News Direct

Author: Oskar Malone

  • Warren Buffett calls Trump’s tariffs an “act of war” and warns about the dangers of this hidden tax

    Warren Buffett calls Trump’s tariffs an “act of war” and warns about the dangers of this hidden tax

    Warren Buffett, one of the most respected voices in finance, is known for his straightforward approach to economic policies. So when he recently used the word “war” when discussing tariffs, people took notice.

    In a recent interview with CBS News, the Berkshire Hathaway chairman called tariffs "an act of war, to some degree."

    These were first public remarks from the “Oracle of Omaha” on President Donald Trump’s trade policies. Trump announced sweeping 25% tariffs on imports from Mexico and Canada that went into effect on March 4, 2025. Various countries, including Canada, promised to retaliate.

    “Over time, [tariffs] are a tax on goods. I mean, the tooth fairy doesn’t pay ’em!” Buffett said with a laugh. “And then what? You always have to ask that question in economics. You always say, ‘And then what?’"

    Buffett’s insight carries significant weight given the decades of analysis he’s completed on market behaviours. Buffett’s words highlight the economic consequences of trade barriers and the broader implications of protectionist policies.

    Understanding Buffett’s perspective on tariffs

    Buffett’s assertion that tariffs function as an act of war is rooted in the economic history of trade disputes. Tariffs are, at their core, financial penalties imposed on imported goods. While governments argue that they protect domestic industries, they often lead to retaliatory measures from other nations. This tit-for-tat escalation can strain international relationships, disrupt global supply chains, and even trigger economic downturns.

    For consumers, disruption in supply chains, alone, can lead to inflationary pressures and higher living costs. As such, the Oracle of Omaha emphasized that tariffs are ultimately a tax on goods.

    "The tooth fairy doesn’t pay ‘em!"

    This assertion by Buffett underscores a fundamental economic truth: tariffs raise the cost of imported goods, and those costs are invariably passed down to consumers.

    While policymakers may introduce tariffs with the intention of boosting domestic production, the reality is many businesses also respond — increasing prices or shifting supply chains, resulting in higher costs for the average consumer.

    Tariffs as economic warfare (hint: The Great Depression)

    The concept of tariffs as an act of war is not new. Historically, nations have used trade restrictions as a tool to exert political and economic pressure on rivals. The Smoot-Hawley Tariff Act of 1930, for instance, significantly worsened the Great Depression by prompting global trade partners to impose counter-tariffs, shrinking international commerce. More recently, trade disputes between the United States and China during the first Trump administration led to billions of dollars in lost revenue for American farmers and manufacturers.

    This is the history Buffett draws from when he comments on tariffs being an “act of war” — the policy serves as a form of economic aggression. Instead of military confrontation, countries engage in financial battles that can destabilize industries and economies.

    Impact of trade wars: Cost of protectionism

    Trade wars may not result in immediate physical destruction, but they can erode economic stability and global cooperation, creating long-term consequences for businesses and consumers, alike. This can lead to higher costs, lower wages and, overall, make it tougher for those not part of the 1% economic elite.

    Unintended consequences of protectionism: Dramatic impact on everyday workers

    Buffett’s warning about tariffs is particularly relevant in an era where globalization has interconnected economies. While protectionist policies may seem like a solution to job losses or trade imbalances, they often lead to unintended economic consequences, such as:

    • Higher Prices for Consumers: As Buffett pointed out, the burden of tariffs falls on consumers, not foreign producers. When tariffs are imposed, businesses facing increased costs pass them on to customers, leading to inflationary pressure.

    • Retaliatory Measures: Other countries respond to tariffs with their own trade restrictions, which can hurt domestic exporters. This was evident in the US-China trade war, where American farmers and manufacturers suffered losses due to Chinese retaliatory tariffs.

    • Disrupted Supply Chains: Modern economies rely on global supply chains. Imposing tariffs can force businesses to restructure their operations, leading to inefficiencies, layoffs, and production delays.

    • Reduced Economic Growth: When trade slows down due to restrictive policies, economic growth can stagnate. Buffett’s concern about tariffs is tied to their potential to stifle economic expansion and investment.

    What can investors do?

    Over the years, Buffett has expressed skepticism about tariffs and trade wars, citing the potential harm of these economic policies to long-term economic stability. In the past, Buffett adopted cash-heavy positions. He’s taken the same approach in recent months. The action is a response to the market volatility introduced by unpredictable trade policies and the uncertain reaction by businesses, consumers and investors.

    For investors in 2025, this is a good time to review your investment strategy and confirm that your portfolio is aligned with your goals and your risk tolerance.

    Sources

    1. CBS News: Warren Buffett on legendary Washington Post publisher Katharine Graham (March 2, 2025)

    2. Reuters: Trump triggers trade war, price hikes with tariffs on Canada, China and Mexico (March 4, 2025)

    3. Wall Street Journal: Does Warren Buffett Know Something That We Don’t? (Nov 11, 2024)

    4. CNBC: Warren Buffett amasses more cash and sells more stock, but doesn’t explain why in annual letter (Feb 22, 2025)

    This article Warren Buffett calls Trump’s tariffs an “act of war” and warns about the dangers of this hidden taxoriginally appeared on Money.ca

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

  • Canadians facing cost-of-living and debt fatigue

    Canadians facing cost-of-living and debt fatigue

    It’s already tough financially for many Canadians, but with heightened concerns thanks to the looming threat of US tariffs, fatigue is starting to set in. In the Credit Counselling Society’s 2025 Consumer Debt Report, more than half of respondents (54%) – the highest number since the inception of the survey five years ago – report economic factors outside of their control as their biggest concern.

    "Consumers were already feeling the strain of increased day to day expenses," Peta Wales, the society’s president and CEO said in a statement.

    "Then, as additional information about potential tariffs emerged in the weeks leading up to President Trump’s inauguration, the likelihood of price increases and even the potential for job losses, only heightened feelings of anxiety and stress."

    Seven-in-10 Canadians reported concern over the increase in cost-of-living expenses.

    Canadians’ debt anxiety

    Over half of all Canadians report feeling worried or concerned about their debt, and the number of Canadians feeling increasingly anxious surged to four-in-five among those who experienced an increase in debt this past year.

