Author: Oskar Malone

Debt: almost all Canadians have it.

In fact, Equifax Canada’s Market Pulse Consumer Credit Trends and Insights Report found that consumer debt levels rose to $2.5 trillion in the second quarter of 2024; this is a 4.2% increase since the second quarter of 2023. Card holders carry over $4,300 in credit card balance on average, which is the highest level since 2007.

Canadians have been in debt for a long time, and so far, we’ve been handling it relatively well. Experts speculate that low interest rates combined with a strong economy have historically allowed us to carry our debt loads without many of us slipping into delinquency.

While the Bank of Canada’s interest rate has been steadily declining over recent months, the cost of living crisis still abounds, which may make it hard to cater to essential expenses while also paying off debt.

Depending on your debt levels, it might seem intimidating to conquer this neverending cycle of interest payments and overblown balances, but it’s possible.

Debt definition

Before we dive into how to get out of debt, let’s agree on a firm definition. According to Investopedia, debt is an amount of money borrowed by one party to another. Here are some examples of debt:

• Mortgages
• Student loans
• Personal loans
• Payday loans
• Lines of credit
• Home equity lines of credit
• Credit cards (including department store cards)
• Car loans
• Furniture financing
• Unpaid bills

Some Canadians don’t consider their mortgages, car loans or student loans to be forms of debt, which is incorrect. While some types of debt are certainly more urgent than others, it’s all debt, even your mortgage.

Different types of debt

I mentioned above that different debts have different levels of urgency. This urgency is related to how much your debt is costing you per month, which is determined by its interest rate.

The interest rate is the amount your lender charges, usually expressed as a percentage of the total loan amount (or principal). It could be as low as a few percentage points, or as high as hundreds of percentage points.

Most debt interest rates fall into one of the following categories:

High-interest debt

High-interest debt has an interest rate in the double digits. Financial products with interest rates this high can easily cost you hundreds of dollars per month, even if you are carrying a relatively small balance. These should be your top priority when getting out of debt because they cost so much to service. Examples of high-interest debt include:

• Standard credit cards (usually about 19.99%)
• Payday loans (>500%)

When I say these debts will cost you hundreds in interest, I mean it. For example, if you carry $5,000 on your credit card at 19.99% interest, and you only make the minimum monthly payments on that debt, it will take you 20 years to pay off that debt, and you’ll pay $5,983 in interest.

Medium-interest debt

Medium-interest debts have interest rates in the range of 5 to 15% and should be your second priority to pay off, after credit cards and payday loans. Examples of medium-interest debt might include:

• Car loans
• Student loans
• Lines of credits

Despite generally having lower interest rates than high-interest debts, these debts can actually be harder to pay off because the balances are typically higher and require more months of sustained effort. It’s still worth paying off these debts because making only minimum payments will cost you thousands of dollars in interest over time.

For example, if you graduate with a $25,000 student loan at an interest rate of 6.75% and a loan term of 10 years, you’ll pay an extra $9,447 in interest.

Low-interest debt

Low-interest debt should be your lowest priority to pay off, and in some cases, if the interest rate is low enough, it makes more sense to prioritize saving and investing instead. An example of a low-interest debt is a mortgage. Mortgage interest rates in Canada were at an all-time low just a few years ago, and while rates have climbed a little recently, many Canadians have mortgages at interest rates lower than the yield on a high-interest savings account.

For example, I have a five-year fixed rate mortgage with an interest rate of 2.29%. I could tackle this debt by directing all my financial resources toward its repayment, or I could invest that money in a high-interest savings account earning 2.30% or Guaranteed Investment Certificate earning 3.00%. In both scenarios, I would earn more interest on my money if I saved it than I would save if I used it to pay down my mortgage.

Strategies to get out of debt

The math behind getting out of debt is simple, and it starts with a budget. You’ll need to create one that starts with your income and subtracts your monthly expenses like rent, groceries and car payments. Whatever is left over should go toward paying off your debt. You can direct more money toward your debt by earning a raise at work, starting a side hustle, or cutting your expenses. Any bonus money you earn like income tax refunds or birthday money should also go toward your debt.

That’s the math side of things. The psychological side is another story. Living on a restrictive budget for an extended period can be mentally draining, which is why it’s important that you attack your debts with a strategy that, when executed, keeps you motivated until that final dollar is paid off.

Here are two primary strategies for debt repayment that are designed to keep you motivated throughout your debt repayment period.

Debt snowball method

The debt snowball method requires you to order your debts from the smallest balance (or principal) to the largest, and to pay them off in that order. For example, pretend you have the following debts:

• Debt #1: Student loan at 6.75% interest ($3,000)
• Debt #2: Credit card at 19.99% interest ($5,000)
• Debt #3: Car loan at 2.9% interest ($10,000)

Per the snowball method you would pay them off in the order they’re listed above.

The debt snowball was popularized by Dave Ramsey and sets you up for quick wins by tackling the smallest debt first. The idea is that you’ll gain confidence and momentum by succeeding in knocking out those smaller debts, which allows you to tackle your bigger debts with enthusiasm.

