Canadians want action on reducing landfill waste
Whether we burn it, recycle it or ignore it, the truth is we produce too much waste. Now, even mainstreet Canadians are starting to make a fuss at all the extra garbage. According to survey, released Co-operators insurance firm, 8 out of 10 Canadians think the country produces too much waste. But there's a silver lining:Two-thirds of Canadians believe we can be responsibly manage this trash. "Canada is sending over 26 million tonnes of waste to landfill every year," explains Co‑operators Vice-President of Claims Craig Bran. To illustrate, Bran explains how Co-operators' claims produced 116,000 tonnes of waste in 2023. "That's nearly the weight of the CN Tower. It's unsustainable." While there are many Canadians who have reasonably good habits for reducing waste, the majority of Canadians — 6 out of 10 — are interested in learning more about sustainable waste management practices.
Whether we burn it, recycle it or ignore it, the truth is we produce too much waste. Now, even mainstreet Canadians are starting to make a fuss at all the extra garbage. According to survey, released Co-operators insurance firm, 8 out of 10 Canadians think the country produces too much waste. But there's a silver lining:Two-thirds of Canadians believe we can be responsibly manage this trash. "Canada is sending over 26 million tonnes of waste to landfill every year," explains Co‑operators Vice-President of Claims Craig Bran. To illustrate, Bran explains how Co-operators' claims produced 116,000 tonnes of waste in 2023. "That's nearly the weight of the CN Tower. It's unsustainable." While there are many Canadians who have reasonably good habits for reducing waste, the majority of Canadians — 6 out of 10 — are interested in learning more about sustainable waste management practices.
Canadians are feeling vacation deprived
While Canadians, on average, take seven more vacation days annually than their American counterparts, 58% still admit to feeling vacation deprived – defined as the feeling of not having enough time off – in comparison to 65% of Americans. This is according to Expedia's Vacation Deprivation Report. At the same time, only 45% of Canadians used all their vacation days in 2023, while as of June this year, only a quarter have already booked or taken vacation. Those who were surveyed said hoarding time off in case of an emergency was the number one reason their total vacation days were not used last year. "We may not be able to control how many days off we get, but the research begs the question: What can we learn from other countries that will help Canadians use their time off to the fullest extent," said head of Expedia Group brands public relations, Melanie Fish. "In Japan, people take time off every month instead of just twice a year. For the French, a full month of vacation still doesn't feel like enough time. Clearly there's a lot to borrow from, whether it's spreading your PTO throughout the year or prioritizing rest on your next vacation." With vacation rates trending downwards in many other parts of the world, it's clear North American working adults could benefit from picking up some of the time-off strategies and attitudes of other nations.
While Canadians, on average, take seven more vacation days annually than their American counterparts, 58% still admit to feeling vacation deprived – defined as the feeling of not having enough time off – in comparison to 65% of Americans. This is according to Expedia's Vacation Deprivation Report. At the same time, only 45% of Canadians used all their vacation days in 2023, while as of June this year, only a quarter have already booked or taken vacation. Those who were surveyed said hoarding time off in case of an emergency was the number one reason their total vacation days were not used last year. "We may not be able to control how many days off we get, but the research begs the question: What can we learn from other countries that will help Canadians use their time off to the fullest extent," said head of Expedia Group brands public relations, Melanie Fish. "In Japan, people take time off every month instead of just twice a year. For the French, a full month of vacation still doesn't feel like enough time. Clearly there's a lot to borrow from, whether it's spreading your PTO throughout the year or prioritizing rest on your next vacation." With vacation rates trending downwards in many other parts of the world, it's clear North American working adults could benefit from picking up some of the time-off strategies and attitudes of other nations.
Rate drop winners and losers
The Bank of Canada lowered its interest rate on July 24, bringing down the overall rate to 4.50%. Bank Governenor Tiff Macklem said "We are increasingly confident that the ingredients to bring inflation back to target are in place,” in the wake of the announcement. “If inflation continues to ease broadly in line with our forecast, it is reasonable to expect further cuts in our policy interest rate,” Macklem said. “The timing will depend on how we see these opposing forces place out.” What does this rate increase mean for the average Canadians? How will those with mortgages, debt, savings and investments be impacted? According to Tyler Thielmann, President and CEO of Spring Financial the winners in this situation "are the people who have variable rate debt who should see an immediate change in their interest costs and more money in their pocket each month." However, for Thielmann, deciphering who the losers are is not as easy as it seems. "Losers is a bit harder to answer; we’ll need to see how things shake out. Typically, lowering interest rates is meant to spur on the economy and encourage growth. If the economy is in fact struggling, that could have a negative impact on many Canadians. Time will tell." When asked about why the Bank of Canada is decreasing the rate, Thielmann speculated that it was to prevent an economic collapse due to forthcoming mortgage renewals.
