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Auto theft is no longer just a city crime story — it’s a nationwide insurance crisis. Despite efforts to curb auto theft, the impact of stolen vehicles and damage due to auto break-ins is pushing the value of auto theft claims into triple-digits — and the person who ends up paying the cost are everyday Canadian drivers.

In 2023, the value of auto theft claims in Canada hit a staggering $1.5 billion, according to the Insurance Bureau of Canada (IBC) — the highest ever recorded. And while there’s a slight dip in thefts in 2024, the financial scars are still fresh, and every Canadian driver is footing the bill through rising insurance premiums.

Over the last decade, auto theft claims have risen 138%, while the value of those claims has jumped a jaw-dropping 442%. Even though IBC data shows a 19% drop in theft claims in the first half of 2024 — with 17,647 claims valued at $544.7 million, compared to 21,907 claims worth $764.6 million in the first half of 2023 — the costs remain historically high.

The reason? Modern car theft isn’t a smash-and-grab. Today, it’s increasingly driven by organized crime networks, targeting high-end SUVs and exporting them to markets in the Middle East and West Africa. Even one successful theft of a luxury vehicle can cost insurers — and, in turn, drivers — tens of thousands of dollars.

Auto theft cost on Canadians

"Concerted actions by law enforcement, insurers, governments and drivers to combat theft are showing results, but more remains to be done," said Liam McGuinty, IBC’s vice-president of strategy, in a statement.

McGuinty explained that this triple-digit increase in the number and cost of auto theft claims has a serious impact on Canadian drivers. "Canada’s auto theft rates have soared in the last 10 years, placing pressure on drivers’ insurance premiums, compromising public safety and causing Canadians concern and trauma." McGuinty concedes that the frequency of theft dropped in the first half of 2024, but maintains that "auto theft in Canada remains significantly above historical trends."

How auto theft differs from province to province

While Ontario and Quebec saw some relief in early 2024 — theft claims dropped 16% and 41% respectively — other provinces are still on edge.

• Alberta: Theft claims rose 1% year-over-year in early 2024, but the value of those claims increased 11% — reflecting higher-end vehicles being stolen.
• Nova Scotia: Up 27%
• New Brunswick: Up 14%

Long-term trends still show steep increases over the past decade:

• Ontario: +291%
• New Brunswick: +203%
• Nova Scotia: +87%
• Alberta: +48%
• Quebec: +36%

Why are thieves getting away with it?

Thefts are increasingly high-tech. Criminals use relay attacks to hack keyless entry systems, clone VIN numbers (a tactic known as “re-VINing”), and ship stolen cars through Canadian ports, primarily in Montreal and Halifax. Despite increased federal funding to improve detection at ports, the pace of thefts continues to outstrip law enforcement efforts.

A 2024 CBSA investigation found that more than 75% of recovered stolen luxury vehicles were already loaded into shipping containers — destined for overseas resale before owners even noticed their cars missing.

How to protect your vehicle and your budget

Auto theft isn’t just a nuisance — it’s directly linked to rising insurance premiums. IBC warns that the average comprehensive coverage cost is rising in high-theft regions, particularly Ontario and Alberta. The price of protecting your car now reflects the odds of it disappearing from your driveway.

Regardless of the province or territory you live in, being prepared for the unthinkable with auto insurance can be a life-changer, and it doesn’t take much work to get coverage.

With YouSet — a digital insurance brokerage — the process of buying auto insurance is simple. All you need to do is fill in a bit of information about yourself, your vehicle and the coverage you want, and YouSet will provide you with a list of personalized, affordable insurance options.

You can choose the best option for you, complete the purchase within minutes and be ready to shield yourself against the economic stress that comes with car theft.

What government is doing

The federal government has committed $28 million to fighting auto theft in 2024 and beyond. Efforts include:

• Scanning technologies for ports
• A national task force to address re-VINing
• Expanded cooperation between CBSA, RCMP, and international agencies

In Ontario, new provincial regulations now allow insurers to better share VIN data and flag high-risk resale vehicles.

What can you do?

To protect your car — and help stem the tide — IBC recommends:

• Installing steering wheel locks or kill switches
• Parking in garages or well-lit areas
• Using tracking services or etching the VIN on glass
• Reviewing your insurance policy to ensure theft protection is included

The vehicles thieves love to steal

Not surprisingly, thieves tend to target certain types of vehicles. According to IBC data, new, high-end luxury vehicles continue to be popular targets for auto thieves, due in part to their desirability in illegal international markets.

"Fighting auto theft requires a whole-of-society approach. Now is not the time to take our collective foot off the accelerator in this fight," McGuinty said. "The auto theft crisis continues to negatively impact Canadians’ pocketbooks and their sense of safety. The property and casualty insurance industry remains committed to working alongside all orders of government and stakeholders to continue to address the national auto theft crisis."

While this increase in auto theft might urge you to double-check if you have the best car insurance possible, the fact that it’s so rampant that insurance premiums are rising might mean you need to look for other places in your budget to optimize your finances too.

With Rates.ca, not only can you find the ideal auto insurance policy for you, but you can also find the best home insurance, mortgage rates and credit cards.

You can use Rates.ca to find the cheapest car insurance near you, and right after use it to find the most ideal credit card to support your financial habits so you have a comprehensive understanding of the best way to handle your finances.

Bottom line

Auto theft in Canada may have peaked in 2023, but it remains a billion-dollar problem. Whether or not your car has been targeted, your insurance premiums are paying for someone else’s loss. And without aggressive federal and provincial action, the cost of doing nothing will continue to rise.

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

Ever scroll through Instagram and think, "Dream trip, but my bank account says absolutely not"?

