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The Amex Cobalt and the Scotia Passport Visa Infinite are two of the best travel credit cards out there, but who says you have to pick just one?

As an experienced traveller, I’ll show you how using both can elevate your trips around the world. It may sound like overkill, but trust me, this combo works like a charm. Let me break down why using the two cards has been a total game-changer.

Maximizing the flexibility of a good rewards program

Each of these travel cards comes with unique perks, and when used together, they complement one another exceptionally well. The Amex Cobalt clearly stands out for its generous rewards structure, offering high earn rates on dining, subscriptions and groceries. This allows you to quickly accumulate points on it, compared to the Scotia Passport Visa Infinite. In fact, it tops the Money.ca list of best credit cards in Canada for this very reason.

Even though the Amex Cobalt is not accepted at Loblaws or Costco, I can regularly use it at Shoppers Drug Mart, Walmart, restaurants and Uber Eats, getting bonus points on every purchase. I also earn bonus points on my Hayu, Spotify and Netflix subscriptions every month. Let’s crunch some numbers to see the minimum number of points I can accumalate annually.

With the Cobalt earn rate, if you spend $500 monthly on groceries, $200 on dining out, $100 on subscriptions and $1,000 on other purchases, here’s what you’d earn:

• Groceries: 500 × 5 points = 2,500 points
• Dining: 200 × 5 points = 1,000 points
• Subscriptions: 100 × 2 points = 200 points
• Other purchases: 1,000 × 1 points = 1,000 points
• Total monthly points: 4,700

That brings the potential annual membership rewards points to 4,700 × 12 points = 56,400

That’s 56,400 points per year, which can unlock significant free travel when transferred to Aeroplan or Emirates Skywards at a 1:1 ratio and redeemed for flights. That’s around $1,128 CAD in value—enough for an easy ticket to Tokyo!

For travel point benefits, the Amex Membership Rewards program is truly the best out there due to its flexibility, as it allows you to transfer your accumulated points in a matter of minutes to amazing travel rewards programs, such as Air Canada’s Aeroplan, KLM’s Flying Blue and Emirates’ Skywards. I transfer my points according to which carrier I want to book my flights with. For example, I prefer Emirates’ luxury Air Bus 380 for long haul flights and use my Amex Membership Rewards points as Emirates Skywards Miles to upgrade my flight or get special perks such as hotel stays. But for lounge access, no FX fee and comprehensive travel insurance, I rely on my trusty Scotia Passport Visa Infinite card.

The ultimate luxury of the Scotia Passport Visa Infinite

When it comes to luxury travel perks, the Scotia Passport Visa Infinite comes with a variety of wonderful benefits. The Amex Cobalt charges a standard 2.5% foreign transaction fee, while the Scotia Passport Visa Infinite has no foreign transaction fees, making it an excellent choice for international spending. It’s my best friend when it comes to online shopping and travelling, replacing cash on every trip I take to the States and around the world.

The Visa Airport Companion lounge membership gives me complimentary passes, allowing me to access some of the best airport lounges in the world. And as someone who has travel anxiety and prefers layovers, I get to comfortably recharge and refresh myself in between flights. I recently used my complimentary lounge access pass in Dubai, at the Ahlan lounge, which saved me more than USD$32 in lounge entrance fees, not to mention the money I saved in  food (just one of the perks that comes with lounge access). I also used my Scotia Passport Visa Infinite card to make purchases at the duty free stores, avoiding the FX fee on each purchase.

And let’s not forget that you can skip long lines at several airports with the Visa Infinite Privilege. Simply flash your Scotia Passport Visa Infinite card and zip through security express lanes at several international, domestic and transborder checkpoints.

Insurance benefits to consider

The Scotiabank Passport Visa Infinite stands out with its valuable trip cancellation and interruption insurance, a feature missing from the Amex Cobalt. Additionally, it offers longer coverage for travel medical insurance, which can be crucial for extended trips. The Scotia Passport card also boasts higher coverage for delayed and lost baggage, making it a clear winner in this category.

Personally, I like charging my trips to the Scotia Passport Visa Infinite card because of the more comprehensive insurance coverage as life happens, and you can’t always predict the future. It’s important to remember that your trip is covered with cancellation and interruption insurance when you charge at least 75% of your trip costs to your card. Knowing my trips paid through the Scotia Passport Visa Infinite are always covered gives me great peace of mind.

The Amex Cobalt, on the other hand, offers higher travel medical insurance coverage (albeit for a shorter duration), higher car rental insurance coverage and added mobile device insurance. Your choice between these two cards may depend on your travel habits and specific needs.

If you frequently book non-refundable travel arrangements to save extra dough or tend to take longer trips, the Scotia Passport Visa Infinite may be more suitable. But if you value higher coverage amounts for medical emergencies and car rentals, the Amex Cobalt could be the better choice. Remember, insurance terms and conditions can change, so it’s always a good idea to check the most current information directly with the card issuer before making a decision. Also, consider other factors such as annual fees, rewards programs and additional perks when choosing between these cards.

Is the annual fee really worth it?

But what about the annual fees? I know you’re probably thinking that having two travel credit cards with significant annual fees is excessive. However, the Amex Cobalt pays for itself. Every month, I have the option of offsetting the Cobalt’s monthly fee with statement credits because I rack up points so easily.

Similarly, for the Scotia Passport Visa Infinite, I use my Scene points for statement credits. With free lounge access and no foreign transaction fees, I don’t mind the annual fee at all. Here’s how much I’m saving:

• Foreign transaction fee savings throughout the year: 2.5% of $5,000 average spending = $125
• Lounge access savings ($32 USD): C$43 × 6 = $258
• Total savings: $383

This $383 in savings already outweighs the combined annual fees of both cards, and we haven’t even factored in the value of the points earned or the travel insurance benefits. Not to mention the Scene points I’m racking up and redeeming in statement credits throughout the year.

When it comes to welcome offers, the Scotia Passport often offers a higher upfront value, but if you look at the Amex Cobalt and its potential referral bonuses, you can easily rack up more points, all ready to transfer to your airline’s loyalty program.