Interest rate method

The interest rate method, on the other hand, requires you to order your debts from the highest interest rate to the lowest. This way you’ll be tackling the debt that is costing you the most on a day to day basis. You may not get the immediate gratification of paying off and closing accounts right away, but your overall time to debt freedom will be shorter. If you use this method, the debts outlined above would be paid off in the following order:

• Debt #2: Credit card at 19.99% interest ($5,000)
• Debt #1: Student loan at 6.75% interest ($3,000)
• Debt #3: Car loan at 2.9% interest ($10,000)

Which method you use to tackle your debts ultimately depends on your personality. If sheer numbers matter the most to you and you want to be sure you are maximizing every dollar you allocate toward your debt, pick the interest rate method. If you relish the idea of quickly paying off and closing your smaller accounts, i.e. if you’re the type that looks at a long ‘To-Do’ list and feels gratification and stress relief from checking items off it, the snowball method might suit you well.

Where to find debt relief in Canada

If your overall debt load is too much to handle, and you need some debt help, you have several options for debt relief in Canada that won’t immediately impact your credit score.

Negotiate with creditors

The first thing to do is call your lenders and explain the situation to them. Ask them if they can give you any relief on your loans, whether that is lowering your interest rate or forgiving some of your balance. Your success rate with this negotiation tactic may vary from one creditor to the next, but it’s worth a try.

Try debt consolidation

Debt consolidation is sometimes referred to as refinancing and is usually offered through a bank or financial institution. This strategy allows you to lower your debt interest rates and combine all or most of your debts into a single monthly payment.

If you have high-interest debt like credit card debt, consider a promotional balance transfer offer to reduce your interest rate to as close to 0% as possible.

Make sure you only transfer an amount that you are confident you can pay off during that promotional period, as interest rates on your newly consolidated debts will increase after the promotional period ends. Another approach is to consolidate debts into a large, low-interest loan.

If you need one place to go to compare loans and find the best debt consolidation loan suited to your needs, you’ll want to try Loans Canada.

A caveat with this strategy is the risk that history will repeat itself. If you transfer your high-interest credit card debt to a consolidation loan or balance transfer card, you must diligently work to pay your consolidated debt off and avoid running up new ones. Otherwise, you’ll be in a worse position overall.

Seek outside assistance

If you have provincial student loans, most provinces offer debt help by forgiving some of your loan or by allowing you to make interest-only payments while you pay off your other higher interest debts.

If you’ve been struggling with consumer debt for years without making progress, credit counselling might be a good resource for you. Also referred to as a debt management plan, credit counselling is offered by several registered charities throughout Canada. These charities can also be excellent sources for debt advice, even if you don’t end up using their services.

Credit counselling entails drawing up a voluntary agreement between you and your creditors to pay back 100% of your debts, plus an administrative fee to the charity. The charity, in turn, provides you with the counselling you need to pay off your debts once and for all. Credit counselling negatively impacts your credit report, so only pursue this avenue if you need to.

Finally, there are more drastic debt relief options, like a consumer proposal or bankruptcy. You should consider these a last resort because, like credit counselling, these options will have a negative impact on your credit score for years.

For many Canadians, debt is a way of life, but it doesn’t have to be. If you follow the strategies outlined above and pursue your debt repayment with intensity, you can kick your debt habit once and for all.

Sources

1. Equifax Canada: Economic Pressures Could Impact Credit Performance of Consumers, Especially Young Adults (Aug 27, 2024)

This article Learn how to get out of debtoriginally 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 many Canadians, the weight of past financial mistakes is proving to be more than just a temporary burden — it is actively reshaping their long-term future, particularly when it comes to retirement.

A recent study from Money.ca highlights how financial missteps, from overspending to inadequate savings, are delaying critical milestones and forcing individuals to rethink their financial strategies.

Delayed retirement dreams

Retirement is supposed to be the golden phase of life — a time to reap the rewards of decades of hard work. However, for a growing number of Canadians, financial regrets are making that dream seem increasingly out of reach.

According to Money.ca, nearly half of surveyed Canadians (46.4%) say past financial mistakes have made saving difficult, while 37% struggle with lingering debt.

Millennials, in particular, are feeling the brunt of these financial setbacks with more than a third (41%) of Canadians aged 30 to 44 reporting that their past financial decisions have delayed key life events such as paying off debt or making major purchases, such as buying a home or paying down student or car loan debt. These delays have a domino effect, often pushing retirement goals further into the future.

Biggest regret: Not saving enough

While some might assume that risky investments or poor stock market choices are the primary financial regrets, research found that the biggest financial misstep is much simpler: Not saving enough. Nearly 45% of Canadians admitted that failing to build adequate savings was their greatest financial regret. This shortfall in savings means many Canadians are unprepared for unexpected financial emergencies, let alone the costs associated with retirement.

Compounding this issue is the rising cost of living and homeownership. With housing prices expected to increase by 4.7% this year, those who have yet to enter the market are finding it even harder to accumulate wealth and establish financial security. For those hoping to retire comfortably, a lack of assets such as home equity and personal savings can lead to prolonged working years or a significant reduction in post-retirement lifestyle quality.

Path to financial recovery

Despite the daunting reality of financial regrets, many Canadians are taking proactive steps to regain control. The Money.ca study revealed that 52.4% of millennials are adjusting their budgets and implementing financial strategies to recover from past mistakes. Additionally, women are more likely to cut discretionary spending (40.5%), while men are more inclined to alter their investment strategies (17%).

Another key approach to recovery is seeking professional financial guidance. While only about 20% of respondents currently seek advice from financial professionals, experts stress that financial literacy programs, budgeting workshops, and retirement planning services can play a pivotal role in helping individuals make informed decisions and avoid repeating past mistakes.

Is recovery possible?

