New Canadians face unique financial challenges
New Canadians – regardless of their citizenship status – may face unique challenges in comparison to longer-term residents, according to a new survey from the Canadian Credit Union Association (CCUA). "These insights reveal the unique financial challenges faced by new Canadians, highlighting the critical role of tailored financial services that cater specifically to their needs," Jeff Guthrie, CCUA president and CEO, said. These disparities between newer and older residents often come down to financial stability and planning.
New Canadians – regardless of their citizenship status – may face unique challenges in comparison to longer-term residents, according to a new survey from the Canadian Credit Union Association (CCUA). "These insights reveal the unique financial challenges faced by new Canadians, highlighting the critical role of tailored financial services that cater specifically to their needs," Jeff Guthrie, CCUA president and CEO, said. These disparities between newer and older residents often come down to financial stability and planning.
'Sandwich Generation' anxious of caregiving costs
Almost three-quarters of Canadians (71%) who are raising kids and caring for elderly parents firmly believe they would benefit from financial planning advice. Known as the "sandwich generation," these Canadians feel obligated to care for their younger and older relatives according to a survey by HomeEquity Bank and Ipsos. Additionally, nearly one-third of Canadians have made a promise to keep their aging parents out of long-term care. That promise may be difficult to keep. "We're committed to reshaping the conversation around ageing and raising awareness about the unique issues that retired or retiring Canadians face. That includes the often complex relationship between parents and adult children," wrote Vivianne Gauci, HomeEquity Bank’s senior vice-president of customer experience. "We knew the sandwich generation was under pressure but the research revealed just how worried they are,” explained Gauci. “They want to honour their parents' decisions, but that can come with both stress and financial strain, underscoring the importance of planning and communicating now for the support and resources that may be needed later." Aside from the financial concerns, those in the sandwich generation are worried about the time commitments, quality of care and more.
Almost three-quarters of Canadians (71%) who are raising kids and caring for elderly parents firmly believe they would benefit from financial planning advice. Known as the "sandwich generation," these Canadians feel obligated to care for their younger and older relatives according to a survey by HomeEquity Bank and Ipsos. Additionally, nearly one-third of Canadians have made a promise to keep their aging parents out of long-term care. That promise may be difficult to keep. "We're committed to reshaping the conversation around ageing and raising awareness about the unique issues that retired or retiring Canadians face. That includes the often complex relationship between parents and adult children," wrote Vivianne Gauci, HomeEquity Bank’s senior vice-president of customer experience. "We knew the sandwich generation was under pressure but the research revealed just how worried they are,” explained Gauci. “They want to honour their parents' decisions, but that can come with both stress and financial strain, underscoring the importance of planning and communicating now for the support and resources that may be needed later." Aside from the financial concerns, those in the sandwich generation are worried about the time commitments, quality of care and more.
CIBC offers new banking option for tradespeople
Skilled trades make the nation's economic engine purr but that doesn't always mean they've been provided opportunities or advantages within the financial sectors. CIBC wants to change that with the introduction of a new bank account with an aim to support apprentices in the skilled trades. The CIBC Skilled Trades Banking solution will offer all apprentices in approved programs the opportunity for no-fee banking using the CIBC Smart Account. "CIBC recognizes the increasing importance that professionals in the skilled trades are bringing to the country and economy, and also understands that it takes an investment of time and money to become certified in a trade," said Jeff Smith, CIBC’s senior vice-president of client segmentation and franchising. "The Skilled Trades Banking solutions are unique and will help make career ambitions of skilled tradespeople more attainable – especially at a time when skilled trades workers are needed across the country." According to the CIBC press release, the Skilled Trades Banking solution is the first of its kind in Canada.