Bottom line

By strategically using both these cards, you’re not just maximizing your rewards — you’re elevating your entire travel experience. From earning points on everyday purchases with the Amex Cobalt to enjoying stress-free international spending and airport lounge access with the Scotia Passport Visa Infinite, this combination covers all bases for the savvy traveler. I can already hear the tropical birds and waves crashing on the beach as I type this, knowing that my next adventure is being funded by my smart credit card strategy.

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

For all intents and purposes, Leslieville retiree Janice La Chapelle’s home was normal. But when transportation agency Metrolinx began construction of the Ontario Line across her street in 2020, they created a transport line to her home as well — for rats.

Rodents began appearing at her Leslieville home in 2020 after they were forced from their nests by construction near Dundas St. E. and Logan Ave., the Toronto Star reported. As a result of their displacement, the rats chose to make La Chapelle’s home theirs by force.

“This rat was the same freaking size as my dog,” La Chapelle said of one of the home invaders.

Fighting an infestation

La Chapelle’s fight against the rats has been ongoing since then. The rodents dug, chewed and ravaged her home as they ate through the concrete floors in her basement and into her walls. When they reached the plumbing, they eventually overflowed her toilet with rat feces, the news outlet reported.

La Chapelle has been fighting back for the last five years, and it has been a costly endeavor. The first exterminator visit cost over $630, with regular followups to rebait traps or remove dead rats costing just under $100 each trip.

By the fall of 2024, she had spent over $1,700 to remove the rats and keep them at bay, all while dealing with a cancer diagnosis.

She still finds rats in her garden, along with rat-sized bite marks on the outside of her home.

Metrolinx sends mixed signals about reimbursement

After spending over $1,700 by fall of 2024, La Chapelle sent her receipts to Metrolinx for reimbursement. This was after she heard the agency concede to residents affected by construction that they should receive support for rodent damages.

Months later, she received only approximately $700 from the government agency, $1,000 less than what she had claimed. The agency has never told her why the discrepancy occurred, the Star reported.

Unfortunately, Metrolinx has been sending mixed signals to numerous residents affected by their work. The Star found that one community group was told they would not be reimbursed for hiring their own exterminators. They needed to ask Metrolinx to bring in their own pest control company. But La Chapelel’s story and others have shown that hasn’t been the case.

Toronto’s festering rat problem

La Chapelle’s rat nightmare isn’t the only one, as recent data is bringing to light. Rats are becoming more of a problem in Toronto.

A sudy published by Science Advances in January found that Toronto’s rat population has been growing at a quickening rate, with New York City’s rat growth tailing behind by a slim margin.

Across Toronto, rodent complaints called in to 311 have gone up over 50% since 2018 the Star noted. Specifically, the Toronto-Danforth ward where Metrolinx is constructing three major stops of the Ontario Line has seen a 94% increase in recent complaints between 2018 and 2024.

Other cities with major rat issues such as New York, Halifax and Chicago have pre-emptive rodent control policies that require rodent controlling measures to be implemented before construction occurs.

Unfortunately, the City of Toronto has no such policy at this time.

How you can fight for fair compensation

If you are a Torontonian and worried about Ontario Line construction bringing rats into your home and facing a potential lack of reimbursement, follow these tips to help you get compensated fairly:

• Document everything: Take notes and pictures of everything from rats in and around your home, including the damage they have caused and when it started. This is key as you’ll need to show that Metrolinx’s actions were directly tied to the rodent damage in your home.
• Clarify before acting: Metrolinx has given mixed signals on how homeowners can receive reimbursement for rodent control. Don’t guess. Contact Metrolinx either online or by phone at (416) 869-3600 and see if the company would rather use their pest control company or reimburse you.
• Lobby your MPP: If you’ve made a claim to Metrolinx and haven’t heard anything, reach out to your MPP to lobby them for support. Metrolinx is a government agency after all.
• Get legal counsel: If you do all you can and Metrolinx is refusing to pay, it might be time to get a lawyer involved, especially if the damages are substantial.

As more of the Ontario Line continues to build over the coming years, rat horror stories such as La Chappelle’s may become more commonplace. Torontonians need to make their voices heard by Metrolinx and the provincial government so real change can take place — one home at a time.

Sources

1. Toronto Star: Ontario Line construction unleashed rats into her home. But Metrolinx has not footed the full bill — and won’t tell her why, by Emma McIntosh and Andy Takagi (Jun 26, 2025)

2. Science Advances: Increasing rat numbers in cities are linked to climate warming, urbanization, and human population, by Jonathan L. Richardson, Elizabeth P. McCoy, Nicholas Parlavecchio, Ryan Szykowny , Eli Beech-Brown, Jan A. Buijs, Jacqueline Buckley, Robert M. Corrigan, Federico Costa, Ray DeLaney, Rachel Denny, Leah Helms, Wade Lee, Maureen H. Murray, Claudia Riegel, Fabio N. Souza, John Ulrich, Adena Why and Yasushi Kiyokawa (Jan 31, 2025)

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

As more Floridians face evictions from mobile home parks, Kerrie Bacci is demonstrating how to stand your ground — even if that ground is owned by a huge property management company.

Bacci owns her mobile home in Shangri La Mobile Home Park in Largo, Florida. What she doesn’t own is the land it sits on. She leases her lot from Chicago-based Equity LifeStyle Properties, which owns 200 such parks in the U.S.

When the property management company served Bacci with an eviction notice, she took the matter to court and won. Her attorney Michael Hildebrandt, who helped her win, says too many people in similar situations don’t fight.

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“Most people in these parks don’t have the means or capabilities of defending these evictions properly, so they wind up giving up their homes,” he says. “They wind up moving out. They wind up selling their homes to get away from the problem.”

Bacci shared her story — and the power of speaking up — with WFTS Tampa Bay.

Property manager’s backlash against resident

Bacci believes she was targeted after she complained to the property management company about the dumpsters near her property. She said the area wasn’t being maintained.

“I had to go out three to five times a week and wash it down," Bacci said.

She erected a sign in the dumpster area without management’s approval. The property management company cited her for that. Then it cited her for other violations, including installing an intercom speaker and having planters and reflectors extending over the property line onto the sidewalk.

