Canadian homeowners confident in their budgets
Despite the daily worries of escalating tariffs, economic recession, inflation and who knows what else, many Canadian homeowners don’t seem all that worried about keeping up. A new CIBC poll found the majority of mortgage holders feeling confident in their ability to handle their mortgage payments and make their budgets work. "As mortgage rates are declining, it's encouraging to see that despite continued financial pressures, the majority of homeowners remain confident in their ability to manage their living expenses," Daniel Rethazy, CIBC senior vice-president of personal lending, said in a statement. In fact, 64% of variable rate mortgage holders remain unaffected, reporting little to no impact on their standard of living, as do 59% of those expecting higher renewal rates.
Despite the daily worries of escalating tariffs, economic recession, inflation and who knows what else, many Canadian homeowners don’t seem all that worried about keeping up. A new CIBC poll found the majority of mortgage holders feeling confident in their ability to handle their mortgage payments and make their budgets work. "As mortgage rates are declining, it's encouraging to see that despite continued financial pressures, the majority of homeowners remain confident in their ability to manage their living expenses," Daniel Rethazy, CIBC senior vice-president of personal lending, said in a statement. In fact, 64% of variable rate mortgage holders remain unaffected, reporting little to no impact on their standard of living, as do 59% of those expecting higher renewal rates.
Small businesses’ confidence at an all-time low
A lot of Canadians are reasonably on edge lately, with US president Donald Trump’s continued talk of annexing Canada and various tit-for-tat tariff threats lobbed back and forth across the border. That tension has been reflected in Canadian businesses, with the Canadian Federation of Independent Business (CFIB)’s Business Barometer crashing to an all-time low in March. "Small business owners are feeling pessimistic about their business's perspectives for the next few months or even beyond. It's hard to make critical decisions for the long, medium or short term when so much can change within a matter of hours," Simon Gaudreault, CFIB's chief economist and vice-president of research, said in a statement. "No one knows when the tariff war will end, and businesses are worried the worst is yet to come." The index dropped 24.8 index points to 25.0, which is a lower mark than at any time during the 2020 pandemic, 2008 financial crisis or even the September 11, 2001 attacks.
A lot of Canadians are reasonably on edge lately, with US president Donald Trump’s continued talk of annexing Canada and various tit-for-tat tariff threats lobbed back and forth across the border. That tension has been reflected in Canadian businesses, with the Canadian Federation of Independent Business (CFIB)’s Business Barometer crashing to an all-time low in March. "Small business owners are feeling pessimistic about their business's perspectives for the next few months or even beyond. It's hard to make critical decisions for the long, medium or short term when so much can change within a matter of hours," Simon Gaudreault, CFIB's chief economist and vice-president of research, said in a statement. "No one knows when the tariff war will end, and businesses are worried the worst is yet to come." The index dropped 24.8 index points to 25.0, which is a lower mark than at any time during the 2020 pandemic, 2008 financial crisis or even the September 11, 2001 attacks.
Man on the hook for loan co-signed for his friend
An Ontario man found out the hard way the responsibilities you take on when you co-sign a loan, and why it's not a good idea to co-sign a loan for a friend. “I went in as a co-signer and I had no idea that this could happen,” Mississauga resident Shane Brown told CTV News after learning he is on the hook for $62,000. “I wanted to help a friend and that’s why I signed the loan. If I would have known what would have happened, I never would have signed it . . . I’m paying for something I’m not even using.”
An Ontario man found out the hard way the responsibilities you take on when you co-sign a loan, and why it's not a good idea to co-sign a loan for a friend. “I went in as a co-signer and I had no idea that this could happen,” Mississauga resident Shane Brown told CTV News after learning he is on the hook for $62,000. “I wanted to help a friend and that’s why I signed the loan. If I would have known what would have happened, I never would have signed it . . . I’m paying for something I’m not even using.”
