the most effective places to park an emergency fund. Your money grows tax-free, can be withdrawn any time without penalty and the funds stay liquid. The annual TFSA contribution limit is C$7,000 for 2026, and any unused portion can be carried forward from previous years.

Here’s a simple example: assume your monthly expenses are C$5,000 and you’ve built C$25,000 into an emergency fund, equalling five months of protection. If you trim C$500 a month from recurring expenses first, your monthly burn drops to C$4,500. So, that same C$25,000 now stretches nearly six months. Small reductions compound into a significant safeguard.

Cut nonessential spending you won’t miss

Start by reviewing recurring charges on your credit card and bank statements: subscriptions, streaming services, memberships, insurance premiums and anything that has crept up over time. Many people pay for services they rarely or never use.

Even recovering C$100 to C$200 a month in unused subscriptions can add up and contribute to an emergency fund to help support you if your income suddenly disappears.

Know your rights before you need them

One important action you can take right now while you still have leverage is understanding what you’re entitled to if a layoff happens.

Read your employment contract carefully and know your company’s severance policy. Understand how much notice you’re entitled to under your province’s employment standards legislation and, if applicable, at common law — which can be more generous than the statutory minimum (8). Get legal advice before singing anything and never assume the first offer is the best one.

Also worth knowing: the federal government has temporarily waived the standard one-week EI waiting period for claims established before April 11, 2026 (9). Under these measures, severance pay isn’t deducted from EI benefits during this window — meaning eligible Canadians who are laid off can receive both severance and EI at the same time. These measures were put in place as a response to tariff-driven economic uncertainty, but they apply regardless of the reason for the layoff.

If you have any stock-based compensation or equity, understand when it vests and what happens to it upon termination. The timing of your exit can make a significant difference.

Don’t let fear drive your financial decisions

When headlines scream about AI replacing workers, it’s easy to make sudden, emotionally driven decisions with your money.

Avoid panic-selling any long-term investments you have or making early withdrawals from your Registered Retirement Savings Plan (RRSP). Doing so can trigger immediate tax consequences that can be hard to recover from. The goal isn’t to eliminate risk from your finances. It’s to position yourself so that job instability becomes a manageable inconvenience rather than a financial emergency.

Diversifying your investments — across asset classes rather than just companies — is a sensible long-term strategy in any environment. A financial adviser can help you with asset allocation, tax planning and retirement projections in a way that accounts for the kind of instability that Block’s announcement has spotlighted.

Bottom line

The news about a mass firing at Block may or may not mark a real turning point in how AI reshapes the workforce. What it does make clear is that corporate loyalty isn’t a financial plan — and even when profitable, growing companies can restructure overnight.

The most useful response isn’t panic, it’s preparation. Build your emergency fund, know your rights, review your spending and make sure your financial plan can absorb a workplace disruption if one comes along. In a labour market that’s changing faster than the legislation that’s meant to protect it, that kind of resilience is worth more than any amount of job security.

- 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.

CNN (1, 2); Investing.com (3); The Globe and Mail (4, 5); Global News (6); Policy Options (7); HR Reporter (8); Government of Canada (9)

Many people are pushing back against throwaway culture, and a growing number are embracing what’s known as the “Buy It For Life” (BIFL) movement. It’s the idea that spending more on a well-made product now means spending less overall down the road. With inflation still squeezing household budgets and product quality feeling like it’s in decline, the appeal is easy to understand.

But how well does BIFL deliver on its promise? And is it smart to go all-in on replacing everything you own with premium alternatives? It turns out the answer is: it depends.

What is Buy It For Life?

The BIFL philosophy is simple: buy less, but buy better. Rather than purchasing cheap products every few years to replace broken-down items, BIFL advocates investing up front in well-made goods designed to last — from decades up to a lifetime.

The modern movement gained real momentum when the r/BuyItForLife community launched on Reddit in 2009. It now has over 2.6 million members swapping recommendations on everything from cast iron cookware to work boots (1).

The group’s intent is often summed up using the phrase “buy once, cry once” — meaning the initial pain of forking out for a higher price tag hurts less than repeatedly replacing low-quality products over time.