The Bank of Canada lowered its interest rate on July 24, bringing down the overall rate to 4.50%. Bank Governenor Tiff Macklem said "We are increasingly confident that the ingredients to bring inflation back to target are in place,” in the wake of the announcement. “If inflation continues to ease broadly in line with our forecast, it is reasonable to expect further cuts in our policy interest rate,” Macklem said. “The timing will depend on how we see these opposing forces place out.” What does this rate increase mean for the average Canadians? How will those with mortgages, debt, savings and investments be impacted? According to Tyler Thielmann, President and CEO of Spring Financial the winners in this situation "are the people who have variable rate debt who should see an immediate change in their interest costs and more money in their pocket each month." However, for Thielmann, deciphering who the losers are is not as easy as it seems. "Losers is a bit harder to answer; we’ll need to see how things shake out. Typically, lowering interest rates is meant to spur on the economy and encourage growth. If the economy is in fact struggling, that could have a negative impact on many Canadians. Time will tell." When asked about why the Bank of Canada is decreasing the rate, Thielmann speculated that it was to prevent an economic collapse due to forthcoming mortgage renewals.
Prime rate in Canada
Canada’s prime rate — the interest rate that major banks charge their best customers — will drop to 6.70% after the Bank of Canada lowered it's overnight rate to 4.50%. “We are increasingly confident that the ingredients to bring inflation back to target are in place," explained Tiff Macklem, Governor of the Bank of Canada, in the July 24, 2024 policy announcement. “If inflation continues to ease broadly in line with our forecast, it is reasonable to expect further cuts in our policy interest rate,” Macklem said. “The timing will depend on how we see these opposing forces place out.”
Canada’s prime rate — the interest rate that major banks charge their best customers — will drop to 6.70% after the Bank of Canada lowered it's overnight rate to 4.50%. “We are increasingly confident that the ingredients to bring inflation back to target are in place," explained Tiff Macklem, Governor of the Bank of Canada, in the July 24, 2024 policy announcement. “If inflation continues to ease broadly in line with our forecast, it is reasonable to expect further cuts in our policy interest rate,” Macklem said. “The timing will depend on how we see these opposing forces place out.”
7 Ways BoC Rate Drop Impacts Canadians
On July 24, 2024, the Bank of Canada (BoC) cut the overnight target rate for the second time in a row, after four years of increases and a long plateau. While the 25 basis point cut is considered to be a positive signal regarding a potential end to higher living costs, many banks and financial experts are cautiously reminding Canadians that lower prices and reduced borrowing costs won't be immediate. Here are seven ways the recent 0.25% rate reduction from the BoC will impact Canadians and homeowners.
On July 24, 2024, the Bank of Canada (BoC) cut the overnight target rate for the second time in a row, after four years of increases and a long plateau. While the 25 basis point cut is considered to be a positive signal regarding a potential end to higher living costs, many banks and financial experts are cautiously reminding Canadians that lower prices and reduced borrowing costs won't be immediate. Here are seven ways the recent 0.25% rate reduction from the BoC will impact Canadians and homeowners.
What is the Bank of Canada interest rate?
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. As of July 24, 2024, the Bank of Canada interest rate is 4.50%.
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. As of July 24, 2024, the Bank of Canada interest rate is 4.50%.
Rise in CCB in 2024—to match higher cost of living
Canadian parents struggling to budget, here's some good news: The Canadian government will increase the Canada Child Benefit as of July 2024. The increase is set to take effect for the July 2024 to June 2025 benefit period. Based on this increase, eligible Canadian families will now receive up to $7,787 per child under the age of six and $6,570 per child aged six through 17. "The Canada Child Benefit, rolled out by our Government, has been a cornerstone of support to Canadian families. It helps ensure children have the opportunities they deserve. With this latest increase, we are reinforcing our commitment to help parents meet the rising costs of living,” explained Minister of Environment and Climate Change, Steven Guilbeault in a press release. “We believe in a Canada where every child has the best possible start in life, and we will continue to work toward making life more affordable for all families." The Canada Child Benefit is a monthly, tax-free benefit based on the prior year's income that provides support for low- to middle-income families with children to help with the cost of raising children under 18 years of age. Eligible families received the first payment in July 2016.
Canadian parents struggling to budget, here's some good news: The Canadian government will increase the Canada Child Benefit as of July 2024. The increase is set to take effect for the July 2024 to June 2025 benefit period. Based on this increase, eligible Canadian families will now receive up to $7,787 per child under the age of six and $6,570 per child aged six through 17. "The Canada Child Benefit, rolled out by our Government, has been a cornerstone of support to Canadian families. It helps ensure children have the opportunities they deserve. With this latest increase, we are reinforcing our commitment to help parents meet the rising costs of living,” explained Minister of Environment and Climate Change, Steven Guilbeault in a press release. “We believe in a Canada where every child has the best possible start in life, and we will continue to work toward making life more affordable for all families." The Canada Child Benefit is a monthly, tax-free benefit based on the prior year's income that provides support for low- to middle-income families with children to help with the cost of raising children under 18 years of age. Eligible families received the first payment in July 2016.