Canadians are worried over market volatility
Invest, save and then invest some more. This is the advice many Canadians receive when seeking a financial plan – the specifics of the investments and savings notwithstanding. But current market volatility may be putting somewhat of a damper on those thoughts of financial independence. Almost half (48%) of all respondents in the annual RBC Financial Independence Poll agreed their key investing concern is market volatility and investment performance. "We're having conversations with investors who have a lot of questions amidst all the uncertainty right now. While it can be difficult to provide clear answers, our advisors have experienced decades of supporting clients during market ups and downs and one thing remains constant: the value of having – and sticking to – a good financial plan with a long-term approach, to help get through any periods of turmoil," Craig Bannon, RBC director of regional financial planning support, said in a statement. Canadians estimate they will need approximately $846,437 to ensure an independent financial future.
Invest, save and then invest some more. This is the advice many Canadians receive when seeking a financial plan – the specifics of the investments and savings notwithstanding. But current market volatility may be putting somewhat of a damper on those thoughts of financial independence. Almost half (48%) of all respondents in the annual RBC Financial Independence Poll agreed their key investing concern is market volatility and investment performance. "We're having conversations with investors who have a lot of questions amidst all the uncertainty right now. While it can be difficult to provide clear answers, our advisors have experienced decades of supporting clients during market ups and downs and one thing remains constant: the value of having – and sticking to – a good financial plan with a long-term approach, to help get through any periods of turmoil," Craig Bannon, RBC director of regional financial planning support, said in a statement. Canadians estimate they will need approximately $846,437 to ensure an independent financial future.
Cross-border travel hits pandemic lows
Cross-border trips from Canada to the United States hit a pandemic low in February, according to new data showing a sharp decline of nearly 500,000 travelers compared to last year. In February 2025, Canadian travel to the US dropped by 235,000 trips, according to CBP data, marking the steepest year-over-year decline. This trend comes on the heels of a steady recovery in international travel since the easing of pandemic restrictions, but Canadian trips have yet to fully rebound. Trade tensions between Canada and our southern neighbour have certainly contributed to hesitancy of Canadians to taking a trip across the border.
Cross-border trips from Canada to the United States hit a pandemic low in February, according to new data showing a sharp decline of nearly 500,000 travelers compared to last year. In February 2025, Canadian travel to the US dropped by 235,000 trips, according to CBP data, marking the steepest year-over-year decline. This trend comes on the heels of a steady recovery in international travel since the easing of pandemic restrictions, but Canadian trips have yet to fully rebound. Trade tensions between Canada and our southern neighbour have certainly contributed to hesitancy of Canadians to taking a trip across the border.
Toronto halts Tesla EV incentives amid trade war
Toronto has ceased offering financial incentives for Tesla vehicles used as taxis or ride-sharing services, effective March 1, 2025. This move is part of the city's broader initiative to promote electric vehicle (EV) adoption by reducing licensing and renewal fees for EVs until the end of 2029, aiming to lower emissions.
Toronto has ceased offering financial incentives for Tesla vehicles used as taxis or ride-sharing services, effective March 1, 2025. This move is part of the city's broader initiative to promote electric vehicle (EV) adoption by reducing licensing and renewal fees for EVs until the end of 2029, aiming to lower emissions.
Canada should offer more non-market housing
Canada’s housing crisis continues to persist, sparking countless debates on how to resolve it. One proposed solution is expanding non-market housing — housing that is publicly funded, cooperatively owned or offered at below-market rates to ensure affordability. A recent report from the National Housing Council recommends doubling the country’s supply of non-market housing to help address the issue. The report, titled ‘Scaling Up the Non-Market Housing in Canada,’ was submitted to the Minister of Housing, Infrastructure and Communities earlier this month. “Doing more of what we have been doing for 25 years will not respond to the need. Rather, a well-planned effort that invests in the supply and maintenance of non-market housing will have a ripple effect in the entire housing sector producing a corresponding return that will impact the broader Canadian economy,” Sam Watts, Chair of the Working Group on Scaling-Up Non-Market Housing in Canada, said in a statement. “After all, when people have a permanent place to call home they are typically both healthy and productive."
