Author: Oskar Malone

When I took my dog, Oscar, to the vet because of suspected digestion issues, I was just planning on a quick visit and a recommendation to change his food. But after blood work, an ultrasound and a bill for $2,000, what I got instead was a diagnosis of abdominal cancer. I was heartbroken, and after numerous conversations with the vet, I decided against cancer treatment, due to Oscar’s age and the fact that after expensive and unpleasant treatment, it would run me about $5,000 to $7,000 to prolong his life for a few weeks. Plus, I didn’t have pet insurance, so that cost would have been out of my pocket.

Fortunately, I did have enough saved to cover the initial treatment, thanks to my pet budget fund. I don’t have pet insurance (but if I had to do it over again with a new dog, I would 100% get pet insurance.) And here’s an interesting fact: Only 3% of Canadian cat and dog owners buy pet insurance. So if you’re one of the other 97%, just like me, here’s what you need to know about saving for your pet’s veterinary care.

Vet prices are on the rise

Like many businesses, veterinary practices have been significantly impacted by rising costs. From increased rental payments, to higher operating expenses — including property taxes, insurance premiums and utility bills —  these financial pressures are affecting the veterinary industry. To maintain their practices and continue providing quality care, veterinarians must adjust their pricing to reflect these economic realities.

A dramatic rise in veterinary costs can also be attributed to the recent trend of corporate acquisitions in the veterinary industry. Large corporations, such as Mars, have been purchasing independent clinics at premium prices, sometimes paying up to 30 times the clinic’s yearly revenue. These corporations typically prioritize profitability over other considerations, often implementing policies that encourage veterinarians to increase their billing practices and raise their rates to maximize returns on investment. As well, the challenging economic environment of higher interest rates over the last two years has increased the financial burden of these acquisitions, compelling these companies to charge increased fees for higher revenue.

The costs of owning a pet

According to Rover.com, the average cost of owning a dog in Canada averages between $660 to $4,430 per year, and WealthAwesome.com states that the annual cost of cat ownership in Canada runs between $1,075 and $2,225.

The largest expense in your annual pet budget is veterinary care. According to the Ontario Veterinary Medical Association, dog owners can expect to pay around $1,350 per year, though this cost can fluctuate significantly. Factors affecting the cost include your dog’s size (larger dogs often need bigger doses of medication) and breed-specific health predispositions that may require more frequent veterinary visits.

Cat owners typically spend less on veterinary care, with annual costs averaging $1,148.

When planning your monthly pet budget without insurance, it’s advisable to set aside between $60 to $120 a month for potential veterinary expenses (personally, I save at the higher end of the scale — better to have too much than too little). This amount can vary based on your pet’s specific circumstances and health needs.

Essential budget considerations for pet owners without insurance

• Preventive care costs: Budget for yearly wellness visits, required vaccinations and parasite prevention medications.
• Emergency fund planning: Maintain a dedicated savings account for unexpected veterinary emergencies, including accidents, surgical procedures or ongoing health conditions.
• Breed-specific considerations: Research and account for health conditions common to your pet’s breed, as some may require specialized and more costly treatments over time.

Bringing a new puppy or kitten into your home comes with higher expenses compared to an older animal. While you won’t need to worry about certain medical procedures such as dental cleanings or blood work during this time, there are other essential veterinary services to consider. Your new pooch or kitty will need to be spayed or neutered and microchipped, which means additional veterinary visits. Before welcoming a new pet into your home, it’s important to understand and prepare for these average first-year costs.

How to budget effectively without pet insurance

• Set up an emergency fund: Put aside a specific amount each month into a dedicated savings account for unexpected pet medical expenses.
• Research veterinary clinics: Shop around and compare prices from different veterinary practices in your area for routine services.
• Look into preventative care packages: Many veterinary clinics offer bundled wellness plans that can help reduce the cost of regular checkups and preventative treatments.

Emergency preparedness is essential

While we all hope our pets will remain healthy throughout their lives, unexpected medical emergencies can arise at any time. Emergency veterinary care can be costly, potentially reaching several thousand dollars per visit. To prepare for these situations, consider building an emergency fund. If the dread of pet vet emergencies is keeping you up at night, then you need to consider getting pet insurance. Pet insurance offers protection through monthly payments, ensuring you’re covered when unexpected medical needs arise.

Consider breed-specific health needs

For pet parents, it’s important to understand that veterinary costs can vary significantly based on your pet’s size and breed. Larger dogs require higher doses of medications and anesthesia, which increases treatment costs. Additionally, certain breeds have predispositions to specific health conditions — for example, brachycephalic breeds (dogs with flat faces such as pugs, shih tzus, bulldogs, etc.) may experience breathing difficulties, while some breeds are more susceptible to joint problems or hip dysplasia. The same goes for cats — for example, long-haired cats can be prone to certain health issues, including hairballs, matting, skin problems and parasites. Understanding these breed-specific tendencies can help you better prepare for potential healthcare needs.

The bottom line

Our furry family members hold a special place in our hearts and homes and they should have a special place in our monthly budgets, too. By being proactive and prioritizing saving for their care, you’ll be empowered to make easier decisions for your pet by being able to follow both your heart and your budget, to keep them healthy.

Sources

1. Rover.com: The Cost of Dog Parenthood in 2024

2. WealthAwesome: Cost to Own a Cat in Canada: Annual Cost Breakdown (2025)

3. Ontario Veterinary Medical Association: Home page

This article 97% of Canadian pet parents don’t have pet insurance — how are you saving for vet bills?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.

High interest rates have been the catalyst for a retreat in new and resale home purchases in Canada in recent years. But even as interest rates drop, homebuyers appear to be waiting on the sidelines rather than buying up ever-growing inventory. In fact, according to the latest data by The Toronto Regional Real Estate Board (TRREB), new home sales in the Greater Toronto Area (GTA) have hit record lows, signaling a significant shift in buyer confidence.