Skilled trades make the nation's economic engine purr but that doesn't always mean they've been provided opportunities or advantages within the financial sectors. CIBC wants to change that with the introduction of a new bank account with an aim to support apprentices in the skilled trades. The CIBC Skilled Trades Banking solution will offer all apprentices in approved programs the opportunity for no-fee banking using the CIBC Smart Account. "CIBC recognizes the increasing importance that professionals in the skilled trades are bringing to the country and economy, and also understands that it takes an investment of time and money to become certified in a trade," said Jeff Smith, CIBC’s senior vice-president of client segmentation and franchising. "The Skilled Trades Banking solutions are unique and will help make career ambitions of skilled tradespeople more attainable – especially at a time when skilled trades workers are needed across the country." According to the CIBC press release, the Skilled Trades Banking solution is the first of its kind in Canada.
Weather-related losses hit historical highs
For the first time in Canadian history, insured damage caused by severe weather events surpassed $8 billion, according to Catastrophe Indices and Quantification Inc. (CatIQ). The $8.5 billion total flew past the $6 billion from 2016, when the Fort McMurray wildfires destroyed almost 600,000 hectares of land and destroyed 2,400 homes and businesses. "Sadly, beyond the staggering financial losses are hundreds of thousands of Canadians whose lives and livelihoods have been upended," Celyeste Power, Insurance Bureau of Canada (IBC) president and CEO, said in a statement. "Canada's property and casualty insurers have been there every step of the way, and continue to be on the ground, helping their customers rebuild and recover. The industry is doing its part, but it's time for governments to take decisive action to protect Canadians from these escalating and dangerous events." The 2024 total is nearly triple the total insured losses recorded in 2023 and 12 times the annual average of $701 million in the decade between 2001 and 2010.
For the first time in Canadian history, insured damage caused by severe weather events surpassed $8 billion, according to Catastrophe Indices and Quantification Inc. (CatIQ). The $8.5 billion total flew past the $6 billion from 2016, when the Fort McMurray wildfires destroyed almost 600,000 hectares of land and destroyed 2,400 homes and businesses. "Sadly, beyond the staggering financial losses are hundreds of thousands of Canadians whose lives and livelihoods have been upended," Celyeste Power, Insurance Bureau of Canada (IBC) president and CEO, said in a statement. "Canada's property and casualty insurers have been there every step of the way, and continue to be on the ground, helping their customers rebuild and recover. The industry is doing its part, but it's time for governments to take decisive action to protect Canadians from these escalating and dangerous events." The 2024 total is nearly triple the total insured losses recorded in 2023 and 12 times the annual average of $701 million in the decade between 2001 and 2010.
Ontario’s homeless population is at tipping point
More than 80,000 Ontarians were unhoused in 2024, a number that has grown by more than 25% since 2022 — this according to a new study from the Association of Ontario Municipalities (AMO). "The scope and scale of homelessness across Ontario's municipalities is truly staggering," Robin Jones, AMO President, said in a statement. "Without real and meaningful provincial action, the quality of life and economic prosperity of Ontario's communities is at risk. We can solve this crisis, but we need to work together." Without significant intervention, the number of unhoused in Ontario could double in the next decade and reach nearly 300,000 people in an economic downturn, according to AMO.
More than 80,000 Ontarians were unhoused in 2024, a number that has grown by more than 25% since 2022 — this according to a new study from the Association of Ontario Municipalities (AMO). "The scope and scale of homelessness across Ontario's municipalities is truly staggering," Robin Jones, AMO President, said in a statement. "Without real and meaningful provincial action, the quality of life and economic prosperity of Ontario's communities is at risk. We can solve this crisis, but we need to work together." Without significant intervention, the number of unhoused in Ontario could double in the next decade and reach nearly 300,000 people in an economic downturn, according to AMO.