Yeah, I feel you. Here’s the thing though: Travel doesn’t have to drain your savings or max out your credit cards. I’ve spent way too much time researching (okay, maybe rabbit-holing) the cheapest places to travel, and let me tell you — there are some absolute gems out there where your dollar goes ridiculously far.

So if you’re anything like me and want to squeeze maximum adventure from every dollar, this list is for you. These aren’t just random budget destinations I found online; these are places where you can genuinely have an incredible time without constantly checking your bank balance.

Let’s get into it.

1. Vietnam

Daily Budget: $34-$50

Best time to visit: March-April or September-November for mild temps and fewer crowds

Population: 101.6 million

Vietnam is honestly backpacker heaven. Picture this: You’re eating the most incredible street food for pocket change, getting woken up by motorbike symphonies (in the best way) and navigating jaw-dropping scenery without your wallet crying.

Not gonna lie, Vietnam has been on my bucket list forever, and the budget breakdown makes it even more tempting.

Why your money goes far here:

• Accommodation: Dorm beds start around $5, private rooms from $15

• Food: Street food meals for $1-$3, even sit-down restaurants rarely hit $10

• Transport: Cross-country night buses cost less than your morning coffee back home

• Activities: Temple visits, cooking classes and motorbike tours won’t break the bank

2. Guatemala

• Daily budget: Around $36

• Best time to visit: November-April (dry season)

• Population: 17.98 million

Emerald lakes, volcano-framed vistas and markets that look like works of art, all without the European price tag.

You can sip world-class Antigua coffee by day and chase Mayan ruins at dawn, and your budget will actually thank you for it.

Money-saving tips:

• Transport: Chicken buses are an adventure (and cost practically nothing)

• Food: Tostadas and local markets keep meal costs under $1

• Accommodation: Hostels from $8, even nice guesthouses stay under $25

• Activities: Many Mayan sites have reasonable entry fees, hiking is mostly free

3. Portugal

Daily budget: $44-$50

Best time to visit: April-May or September-October

Population: 10.75 million

Yes, you can actually explore Western Europe on a budget. Portugal gives you Lisbon’s famous azulejos tiles, vinho verde on the beach and those iconic pastéis de nata, all for way less than you’d spend in neighboring Spain or France.

This one surprised me when I was researching it. Portugal is seriously underrated for budget travel.

Budget breakdown:

• Acommodation: Hostels from $22, Airbnbs from $36

• Food: Local tascas (taverns) serve full meals for $12–$17

• Transport: Inter-city buses around $15, trains slightly more

• Activities: Many museums have free days, beaches are obviously free

4. Albania

Daily budget: Around $40

Best time to visit: Late May-June or September (warm seas, no August crowds)

Population: 2.40 million

Here’s Europe’s best-kept budget secret — and I mean that. Albania gives you rugged mountains, gorgeous Adriatic coastline and a surprisingly hip capital in Tirana, all without the euro-level prices that’ll make you wince.

You’ll find byrek (flaky pastry) for breakfast, boutique guesthouses under $30, and crumbling Ottoman castles with your morning espresso. What’s not to love?

Why it’s so affordable:

• Accommodation: Seaside guesthouses around $20, city hostels from $12

• Food: Byrek and local dishes for pocket change

• Transport: Buses between cities cost just a few euros

• Activities: Historical sites have minimal entry fees

5. Thailand

Daily budget: Around $68 (less up north, more on islands)

Best time to visit: November-early April

Population: 71.7 million

Thailand is still the undefeated champion of bang-for-your-buck travel. We’re talking temples, beaches, legendary Thai smiles and $1 street food that’ll ruin you for expensive Thai restaurants back home.

From bustling Bangkok to jungle-surrounded Chiang Mai and the southern islands, your money goes surprisingly far, especially if you can dodge the obvious tourist traps.

Smart spending tips:

• Food: Street food and local markets vs. tourist restaurants

• Transport: Sleeper trains and local buses over private transfers

• Accommodation: Guesthouses and hostels in non-touristy areas

• Activities: Free temples, cheap cooking classes, budget-friendly island hopping

6. Oaxaca, Mexico

Daily budget: Around $41

Best time to visit: November-April, or late October for Día de los Muertos

Metro population: 714,000

Oaxaca is like that vibrant friend who throws the best parties — folkloric, flavourful, full of colour — but somehow keeps everything surprisingly affordable. Between mezcal-fueled nights and UNESCO-listed colonial streets, it’s a cultural feast that won’t demolish your budget.

Quick note on this one: The food scene alone is worth the trip.

Budget-friendly highlights:

• Food: Tacos al pastor for about $0.50, market meals under $3

• Accommodation: Local casitas and hostels from $15

• Transport: Local buses cheaper than gum (seriously)

• Activities: Free walking tours, affordable day trips to ruins

7. Morocco

Daily budget: Around $34

Best time to visit: March-May or September-October

Population: 37.5 million

Morocco is this incredible mix of medinas, mint tea culture and Sahara desert adventures where the colours and spices hit you immediately, but your budget stays intact. Walking through Marrakech’s souks or hiking Atlas Mountain foothills doesn’t have to cost a fortune.

Money stretchers:

• Accommodation: Riads (traditional houses) from $25

• Food: Tagine lunches for around $3, street food even less

• Transport: Local buses and shared taxis keep costs low

• Activities: Many historical sites have reasonable entry fees

8. Indonesia (Bali and beyond)

Daily budget: Around $27

Best time to visit: April-October

Population: 277 million

Think Bali is just overpriced yoga retreats and crowded beaches? Think again. Indonesia offers this wild, budget-friendly archipelago adventure — surfing, rice terraces, spotting Komodo dragons, island hopping — all for the price of a fancy coffee back home.

