This Eastern Ontario woman got scammed out of $20,000 after falling victim to fraudsters claiming to work for Scotiabank — here’s how the scheme works and how to protect yourself ASAP
In 2022, Canadians reported losses exceeding $6.7 million due to ‘bank investigator’ frauds, highlighting the growing sophistication of such scams, according to the Canadian Anti-Fraud Centre annual report. The Anti-Fraud Centre lists it in its Top 10 of frauds in the country. In 2022, there were 4,255 reports filed. The average dollar loss per victim […]
Canadian snowbird retirees are being forced to sell their Florida homes amid skyrocketing insurance costs, plunging loonie — is this temporary or long-term exodus from the Sunshine State?
For years, Ontario retiree Cesidia Cedrone and her husband escaped Canada’s brutal winters by retreating to their cozy Florida condo. But this year, instead of packing their bags for the sunshine, they packed up their belongings in Florida — for good. “Things changed so drastically. The Canadian dollar is not at par with the US […]
I’m 39 years old, my mom passed 7 years ago, and I live with my elderly dad in our family home — but now my broke sister wants to force a sale so she can get some cash. What are my options?
Family inheritances can lead to complex emotions, especially when it comes to real estate. This is a common situation many Canadians face. In this case, a reader finds herself torn between caring for her elderly father and dealing with her sister, who wants to force the sale of their family home to access her share […]
Tips from the late Charlie Munger on how to safeguard your financial future with alternative investments
Even though inflation may be cooling and interest rates dropping, many people are still trying to cope with the impact of higher living costs and how to adequately budget for everyday expenses, let alone long-term or retirement savings. It’s at these times, many investors — beginners and experienced veterans of the equities market — will […]
I’m 65, tired of working and have very little savings — is it possible to live off CPP alone? Yes, but you’ll need to make these 3 big sacrifices
If you plan on retiring and rely primarily on the Canada Pension Plan (CPP) you may have heard you will end up being perpetually cash-strapped. So, does that mean you should stay at your job? Learn to survive on noodles? Or work more to build up savings? To help you decide, you first need to […]
Putting off “the uncomfortable talk” — Many Canadians are avoiding discussing their final years
According to the recent Scotiatrust: Wills and Estate Planning Survey, 41% of Canadians don’t have a power of attorney document that names someone to manage their finances or other assets if they become incapacitated. What’s more, 47% lack a power of attorney regarding their personal and medical care. "As we continue to live longer, and […]
Getting ghosted? Rising cost of living affecting Canadians’ dating life
Just over half (56%) of Canadians say the rising cost of living is affecting their ability to date, with many going on fewer dates or planning less expensive dating activities. This is according to a Valentine’s Day-themed report from the BMO Real Financial Progress Index. "While the inflation rate has normalized in Canada, consumer prices […]
Alberta implements a $200 EV tax. What does this mean for the future of electric vehicles?
Alberta will begin collecting an annual $200 tax on electric vehicles (EVs) starting Feb. 13, 2025. The new tax applies to all fully electric vehicles at the time of registration, while hybrid vehicles remain exempt. EV owners will be slapped with the $200 tax when they go to register their EV — after the initial […]
How to get financial aid for Canadian students studying in the USA
Studying in the United States is a dream for many, with 28,000 Canadians heading south of the border in 2023 alone for their studies. Accessing student aid is a make or break moment for many Canadians considering the high cost of schooling in the US. But the rewards are worth it. After all, some of […]
Canadian companies are leading the way in using AI to manage finances
According to KPMG’s AI in finance survey, more than eight in 10 (82%) of Canadian respondents said their organizations are using or piloting AI in a finance function, compared to 71% globally. KPMG surveyed 2,900 organizations across 23 countries – including 100 from Canada. "Canadian organizations are increasingly weaving AI into the DNA of their […]
