Author: Oskar Malone

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 was $6,924.

The numbers are staggering, growing and impacting Canadians from young and old who are falling victims to criminals who are posing as employees of their bank.

A deceptive scheme unfolds

Kelsey Potter, an eastern Ontario resident, became one of the many victims of this sophisticated scam. And it happened so quickly. In a flash, she was out thousands of dollars.

It began with text messages alerting her to suspicious purchases at retailer Sephora. Moments later, she received a call appearing to be from Scotiabank, inquiring about these transactions to see if they were fraudulent, she recently told CTV News.

The caller instructed Potter to reply ‘N’ to the messages to halt the charges and then to log into her Scotiabank app.

While on the phone, he asked, "Can you see those credits heading back into your account?" Potter confirmed, and the caller thanked her before ending the call.

That evening, Potter received an alert that her two-factor authentication code had been changed. Then, the same individual called back, convincing her to e-transfer nearly $10,000 into a ‘security account’ to safeguard her funds.

“He instructed me to make the transfers in order to keep those funds safe and then go into the bank immediately to rectify anything,” Potter told CTV News.

The next morning, Potter discovered an additional $9,600 missing from her accounts. She and her husband rushed to the bank, where they were informed that Scotiabank had not contacted them and would never request such actions. They realized they had been defrauded.

How to protect yourself from ‘bank investigator’ scams

To avoid falling victim to similar frauds, consider the following tips from TD Bank:

• Verify unsolicited communications: If you receive a call, text, or email claiming to be from your bank, do not provide any personal information immediately. Instead, inform the caller that you will call back. Use the official phone number on the back of your bank card or from the bank’s official website. Wait at least 10 minutes before making the outgoing call to ensure the previous call has disconnected.
• Be cautious of caller ID spoofing: Fraudsters can manipulate caller ID to display legitimate bank numbers. Do not trust the caller ID alone. Always verify by calling back using official contact information.
• Never share personal information: Banks will never ask for your PIN, passwords, or verification codes over the phone or via email. Do not provide this information to anyone, regardless of who they claim to be.
• Avoid remote access requests: Never grant remote access to your computer or smartphone to unsolicited callers. Legitimate institutions will not request this.
• Be wary of unusual requests: Banks will not ask you to transfer funds to external accounts for security purposes. If someone requests this, it’s a red flag.

If you suspect you’ve been a victim of fraud:

• Contact your bank immediately: Report the incident and request that your accounts be frozen to prevent further unauthorized transactions.
• Report to authorities: File a report with your local police service and the Canadian Anti-Fraud Centre (CAFC) at 1-888-495-8501 or online, even if no financial loss has occurred.
• Monitor your accounts: Regularly check your bank and credit card statements for any unauthorized transactions.

By staying vigilant and informed, you can protect yourself and others from falling victim to these deceptive schemes.

This article 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 originally appeared on Money.ca

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

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 dollar. That was behind our major decision to sell,” Cedrone recently told CBC News.

Insurance, condo fees, everything kept going up. It just didn’t make sense anymore to live in the US.

Cedrone is not alone. A growing number of Canadian snowbirds, once drawn to Florida’s warm climate and affordable properties, are now selling their homes as financial and political factors make the dream of wintering in the Sunshine State increasingly unattainable.

Rising costs are forcing snowbirds to sell

The weak Canadian dollar, now hovering around 69 US cents, has significantly reduced buying power for snowbirds. In addition, skyrocketing property insurance rates — driven by severe storms and hurricanes — have made homeownership unsustainable for many.

Cedrone, for example, saw her insurance costs climb from a few thousand dollars a year to a staggering $16,000, annually.

“It was shocking,” she explained to CBC News. “We love Florida, but we had no choice.”

Beyond insurance, property taxes and condo fees have also surged, particularly in sought-after retirement communities. Some homeowners report that maintenance fees alone have doubled in recent years.

According to the National Association of Realtors, Canadians accounted for nearly 25% of foreign home sales in Florida between April 2023 and March 2024 — a sharp increase from the previous year.

Real estate agents say that more Canadian sellers are entering the market, leading to longer selling times and a growing inventory of available properties.

A perfect storm: Weather and politics adding to uncertainty

For many snowbirds, the decision to sell is also about growing concerns over Florida’s future.

Recent hurricanes have caused billions in insured losses, further driving up premiums. Some homeowners are even struggling to find insurers willing to cover their properties.

Additionally, Donald Trump’s return to the White House in 2025 has sparked unease among Canadian homeowners, especially given his past tariffs and trade tensions with Canada.

Some fear that new policies could make it even more difficult or expensive for Canadians to maintain properties in the US, creating plenty of uncertainty for snowbirds.