And here’s the thing: Most people only hit Bali, but the rest of Indonesia is where the real adventure (and savings) happens.

Why it’s so cheap:

• Food: Full meals for $2, even nice restaurants under $8

• Transport: Scooter rentals for practically nothing

• Accommodation: Long-term stays from $280/month

• Activities: Island hopping tours, temple visits, and hiking adventures

9. Colombia

Daily budget: Around $41

Best time to visit: December-March for clear skies, July-August works too

Population: 51.8 million

Colombia has completely reinvented itself, and every peso you spend here feels worth it. Coffee farm tours, pastel-coloured Cartagena, salsa lessons at dawn — you get this incredible diversity without the tourist markup you’d find in other South American hotspots.

Budget winners:

• Accommodation: Hostel dorms around $10, private rooms from $20

• Food: Menu del día (daily menu) lunches for $3

• Transport: Long-distance buses are comfortable and cheap

• Activities: Many museums and cultural sites have minimal fees

10. Nepal

Daily budget: $27-$34

Best time to visit: October-November or March-April

Population: 29.69 million

Ever wanted to wake up to mountain views from your bed without paying Swiss prices? Nepal’s trekking trails, mountain teahouses and unlimited dal bhat (the local staple) will fill your soul and your belly for less than a smoothie back home.

This part is actually super underrated: The hospitality in Nepal is incredible, and the value you get is just unmatched.

Trekking budget tips:

• Accommodation: Teahouses around $5, guesthouses from $8

• Food: Dal bhat with unlimited refills for about $3

• Activities: Trekking permits are reasonable, many cultural sites are free

• Transport: Local buses are incredibly cheap

11. Romania

Daily budget: $48-$55

Best time to visit: May-June or September

Population: 19.8 million

Romania’s medieval towns, wild Carpathian mountains and legitimate castle vibes will completely win you over — while your wallet breathes easy. It’s like getting all the Eastern European charm without the Budapest or Prague price tags.

Why Romania works for budget travel:

• Transport: Train rides across Transylvania cost less than iced coffee

• Accommodation: Hostels from $12, guesthouses under $30

• Food: Hearty traditional meals for $5-$8

• Activities: Castle visits, hiking, and cultural sites stay affordable

12. The Philippines

Daily budget: Around $27

Best time to visit: December-February (skip typhoon season June-October)

Population: 114 million

Want island-hopping paradise on an actual shoestring budget? The Philippines delivers turquoise lagoons, affordable scuba diving and that tropical vibe you’re craving — all while keeping your daily budget under $30.

Island life on a budget:

• Accommodation: Beachfront hostels around $15

• Food: Local meals from $2, fresh seafood surprisingly cheap

• Transport: Island-hopping tours around $25 (lunch included)

• Activities: Snorkeling, diving, and beach time won’t drain your savings

Where should you go first?

So there you have it, 12 countries where you can have incredible adventures without needing a trust fund or maxing out credit cards. From slurping pho in Hanoi to chasing sunsets on the Albanian Riviera, these places prove you don’t need deep pockets to travel meaningfully.

My honest take? Pick the vibe that speaks to you most. Want temples and street food? Hit up Vietnam or Thailand. Craving European charm without European prices? Portugal and Albania are calling. Need that Instagram-worthy beach life? The Philippines and Indonesia have you covered.

The key is booking that flight, eating where locals eat, staying flexible with your accommodation and taking the scenic route whenever possible. Your next great adventure is way more affordable than you think. You just need to be smart about where you go.

Now stop scrolling and start planning. Your bank account (and your sense of adventure) will thank you.

FAQs

Where is the cheapest nicest place to vacation?

Based on our research, Vietnam consistently offers the best value. You can have an amazing time for around $34 to $50 per day, including accommodation, incredible food and activities. Thailand and Indonesia are close seconds, especially if you avoid the most touristy areas.

Where is it cheapest to travel to now?

Right now, Albania and Romania offer incredible value in Europe, while Southeast Asian countries like Vietnam, Thailand and Indonesia remain budget champions. South American destinations like Colombia and Guatemala also provide excellent bang for your buck.

What is the cheapest and safest country to visit?

Portugal tops this list. It’s one of the safest countries in the world while remaining budget-friendly for Western Europe. For absolute cheapest with good safety records, Vietnam and Thailand have excellent tourist infrastructure and are generally very safe for travellers.

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

You’re enjoying your retirement years, taking the occasional road trip to spend time with friends and family. But your car has seen better days — nearing the end of its life at 200,000 miles.

Since you haven’t purchased a car in a long time, you may be surprised at how much vehicles have changed — and how much they cost.

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• Robert Kiyosaki warns of a ‘Greater Depression’ coming to the US — with millions of Americans going poor. But he says these 2 ‘easy-money’ assets will bring in ‘great wealth’. How to get in now
• Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

Before heading to the nearest dealership, It’s essential to determine what you’re looking for in a new vehicle first.

Evaluating your finances

Take a careful look at your financial situation. You’re no longer in your income-earning years, so every penny counts. Planning for expenses outside your usual spending can help prevent you from severely depleting your retirement savings.

Start by figuring out your budget for a vehicle purchase. You can do this by reviewing your monthly retirement income and allocating a percentage towards a vehicle.

If your car budget isn’t as high as you’d like it to be, purchasing a used vehicle could save you money.

Don’t forget to estimate the trade-in value of your current car — it could help bring down the overall cost.

It’s possible to finance a vehicle after retirement, but you’ll need to factor in interest charges and any additional lender fees. These extra costs can eat into your retirement budget, so the monthly payment must be one you can easily afford.