    If you are someone who has let out a frustrated scream over your finances, you’re not alone. More than one-in-four respondents revealed that they have done the same.

    Surprisingly however, an astonishing 57% of survey participants were complacent towards their debt by not reacting at all to what they owe.

    "Unfortunately, we continue to see a trend of Canadians normalizing debt with a focus on only addressing their minimum payments," Wales said. " With record-high debt levels, consumers are grappling with the rising cost of living, and credit cards – which were once used primarily for emergencies – are now being used to carry month over month balances. Add on the prospect of tariff induced price increases or reduced income from layoffs, and many are left feeling numb and overwhelmed."

    Among respondents who reported experiencing an increase in debt over the past year, 54% revealed that it affects their mental wellbeing and for those who are uncomfortable with the amount of debt they are carrying, 60% indicated that it affects their outlook on life.

    What Canadians are doing about debt fatigue

    Debt fatigue was confirmed by survey respondents who reported being four times more likely (19%) to cry about their debt than communicate with their creditors (5% ), and seven times more likely (57 percent) to have taken no action regarding their debt than to have consulted with a credit counsellor (8%).

    "The danger with becoming complacent about your obligations is that a small shift in your circumstances – such as reduced hours at work or an increase in the cost of an essential, like gas, can suddenly make your financial situation extremely difficult to manage," Isaiah Chan, the society’s VP of Programs & Services said.

    According to the survey, half of Canadians with increased debt have recently cut back on their savings (48%), used credit instead of cash (50%) or drawn from their savings or investments (51%) while also cutting back on essentials like food (77%) and recreation (72%) to make ends meet.

    Furthermore, an overwhelming 70% of Canadians (with increased debt this past year) cut back on essentials, 34% sold personal items, 12% changed their living arrangements and 44% reached out to a financial advisor for assistance.

    Previously the largest share of respondents that reached out to a financial advisor was 10%.

    Survey methodology

    The survey was conducted by the Credit Counselling Society from Jan. 6 to 10, among a representative sample of 1,200 online Canadians who are members of the Angus Reid Forum.

    This article Canadians facing cost-of-living and debt fatigueoriginally appeared on Money.ca

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

  • Oakville man loses $750K in sophisticated investment scam — How to spot a scam and protect yourself

    Oakville man loses $750K in sophisticated investment scam — How to spot a scam and protect yourself

    An 82-year-old man from Oakville, Ontario, is warning others after he lost $750,000 to an online scam that tricked him into thinking he was making a safe investment.

    Walter Yamka was searching online for good rates on Guaranteed Investment Certificates (GICs) when he came across a website that looked like it belonged to a trusted financial institution. The site promised higher returns than the big banks, so he decided to check it out.

    After reaching out through the website, he was contacted by what he believed were bank representatives. Everything seemed professional. There were documents, contracts and even personalized customer service. Convinced he was making a smart financial move, he transferred his life savings to what turned out to be fraudsters.

    A painful realization

    As time went on, Yamka tried to check on his investment, but the website had disappeared. The emails and phone numbers he had been using no longer worked. That’s when reality hit — he had been scammed.

    "Do you know how long I had to work to make that money?" Yamka told CTV News, devastated. His entire financial security had vanished in an instant.

    Experts warn: online scams are getting more sophisticated

    Financial scams like this are becoming more common, and experts warn that they’re getting harder to spot. "Criminals are constantly trying to find new ways to steal your money. The latest scam? Creating fake websites that look like legitimate financial institutions," consumer advocate Pat Foran said on CTV News.

    The scammers go to great lengths to make their schemes look real. They clone websites, use official-looking documents, and even have people answering phones to make everything seem legitimate.

    How to protect yourself from getting scammed

    It’s easy to assume you’d never fall for a scam like this, but fraudsters are skilled at deception. Here are some ways to protect yourself and your money:

    1. Double-check the company’s legitimacy – If you’re looking at an investment online, verify the company’s credentials through official sources such as the Canadian Securities Administrators (CSA) or the bank’s actual website.
    2. Be skeptical of unsolicited offers – If someone contacts you out of the blue offering an amazing investment opportunity, it’s likely too good to be true. Legitimate financial institutions don’t randomly reach out with investment deals.
    3. Do your research – Look up the company’s name along with words like “scam” or “fraud” to see if others have reported problems.
    4. Speak with a financial advisor – A licensed financial professional can help confirm whether an investment is legitimate before you commit any money.
    5. Never rush into an investment – Scammers often create a sense of urgency to pressure you into making quick decisions. Always take your time and verify everything.
    6. Use official contact methods – If you receive an email or call about an investment, don’t use the contact information they provide. Instead, visit the official website of the bank or company and reach out to them directly.

    Stay vigilant and spread the word

    Scammers rely on people not knowing what to watch out for. By staying informed and sharing stories like this one, consumers can help one another to prevent others from falling victim to similar scams.

    As for Yamka, sadly, the damage has been done, but he hopes his story will serve as a warning to others. "I just want to make sure no one else goes through what I did," he told CTV News.

    What to do if you’ve been scammed

    If you believe you’ve fallen victim to a scam, act quickly. Contact your bank or financial institution to see if any transactions can be reversed. Report the fraud to the Canadian Anti-Fraud Centre at 1-888-495-8501 and to your local police.

    If your identity has been compromised, consider contacting Equifax and TransUnion to place fraud alerts on your credit file. Seeking legal or financial advice can also help you navigate the next steps in recovering from fraud.

    Sources

    1. CTV News: ‘Do you know how long I had to work to make that money?’ How an Oakville man lost $750K to a fake website (February 25, 2025)

    This article Oakville man loses $750K in sophisticated investment scam — How to spot a scam and protect yourselforiginally appeared on Money.ca

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

  • Trump’s tariffs come one week before next Bank of Canada rate announcement: What does this mean for Canadians and how can you safeguard your finances?

    Trump’s tariffs come one week before next Bank of Canada rate announcement: What does this mean for Canadians and how can you safeguard your finances?

    President Donald Trump’s long-touted 25% tariffs on Canadian goods, as well as 10% tariffs on energy, finally took effect at midnight on March 4, effectively ushering in a fraught economic relationship between the two neighbouring nations and close allies.