Maple Leaf's new public company for pork products
Maple Leaf Foods Inc. has announced that it will separate into two independent companies and form a subsidiary that will manage its pork business under an evergreen agreement, in a plan to unlock significant value. The name of this swine-centric subsidiary will be revealed in the coming months. "As separate companies, Maple Leaf Foods and the new Pork Company will each have exciting prospects, a sharpened execution focus with its own dedicated management team, and the financial independence to pursue its own value creation strategy, all with an uncompromising commitment to safety and sustainability," said President and CEO of Maple Leaf Foods, Curtis Frank. Maple Leaf Foods anticipates an increase to growth potential as a result of the separation and will retain a 19.9% ownership position in the new pork company, allowing them to pursue their individual value creation opportunities. This will in part be due to a return of capital spin off and related tax consequences. The separation is expected to be completed during 2025 and has been approved by Maple Leaf Foods’ Board of Directors. It also has the full support of McCain Capital Inc., the company’s largest controlling shareholder, with shareholders committing to holding their shares in the new company for two years after the transaction is closed. The transaction will be subject to shareholder approval at a special meeting of Maple Leaf Foods' shareholders, as well as other customary approvals, including the receipt of all required third-party consents.
Maple Leaf Foods Inc. has announced that it will separate into two independent companies and form a subsidiary that will manage its pork business under an evergreen agreement, in a plan to unlock significant value. The name of this swine-centric subsidiary will be revealed in the coming months. "As separate companies, Maple Leaf Foods and the new Pork Company will each have exciting prospects, a sharpened execution focus with its own dedicated management team, and the financial independence to pursue its own value creation strategy, all with an uncompromising commitment to safety and sustainability," said President and CEO of Maple Leaf Foods, Curtis Frank. Maple Leaf Foods anticipates an increase to growth potential as a result of the separation and will retain a 19.9% ownership position in the new pork company, allowing them to pursue their individual value creation opportunities. This will in part be due to a return of capital spin off and related tax consequences. The separation is expected to be completed during 2025 and has been approved by Maple Leaf Foods’ Board of Directors. It also has the full support of McCain Capital Inc., the company’s largest controlling shareholder, with shareholders committing to holding their shares in the new company for two years after the transaction is closed. The transaction will be subject to shareholder approval at a special meeting of Maple Leaf Foods' shareholders, as well as other customary approvals, including the receipt of all required third-party consents.
Canadians struggling to plan for retirement
A recent study by the Canadian Association of Retired Persons for Sun Life shows that one third of Canadians struggle to plan for retirement, with 75% of respondents say their cost of living is negatively impacting their retirement savings. "There are many factors to think about for Canadians when it comes to saving for retirement," said Eric Monteiro, senior vice-president of group retirement services for Sun Life. "Planning can significantly affect someone's ability to retire. Considering what you want your retirement to look like, and building a roadmap to get there is essential." Elsewhere in the report, over half of respondents indicated that they are worried they do not have enough money to retire.
A recent study by the Canadian Association of Retired Persons for Sun Life shows that one third of Canadians struggle to plan for retirement, with 75% of respondents say their cost of living is negatively impacting their retirement savings. "There are many factors to think about for Canadians when it comes to saving for retirement," said Eric Monteiro, senior vice-president of group retirement services for Sun Life. "Planning can significantly affect someone's ability to retire. Considering what you want your retirement to look like, and building a roadmap to get there is essential." Elsewhere in the report, over half of respondents indicated that they are worried they do not have enough money to retire.
Canadian neighbourhoods offer high quality of life
RE/MAX’s 2024 Liveability report paints an optimistic picture of Canadian neighbourhood satisfaction, despite the ongoing affordability crisis, with 86% of Canadians liking their current quality of life and 50% liking it a lot. "Quality of life continues to be an important consideration for Canadians when choosing a place to live. Our survey shows that many have found a place they love, but we also know that ongoing affordability crises and housing shortages are severely impacting many Canadians and have become a barrier to home ownership in regions across the country," said Christopher Alexander, President of RE/MAX Canada. For 69% of Canadians, belonging and peace of mind in their neighbourhood are very important compared to three to five years ago, and can positively impact the overall experience. Additionally, nearly half (46%) of respondents view diversity and inclusion as crucial.
RE/MAX’s 2024 Liveability report paints an optimistic picture of Canadian neighbourhood satisfaction, despite the ongoing affordability crisis, with 86% of Canadians liking their current quality of life and 50% liking it a lot. "Quality of life continues to be an important consideration for Canadians when choosing a place to live. Our survey shows that many have found a place they love, but we also know that ongoing affordability crises and housing shortages are severely impacting many Canadians and have become a barrier to home ownership in regions across the country," said Christopher Alexander, President of RE/MAX Canada. For 69% of Canadians, belonging and peace of mind in their neighbourhood are very important compared to three to five years ago, and can positively impact the overall experience. Additionally, nearly half (46%) of respondents view diversity and inclusion as crucial.
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