While the road to financial stability after past mistakes may be long, it is not impossible, although confidence in recovery is not universal. Just over 1 in 5 Canadians (21%) express doubt about their ability to rebound from financial setbacks, with 6.1% feeling extremely uncertain about their financial future.

Financial experts recommend a multipronged approach for those looking to turn their situation around: automating savings contributions, setting clear retirement goals, and leveraging financial planning tools such as high-interest savings accounts and robo-advisors. By taking control of their financial future today, Canadians can work toward a more stable and fulfilling retirement, despite past missteps.

Bottom line

Financial regrets are a common burden, but they do not have to define one’s future. Whether it’s restructuring budgets, seeking professional financial advice, or making strategic investment adjustments, Canadians can take steps to mitigate the long-term impact of their past money mistakes. The key is to act early, stay disciplined, and prioritize savings to ensure that retirement dreams are not permanently derailed by financial missteps of the past.

Sources

1. Money.ca: Canadians’ biggest financial regret: How past mistakes affect life milestones (Feb 20, 2025)

2. CREA: CREA Updates Resale Housing Market Forecast for 2025 and 2026 (Jan 15, 2025)

This article 45% of Canadians admit biggest mistake is not saving enough—here’s how poor financial decisions can derail retirement plansoriginally appeared on Money.ca

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

Credit cards can be your best friend, or your worst enemy. As satisfying as it is to get 5% off at the gas pump, it’s just as painful to pay $45 because you went over your credit limit.

Here are 5 credit card mistakes the banks are counting on you making to prime their coffers. Avoid them and you’re ahead of the game. Fall victim to them, and you could find yourself in serious financial trouble. We’re here to help you beat the banks and keep more money in your wallet.

1. Paying your bill late

Canadian credit card issuers are becoming increasingly less lenient with late payers. When you pay your credit card bill late, you will be charged interest. Rates vary depending on the credit card issuer and type of transactions.

For instance, if you’re 30 days late on your TD credit card, they will increase your interest rate by 5 percentage points i.e. from 19.99% to 24.99% and you will lose any promotional interest rate (introductory balance transfer or purchase rate) you may have had i.e. from 0% to 24.99%.

President’s Choice Financial reserves the right to increase your interest rate 5 percentage points after reviewing your credit card account or credit history for any reason whatsoever. If you’re late on a car loan payment with another company, PC Financial can increase your credit card interest rate.

2. Only paying the minimum amount

In most of Canada, the minimum payment is either $10 or a percentage of your balance, typically between 2% and 3% — whichever is higher, plus the interest owed. While you may be thanking your bank in the short term for the convenience of only having to pay potentially $10 of your balance, the truth is the bank is setting you up to be on a debt treadmill.

If you have a $2,000 balance, a $10 monthly minimum payment plus interest will take you over 16.5 years to pay down. The lesson? Always pay more than the minimum and try to pay off your credit card debt as fast as you can. If you need some breathing room get a balance transfer credit card that offers a 0% rate for 10 months.

3. Ignoring the fine print of balance transfers

With juicy 0% interest offers for as long as 12 months, you might be enticed to get a balance transfer credit card. Just remember, the interest rate only applies to the balances that you transferred from your other credit cards to your balance transfer card (which are great when used properly). Any new purchases you make with your balance transfer card will have the normal interest rate applied to it, even during the introductory period.

So, don’t go spending thousands of dollars thinking you have no interest to pay over the next 12 months, as the 0% balance transfer offer only applies to your existing credit card debt, not anything new.

4. Going over your credit limit

Most of us think that our credit limit is, in fact, our spending limit. Common sense would be on your side, but reality is not. Many Canadian credit card issuers will allow you to go over your credit limit without your required consent, but will then charge you up to $45 for an over-limit fee.

So that pack of gum you bought in the store for $2.50 that brought you $1 over your credit limit, may have been a lot more expensive than advertised.

5. Racking up interest charges from cash advances

Credit card cash advances can be very convenient ways of accessing cash. However, just remember there is no interest free grace period with cash advances.

Most will start charging interest from the moment the advance is completed at a rate often times more than your standard purchase interest rate. In addition, your bank will also likely charge you a fee the greater of $5 or 1% to access cash from your credit card, making it a truly expensive way of getting cash, and problematic if you forgot about the interest charges.

Make the most of your credit card by using it right

So, while credit card rewards, 0% balance transfers and low rate cards are all great opportunities for the savvy and responsible credit card user, used improperly and credit cards can inflict a frightening sting.

That’s why we continue to recommend the Golden Rule of credit card use: set-up an automatic bill pay from your bank to your credit card that auto pays the entire monthly balance, that way you’re never late and will never pay interest.

This article 5 terrifying credit card mistakes that can leave you brokeoriginally appeared on Money.ca

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

Legendary investor Warren Buffett set his sights on Canadian companies in 2024 — and captured the attention of investors after securing a sizeable stake in Canadian-based insurance provider, Chubb (NYSE:CB).

Known for his strategic value investments, Buffett’s move hints at some promising opportunities within the Canadian market.

For Canadian investors, there is one simple but important question that must be answered: How can you capitalize on these opportunities?

Power move: Open a direct trading brokerage account

To jump on these investment opportunities, consider opening a direct trading brokerage account.

Platforms like QTrade offer an easy-to-navigate and cost-effective way to trade stocks, exchange-traded funds (ETFs), and other securities. Opening an account is easy and provides you with online access to your account in as little as a day. Consistently rated as a top brokerage in Canada, QTrade offering free buying and selling of more than 100 commission-free ETFs, along with exceptional customer service and elite investor research tools.

