What is a tariff?
During his 2024 presidential campaign trail, then nominee Donald Trump was threatening to impose sweeping 25% tariffs on all goods imported from both Mexico and Canada. According to Trump, this was a necessary step in order to establish manufacturing and production independence within the USA. His aim was to make America a dynamic and self-sufficient powerhouse, once again. After officially assuming the position of the 47th President of the United States, Trump has stuck to his guns and rolled out 25% tariffs on all goods coming in from Canada and Mexico — political action that will have broad economic ramifications on North American trade and policy. Many Canadian politicians, business leaders and investing professionals have sounded the alarm of how these acerbic tariffs will put the Canadian economy into a precarious position — and also hurt the US economcy, given the interdependence of the two nations on both imports and exports. With all this talk of tariffs and their potential drawbacks, it is important to understand what a tariff is, why this type of surtax is used, how tariffs can ultimately benefit or act as a detriment to Canada’s economy, and what it all means for the average Canadian consumer, investor or business owner.
During his 2024 presidential campaign trail, then nominee Donald Trump was threatening to impose sweeping 25% tariffs on all goods imported from both Mexico and Canada. According to Trump, this was a necessary step in order to establish manufacturing and production independence within the USA. His aim was to make America a dynamic and self-sufficient powerhouse, once again. After officially assuming the position of the 47th President of the United States, Trump has stuck to his guns and rolled out 25% tariffs on all goods coming in from Canada and Mexico — political action that will have broad economic ramifications on North American trade and policy. Many Canadian politicians, business leaders and investing professionals have sounded the alarm of how these acerbic tariffs will put the Canadian economy into a precarious position — and also hurt the US economcy, given the interdependence of the two nations on both imports and exports. With all this talk of tariffs and their potential drawbacks, it is important to understand what a tariff is, why this type of surtax is used, how tariffs can ultimately benefit or act as a detriment to Canada’s economy, and what it all means for the average Canadian consumer, investor or business owner.
Share of Canadians looking to job switch is down
A new report from talent solutions and business consulting firm Robert Half revealed over a third (38%) of workers have started or are planning to start looking for a new job in the first half of the year. That figure is down from half in July 2024. "While many professionals right now are still interested in pursuing new roles, the decrease in active job seeking may lead to increasing hiring challenges for the nearly half of businesses planning to expand their workforce in 2025," Koula Vasilopoulos, Robert Half Canada’s senior managing director, said in a statement. "Employers will need to focus on strategies that help them find the right talent, promote a smooth hiring process and attract skilled workers to new roles." An additional 39% say they are open to a new role if the right opportunity arises.
A new report from talent solutions and business consulting firm Robert Half revealed over a third (38%) of workers have started or are planning to start looking for a new job in the first half of the year. That figure is down from half in July 2024. "While many professionals right now are still interested in pursuing new roles, the decrease in active job seeking may lead to increasing hiring challenges for the nearly half of businesses planning to expand their workforce in 2025," Koula Vasilopoulos, Robert Half Canada’s senior managing director, said in a statement. "Employers will need to focus on strategies that help them find the right talent, promote a smooth hiring process and attract skilled workers to new roles." An additional 39% say they are open to a new role if the right opportunity arises.
Canadian live music contributes over $10B to GDP
The Canadian live music industry contributed $10.92 billion to the nation’s annual GDP in 2023. This is according to a new report from the Canadian Live Music Association (CLMA), ‘Here and Now: understanding the economic power and potential of Canada's live music industry,‘ commissioned by Nordicity. "Here and Now' is the first economic study to quantify the contributions of the live music industry — and its massive supply chain across Canada — that connect artists with their fans," Erin Benjamin, CLMA president and CEO, said in a statement. "Understanding and harnessing the live music ecosystem creates a significant and scalable competitive advantage for Canada." The GDP contribution comes from the combined impact of live music and tourism spending.