Industry experts point to several factors contributing to this downturn, including higher borrowing costs, economic uncertainty and affordability concerns, which have left many potential buyers hesitant to enter the market. Meanwhile, builders and developers are increasing inventory, leading to more options but fewer transactions.

TRREB reported a 26% increase in new listings from December 2024 and a substantial 48.6% rise compared to the previous year. Despite this, sales of new homes, including pre-construction condos and single-family houses, remain sluggish, reaching some of the lowest levels seen in recent history.

“Buyers are clearly in a wait-and-see mode,” Jason Mercer, TRREB’s chief market analyst told the Toronto Star. “With more homes on the market and borrowing costs still relatively high, many are holding off, hoping for further price adjustments or interest rate cuts before making a decision.”

Market analysts suggest that while increased inventory could present opportunities for buyers, many are waiting for further economic shifts before committing. If this trend continues, developers may be forced to offer incentives or adjust pricing strategies to stimulate demand.

How to know if now is a good time to buy a new home

Deciding whether to purchase a new home involves evaluating various factors, including market conditions, personal financial stability and long-term goals. Here are key considerations to help determine if now is the right time for you:

• Interest rates: With the Bank of Canada lowering benchmark interest rates, mortgage rates have become more attractive. Lower rates can reduce monthly payments and the overall cost of borrowing. However, it’s essential to assess whether current rates align with your financial situation and long-term plans.
• Housing supply and demand: The recent increase in new listings in the GTA suggests a growing inventory, which could provide more options for buyers. A higher supply may lead to more negotiating power and potentially better deals. Conversely, strong demand, partly driven by population growth, can sustain or increase home prices.
• Affordability: Despite favourable interest rates, high home prices in markets like Toronto continue to challenge affordability. It’s crucial to evaluate whether you can comfortably manage mortgage payments alongside other financial obligations. Consider using affordability calculators and consulting with financial advisors to understand your purchasing power.
• Economic outlook: The broader economic environment, including employment stability and income growth, plays a significant role in home-buying decisions. While rate cuts aim to stimulate economic activity, potential buyers should consider job security and future earning potential.
• Personal circumstances: Reflect on your personal and family needs. Are you planning to stay in the home long-term? Do you have sufficient savings for a down payment and emergency funds? Your readiness and life plans are critical in determining the right time to buy.

The bottom line

While recent developments in the GTA housing market, such as increased sales and new listings, combined with lower interest rates, may create opportunities for prospective buyers, it’s essential to conduct a thorough assessment of your financial situation and long-term objectives. Consulting with real estate professionals and financial advisors can provide personalized insights to guide your decision-making process.

Sources

1. Toronto Star: ‘New home buyers are nowhere to be found.’ Toronto-area January new home sales near ‘record low’ despite excessive inventory, falling prices (February 21, 2025)

This article Toronto’s new home market struggles: Is now the right time to buy?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.

Calgary has been steadily growing in popularity over the last decade or so, thanks to affordable housing (compared to Canada’s other urban centres), a booming job market and proximity to some of Canada’s most stunning landscapes. If you’re thinking of moving there, check out this list of 12 of the best neighbourhoods in Calgary.

Methodology

To create our list, we focused on factors like liveability, good schools, affordability, access to parks, safety and transit. To gather data, we used a variety of sources, mainly relying on numerous community websites, as well as Zumper, CMHC, Remax and other real estate sites to get housing prices. Neighbourhoods varied widely as to the amount of detailed information that was available.

Here are the top 12 neighbourhoods in Calgary

1. Beltline

Key features: Parks, close to downtown, a little bit of everything

Average house price: $485,483

Average rental cost of 2-bedroom apartment: $2,759

Located just south of Downtown Calgary (making it ideal for young professionals who work in the inner city), this bustling urban hub is jam-packed with amenities. It’s got a wonderful mix of retail shops, lively bars and restaurants, as well as businesses like banks, medical services and yoga studios so you never have to go far to get what you need. The area is especially popular for its nightlife, with plenty of brew pubs, live music and dance clubs. The Beltline Urban Murals Project showcases public art (and is part of the popular BUMP festival) so you’re essentially living amidst an open-air art gallery. The neighbourhood is also home to Central Memorial Park, a large space that is the city’s oldest park. Beltline also has good access to transit via several buses and the relatively close C-Train, and it also has plans to create two kilometres of protected bike lanes.

2. Altadore

Key features: Family friendly, lots of parks, shopping and good schools

Average house price: $1,324,937

Average rental cost of 2-bedroom apartment: $1,906

One of the best (and more expensive) neighbourhoods in Calgary for families, as well as for young professionals, Altadore lives up to the old cliche that it really does have something for everyone. Offering a mix of bungalows, luxury homes and condos, it’s close to one of Calgary’s most popular shopping and dining districts (there’s over 190 retailers), Marda Loop, so you’re never far from great shopping, dining and activity options. The area also has top schools, parks, daycares and an arena. In the summer, Sandy Beach with its pathways and picnic areas is a popular community hang out. While it is one of Calgary’s more expensive areas, Altadore gets top marks for safety and overall livability.

3. Sunnyside

Key features: Great transit, scenic views of Bow River, good schools

Average house price: $455,596

Average rental cost of 2-bedroom apartment: $2,245

Close to the downtown core (which can be easily accessed via a leisurely walk across the pedestrian Peace Bridge), on the north side of the Bow River, this picturesque neighbourhood is great for families and young professionals who want to live close to where they work in the city centre. You’ll find some of Calgary’s oldest historic homes in Sunnyside, as well as new condo developments. The pathways along Bow River invite long walks and bike rides. The neighbourhood is known for its good schools, community spirit and excellent transit, as it’s served by bus routes, as well as its own dedicated station on the C-Train.

