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Trump’s actions push Canadians to travel domestic

In the eyes of Canadians, U.S. President Donald Trump has been undermining the sovereignty and dignity of their beloved nation, and it's now spiking a travel revolt. Since taking office in January, Trump has hit Canada with a number of tariffs and made comments about the nation becoming the 51st State. Furthermore, he’s signed an administrative order that requires all foreign nationals visiting the U.S. for more than 30 days to register with the U.S. Citizenship and Immigration Services (USCIS), as of April 11, 2025. Between Trump’s tariff policies and seemingly anti-Canadian rhetoric, not to mention additional travel rules, Canadians are feeling fed up. Now, the data is showing how fed up with it we are. Travel data from Statistics Canada shows that in January, Canadians slowed travel plans to the United States. Canadians travelling abroad dropped 0.5% in January on an annual basis, while returning Canadian residents from the U.S. dropped by 6.4% from December 2024 to January of this year. Airline industry monitor OAG Aviation Worldwide’s Chief Analyst, John Grant, found that, “U.S. [airline] routes are currently down by 70% compared to the same period last year. “This sharp drop suggests that travellers are holding off on making reservations, likely due to ongoing uncertainty surrounding the broader trade dispute,” he said. U.S. airline routes aren’t the only travel options with vacancies, however. According to a report from the Ottawa Citizen, Canadian travel company Travac Tours hasn’t sold a single bus seat on its U.S. tours, “since Donald Trump announced the imposition of tariffs on Canadian goods.” Because of Trump’s repeated derogatory comments and political climate changes to the South, more Canadians appear to be gearing up for domestic plans. “It has sparked a resurgence of Canadiana I have not seen in a long time,” travel agent Gilbert Manza told Travelweek, adding that, “There have definitely been more inquiries for this summer about travel within Canada.” This change in travel preferences isn’t expected to slow down, either.

By Brett Surbey | 04.17.25

In the eyes of Canadians, U.S. President Donald Trump has been undermining the sovereignty and dignity of their beloved nation, and it's now spiking a travel revolt. Since taking office in January, Trump has hit Canada with a number of tariffs and made comments about the nation becoming the 51st State. Furthermore, he’s signed an administrative order that requires all foreign nationals visiting the U.S. for more than 30 days to register with the U.S. Citizenship and Immigration Services (USCIS), as of April 11, 2025. Between Trump’s tariff policies and seemingly anti-Canadian rhetoric, not to mention additional travel rules, Canadians are feeling fed up. Now, the data is showing how fed up with it we are. Travel data from Statistics Canada shows that in January, Canadians slowed travel plans to the United States. Canadians travelling abroad dropped 0.5% in January on an annual basis, while returning Canadian residents from the U.S. dropped by 6.4% from December 2024 to January of this year. Airline industry monitor OAG Aviation Worldwide’s Chief Analyst, John Grant, found that, “U.S. [airline] routes are currently down by 70% compared to the same period last year. “This sharp drop suggests that travellers are holding off on making reservations, likely due to ongoing uncertainty surrounding the broader trade dispute,” he said. U.S. airline routes aren’t the only travel options with vacancies, however. According to a report from the Ottawa Citizen, Canadian travel company Travac Tours hasn’t sold a single bus seat on its U.S. tours, “since Donald Trump announced the imposition of tariffs on Canadian goods.” Because of Trump’s repeated derogatory comments and political climate changes to the South, more Canadians appear to be gearing up for domestic plans. “It has sparked a resurgence of Canadiana I have not seen in a long time,” travel agent Gilbert Manza told Travelweek, adding that, “There have definitely been more inquiries for this summer about travel within Canada.” This change in travel preferences isn’t expected to slow down, either.

