Canadians' wealth transfer may disappoint
The generational wealth transfer from boomer parents to millennial children, estimated at approximately $1 trillion, may not be as impactful as younger Canadians have hoped. This is according to the latest survey from investment firm Vanguard Canada. "Canadians of both generations, from boomers to millennials, are feeling the pressure of inflation and the rising cost of living, and this impacts the transfer of wealth," Mario Cianfarani, Vanguard Investment Canada’s head of sales and distribution, said in a statement. "This is a difficult conversation for many people and expectations may not match reality," he added. Many younger Canadians are relying on their inheritance, with 34% of those aged 18 to 34 stating that an inheritance will be crucial to meeting their goals.
The generational wealth transfer from boomer parents to millennial children, estimated at approximately $1 trillion, may not be as impactful as younger Canadians have hoped. This is according to the latest survey from investment firm Vanguard Canada. "Canadians of both generations, from boomers to millennials, are feeling the pressure of inflation and the rising cost of living, and this impacts the transfer of wealth," Mario Cianfarani, Vanguard Investment Canada’s head of sales and distribution, said in a statement. "This is a difficult conversation for many people and expectations may not match reality," he added. Many younger Canadians are relying on their inheritance, with 34% of those aged 18 to 34 stating that an inheritance will be crucial to meeting their goals.
NS couple slapped with illegal rent charges
Jessie Cyr and his boyfriend are speaking out about illegal charges they faced after moving into an apartment in Dartmouth, Nova Scotia. Cyr, 21, said that he and his partner paid what they thought was a security deposit, along with the first month’s rent, for a total of $2,400. Two weeks later, Cyr told Global News, an additional $1,600 was removed from their account. The couple had their bank reverse the charge and contacted the rental company to try to get some answers. They were aware that application fees and advance rental charges are illegal according to the Residential Tenancies Act (RTA). Instead of a valid explanation, what they got were threats of eviction, according to Cyr. His situation is just one example of the power imbalance between landlords and tenants. Here’s how to protect yourself.
Jessie Cyr and his boyfriend are speaking out about illegal charges they faced after moving into an apartment in Dartmouth, Nova Scotia. Cyr, 21, said that he and his partner paid what they thought was a security deposit, along with the first month’s rent, for a total of $2,400. Two weeks later, Cyr told Global News, an additional $1,600 was removed from their account. The couple had their bank reverse the charge and contacted the rental company to try to get some answers. They were aware that application fees and advance rental charges are illegal according to the Residential Tenancies Act (RTA). Instead of a valid explanation, what they got were threats of eviction, according to Cyr. His situation is just one example of the power imbalance between landlords and tenants. Here’s how to protect yourself.
Ontario landlord says the system is failing
Michael Portman, a Windsor, Ontario landlord, has been waiting for rent payments for 16 months and counting. Portman was stuck in limbo until the provincial board that oversees rental issues served an eviction notice to the renters. Unfortunately for Portman, the tenants successfully filed for a stay of the eviction, just days before they were to be evicted. “I was just numb and it wasn't a matter of shock, because I knew that this could happen, it was just, once again, the system fails to do its job," Portman told CBC News. Is the housing system failing landlords? Let’s dive into Portman’s situation to find out more.
Michael Portman, a Windsor, Ontario landlord, has been waiting for rent payments for 16 months and counting. Portman was stuck in limbo until the provincial board that oversees rental issues served an eviction notice to the renters. Unfortunately for Portman, the tenants successfully filed for a stay of the eviction, just days before they were to be evicted. “I was just numb and it wasn't a matter of shock, because I knew that this could happen, it was just, once again, the system fails to do its job," Portman told CBC News. Is the housing system failing landlords? Let’s dive into Portman’s situation to find out more.
Waterloo couple loses $50K on Kijiji scam
Waterloo, Ontario residents Bob Francoeur and his wife listed their RV for sale on Kijiji recently, and were defrauded $50K when they tried to deposit the buyer’s bank draft to their RBC account and were told it was fraudulent. Unfortunately, this isn't an isolated incident, as Canadians lost a staggering $567 million in 2023 — an increase of $37M from 2022 and $187M since 2021 — according to research from the Canadian Anti-Fraud Centre. Even though the Francoeurs did everything they could to prevent being defrauded, they ultimately ended up learning a big lesson and are trying to warn other Canadians on how they can easily fall victim to this existential threat. Below, see where the couple went wrong and how to avoid a similar loss.
Waterloo, Ontario residents Bob Francoeur and his wife listed their RV for sale on Kijiji recently, and were defrauded $50K when they tried to deposit the buyer’s bank draft to their RBC account and were told it was fraudulent. Unfortunately, this isn't an isolated incident, as Canadians lost a staggering $567 million in 2023 — an increase of $37M from 2022 and $187M since 2021 — according to research from the Canadian Anti-Fraud Centre. Even though the Francoeurs did everything they could to prevent being defrauded, they ultimately ended up learning a big lesson and are trying to warn other Canadians on how they can easily fall victim to this existential threat. Below, see where the couple went wrong and how to avoid a similar loss.