4. Hillhurst

Key features: Community spirit, good schools, close to Bow River

Average house price: $1,248,294

Average rental cost of 2-bedroom apartment: $2,029

Abutting the Sunnyside neighbourhood, this community on the north bank of the Bow River shares many of its assets, like coveted schools, an active community centre and amenities like parks. Close to Bow River, you can also enjoy water-based sports, as well as ample biking and hiking pathways.

5. Kensington

Key features: Trendy, artistic and youthful feel

Average house price: $455,596

Average rental cost of 2-bedroom apartment: $2,179

Tap into Calgary’s hip, youthful vibe in this walkable area. Filled with independent stores, hip cafes and well-regarded restaurants, there’s plenty to see and do in Kensington, which is also why it’s popular with tourists. Exuding an eclectic energy, the area is one of the city’s foremost creative hubs with lots of galleries, as well as the delightful Kensington Art Walk. The neighbourhood is especially known for its indy coffee shops, Sunday brunch restaurants and live music venues.

6. Edgemont

Key features: Massive green space, walking and biking paths, family friendly

Average house price: $639,583

Average rental cost of 2-bedroom apartment: $1,928

Located in northwest Calgary, if being close to nature and an outdoor lifestyle is important to you then Edgemont may be a perfect fit. The area boasts ample green spaces, like Nose Hill Park, as well as a network of ravines that provides over 30 kilometres of walking and biking trails. Perched atop a hill, the views are second to none, with equally excellent vistas of the Calgary city skyline, as well as the Rocky Mountains on clear days. Safe, with good schools and an enviable sense of community, Edgemont is one of the best neighbourhoods in Calgary for young families

7. Brentwood

Key features: Active community association, good transit, close to University of Calgary

Average house price: $525,335

Average rental cost of 2-bedroom apartment: $2,186

Often topping local lists of the top neighbourhood, Brentwood is an attractive mix of large estates, single-family detached homes and a few condos. It’s got an active community association, as well as a recreation centre. Parks (including newly renovated Blakiston Park), proximity to biking and hiking trails and respected schools, make it one of the best family neighbourhoods in Calgary. Because it’s close to the University of Calgary, it has robust transit service, with a network of bus routes and its own C-Train station stop.

8. Varsity

Key features: Popular with families, good schools and transit

Average house price: $545,062

Average rental cost of 2-bedroom apartment: $2,565

This well-established community in the city’s northwest is everything you’d expect from suburbia: Tree-lined streets, a nice mix of housing types, a family-friendly vibe and an abundance of parks. Boasting a C-Train stop and various bus routes, it also has excellent schools and is close to one of the city’s main shopping destinations, Market Mall, making it one of the best neighbourhoods in Calgary.

9. Crescent Heights

Key features: Close to post-secondary institutions and Bow River

Average house price: $912,387

Average rental cost of 2-bedroom apartment: $1,591

A welcoming residential neighbourhood with a family-friendly feel, Crescent Heights has great schools, offers easy access to some of the city’s best hospitals and is close to post-secondary institutions like the Southern Alberta Institute of Technology (SAIT) and the University of Calgary. Residents also appreciate its proximity to bucolic Bow River with its numerous biking and hiking paths and water-based activities.

10. Inglewood

Key features: Expensive, historic homes, safe

Average house price: $1,014,029

Average rental cost of 2-bedroom apartment: $2,679

A small town feel with big city amenities, that’s the best way to describe this safe, quaint neighbourhood. One of the city’s oldest districts, it’s got lots of historic homes, generous greenspace and a convenient mix of shops, restaurants and bars. Centre Street North is a popular shopping and restaurant destination.

11. Currie

Key features: Tight community, urban development success story

Average house price: $803,989

Average rental cost of 2-bedroom apartment: $1,747

Just southwest of downtown, Currie is one of Calgary’s most historic neighbourhoods. Set on a former Canadian Forces Base, it’s considered a major success story in urban transformation and community development. It’s known for its walkability, close-knit community, parks and variety of housing.

12. Upper Mount Royal

Key features: Exclusive, some of Calgary’s most expensive real estate, excellent schools

Average house price: $6,077,980

Average rental cost of 2-bedroom apartment:  Ranges between $1,600 and $2,975

If money is no object, consider calling the neighbourhood of Upper Mount Royal home. Reputed to contain Calgary’s most expensive real estate, you’ll find mainly stately old historic homes (some of the oldest in the city) and new, architecturally awe-inspiring mansions with sweeping, landscaped yards in this southwest corner of Calgary. The area pretty much gets As across the board when it comes to factors like top-notch schools, walkable distance to downtown, very low crime rates and overall livability (though it gets an F when it comes to affordability).

FAQs

What is the nicest neighbourhood in Calgary?

What makes a neighbourhood the “nicest” will depend on your own individual priorities. If you want a family-friendly place close to downtown, Brentwood may be ideal. If you value a hip, youthful buzz, check out Kensington. Edgemont could be a good fit if you prioritize an active outdoor lifestyle with plenty of walking and biking.

What is the safest area to live in Calgary?

Calgary is generally regarded as a safe city, however, Upper Mount Royal, Brentwood and Edgemont have reputations as being especially safe.

Which side of Calgary is best to live on?

Calgary as a whole is a safe and dynamic city with ample amenities and beautiful, liveable neighbourhoods so the “best” side to live on will depend on your own unique needs. That being said, the southwest and northwest regions are considered by some to contain Calgary’s best residential areas.

What is the richest neighborhood in Calgary?

Upper Mount Royal is generally regarded as one of the richest neighbourhoods in Calgary.

This article 12 best neighbourhoods in Calgaryoriginally appeared on Money.ca

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

A British Columbia border shop is reeling from an 80% drop in business as trade tensions and shifting consumer loyalties shake its foundation.

The owner, shocked by the abrupt decline, called the situation “unbelievable” and worries about the store’s future.