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

The property manager also issued a violation citing her for “disturbing the peaceful enjoyment of the community.”

“They want everyone under their thumb, in check, doing what they say,” Bacci commented.

Bacci had an altercation with the local property manager who arrived at her home and started measuring her lot without her consent.

The Florida Residential Landlord-Tenant Act states that a landlord needs to give “reasonable notice” (typically 24 hours) before entering a rental property.

Bacci captured the confrontation on camera as a police officer arrived. Bacci told both the property manager and officer to leave — and they did.

“No one should have to go through that," she said of the confrontation. “I was in my own home.”

The next thing she knew, Equity LifeStyle Properties served her with an eviction notice.

Judge rules against eviction

Lawyer Michael Hildebrandt represented Bacci at an eviction hearing and the judge ruled in her favor.

When asked about the eviction complaint and ruling, Equity LifeStyle Properties issued a statement that read: “the judge in the hearing ruled in Ms. Bacci’s favor because management stopped issuing additional rule violations once a 30-day notice to vacate was posted.”

It also said the company hoped Bacci would continue to follow community rules and regulations so that “further legal proceedings can be avoided.”

As WFTS reported, the Florida Department of Business and Professional Regulation has investigated Bacci’s complaint about Equity LifeStyle Properties and forwarded it to the Office of the General Counsel for review.

Hildebrandt said other people who live in Equity LifeStyle Properties mobile parks have reached out to him.

“I’ve been contacted by people as far as the east coast of Florida that are dealing with the company that owns these parks,” he said.

Tenants need to know their rights around evictions, whether they lease land in a mobile home park or an apartment.

Protect yourself from unlawful evictions

Look up your state’s landlord-tenant laws. As Jacksonville Legal Aid reveals, Florida has specific laws that apply to the eviction of residents in mobile home parks.

In Florida for instance, a landlord can send an eviction notice if a tenant didn’t make any attempts to correct an issue within seven days after being asked to do so.

You can protect yourself by making sure you keep the home or lot you lease in good condition and that you do not unreasonably disturb other tenants.

A tenant may have a right to withhold rent if the landlord has engaged in unlawful behavior.

If you receive an unfair eviction notice, you may need to provide documentation indicating how they’ve violated their end of the rental agreement.

Since rules around evictions and tenant rights can be complex, it’s wise to do as Bacci did, and seek the advice of a reputable attorney.

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

Toronto’s popularity with international and domestic travellers continues to grow for good reason. Home to world-class museums, culinary delights, engaging festivals, family-friendly outings and iconic attractions, the friendly and safe city offers endless opportunities for exploration.

Best of all, while it may have an (often well-earned) reputation as being a pricey metropolis, it does have budget friendly accommodation options for those prioritizing safe, clean and well-located hotels over opulent properties with over-the-top amenities. Read on to discover some of the top cheap Toronto hotels.

Methodology

To select the best cheap hotels in Toronto we focused on price range, which we ascertained by selecting a variety of dates throughout the year, focusing on dates in low season (February) and high season (July). Note that this is why the price range we specify can vary significantly. Prices are always higher in high season, and what would not be considered a bargain in low season (such as $400 a night) is in fact a good deal during high season. For this reason, it’s always important to consider visiting Toronto during the off season if you’re looking for the absolute best prices for accommodation. Furthermore, the price you’re quoted for a room can also depend heavily on how far ahead you book.

But price was not our only consideration of course. We also prioritized safety and location, picking only cheap Toronto hotels that are well situated and that are a close walk or quick subway ride to popular attractions. We also considered room comfort and amenities when making our final choices of the best affordable hotels.

Novotel Toronto Centre

• Price range (varies by season): $150 to $400
• Location: St Lawrence Neighbourhood (near famous St. Lawrence market, it’s considered one of the best food markets in Canada)
• Main amenities: Good location, on-site restaurant, fitness centre and indoor pool

In the heart of Old Toronto and close to beloved St. Lawrence Market and the CN Tower,  this four-star hotel is just a 10-minute walk from Union Station. Recently renovated, the property offers a variety of room types that will suit a solo traveler or those with big families in tow. Guests can take advantage of a renovated fitness center, an indoor pool and hot tub, and dine at in-house restaurant, Café Nicole Bistro + Bar. The hotel is also pet friendly (for a fee).

Gladstone House

• Price range (varies by season): $150 to $400
• Location: Queen West neighbourhood, known for its funky vibe, hipster hang-outs and good mix of big brands and locally-owned boutique shops
• Main amenities: Popular location, trendy vibe, art displays, fitness centre and restaurant

This historic three-star boutique hotel may be small in size but it’s certainly big in personality. The property prides itself on promoting local and Canadian artists with permanent and temporary art installations, as well as one-of-a-kind art works in every suite. Exposed brick walls, hardwood floors and clean lines create an appealing aesthetic. This is a good spot for those who like to shop and who want to tap into Toronto’s creative spirit.

Sonder at The Beverley

• Price range (varies by season): $160 to $300
• Location: Bustling Queen West neighbourhood
• Main amenities: Clean stylish rooms and a prime location in one of the city’s most popular neighbourhoods

This stylish boutique hotel is at the heart of hip Queen Street West and is also within walking distance from the Art Gallery of Ontario and Nathan Phillips Square. Small, chic rooms are cozy and clean and the staff are friendly. There is presently no on-site restaurant but the seasonally opened rooftop terrace offers nice views. Note that some basic rooms don’t have windows and pets aren’t permitted.

Chelsea Hotel

• Price range (varies by season): $149 to $350
• Location: Downtown Toronto
• Main amenities: Central location, adult-only and family pool (as well as activity centre for kids and teens) outdoor deck with amazing city views

While rooms can feel a little dated (though executive rooms have been recently updated), the location in the heart of Toronto is hard to beat. A great pick for families, the hotel has a family pool that comes complete with a waterslide, as well as a kids’ centre and even a teen lounge. There’s also several on-site eateries, a deck on the 27th floor with stunning views, a fitness centre, male and female saunas and an adult pool.