Does BIFL actually save money?

The math behind BIFL sounds straightforward. If a $200 pair of boots lasts 20 years, and a $40 pair lasts two years, the cheap option costs you $400 over the same time period — twice as much.

In theory, that logic holds. In practice, though, it can get complicated.

First, products don’t always last as long as advertised — and even when they do, repairs can eat into your savings. The Government of Canada’s own right-to-repair consultation found that appliance repair costs rose over 7.8% year-over-year in early 2024, while the price of new appliances fell 2.2% over the same period, according to Innovation, Science and Economic Development Canada (2). In some cases, fixing something costs nearly as much as replacing it.

The second issue is whether you’ll actually use a product long enough to recoup the upfront cost. Needs change over time, technology evolves and preferences shift. A premium item that sits unused or gets replaced early doesn’t deliver the savings it promised.

Price isn’t always the most accurate guide to quality, either. Independent product testing has repeatedly found the performance of some lower-cost products is comparable to premium alternatives — meaning paying more doesn’t always equate to getting more.

That said, there are real environmental benefits to BIFL that go beyond your wallet. Longer product lifespans mean less demand for raw materials, less energy-intensive manufacturing and less waste, all of which matter at a time when Canadians are increasingly concerned about sustainability.

Where BIFL tends to make sense

BIFL isn't an all-or-nothing philosophy. It works best when it’s selectively applied — product by product, as the need arises based on how you live.

Categories where the BIFL tends to pay off include:

• Hand tools
• Cast-iron cookware
• Work boots and quality footwear
• Some coffee machines and grinders
• Classic, high-quality clothing
• Solid wood or well-constructed furniture

These are products with stable designs, strong repairability and last over time — exactly the conditions where “buy once” logic holds up.

Where BIFL often doesn’t make sense

There are entire categories where paying a premium for longevity makes less financial sense:

• Consumer electronics: Smartphones, laptops and tablets often become outdated before they physically wear out. A premium device bought today may be functionally obsolete in four or five years — long before it stops working.
• Trend-driven fashion: Even a beautifully made article of clothing has a limited practical lifespan as styles change and it ends up in the back of the closet or in the donation pile.
• Products with costly consumables: Inkjet printers, water filters, pod coffee machines and electric toothbrushes often require ongoing purchases that outweigh any durability advantages.
• Baby equipment and children’s gear: These items are used for a relatively short time, have expiration dates and are often better borrowed, picked up second-hand or passed down.
• Everyday basics. A $5 spatula that lasts five years and a $40 spatula that lasts 20 years both do the same job. That kind of upgrade rarely makes financial sense.

The grey areas

Some categories spark real debate among BIFL advocates.

Major appliances — refrigerators, washing machines, vacuum cleaners — are a common example. BIFL supporters argue that quality brands last significantly longer and perform better than cheap alternatives.

However, critics point out that even premium appliances eventually need repairs, and those repairs can sometimes cost as much as a replacement. The Government of Canada’s right-to-repair consultation has acknowledged this tension, noting that while more durable products can generate long-term savings, the cost of repairs often discourages people from following through (3).

It’s worth knowing that Canada is actively working to make repairs easier and more accessible. Quebec has already passed legislation banning “planned obsolescence” and requires manufacturers to make parts and repair information readily available, according to CBC News (4). Federal legislation is also moving in a similar direction, and if these efforts succeed, the case for buying durable goods increases because fixing an item becomes more practical and affordable.

Mattresses are another grey area. Given that you spend roughly one-third of your life sleeping, product quality matters. But personal comfort preferences change over time, and a mattress you love today may not suit you a decade from now.

How to decide if BIFL is worth it for you

Before you spend big on a premium replacement, ask yourself a few honest questions:

• Will you use the replacement long enough to justify the cost?
• Is it easy to maintain and within your means to repair?
• Does the higher price tag reflect better quality, or just better marketing?
• Is the item you’re replacing worn out, or is it still fully functional?

If these answers point to “yes,” BIFL can be a smart financial decision with the added bonus of producing less waste. When the answers are less clear, paying a premium may mean you’re spending more money for a similar outcome.