Shopping around with different lenders is a smart way to find the best rate and loan terms based on your financial profile. Checking your credit score ahead of time can also give you an idea of which lenders are more likely to approve you.

Paying for a car in full upfront can save you money on interest. If you choose this route, consider whether you’re comfortable withdrawing a lump sum from your retirement accounts. Alternatively, you could set up a sinking fund — setting aside a chunk of your retirement income in a separate savings account until you have enough to make the purchase.

Remember to factor in ongoing costs beyond the purchase price or loan payments, such as car insurance, maintenance, and fuel.

Owning a different vehicle may result in higher car insurance premiums, so be prepared for potential increases. Fuel costs might also rise if your new car isn’t as fuel-efficient as your old one.

Read more: You don’t have to be a millionaire to gain access to this $1B private real estate fund. In fact, you can get started with as little as $10 — here’s how

Choosing the right vehicle for your needs

Reliability is one of the most important factors when choosing a car. Look for a vehicle that offers the safety features you want, one that’s low maintenance and fuel-efficient. Spending less on fuel and repairs will help lower your ongoing expenditures.

Resources like Consumer Reports offer reliability ratings can give you insight into how well certain makes and models hold up over time. You can also ask trusted friends and family members for their recommendations.

In addition to financial considerations, think about your lifestyle. If you need a reliable car for running errands and visiting family, you may not need all the latest bells and whistles.

However, if you plan to be more active — going camping or taking long-distance trips — you may want to consider features that improve your safety on the road. These can include backup cameras, blind spot detectors and cross-traffic alerts.

Whatever you plan to use your car for, make sure you feel comfortable driving it and know how to use its features. A high-end infotainment system might sound nice for long trips, but if it’s challenging to use, it could end up being more frustrating than helpful.

What to read next

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• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?
• How much cash do you plan to keep on hand after you retire? Here are 3 of the biggest reasons you’ll need a substantial stash of savings in retirement
• This is how American car dealers use the ‘4-square method’ to make big profits off you — and how you can ensure you pay a fair price for all your vehicle costs

Money doesn’t have to be complicated — sign up for the free Moneywise newsletter for actionable finance tips and news you can use. Join now.

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

If you plan on retiring and rely primarily on the Canada Pension Plan (CPP) you may have heard you will end up being perpetually cash-strapped. So, does that mean you should stay at your job? Learn to survive on noodles? Or work more to build up savings?

To help you decide, you first need to understand how your CPP is calculated and what you can expect in your retirement years.

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

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

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

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

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

Delay your CPP claim for a larger monthly benefit

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

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

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

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

Scale back your living costs and stick to a tight budget

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

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

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

Reduce your housing costs by downsizing

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

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

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

Sources

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

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

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

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

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

This article I’m 65, tired of working and have very little savings — is it possible to live off CPP alone? Yes, but you’ll need to make these 3 big sacrifices originally appeared on Money.ca

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

Canada faced one of its most expensive years for insured losses in 2024, with severe weather wreaking havoc on both homes and businesses. While homeowners bore the brunt of the damage, commercial properties also suffered massive losses, pushing the total insured damages to over $1.7 billion — the second-highest in the country’s history.

"Thousands of businesses felt the impacts of severe weather last year. The historic amount of damage in 2024 underscores the escalating financial risks Canadian businesses face from catastrophic weather events," Liam McGuinty, vice-president of strategy at the Insurance Bureau of Canada (IBC), said in a statement.

"Canada’s insurers have been on the ground since these events took place and continue to assist businesses across the country with financial support and navigating the recovery process. These severe weather events have caused not only physical damage, but have also disrupted business operations, supply chains and the flow of goods and services in the Canadian economy.”

The vast majority of commercial losses in 2024 occurred over the course of 24 days during the summer, when wildfires, floods and hail storms ravaged communities across the country.

The costliest events of 2024

The costliest weather event in 2024 for commercial insurance was the wildfires in Jasper, Alta., standing at $650 million. The municipality was hit the hardest and accounted for nearly 40% of extreme weather losses to commercial property in 2024.

Next was the remnants of Hurricane Debby across Eastern Canada at $360 million, the Calgary hail storm at $280 million and the Ontario and Greater Toronto Area flash floods at $190 million.

Since 2010, over 132,000 businesses in Canada have suffered damage and filed insurance claims due to extreme weather events, according to Catastrophe Indices and Quantification.

History of commercial insurance losses in Canada

Last year, 2024, is only behind 2016 as the costliest year for commercial insurance, thanks to the Fort McMurray wildfires in Alberta which totalled $1,918,420 in losses. 2013 is third, with $1,720,028 in losses primarily thanks to the Southern Alberta floods and GTA floods.

Rounding out the top five is 2022, with $945,632 in damages attributed to Hurricane Fiona and the derecho in Ontario and Quebec; and 2020, in which Prairie hail storms caused $782,183 in commercial losses.

"Canadian governments must move swiftly to make targeted investments in infrastructure that defends against floods, improve land-use planning rules that ensure homes and businesses are not built on flood plains and that FireSmart best practices are followed in communities in high-risk wildfire zones,” said McGuinty.

“These actions would not only protect the physical assets of the businesses that are at highest risk, but would also safeguard the broader community, contributing to a competitive, responsive and resilient commercial insurance market that provides solutions for businesses.”

This article Last year was among the costliest for commercial insurance lossesoriginally appeared on Money.ca

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

Nvidia (NASDAQ:NVDA) has been one of the best-performing stocks of the last decade, benefiting from advancements in artificial intelligence (AI), cloud computing, and gaming. However, its high price and volatility make it a challenging stock for Canadian investors to buy.