Canada’s housing crisis continues to persist, sparking countless debates on how to resolve it. One proposed solution is expanding non-market housing — housing that is publicly funded, cooperatively owned or offered at below-market rates to ensure affordability. A recent report from the National Housing Council recommends doubling the country’s supply of non-market housing to help address the issue. The report, titled ‘Scaling Up the Non-Market Housing in Canada,’ was submitted to the Minister of Housing, Infrastructure and Communities earlier this month. “Doing more of what we have been doing for 25 years will not respond to the need. Rather, a well-planned effort that invests in the supply and maintenance of non-market housing will have a ripple effect in the entire housing sector producing a corresponding return that will impact the broader Canadian economy,” Sam Watts, Chair of the Working Group on Scaling-Up Non-Market Housing in Canada, said in a statement. “After all, when people have a permanent place to call home they are typically both healthy and productive."
The origin of some of your favourite treats
Canada is home to many well-known brands and manufacturers, but some of the foods, drinks and clothing brands you may assume are made here actually come from elsewhere – and vice versa. With globalization and corporate acquisitions, the origin of a product isn’t always obvious, even if the brand has strong Canadian ties (or even has Canada in the name!). Some companies have maintained local production, while others have moved manufacturing abroad for economic reasons. Meanwhile, certain foreign brands have set up shop in Canada, producing goods you might not expect to be made within our borders. With recent trade tensions and tariffs igniting the Buy Canadian movement, many consumers are paying closer attention to where their products come from. If you're looking to support Canadian-made goods or just want to know which brands are truly local, here are some surprising facts about what’s actually produced on Canadian soil — and what isn’t.
Canada is home to many well-known brands and manufacturers, but some of the foods, drinks and clothing brands you may assume are made here actually come from elsewhere – and vice versa. With globalization and corporate acquisitions, the origin of a product isn’t always obvious, even if the brand has strong Canadian ties (or even has Canada in the name!). Some companies have maintained local production, while others have moved manufacturing abroad for economic reasons. Meanwhile, certain foreign brands have set up shop in Canada, producing goods you might not expect to be made within our borders. With recent trade tensions and tariffs igniting the Buy Canadian movement, many consumers are paying closer attention to where their products come from. If you're looking to support Canadian-made goods or just want to know which brands are truly local, here are some surprising facts about what’s actually produced on Canadian soil — and what isn’t.
2024 costliest for commercial insurance losses
Canada faced one of its most expensive years for insured losses in 2024, with severe weather wreaking havoc on both homes and businesses. While homeowners bore the brunt of the damage, commercial properties also suffered massive losses, pushing the total insured damages to over $1.7 billion — the second-highest in the country’s history. "Thousands of businesses felt the impacts of severe weather last year. The historic amount of damage in 2024 underscores the escalating financial risks Canadian businesses face from catastrophic weather events," Liam McGuinty, vice-president of strategy at the Insurance Bureau of Canada (IBC), said in a statement. "Canada's insurers have been on the ground since these events took place and continue to assist businesses across the country with financial support and navigating the recovery process. These severe weather events have caused not only physical damage, but have also disrupted business operations, supply chains and the flow of goods and services in the Canadian economy.” The vast majority of commercial losses in 2024 occurred over the course of 24 days during the summer, when wildfires, floods and hail storms ravaged communities across the country.