Working 20 somethings have the worst mental health
Overall well-being, especially among working Canadians in their twenties, remains at a low point as they struggle with stress, particularly with financial pressures surrounding rising costs of living. This is according to the latest report from health and wellness platform Dialogue Health Technologies. "With many Canadians losing sleep over common stressors such as finances, this has a cascading effect on lifestyle factors which impact mental health, physical health and overall well-being," Dr. Marc Robin, Dialogue’s medical director, said in a statement. "Increasing accessible support, especially through virtual means where mental health care is just a phone tap away, helps Canadians manage their health and well-being before issues worsen." The semi-annual Health and Well-Being Report: A Canadian benchmark leverages the World Health Organization's (WHO) Well-Being Index (WHO-5), uncovering insights across five dimensions of mental health and well-being, including mood, stress, sleep, activeness and sense of purpose.
Overall well-being, especially among working Canadians in their twenties, remains at a low point as they struggle with stress, particularly with financial pressures surrounding rising costs of living. This is according to the latest report from health and wellness platform Dialogue Health Technologies. "With many Canadians losing sleep over common stressors such as finances, this has a cascading effect on lifestyle factors which impact mental health, physical health and overall well-being," Dr. Marc Robin, Dialogue’s medical director, said in a statement. "Increasing accessible support, especially through virtual means where mental health care is just a phone tap away, helps Canadians manage their health and well-being before issues worsen." The semi-annual Health and Well-Being Report: A Canadian benchmark leverages the World Health Organization's (WHO) Well-Being Index (WHO-5), uncovering insights across five dimensions of mental health and well-being, including mood, stress, sleep, activeness and sense of purpose.
Rent is at a 3-year low — why affordability is not
The average cost of rent in Canada has fallen by $50 per month in October 2024 — marking the first decline in Canadian rental rates since 2021. However, the drop is confined to city centres in Ontario and British Columbia, the most expensive provinces for renters. The greater Toronto and Vancouver areas are seeing a drop of 1.2% from rental rates in 2021. CBC News reports the average rent cost across Canada is $2,152 per month, down $50 a month from June's record high of $2,202 per month, with the caveat being this drop may be driving up prices elsewhere. To compare, in July 2021 during the last rate drop, the average cost of rent was $1,752 per month. What are some of the key drivers of this trend?
The average cost of rent in Canada has fallen by $50 per month in October 2024 — marking the first decline in Canadian rental rates since 2021. However, the drop is confined to city centres in Ontario and British Columbia, the most expensive provinces for renters. The greater Toronto and Vancouver areas are seeing a drop of 1.2% from rental rates in 2021. CBC News reports the average rent cost across Canada is $2,152 per month, down $50 a month from June's record high of $2,202 per month, with the caveat being this drop may be driving up prices elsewhere. To compare, in July 2021 during the last rate drop, the average cost of rent was $1,752 per month. What are some of the key drivers of this trend?
Women in leadership drive Canadian success
Given an increase in companies scaling back their inclusion efforts, a new report makes the immediate business case for company diversity strengthening performance and culture. The GAIL Report: An Actionable Guide to Advance Women in the Workplace, from Toronto-based Women’s Executive Network (WXN) and its partners Global Alliance for Inclusive Leadership, argue for doubling down on diversity. "This is a critical moment of reckoning for companies across North America and the world. Women's progress is already glacial at best, with parity on boards a decade away and well over a century before gender parity is achieved across the globe. But the longer organizations wait, the longer — and the more — they can suffer," Sherri Stevens, WXN’s owner and CEO, said in a statement. "The GAIL Report underscores that, when women rise into leadership roles, they drive broader success for both profit and people." Recent corporate layoffs have targeted diversity, equity and inclusion (DEI) roles at nearly double the rate of other roles, complicating efforts at diversity.
Given an increase in companies scaling back their inclusion efforts, a new report makes the immediate business case for company diversity strengthening performance and culture. The GAIL Report: An Actionable Guide to Advance Women in the Workplace, from Toronto-based Women’s Executive Network (WXN) and its partners Global Alliance for Inclusive Leadership, argue for doubling down on diversity. "This is a critical moment of reckoning for companies across North America and the world. Women's progress is already glacial at best, with parity on boards a decade away and well over a century before gender parity is achieved across the globe. But the longer organizations wait, the longer — and the more — they can suffer," Sherri Stevens, WXN’s owner and CEO, said in a statement. "The GAIL Report underscores that, when women rise into leadership roles, they drive broader success for both profit and people." Recent corporate layoffs have targeted diversity, equity and inclusion (DEI) roles at nearly double the rate of other roles, complicating efforts at diversity.