A long-term shift in snowbird trends?

People are wondering if this could mark the beginning of a long-term decline in Canadian homeownership in Florida, California and Arizona — states where Canadians have traditionally purchased properties, particularly for the winter.

Perhaps they may look beyond the US to places like Mexico and Central America or even southern parts of British Columbia as alternatives to buying in the US.

But in the face of the Canadian dollar trading at a four-year low against the US greenback, if the dollar alone is what is triggering home sales, Garry McDonald, president of the Canadian Snowbird Association, says many will likely stick it out.

"The snowbird market is less sensitive to changes in currency, when compared to the traditional leisure travel market," McDonald told CBC. "I think you’ll see Canadian snowbirds adapt, as they always have, and make the necessary changes in their discretionary spending.

"In the early 2000’s, the Canadian dollar bottomed out at 62 cents US and that certainly did not stop snowbirds from heading to their winter homes. We expect more of the same this season as snowbirds make their annual trips stateside."

Of course, the political uncertainty lingers and, if that doesn’t change or gets worse, many snowbirds may follow suit and sell their Florida homes. For those who worry only about the financial management of maintaining their winter homes, there are options that could free up some cash.

Ontario Blue Cross says the lower dollar has forced snowbirds to reassess their budgets. Although snowbirds have some fixed costs, they will be able to make up some of the difference in the variable costs.

According to Ontario Blue Cross, here are some ways snowbirds are making adjustments to their winter travel plans:

• Shorter travel: Rather than planning to head south for five months, snowbirds may cut their trip a bit short and go for three or four months instead.
• Less expensive destinations: Rather than going to their usual destination, snowbirds may spend more time looking for more affordable locations to visit.
• Save in other areas: Snowbirds can cut back in areas such as dining and entertainment. Cooking more meals at home, spending less time at the golf course and looking for more affordable entertainment options can help cut costs.
• Renting: If snowbirds own property down south, they may look for more opportunities to rent their property to make up some of the difference.

This article 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? originally appeared on Money.ca

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

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 of the inheritance. Here’s what you need to know about your legal options in Canada and some potential solutions in such a scenario.

Can your sister force the sale of the family home in Canada?

The first thing to understand is whether your sister has the legal right to force the sale of the family home under Canadian law. This will depend on how your family home is owned and what your mother’s will specifies.

If your parents owned the home as joint tenants, it’s likely that your father automatically inherited your mother’s share of the property when she passed away. This means your sister does not have a claim to the property and cannot force a sale. Joint tenancy is common in Canada because it allows for seamless transfer of ownership between spouses when one dies.

However, if your parents owned the home as tenants in common, your mother’s share could have been left to anyone in her will, including your sister. If your mother made your sister a co-owner through the will, your sister may be able to initiate a partition action in court to force the sale of the house.

A partition action is a legal process where one co-owner of a property requests the court to divide the property or force its sale. In Canada, this process is governed by provincial laws. For example, in Ontario, under the Partition Act, your sister can ask the court to sell the property if all co-owners cannot agree on its fate. The same general principles apply across most Canadian provinces.

What if your sister can legally force a sale?

If your sister has legal grounds to force a sale, it doesn’t mean all is lost. You have several options, depending on your financial situation and family dynamics:

1. Buy Out Your Sister’s Share: One of the simplest solutions is to buy out your sister’s share of the house. You’d need to have the home appraised to determine its current market value. Then, you could offer to purchase your sister’s portion outright, either through a lump-sum payment or a payment plan, depending on what she agrees to.

You might need a mortgage to cover this cost. In Canada, mortgage rates have been fluctuating, but as of late 2024, they’re hovering around 6-7%. If you’re eligible, you could explore a home equity line of credit (HELOC) to leverage the equity in your home to finance this buyout.

2. Rent Payment to Your Sister: If buying out your sister is financially unfeasible, you could offer to pay her rent for her share of the home. A reasonable approach would be to pay a proportionate amount of the home’s rental value, based on how much of the property she owns. For example, if your sister owns one-third of the house, you could pay her one-third of the market rent for the property.

3. Mediation and Family Agreement: Mediation is another option to avoid going to court. Canadian courts encourage families to resolve disputes outside of litigation. You could propose a mediated agreement where your sister defers her claim in exchange for future financial compensation. This is especially useful if your sister is not in immediate financial need but wants assurance of future inheritance.

4. Selling the Home: If neither a buyout nor rent is feasible, selling the house might be the best option. This could be a difficult decision emotionally, but it would allow your family to settle the dispute and avoid financial strain. The proceeds would be divided according to ownership shares, and you could explore other living arrangements with your father.