Bottom line

The BIFL movement has real merit but it works best as a selective strategy rather than a whole lifestyle overhaul. Replacing every item you own with a premium alternative is unlikely to pay off across the board, and it may end up costing you more in some instances.

The smartest approach is to apply BIFL thinking where it makes the most sense: products you use every day, that are built to last, that can be affordable to repair and that you’re confident you’ll still want and need in 20 years.

Start there and let the rest of your belongings wear out naturally before deciding whether the upgrade is worth it.

- With files from Melanie Huddart

Article sources

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

Buyitforlifeproducts.com (1); Government of Canada (2, 3); CBC (4)

A new survey from Bloom Finance found 66% of Canadians aged 55 and older believe they are at least moderately at risk of financial fraud within the next 12 months, as increasingly sophisticated scams raise concerns among those approaching or living in retirement.

“Financial fraud is becoming increasingly common, and seniors are unfortunately among those most at risk,” said Ben McCabe, founder and CEO of Bloom Finance, in a statement. Bloom Finance is a Canadian company that helps homeowners access home equity in retirement.

“We’ve received many calls from seniors who are unsure if requests for money are legitimate, and in several cases we’ve been able to intervene before funds are lost.”

Fraud attempts widespread among older Canadians

The survey suggests many older Canadians have already encountered scam attempts.

According to the findings from Bloom, 87% of Canadians aged 55 and older say they have received suspicious calls, emails, texts or letters in the past five years.

Impersonation scams appear particularly common. About one in three respondents reported encountering scammers posing as trusted organizations, such as banks, government agencies or service providers.

The survey also found 22% of seniors say they have received direct requests for money or personal information from strangers, while 20% report unauthorized charges or withdrawals from financial accounts.

For Canadians nearing or living in retirement, the potential financial impact can be significant. Nearly 31% of respondents said losing $10,000 or less would significantly affect their retirement plans, underscoring the risks of fraud later in life when there may be less time to recover financially.

Women reported slightly higher levels of concern about fraud than men. About 18% of women surveyed said they feel “very at risk,” compared with 11% of men.

Scams evolving alongside technology and the news cycle

Separately, new research from Interac suggests that fraud tactics are also evolving rapidly, making scams harder to recognize.

According to a recent survey, 79% of Canadians believe artificial intelligence is enabling fraudsters to create more convincing scams, including phishing messages, voice impersonation and deepfake content.

The survey also suggests scammers are increasingly tying fraud attempts to current events and economic pressures. In the past six months, 58% of Canadians reported encountering scams linked to tariffs or cross-border trade disruptions, such as messages about delayed packages or customs fees.

Fraudsters are also exploiting cost-of-living concerns. About 24% of Canadians say they have seen scams referencing rising expenses, including overdue bill notices, threats of utility shutoffs or offers of government financial assistance.

As these tactics become more sophisticated, traditional warning signs may become less reliable. The Interac survey found 66% of Canadians believe common indicators such as spelling mistakes or poor formatting are no longer dependable signals of fraud.

Despite growing awareness, many Canadians remain unsure about their ability to fully protect themselves. According to Interact, only 31% of respondents said they believe their current fraud prevention practices are sufficient, suggesting concerns about financial scams are likely to remain high as fraud tactics continue to evolve.

For most Canadian homeowners, when a big-ticket repair pops up, the instinct is to tap our home equity — either a mortgage refinance or getting a home equity line of credit (HELOC). Both options solve the dilemma of how to pay for an expensive, unexpected repair, but these options come with a catch… a potentially expensive catch. And that’s not ideal.

A personal loan is a practical alternative for urgent repairs under $25,000. Personal loans offer Canadians faster access to much-needed funds, and in many cases, can be cheaper.

Here’s how to figure out your best option when it comes to paying for unexpected and costly repairs.

The penalty trap: Why breaking your mortgage to access equity can cost more than the repair

The most common type of mortgage is a closed fixed-rate mortgage; breaking this type of mortgage, in order to access built up equity in your home, can trigger prepayment penalties that can quickly surpass $10,000 or more. That’s because you can’t access that stored up equity in your home without renegotiating new lending terms — and that means breaking your mortgage.