Physically active Canadian workers more productive
Physically active workers lose 10 fewer work days of productivity annually than their sedentary counterparts in Canada. This is according to the latest TELUS Health report, the Canadian version of the TELUS Mental Health Index. "There is a clear link between physical activity, employer support and employee wellbeing. At TELUS Health, we've seen that supported, active employees have better mental health and higher productivity — outcomes for which every business owner strives," Paula Allen, TELUS Health’s global leader of research and client insights, said in a statement. "This underscores the need for organizations to prioritize wellbeing. By integrating robust support systems like Employee Assistance Programs (EAP) into workplace culture, companies can create a more resilient, engaged and productive workforce." The report also found workers dissatisfied with their physical health scored 22 points lower in mental health and lost 21 more days of productivity annually than satisfied counterparts.
Physically active workers lose 10 fewer work days of productivity annually than their sedentary counterparts in Canada. This is according to the latest TELUS Health report, the Canadian version of the TELUS Mental Health Index. "There is a clear link between physical activity, employer support and employee wellbeing. At TELUS Health, we've seen that supported, active employees have better mental health and higher productivity — outcomes for which every business owner strives," Paula Allen, TELUS Health’s global leader of research and client insights, said in a statement. "This underscores the need for organizations to prioritize wellbeing. By integrating robust support systems like Employee Assistance Programs (EAP) into workplace culture, companies can create a more resilient, engaged and productive workforce." The report also found workers dissatisfied with their physical health scored 22 points lower in mental health and lost 21 more days of productivity annually than satisfied counterparts.
Brampton landlord out $42K — ‘system is broken'
Narinder Singh and his wife learned the hard way that being a landlord might not be the easy passive income they expected it to be. The couple worked to save “for decades, penny by penny, for our old age.” They run a drycleaning business in a Brampton, Ontario supermarket and bought an Etobicoke condo as a retirement investment, with the intention to rent it before they were ready to sell their business. They rented their unit to Deeqa Rafle in 2020, but in 2021, Singh approached Ontario’s Landlord and Tenant Board for permission to evict her. For the first few months after she moved in, Rafle paid her rent regularly. As time progressed, however, month would pass with no rent payments, resulting in Rafle racking up $42,000 in back rent, plus another $5,000 in utilities. What was purchased as an investment for retirement for the Singhs, instead turned into a stressful and costly lesson, leading to Singh to call the system 'broken'. If the stress of being a landlord doesn't appeal to you, here are three alternative ways to invest in real estate.
Narinder Singh and his wife learned the hard way that being a landlord might not be the easy passive income they expected it to be. The couple worked to save “for decades, penny by penny, for our old age.” They run a drycleaning business in a Brampton, Ontario supermarket and bought an Etobicoke condo as a retirement investment, with the intention to rent it before they were ready to sell their business. They rented their unit to Deeqa Rafle in 2020, but in 2021, Singh approached Ontario’s Landlord and Tenant Board for permission to evict her. For the first few months after she moved in, Rafle paid her rent regularly. As time progressed, however, month would pass with no rent payments, resulting in Rafle racking up $42,000 in back rent, plus another $5,000 in utilities. What was purchased as an investment for retirement for the Singhs, instead turned into a stressful and costly lesson, leading to Singh to call the system 'broken'. If the stress of being a landlord doesn't appeal to you, here are three alternative ways to invest in real estate.
Albertans overpay 'billions' for power: report
Albertans have paid a whopping $24 billion for electricity since the province deregulated electricity generation in 2021, according to an Alberta Federation of Labour (AFL) report. The report states that the province's residents are paying the “highest consumer electricity prices in the country.” AFL president Gil McGowan told CTV News that workers and citizens have the right to demand better and that it’s not “just about lower bills,” but about creating jobs and a transition to clean energy. The AFL represents 26 affiliated trade unions and over 170,000 unionized workers across the Wild Rose Country. "We used to be regulated, we used to have predictable prices, and they were lower,” he said. “Regulated markets don't allow companies to exercise their market power at the expense of consumers, like what occurred with the price spikes in Alberta in 2021-2023.”
Albertans have paid a whopping $24 billion for electricity since the province deregulated electricity generation in 2021, according to an Alberta Federation of Labour (AFL) report. The report states that the province's residents are paying the “highest consumer electricity prices in the country.” AFL president Gil McGowan told CTV News that workers and citizens have the right to demand better and that it’s not “just about lower bills,” but about creating jobs and a transition to clean energy. The AFL represents 26 affiliated trade unions and over 170,000 unionized workers across the Wild Rose Country. "We used to be regulated, we used to have predictable prices, and they were lower,” he said. “Regulated markets don't allow companies to exercise their market power at the expense of consumers, like what occurred with the price spikes in Alberta in 2021-2023.”
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