Consider your father’s rights

If your father is still living in the home, it’s essential to consider his rights. In many provinces, even if your mother’s will gave part of the house to your sister, your father may have a life estate. This would grant him the right to live in the house for the rest of his life, regardless of ownership changes. In this case, your sister would have to wait until he passes before she can claim her share or force a sale.

Legal advice is key

Ultimately, the best step is to seek legal advice from a Canadian lawyer specializing in estates and real estate law. They can help you interpret your mother’s will, assess your father’s rights, and evaluate whether your sister has legal standing to force a sale. Each province has slightly different rules, so a local lawyer familiar with provincial laws is essential.

You may also want to consult a financial advisor to determine whether buying out your sister or taking on a new mortgage is financially feasible for you.

Bottom line: Navigating the emotional and legal complexities

Family home disputes are often fraught with emotional and financial complexities. However, by understanding your legal options in Canada, you can navigate this difficult situation with greater clarity. Whether it’s through mediation, buying out your sister, or finding a way to keep your father in the home, there are paths forward that can preserve both your family’s well-being and your financial stability.

Remember, you’re not alone — many Canadians find themselves in similar situations, and with the right approach, you can find a solution that works for everyone involved.

• Disclosure: This content was generated with the assistance of AI technology. While the information and insights provided aim to be accurate and engaging, please remember that the final content was influenced by AI-driven tools. For specific advice or decisions, always consult a financial professional or trusted expert.*

This article 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? originally appeared on Money.ca

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

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 turn to stalwarts of the industry for information and sage advice. Turns out Warren Buffett and his right-hand man, and long-term business partner, Charlie Munger, do have a few suggestions on how to weather unfavourable economic times. Even with Munger’s passing in November 2023, both he and the Oracle of Omaha, were vocal about the necessity of having a plan, keeping your portfolio diversified and never investing in what you don’t understand.

Prior to his death, Munger offered some insight about how to grapple with today’s challenging economic climate. “People are less happy about the state of affairs than they were when things were way tougher,” he recounted in an interview in 2023.

Turns out Munger was referring to his experience of living through the Great Depression. While it surprised more than a few people — that happiness may have been more plentiful during one of the hardest economic periods of American history — the underlying insight from Munger was to find contentment in what you have, learn to make-do and always look for opportunities.

To help, here are three ways investors — and anyone looking to put a bit away for a rainy day — can make the best of the current economic situation.

Invest in long-term quality, not market blips

Charlie Munger was strong advocates for value investing — finding investments where there is room for the asset, or company, to grow. This advice has steered many an investor to stay afloat, even during rocky economic terrain. However, for new investors or those looking for a step up from putting your money in a high-interest savings account, the best way to invest — according to Buffett and Munger — is to match the market.

Rather than look for stock with the potential for fast and furious growth, these investing gurus espoused the value of index funds or passive investing through diversified holdings. For many, this is as simple as opening a discount brokerage account and buying shares in a balanced exchange-traded fund (ETF). Good options include:

• BMO Balanced ETF (ZBAL): 60% in stocks / 40% in bonds
• iShares Core Balanced (XBAL): 60% in stocks / 40% in bonds
• Vanguard Balanced ETF (VBAL): 60% in stocks / 40% in bonds

Read more about all-in-one ETFs.

For as little as $100 per month, these all-in-one ETFs can grow into tidy nest egg in just a few years. The key is to keep trading costs low and select investments with low management expense ratios (MERs) — the fees charged to maintain the fund. If you plan to use ETFs to build your nest egg, consider opening an account with discount brokerage Qtrade or Questrade — which has just eliminated trading fees.

If you’re not quite ready to plunge into ETF trades and want a bit more oversight, ease yourself into online brokerage accounts using Wealthsimple. This online brokerage offers free trades on stocks and ETFs — plus you get the option of using their pre-constructed portfolios that give you access to active management without the exorbitant fees.

Invest outside the stock market as well

The stock market isn’t the only place to find value and the possibility for asset appreciation. One of the best known alternative investments — that also works on a different economic cycle to stocks — is real property.

Alternative investments, like real estate, were traditionally only available to high-net-worth individuals — people with large sums of cash that could pick up high-value assets when value was suppressed by other market events. However, new platforms — such as crowdfunding and real estate investment trusts (REITs) — have made alternative investments, like real estate and gold, far more accessible.

If you’re looking for a new investment opportunity that can hedge the violent swings of the markets, you’ve got a few options.

Real estate is one investment that demonstrated resilience during recent tough economic times, including the global credit crunch (in 2008) and COVID-19. Many investors consider REITs attractive in 2025, as property owners try to find ways to increase the value of commercial space after being battered during the pandemic lockdowns.

Like stock, REIT shares can be bought and sold using a discount brokerage account — with the added safety of being a publicly-traded company and, as a result, responsible for reporting expenditures and earnings.