One way to manage risk and build a long-term position in Nvidia (NASDAQ:NVDA) is through dollar-cost averaging (DCA ) — a strategy where investors buy a fixed dollar amount of stock at regular intervals instead of making a lump-sum purchase.

To use DCA effectively, Canadian investors need to learn which accounts to use (either TFSA, RRSP, or taxable), and which trading platforms to use, such as Wealthsimple or Questrade among others.

What is dollar-cost averaging (DCA)?

DCA is an investment strategy where you invest a fixed amount of money at regular intervals, regardless of the stock’s price. Over time, this smooths out the impact of market volatility and can reduce the risk of buying at a peak.

Example of DCA with Nvidia for a Canadian investor

• Instead of buying $12,000 worth of Nvidia (NASDAQ:NVDA) all at once, you decide to invest $1,000 per month for 12 months.
• Some months, Nvidia may be expensive; other months, it may be cheaper.
• This strategy reduces the impact of market swings and ensures you don’t buy at a short-term high.

Why DCA works well for Canadian investors buying Nvidia

1. Reduces risk of market timing

• Nvidia (NASDAQ:NVDA) is highly volatile, and its price can swing 5% to 10% in a single day.
• By investing consistently, you avoid making emotional decisions based on short-term price movements.

2. Helps manage currency risk for Canadians

• Nvidia (NASDAQ:NVDA) trades in U.S. dollars, meaning Canadian investors face currency fluctuations and withholding tax when trading this stock.
• DCA helps average out currency exchange rates over time, reducing the risk of buying when the Canadian dollar is weak against the U.S. dollar.

3. Easy to automate with Canadian brokerages

• Some platforms like Wealthsimple Trade and Questrade allow investors to set up recurring stock purchases, making DCA fully automated.
• Even if you use a brokerage that doesn’t offer automated DCA, you can still manually buy a fixed amount each month.

Which Canadian accounts are best for Nvidia DCA?

1. TFSA (Tax-Free Savings Account)
✅ Best for long-term growth because all gains are tax-free.
✅ No taxes on capital gains or dividends.
🚨 Downside: Nvidia doesn’t pay a dividend, so this is only useful for long-term capital gains.

2. RRSP (Registered Retirement Savings Plan)
✅ Contributions are tax-deductible, reducing taxable income.
✅ Great for Nvidia because there are no withholding taxes on U.S. stocks inside an RRSP.
🚨 Downside: Withdrawals in retirement are taxed as income.

3. Taxable Account
✅ Good for flexibility (no withdrawal restrictions).
🚨 Downside: Capital gains are taxable at 50% in Canada.
🚨 Currency conversion fees may apply.

Which Canadian brokerages support DCA for Nvidia?

In Canada, several trading apps and discount brokerages support dollar-cost averaging (DCA) — either directly through automated features or by making it easy to manually implement. Here’s a breakdown by category:

Trading apps and brokerage platforms with DCA support (automated or easy manual execution)

1. Wealthsimple Trade

• DCA Support: ❌ No built-in auto-investing for stocks/ETFs, but ✅ Wealthsimple Invest (robo-advisor) does support automated DCA.
• How to DCA: Set up recurring deposits + manual buys or use auto-invest portfolios via Wealthsimple Invest.
• Good for: Beginners, TFSAs, RRSPs, fractional shares.

2. Questrade

• DCA Support: ❌ No auto-buy function, but ✅ can schedule pre-authorized deposits and manually place recurring trades.
• How to DCA: Use calendar reminders or automate through external tools or APIs.
• Good for: DIY investors; supports TFSAs, RRSPs, LIRAs, RESPs, etc.

3. National Bank Direct Brokerage (NBDB)

• DCA Support: ❌ No automated DCA tool, but $0 commission trading makes manual DCA cost-effective.
• How to DCA: Schedule recurring deposits and buy ETFs/stocks manually.
• Good for: Zero-commission ETF investors.

4. RBC Direct Investing

• DCA Support: ❌ No automation for DCA, but allows scheduled contributions and manual orders.
• How to DCA: Use their online banking to set recurring transfers, then execute trades manually.
• Good for: RBC clients who want everything in one place.

5. TD Easy Trade

• DCA Support: ❌ No automation, but you get commission-free TD ETFs, making DCA more feasible manually.
• Good for: Casual investors who want simplicity and mobile-first trading.

6. Scotia iTRADE

• DCA Support: ❌ No auto-invest tool, but allows pre-authorized contributions into accounts.
• Good for: Investors who prefer traditional banks and plan to DCA manually.

7. BMO InvestorLine

• DCA Support: ❌ Manual only, no automation tools.
• Good for: DIY investors with BMO ties.

Robo-advisors that fully automate DCA

If you’re looking for a fully hands-off DCA experience, robo-advisors are the easiest way and, for Canadians, these include:

• Wealthsimple Invest
  • Supports DCA? ✅ Yes
  • Set it and forget it. Fully automated, including rebalancing.
• Questwealth (Questrade)
  • Supports DCA? ✅ Yes
  • Lower fees than Wealthsimple, but less flexible interface.
• CI Direct Investing
  • Supports DCA?: ✅ Yes
  • Offers SRI (socially responsible investing) portfolios.

Summary: Best brokerage option based on DCA goal

DCA vs. lump-sum investing: Which is better for Nvidia?

A common question is: “Should I just buy Nvidia all at once instead of using DCA?”

✅ Lump-sum investing is better if the market is in an uptrend, because historically, stocks tend to rise over time.

✅ DCA is better if you’re worried about short-term volatility and want to spread out your risk.

Since Nvidia is highly volatile, DCA can be a smart way to manage risk while still building a position over time.