    These tariffs come as the Bank of Canada is poised to make the next prime rate annoucement on March 12. After a series of consecutive drops, predictions are that the BoC will hold rates steady at the current rate of 5.20%. This rate is a relief from where it was this past summer, before rates started to decline, after peaking at 7.20%.

    While a lowered interest rate may have provided some financial relief to Canadians struggling with an increased cost of living owed to high inflation, many will be rightfully anxious about how tit-for-tat tariffs will exacerbate inflationary pricing, as well as create employment concerns if business takes a hit.

    Trudeau responds with tariffs on $155 billion worth of American goods

    Prime Minister Justin Trudeau formally addressed the nation about the tariffs on Tuesday morning, saying, “This is a very dumb thing to do. We two friends fighting is exactly what our opponents around the world want to see.”

    Trudeau also outlined the federal government’s retaliatory agenda, levying tariffs on $155 billion of American goods, $30 billion of which would be imposed immediately, with the rest becoming effective in 21 days.

    “They’ve chosen to launch a trade war that will, first and foremost, harm American families. They’ve chosen to sabotage their own agenda that was supposed to usher in a new golden age for the United States,” the Prime Minister said.

    Provincial leaders are also reacting with austerity measures, as Ontario, Newfoundland and Labrador and Manitoba announced they will be removing US booze from their shelves, effective immediately.

    Ontario Premier Doug Ford also announced that the province will be levying a 25% tariff on energy exports to the United States.

    Canadians are largely supportive of retaliatory action, with 45% revealing they are strongly in favour, and another 25% saying they are somewhat in favour, according to a poll from Leger.

    How tariffs will impact Canadian consumers and investors

    For consumers, tariffs will increase prices on imported goods. If a tariff is imposed on a product coming from the US, businesses will pass those added costs onto shoppers through price hikes.

    Alternatively, companies may source from other countries or shift to domestic alternatives, which may not always be available at the same price or quality.

    For investors, tariffs create uncertainty in markets. Companies that rely on cross-border trade, like manufacturers, retailers and agricultural businesses can see costs rise, potentially affecting profitability and stock performance. In fact, Canada’s main stock index dropped nearly 500 points in early trading since the tariffs went into effect.

    On the other hand, Canadian companies in protected industries, such as dairy or steel, may benefit from reduced foreign competition.

    How to safeguard your finances during economic uncertainty

    Canadians enjoyed a modicum of relief in the form of lower interest rates and from rising inflation in the last number of months. But that relief, it appears, was short lived.

    The hard hitting tariffs are likely to cause significant impact the daily lives of Canadians, bringing to an end what was a short-lived period of a bit more breathing room in our wallets.

    It may be time, again, to batten down the hatches and take pro-active measures to protect your property and interests, your investments and your debt load. No matter the current state of your finances, the aim of these tariffs is to make Canadians, across the board, feel the pinch.

    Thankfully, there are options to help you cut down on your expenses, manage your cashflow and safeguard, to the best your ability, against the impact of Trump’s tarrifs. We’ve put together a guide to help you protect your finances and reduce your losses in this new tariff environment.

    A balance transfer credit card can lower interest payments

    For many, credit card debt can be crippling, enabling an endless cycle of accruing interest and deflecting payments towards that interest instead of paying down the principal.

    However, for those looking to find a less costly method to pay down this type of debt, a balance transfer card can help.

    Balance transfer cards allow you to consolidate your higher interest debt into one lower monthly payment, which can help you reduce what you pay to interest and help you tackle the principal.

    Review our list of the best balance transfer credit cards available to Canadians right now to get started on paying down your credit card debt.

    Do more with your spending with a cashback credit card

    Certain expenses are inevitable, such as groceries and gas, so why not earn money when spending on the necessities?

    As one of the most popular credit card rewards options, cashback cards can help maximize your earnings on everyday purchases, stretching your budget further for other things like savings or investing.

    We’ve compiled a list of the best cashback credit cards available in Canada to help. Browse the various options to see which one is suitable for your budget and spending habits.

    Debt consolidation loans can keep payments lower and more manageable

    The thought of having debt can be disquieting in times of economic upheaval, but it doesn’t have to feel like that.

    If you feel like a hamster in a wheel when in comes to interest payments, a debt consolidation loan may be the answer.

    A debt consolidation loan can help pay off debt from previous loans, overdue bills, credit card balances and any other outstanding payments due. Debt consolidation loans in Canada are available for both private and business use, and they’re a good way to settle an unstable financial situation by offering a single payment at a single, ideally lower interest rate.

    Here’s a list of the best debt consolidation loans available in Canada right now.

    Look into refinancing your mortgage

    Now that interest rates have retreated somewhat, now may be a good time to look into refinancing your mortgage and lowering your monthly payment.

    Homeowners in Canada with a good credit score are financially sound and have a significant amount of home equity are eligible for mortgage refinancing.

    Browse the current refinancing rates in Canada and see how much you can potentially save money every month on your mortgage payment.

    Budget with a pro with a budgeting app

    The first step in recalibrating your financial situation is by learning how to spend more wisely. However, sometimes it can be hard to stay on track of all of your expenses without feeling overwhelmed or defeated.

    Enter budgeting apps. Budgeting apps can help keep you on top of your spending and savings goals, and even help you invest automatically.

    We’ve compiled a list of the best budgeting apps in Canada for you. See which option best suits your needs and financial situation and goals.

    Take advantage of lower stock prices

    The effects of tariffs are already being felt, both in Canada and the US.

    A popular investment strategy during stock market downturns is called “buying the dip,” which essentially encourages buying an asset when the price has declined.

    Buying the dip increases an investor’s position, which can result in higher returns if prices increase.

    If this reactionary investment strategy appeals to you, look to one of Canada’s best trading platforms to get a head start on any market plunges.

    However, be careful that if stock prices continue to fall, this will result in even more losses.

    The bottom line

    Though the Bank of Canada is projected to hold rates steady at the March 12 announcement, it’s possible the BoC will reconsider in light of the tariffs coming into effect. Time will tell. What we do know for sure is that these tariffs are aimed at taking away the very thing lower interest rates gave us — financial breathing room.