To get a diversified basket of exposure to real estate, the best option is to buy shares in the S&P/TSX REIT Index (SPTSRE:IND). Another option is create your own basket using a number of REITs listed on the Toronto Stock Exchange (TSX), such as:

• Allied Properties REIT (AP-U:CT)
• Boardwalk REIT (BEI-U:CT)
• Can Apartment Prop REIT (CAR-U:CT)
• Choice Properites REIT (CHP-U:CT)
• Colliers International GR-SUB (CIGI:CT)
• Crombie REIT (CRR-U:CT)
• CT REIT (CRT-U:CT)

For Canadian investors looking for crowdfunded real estate investments, you may be out of luck. In Canada, a handful of crowdfunding sites set up shop more than a decade ago and only a few remain. The biggest hurdle is that these private equity firms require investors to be accredited — in general, a person or household with assets worth more than $5 million and a net income of $200,000 or more.

Instead, investors can consider other tangible assets, such a gold and silver. To learn how to invest in gold or silver, check out the Money.ca guides or consider opening a CIBC Investor’s Edge account. This traditional bank is putting time and money behind providing tools to investors to learn more about the basics of investing and how to grow your skill and knowledge. For a limited time, new account holders get 100 free trades when you open a CIBC Investor’s Edge account using promo code EDGE2425. Plus, get $200 or more cash back. Offer valid until March 31, 2025.

Don’t underestimate the power of pocket change

Building small, positive financial habits can have a huge impact in the long run.

With Moka — an investing and savings tool — you can save for the future using your spare change.

Signing up for Moka takes less than five minutes to access professionally managed funds that include financial coaching, targetted portfolios and easy-to-use grow your portfolio tools.

Once you’ve signed up you can select to save using registered savings accounts, such as Tax-Free Savings Account (TFSA), a registered retirement savings plan (RRSP) or a non-registered account.

Amidst economic uncertainty, you can’t go wrong with having extra funds to fall back on.

This article Tips from the late Charlie Munger on how to safeguard your financial future with alternative investments

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

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 understand how your CPP is calculated and what you can expect in your retirement years.

As of January 2025, the maximum monthly amount you can get, if you started collecting CPP at age 65 is $1,433.00. Doesn’t sound like a lot, but it gets worse. Turns out most Canadians don’t even get the maximum amount of monthly CPP income. For instance, in October 2024, the average monthly CPP payment to anyone aged 65 and just starting their retirement payments was $808.14.

Living on less than $1,000 — put another way, living on CPP alone — is no easy feat, especially when inflation continues to drive living costs upward.

And yet so many Canadians rely on CPP as their primary income source in retirement. According to an Ontario Securities Commision survey, 85% of Canadians rely on the federal Canada Pension Plan (CPP) as the vital foundation for their retirement income. Additionally, a 2024 Healthcare of Ontario Pension Plan survey found that almost half (49%) of unretired adults have saved nothing for retirement in the last year, while all Canadians continue to worry about having enough money in retirement (58%).

For those young enough, this should be a wake up call: To start saving for the non-earning years.

For others, it’s a reminder: It’s possible to live on CPP, along, but to make it work, you’ll need to make some sacrifices. To help, here are three suggestions.

Delay your CPP claim for a larger monthly benefit

You can sign up for CPP once you reach age 60, but delaying it for a few years — say until age 65 — allows you to collect your full-CPP monthly benefit (rather than a reduced rate, based on the extra years you are collecting the income). By delaying your CPP claim until age 65, you get your complete monthly benefit based on your individual earnings history.

You also get credits for delaying your CPP claim — a credit for each year past age 60 that you delay. This translates into an 8.4% increase in your monthly benefit, per year, up to a maximum of 42% if you wait to collect CPP at age 70.

By delaying CPP payments, continuing to work and finding smart cost-saving strategies, you could end up in a position where the CPP benefit you collect starting at age 70 is sufficient to live on, without additional savings.

If you can’t wait until 70, try to hold off until 65 to avoid a significant reduction to your monthly benefit.

Scale back your living costs and stick to a tight budget

Only a third of Canadians (33%) currently have a financial plan and 59% do not have a household budget for the year.

If your retirement plan is to live on CPP alone, you must be prepared to budget carefully and limit your spending on non-essential items. That could mean doing most or all of your cooking at home instead of dining out, and limiting yourself to free hobbies such as hiking or community events.

That said, staying busy without spending money by spending time with like-minded people is possible. With the right company, you can enjoy hiking, gardening or discussing your latest library finds over coffee rather than doing activities that force you to open your wallet.