Holiday Inn Toronto Downtown Centre

• Price range (varies by season): $140 to $360
• Location: Downtown Toronto with easy subway access to numerous attractions
• Main amenities: Right next to College Subway Station, all-day restaurant, fitness centre and indoor pool

Centrally located in downtown Toronto, this basic but renovated and comfortable three-star hotel is less than a 10-minute walk to shopaholic-haven the Eaton Centre. The family-friendly hotel lets children aged 11 and under eat for free as long as they order from the kids’ menu, and up to two kids 18 and under can stay for free.

Holiday Inn Express Toronto Downtown

• Price range (varies by season): $150 to $360
• Location: Downtown Toronto
• Main amenities: Free breakfast buffet, fitness center, business centre and location near a subway stop

Not to be confused with the Holiday Inn Toronto Downtown Centre above, this property is a Holiday Inn “Express,” which means that it tends to have fewer amenities (like no on-site all-day restaurant) and is intended primarily for business travellers. That being said, this no-frills accommodation offers a free hot and cold breakfast buffet and is located just a 10-minute walk from the King subway station.

Kimpton Saint George Hotel

• Price range (varies by season): $200 to $500
• Location: Yorkville
• Main amenities: Charming boutique property, extras like free bikes, on-site restaurant and free social hour with wine

This four-star property is at the upper end of the price range for a Toronto cheap hotel but you get a lot for your money. On top of the stylishly decorated rooms, guests can enjoy the Fortunate Fox gastropub, a modern fitness centre, 24-hour room service, free loaner bikes and kids’ scooters and a nightly hosted social hour. The location in Toronto’s upscale Yorkville district offers easy access to high-end stores and some of the city’s most acclaimed restaurants.

Hotel Victoria

• Price range (varies by season): $140 to $300
• Location: Downtown near Toronto’s Financial District
• Main amenities: Restaurant, historic atmosphere and pet friendly

Dating back to the early 1900s, this atmospheric hotel is just a short walk to the Hockey Hall of Fame, St. Lawrence Market and transportation hub Union Station. Rooms feature pillow-top mattresses, coffee makers, large TVs, and pets can stay for a fee. Mossop’s Social House serves breakfast, lunch and dinner and even features live entertainment every Wednesday.

Cambridge Suites Toronto

• Price range (varies by season): $160 to $400
• Location: Downtown/Financial District
• Main amenities: Rooftop fitness centre and large rooms with fridges and microwaves

This all-suite, four-star hotel in downtown Toronto is five minutes from the Toronto Eaton Centre mall and is also connected to Toronto’s underground PATH. The spacious suites all have microwaves, minifridges, a wet bar and coffeemakers, as well as separate sitting areas. There’s a restaurant and a rooftop fitness centre with excellent city views. There’s no on-site restaurant presently but free coffee and muffins are available in the mornings.

The Annex

• Price range (varies by season): $160 to $360
• Location: Trendy neighbourhood The Annex
• Main amenities: Laid-back vibe, two restaurants and bar, pet friendly (for a fee)

Feel like a local at this funky and youthful three-star hotel that successfully reflects its hip neighbourhood’s vibe. Inviting rooms showcase a minimalist design (though they do come with record players). More for experienced travelers that don’t need hand holding, check-in is done digitally and the main form of communication with staff is via text. The hotel boasts two on-site eateries and a bar.

FAQs:

Which cheap hotels in Toronto are good for families?

Cheap hotels in Toronto don’t tend to offer comprehensive kids programs or activity centers like you’ll often find in expensive five-star hotels, however, the Chelsea Hotel features a Family Fun Zone that comes complete with an indoor family pool (with 130-foot corkscrew slide), as well as a Kid Centre with children-centric activities and a Club 33 Teen Lounge with video and arcade games. Some properties, such as the Holiday Inn Toronto Downtown Centre, let kids eat and stay for free.

Which cheap hotels in Toronto offer great breakfasts?

Breakfast offerings can vary widely by hotel and their appeal will depend on individual taste and needs. For example, if you’re traveling with a family, the big breakfast buffet at Novotel Toronto Centre may be ideal, whereas the Gladstone is said to have a delicious weekend brunch, as well as interesting daily morning offerings such as shakshuka and a harissa and manchego omelet.

Which cheap hotels in Toronto are good for couples?

The intimate, warm atmosphere of a stylish boutique hotel such as the Gladstone House or Kimpton Saint George hotel can help create a romantic mood. Some properties, such as the Hotel Victoria, even offer special add-on romance packages (that include things like a bottle of bubbly and chocolates) to sweeten a stay.

What cheap hotels in Toronto have nice views?

If views are what you’re looking for, many of the large downtown hotels, such as the Novotel (which has city, as well as harbour views) and Chelsea Hotel (with its deck on the 27th floor) will offer breathtaking vistas of the Toronto skyline. To ensure you have a room with a view, it’s always a good idea to make a specific request when you book.

This article Top 10 cheap hotels in Toronto 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.

Former computer scientist and professor, Julia Johnson (72), was used to creating plans and executing them, and retirement was no different. But her plans went awry when her mother unexpectedly passed away.

Right before retiring in 2020, Johnson had taken an exit sabbatical so she could have time to move from Ontario to Edmonton, Alberta to care for her mother battling cancer. Though helping an ill parent is no small feat, Johnson was prepared. “I had mapped out a life in which I would care for my mother for about five years,” she tells the Globe and Mail. However, her mother died only a few months following her move.

With no kids, no job and no mother to care for, Johnson felt lost — her plans had not gone as she had, well, planned. “Suddenly I had no mother and no job,” she says.

Taking her retirement back, financially and emotionally

Even though her mother’s death drastically shifted her retirement plans, Johnson was vigilant in making sure she would stay occupied and use her time well.

She is actively involved in Alcoholics Anonymous and currently works as Editor of its central office newsletter in Edmonton. She takes advantage of Edmonton’s rolling hills, rushing rivers, deep ravines and beautiful scenery by hiking outside often. She also makes use of a local gym in the city. “I am in way better physical shape than when I was working,” she explained.