By Brett Surbey | 04.17.25

Tenant left chasing $2K deposit

Physicist Haoyu Qi and his wife moved from Moncton to Toronto over the winter for work. But before he could retrieve the $2,000 security deposit he had paid on their New Brunswick apartment, he was told his former landlord was making a $500 claim for cleaning and damage costs. Qi disputed the charge and filed a claim through New Brunswick’s Residential Tenancies Tribunal — a step many tenants don't realize is available to them. Weeks later, the tribunal ruled in his favour, awarding him a refund of $1,732. That amount reflects the full deposit minus $268 the tribunal determined was a reasonable deduction. “I feel like it’s very difficult for tenants to get a fair outcome unless you push really hard,” Qi told CBC News. “Even then, the process is slow and confusing.” His experience is far from unique. Tenant advocates say many renters don’t understand their rights when it comes to security deposits, or how to recover them. And in New Brunswick, where the government holds all rental deposits in trust (a practice unique in Canada), the system can be both opaque and slow-moving.

By Leslie Kennedy | 04.17.25

Physicist Haoyu Qi and his wife moved from Moncton to Toronto over the winter for work. But before he could retrieve the $2,000 security deposit he had paid on their New Brunswick apartment, he was told his former landlord was making a $500 claim for cleaning and damage costs. Qi disputed the charge and filed a claim through New Brunswick’s Residential Tenancies Tribunal — a step many tenants don't realize is available to them. Weeks later, the tribunal ruled in his favour, awarding him a refund of $1,732. That amount reflects the full deposit minus $268 the tribunal determined was a reasonable deduction. “I feel like it’s very difficult for tenants to get a fair outcome unless you push really hard,” Qi told CBC News. “Even then, the process is slow and confusing.” His experience is far from unique. Tenant advocates say many renters don’t understand their rights when it comes to security deposits, or how to recover them. And in New Brunswick, where the government holds all rental deposits in trust (a practice unique in Canada), the system can be both opaque and slow-moving.

By Leslie Kennedy | 04.17.25

Fixed mortgage rates falling, variable remain high

In an unusual twist in Canada's mortgage market, fixed mortgage rates are on a downward trajectory while variable-rate pricing is tightening. This divergence presents both opportunities and challenges for homeowners approaching mortgage renewal. If you're shopping for a mortgage renewal, there's some good news: Fixed rates are on the way down. Over the past few weeks, lenders have been quietly cutting their three- and five-year fixed rates by 10 to 20 basis points. Why? Falling bond yields and a fiercely competitive spring market have banks and monoline lenders scrambling to attract borrowers. Mortgage analyst Ron Butler put it simply in Mortgage Rate Trends: "The spring market starts now." With lenders vying for borrowers, now might be the time to lock in a deal.

By Leslie Kennedy | 04.16.25

In an unusual twist in Canada's mortgage market, fixed mortgage rates are on a downward trajectory while variable-rate pricing is tightening. This divergence presents both opportunities and challenges for homeowners approaching mortgage renewal. If you're shopping for a mortgage renewal, there's some good news: Fixed rates are on the way down. Over the past few weeks, lenders have been quietly cutting their three- and five-year fixed rates by 10 to 20 basis points. Why? Falling bond yields and a fiercely competitive spring market have banks and monoline lenders scrambling to attract borrowers. Mortgage analyst Ron Butler put it simply in Mortgage Rate Trends: "The spring market starts now." With lenders vying for borrowers, now might be the time to lock in a deal.

By Leslie Kennedy | 04.16.25

April 2025 BoC rate hold: 7 ways it affects you

As of April 2025, the Bank of Canada (BoC) kept its target interest rate at 2.75%, following cuts in December 2024, January 2025, and March 2025. The last three BoC rate cuts reflected the central bank's efforts to ease borrowing costs amid stagnant growth and higher living costs; however global uncertainties means that the Bank of Canada paused its economic easing in an effort to better understand the economic ramifications of President Donald Trump's ongoing tariff tease. At this point, the BoC's target rate stands at 2.75% — pushing the bank prime rate to 4.95%. For most Canadians, the real question is how the rate hold will affect their everyday living costs and those saving for a large purchase, such as buying a home.