Reduce your housing costs by downsizing

Housing costs account for about 30% of expenses among Canadians across all provinces, according to Advanis.

If you’re forced to rely solely on CPP during retirement, you may need to take steps to reduce your housing costs, and downsizing could be a great solution.

Downsizing could do more than just save you money (as it should allow you the option to pay less rent or reduce those mortgage payments). If you’re a homeowner, downsizing could mean cheaper property taxes and lower maintenance expenses. It also typically costs less to heat and cool a smaller home than a larger one, so there could be some significant savings there, too.

Sources

1. Government of Canada: CPP Retirement pension: How much you could receive

2. Ontario Securities Commission: Profiles of Retirement (Jan 10, 2024)

3. Healthcare of Ontario Pension Plan: New research from HOOPP and Abacus Data finds half of Canadian women have less than $5,000 in savings; most Canadians feel unprepared for retirement (Jun 20, 2024)

4. BMO: One-third of Canadians expect to curtail their spending in 2025 (Dec 17, 2024)

5. Advanis: Housing affordability across Canada (Jun 26, 2024)

This article 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 originally appeared on Money.ca

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

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 not always in great health, we could be faced with illness or incapacitation, and it’s imperative to be prepared and ensure your wishes are met," Rob McGavin, Scotiatrust’s managing director, said in a statement.

"Having a power of attorney helps to guide your loved ones in the event something unexpected happens, when they are likely to be in an emotional state."

On the plus side, 90% of respondents do have a will, although only 69% say theirs is up to date.

Saving uncomfortable conversations for the end

Of those who don’t have a will, more than half of them (55%) said they have not created one yet because they have not gotten around to it. Shockingly, most respondents haven’t talked to their loved ones about important end-of-life issues.

In addition, only 33% have discussed where they would like to spend their final days, whether that is at home, in a hospice or hospital. Another 43% haven’t discussed aging in place yet with their children, despite most respondents wanting to live at home in their final years (77%).

Meanwhile, less than half (45%) have discussed their preference for a final resting place, whether that be a cemetery, mausoleum, cremation or something else.

A different sort of relationship

Single people are the most concerned about what will happen to them in their old age with, 65% expressing worry compared to 44% of couples.

Most singles (57%) have discussed their final years’ living situation with their close friends and/or relatives, while 38% have discussed this subject with their financial advisor.

Singles have a higher incidence of having both types of power of attorney (57% vs 49% for couples), while only 34% of those separated or divorced have created both documents.

"Having conversations sooner and being transparent with your loved ones or advisor will help you manage the estate planning process and make critical decisions, easier," McGavin said.

"You are giving yourself a voice when you are no longer around or able to."

Survey methodology

The survey was taken in March 2024. It consisted of 601 Canadians aged 50 and up with at least $500,000 in investable assets.

This article Putting off “the uncomfortable talk” — Many Canadians are avoiding discussing their final years

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

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 are still, on average, 17% higher than four years ago, and food costs are 22% more expensive," Sal Guatieri, BMO’s senior economist, said in a statement.

"Although wages are also rising and borrowing costs are coming down, many Canadians continue to struggle with the high cost of living, forcing some to cut back on discretionary expenditures such as dating."

Also revealed in the survey, 42% of single Canadians admitted to adjusting their plans for a date for financial reasons.

The cost of finding love

The cost of finding love is putting strain on Canadian singlesm with nearly a third (30%) of respondants reporting they have cancelled a date to save money.

For those Canadians that do go on dates, they spend an average of $173 for each date, including the cost for transportation, preparation — such as grooming and attire — and expenses, such as food, beverages and tickets for events. With partnered Canadians going on an average of 10 to 21 dates before committing to a relationship, Canadians could spend up to $3,621 on dates before making a relationship official.

The cost of dating has become a burden on many Canadians’ overall spending, with 38% saying the costs associated with dating have affected their ability to reach their financial goals.

Over two-in-five (41%) single Canadians often left a first date feeling it was a waste of time and money.

The majority (60%) are not willing to spend money on dating apps or professional matchmaking services. Among the single Canadians willing to spend on these services, on average they will spend only $16, annually.

Financial attractiveness on the dating scene

While singles, on average, have been on three dates in the past 12 months, more than half (55%) say they have been on zero dates in the past year. Further, on average, single men have been on four dates in the past 12 months while single women have been on three dates.

When evaluating their prospective partner’s finances, the most attractive financial traits include a sense of financial responsibility (95%), the ability to discuss their finances with their partner (88%), having a good financial plan (87%) and having a successful career trajectory (83%).

While single men and women have similar expectations for their prospective partners’ finances, men are more likely to feel pressure to demonstrate good financial attributes than women according to the survey.