Canada faced one of its most expensive years for insured losses in 2024, with severe weather wreaking havoc on both homes and businesses. While homeowners bore the brunt of the damage, commercial properties also suffered massive losses, pushing the total insured damages to over $1.7 billion — the second-highest in the country’s history. "Thousands of businesses felt the impacts of severe weather last year. The historic amount of damage in 2024 underscores the escalating financial risks Canadian businesses face from catastrophic weather events," Liam McGuinty, vice-president of strategy at the Insurance Bureau of Canada (IBC), said in a statement. "Canada's insurers have been on the ground since these events took place and continue to assist businesses across the country with financial support and navigating the recovery process. These severe weather events have caused not only physical damage, but have also disrupted business operations, supply chains and the flow of goods and services in the Canadian economy.” The vast majority of commercial losses in 2024 occurred over the course of 24 days during the summer, when wildfires, floods and hail storms ravaged communities across the country.
Safeguarding your finances due to tariff impacts
*Updated March 6, 2025: This article was originally published March 4, 2025. The article was updated due to ongoing US policy changes. President Donald Trump’s long-touted 25% tariffs on Canadian goods, as well as 10% tariffs on energy, which went into effect at midnight on March 4, have now been paused under a North American trade pact, per reporting by Reuters. This exemption will expire on April 2 and covers both of the two largest US trading partners, Mexico and Canada. Trump had earlier mentioned an exemption for only Mexico, but the amendment he signed to his order for 25% levies on imports from both countries - which went into effect on Tuesday - includes Canada as well. However, an anonymous White House source told the press that this tariff reprieve would only apply to Canadian exports that are compliant with the Canada-US-Mexico Agreement (CUSMA) — and not goods that are sold into the US outside of that trade deal. The Associated Press reported that roughly 62% of imports from Canada would likely still face the 25% tariffs as they're not "USMCA compliant." A spokesperson for Doug Ford, Ontario's Premier, said that despite the pause, the province will keep American alcohol off the shelves of the LCBO while also charging a 25% surcharge on electricity sent to the US, starting Monday. These tariffs initally came as the Bank of Canada is poised to make the next prime rate annoucement on March 12. After a series of consecutive drops, predictions are that the BoC will hold rates steady at the current rate of 5.20%. This rate is a relief from where it was this past summer, before rates started to decline, after peaking at 7.20%. While a lowered interest rate may have provided some financial relief to Canadians struggling with an increased cost of living owed to high inflation, many will be rightfully anxious about how tit-for-tat tariffs and unpredictable trade policy will exacerbate inflationary pricing, as well as create employment concerns if business takes a hit.
*Updated March 6, 2025: This article was originally published March 4, 2025. The article was updated due to ongoing US policy changes. President Donald Trump’s long-touted 25% tariffs on Canadian goods, as well as 10% tariffs on energy, which went into effect at midnight on March 4, have now been paused under a North American trade pact, per reporting by Reuters. This exemption will expire on April 2 and covers both of the two largest US trading partners, Mexico and Canada. Trump had earlier mentioned an exemption for only Mexico, but the amendment he signed to his order for 25% levies on imports from both countries - which went into effect on Tuesday - includes Canada as well. However, an anonymous White House source told the press that this tariff reprieve would only apply to Canadian exports that are compliant with the Canada-US-Mexico Agreement (CUSMA) — and not goods that are sold into the US outside of that trade deal. The Associated Press reported that roughly 62% of imports from Canada would likely still face the 25% tariffs as they're not "USMCA compliant." A spokesperson for Doug Ford, Ontario's Premier, said that despite the pause, the province will keep American alcohol off the shelves of the LCBO while also charging a 25% surcharge on electricity sent to the US, starting Monday. These tariffs initally came as the Bank of Canada is poised to make the next prime rate annoucement on March 12. After a series of consecutive drops, predictions are that the BoC will hold rates steady at the current rate of 5.20%. This rate is a relief from where it was this past summer, before rates started to decline, after peaking at 7.20%. While a lowered interest rate may have provided some financial relief to Canadians struggling with an increased cost of living owed to high inflation, many will be rightfully anxious about how tit-for-tat tariffs and unpredictable trade policy will exacerbate inflationary pricing, as well as create employment concerns if business takes a hit.
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