Final thoughts: Why DCA is a smart strategy for Canadians investing in Nvidia

Dollar-cost averaging is a great way for Canadian investors to buy Nvidia without worrying about short-term price swings or currency fluctuations. By investing consistently over time, you lower the risk of making poor timing decisions while benefiting from long-term market growth.

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

Like many Canadians dealing with the uncertainty of tariffs from the U.S. and rising prices, Steve Andrews from Burnaby, B.C., was on a tight budget when he decided to buy a used vehicle.

With a young family in tow, Andrews saw a registered Burnaby used vehicle dealership had a 2012 Subaru listed for a good price of $13,000 — with only around 98,000 kilometres to boot. "They said it was in very good condition, that there were no real problems," Andrews told CBC Go Public. "Everything seemed to be right about it."

But six weeks after he purchased it, the vehicle started having mechanical problems. Andrews took it to a mechanic who was suspicious about the low mileage. He advised Andrews to call a different Subaru dealership where a recall issue was repaired in 2020.

After the dealership reviewed their records, Andrews was notified the vehicle he purchased actually had 112,000 kilometres, not the 98,000 kilometres he was told. He brought the car back to the used dealer, DD Auto, who refunded him after seeing his report. They indicated the dealership had no idea of the odometer fraud and explained they were scammed themselves, though they did not give any more details.

"It was pretty shocking," Andrews said. "I was definitely angry."

Pointing fingers

A reporter from CBC called the manager of DD Auto, Charlie Zhao, to discuss what happened to Andrews. Zhao was dismissive of the investigation, stating that Andrews had been fully refunded and that a recent CARFAX report didn’t show any red flags.

"I don’t know why you need [to do] this investigation," Zhao told CBC, adding, "Things happen."

Zhao additionally claimed that the car Andrews purchased was removed from the dealership’s website once they were informed of the fraud. However, Go Public found that the vehicle was listed on the dealership’s site three weeks later. A producer of the show that visited the dealership disguised as a customer had a salesperson suggest to them the car’s mileage was low because the previous owner may not have driven it often.

When pressed, Zhao revealed that he mentioned the fraud in a morning meeting and perhaps the salesperson who tried to sell the car to the producer was not present in the meeting.

Zhao also said that DD Auto was selling the vehicle on consignment from another dealership, Easy Road Auto, based out of Richmond, B.C. Zhao claimed that Easy Road Auto purchased the car from a private seller with the odometer showing around 98,000 kilometres.

To connect the dots, CBC repeatedly reached out to Easy Road Auto and they eventually submitted a transfer form, showing the mileage of the vehicle at under 98,000 kilometres — but it was not dated, had no sale price and was not signed by the seller.

To make matters more complicated, CBC tracked down the original owner who told them that when they sold the car to Easy Road Auto, the mileage was, “around 150,000 kilometres."

A representative from Easy Road Auto said it takes the issue “very seriously” and has “conducted a thorough internal investigation.” However, no details about the investigation were provided to the media outlet. They also stated that it is typical for only the salesperson who purchases the vehicle from a private seller to be in contact with them. According to the spokesperson, that employee has “went back to her home country” and can no longer be contracted.

Currently, CBC Go Public has not seen the Subaru in question at the DD Auto since, and Zhao confirmed with the organization that it will not be sold to anyone. Instead, it will likely be rented out to a company.

With all this finger pointing and back and forth, this brings up a critical question: Who’s at fault?

Where the buck stops

To find out where the responsibility lies for the fraudulent odometer, a CBC reporter reached out to Shari Prymak of Car Help Canada, a non-profit that assists consumers buying used and new vehicles.

Prymak made it clear it isn’t illegal for a dealership to sell a vehicle with an inaccurate odometer, so long as they disclose it. "Dealerships are required to disclose certain material facts, [such as] whether a vehicle has been involved in a serious collision, whether it has a rebuilt or salvage title and whether it has a rolled back odometer, " Prymak said.

He added that dealerships are required to inform their salespeople and staff about the vehicles they are selling.

Prymak also clarified that the dealership showing the car to customers is responsible for finding out how the odometer fraud occurred and who is at fault, "because ultimately they will be held accountable.”

"A professional dealership that knows what to look for will often be able to identify if something is wrong."

Under the Weights and Measures Act, altering an odometer or replacing it without proper disclosure is an offence. Odometer fraud is also an offence under provincial legislation. In fact, the Vehicle Sales Authority of B.C. told CBC in a statement that a dealer found to have violated provincial laws could have its license revoked or suspended.

Odometer fraud rising according to experts

Andrews’ case is unfortunate and could have been a devastating financial hit if he didn’t get a refund. Unfortunately, his case isn’t the only one.

A spokesperson for the Ontario Motor Vehicle Industry Council (OMVIC), told CBC in a statement it believes odometer fraud "is on the rise," citing "many recent investigations" involving odometer tampering of some kind.

With digital technology being ubiquitous, changing an odometer is much easier than before, as analog odometers required manually adjustments. Now, digital odometers can be reprogrammed easily with an inexpensive device that plugs into a vehicle’s computing port.

"A click of a button" is all it takes, says Josh Ingle, an odometer expert, mechanic and owner of Atlanta Speedometer. "You don’t have to have any know-how, you just need to know how to select a vehicle on a screen," he told CBC.

How you can protect yourself

The tension between finding a deal from a private seller on social media or a used dealership instead of a major brand name is a palpable one. Q1 2025 showed a continued increase in demand for used vehicles, according to AutoTrader, with inventory facing bottlenecks. How can you stay diligent while still being fair to your budget?

For starters, Prymak recommends taking due caution when transacting with private sellers that aren’t regulated under provincial legislation and regulations. It’s up to you as the buyer to make sure you know exactly what you’re getting into.