    Thankfully, we as Canadians are not helpless. Making just a few of the changes recommended in our guide will hopefully help offer some relief in these economically uncertain times.

    This article Trump’s tariffs come one week before next Bank of Canada rate announcement: What does this mean for Canadians and how can you safeguard your finances? 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.

  • Mortgage crisis? Ontario homeowners struggle as delinquencies soar 50% amid renewal shock

    Mortgage crisis? Ontario homeowners struggle as delinquencies soar 50% amid renewal shock

    With interest rates now over 50% higher than pre-pandemic levels, there is, at the same time, a significant rise in mortgage delinquencies in Ontario, recent reports show. In the fourth quarter of 2024, more than 11,000 mortgages in the province recorded a missed payment, nearly three times the number seen in 2022, this according to Equifax Canada’s quarterly report.

    Such a large number of Ontario residents missing mortgage payments is significant, said Rebecca Oakes, vice president of advanced analytics at Equifax Canada. “Mortgage holders will typically do everything they can to keep up with payments,” she said in a statement.

    “The fact that we’re seeing missed payments rise so sharply suggests deeper financial strain."

    Equifax also reported that the 90+ day mortgage balance delinquency rate in Ontario surged 90.2% year-over-year to 0.22%, far outpacing changes in other provinces. Ontario, it appears, is getting particularly hard by their mortgages coming due.

    Impact of rising interest rates on mortgage renewals

    Many homeowners are bracing for higher mortgage payments when it comes time to renew, as interest rates remain much higher than they were before the pandemic. This shift is expected to impact nearly a million mortgages up for renewal in 2025 — many of which were secured during the historically low rates of 2020.

    Even though interest rates have started to come down slightly, many borrowers will still see a noticeable jump in their monthly payments. In the last quarter of 2024 alone, about one in four homeowners renewing their mortgage faced an increase of more than $150 per month. For some, these rising costs could put additional pressure on household budgets, making it even more important to plan ahead and explore options to manage the financial impact.

    Recommendations for preparing for increased mortgage renewal costs

    Are you preparing to renew your mortgage in this higher rate environment? You are not alone. While you can’t print money to help you bridge the gap, here are some things you can do to prepare for increased mortgage renewal costs:

    1. Assess your financial situation early: Review your current income, expenses, and savings to understand how increased mortgage payments will impact your budget
    2. . Explore refinancing options: Contact your current lender or other financial institutions to discuss refinancing your mortgage at a more favourable rate or extending the amortization period to reduce monthly payments.
    3. Seek professional financial advice: Engage with a financial advisor or mortgage broker who can provide personalized strategies to manage increased payments and explore alternative solutions.
    4. Consider additional income sources: Look into part-time work, freelancing or renting out a portion of your property to generate extra income to offset higher mortgage costs.

    For support and advice, homeowners can consult financial advisors, mortgage brokers, housing counseling agencies and their current lenders to explore available options and develop a plan tailored to their unique financial situation.

    Sources

    1. Nasdaq: Equifax Canada Reports Significant Rise in Mortgage Delinquencies in Ontario Amid Growing Consumer Debt (February 25, 2025)

    This article Mortgage crisis? Ontario homeowners struggle as delinquencies soar 50% amid renewal shockoriginally appeared on Money.ca

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

  • More than half of Canadians renewing their mortgage expect increased payments

    More than half of Canadians renewing their mortgage expect increased payments

    According to a new survey from Royal LePage, 57% of respondents believe their monthly mortgage payments will increase when they renew their mortgages this year. This might prove to be a significant problem, given there are 1.2 million mortgages up for renewal in 2025.

    "When it comes to post-pandemic mortgage renewals, many Canadians have avoided the worst-case scenario of having to sell their homes due to the inability to cover the cost of their mortgage, thanks to solid employment trends and declining interest rates," Phil Soper, Royal LePage president and CEO, said in a statement.

    "Nevertheless, some will face a substantial rise in their mortgage costs, putting added pressure on their household finances. Many in this situation are exploring options to lower their monthly fees, such as extending their amortization period; a tactic which has proven popular."

    The overwhelming majority (85%) of mortgages up for renewal were secured when the Bank of Canada’s prime lending rate was less than 1%.

    Looming mortgage renewals

    Of those who expect their monthly mortgage payment to rise upon renewal, 81% say the increase will put financial strain on their household. Other answers were no more positive, with nearly half (47%) expecting a slight strain, and 34% expecting a “significant strain.”

    Among them, about 60% say they will reduce or eliminate discretionary spending to help cope with the impact of increased monthly mortgage payments.

    With the costly renewals looming, many are looking where they can cut down on spending. Another 43% say they will reduce or eliminate travel; 36% say they will reduce or eliminate saving or investing; 34% say they will reduce spending on essentials, such as gas and groceries; and 23% say they will obtain a second job or find another source of income. Respondents were able to select more than one answer.

    Although a majority (62%) of respondents say they will not change their living arrangements to avoid potentially higher monthly mortgage costs, there are some respondents considering significant life changes in response to the renewal.

    Nationally, 11% say they are considering relocating to a more affordable region; 10% say they are considering downsizing; and 10% say they are considering renting out a portion of their home to subsidize expenses.

    Rising popularity of variable rate loans

    Respondents were divided on what sort of mortgage to renew with, given the uncertainty of the costs awaiting them.

    Two-thirds (66%) of Canadians with a mortgage renewing this year say they plan to obtain a fixed-rate loan upon renewal, which is down from the three-quarters who currently hold fixed-rate mortgages. Separately, 29% say they will choose a variable-rate loan.

    A fixed-rate mortgage is the most popular mortgage product in Canada, and a fifth of respondents that have a fixd-rate mortgage say they will switch to a variable-rate loan. Meanwhile, 61% of current variable-rate mortgage holders intend to renew with a variable-rate mortgage, and 37% say they will switch to a fixed-rate.

    More than one-third of all respondents say they plan to obtain a five-year mortgage term upon renewal, followed by nearly a fifth who are looking at a three-year term.

    The majority (86%) of respondents who will renew their mortgage in 2025 currently use a prime lender.

    Survey methodology

    Hill & Knowlton used the Leger Opinion online panel to survey 1,340 Canadians renewing their mortgage in 2025, aged 18 and above, from January 24 to February 5 with representative sampling across all provinces.