On top of managing her physical health, Johnson has also taken steps throughout her life to prepare her for retirement. By working in the public education sector, she has a healthy university pension saved away — she also started receiving her Canada Pension Plan (CPP) benefits immediately upon retiring.

Johnson also has self-managed assets, including investments and real estate properties. And, she’s forthright in saying they haven’t done as well as they could have. That said, they’re improving. “I have modest investments in my self-directed investment account and, after making some initial poor stock choices, my investments are increasing slowly,” she says.

In addition to managing her investments, Johnson is prudent about her expenses. She notes that since moving in with her sister in 2023, she has been able to, “live more modestly than I used to.” She’s also made the decision to not travel as much in retirement, helping her save more or use her money in more local ways.

Advice for retirees or those nearing retirement

Johnson’s story of recovering from a retirement setback may sound like an unattainable ideal, especially when many Canadians are worried about their retirement savings. A survey from CPP Investments found that 61% of Canadians fear running out retirement savings. How can Canadians plan correctly to be able to weather unpredictable events in retirement?

Looking at Johnson’s choices more closely, we can see other patterns emerging that have contributed to her retirement success. For example, Johnson indicated that she has self-managed investments, a pension fund and property investments in addition to her CPP benefits. By diversifying her investments and sources of income, Johnson was able to not let a setback in one area cripple her investments totally.

However, though retirement is a financially-driven decision, other factors need to be taken into account as well. Retirement can be an isolating time, and making a lifestyle change can feel overwhelming. Indeed, research from Statistics Canada found that 19% of seniors (those aged 65 and up) reported feelings of loneliness. Making connections in your local community can help you feel more relationally grounded and give you like-minded people to share life with.

Case in point: Johnson made time to volunteer with multiple organizations such as the Wikimedia Foundation.

As someone who successfully navigated a tragedy during retirement, Johnson shares some salient wisdom that all retirees should heed.

“My advice to others considering retirement is to avoid making the decision because of pressure from family, unexpected events such as the pandemic or emotional issues related to relationships. Please make sure your head is on straight when making such a significant life decision.”

Johnson’s story reminds us that while financial preparation is crucial for success in retirement, emotional resilience and clarity of purpose are just as essential.

Sources

1. The Globe and Mail: This former professor’s retirement plan was upended by her mother’s unexpected death, by Julia Johnson (May 1, 2025)

2. CPP Investments: Nearly 2 in 3 Canadians worry about retirement savings: survey (Oct 30, 2024)

3. Statistics Canada: A look at loneliness among seniors (Nov 6, 2023)

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

Canadians are rethinking their alcohol purchases as trade tensions with the U.S. spill onto liquor store shelves. New survey data shows that more than half of Canadians have changed how they shop for booze since tariffs took effect — with many opting to support Canadian producers or cutting back altogether.

Trade tensions prompt buy-Canadian at the liquor store

A recent survey of 191 respondents reveals that more than half (53.1%) have changed their alcohol consumption habits since the tariffs were introduced. Of those, 35.1% say they’re now only buying Canadian products, while 12% report drinking less overall. Another 18.3% have doubled down on imports, buying more international options outside the U.S.

But not everyone is convinced that buying Canadian will make a difference. Turns out just under one in five survey respondents (17.3%) admitted they haven’t changed their habits and approximately the same proportion report not drinking alcohol at all.

Change in attitude seems to have an impact

In early 2024, U.S. wines represented about a third of Canada’s wine imports and 20% of sales at the Liquor Control Board of Ontario (LCBO) — Ontario’s provincially run licensed liquor store. Early 2025 sales figures show sales have plummeted. Specifically, U.S. wine exports to Canada dropped by 92.2% in April 2025 compared to the previous year, and imports into Ontario fell to just 15% of LCBO sales.

Turns out the Canadian market is crucial for U.S. wine exports, with retail sales exceeding $1.1 billion annually. The current decline in sales in 2025 means that American vintners are facing a significant decline in sales. According to the Wine Enthusiast, U.S. wine exports to Canada dropped to $2.73 million in April 2025, a significant decrease from the $49.5 million monthly average in 2024. This situation highlights the impact of trade tensions and the growing preference for locally sourced products in the Canadian market.

Read More: Wine sales dry up at the LCBO as Ontario’s trade spat leaves California vintners reeling

Canadian brands are seizing the spotlight

Some domestic producers are seizing the moment. VQA wine sales — made from 100% Ontario-grown grapes — have spiked by 60%, and craft wineries are enjoying a rare spotlight. But the patriotic pivot hasn’t fully offset the broader decline. Many consumers are simply drinking less wine or turning to alternatives like ready-to-drink cocktails and craft beer.

As the ban stretches into mid-2025, the lasting impact may not just be economic but cultural — permanently reshaping how and what Canadians choose to drink.

Survey methodology

The Money.ca survey was conducted through email between June 25 to June 30, 2025. Approximately 5,133 email newsletter subsribers, over the age of 18, were surveyed. The estimated margin of error is +/- 6%, 18 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.

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

For many Canadians, spending in a foreign currency can be extremely costly, especially with the unfavourable currency exchange rate between the Canadian and U.S. dollar. There was a time when C$1 CAD was worth US$0.94, but today, that conversion is closer to US$0.70 (as of mid-May, one Canadian dollar converted to US$0.73).

This makes travelling to nearby destinations, like in the U.S., even more expensive, with many Canadians holding out until the dollar strengthens. Luckily, there are many places where the Canadian dollar can go further, and these destinations can be equally fantastic!

How much is the Canadian dollar worth?

Factors like the stability of the government, higher interest rates and energy prices can support or diminish the Canadian dollar. Canada once enjoyed support from strong energy prices helping keep the dollar strong, but today, these factors prevent it from strengthening. Other geopolitical factors like the war in the Middle East has weakened many currencies, including in Canada.

Today, C$100 is worth approximately US$73 or €68 Euros or £58 in Great British Pounds Stirling.

How to make the most of your money while travelling

While Canadians want to find the cheapest places to travel with the current state of the dollar, there are also some great tips where you can save several cents on the dollar by using a credit card that offers no foreign exchange fees.