“This has been our biggest issue for over 10 years,” Peter Raju, president and owner of Peace Arch Duty Free, told Retail Insider.

“Our business is down substantially. We’ve had to reduce staffing and if things don’t improve, we’ll have to close on weekdays.”

A perfect storm of trade tensions and nationalism

The shop’s dramatic downturn coincides with US President Donald Trump’s recent tariff threats.

The proposed 25% tariff on Canadian goods has strained economic relations between the two nations, forcing many businesses to recalibrate.

In response, a strong “Buy Canadian” movement has gained traction, encouraging consumers to prioritize domestic products over American imports.

“This hit us like a ton of bricks,” the store owner said. “We’ve seen dips before, but nothing like this. Our customers are either staying home or choosing Canadian alternatives.”

The ‘Buy Canadian’ movement gains momentum

According to a Reuters report, Canadian Tire has ramped up efforts to reduce reliance on US suppliers, bracing for possible long-term tariff impacts. Similarly, other retailers are strategizing ways to mitigate disruptions in supply chains.

Meanwhile, a Time Magazine report highlights Canada’s long-standing economic reliance on US imports, suggesting that while the ‘Buy Canadian’ movement is strong now, it remains to be seen whether it will permanently shift consumer behaviour.

A long-term trend or temporary blip?

The big question remains: Is this downturn a short-term reaction or a lasting shift? Historical precedents show that nationalistic buying habits often surge in response to economic or political events but tend to fade once conditions stabilize.

However, if tariffs become a long-term reality, Canadian businesses may permanently alter sourcing strategies, reinforcing a new consumer pattern.

A Business Insider report notes that delays in closing US tax loopholes, such as the de minimis rule, have further complicated cross-border commerce, making it harder for Canadian retailers to compete with American e-commerce giants.

For border businesses like this BC shop, adaptation may be the only way forward. As Peace Arch Duty Free looks at bringing in more Canadian products, Raju admits that if the trend continues the company will have no choice but to adjust.

Whether this decline marks a long-term economic shift or a temporary consumer reaction remains to be seen, but one thing is clear: border businesses are facing some of the toughest times in recent memory.

Many Canadian consumers are actively seeking out locally produced goods to reduce reliance on US imports. Retailers have responded by highlighting Canadian-made products in their stores.

For instance, independent grocers have begun labeling domestic products with shelf signs to help customers easily identify Canadian goods.

Major grocery chains like Loblaw Companies Ltd. have announced plans to secure more food grown and made in Canada, while e-commerce platforms such as Shopify are encouraging consumers to buy Canadian through new features on their apps, according to a CP24 story.

The sustainability of the ‘Buy Canadian’ movement hinges on several factors. Prolonged trade tensions and persistent tariff threats may reinforce nationalistic purchasing behaviours.

However, as global supply chains are deeply interconnected, sustained protectionism could disrupt markets and lead to unintended economic consequences.

The Fraser Institute cautions that escalating protectionist policies might provoke retaliatory measures, potentially harming the very industries they aim to protect.

The "Buy Canadian" initiative reflects a collective effort to bolster the domestic economy and assert national identity amidst external economic pressures.

This article BC border shop sees 80% drop amid Trump’s tariff threats and ‘Buy Canadian’ movement — owner calls it ‘unbelievable.’ Is this a long-term trend or just a quick blip?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.

Groceries probably take a huge bite out of your monthly budget — and now that the HST holiday is over, your weekly bill will jump in price now that taxes will be incorporated once again.

Even if you suffer from mageirocophobia (fear of cooking) and prefer eating out, you still need to buy at least the basics. And just the cost of those can add up quickly.

Whether you live alone or have five mouths to feed, cutting back on grocery spending is one of the surefire ways to save money. In this article, we’re sharing our top tips and tricks to curtail the cost of stocking your fridge and pantry.

1. Don’t shop hungry

Raise your hand if you’ve gone to the grocery store after a long day of work, planning to buy only dried pasta and veggies, but inexplicably leaving with organic granola bars, smoked gouda and a tub of gourmet gelato.

While I would never begrudge someone for picking up some ice cream on a whim, shopping while hungry impairs your logic and misdirects your decision making to your stomach. Your tastebuds will love you; your budget won’t. The best way to avoid this is to try to set aside a dedicated time (or times) to grocery shop on a weekly basis, preferably long before or shortly after mealtime.

2. Do some digital digging

Take a few minutes each week to look through print or digital flyers from your local grocery stores and see what’s on sale that you need (or can use). You can cut down on the amount of time you spend running around from one store to the next by requesting a price match, a courtesy offered by No Frills, Walmart, Save-On-Foods, Extra Foods and Real Canadian Superstore, among others. If an advertised sale item is out of stock, ask the cashier for a ‘rain cheque’ voucher that can be used at a later date when the item is back on the shelf.

Consider using digital apps, like Flipp, that allow you to browse sale prices at stores in your area. Such apps allow you to find the best deal on items and, if you prioritize shopping at a store that offers price matching, having your list organized and ready to go on your phone will enable you to save money on the items you want and need.

3. Capitalize on coupons

After you’ve flipped through local print periodicals, put the scissors down and visit sites like SmartSource.ca and Save.ca to easily search for coupons relevant to your location. Just remember: Never use a coupon to buy something that’s cheap but personally unappetizing to your palate. You’re not really saving if the groceries you purchase sit untouched on your shelf (see tip #9).

4. Buy in bulk

Products with long shelf lives like canned goods, cereals, rice and pasta can be bought en masse at cheaper prices. This strategy can also work for fresh items, provided they can be easily portioned out and frozen. For example, Costco sells bulk packages of chicken breasts at a much better value than you can find at a regular grocery store. It’s worth your time to buy that bigger package and wrap and freeze the chicken breasts individually so that you can take them out as needed.