Ready to trade? Open an account with QTrade and get access to:

• Commission-free ETFs – QTrade charges no buying or selling fees on hundreds of ETFs and a low-commission rate of $6.95 per trade on stocks and other ETFs.
• Comprehensive tools – Utilize research, market insights, and advanced trading features.
• Big sign-up bonus – Get $150 or more as a sign-up bonus and up to $2,000 cash back on new accounts. Conditions apply.

Open your QTrade account now and start trading with confidence. Open an acccount before March 31, 2025 and get $150 or more as a sign-up bonus and up to $2,000 cash back on new accounts. Conditions apply.

Invest with confidence

Platforms like CIBC Investor’s Edge offer an easy-to-navigate and cost-effective way to trade stocks, ETFs, and other securities, while providing comprehensive tools and education to new and experienced investors.

Ready to Trade? Open an account with CIBC Investor’s Edge and get access to:

• Low fees – CIBC Investor’s Edge charges as little as $4.95 per stock or ETF trade and no-fee trading for mutual funds.
• Comprehensive tools – Utilize research, market insights, and advanced trading features.
• Market opportunities – Make direct trades in real-time and stay ahead of market shifts.

Open your CIBC Investor’s Edge account now and start trading with confidence. Open an acccount before March 31, 2025 and get $200 or more cash back plus 100 free trades when you use promo code EDGE2425.

Keep more earnings with commission-free trades

Keep more of your hard-earned investment gains using a commission-free trading platform, like TD Easy Trade. As a mobile investing platform, TD Easy Trade allows new and experienced investors to trade stocks and ETFs easily and without commissions — so you can build and grow your portfolio easily and reach your financial goals effortlessly.

TD Easy Trade offers:

• Invest at your own pace, with no minimums – Get started and invest as much or as little as you want or set up recurring deposits to slowly contribute to your account and grow your investment savings.
• Cash back bonus – For a limited time, new and existing clients get $50 cash when transferring in $500 or more to a new or existing account today. Conditions apply

Open a TD Easy Trade account For a limited time, new and existing clients are eligible to get $50 cash when transferring in $500 or more to a new or existing account today. Use promo code: GETSTARTED. Plus, get a $25 Amazon.ca gift card when you fund your account within 30 days of enrolling in the offer. Conditions apply.

Bottom line: Take control of your financial future

With insights inspired by Warren Buffett’s strategic moves and tools that make investing accessible to everyone, the path to financial growth is within reach. Whether you choose TD Easy Trade, CIBC Investor’s Edge, or Qtrade, you’re taking a step toward a secure financial future.

This article Warren Buffett’s Canadian stock pick—and how you can invest like a prooriginally appeared on Money.ca

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

There’s a famous quote that goes "the only thing ‘wrong’ with dogs is that they can’t live forever." A dog’s lifespan can range anywhere from nine to 15 years on average, and when you consider a dog as part of the family, that’s just not enough time. But what if there was a pill that could extend your dog’s life? Good news — that pill just came one step closer to reality.

More time with our best friends

Loyal, a biotechnology startup focusing on canine health solutions, received a significant milestone on Wednesday, February 26, when the Food and Drug Administration (FDA) granted their new medication a "reasonable expectation of efficacy" certification.

Before veterinarians can begin prescribing this anti-aging treatment, the FDA must still verify its safety and confirm the company’s ability to scale up manufacturing. Loyal expressed confidence in meeting these requirements, citing "extensive data" supporting both aspects, and projects receiving conditional FDA approval by the end of 2025.

The company is seeking FDA approval for their beef-flavored pill to be used in dogs that are at least 10 years old and weigh a minimum of 14 pounds. According to Loyal, the medication targets "metabolic health," which naturally deteriorates as dogs age.

While promising, the treatment does have limitations. Loyal indicates that the medication could extend a dog’s healthy lifespan by at least one additional year (that’s seven dog years!).

Next steps

Loyal plans to introduce its medication through the FDA’s conditional approval pathway for animal drugs. This process permits companies to begin marketing treatments deemed safe and likely effective by the regulatory agency. Simultaneously, the company continues collecting additional evidence to conclusively demonstrate the drug’s efficacy while it’s already available to consumers.

There’s no word on how much the pill will cost pet parents, but Loyal said that it wants to make treatment accessible to as many dogs as possible, ideally for less than $100 per month.

How much more do I need to budget (if my dog lives longer)?

The average cost of owning a dog in Canada averages between $660 to $4,430 per year, depending on the breed you own. And if you consider your pet as part of your family, this added cost to keep your dog with you for another year is a drop in the bucket. But these are the senior years of your dog’s life and there are going to be added costs, including special dietary needs, supplements and more frequent vet visits. This means you would need to budget for the higher end of the cost spectrum. Be sure to take these factors into consideration when putting together a budget.

This article Anti-aging pill for dogs one step closer to reality as it’s certified ‘effective’ by FDA. What does this mean for your budget?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.

With the advent of United Nations-driven global net-zero mandates, demand for rare earth minerals is on the rise, and so are investment opportunities in sustainable mining for Canadian investors.

Renewable energy is an essential component of phasing out the global reliance on fossil fuels in order to reduce emissions for everyday power consumption needs. However, many of these pieces of green prop tech — from the coating on solar panels to the components for the battery in an EV — require mining.

This presents a challenge for the industry as a whole, but also provides the chance to get in on the ground floor of the green energy wave.

In this article, we’ll dive into the future of sustainable mining and prospects for Canadian investors.