If you are opting for physical cash, just be mindful that once you exchange your currency, you want to avoid changing the money back and forth as each time you convert, providers typically take a cut. If you plan to return to that country, you might be better off holding onto the cash or opening a foreign currency bank account to store the funds until your next visit.

Where the Canadian dollar is worth the most

Some of the cheapest places to travel with the Canadian dollar are mostly outside North America. Our recommendations take you away to a country you likely have yet to visit.

Hungary and Romania

While cities like Paris or Barcelona may be top of mind when you think of Europe, don’t pass up the opportunity to check out a new part of the vast continent. Hungary is a country in Central-Eastern Europe that many consider a hidden gem. It’s also one of the countries that has not adopted the Euro, keeping them more affordable than countries like France and Spain. That means as of mid-May 2025, your Canadian $1 converts to approximately HUF$265 – or Forint – an extremely advantageous conversion for Canadians.

As for the country, Hungary is rich in history, architecture and plenty of affordable local cuisine. Budapest, their capital, offers plenty to do during the day and night — be sure to check out one of their historic thermal baths along the way. If you visit Hungary, don’t pass up another top pick, Romania!

Romania is best known as the home to the legendary Dracula, and it’s easy to see why the stunningly beautiful country caught author Bram Stoker’s imagination. Towering mountains, plenty of castles and colourful, fairytale villages will captivate all types of travellers; whether you’re interested in hiking and the outdoors, history or just looking to explore somewhere off the beaten path. While prices vary throughout the country, you can find a nice, centrally-located hotel room in Bucharest for around C$100 per night or an Airbnb for C$30 per night.

Thailand

Airlines like Air Canada are now offering direct flights to Bangkok from Canada. Thailand is notorious for their cheap street eats and vibrant culture. Once you land and see the temples, taste the food and get a massage, you’ll be wondering what took you so long to get there.

Bangkok can be a bit overwhelming with its crowds and traffic, but it’s not like this all over the country. Chang Mai has a much slower pace of life where you can experience Thai culture, and if you head to any of the islands, it shouldn’t be that difficult to find your private paradise.

The best thing about Thailand is that you can enjoy yourself on any budget. You can easily get a basic room with a fan for less than C$20 a day, but you could also “splurge” on a 4 or 5-star property, which would only set you back between C$120 to C$250 per night. Pad Thai from a street vendor is about C$2, while meals at a restaurant catering to tourists shouldn’t cost you more than C$10 to C$15 per person.

Morocco

On top of an attractive exchange rate of C$1 to approximately 7.5 Moroccan Dirhams (as of mid-May 2025), the country is rich in history and geographic landscape like the dunes in the Sahara.

One of the many reasons Canadians visit Morocco is for the sprawling range of souks in Marrakech, with affordable leather goods and jewelry. Access an authentic hammam spa for the equivalent of C$2 or a massage for under $20 Canadian dollars. You can eat well without breaking the bank, with the friendly exchange rate taking you even further.

Argentina

Like the Canadian dollar, the Argentinian Peso has also struggled. While, a trip to Argentina has never been cheaper for Canadians, travellers need to be mindful of how the country’s hyperinflation and currency volatility impacts currency exchange. Argentina’s official rate differs widely from the ‘blue dollar’ rate — rates found in the market and among financial vendors. As of May 2025, C$1 is officially about 700 ARS (Argentinian currency), but real-world rates may be higher.

When you roam the streets of Buenos Aires, you’ll wonder if you’ve accidentally gone to Europe, with its charming cafe culture and museum scene. Oddly enough, the biggest tourist attraction in the city is arguably Recoleta Cemetery, where some of the most famous Argentinians are buried including, Eva Perón (Evita).

Most people who come to Argentina also take the time to visit Iguazu Falls, Patagonia or Ushuaia. These eco-adventures may not be cheap, but when you’re paying on average C$35 for a steak and wine dinner for two, you might as well splurge on a once-in-a-lifetime adventure.

Mexico

Closer to home in North America, Mexico is a winter favourite for Canadians, especially with its affordable activities, food and accommodation. With accessible flights from most parts of the country, cities like Cancun, Mexico City and Puerto Vallarta offer something for everyone.

In Mexico, you can experience everything from crystal clear waters, pristine beaches and stunning architecture, to cheap street eats and learning about the country’s rich history — all in one trip!

With C$1 converting to approximately 12.5 Mexican Pesos, the country offers tremendous value for Canadians looking for more bang for their buck. On top of that, for those who are looking to stay on guided tours, there are plenty of fantastic options that give tourists an authentic and safe experience.

Travelling abroad? Use the best credit card when making purchases

Just how far can your Canadian travel credit card take you? Many credit cards charge fees when making a purchase in a foreign transaction, which can become costly when you’re visiting a different country and using your card as your primary purchasing option.

Instead, consider using a credit card with no foreign transaction fees.

Bottom line

While getting away may seem out of reach at times, many pockets of the world are more affordable than going to New York or Miami. Look for cities with off-peak airfares, low-season accommodations, discounts on popular attractions or points of interest, or even buy-one-get-one deals.

Being a financially savvy traveller coupled with these money-saving currency exchange tips will help you soften the difficult dollar and will let you discover a hidden gem or two out there while at it!

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

With the cost of living still high in many parts of Canada and average credit card interest rates hovering around 21%, managing day-to-day finances has never been more important. While credit cards are often associated with debt, when used wisely, they can be a powerful tool for improving your cash flow, earning rewards, and keeping your financial life organized. But be warned: If misused, that powerful piece of plastic can quickly turn into an debt anchor as it sinks your budget.

To help, here’s a primer on how to use credit cards to your advantage. In particular, learn how to track spending, time payments, and make the most of features like grace periods and cash-back programs. With a bit of discipline and the right tools, you can turn a credit card into the cornerstone of smart money management.

Learn More: Cut down debt faster with a simple 2-step plan

Treat yourself like a business

Before we bring credit cards into the picture, let’s start with a very simplistic financial mindset to get you on the right foot: think of your own life as you would a business. A restaurant will quickly go under if it spends more to pay staff, rent, and buy ingredients than it earns from the sale of prepared food. An individual’s bank account must be given the same consideration.