“Check the ownership of the vehicle and also ask to see a driver’s licence and make sure that the two match," he said. "Because if the seller is not the owner of the vehicle, they could potentially be a curbsider — someone selling used cars illegally for a quick profit."

Doing proper due diligence also includes checking vehicle history reports, inspecting the vehicle closely and consulting with a local car mechanic, Prymak recommended.

For the Andrews family, they chose to move away from smaller dealerships and instead went with a larger company, settling for a 2020 Toyota RAV4 with only 40,000 kilometres. They also made sure to obtain sufficient documentation showing its full mileage and maintenance history this time around.

Andrews recognized that he paid a bit more for the vehicle overall, but his peace of mind was worth it.

Andrews’ story highlights a core tenant of personal finance wisdom. The cost of something is more than just the price tag — make sure you know exactly what you’ll pay before pulling out your wallet.

Sources

1. CBC: Dealership told him low mileage was due to single owner — but it was actually odometer fraud, by Erica Johnson and Ana Komnenic (May 12, 2025)

2. Government of Canada: Weights and Measures Act

3. AutoTrader: Price Index: Q1 2025

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

A new snapshot of Canadian financial confidence shows that even in mid-2025 — with interest rates steady and inflation slowing — many Canadians still feel unsure about their money management skills.

In a recent poll from Money.ca, only 54.5% said they feel “very confident” managing their finances, while 31.2% reported being only “moderately confident.” The rest admitted to feeling just barely in control or not confident at all — with 7.8% saying they’re “scraping by,” 3.9% “not very confident,” and 2.6% “not confident at all.”

This means more than 4 in 10 Canadians feel some level of doubt or insecurity when it comes to managing their money, highlighting a growing concern even among those not in financial crisis.

As financial editor, Kelley Keehn, has said: “Confidence is important, but it can be misleading. Without the basics — like a budget or emergency fund — people may overestimate how well they’re doing.”

Canadians still struggling with affordability

This confidence gap persists even as economic indicators point to stabilization. According to Statistics Canada, inflation rose 2.9% year-over-year in May 2025, with housing costs up 6.2% and grocery prices remaining elevated.

But for the average Canadian, it’s not just numbers on a page — it’s a lived reality. In another recent survey from Co-operators 72% of Canadians said that inflation was hurting their financial outlook, and nearly half (47%) cite housing affordability as an ongoing growing concern. An additional 43% pointed to a weak job market as a contributor to their financial unease.

Even for those who are investing, 27% say they don’t have enough money right now to keep contributing — a red flag that Canadians are feeling squeezed even if they’re financially literate.

Money.ca survey: How confident are you in your ability to manage your own finances?

Younger Canadians most vulnerable

The confidence gap is especially visible among younger adults. The Co-operators survey found that only 28% of Gen Z and 26% of millennials feel optimistic about their financial future. When asked if they could manage a major, unexpected expense, just 26% of Gen Z and 22% of millennials said yes.

This vulnerability is especially concerning given that younger generations face higher student debt, precarious employment, and rising rents — all of which can erode financial resilience over time.

The power of advice — but few access it

One bright spot? Canadians working with a financial advisor show significantly higher confidence levels. According to the Co-operators survey: 67% of Canadians with an advisor feel optimistic about their financial future, versus just 44% of those without.

Those with advice are more than twice as likely to feel “very confident” making money decisions. And 52% of advisor-supported Canadians believe they’re on track to meet their financial goals, compared to just 26% of DIYers.

Despite this, only 1 in 3 Canadians currently work with a financial advisor, and nearly half (43%) say they don’t know who to trust for financial help.

“We’re seeing a generation that’s hungry for support but unsure if they even qualify for financial advice,” said Co-operators executive Jessica Baker. “You do. Everyone does.”

A call to act now — not later

Looking back, 58% of Canadians say they wish they had started planning earlier. Experts agree that starting small — and soon — is key to building confidence and resilience.

Simple steps include:

• Creating a realistic monthly budget
• Paying down high-interest debt
• Building an emergency fund
• Using free financial literacy tools from FCAC and CPA Canada

As the cost of living continues to challenge Canadians, building financial confidence — through education, support, and smart habits — may be just as important as cutting expenses.

Survey methodology

The Money.ca survey was conducted through email in September 2024. Approximately 4,100 email newsletter subsribers, over the age of 18, were surveyed resulting in 77 responses. The estimated margin of error is +/- 8%, 17 times out of 20.

The Co-Operators online survey was conducted between June 9 to 12, 2025. A total of 1,500 adult residents from across Canada were surveyed. The sample was randomly drawn from Leger’s web panel of potential survey respondents. The sample was weighted by age, gender, and region to reflect Canada’s population distribution according to the 2021 Census data. An associated margin of error for a probability-based sample of this size would be ±3%, 19 times out of 20.

About Money.ca

Money.ca is a leading financial platform committed to providing individuals with comprehensive financial education and resources. As part of Wise Publishing, Money.ca is a trusted source of reliable financial news, expert advice, comparison tools and practical tips. Canadians get insight on a variety of personal financial topics, including investing, retirement planning, real estate, insurance, debt management and business finance.

Sources

1. StatsCan: CPI May 2025

2. Co-operators: Canadians are struggling with financial confidence, but human advice helps (June 26, 2025)

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

The case for travel insurance is pretty sound: You never know what’s going to happen when you’re on vacation, and you don’t want to be caught with a hefty bill should the worst case scenario occur.

A national travel survey conducted for CAA reveals that four in 10 Ontarians (41%) travelled outside their home province without travel insurance during their last trip.

"Exploring Canada’s breathtaking landscapes is an adventure worth taking, but unexpected travel hiccups don’t stop at the border," Kaitlynn Furse, CCA SCO’s director of corporate communications, said in a statement. "Whether it’s a sudden medical emergency or trip disruptions, having the right travel insurance ensures you can focus on making memories."