What are the existing issues in mining?

To be clear, there’s always an upfront environmental cost of a mining project.

Mining typically begins with removing trees, shrubs, grasslands and meadows to make room for mining infrastructure. Depending on location, this may also involve the displacement of existing indigenous groups or entire communities.

Historically, clear communication with these communities has been a persistent problem. This has resulted in a push for more transparency for mining practices given that communities are left holding the bag after the operation shuts down.

During the active mining phase, other issues take shape.

Mines need to purify gangue, or a mix of soil and undesirable minerals, to produce ore. This is done through chemical treatment, which produces toxic run off that’s stored in tailing ponds where mining waste is stored under water.

Although alternatives exist, tailing ponds remain an industry mainstay.

All that, plus mining also needs heavy machinery, which are typically powered by fossil fuels. In particular diesel powered trucks contribute heavily to a mine’s carbon footprint, according to the Rocky Mountain Institute.

As a result, mines have a heavy impact on local environments by damaging the earth, water and air.

This begs the question, how can mining ever be sustainable given the industry’s environmental impacts?

How sustainable mining works

Sustainable mining aims to mitigate the baked-in environmental cost of ore extraction through a trinity of changes to mining practices:

1. Improve consultation with impacted communities to preserve and support their quality of life throughout the mining process
2. Reduce fossil fuel emissions and carbon generation during the active mining phase
3. Remediate the mining site following the closure of the mine

It’s also important to note that sustainable mining operations are assessed based on their lifecycle, not the shovel-breaking environmental impact.

Sustainable mining in Canada

Sustainable mining practice can be broadly split into three categories: the negotiation phase, the active mining phase and the remediation phase.

Negotiation

The first step to sustainable mining is a robust consultation process with any communities impacted by development.

This includes not only speaking with local stakeholders, but also determining the economic benefits a mine can bring to a community. Typically this takes the form of new jobs or apprenticeship programs. Infrastructure improvements are also common through implementing higher quality roads or improving internet access, according to the Ontario Mining Association.

In Canada, mining projects often involve negotiating with treaty holding indigenous groups such as the Temagami First Nation and Teme Augama Anishnabai. It can also involve community consultation, as seen in the myriad of mining projects in Timmins, Ontario. This duty to consult is split between Federal and Provincial or Territorial governments.

For more on this, you can check out the Government of Canada’s interactive map on indigenous mining agreements.

Electrifying active mining

During the active mining phase, the big thing mining companies can do is electrify their fleets of heavy machinery, or utilize energy from a renewable grid or micro grid.

One such example is ABB’s Ability eMine line of electrified trolleys and transportation vehicles. Some of these vehicles are built to transport materials hundreds of kilometers through the Australian outback, according to their white paper.

Making changes at this level is paramount, but may also dramatically intensify grid demand. For example, electrifying the global iron ore industry could require between 20 and 30 terawatts hours of electricity, according to McKinsey and Company.

The ultimate goal here is to drop direct carbon emissions. Secondary benefits include reduced heat and reduced noise of vibrations, according to Agnico Eagle which operates mines in Ontario.

Long-term site remediation

Finally, sustainable mines need to take post mining remediation measures seriously.

Producing waste is, for now at least, an inescapable part of mining operations. With that being said, reclamation efforts have proven successful in the past.

One of the best Canadian examples of this is the Falconbridge mining reclamation project in Sudbury. In 2023, Sudbury celebrated the 50th anniversary of its re-greening program, which involved the planting of millions of trees.

Coupled with efforts to reduce emissions and mining waste, large areas of previously contaminated land have been reclaimed.

Canada also developed the Towards Sustainable (TSM) set of performance standards by the Mining Association of Canada (MAC) in 2004, which is updated regularly. Adherence is mandatory for all MAC members and covers many of the issues discussed above — from tailing pond management to carbon footprint reduction.

Given Canada’s immense biodiversity, balancing economic growth with environmental protections and social responsibility is essential to the future of the country.

Ways to invest in sustainable mining

If you’re interested in sustainable mining practices you can approach investment opportunities from several different directions. Here are some ideas to get you started.

1. Mining companies that are attempting to to reduce or fully offset their carbon footprint
2. Manufacturing companies that are building the EV vehicles needed for electrified mines
3. Renewable energy grid alternatives — especially those that slot into a micro grid for mining operations
4. Mining companies that are digging for the rare earth metals that power batteries for fossil fuel alternatives
5. Firms that are developing more efficient renewable energy solutions

In short, investing in the mining sector doesn’t necessarily mean investing in mining operations themselves.

There’s an entire constellation of options for investment depending on your understanding of the technologies involved in reaching 2030 and 2050 fossil fuel reduction targets.

Examples of sustainable mining operations you can invest in

Several mining companies listed on the Toronto Stock Exchange (TSX) have demonstrated commitments to sustainable practices. A few notable examples, include:

1. Newmont Corporation (TSX: NGT): Recognized as the world’s leading gold miner, Newmont has been acknowledged for its sustainability efforts. Notably, it was the only mining company included in TIME’s list of the world’s top 100 most sustainable companies for 2024, ranking 84th.

2. Alamos Gold Inc. (TSX: AGI): This Canadian multinational gold producer operates mines in North America and has been recognized for its environmental, social, and corporate governance (ESG) performance. In 2022, Alamos announced a company-wide target of a 30% reduction in greenhouse gas emissions by 2030 and released its first Climate Change report in 2023.