5. Make them pay for your business

Though you can save some money by buying different items wherever they are cheapest, you can save time by joining a major grocery chain’s loyalty program and focusing most of your shopping in its network. Programs like PC Optimum allow you to earn points on all purchases made in its 4500+ affiliated stores, and will even offer you extra points based on the items you regularly buy, which means you won’t feel pressured to change what you eat just to save. 10,000 points can be redeemed for $10 off grocery bills, so concentrating your shopping within one grocery chain can add up to significant savings.

6. Go generic

It’s easy to fall for the psychological trap that brand name = better. But more often than not, you’re simply paying for well-marketed packaging rather than any discernible difference in taste or quality. It’s ok to have a few pet products (personally, I will always choose French’s ketchup over any other label), but do your wallet a favour and try to gradually wean yourself off overpriced brands and onto more affordable, generic store substitutes.

Pro tip:

Canadians are lucky to have several reward and cash back credit cards that help take the sting out of those big food shopping bills.

7. Learn how to cook

Raw ingredients are cheaper than prepared food. Plus, let’s be honest, premade grub from grocery stores (especially the frozen section) are neither healthy nor particularly tasty. Trust me, you can make better.

Some people find the idea of cooking daunting, but it needn’t be. Shrug off the pressure of preparing a feast every night, and seek out simple culinary solutions like omelettes, filling salads and soups that can be stretched out over several days. Like mom said, if you can read, you can cook. Browse websites like delish.com or allrecipes.com — the internet is full of easy meal ideas suitable for all levels of experimentation and experience.

8. Clear your cupboards

How many times have you wondered what to make for dinner, looked in your pantry or your fridge, and decided there is ‘nothing’ there…even though technically it’s full of edible options? Even experienced cooks are guilty of complacently making the same comfort recipes over and over again, but this mindset can lead us to repeatedly make trips to the grocery store while we let more niche items that we already have at home go to waste. Things sit on shelves past their expiry date, produce goes bad if not eaten fast enough, etc — when you throw out expired food you’re throwing out money. You can minimize food waste and expand your culinary vocabulary by experimenting with a website like SuperCook, which allows you to input items you have on hand and try out recipes that make use of them.

9. Think seasonal

Most of our favourite summer fruits and veggies can’t be locally grown once the frigid Canadian winter sets in. As temperatures drop, certain produce must be imported from warmer climates, and naturally, their prices spike. Buying produce that’s in season will not only be cheaper, it will also likely be of higher quality, as it can be transported from a closer source. Canadian Food Focus has a handy webpage dedicated to seasonal availability.

And if you like smoothies, pies, sauces, soups or jams—anything that gets blended, pureed or frozen, or that you plan to eat immediately — head to your local farmers market or grocery store at the end of the season for the ripe leftovers that tend to be heavily discounted. Some grocery stores even have a year-round section of “less attractive” produce for as much as 50% off the regular price.

Keep the momentum going

Trimming down your grocery bill is a great start to reducing expenses, saving more money, and building a softer financial nest. Once you’ve incorporated some of these grocery habits into your life, try to carry that motivation into other corners of your finances. Take the extra money you’re now saving and use it to reduce or eliminate your debt, put together a comfortable emergency fund, and start investing. If the uncertain times we’re living in now have left you feeling financially rattled, take a deep breath and check out our special article on money management tips.

Sources

1. Canadian Food Focus: What’s in season

This article The HST holiday is now over — Here’s 9 ways you can still save money on groceries if you’re feeling a pinchoriginally appeared on Money.ca

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

It’s an unfortunate thing that many older North Americans end up experiencing — feelings of loneliness and isolation. Reports from Statistics Canada reveal that approximately 30% of Canadian seniors are at risk of becoming socially isolated, while approximately 19% to 24% of Canadians over the age of 65 feel isolated from others and wish they could participate in more social activities.

But what about those that choose to isolate? What about those seniors who actively try to self-isolate during retirement?

Believe it or not, it’s not unusual, especially in the early stages of retirement when you’re leaving a career that had you constantly interacting with people.

As a result, if you end up passing your 62nd birthday and find yourself newly retired, a little alone time isn’t necessarily a problem, as long as it’s in moderation.

But too much alone time could have consequences. Here are some of the financial and emotional costs of leaning into all that “me time.”

The retirement nest egg a Canadian retiree can expect

For retirees aged 65 and up, the median amount held in a Registered Retirement Savings Plan (RRSP) is $283,000 (this includes Registered Retirement Income Funds (RRIFS) and RRSPs). When factoring in all savings, including cash account and Tax-Free Savings Accounts (TFSAs), the average Canadian household’s nest egg is close to $514,800.

Using the 4% rule, this nest egg would provide approximately $20,592 in annual income, or about $1,716 per month. When you add in the average Canada Pension Plan (CPP) benefit — about $808.14 per month — and the average Canadian retiree can anticipate a retirement income of a little under $2,525 per month. That means a couple could anticipate a combined monthly income of approximately $5050 per month — a modest monthly income that allows you to pay the bills and still have a bit of fun.

Higher living costs

Unfortunately, this retirement income is typically not indexed to inflation, so this means that over time your budget gets more and more pinched as everyday costs continue to climb. Now, if you don’t have someone to share expenses like housing and utilities you could end up struggling faster and more just to cover your day-to-day living costs.

And even if you have more savings than the typical senior, the more costs you have to bear alone, the less money you’ll have left over to pay for things like hobbies and entertainment.

Having to navigate big decisions without input

A WealthRocket poll from 2023 found that 50% of Canadians say family and friends (including spouses or partners) are their number one source for financial advice.

If you don’t spend enough time with other people, you might miss out on the opportunity to pick their brains and get much-needed guidance — particularly on harder, more stressful financial decisions.