    This article More than half of Canadians renewing their mortgage expect increased payments 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.

  • Chumba Casino $100 Free Play – No Purchase Welcome Bonus

    Chumba Casino $100 Free Play – No Purchase Welcome Bonus

    Chumba Casino 100 free play

    The Chumba Casino $100 Free Play offer is available for new players to claim when signing up for this fantastic site. This no-purchase casino offer is second to none in the world of top no deposit casino bonuses and offers, and you can redeem it here today!

    Best Online Sweepstakes Sites

    18+ Please Gamble Responsibly.

    Chumba Casino Free Play Bonus

    Players new to Chumba Casino have a great opportunity to redeem 2 awesome bonuses when signing up as a new player. New customers are granted a Chumba Casino free play bonus for signing up, which sees players given 2 Million FREE Gold Coins & 2 FREE Sweeps Coins.

    Players can also take advantage of the Chumba purchase offer that offers players the chance to purchase 10 Million Gold Coins and 30 FREE Sweeps Coins for just $10. This exclusive bundle is usually valued at $30, but new customers can get this incredible offer for a lower rate.

    Chumba Casino Welcome Bonus2M FREE Gold Coins and 2 FREE Sweeps Coins
    Chumba Bonus CodeN/A
    First Purchase OfferPromos changed regularly. No fixed offer.
    Minimum PurchaseNo purchase is necessary to claim a welcome offer at Chumba
    Legal Age of PlayPlayers aged 18+ in the US
    Excluded StatesUnavailable to players in Washington, Michigan, Idaho, and Nevada

    More Great Chumba Promotions and Offers

    Chumba, without question, offers some of the best promos and offers for its players out of any online social casino site. You may have thought it could not get any better after seeing the Chumba welcome bonus; however, plenty more are available.

    Certain promotions, such as the Chumba Casinos $100 Free Play bonus, do not exist, and players cannot claim this.

    Chumba Free No Purchase Bonus

    This Chumba no-purchase bonus is amongst the best online casino bonuses available across both real money casinos and online social casinos. Players can redeem the Chumba free-to-play promo of 2M Gold Coins and 2 Sweeps Coins without any problems at all! No-deposit bonuses are where a player can redeem a casino offer, such as free spins or credits to play with, without having to deposit any of their own funds or purchase any tokens. This Chumba promo sees players given the chance to claim a fantastic free play welcome offer when they sign up for Chumba for the first time.

    Chumba Casino Daily Bonus 

    The Chumba Casino daily bonus is one of a kind and rewards players highly for logging in daily and spending time playing at the social casino. Players are rewarded with 200,000 Gold Coins and 1 Sweeps Coin per daily login at Chumba. This exciting bonus is available to players every 24 hours, and they must wait for this cool-down time before being able to claim it again. 

    This is a fantastic no-purchase bonus and allows players to play for free regularly, bringing enjoyment to online gaming. 

    Chumba 1 for 60

    You can check out our article on the Chumba Casino $1 for $60 promotion here.

    In-App Purchasing Promos

    Players can get free Sweeps Coins as part of bundle purchases of Gold Coins in the app or on the site! When players wish to buy more Gold Coins to wager with, certain bundles may come with free Sweeps CoinS!

    Social Media Competitions 

    Players are also able to win free Sweeps Coins by signing up for social media giveaways on sites like Facebook! Other social media giveaways are available across Chumba Casino’s other social media platforms.

    Marketing Emails

    Chumba itself will send emails to select gamers offering free Sweeps Coins. Remember to check your junk emails!

    Chumba Casino Overview

    Chumba is the biggest social casino in the United States, providing a fun and free-to-play experience for players aged 18+. At Chumba, players utilize virtual currency known as Gold Coins and Sweeps Coins, which can be used to play online casino style games and redeem cash prizes. Below you can find out more on this excellent casino site and what it has to offer.

    Year Established

    2017
    Free Play Welcome Offer2M FREE Gold Coins + 2 FREE SC
    Banking Methods Visa, Mastercard, Amex, Skrill
    Total Games 150+
    Game Types Available Slots, Table Games, Bingo
    Platforms AvailableMobile App, Mobile Browser, Desktop
    Mobile AppChumba Lite

    Best Chumba Casino Slots

    You may wonder what you will play when claiming your Chumba free play bonus or Chumba login rewards. Well, Chumba Casino provides a vast range of the top online slot games for players to take advantage of with your free play promo.

    • Stampede Fury 2
    • Imperial Koi
    • Big Bucks Bandits
    • Pug Royal
    • Wild Krakatoa

    Chumba Free Play

    Social Casinos are considered to be a “free to play” iGaming experience because social and Sweepstakes Casinos are not seen as gambling sites in the eyes of the law. Why? Because players do not wager or place bets using their own money. The currency used at these casinos is called Gold Coins, and players can purchase these in the casino store.

    Players can use their newly claimed Chumba welcome bonus or purchase Gold Coins to play their favorite casino games. Where players don’t use their own funds to wager on slots, for example, this creates a free-to-play experience.

    How to Redeem the Chumba Free to Play Bonus

    Chumba Casino

    Claiming the Chumba free play promo has never been easier. Please use our quick step-by-step guide below that will help you claim this bonus:

    1. Select the link in this article to take you to the Chumba Casino Sign-Up page.

    2. When you select the option to sign up, be sure to accurately fill in the correct details to ensure maximum player safety. Players can also choose to sign up using Facebook if they prefer.

    3. You’ll receive a confirmation email to confirm your details and activate your account. If you can not see this in your inbox, check your junk folder to make sure.

    4. Upon completing these steps, players can go to the Chumba login and find your FREE 2 Sweeps Coins and FREE 2 million Gold Coins welcome bonus available.

    Be sure to read the Chumba Casino’s Terms & Conditions for this offer and any other offer that you may be interested in. Doing so will help you understand what is required and keep players informed.

    Chumba Bingo – Free to Play Bingo Online

    In addition to Chumba Bingo, you can benefit from an amazing online casino experience that is completely free to play. When playing bingo at Chumba, players can win some enormous prizes in addition to some fantastic progressive jackpots. At Chumba Bingo, players can take advantage of the 2M Gold Coins and 2 Sweep coins Chumba free play bonus.