3. Agnico Eagle Mines Limited (TSX: AEM): Agnico Eagle is a Canadian-based gold producer with operations in Canada, Finland, Australia, and Mexico. The company has a long-standing commitment to environmental stewardship and has been recognized for its sustainability initiatives.

4. Avalon Advanced Materials Inc. (TSX: AVL): Specializing in rare metals and minerals, Avalon focuses on sustainable development and has produced comprehensive corporate sustainability reports. The company’s projects include the Nechalacho Rare Earth Elements Project and the Separation Rapids Lithium Project, both emphasizing environmental responsibility.

5. Kinross Gold Corporation (TSX: K): Kinross has been recognized for its corporate responsibility initiatives. In 2015, it achieved an A− ranking in Maclean’s magazine’s annual assessment of socially responsible companies, the highest ranking of any Canadian mining company at that time.

These companies exemplify efforts within the mining industry to integrate sustainable practices into their operations, aligning with global environmental and social governance standards. To get started, you’ll need to open a trading account.

Conclusion

All in all, mining as an industry is only going to scale in a different direction, not disappear entirely.

As Canada attempts to reach its net zero targets many of the technologies needed to reach those emission targets require mining. Finding a balance between environmental stewardship and the reality of climate change is a significant concern, especially given that the industry employs over half a million Canadians and contributed $148 billion of gross domestic product in 2022.

— with files from Romana King

Sources

1. Rocky Mountain Institute: Pulling the weight of heavy truck decarbonization

2. Ontario Mining Association: Social Responsibility

3. Temagami First Nation & Teme Augama Anishnabai: Consultation Protocol for Mining Activities in N’Daki Menan

4. Ontario: Glencore Canada Corporation

5. ICLG: Mining Laws and Regulations Canada 2025

6. Government of Canada: Lands and Minerals Sector – Indigenous Mining Agreements

7. ABB: White Paper: Building the all-electric mine

8. McKinsey and Company: Electrifying mines could double their electricity demand

9. Agnico Eagle: Electrification of Mining

10. American Geoscience Institute: Mining remediation in the Sudbury region of Ontario

11. Greater Sudbury: Regreening Program

11. National Resources Canada: 10 Key Facts on Canada’s Minerals Sector

This article How to invest in sustainable mining 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.

I love to bundle up. And I’m not talking about adding extra layers of clothing when it’s cold outside. I mean that I enjoy saving money when companies offer bundling bonuses or discounts to customers who get more than one product from the same merchant. It’s an especially popular marketing strategy with telecommunications, software and food companies (who hasn’t gotten a Big Mac Value Meal to save money on fries and a beverage?).

In recent years, Canadian financial institutions have begun to catch on to the popularity of product bundles, offering a wide variety of different packages to encourage customer loyalty, while saving clients money on their banking needs. Here’s a general look at some of the different kinds of multi-product bundles available at various Canadian banks.

Banking account services/product bundle rebates

Many banks offer premium, all-in-one bank accounts with a variety of features and products for a set monthly fee that is at a much lower price point than what it would cost if you were to pay for all your transactions individually.

For example, a bank might offer a premium bank account that charges a monthly $30 fee but features a plethora of products and services that would be much more expensive if paid for individually.

Possible products and services include things like:

• A free premium credit card (a savings of $120 yearly)
• Unlimited daily transactions for things like withdrawals and Interac e-transfers, which often cost at least $1 each
• A set amount of free bank drafts (which can average $8 or more each)
• A free safe deposit box (that can cost $60 a year)
• Overdraft protection (which can cost around $5 a month)
• Paper chequebooks (approx. $20)

Just from the above items and services, depending on how often you make withdraws and send Interact e-transfers, you would easily make back the $360 a year that you would pay in monthly fees. Better yet, many banks in Canada will even waive the monthly fee as long as you keep a minimum balance (often ranging between $3000 to $6000) in your account for the full month.

Lower fee product bundles

Not all financial institutions offer clients the option of keeping a set minimum amount in an account to avoid monthly fees altogether. Rather, some banks give clients a complete or partial monthly fee rebate based on how many other banking products they have at the bank.

So, for example, if you pay a monthly account fee of $30, some banks will offer a 30% (or more) fee reduction if you also have a credit card, a mortgage and/or an investment account with them, saving you over $100 a year. (If you are considering getting a mortgage with your bank to enjoy a bundle perk, remember that a long-term relationship with your bank can also get you a better mortgage rate) .

Family bundles

Another package that some banks offer is a family bundle. This kind of bonus package allows clients with a specific kind of premium account to invite family members (who live in the same household) to each open their very own separate chequing account and not pay a monthly fee. Given all the fees that chequing accounts are usually subject to at traditional financial institutions, family bundles could save client’s loved ones hundreds of dollars yearly.

Cash/high-interest rate bonuses

Some banks know that nothing speaks louder (or encourages brand loyalty more) than a straightforward chunk of money and a high interest rate. That’s why to attract new clients, some financial institutions feature a one-off amount of bonus money and a generous promotional interest rate for opening an account. Some banks also require that clients “bundle up”: open an account and apply for a bank branded credit card to be eligible for a cash/interest rate bonus.

Not all bundles are created equal

While a bundle can be a smart way to save on bank fees and enjoy a few nice extras, it’s vital to do your research because not all of them are good deals. Not all banking packages offer unlimited transactions or feature a good interest rate. Generally, for a bundle to be a decent value you need to keep all your money and accounts with one bank (such as savings, chequing, credit cards, etc), which means you can’t shop around with other banks to take advantage of things like better interest rates or bonus promotions.