By Romana King | 04.16.25

As of April 2025, the Bank of Canada (BoC) kept its target interest rate at 2.75%, following cuts in December 2024, January 2025, and March 2025. The last three BoC rate cuts reflected the central bank's efforts to ease borrowing costs amid stagnant growth and higher living costs; however global uncertainties means that the Bank of Canada paused its economic easing in an effort to better understand the economic ramifications of President Donald Trump's ongoing tariff tease. At this point, the BoC's target rate stands at 2.75% — pushing the bank prime rate to 4.95%. For most Canadians, the real question is how the rate hold will affect their everyday living costs and those saving for a large purchase, such as buying a home.

By Romana King | 04.16.25

BoC Holds Rates in April 2025: Winners & Losers

After seven consecutive rate cuts, the Bank of Canada (BoC) hit pause — holding its key policy rate at 2.75% on April 16, 2025 — as growing uncertainty around U.S. tariffs clouds the country’s economic outlook. Canada's central bank chose not to issue its usual economic forecast, citing an inability to predict how trade tensions will evolve in the upcoming days, weeks and months. Instead, the BoC presented two starkly different scenarios, including one that projected a deep recession and rising inflation if tariffs escalate. Governor Tiff Macklem said the Bank of Canada will proceed cautiously — a clear signal that the easing cycle isn’t necessarily over, but any future rate cuts will depend heavily on how global events unfold. “A lot has happened since our March decision five weeks ago, but the future is really no clearer,” Macklem said in the April 16 annoucement. “We still do not know what tariffs will be imposed, whether they'll be reduced or escalated and how long all of this will last.” For Canadians, this means more economic whiplash — with potential winners and losers depending on how the rate environment evolves. While borrowers have benefitted from cheaper credit so far, businesses and households must now brace for ongoing volatility and the possibility of more aggressive action from the central bank if the economy stumbles.

By Romana King | 04.16.25

After seven consecutive rate cuts, the Bank of Canada (BoC) hit pause — holding its key policy rate at 2.75% on April 16, 2025 — as growing uncertainty around U.S. tariffs clouds the country’s economic outlook. Canada's central bank chose not to issue its usual economic forecast, citing an inability to predict how trade tensions will evolve in the upcoming days, weeks and months. Instead, the BoC presented two starkly different scenarios, including one that projected a deep recession and rising inflation if tariffs escalate. Governor Tiff Macklem said the Bank of Canada will proceed cautiously — a clear signal that the easing cycle isn’t necessarily over, but any future rate cuts will depend heavily on how global events unfold. “A lot has happened since our March decision five weeks ago, but the future is really no clearer,” Macklem said in the April 16 annoucement. “We still do not know what tariffs will be imposed, whether they'll be reduced or escalated and how long all of this will last.” For Canadians, this means more economic whiplash — with potential winners and losers depending on how the rate environment evolves. While borrowers have benefitted from cheaper credit so far, businesses and households must now brace for ongoing volatility and the possibility of more aggressive action from the central bank if the economy stumbles.

By Romana King | 04.16.25

What is the Bank of Canada interest rate?

As of April 2025, the Bank of Canada interest rate is 2.75%. This is the first pause after seven consecutive drops in the BoC's overnight rate — the target interest rate that influences prime rate used by lenders when providing mortgages, personal and auto loans as well as student loans and other debt products. The April 16 announcement marks the third interest rate announcement of 2025. The next interest rate announcement will be June 7, 2025. As the nation’s central bank, the Bank of Canada (BoC) is responsible for making sure our dollar maintains its value — and this is done by keeping inflation low and maintaining stable, economic growth. The BoC's decisions affect how we spend money, how and when we save, where we invest and how businesses grow and prosper. When it lowers its target rate, this prompts lenders, such as the Big 6 Banks or fintech firms, to drop their prime rate — the base rate used to calculate how much it will cost to borrow money. Dropping the target rate — also known as the overnight rate — usually means it's easier to borrow money and the loan will cost you less. This encourages more spending. On the flipside, raising the overnight rate often reduces spending from both businesses and consumers. When less money is spent, businesses earn less profit and, in theory, this cools price increases or prompts price reductions. A rise in the overnight rate makes it harder for borrowers to access funds, effectively costing more when they do get a loan. This is all part of the Bank of Canada's monetary policy. Eventually, the rise and fall of interest rates should help consumers, businesses and the economy reach a state of equilibrium — where consumers and businesses are spending at a rate that keeps the economy moving forward while maintaining a lower cost of living. Read More: Bank of Canada dropped its overnight rate: How does this impact variable interest rates? Read More: Who wins and loses when the Bank of Canada lowers its overnight rate? Read More: BoC dropped the overnight rate by 0.5%—making it a golden time for first-time homebuyers