Retirement can be a financially tricky period of life, so it may be helpful to hear how your peers are managing their money. Those conversations are harder to have when you’re off doing your own thing all the time.

The loneliness factor

It’s natural to want alone time during retirement. But if you aren’t careful, too much time on your own could suddenly leave you feeling out of the loop.

A 2024 report from the National Institute on Ageing found that 43% of Canadians over the age of 50 are at risk of social isolation, while 59% experience some degree of loneliness. Additionally, 36% of Canadians over the age of 50 have very (13%) or somewhat (23%) weak social networks.

What was most alarmingly was the correlation between those who struggled with finances and their access to social networks.

Turns out 72% of those who are struggling financially have weak social networks. So you may want to make a point to spend time with friends, neighbours and family members at least a few hours a week early on in retirement, even if you crave alone time. If you get into the habit of spending too much time along, then the people you’d normally hang out with may no longer be free or available, leaving you feel even more isolated, alone and cut-off.

Not having a support system

While spending time alone can be fulfilling and liberating, you may reach a point where you risk losing your support system. And that could have a number of negative consequences.

The people in your network are the ones you might turn to when you’re struggling with home maintenance or need a ride to the doctor’s office. They’re also the folks who might provide care when you’re recovering from an illness or procedure. Having a network to support you not only gives you peace of mind, it can save you the expense of having to check into expensive rehabilitation or nursing home facilities.

This isn’t to say that the people who care about you will abandon you because you opt to spend a chunk of your time alone. But make sure to strike a balance so the people you count on the most continue to feel important.

Meet your retirement goals successfully

To successfully set retirement goals, start by identifying your goals and then calculate your expected retirement costs. Many experts recommend the 70% rule when planning for retirement — where your retirementt income should replace 70% of your earned income per year. That means if you pre-retiremnt annual income was $75,000, then you need to plan for a retirement income of $56,250, or approximately $4,687.50 per month.

To help you get there be sure to use all available tools — from automated savings plans, such as rounding-up loose change options offered by Moka, to reducing or even eliminating investment fees. For instance, you can build a retirement portfolio with blue-chip stocks and balanced exchange-traded funds (ETFs) using Questrade’s $0 commission platform.

Sources

1. Government of Canada: Social isolation of seniors – Volume 1: Understanding the issue and finding solutions

2. CHIP Reverse Mortgage: How much money do you need to retire in Canada? (Dec 11, 2024)

3. WealthRocket: 50% of Canadians get their financial advice from family and friends; banks follow close behind: survey (Jul 27, 2023)

4. National Institute on Ageing: Perspectives ongrowing older in Canada: The 2024 NIA Ageing in Canada Survey survey, by Natalie Iciaszczyk; Gabrielle Gallant; Talia Bronstein; Alyssa Brierley; Dr. Samir Sinha (Jan 28, 2025)

This article I’m 62, retired, and I want to avoid people more and more — is this normal? Yes, but here are 5 emotional and financial costs you need to knoworiginally appeared on Money.ca

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

Last year saw an 18.6% year-over-year decline in auto theft nationwide, totalling more than 57,000 private passenger vehicles, in 2024. According to Équité Association’s 2024 Auto Theft Trend Report, this decline is attributed to the collective efforts of key stakeholders.

"2024 was a milestone year in the fight against auto theft in Canada," Terri O’Brien, president and CEO of Équité Association, said in a statement.

"Équité’s team of experts collaborated with provincial and federal governments, Canadian Border Services Agency and law enforcement agencies at all levels to continue the downward trend. Momentum is on our side to disrupt criminal networks from profiting off insurance fraud, as we work on behalf of our industry members to prevent vehicle theft in Canada."

This decline is compared to 2023, which saw 70,475 vehicle thefts; 2022, which saw 70,082 thefts; and 2021, which saw 53,382.

The wider picture on vehicle theft in Canada

These figures encompass sedans, coupes, hatchbacks and wagons, trucks, SUVs and vans reported stolen in Canada. Recovery rates referenced in the report are based on preliminary recovery vehicle data.

By region, vehicle thefts saw a 17.4% decrease in Ontario, a 32.4% decrease in Quebec, no change in Atlantic Canada and a 12.7% decrease in Western Canada.

The national recovery rate for stolen vehicles is 59.3%, which means 40% of vehicles stolen are not recovered. Stolen vehicle recovery rates by region are broken down into 50.8% in Ontario, 43.6% in Quebec, 64.0% in Atlantic Canada and 77.4% in Western Canada.

"Organized crime networks are being funded through insurance crime and auto theft," Bryan Gast, Équité Association’s vice-president of investigative services, said in a statement.

"Our investigative teams work closely with national and international law enforcement agencies, enable industry collaboration and provide cutting-edge intelligence to combat insurance crime. However, the single most impactful step we can take to prevent the continued funding of organized crime networks, including drug trafficking, remains making the vehicles harder to steal in the first place."

Regional breakdowns

This marked the first time vehicle thefts decreased in Ontario and Quebec year-over-year. As well, the majority of vehicle thefts in the two provinces were those manufactured in 2017 or later, which the report states is because organized crime rings are focused on stealing newer, luxury vehicles.

SUVs were the most stolen vehicle type in Ontario (42%) and Quebec (55%).

In Atlantic Canada, the most common type of stolen vehicle was those made between 2010 and 2016.

Meanwhile, trucks were the most stolen vehicle type in Western Canada at 38%. Notably 42% of all stolen private passenger vehicles in Alberta were trucks.

This article Collective efforts to thank for 2024 auto theft reductionoriginally appeared on Money.ca

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

Following Donald Trump’s election victory, financial markets experienced a flurry of trading activity, with investors increasingly turning to Bitcoin as a hedge amid heightened political uncertainty.