Furthermore, keeping several thousand dollars in a bank account to ensure your monthly fees are waived isn’t as attractive as it looks when you consider that your money could be earning anywhere from 3% or more if you invested it in a no-fee or low-fee GIC or investment account.

It’s hard to overlook these bundling downsides when there are so many safe and user-friendly online banks that don’t charge any fees at all and still offer unlimited transactions and outstanding interest rates on savings and/or chequing accounts. So, before you bundle up, be a greedy consumer and consider all your banking options and how much they really save you. Personally, I’ve found that banking/investing packages from alternative or online banks tend to offer more value than with traditional banks.

Final word

Though terms and conditions vary from bank to bank, doing your research on bundles could end up saving you money and headaches. The convenience of your finances being managed in one place offers peace of mind, but also knowing that you made the smartest choice by bundling because it saves you money, or gets you better rates for other products from your bank, is a satisfaction you cannot beat.

Ask your bank, or friends who bank at other places, and see if there is a bundle package, similar to those mentioned in this article, that could be relevant to you.

This article Bank bundles: Yay or nay, and why? 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.

There’s an old adage that goes something like, “What’s the difference between tax reduction and tax evasion? About five years in jail.”

As a Canadian, you have the right to reduce the amount of income tax you pay, but what you can’t do is evade taxes. Even rich folks with accounts in Panama can get caught in the end.

Here are a few ways to lower your tax bill with a clear conscience.

The low-hanging fruit

Canada has two national programs that help you save on taxes in the short and long term. Both are highly effective if you have the willpower and the means to save money and invest in your future.

Registered retirement savings plans (RRSPs)

The federal government will let you shelter up to 18% of your earned income in an RRSP, where it can grow tax-free until you take it out of the plan, typically when you retire.

In the short term, every dollar that you contribute to your RRSP gets deducted from the amount of income you declare. This could result in a big, fat income tax return that you can spend any way you please.

You can learn all about RRSPs and how to get started here

Tax-free savings accounts (TFSAs)

TFSAs won’t save you any money on this year’s tax return but they can save you a mountain of tax money over your lifetime.

You can put money into a TFSA, invest it and keep all the profit if your investments go up. Anyone over the age of 18 can open one of these tax-free account and start contributing money up to the annual limit set by the government.

If you’re into tax-free cash, read more about why TFSAs are a gift from the government that you just have to open.

Dig for deductions

The Canada Revenue Agency (CRA) is continually adding new deductions to the tax code. For example, new measures were implemented during the COVID-19 pandemic that allowed you claim home office supplies as a tax deduction if you were asked to work from home. You can find out if you qualify by visiting the CRA website.

Fun fact: You could earn $400 an hour: If you spent two hours researching tax deductions and you saved just $800 on next year’s tax bill, you would have earned $400 an hour for your time. That’s about how much a lawyer makes.

Make taxes a family affair

Married couples and parents with children often qualify for tax deductions that aren’t available to single people with no kids. If you aren’t confident in your ability to identify all the savings you deserve, have a tax professional prepare your return. If they find even one additional deduction, it’s well worth the fee.

Talk to human resources

If you work for a company that still has a human resources department and offers employee benefits, you’re lucky. Book some time with your HR administrator to review all the programs and incentives you can sign up for in order to reduce your taxes today or down the road when you retire. Taking advantage of things like group savings and insurance plans is almost always in your best interest.

Work your side hustle

If you’re self-employed or running a side hustle, you could be able to write off your work-related expenses. As long as you earn money for what you do, any reasonable business-related expense can be claimed as a deduction. Keep in mind that a “tax deduction” is not a refund. You simply get to reduce the income you declare, so you get taxed on a smaller amount.

Start saving today, before the April 30 tax deadline

The deadline to file your income tax return is April 30. (This year, that falls on a Wednesday.) That gives you plenty of time to start exploring ways to lower your tax bill. If you’re ready to get started, here are 10 tax credits to be aware of.

This article Tax season is upon us — Looking to fatten your return? Here’s how you can reduce income tax in Canada the proper way 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.

With the recent surge of national pride following continued threats of tariffs from the US government, a recent survey reveals many Canadians want retailers to make it easier to buy local. According to KPMG in Canada, More than nine in 10 say they want stores to promote Canadian products and think grocery stores should be required to give them preferential shelf space.

"We’re seeing a significant shift in the shopping behaviour of Canadians, who are fired up to support local producers, artisans and companies," Kostya Polyakov, KPMG in Canada partner and national consumer and retail leader, said in a statement.

"Canadians are fighting for Canada, to keep jobs and their dollars within the community. But it’s not always easy at first glance to know if what they’re buying is Canadian and increasingly, they now demand retailers make it easier for them, calling out those that don’t."

In fact, nearly 70% of respondents want retailers to stop selling US products altogether.

Looking local

With 84% of Canadians reading packages to see where products are made and three-quarters willing to pay more to buy a Canadian product over one that’s made in the US, retailers already see the change in shopping habits.

According to KPMG’s release, Loblaw Companies Ltd. recently reported a 10% increase in sales of items labelled product of Canada, made in Canada or produced in Canada for the first week of February compared to the previous week.