    With massive prizes of up to 125,000,000,000 Gold Coins and 2,500,000 sweep coins up for grabs every month, there is plenty to play for at Chumba Bingo. Let us look into it in more detail.

    Chumba Bingo Games

    At Chumba, players can access 3 different versions of bingo. All come with exciting prizes and perks of playing, with different play styles and game speeds. The 3 games players can access at Chumba Bingo are as follows:

    • 75-Ball Bingo
    • 90-Ball Bingo
    • Bingo Blast – 90 Ball

    FAQs – Chumba Casino

    Is there a Chumba Casino $100 Free Play offer?

    Chumba Casino is no longer offering the free play promotion. You can find out more about special offers and additional chances to visit various casinos here.

    How do I get free Sweeps Coins at Chumba?

    Since this offer isn’t available right now, Chumba has revealed their most recent no deposit casino bonus for new players that sign up. Upon initial registration, a participant is eligible to receive two million free gold coins and two million free sweepstakes coins.

    Is there a Chumba promo code?

    Simply click the registration link to receive Chumba’s exclusive content and promotions. There is no need for coupon codes.

    What are the best slots games at Chumba?

    Players can pick from a huge selection of incredible online slot games, including classic slots, 5 reel slots, and Megaways. A list of some of the best games available at the moment is provided below:
    Wild Krakatoa
    Stampede Fury
    Big Bucks Bandits
    Better Wilds

    How do I play for free at Chumba Casino?

    Click “join up” to start playing Chumba for free and take advantage of your amazing introductory offer. In Chumba SC, daily players can also win coins and gold. To see more details, see the website given above.

    What sites are like Chumba?

    There are many options available to players at social casino. In resent months, we have grown to enjoy Vegas Gems Casino. Check out our Vegas Gems review on the perviously mentioned website.

    18+ Please Play Responsibly.  Gambling Problem? Call or text 1-800-GAMBLER

    NCPGICRGGamblers AnonymousGambling Therapy

    DCMA
  • Here’s the withdrawal rate Canadian retirees need to start using in 2025, according to new report — and it’s shockingly low

    Here’s the withdrawal rate Canadian retirees need to start using in 2025, according to new report — and it’s shockingly low

    Retirees, brace yourselves: The golden rule of retirement withdrawals just got a cold dose of reality. A new report from Morningstar recommends the safe withdrawal rate for retirees in 2025 is a mere 3.7% — a significant adjustment from the decades-old 4% rule that had dominated retirement planning.

    Amid rising costs, volatile markets and new prospects for inflation, a lower rate could disrupt the way many retirees think about their financial strategies.

    If you’re wondering what Morningstart’s updated benchmark means for your golden years — and whether you’ll have enough to sustain a 30-plus-year retirement — it’s time to dig deeper into how you can adjust your plan for success.

    What is the safe withdrawal rate for 2025?

    A safe withdrawal rate is the percentage of your retirement savings you should be able to withdraw annually without risk of your money running out too soon.

    For decades, the 4% rule was the de facto standard, offering retirees a simple formula for how much of their nest egg they could withdraw each year in order to make it last for 30 years. (Remember: the safe withdrawal rate is not law, but rather a suggested guide from financial planners.)

    In recent years, the benchmark has come under fire from finance experts, including Suze Orman, who say the rule has become a cookie-cutter prescription that doesn’t account for retirees’ varied financial needs.

    Orman says says those who need a target should consider 3%to stretch their money as long as possible, while the financial adviser credited with coining the rule, Bill Bengen, now says the rate should be 4.7%.

    Morningstar’s updated analysis points to 3.7% as its new suggested rate, down slightly from 4% in 2024, but what is the reason behind this?

    Why has the rate dropped?

    Morningstar’s downward revision stems from a combination of economic and demographic factors:

    • Market uncertainty: After years of market turbulence, including fluctuating interest rates, retirees face increased risks to their investments.
    • Persistent inflation: Although inflation has cooled somewhat since its peak in 2022-2023, it remains above pre-pandemic levels, making everyday expenses more costly.
    • Longevity trends: Canadians are living longer, which means retirees must plan for more years of spending — potentially, 30 to 40 years in retirement.

    These factors underscore the need for a cautious approach to withdrawals, especially in the early years of retirement when overspending can have long-term consequences.

    How to calculate your safe withdrawal rate

    Knowing what rate is best for you starts with understanding your retirement savings and expected expenses. Let’s say you’ve saved $900,000 for retirement.

    Using the new 3.7% guideline, you’d withdraw $33,300 annually. By contrast, the 4% rule equates to withdrawing $36,000 annually.

    Now, compare this number to your expected yearly expenses. If your spending exceeds your withdrawal amount, you may need to explore ways to cut costs, boost income or supplement withdrawals with other savings or investments.

    For retirees with diverse portfolios, adjusting withdrawals based on market conditions can also help preserve savings. For example, in years when the market performs well, you might take out slightly more, while pulling back during downturns to protect your principal.

    Withdrawal strategies for 2025

    Adopting the right withdrawal strategy is crucial for retirees navigating today’s uncertain economic landscape. Here are a few approaches to consider:

    • The 3.7% rule: Stick to the updated safe withdrawal rate, recalibrating annually to account for changes in expenses and portfolio performance. This conservative approach prioritizes long-term stability.
    • Bucket strategy: Divide your assets into “buckets” based on short-, medium- and long-term needs. For example, cash or bonds for immediate expenses and stocks for long-term growth.
    • Dynamic withdrawals: Adjust withdrawals based on portfolio returns. In good years, withdraw more; in bad years, reduce spending to extend the longevity of your savings.

    Each strategy has its risks and rewards. The 3.7% rule offers simplicity and a steady income but may feel too restrictive for retirees with large savings or shorter life expectancies. Dynamic strategies provide flexibility, but require careful monitoring and may not work for those who prefer predictable income.

    Pros and cons of a higher withdrawal rate

    Taking out more than 3.7% annually might seem tempting, especially if you have a substantial nest egg or immediate financial needs.

    But there are risks: Withdrawing too much early in retirement increases the likelihood of depleting your savings later — particularly if market conditions worsen.