EQ Bank launches new notice savings account
Want the flexibility and liquidity of a high-interest savings account but the high earn rate of a guaranteed investment certificate (GIC)? EQ Bank is banking on it. Earlier this month, the online banking giant launched a new savings account plan they've coined: Notice Savings Account. Like other EQ Bank accounts, if you opt to use a Notice Savings Account, you do not pay monthly fees and not required to maintain a minimum monthly balance. The difference is that you're money will be temporarily 'locked-in' — with customers choosing between 10- and 30-day notice periods in order to withdraw their money. The benefit is that account holders earn 3.00% or 3.05% interest, respectively. "The launch of our EQ Bank Notice Savings Account brings much-needed product innovation to Canadians who deserve the best from their banks," said Mahima Poddar, EQ Bank’s senior vice-president and group head, personal banking. "Notice savings accounts maintain a balance between flexibility and great interest rates, making them a perfect choice for Canadians who are willing to plan their withdrawals in advance to maximize their savings growth. Our no fee, no minimum balance and all-digital account offers all EQ Bank customers access to the same rates so they can save as much or as long as they want." To figure out if these new accounts work for your savings goals, here's a run down of this new EQ Bank product.
Want the flexibility and liquidity of a high-interest savings account but the high earn rate of a guaranteed investment certificate (GIC)? EQ Bank is banking on it. Earlier this month, the online banking giant launched a new savings account plan they've coined: Notice Savings Account. Like other EQ Bank accounts, if you opt to use a Notice Savings Account, you do not pay monthly fees and not required to maintain a minimum monthly balance. The difference is that you're money will be temporarily 'locked-in' — with customers choosing between 10- and 30-day notice periods in order to withdraw their money. The benefit is that account holders earn 3.00% or 3.05% interest, respectively. "The launch of our EQ Bank Notice Savings Account brings much-needed product innovation to Canadians who deserve the best from their banks," said Mahima Poddar, EQ Bank’s senior vice-president and group head, personal banking. "Notice savings accounts maintain a balance between flexibility and great interest rates, making them a perfect choice for Canadians who are willing to plan their withdrawals in advance to maximize their savings growth. Our no fee, no minimum balance and all-digital account offers all EQ Bank customers access to the same rates so they can save as much or as long as they want." To figure out if these new accounts work for your savings goals, here's a run down of this new EQ Bank product.
Canadians overthink their vacation decisions
According to the latest Skyscanner survey, 86% of Canadians admit to overthinking their vacation planning. With half of Canadian travelers beginning to plan and book their 2025 vacations in January, overthinking the when, where and how much they will spend their hard earned money is putting pressure on them to make a decision. “Planning a vacation can feel overwhelming, especially when each decision — whether it’s choosing a destination or booking flights, hotels and activities — requires significant mental effort,” neuroscientist Dr. Faye Begeti said in a statement. “We can then end up in a state of fatigue where, instead of feeling inspired by the idea of travel, the usual excitement of 'wanderlust' turns into a state of 'wanderlost'." Almost all travelers (95%) cited cost as a major factor in that decision paralysis.
According to the latest Skyscanner survey, 86% of Canadians admit to overthinking their vacation planning. With half of Canadian travelers beginning to plan and book their 2025 vacations in January, overthinking the when, where and how much they will spend their hard earned money is putting pressure on them to make a decision. “Planning a vacation can feel overwhelming, especially when each decision — whether it’s choosing a destination or booking flights, hotels and activities — requires significant mental effort,” neuroscientist Dr. Faye Begeti said in a statement. “We can then end up in a state of fatigue where, instead of feeling inspired by the idea of travel, the usual excitement of 'wanderlust' turns into a state of 'wanderlost'." Almost all travelers (95%) cited cost as a major factor in that decision paralysis.
Canadians need partners to support lifestyle
Canada’s high cost of living is causing great stress for a majority of couples, as more than three-quarters (77%) of Canadian couples said money is a major source of stress, according to the RBC Relationships & Money Poll. Most alarmingly, 47% of Canadians nationwide are reporting they can't afford pay the bills if they split up with their current partner, showcasing how the impact of the current economy is putting stress on Canadian couples who may feel trapped in a relationship for financial reasons.
Canada’s high cost of living is causing great stress for a majority of couples, as more than three-quarters (77%) of Canadian couples said money is a major source of stress, according to the RBC Relationships & Money Poll. Most alarmingly, 47% of Canadians nationwide are reporting they can't afford pay the bills if they split up with their current partner, showcasing how the impact of the current economy is putting stress on Canadian couples who may feel trapped in a relationship for financial reasons.