Many respondents reported going well out of their way to support Canadian products, with poll highlights including:

• 80% say they are purposefully looking for a non-US version (e.g., if fruit is available from either the US or Peru, choosing the Peruvian version) if a Canadian product equivalent isn’t available
• 89% say Canadian grocery stores should be required to give preferential shelf space to Canadian products
• 84% say they are paying more attention to the origin of where products are made by reading the labels
• 77% say they will buy Canadian products even if it costs more

A retailer’s responsibility

Poll findings reveal consumers are paying attention to more than just labels as the vast majority (93%) hope and expect Canadian retailers are searching for non-US suppliers with 85% saying they will think twice about buying from stores that move their entire operations to the US.

"As consumers increasingly prioritize Canadian products, it is crucial for retailers to adjust their supply chain so they can continue to operate locally. This not only serves to build trust with customers by aligning to their expectations but also helps strengthen our national economy," Polyakov said. "There is also strong agreement among survey respondents that inter-provincial trade barriers must be eliminated so they can have enough product choice to continue buying Canadian."

Despite the surge of national pride, affordability remains a top concern as 86% are worried Canada will slide into a recession and 90% think governments should lower the cost of everyday essentials by reducing taxes or providing tax credits to help consumers through a tariff war.

"While it’s clear Canadians will pay extra to support the home team, the impact of the rising cost of essentials is also top of mind for many," Polyakov said. "With consumers strongly expecting to see their grocery bills go up, they plan to cut back on non-essential spending, which could hit sectors like dining and entertainment hard.

Survey methodology

KPMG in Canada surveyed 1,934 Canadian adults from February 12 to 25, on Sago’s AskingCanadians panel, using Methodify’s online research platform. Just over half (52%) of respondents identified as female and 48% male. Regionally, 39% live in Ontario, 24% in Quebec, 13% in BC, 11% in Alberta, 7% in Saskatchewan and Manitoba and 5% in Atlantic Canada.

This article Canadians want retailers to make it easier to buy homegrownoriginally appeared on Money.ca

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

Hollywood icon and proud Canadian Mike Myers made a bold statement on Saturday Night Live, wearing a T-shirt that read “Canada is Not for Sale.”

Myers appeared on the March 1 broadcast of SNL, currently in its 50th season and watched by an audience of over five million people on any given week.

His message was not subtle. It was a clear response to rising tensions between Canada and the US, particularly amid ongoing trade disputes and political rhetoric.

Myers’ shirt was a clear rallying cry to his fellow Canadians, and it raises an important question: How, without a large public audience or influential name, can everyday Canadians show their support and stand in solidarity for their country?

Buy local and support Canadian businesses

One of the most effective ways to show support for Canada is to keep your spending money in Canada. There has been a surge in Canadians choosing to buy local, recognizing that supporting homegrown businesses strengthens the economy. Whether it’s shopping at a local boutique, eating at a Canadian-owned restaurant or choosing domestically made products, these small decisions have a significant impact.

If you’re looking to make more conscious purchasing decisions for your every day shopping needs, there are some big name retailers that are domestic and provide solid Canadian alternatives to American stores. Every dollar spent on Canadian goods and services helps maintain jobs, fosters innovation and sustains Canadian businesses during these uncertain times.

Need pet food? There are Canadian options for that

Supporting Canada isn’t just about the products you buy for yourself — it extends to your furry friends, too. The Canadian pet food industry is thriving, and choosing native brands ensures you’re supporting ethical sourcing and high-quality ingredients.

We put together a guide on Canadian pet food options that dives into the benefits of buying local brands, from better nutritional standards to reduced environmental impact.

To be considered for this list, pet foods must not only be made in Canada, but also be Canadian owned.

Cheers to Canadian alcohol alternatives

Hosting a gathering or just enjoy a tipple every now and again? You don’t have look to our neighbour to fill your wine glass or high ball.

Many Canadians are choosing to move away from US spirits in favour of indigenous options, recognizing the incredible quality of Canadian-made wines, beers and spirits. There are plenty of excellent alternatives that keep your money in Canada while also supporting local distilleries and brewers.

Whether you prefer craft beer from a small-town brewery or whiskey from a renowned Canadian distillery, there’s no shortage of top-tier options that don’t require crossing the border. Making the switch to Canadian-made alcohol is a simple but effective way to support the national economy while enjoying high-quality beverages.

Scan your way Canadian alternatives

If you’re looking for an easy way to find Canadian-made products, technology has made it more accessible than ever. The Buy Canadian app allows users to easily identify and shop for locally made goods, ensuring that more of their spending goes directly into the Canadian economy.

It may not be as bold as wearing a patriotic message on live television, but it does make it easier to buy Canadian made products and show your pride with your pocketbook.

Rethink retirement real estate

For decades, Canadian retirees, AKA snowbirds, have flocked to Florida for warm winters. Current political tensions and economic shifts have led some to reconsider their ties to the US and an increasing number of Canadian retirees are selling their properties in Florida and reinvesting in Canada.

It may seem like a drop in the bucket, with the number of retirees who can or will rethink where they want to live in retirement, but Canadians are, in increasing numbers, doing just that. These people are choosing to do their part to support the Canadian economy and taking leave of a country that is making it financially and politically difficult for their fellow Canadians back home.

A national movement of solidarity

Mike Myers is a Canadian icon and he used his name and his platform to send a clear, simple and powerful statement on Saturday Night Live.

His public message is a reminder that patriotism isn’t just about words — it’s about action. Supporting Canadian businesses, choosing local products and rethinking spending habits are all ways to make a tangible difference, even without being a beloved public figure.

This article Mike Myers shows his Canadian pride amid tensions with the US — Here’s how you can toooriginally appeared on Money.ca

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