"Many Canadians assume they’re fully protected when travelling within the country, but that’s simply not the case. A minor mishap can become a major expense, whether a broken ankle on a hike or a last-minute interruption."

Why travel insurance matters — even within Canada

One reason Canadians often skip insurance for domestic trips is because of universal healthcare. Since provincial health plans offer coverage across the country, it’s easy to assume that any medical issue will be fully taken care of, regardless of where you’re travelling in Canada.

But the reality is more complicated. While basic medical care is covered, not all expenses are reimbursed equally between provinces, and many important services aren’t covered at all.

For example, if you need an air ambulance to get back home, that can cost thousands of dollars and may not be fully covered by your provincial plan. Same goes for prescription drugs, diagnostic tests, private clinics and out-of-network care, all of which could leave you paying out-of-pocket. Travel insurance helps fill these gaps.

Beyond medical needs, travel insurance can also cover trip cancellations, delays, lost luggage and even accommodations if you’re stranded due to weather or mechanical issues. These benefits can be especially valuable if you’re travelling to a remote area or heading out on an extended road trip.

Bridge the gap and protect your travel

These gaps in coverage, and the financial surprises that come with them, might help explain why travel insurance costs have been rising. Even a relatively minor issue can lead to a significant bill when you’re away from home.

Survey results showed that some Ontarians believed travel insurance wasn’t necessary (43%), others worried about the cost (24%), while 20% took their chances, hoping nothing would go wrong.

However, citing Orion Travel Insurance, CAA states the average medical claim cost has risen by 15% annually since 2019, with everything from ear infections to air ambulance services becoming significantly more expensive.

To avoid any unexpected costs, CAA recommends several measures such as arriving two hours early to any domestic flight and three hours for an international one, booking travel insurance at the same time as your trip, double-checking the restrictions or policies on anything you booked and consulting with a physician prior to travel on any vaccines or medications needed for the trip.

It’s also important to remain up to date on the limits of employer-provided benefits or credit card insurance and consider whether additional travel insurance is needed, even if you’re only travelling a province away.

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

For a while, it looked like mortgage rates in Canada were finally settling into a more affordable pattern. Fixed rates had been drifting downward, and variable rates were looking more attractive — especially as rate cuts seemed like a matter of “when,” not “if.”

But the tide has turned. As of early May, both fixed and variable-rate mortgages have started shifting in ways that may surprise borrowers.

If you’re planning to buy a home or renew your mortgage in the coming months, here’s what you need to know about what’s changed, why it’s happening, and how it could affect your wallet.

Check Out: What are the best current mortgages rates in Canada

Fixed rates are rising, and variable rates aren’t the deal they once were

The clearest sign that the market is changing? Fixed mortgage rates are heading back up, after having remained stubbornly high as variable rates came down. Just a short time ago, insured five-year fixed rates had dipped as low as 3.64%. Now, those same rates have climbed by 10 to 20 basis points. That may not sound like much, but over the life of a mortgage, even small rate increases can have a noticeable impact on what you pay.

It’s not just insured mortgages seeing a bump. Conventional, or uninsured, fixed rates are also trending higher.

“We’ve seen a steady worsening for a while now,” Ron Butler of Butler Mortgage told Canadian Mortgage Trends, referring to the growing pressure on fixed-rate pricing.

And while variable rates haven’t increased in the traditional sense (the Bank of Canada’s prime rate remains at 4.95%), the discounts that lenders offer off that rate are shrinking. Major banks such as CIBC and Scotiabank have trimmed their variable-rate discounts by 10 to 15 basis points in recent weeks. That means new borrowers will now pay slightly more for variable-rate mortgages than they would have just weeks ago.

According to Butler, this shift is strategic. “The big banks want to cover their bets in case there’s a sudden rate move that leaves them in a bad spot,” he explained.

What this means if you’re buying or renewing your mortgage

For those looking to enter the housing market, or renew an existing mortgage, the new rate environment introduces some fresh decisions and trade-offs.

Thinking about a fixed-rate mortgage?

If you’re someone who values predictable monthly payments and wants to lock in a rate now, a fixed-rate mortgage still offers that peace of mind. But be prepared: The rates you’re seeing today are a bit higher than they were a month ago.

Still considering a variable rate?

Despite shrinking discounts, variable rate mortgages may still come out cheaper over the long run, especially if the Bank of Canada begins cutting rates later this year. Borrowers who can handle some financial uncertainty and aren’t stretched by changing monthly payments may still find variable-rate mortgages to be the most cost-effective option over time.

Looking for a middle ground?

Some borrowers are now leaning toward shorter-term fixed mortgages, like three-year terms. This strategy offers some stability in the short term while keeping the door open to refinance sooner if rates do start to fall.

Learn More: Find out if it’s better to get a longer term mortgage or a short-term mortgage?

Stay informed, stay flexible

Canada’s mortgage market is shifting again, and quickly. For prospective homeowners and current mortgage holders, the most important thing right now is to stay informed and weigh your options carefully.

Whether you’re drawn to the security of a fixed rate or intrigued by the potential savings of a variable one, the right choice depends on your personal finances, your risk tolerance and your long-term plans.

And with lenders adjusting pricing strategies in real time, working with a mortgage broker or advisor can help you make sense of your options and secure the best deal available.

As the economy continues to evolve and the Bank of Canada adjusts course, your best mortgage strategy might look different than it did just a few weeks ago.

Sources

1. Canadian Mortgage Trends: Fixed rates are creeping up—and variable-rate discounts are shrinking too May 2, 2025)

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