The Canadian live music industry contributed $10.92 billion to the nation’s annual GDP in 2023. This is according to a new report from the Canadian Live Music Association (CLMA), ‘Here and Now: understanding the economic power and potential of Canada's live music industry,‘ commissioned by Nordicity. "Here and Now' is the first economic study to quantify the contributions of the live music industry — and its massive supply chain across Canada — that connect artists with their fans," Erin Benjamin, CLMA president and CEO, said in a statement. "Understanding and harnessing the live music ecosystem creates a significant and scalable competitive advantage for Canada." The GDP contribution comes from the combined impact of live music and tourism spending.
Trump says USA doesn't need Canadian imports
Days after saying that the United States will impose sweeping tariffs on Canadian imports, President Donald Trump agreed to a 30-day pause. A welcome reprieve and opportunity for negotiation, the announcement also serves to prolong the threat and uncertainty of economic disruption for industries that are reliant on cross-border trade, as well as the investors who support them. President Donald Trump’s address to the World Economic Forum in Davos last week sent shockwaves throughout Canada’s economic and investment communities, further fueling the economic uncertainty that has been a defining feature of his return to the Oval Office. Trump, who appeared via video conference, remarked how the US doesn’t need Canadian oil, gas, autos or lumber. These comments reignited concerns about the future of Canada/US trade relations — one of the world’s most interconnected and interdependent trade relationships.
Days after saying that the United States will impose sweeping tariffs on Canadian imports, President Donald Trump agreed to a 30-day pause. A welcome reprieve and opportunity for negotiation, the announcement also serves to prolong the threat and uncertainty of economic disruption for industries that are reliant on cross-border trade, as well as the investors who support them. President Donald Trump’s address to the World Economic Forum in Davos last week sent shockwaves throughout Canada’s economic and investment communities, further fueling the economic uncertainty that has been a defining feature of his return to the Oval Office. Trump, who appeared via video conference, remarked how the US doesn’t need Canadian oil, gas, autos or lumber. These comments reignited concerns about the future of Canada/US trade relations — one of the world’s most interconnected and interdependent trade relationships.
Discover Canadian wine: Alternatives to US wine
With ongoing trade tensions and tariff discussions involving US President Donald Trump, many Canadians are considering shifting their purchasing habits in favour of local alternatives. This presents the perfect opportunity for wine lovers to explore the diverse and high-quality offerings of Canada's wine industry. From the rolling vineyards of British Columbia’s Okanagan Valley to the renowned terroirs of Ontario’s Niagara Peninsula and Prince Edward County, Canadian winemakers produce world-class wines that stand toe-to-toe with their American counterparts. Whether you’re a fan of California’s bold Cabernet Sauvignons, Oregon’s refined Pinot Noirs or Washington’s smooth Merlots, there are exceptional Canadian wines ready to fill the gap on your dinner table. To help, here’s a sample of some of Canada’s best wines — excellent substitutes for popular American selections — that allow you to enjoy premium quality wine while supporting local vintners.
With ongoing trade tensions and tariff discussions involving US President Donald Trump, many Canadians are considering shifting their purchasing habits in favour of local alternatives. This presents the perfect opportunity for wine lovers to explore the diverse and high-quality offerings of Canada's wine industry. From the rolling vineyards of British Columbia’s Okanagan Valley to the renowned terroirs of Ontario’s Niagara Peninsula and Prince Edward County, Canadian winemakers produce world-class wines that stand toe-to-toe with their American counterparts. Whether you’re a fan of California’s bold Cabernet Sauvignons, Oregon’s refined Pinot Noirs or Washington’s smooth Merlots, there are exceptional Canadian wines ready to fill the gap on your dinner table. To help, here’s a sample of some of Canada’s best wines — excellent substitutes for popular American selections — that allow you to enjoy premium quality wine while supporting local vintners.
Canadians Ditch US Spirits: The shift toward local
In response to ongoing trade tensions — primarily from Trump’s recent trade tariffs imposed on Canadian goods — many Canadians are choosing to buy Canadian. For local distillers, this is a chance to convince Canadians what the rest of the world may already know: We make great spirits. In fact, supporting homegrown distilleries has become a point of pride, with consumers opting for high-quality Canadian whisky, vodka and gin instead of US-made alternatives. Brands such as Alberta Premium, Forty Creek and Crystal Head Vodka are gaining even more traction as shoppers prioritize domestic products. With an abundance of award-winning options, Canadians are proving that their spirits industry is stronger than ever.