    On the flip side, retirees with shorter life expectancies or guaranteed income sources, like pensions, may justify higher withdrawal rates.

    For instance, someone with $900,000 saved and a $30,000 annual pension might comfortably withdraw 4% to 5% of their savings without jeopardizing their financial future.

    Planning for success

    The lower safe withdrawal rate for 2025 is a wake-up call for retirees to reassess their financial plans.

    If you’re nearing retirement or already retired, consider reevaluating your budget to identify discretionary expenses you can trim to reduce withdrawals. Explore part-time work, annuities or rental income to supplement savings.

    A professional can help you create a tailored withdrawal strategy that aligns with your goals and risk tolerance.

    Sources

    1. Morningstar: Retirees, Here’s What Your Withdrawal Rate Should Be in 2025 by Christine Benz and Susan Dziubinski (Jan 2, 2025)

    2. YouTube: Suze Orman: Why High Income Earners Are Living Paycheck To Paycheck by Moneywise (May 26, 2023)

    3. Statistics Canada: Top five highlights from a new report on the health of Canadians, 2023 (Sept 13, 2023)

    This article Here’s the withdrawal rate Canadian retirees need to start using in 2025, according to new report — and it’s shockingly loworiginally appeared on Money.ca

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

  • What are the income tax brackets for the 2024 tax year?

    What are the income tax brackets for the 2024 tax year?

    Tax season is upon us. Gathering your T-slips and receipts to start crunching the numbers can be anxiety inducing. If you think you might owe money, getting an early start can help soften the blow.

    Regardless of your situation, knowing the tax brackets helps you prepare.

    Remember: The official deadline to file your 2024 tax return is April 30, 2025.

    What taxes do you pay in Canada?

    In Canada, you are required to pay both the federal income tax and the provincial (or territorial) income tax of your place of residence.

    The federal income tax rate is consistent across the country, but as the name suggests, provincial and territorial rates can vary depending on where you live.

    The amount of tax you pay is based on your income for the tax year. The money collected goes toward paying for things like education, health care and other services.

    In Canada, you must file taxes if you lived and worked in Canada the previous year.

    No matter your income level, if you don’t file your taxes, you will be unable to access various tax credits and benefits. For instance, you won’t be able to take advantage of the Canada child benefit or the GST/HST benefit if you don’t file your federal income tax.

    You should also file your taxes if:

    • You are splitting pension income with your spouse or common-law partner
    • You are required to repay all or part of your employment insurance (EI) benefits, your old age security (OAS) benefits, or your Canada recovery benefit (CRB)
    • You have to contribute to the Canada Pension Plan (CPP)
    • You have self-employment income or other eligible earnings on which you pay EI premiums
    • You have tax credits from things like tuition or investments you want to carry forward to other years

    And of course, if the CRA has requested that you file a return, you have to do so.

    What are the federal tax brackets in Canada?

    Each year, the income tax brackets change. The changes are due to adjustments that account for inflation and other economic factors.

    Here are the tax brackets for the 2024 tax year (for taxes due April 30, 2025):

    • 15% on the first $55,867 of taxable income
    • 20.5% on taxable income over $55,867 up to $111,733
    • 26% on taxable income over $111,733 up to $173,205
    • 29% on taxable income over $173,205 up to $246,752
    • 33% on any taxable income over $246,752

    If you made $62,000 in 2024, your federal income tax would look like the following:

    • 15% on the first $55,867, or $8,380.05
    • 20.5% on the next $6,133, or $1,257.26

    The total amount of federal tax payable: $9,637.31

    What are the provincial and territorial tax brackets in Canada?

    In Quebec, you must file two separate returns: one for federal tax and one for provincial. In all other provinces and territories the taxes are submitted together.

    Here are the provincial and territorial income tax rates for 2024:

    Alberta

    • 10% for up to $148,269
    • 12% for $148,269.01 to $177,922
    • 13% for $177,922.01 to $237,230
    • 14% for $237,230.01 to $355,845
    • 15% for $355,845.01 and up

    British Columbia

    • 5.06% for $47,937 or less
    • 7.7% for $47,937 up to $95,875
    • 10.5% for $95,875 up to $110,076
    • 12.29% for $110,076 up to $133,664
    • 14.7% for $133,664 up to $181,232
    • 16.8% for $181,232 up to $252,752
    • 20.5% for $252,752 and over

    Manitoba

    • 10.8% for $47,000 or less
    • 12.75% for $47,001 to $100,000
    • 17.4% for $100,000 and over

    New Brunswick

    • 9.4% for $49,958 or less
    • 14.00% for $49,958 to $99,916
    • 16.00% for $99,916 to $185,064
    • 19.5% for $185,064 and over

    Newfoundland and Labrador

    • 8.7% for $43,198 or less
    • 14.5% for $43,199 to $86,395
    • 15.8% for $86,396 to $154,244
    • 17.8% for $154,245 to $215,943
    • 19.8% for $215,944 to $275,870
    • 20.8% for $275,871 to $551,739
    • 21.3% for $551,740 to $1,103,478
    • 21.8% for more than $1,103,478

    Northwest Territories

    • 5.9% for $50,597 or less
    • 8.6% for $50,598 to $101,198
    • 12.2% for $101,199 to $164,525
    • 14.05% for more than $164,525

    Nova Scotia

    • 8.79% for up to $29,590
    • 14.95% for $29,590 to $59,180
    • 16.67% for $59,180 to $93,000
    • 17.5% for $93,000 to $150,000
    • 21% for $150,000 and over

    Nunavut

    • 4% for $54,706 or less
    • 7% for $54,707 to $109,413
    • 9% for $109,413 to $177,881
    • 11.5% for over $177,881

    Ontario

    • 5.05% for $51,446 or less
    • 9.15% for $51,447 to $102,894
    • 11.16% for $102,895 to $150,000
    • 12.16% for $150,001 to $220,000
    • 13.16% for more than $220,000

    Prince Edward Island

    • 9.65% for $33,328 or less
    • 13.63% for $33,328 to $64,656
    • 16.65% for $64,656 up to $105,000
    • 18% for $105,000 up to $140,000
    • 18.75 for over $140,000

    Quebec

    • 14% for $53,255 or less
    • 19% for $53,255 to $106,495
    • 24% for $106,495 to $129,590
    • 25.75% for $129,590 and over

    Saskatchewan

    • 10.5% for $46,773 or less
    • 12.5% for $46,774 to $133,638
    • 14.5% for $133,639 and over

    Yukon

    • 6.4% for $55,867 or less
    • 9% for $55,867 up to $111,733
    • 10.9% for $111,733 up to $173,205
    • 12.8% for $173,205 up to $500,000
    • 15% for $500,001 and over

    How to reduce your taxes

    The less you have to pay in taxes, the more income you get to hold on to.