Single women are more likely to consider low credit scores (7% more) and whether their partner earns significantly less than them (5% more) as financial dealbreakers than men.

Nearly half (48%) of single men admit their net worth affects their dating prospects, which is 12% more than women. Single men are 20% more likely to feel pressured to plan expensive dates than women.

The same BMO index states concerns about the cost of living (56%), inflation (51%) and a possible economic recession (48%) have increased in the past three months. Despite these concerns, 72% of Canadians feel in control of their finances and 38% feel more financially secure than they were a year ago.

Survey methodology

Survey data was collected between December 23, 2024 and Janurary 20, 2025 from 2,500 adults aged 18 and over. Quotas and weighting were used to ensure the sample’s composition reflects that of the Canadian population according to census parameters.

This article Getting ghosted? Rising cost of living affecting Canadians’ dating life

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

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 purchase of the vehicle, as well as annually when they go to renew their license and registration. Registration completed online through My Alberta eService will also be subject to this new tax.

The provincial government introduced the tax as part of its 2024 budget, and was passed into legislature last fall.

Reason behind Alberta’s new EV tax

Finance Minister and Treasury Board President, Nate Horner, defended the move, stating the fee is comparable to what a gasoline-powered vehicle owner would pay in fuel taxes annually.

“This is a fair way for all drivers to contribute to public services, and to help keep roads and highways safe and smooth,” Horner said in a statement.

“Alberta is joining a growing number of places across North America introducing this tax. (It’s) so drivers of both electric and gas vehicles are treated the same.”

Furthermore, politicians who support the the tax see it as an avenue to meaningfully contribute to provincial upkeep for all Albertan drivers.

The Minister of Service Alberta and Red Tape Reduction, Dale Nally, says EV owners use the same roads as Albertans who drive gas and diesel counterparts, and so it’s only fair that they should contribute to public services, including those that make sure roads and upkept and safe.

Criticism from EV advocates

The Electric Vehicle Association of Alberta has criticized the tax, arguing that it unfairly penalizes low-mileage drivers and owners of lighter EVs, which generally cause less wear on roads than larger gas-powered vehicles.

The association also noted the timing of the tax is problematic, as other jurisdictions are offering incentives to encourage EV adoption rather than imposing new fees.

Policy implications of Alberta’s new EV tax

The tax places Alberta among the few jurisdictions in Canada implementing specific EV fees. Saskatchewan became the first province to require EV owners to pay a new annual road-use fee of $150.

However, William York, Edmonton-based president of the Electric Vehicle Association of Alberta, believes this tax won’t dissuade potential EV customers due to the savings they will gain by not having to pay for gas or oil changes.

While Alberta and Saskatchewan are introducing fees, other jurisdictions are also considering how to get EV vehicle-owners to pay for public services, such as road building and transportation maintenance. Last month, the federal government put a pause on rebates for personal electric vehicles through their Incentive for Zero Emission Vehicles (iZEV) Program, as they examined current ecomic conditions.

Businesses can still qualify for the Incentives under the Medium- and Heavy-Duty Zero-Emission Vehicles (iMHZEV) Program. This program provides up to $200,000 in rebates on the purchase or lease of medium and heavy-duty zero-emission vehicles.

This article Alberta implements a $200 EV tax. What does this mean for the future of electric vehicles? originally appeared on Money.ca

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

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 the best schools in the world are located in the United States, with five in the top for 2024 being located in the US.

This article will dive into tuition costs, student aid for Canadians studying in the United States, and some of the best scholarship opportunities available.

Tuition costs in the United States

Paying for your education in the United States is arguably the hardest part for prospective Canadian students, even with student aid.

This is due to a combination of the exchange rate between two currencies, the view that university is a luxury rather than a necessity, and a culture of accepting debt. Many Americans, almost 52%, had not completed a college level degree. What’s more, only 28% held a Bachelor’s Degree, according to the United States Census Bureau.

This places a premium on upper level education. Student aid aims to uplift students who might otherwise not be able to access a university or college level education.

Your fees will also depend on whether you’re looking at publicly or privately funded schools. Public universities tend to be cheaper. Private options command higher tuition, but ideally give back through a combination of reputation, networking and quality. Finally, you have private for-profit institutions.

Tuition costs across the three school types during 2022 and 2023 for a four-year degree were:

1. Public institutions: $39,000 total, or $9,800 during that year
2. Private nonprofit institutions: $122,100 total, or $40,700 during that year
3. Private for-profit institutions: $72,800 total, or $18,200 during that year

Meanwhile two-year degrees during the same survey period were:

1. Public institutions: $8,000 total, or $4,000 during that year
2. Private nonprofit institutions: $39,000 total, or 19,500 during that year
3. Private for-profit institutions: $32,600 total, or $16,300 during that year

These data were gathered by the National Center for Education Statistics. Costs were assessed by looking at tuition, required fees, school supplies, room and board and other expenses.