According to the Financial Consumer Agency of Canada (FCAC), penalties on fixed-rate mortgages are typically calculated as the greater of three months' interest or the interest rate differential (IRD) — and most banks choose the IRD (1). For a homeowner with a $400,000 mortgage balance locked in at 2.99%, the IRD penalty can easily exceed $10,000 to $15,000 — potentially more than the repair itself.

Even if you don't plan to break your mortgage outright, this context matters because it means accessing your home equity comes at a cost.

Need a smarter way to manage big purchases? Compare personal loan options with Loans Canada — one application gets your best rate before signing on the dotted line.

HELOC reality check: The 4 to 8 week approval timeline vs. a leaking roof today

A home equity line of credit (HELOC) is often presented as the flexible, low-cost solution for homeowners who want to access their home’s equity. As of 2026, interest rates on HELOC loans typically start at 6.5% to 7.5% and go up. When compared to personal loan interest rates — which typically range between 8% and 14% — and a HELOC becomes an attractive lending option.

But accessing a HELOC isn't instant. According to CMHC home financing guidelines, HELOC applications require a formal appraisal, title search and lender approval — a process that can take four to eight weeks (2).

For a roof that's actively leaking, a basement that's flooded or a furnace that no longer works sub-zero temperatures, that timeline isn't a minor inconvenience — it's a non-starter.

There's also an access question: if you don't already have a HELOC set up, applying for one mid-emergency adds complexity, stress and no guarantee of approval before the contractor or service technician needs a deposit.

There is another option: a personal loan.

Personal loan sweet spot: Which repair amounts make the most sense (under $25K)

For urgent repairs — between $5,000 and $25,000 — an unsecured personal loan offers one significant advantage: speed.

Approval from major Canadian lenders — including banks, credit unions and online lenders — typically takes 24 to 72 hours (3). Plus, if you use an online consolidator, like Loans Canada, one application gets you access to more than 30 lenders — giving you a chance to shop for the best rate using one application.

The tradeoff is rate. Personal loan interest rates generally charges an annual percentage rate (APR) between 8% to 14%, compared HELOC rates of 6.5% to 7.5%.

To put this in context, if you were to borrow $15,000 using a HELOC at 7% and took two years to repay the loan you’d pay roughly $1,200 in interest; if you negotiated a personal loan at 11%, it would cost you roughly $1,780.

The difference isn’t small, but when compared to a mortgage penalty fee of $10,000 or more or a two-month wait on a HELOC application, it's a manageable cost for speed and simplicity.

Turns out the math on personal loans under $10,000, gets even stronger — making this debt option a smart choice for homeowners who need access to quick cash.

When to use a personal loan vs. HELOC

The rate gap between personal loans and HELOCs is real, but the total cost difference is often smaller than it appears — especially over shorter repayment terms.

As a result, you can often figure out the best tool to use based on your timeline and needs. In general, a HELOC works best when homeowners don’t need cash quickly and when a project or repair is over $25,000.

However, personal loans can be better options when repairs are less than $25,000, or when a situation requires funding within 48 hours.

Guidance from the FCAC recommends Canadians assess the full cost of any borrowing decision — including penalties, fees and opportunity costs — before choosing a financing path (4).

Remember, the goal isn't to avoid your home equity — it's to use it strategically, not reactively and to minimize any cost you incur when responding to unexpected budget busters.

Article sources

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

Financial Consumer Agency of Canada (1, 4); Canada Mortgage and Housing Corporation (2); Get Approved Canada (3)

Take the hypothetical story of Tom and his ex-wife Amy as an example. After an amicable split, they decided to keep the family home so their two young children wouldn’t experience the disruption that moving would entail. Tom relocated to a nearby rental. Amy earns income through side hustles that don't give her the kind of steady, verifiable paycheques that lenders look for, so Tom kept the mortgage in his name — with Amy reimbursing him each month as she gets paid.

It’s worked out fine so far. But now Tom wants to buy a condo and he’s hitting a wall: even though Amy is covering the mortgage payments, his name is on the home loan, and lenders can’t ignore it.