By James Battiston | 04.16.25

As of April 2025, the Bank of Canada interest rate is 2.75%. This is the first pause after seven consecutive drops in the BoC's overnight rate — the target interest rate that influences prime rate used by lenders when providing mortgages, personal and auto loans as well as student loans and other debt products. The April 16 announcement marks the third interest rate announcement of 2025. The next interest rate announcement will be June 7, 2025. As the nation’s central bank, the Bank of Canada (BoC) is responsible for making sure our dollar maintains its value — and this is done by keeping inflation low and maintaining stable, economic growth. The BoC's decisions affect how we spend money, how and when we save, where we invest and how businesses grow and prosper. When it lowers its target rate, this prompts lenders, such as the Big 6 Banks or fintech firms, to drop their prime rate — the base rate used to calculate how much it will cost to borrow money. Dropping the target rate — also known as the overnight rate — usually means it's easier to borrow money and the loan will cost you less. This encourages more spending. On the flipside, raising the overnight rate often reduces spending from both businesses and consumers. When less money is spent, businesses earn less profit and, in theory, this cools price increases or prompts price reductions. A rise in the overnight rate makes it harder for borrowers to access funds, effectively costing more when they do get a loan. This is all part of the Bank of Canada's monetary policy. Eventually, the rise and fall of interest rates should help consumers, businesses and the economy reach a state of equilibrium — where consumers and businesses are spending at a rate that keeps the economy moving forward while maintaining a lower cost of living. Read More: Bank of Canada dropped its overnight rate: How does this impact variable interest rates? Read More: Who wins and loses when the Bank of Canada lowers its overnight rate? Read More: BoC dropped the overnight rate by 0.5%—making it a golden time for first-time homebuyers

By James Battiston | 04.16.25

Canadian businesses plan to invest in agentic AI

AI is everywhere these days, in all of our devices, search engines and much more. While much of the impact is still unknown in these early days, it’s clear AI integration is here to stay. The latest KPMG poll shows more than half of Canadian organizations plan to invest in agentic AI in the next six months. Agentic AI systems can operate independently by using tools such as large language models to make decisions and perform tasks with minimal or no human intervention. AI agents can perform a variety of tasks independently, such as responding to customer inquiries, placing and tracking orders, building lead generation lists and managing refunds. "Agentic AI is a nascent technology, but it's the most transformative AI we've ever seen in human history to date. We are already seeing humans work alongside agents as organizations use the technology to fill critical skills gaps, boost productivity and efficiency. Using AI agents for repetitive tasks allows an organization to re-focus their workforce on the more critical work, such as strategy and innovation," Stephanie Terrill, managing partner for digital and transformation at KPMG Canada, said in a statement.

By Nicholas Sokic | 04.16.25

AI is everywhere these days, in all of our devices, search engines and much more. While much of the impact is still unknown in these early days, it’s clear AI integration is here to stay. The latest KPMG poll shows more than half of Canadian organizations plan to invest in agentic AI in the next six months. Agentic AI systems can operate independently by using tools such as large language models to make decisions and perform tasks with minimal or no human intervention. AI agents can perform a variety of tasks independently, such as responding to customer inquiries, placing and tracking orders, building lead generation lists and managing refunds. "Agentic AI is a nascent technology, but it's the most transformative AI we've ever seen in human history to date. We are already seeing humans work alongside agents as organizations use the technology to fill critical skills gaps, boost productivity and efficiency. Using AI agents for repetitive tasks allows an organization to re-focus their workforce on the more critical work, such as strategy and innovation," Stephanie Terrill, managing partner for digital and transformation at KPMG Canada, said in a statement.