It’s also important to remember that the Canadian dollar doesn’t go as far in the United States. If you’re relying on funding delivered purely in CDN, you should keep a close eye on the exchange rate.

How to pay for school in the United States

The smart way to pay for university in the United States is by combining as many student aid funding streams as possible.

Here are a few ideas to get you started:

• Check if your provincial or territorial student aid can be used to pay for schooling in the US (i.e. OSAP) funding can be applied to any school in this database)
• See if a tuition reciprocity program exists between your province or territory and a corresponding state (e.g. the Manitoba-Minnesota Reciprocity agreement)
• Look for scholarships offered by not-for-profits, trusts or with connections to the Federal government (e.g. the Mackenzie King Memorial Scholarship for graduate students)
• Dig into state specific programs that can waive or reduce out-of-state tuition fees (e.g. the Florida-Canada Linkage Institute)
• Search for scholarships, grants and bursaries at your US school of choice

Through combining these student aid packages you can start to cobble together payment for studying in the US. It’s also a good idea to get a part-time job if possible. Keep in mind that you’ll be limited to working 20-hrs per week with an F-1 visa.

Lastly, those lucky enough to have dual citizenship can apply for federal assistance through the Free Application for Federal Student Aid (FAFSA) program.

Financial Aid for Canadian students studying in US

Now that you have an idea of what it takes to study in the US, let’s take a look at some of the best scholarship packages available to Canadians.

Note that many financial student aid packages are targeted at Master’s or Ph.D. level candidates, not undergraduate students.

The Fulbright Program

The Fulbright program is a long-running Canada-US residential exchange program targeting graduate students, prospective graduate students and junior professionals.

This is a prestigious and competitive option. The benefits can be worth it, however. Options include:

• Fulbright Canada Student Awards: USD$25,000 in student aid for the academic year for any discipline
• Fulbright Canada Student Entrepreneurship Awards: USD$25,000 in student aid for the academic year for entrepreneurs
• Fulbright Canada – Honouring Nations Awards: USD$25,000 in student aid for the academic year for those focusing on critical indigenous issues

Applications for the next academic year typically open in May with grant funding beginning that same September.

Those who already have a Ph.D should instead apply for the Fulbright Scholar Program, which at the time of writing includes nine additional scholarship opportunities.

The Organization of American States (OAS) Academic Scholarships Program

Another option is to work with the Organization of American States, which provides both undergraduate and post-graduate scholarships.

Many of the OAS’ scholarships are targeted at English-speaking parts of the Caribbean and Suriname. However, the Partnerships Program for Education and Training program works with any academic institution partnered with the OAS.

You can snag up to USD$10,000 for one academic year, provided your university of choice is on this list of members. Typically OAS encourages submitting applications to a minimum of two partners.

Other scholarship opportunities

We also suggest taking a deep dive into EduCanada’s scholarship search function.

There’re plenty of scholarships available. It just takes some effort to find the right one for you.  For Ph.D. students we suggest taking a look at the Vanier Canada Graduate Scholarship or the Banting Postdoctoral Fellowship.

Apart from these general pools you’ll need to look up your university of choice and dig into their scholarship information.

Lines of Credit

Your final option for student aid would be to take out a student line of credit. One of the most popular options is the Royal Bank of Canada’s Royal Credit Line for Students Studying Abroad.

One of the big benefits is RBC’s cross border banking program. However, most banks offer student aid in the form of a line of credit. For more on the best loans for students check out Money.ca’s coverage, including lines of credit.

Just keep in mind that managing student aid in this way requires much more discipline and financial literacy compared to more traditional routes.

Conclusion

Canadians trying to study in the US face an uphill battle, but the higher your level of education the more opportunities present themselves.

It’s also important to remember why working in the US as a University educated professional is so desirable.

The top 20% of the US workforce makes much more than their counterparts. Likewise, the US is a massive market and a nexus for innovations across tech, business and policy. Many of the biggest companies in the world have roots in the US.

It also helps that the US dollar is the golden standard around the world.

Getting paid in that currency has a corresponding increase on your global buying power.

FAQs

Can Canadians get financial aid in the US?

Canadians can apply for financial aid in the US, but can’t apply for the Free Application for Federal Student Aid (FAFSA).

However, some student loan packages in Canada can be applied to international study. What’s more, there tend to be scholarship opportunities on both sides of the border to encourage students to make the leap.

As a last resort a personal loan can be used to help pay for schooling. There are also student lines of credit available, which require higher financial literacy to manage.

Can a Canadian get a scholarship to an American university?