Costco is Canadians' top choice for groceries
With its larger-than-life bulk items, enticing discounts and cheap hot dogs, the aisles of Costco can feel like an abundant wonderland and an overwhelming funhouse all at once. And while purchasing a palette of breakfast cereal may not always be necessary, the wholesale retail chain is at the top of the list of Canadians’ preferred grocery chains, according to customer data science company dunnhumby’s Retailer Preference Index (RPI). Following Costco in this list are Super C, Maxi and Walmart. “The impact of customer’s behavioural shift due to inflation are clear to see across the Canadian market,” Chris Thomson, dunnhumby's senior vice-president in Canada and the US, said in a statement. “For retailers to succeed over the next 12 months, they need to be clear on how their value proposition meets and connects to customers’ evolved needs in a way which matters to them. Change leads to opportunities, and this change in customer behaviour presents opportunities for all Canadian grocers, as long as they are also able to change with their customers.” The majority of a retailer’s success is based on their price, promotions and rewards propositions, so it’s not a shock that Costco hits the mark on this. All of the most popular retailers are club, discount and superstore banners, according to the data.
With its larger-than-life bulk items, enticing discounts and cheap hot dogs, the aisles of Costco can feel like an abundant wonderland and an overwhelming funhouse all at once. And while purchasing a palette of breakfast cereal may not always be necessary, the wholesale retail chain is at the top of the list of Canadians’ preferred grocery chains, according to customer data science company dunnhumby’s Retailer Preference Index (RPI). Following Costco in this list are Super C, Maxi and Walmart. “The impact of customer’s behavioural shift due to inflation are clear to see across the Canadian market,” Chris Thomson, dunnhumby's senior vice-president in Canada and the US, said in a statement. “For retailers to succeed over the next 12 months, they need to be clear on how their value proposition meets and connects to customers’ evolved needs in a way which matters to them. Change leads to opportunities, and this change in customer behaviour presents opportunities for all Canadian grocers, as long as they are also able to change with their customers.” The majority of a retailer’s success is based on their price, promotions and rewards propositions, so it’s not a shock that Costco hits the mark on this. All of the most popular retailers are club, discount and superstore banners, according to the data.
Seniors set up families with living legacy gifts
Turns out 2025 promises to be a big year for Canadians aged 55 or older. According to HomeEquity Bank, Canadians nearing or in retirement are actively looking for ways to create stable and purpose-led lives when it comes to financial planning and the primary tool of choice: their home. "Despite financial headwinds, Canadians aged 55 or older are taking an active role in creating stability and purpose in their lives by finding new ways to connect with family, and continuing to pursue independence, dignity and empowerment in 2025," explained HomeEquity Bank President and CEO Katherine Dudtschak in a recent statement. "Following a period of extended inflation and increased monthly expenses, we see a desire amongst Canadian homeowners 55 [sic] or older to explore new ways to access the savings in their homes to achieve their goals." Dudtschak and her colleagues at HomeEquity Bank offered five predictions for 2025 when it comes to Canadians aged 55 or older — and the biggest beneficiaries will be adult children and grandchildren.
Turns out 2025 promises to be a big year for Canadians aged 55 or older. According to HomeEquity Bank, Canadians nearing or in retirement are actively looking for ways to create stable and purpose-led lives when it comes to financial planning and the primary tool of choice: their home. "Despite financial headwinds, Canadians aged 55 or older are taking an active role in creating stability and purpose in their lives by finding new ways to connect with family, and continuing to pursue independence, dignity and empowerment in 2025," explained HomeEquity Bank President and CEO Katherine Dudtschak in a recent statement. "Following a period of extended inflation and increased monthly expenses, we see a desire amongst Canadian homeowners 55 [sic] or older to explore new ways to access the savings in their homes to achieve their goals." Dudtschak and her colleagues at HomeEquity Bank offered five predictions for 2025 when it comes to Canadians aged 55 or older — and the biggest beneficiaries will be adult children and grandchildren.
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