This idea manifests itself in a strategy that looks simple on paper, but can be difficult in practice: spend less than you earn. To help enforce self-imposed limits and act responsibly, it’s recommended to create a personal cash flow statement that accounts for all monthly income and spending.

Track income and expenses with care

You might be surprised by how many small, irregular purchases crop up when you keep perfect track of your spending. Every expended cent should be recorded, as they can otherwise accumulate over time and leave mysterious, unexplained gaps in a cash flow chart. Incoming cash, while usually more predictable, also needs to be correctly documented. Ensure that your cash flow statement includes the following entries:

1. Regular Income: This includes your steady income and spousal income if applicable. The easiest to record is salary, but bonuses and commissions should also be listed. Do not include reinvested or locked income such as dividends, or unrealized gains from equity investments that are still open, for example. This money isn’t liquid, so it isn’t immediately relevant for the purposes of modeling your incoming cash.
2. Peripheral Income: Other, typically smaller sources of cash can be placed in this section, which might include consulting or freelancing income, government benefits, pensions, dividends and investment residuals that aren’t steady enough to be included in the ‘Regular Income’ section.
3. Fixed Expenses: Predictable expenses should be entered in the correct amount and date they’re expected to be paid, and might include things like mortgage and lease payments, rent, taxes, and scheduled investment contributions. However, as many shoppers can attest to, the list doesn’t end here.
4. Variable Expenses: The most troublesome part of any cash flow statement, variable income consists of the bills that are largely circumstantial in nature. They can be hard to predict, and prove even harder to track. Purchases like groceries, clothes, entertainment expenses (restaurants, movies, streaming subscriptions, etc.), medical care and ATM withdrawals go here.

Sample personal cash flow statement

Below, you can see how fictional couple Pat and Louis keep track of their monthly incomes and expenses. By living below their means and practicing diligent financial upkeep, the couple is able to land in the black each month.

Maintain a documented record of purchases

Your first go at maintaining a cash flow chart might be challenging. It takes time and practice to make something a habit, and most individuals don’t have the discipline required to save hard copies of all their receipts. This means that a lot of purchases made in cash can potentially fall through the cracks rather than find their way onto a cash flow chart.

Using credit cards instead of cash helps preserve a more thorough record of purchases (though it’s still recommended to save receipts as a backup). And aside from making it easier to track expenditures, the use of credit cards can also earn rewards points that can help you reduce travel costs, or generate cash back directly from various expenses.

Pay bills on time

Delinquent bills accrue interest and fees, which can slowly send manageable debt into unmanageable territory. Using a credit card automates the process of paying bills, which has several advantages over paying them manually. The most significant advantage of automated bill pay is that you no longer need to rely on your memory, reducing the chance that you’ll miss a payment and incur a financial penalty. Automatic bill payments can often be customized, so that they only come due once the cardholder has already been paid their salary, for instance.

Many cards, like the Tangerine Money-Back Credit Card also offer incentives for scheduling automated payments and recurring bills that can make this cash flow management system especially attractive. But it pays to be careful. In 2023, the Canadian Anti-Fraud Centre reported over $530 million in losses from fraud, much of it tied to automated and recurring transactions. Always monitor your card statements even with automated payments enabled.

Moreover, credit cards grant users a grace period between when a statement arrives and when it must be paid. This basically amounts to an interest-free loan, as you’re purchasing something on credit without the requirement to pay for it immediately. Assuming the bill is paid within the grace period, no extra interest or fees on the purchase are added. The minimum grace period for many Canadian credit cards is 21 days, as per the Financial Consumer Agency of Canada; however, some card issuers may offer longer grace periods, and some issuers allow cardholders to set their preferred billing date. Not all credit cards will offer this flexibility, so before settling on a card it’s wise to compare the best credit cards for cash flow management.

Never carry a balance

It might be tempting to only pay the minimum balance and carry extra debt from month to month but it’s never recommended, particularly when the average credit card interest rate reaches more than 20%. In 2025, the average interest rate on a Canadian credit card was 20.99% — making it very costly to carry a balance. Those who tend to overspend should remember that interest effectively adds to the purchase price of an item and this cost compounds when it takes longer to pay off the balance.

Chronic overspenders might consider reducing their credit limits, which diminishes the ability to indulge and reduces the chance of having to carry a balance that can’t be paid off each month. But be warned that a reduced credit limit might also have a negative impact on credit utilization ratio — a metric that’s very relevant to good credit scores.

Taming the cash flow beast

Since 2022, Canadians have experienced persistent inflation — particularly on groceries, transportation, and rent. According to the Bank of Canada, core inflation remained above 3% throughout 2024, reinforcing the need for diligent cash flow and credit card use.

Maintaining cash flow requires practice and discipline. But it’s worth the effort, as it results in significant savings over time if you stick to the plan and adjust accordingly for changes. With the proper tools in hand, being consistent is simple and exceptionally rewarding.

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

With cost-of-living woes, recession concerns and ongoing international trade negotiations, it’s no wonder the economic future isn’t all that inspiring for some Canadians. According to a new Co-operators survey, only one-third of Canadians feel optimistic about their financial future.

For Gen Z and Millennials, that share drops to 28% and 26%, respectively.

"Canadians are seeking clarity amid the noise," Jessica Baker, Co-operators executive vice-president and chief retail officer, said in a statement. "Our research shows a growing confidence gap, especially among younger Canadians, but also proves that having a trusted advisor can change that. Human connection and tailored support are what help turn uncertainty into progress."

"We’re seeing a generation that’s hungry for support but unsure if they even qualify for financial advice. You do. Everyone does.”

What’s shaping the financial outlook for canadians?

For many Canadians, confidence in their financial future is being tested by a perfect storm of economic challenges. Inflation is leading the pack, with nearly three-quarters (72%) saying it’s negatively impacting their outlook. Rising housing costs (47%) and an uncertain job market (43%) are also weighing heavily on minds across the country.

Even though half of Canadians are actively investing, more than a quarter (27%) say they simply don’t have the extra money to do so right now.