Getting a scholarship to an American university is one of the best ways for Canadian students to access the American educational system.

With this in mind we suggest putting together a combination of scholarship opportunities both in Canada and the United States. You should also make sure to have the following documents on hand for both applications and scholarships:

• SAT or ACT test scores
• A TOEFL or IELTS English proficiency test
• Letters of recommendation
• A personal essay
• All your visa essentials (including Canadian passport)

It also helps to look for targeted scholarships. Marginalized groups or male-dominated fields often have scholarship opportunities geared towards increasing professional diversity.

Can a Canadian get a US student loan?

In short, no. Canadian citizens can’t access loans from Federal or State governments. Those funds are earmarked for US citizens.

With that being said, you could instead look into whether taking out a student loan in Canada can be applied to US schooling. This is the case for schools on the Ontario Student Assistance Program (OSAP)’s approved schools list.

Sources

1. Top Universities: The world’s top 100 universities

2. United States Census Bureau: Census Bureau Releases New Educational Attainment Data

3. National Center for Education Statistics: Tuition costs of colleges and universities

4. Ontario: Study abroad

5. Ontario: School search

6. Manitoba: Advanced Education and Training

7. Manitoba: Advanced Education and Training

8. University of Cental Florida: Florida-Canada Linkage Institute

9. International Student: Working in the USA

10. Federal Student Aid: Home page

11. Fulbright Canada: Fulbright Canada Student Awards

11. Fulbright Canada: Fulbright Canada Student Entrepreneurship Awards

12. Fulbright Canada: Fulbright Canada – Honouring Nations Awards

13. Fulbright Canada: Fulbright Scholar Program

14. OAS: Partnerships Program for Education and Training

15. OAS: OAS Consortium of Universities

16. EduCanada: Search for scholarships

17. Government of Canada: Vanier Canada Graduate Scholarships

18. Government of Canada: Banting Postdoctoral Fellowships

19. Royal Bank: Royal Credit Line for Students Studying Abroad

20. Government of Ontario: OSAP School Search

This article How to get financial aid for Canadian students studying in the USA originally appeared on Money.ca

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

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 finance functions because they want better data-enabled decision making, the ability to more accurately predict trends and increased data accuracy and reliability," Chris Moore, partner and national leader of finance transformation at KPMG Canada, said in a statement.

The majority of Canadians are also using AI in tax operations, at 63% compared to 34% of global organizations.

AI leaders versus laggards

Among Canadian respondents, 25% were classified by KPMG as leaders, 60% were implementers and 15% were beginners in AI usage.

Canadian leaders are investing nearly twice as much as others in enterprise-wide AI activities as a proportion of their IT budgets at 13% for leaders vs. 7% for non-leaders.

Nearly nine in 10 (88%) leaders are using AI to a moderate or large degree (versus 39% for others) and leaders have an average of six active use cases for AI, which is almost double what non-leaders reported.

As a result, Canadian leaders are experiencing higher returns on their investment than others, with 92% of leaders saying the ROI on their AI investments are meeting or exceeding expectations, versus 61% for non-leaders.

Leaders are also addressing and overcoming the barriers to AI adoption more successfully than others. The most common barriers that all companies encountered include data security vulnerabilities (56%), limited AI skills and talent (56%) and gathering relevant and consistent data (51%).

AI assurances

More than half (53%) of respondents said they expect their auditors to conduct a detailed review of their control environment to ensure the responsible use of AI for financial reporting. Almost half (47%) want their auditors to conduct assessments of their AI governance maturity, and 41% want their auditor to perform third-party attestation over their use of AI technology.

"We’ve long believed in harnessing the power of AI to enhance quality. AI’s potential to drive real-time auditing will help companies manage their risks more proactively throughout the year," says Bryant Ramdoo, partner and audit innovation leader at KPMG in Canada.

"To best support the growing needs of Canadian organizations and investors will require all parties in the reporting ecosystem – auditors, organizations, standard setters, regulators and educators – to work together to manage the associated risks of AI and advance the future of assurance and attestation with confidence."

Survey methodology

The research was conducted between April and September 2024. Of the 100 Canadian respondents, 16% identified as chief financial officers; 11% were chief accounting officers; and the remaining distribution of respondents was split evenly across chief audit executives, chief technology officers, chief digital officers and heads of accounting or audit.

As well, 20% of respondents reported annual revenues of $20 billion or more; 22% reported revenues of $5 billion up to $10 billion; 22% reported revenues of $10 billion up to $25 billion; 22% reported revenues of $1 billion up to $5 billlion; and 14% reported revenues between $500 million up to $1 billion. 82% identified as public companies.

This article Canadian companies are leading the way in using AI to manage finances

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.