Why your ex’s mortgage is still your problem

Here’s the part that catches a lot of divorced people off guard: as long as your name is on a mortgage, you’re legally responsible for it. The language in your separation agreement and who’s actually making the payments make no difference. The lender will treat that debt as yours until your name is off the loan, according to Loans Canada (1).

This can directly affect your ability to borrow more money. When you apply for a new mortgage, lenders calculate your Total Debt Service (TDS) ratio: essentially, the percentage of your income that goes toward all your debts combined, including mortgages, car loans and credit cards. If your name is on a mortgage you’re not paying, that obligation still gets counted, which makes your debt load look higher than it really is.

Lenders generally want your TDS ratio to stay below 44% (2). On paper, Tom’s ratio includes a mortgage, which could push him over that threshold and either reduce how much he can borrow or make it harder to qualify for more financing at all.

Child support payments add another layer of complexity. If you’re paying support to the custodial parent, those count against your TDS ratio the same way a car payment would — further reducing your borrowing power.

Can a separation agreement help?

A legally binding separation agreement that clearly assigns the existing mortgage to your ex is an important step, as lenders will want to see how payments are distributed between you two. Bank statements showing regular, consistent reimbursements from your ex also help strengthen your application.

But there’s still no guarantee you’ll get approved. Even with documentation in hand, many lenders will continue to treat you as legally liable for the debt until your name is removed from it (3). The separation agreement protects you in family court — but it doesn’t change what the lender sees on paper.

That said, some lenders will allow support payments to be deducted from your gross income rather than added to your liabilities, which is a much more favourable calculation that can significantly improve your borrowing options (4). A mortgage broker who specializes in post-divorce financing can be invaluable here, as they’ll know which lenders take that approach.

The best solution? Get your name off the mortgage

The most straightforward path to financial freedom for both Tom and Amy is to refinance the mortgage — removing Tom’s name and making it solely Amy’s responsibility.

Refinancing generally costs between 1% and 3% of the remaining mortgage balance, depending on whether you’re breaking the mortgage mid-term and what kind of prepayment penalties apply (5). It’s not free, but it gives both parties a clean break.

The catch for Amy is, she’ll need to qualify to refinance on her own. To do so, she’ll need to show a consistent, documented income over at least 12 months. The good news is that this can include spousal support and child support payments, provided they’re clearly outlined in the separation agreement and are regularly paid (6). Lenders will want to see regular bank-to-bank transfers with no missed payments. Cash doesn’t count in this case.

If Amy can’t qualify alone, another option is to find a cosigner, such as a family member, who can help her take over the mortgage. Some lenders also offer a Spousal Buyout Program that allows refinancing up to 95% of the home’s value, rather than the usual 80%, specifically to help separating spouses manage this transition (7).

What this means for Tom

Until Amy refinances and takes the mortgage over, Tom’s options for buying a condo are limited but not necessarily zero.

A mortgage broker can help him find lenders who will take his separation agreement and reimbursement history into account. Some lenders are more flexible than others when it comes to how they treat shared obligations post-divorce. Going in with clear documentation — a solid separation agreement, bank statements showing payments being made and a clear picture of his financial situation — gives Tom the best shot at qualifying for financing.

Broadly speaking, keeping the mortgage in Tom’s name was only intended to be a temporary arrangement. The sooner both parties can move toward a clean separation of their finances, the better positioned they’ll each be to move toward full independence.

Bottom line

Keeping the family home after divorce can be a genuinely good decision, especially for any children you may have. But with that comes financial obligations that can follow you around longer than expected. If your name is on a mortgage, lenders will count it against you, regardless of who’s actually paying it.

The path forward involves a combination of solid documentation, the right lender and, eventually, a refinance that puts each person’s finances fully in their own hands. It’s not always a quick fix, but it’s the clearest route to financial independence for both sides.

If you’re navigating a situation like Tom’s and Amy’s, talk to a mortgage broker experienced with post-divorce refinancing as the next best step to moving forward in your life.

- with files from Melanie Huddart

Article sources

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Loans Canada (1, 2); Kelly Hudson Mortgages (3, 7); Richards Mortgage Group (4, 6); Canadian Mortgage Trends (5)