In response to ongoing trade tensions — primarily from Trump’s recent trade tariffs imposed on Canadian goods — many Canadians are choosing to buy Canadian. For local distillers, this is a chance to convince Canadians what the rest of the world may already know: We make great spirits. In fact, supporting homegrown distilleries has become a point of pride, with consumers opting for high-quality Canadian whisky, vodka and gin instead of US-made alternatives. Brands such as Alberta Premium, Forty Creek and Crystal Head Vodka are gaining even more traction as shoppers prioritize domestic products. With an abundance of award-winning options, Canadians are proving that their spirits industry is stronger than ever.
1 in 3 Canadians expect BoC to drop rates in June
One in three Canadians expect the Bank of Canada to start cutting interest rates at the June 2024 interest rate announcement, according to an Angus Reid survey. This comes as many Canadians feel the pinch of high borrowing costs and are looking for some financial relief. "It's clear that higher rates have done their job: Cooling consumer spending significantly and helping to bring inflation down to much more manageable levels,” explains Martha Vallance, Chief Operating Office (COO) of Dye & Durham, a global legal software firm. Working with Angus Reid, Dye & Durham conducts a quarterly Canadian pulse survey designed to uncover trends and insights on sentiment surrounding the economy, technology and the real estate market.
One in three Canadians expect the Bank of Canada to start cutting interest rates at the June 2024 interest rate announcement, according to an Angus Reid survey. This comes as many Canadians feel the pinch of high borrowing costs and are looking for some financial relief. "It's clear that higher rates have done their job: Cooling consumer spending significantly and helping to bring inflation down to much more manageable levels,” explains Martha Vallance, Chief Operating Office (COO) of Dye & Durham, a global legal software firm. Working with Angus Reid, Dye & Durham conducts a quarterly Canadian pulse survey designed to uncover trends and insights on sentiment surrounding the economy, technology and the real estate market.
Is Kirkland Canadian?
Canadians have long had a love affair with Costco, the American retail giant known for its bulk products, unbeatable deals and beloved Kirkland Signature brand. Kirkland is not a Canadian brand; it is the private label brand of Costco Wholesale. Costco’s headquarters are located in Issaquah, Washington, USA. The brand name "Kirkland" comes from Kirkland, Washington, where Costco's corporate headquarters were originally located. However, Kirkland Signature products are widely available in Costco Canada locations, and some of their products, such as certain dairy, maple syrup and meats, are sourced from Canadian suppliers. During tense times, like Trump’s tariff trade wars, Costco Canada continues to offer a wide range of both American and Canadian-made goods. For shoppers who want to support Canada, shopping at Costco is still an option, if they know what and when to buy Canadian-made goods. To help, here’s a list of Kirkland products that are made in Canada, along with Canadian-produced products sold at Costco stores throughout Canada.
Canadians have long had a love affair with Costco, the American retail giant known for its bulk products, unbeatable deals and beloved Kirkland Signature brand. Kirkland is not a Canadian brand; it is the private label brand of Costco Wholesale. Costco’s headquarters are located in Issaquah, Washington, USA. The brand name "Kirkland" comes from Kirkland, Washington, where Costco's corporate headquarters were originally located. However, Kirkland Signature products are widely available in Costco Canada locations, and some of their products, such as certain dairy, maple syrup and meats, are sourced from Canadian suppliers. During tense times, like Trump’s tariff trade wars, Costco Canada continues to offer a wide range of both American and Canadian-made goods. For shoppers who want to support Canada, shopping at Costco is still an option, if they know what and when to buy Canadian-made goods. To help, here’s a list of Kirkland products that are made in Canada, along with Canadian-produced products sold at Costco stores throughout Canada.
'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.
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.