In Canada, more cautious investors turned to Bitcoin and cryptocurrency exchange-traded funds (ETFs). Crypto ETFs are accessible and offer investor security within a regulated environment. As a result, crypto ETFs in Canada surged in popularity in the last few years as an entry into the cryptocurrency world. While Bitcoin ETFs and cryptocurrency funds make it easier to participate in cryptocurrency investments, potential investors should consider both the advantages and risks associated with this type of investment.

Why crypto ETFs in Canada are attracting investors

Bitcoin ETFs — and crypto ETFs, in general — offer Canadians a straightforward way to gain exposure to price fluctuations in Bitcoin and cryptocurrency without directly purchasing or holding any particular cryptocurrency.

Traded on stock exchanges, these crypto ETFs allow individuals to buy and sell shares — as you would with traditional stocks. These crypto ETFs can be held in unregistered, cash accounts, as well as in tax-advantaged accounts like TFSAs or RRSPs.

This is particularly useful, at this point in time, as investors seek assets tied to Bitcoin’s performance and cryptocurrency, in general

Focus on crypto ETFs in Canada

In response to this demand, Canadian firms like Purpose Investments crafted Bitcoin ETFs with an emphasis on security and stability. Purpose Investment’s Bitcoin ETF (BTCC.TO), for example, employs “cold storage” — keeping Bitcoin assets offline to lower the risk of cyber attacks. This setup adheres to Canadian regulatory standards, offering investors additional safeguards typically absent in direct cryptocurrency purchases.

Read More: Pay $0 commissions and get started with crypto ETFs using Questrade trading platform

Benefits of Bitcoin and crypto ETFs: Combining accessibility with security

Bitcoin ETFs make crypto investment easier by eliminating the need for private wallets and technical knowledge, while also simplifying asset security. With Canadian regulatory oversight, these ETFs come with protections designed to reduce risks. For example, Purpose Investment stores the assets for its ETFs, including BTCC.TO, in offline cold storage and this storage can only be accessed by authorized custodians — a significant deterrent against online hacking.

For investors, Bitcoin and crypto ETFs in Canada also offer a potentially diversified approach to entering the crypto market. Some crypto ETFs incorporate a mix of digital assets, helping spread risk across multiple cryptocurrencies, which may reduce exposure to individual asset volatility.

Risks in Bitcoin ETF investing

While Bitcoin ETFs and crypto ETFs, in general, have grown in popularity, they remain susceptible to crypto’s characteristic volatility. Industry experts, such as Colin White of Verecan Capital Management, argue that cryptocurrency remains a speculative asset, subject to extreme price shifts. Bitcoin ETFs, including BTCC.TO, though diversified, do not eliminate the risks associated with high volatility in the crypto market.

Additionally, investors should consider ETF fees, which can reduce returns over time. Although ETFs that include a range of digital assets may help distribute risk, this structure does not fully shield investors from potential losses, especially in a turbulent crypto market.

Exploring crypto and Bitcoin ETFs in Canada: how to get started

Canadians interested in Bitcoin ETFs and cryptocurrency funds should consider these steps for getting started:

• Research available Bitcoin ETFs: Options such as Purpose Bitcoin ETF (BTCC.TO), Evolve Bitcoin ETF (EBIT.TO) , and CI Galaxy Bitcoin ETF (BTCX.TO) are listed on Canadian exchanges and offer various structures and security approaches.
• Compare ETF fees: Bitcoin ETFs — and generally most crypto ETFs in Canada — come with management fees, so you should consider how these fees may impact long-term returns.
• Evaluate security protocols: Check if the crypto ETF holds its assets in cold storage, and be clear about how the provider handles asset custody and protection.
• Align with financial goals: While Bitcoin ETFs make it easier to access crypto investments, they still carry risk. Aligning with one’s financial goals and risk tolerance is essential.
• Consider tax benefits: Holding Bitcoin ETFs and any crypto ETF in accounts like RRSPs or TFSAs can offer tax advantages, potentially reducing capital gains tax on returns.

Read More: Learn how to trade Bitcoin and other cryptocurrencies with the Money.ca guide on how to trade crypto

Bottom line: Crypto ETFs in a shifting financial landscape

Bitcoin ETFs offer Canadians a convenient and regulated way to participate in the cryptocurrency market, balancing accessibility with enhanced security measures like cold storage. As political developments drive renewed interest in Bitcoin, investors should be mindful of the risks posed by its volatility. For those who conduct thorough research and align their strategies with their financial objectives, Bitcoin and crypto ETFs could become a valuable part of their investment portfolio in today’s evolving economic environment.

This article Bitcoin ETFs see surge in interest after Trump election win drives investors to cryptocurrency 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.

A comfortable retirement requires a large nest egg — everyone knows that.

Just how big depends on a lot of factors like your debts, health and lifestyle (do you plan on traveling each year in luxury, or do you enjoy the quieter aspects of life?)

One common rule of thumb holds that you need enough in the bank so that you could support your lifestyle with an annual withdrawal of 4% of your savings. With $1,000,000 at retirement, you’d have $40,000 a year to live on.

But even if you know how much you need — and when you’ll need it — you might not know how to make a plan to actually get it — and how to keep that plan on track.

But fear not: This guide provides a set of financial benchmarks that tell you exactly where your finances need to be at every key stage leading up to that magical moment of no-more-work.

How much should you be saving?

It can be difficult to determine how much of your income to divert to your nest egg each year, particularly when you’re dealing with more immediate financial concerns.

Financial services company Fidelity suggests you’ve saved at least one year’s worth of income by the age of 30 and 10 times your annual salary by the time you’re 67. We’ve broken down the numbers for you below:

• 30 years: 1 x income
• 35 years: 2 x income
• 40 years: 3 x income
• 45 years: 4 x income
• 50 years: 6 x income
• 55 years: 7 x income
• 60 years: 8 x income
• 67 years: 10 x income

More: What is the Rule of 30?