    There are various ways to reduce the amount you might owe. Everything from RRSP contributions to charitable donations to even medical expenses can be deducted.

    One deduction that is automatically applied when you file your taxes is the basic non-refundable tax credit, or personal amount.

    The basic personal amount for the 2024 tax year is $15,705. Taxpayers are allowed to claim 15% of their non-refundable tax credits.

    Every province and territory has their own tax credits. These can be used to reduce the amount of tax that you might owe, or increase the refund you receive. To find out more about the credits available, consult your province or territory’s website.

    This article What are the income tax brackets for the 2024 tax year?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.

  • 5 big things that disappear after you retire in Canada – Are you prepared?

    5 big things that disappear after you retire in Canada – Are you prepared?

    Retirement is often seen as the long-awaited reward after years of hard work. The daily grind of morning alarms, office politics and stressful commutes finally come to an end, regaining full control over your time and how you spend it.

    While retirement offers newfound freedom, it also brings some unexpected losses. Some, like a steady paycheque, are obvious. Others, like a sense of purpose, might sneak up on you.

    Without proper planning, these changes can leave you feeling unprepared. Here are five major things that tend to disappear in retirement, and what you can do in the present to make sure they don’t catch you off guard in the future.

    1. The financial safety of your paycheque

    The most immediate change when you retire is the loss of your steady income. For years, your paycheque arrived on a set schedule. In its place, you’ll rely on withdrawals from your RRSP, TFSA, CPP, OAS and any other savings, pension plans or investments you’ve built up over time.

    Many Canadians find this transition more jarring than they expected. Moving from earning and saving to withdrawing and budgeting can feel uncomfortable. A 2024 report from CPP Investments found that almost two-thirds (61%) of Canadians worry about outliving their retirement savings. Inflation only makes matters worse, as fixed incomes lose purchasing power over time.

    A solid withdrawal strategy is key. The traditional “4% rule” has been debated in recent years, with some experts suggesting a lower withdrawal rate for longevity. Diversifying income streams through investments, rental income or part-time work can also help ease financial stress.

    2. Your risk tolerance

    While working, taking risks with investments can feel manageable because you’re still earning and contributing. If the stock market dips, you have time to recover.

    But in retirement, market downturns have a bigger impact on your portfolio and your ability to withdraw funds safely. This is known as the "sequence of returns risk" — when early withdrawals during a market downturn deplete savings more quickly than anticipated.

    Many retirees move large portions of their savings into conservative investments, such as GICs or bonds, to minimize risk. However, being too cautious can lead to another risk: outliving your money.

    A balanced investment strategy is crucial. Keeping some exposure to equities ensures continued growth, while maintaining one to two years’ worth of cash reserves can help manage short-term market volatility.

    3. Your sense of purpose

    Work isn’t just about earning money. It also provides structure, social interaction and a sense of accomplishment. Retirement can leave many people feeling lost.

    A study by the National Library of Medicine found that lacking a sense of purpose can lead to depression, substance use and self-derogation. Social isolation is also a growing concern, particularly for men, who tend to have fewer social connections outside of work; The Government of Canada states how 30% of seniors are at risk of becoming socially isolated.

    The best way to avoid this emotional downturn is to plan beyond just your finances. Volunteering, pursuing hobbies or even taking on part-time work can help create structure and fulfillment.

    4. Employer-sponsored benefits

    Losing a paycheque is one thing, but losing employer-sponsored benefits — especially health insurance — can be even more challenging. In Canada, provincial healthcare covers many medical expenses, but not everything.

    Prescription drugs, dental care, vision care and long-term care costs can add up quickly. A report from Innovative Medicines Canada found that nearly 70% of Canadians — or more than 27 million — rely on employer-sponsored health plans for supplemental coverage.

    If you retire before 65, you may need to purchase private health insurance or pay out-of-pocket for certain medical expenses. Planning ahead by setting aside savings specifically for healthcare or considering a retirement health plan can help bridge the gap.

    5. Your spending habits

    Many retirees enter what financial planners call the “retirement honeymoon” phase — travelling more, dining out frequently and taking on expensive hobbies. While this newfound freedom is well-deserved, it can lead to financial trouble if spending isn’t balanced with long-term needs.

    As people age, healthcare costs tend to rise. Without careful planning, early retirement spending can lead to financial strain later in life.

    For example, accessing moderate at-home care for 22 hours per week, with an average cost of $37/hour, will translate to $3,000 per month. This is in stark opposition to the nearly half of Canadians assuming that at-home care costs averages around $1,100 per month.

    Tracking expenses and adjusting for different phases of retirement can help maintain financial stability throughout your later years.

    Final thoughts

    Retirement is a major life transition, and while it brings freedom, it also comes with challenges. By understanding what disappears after retirement and planning accordingly, you can ensure a more secure and fulfilling future.

    Making informed decisions about your finances, investments, social life and health coverage will help you navigate retirement with confidence. The key is to prepare early, stay adaptable and make choices that align with your long-term goals.

    Sources

    1. National Library of Medicine: Purpose in Life in Older Adults: A Systematic Review on Conceptualization, Measures, and Determinants, by PV AshaRani, Damien Lai, JingXuan Koh and Mythily Subramaniam (May 11, 2022)

    2. Innovative Medicines Canada: Unlocking the Benefits: Private Drug Coverage’s Role in Canada’s Healthcare Landscape

    3. Scotia Wealth Management:: Healthcare costs in Canada: Planning for inflation-adjusted care (Jan 14, 2025)

    This article 5 big things that disappear after you retire in Canada – Are you prepared? 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.