By Nicholas Sokic | 04.16.25

Gift card fraud on the rise: How to stay protected

Gift cards may be a convenient and popular gifting choice, but they’re also a hot target for scammers. According to the Canadian Anti-Fraud Centre, Canadians reported losing over $3.8 million to gift card fraud in 2021 alone, a number that experts believe underrepresents the full extent of the problem. In a recent Toronto Star feature, Nunzio Romano detailed his experience of purchasing 20 gift cards, only to discover that seven were empty. "I was shocked," he said. “That’s more than a third of the cards. It’s a substantial loss.” This form of fraud typically occurs when scammers tamper with cards on retail racks, copying card numbers and covering PINs with fake labels. Once a customer buys and activates the card, the fraudster quickly drains the balance.

By Leslie Kennedy | 04.15.25

Gift cards may be a convenient and popular gifting choice, but they’re also a hot target for scammers. According to the Canadian Anti-Fraud Centre, Canadians reported losing over $3.8 million to gift card fraud in 2021 alone, a number that experts believe underrepresents the full extent of the problem. In a recent Toronto Star feature, Nunzio Romano detailed his experience of purchasing 20 gift cards, only to discover that seven were empty. "I was shocked," he said. “That’s more than a third of the cards. It’s a substantial loss.” This form of fraud typically occurs when scammers tamper with cards on retail racks, copying card numbers and covering PINs with fake labels. Once a customer buys and activates the card, the fraudster quickly drains the balance.

By Leslie Kennedy | 04.15.25

Newfoundlanders feel cost of living pinch

Newfoundland and Labrador has long been known for its rugged beauty, tight-knit communities and relatively affordable cost of living. However, growing concerns about housing affordability, particularly in cities such as Corner Brook, are prompting a closer look at living costs across the province compared to the rest of Canada.

By Leslie Kennedy | 04.14.25

Newfoundland and Labrador has long been known for its rugged beauty, tight-knit communities and relatively affordable cost of living. However, growing concerns about housing affordability, particularly in cities such as Corner Brook, are prompting a closer look at living costs across the province compared to the rest of Canada.

By Leslie Kennedy | 04.14.25

Not all Canadians are united on tariffs

In the wake of sweeping U.S. tariffs, a study from INNOVATIVE Research Group, The Great Canadian Spending Shift: Meet Canada's Post-Tariff Consumers, found that Canadians are far from united in how they’re adjusting their financial behaviour. "We often hear about national unity in response to tariffs, but our research shows the opposite,” Jared Gill, strategy director at ONE23WEST, said in a statement. “Canadians are more divided than we realize — and these shifts are already reshaping how and where people spend their money.” For personal finance watchers, the findings offer key insights into how inflation, identity and purchasing power are creating a patchwork of spending habits across the country, and what that means for consumers and companies alike.

By Nicholas Sokic | 04.12.25

In the wake of sweeping U.S. tariffs, a study from INNOVATIVE Research Group, The Great Canadian Spending Shift: Meet Canada's Post-Tariff Consumers, found that Canadians are far from united in how they’re adjusting their financial behaviour. "We often hear about national unity in response to tariffs, but our research shows the opposite,” Jared Gill, strategy director at ONE23WEST, said in a statement. “Canadians are more divided than we realize — and these shifts are already reshaping how and where people spend their money.” For personal finance watchers, the findings offer key insights into how inflation, identity and purchasing power are creating a patchwork of spending habits across the country, and what that means for consumers and companies alike.

By Nicholas Sokic | 04.12.25