Retirement savings in your 20s

If you’re fresh out of college or university, retirement’s probably not the first thing on your mind. Get your student loans out of the way first and make sure to pay your credit card bills in full and on time each month to boost your credit score. You can even keep an eye on your credit score for free with Borrowell.

Then set up an emergency fund in a high-interest savings account. This will provide you with some support in case of unexpected expenses, like a job loss or big medical bill.

Retirement savings in your 30s

When you get into your 30s, you’re likely worried about paying your mortgage, getting hitched and supporting your family.

Basically, your finances don’t just revolve around only you anymore, so take out a life insurance policy to support your loved ones.

But while you’re doing so, make sure to still invest in an RRSP or TFSA and grow your income with other investments. By 35, you should have at least twice your annual salary saved up for retirement.

Retirement savings in your 40s

You should have a nice, tidy stash of retirement savings by now — if you’ve fallen behind in your goals, however, talk to a financial adviser to nail down a plan.

This is especially important if you’ve pushed your retirement savings aside to focus on other things in past years. At age 45, you should have four times your annual salary saved up for your future already.

Continue bolstering your savings with investments and any salary bonuses or raises you earn and look for ways to cut down on your regular monthly payments, like reviewing your insurance or mortgage rates.

Retirement savings in your 50s

Some Canadians choose to retire in their 50s and if you’ve managed to save up at least seven times your annual income by then, you might consider doing so as well.

If you’re not quite ready yet, however, just keep on doing what you were before. Maximize your contributions to your RRSP and TFSA, find ways to slash those monthly bills and continue monitoring the stock market and investing.

Make sure to deal with any remaining debts before you retire as well. If you’re juggling multiple lines of credit, you can even take out a personal loan to cut down on interest and pay off your debts faster.

Retirement savings in your 60s

Once you’re in your 60s, you’re eligible to start receiving benefits from the Canada Pension Plan (CPP), and Old Age Security (OAS) at 65. These won’t be enough to get you through retirement on their own — but that’s why you’ve bulked up on savings and RRSP income in past years.

You might start withdrawing money from your RRSP account, which means it’s now taxable and you’ll have to start reporting it on your returns.

Instead of hiring a tax professional with pricey fees to do all the work for you, use an online service and sign up for a plan that makes the most sense for you and your income.

Sources

1. Fidelity: How much do I need to retire? (Aug 21, 2024)

This article How Much Money Should Be In Your Nest Egg at Each Stage of Life? 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.

“Don’t let me hear you say life’s taking you nowhere,” David Bowie crooned in his 1970s hit, “Golden Years”. And the reality is, as your life progresses, your career eventually sunsets.

This has Jada, 52, facing the existential dread of retirement even though she doesn’t plan to clock out until she turns 65.

Still, she’s been saving for her golden years since her mid-20s. But over time, as she started to make more money, she put aside 10% of her salary annually.

While she’s crushing it with her savings, her husband of 20 years hasn’t put aside anything for retirement — and he doesn’t plan to. Instead, he’s relying on his pension and retirement benefits like the Canada Pension Plan (CPP) — along with Jada’s savings to — finance their golden years.

Jada worries he doesn’t understand how much they’ll need in retirement and feels resentful that she’s making all the sacrifices for their future.

What if your spouse isn’t saving for retirement?

There’s no need to run for the shadows just yet. But you do need to start a conversation — and that’s not as easy as it might sound. According to the RBC 2024 Relationships and Money Poll, 77% of respondents say money is a source of stress in their relationship.

Those conversations are difficult because sometimes each spouse has different ideas about how much to save. Add to that, the same poll found that 47% of respondents believed they handle finances better than their partner, which can cause some added tension to these discussions.

Jada and her husband may want to start by ensuring they’re on the same page with their goals. Maybe Jada wants to volunteer or work part-time while her husband wants to travel. Whatever the case, they’ll need to have a heart-to-heart conversation about what they want to get out of retirement.

But it’s important to be extremely mindful of how much money they’ll still need to reach those goals. A general rule of thumb is to aim for about 60% to 80% of your pre-retirement income.

If Jada and her husband are finding it difficult to talk or even crunch the numbers, they may want to enlist the help of a financial adviser.

But it’s not just about math. They may want to look at the issue of why Jada’s husband isn’t saving. With that in mind, the question of will they have enough to cover an unexpected financial emergency or long-term care?

Strategies for saving for retirement later in life

Once Jada and her husband are on the right track, they can start working together on a savings plan that meets their retirement goals.

Since Jada’s husband is also in his 50s, there may also be some hesitancy to open an individual retirement account, which is why a spousal RRSP may be a good option, as he can contribute to Jada’s retirement fund and receive a tax deduction.

While it’s ideal to start saving for retirement when you’re younger in order to benefit from the power of compounding, it’s never too late to start.

For example, even if you’re starting later in life, you could still benefit from opening an RRSP and funding it to the maximum amount — especially if your employer matches your contributions. For the 2025 tax year, the maximum contribution limit for a RRSP is $32,490.

Jada’s husband could also contribute to a TFSA, which uses after-tax dollars and grows tax-free. That means, as long as he follows the withdrawal rules, those withdrawals aren’t taxed as income. For the 2025 tax year, the maximum contribution limit for a TFSA is $7,000.

For Jada and her husband, having those uncomfortable conversations about money could help them synergize their retirement goals — and take some pressure off Jada.

Sources

1. RBC: Finances and feelings: Harsh economic realities taking a toll on relationships among Canadian couples – RBC poll (Dec 12, 2024)

2. Government of Canada: MP, DB, RRSP, DPSP, ALDA, TFSA limits, YMPE and the YAMPE

3. Government of Canada: Tax-Free Savings Account (TFSA), Guide for Individuals

This article I’m 52, saving at least 10% of my income for retirement — but my husband isn’t saving anything and has no plans to. What should I do?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.