The advisor advantage: Why guidance matters

There’s a striking difference in optimism between those who have professional support and those who don’t. Among Canadians who work with a financial advisor, 67% feel optimistic about their financial future. Compare that to just 44% of those going it alone. And when it comes to confidence in making financial decisions, those with an advisor are more than twice as likely to feel very confident.

Advisors aren’t just helping with investment choices, they’re acting as a steady hand during times of economic and global uncertainty. Many Canadians credit their advisor with helping them stay on course through recent volatility.

Still, trust remains a barrier. Nearly half (43%) of Canadians admit they don’t know who to trust for financial advice, and only one in three is currently working with a financial advisor.

Younger generations in particular are feeling vulnerable: Only 26% of Gen Z and 22% of Millennials feel confident they could handle a major, unexpected expense.

Looking back, 58% of Canadians say they wish they had started planning their finances earlier. And it seems that those who have taken that step are seeing results, as more than half (52%) of Canadians who work with a financial advisor believe they’re on track to meet their financial goals, compared to just 26% of those without guidance.

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

There’s no denying that using one bank is more efficient, convenient and streamlined than storing your money in multiple banks. But is centralizing all of your wealth in one place truly the best way to manage it?

As with most decisions, there are benefits and drawbacks to this common financial practice. Here, we break down all the pros and cons of using one bank while also highlighting some other options for Canadians looking to diversify where they keep their money stored.

Keeping your money in one bank

There are a few reasons that make keeping all your money in one bank seem like a no-brainer. On the flip side, while it might seem easier, there are some other benefits you might be missing out on. Let’s take a look:

Pro: Easier to manage your money

It’s always nice to simplify and streamline where possible, and banking is no exception. Dealing with only one bank will mean you’ll have a better, intuitive grasp on your transactions and expenditures, as it’s easier to remember chequeing and savings amounts for one account as opposed to multiple accounts across different institutions. A quick visit to your bank, or an online statement provided by the bank, will immediately (and conveniently) reveal all of your financial activity such as deposits, withdrawals and expenses for any given period of time.

Pro: Personalized service

If you’re a loyal customer of only one bank, you may enjoy certain perks or rewards — one of them simply being that the longer you work with a bank, the more of a relationship you develop with the institution. As a result, you may enjoy more personalized attention and service than you would if you were to spread your cash across multiple banks. Forming a good relationship with your bank can be helpful if you need to apply for a mortgage or another type of loan.

Pro: Enhanced security

Security is one of the biggest reasons for choosing to deal with one bank rather than multiple. Of course, your money is only as secure as the financial institution in which it’s stored, so it’s important to have some idea of the strength of your bank’s security measures. Customer ID, password, secret questions and 2-step verification are all examples of measures your bank may employ to protect your cash. In addition, terms such as withdrawal limits, account confidentiality and receiving alerts on major account activity can all help keep your funds safe. When spread across multiple banks, these security measures may simply become too much of a hassle.

Con: You might be missing out on better deals.

If you’re limiting yourself to only one bank, you may miss out on more favourable terms and conditions you’d get elsewhere. For example, if you use an online bank, you may enjoy better interest rates on loans. Some banks also offer cash rewards for opening accounts, so it’s good to keep an eye out for new and worthwhile offers.

Con: Mitigate your risk of loss

If someone were to gain access to your account and sweep it clean, it could be detrimental. If you’re only using one bank and storing all of your money there, you risk losing everything you own in the event of hacking or theft. If the money’s spread out, then a loss is still painful to absorb, but at least you have backup accounts.

Spreading your money out over several banks

Spreading your money over multiple accounts may seem complicated, but it actually has a few good benefits you should consider. However, there are also some things you should consider that can end up costing you extra if you spread your money over multiple banks.

Pro: Take advantage of good terms and deals

If multiple local banks are offering cash bonuses, you could easily collect hundreds of dollars just from opening a new account or two. Of course, these bonuses are usually accompanied by conditions, such as depositing a minimum amount or setting up direct deposit.

Pro: Easier separation of funds

If you’ve been saving for multiple life events, like college, a new car, summer vacation, or a down payment on a house, having different bank accounts can help you better organize and allot your cash to save for a particular goal.

Pro: Increased protection against theft or bank failure

The thing about tying up all of your money in one bank is that you’re trusting it will be safe. In the event of identity theft, where someone might gain access to one account, you can take steps to secure your personal information. For starters, ensure that your accounts at other banks have different user IDs, passwords and security questions to protect against additional losses. Also, if your bank were to have a security breach or go under, it could take time before you see your money again, even with insurance. Keeping your money in multiple bank accounts means that you’ll always have funds when you need them.

Con: It’s harder to stay financially organized.

If you find it difficult to stay on top of your finances when they’re streamlined and in one location, distributing your cash across multiple banks may prove more complicated. If it would be a bigger struggle for you to keep track of your cash in more than one location, you’re better off using just one bank.

Con: Potentially higher fees

While there are certainly options that don’t charge account fees, opening a new bank account with a specific bank may cost you. If your goal is to save rather than to spend, stick to banks that pay you to open an account, or you might be better off just sticking with your current bank.

Con: Lost interest

Some banks will offer a high rate of interest on the savings in your account. Of course, the more money that’s deposited, the more money you’ll be paid in interest. If you have more than one bank account and your money is distributed fairly evenly, you may miss out on some decent interest payments.

Con: Minimum balance requirements

It’s important to know the terms of a bank account prior to opening one. Some banks will require you to keep a minimum account balance at all times or require you to deposit a certain amount upon opening. If this doesn’t work for you or causes financial stress, select banks with no minimum balance requirement, or stick to your current bank.

What if you don’t want to just use a bank?

If you’d like to keep your money places other than a traditional bank account, you’ve got options. Here are some other ways to store your money aside from opening multiple savings or chequing accounts.

Investment accounts

An investment account is more than just a location to store your money. Instead, you can expect quicker growth when you start investing than you would with just a savings account. Individual brokerage accounts and robo-advisors are all examples of investment accounts where you can expect to receive returns. Of course, with an investment account comes the risk of market crashes, during which you can lose your money. A good rule of thumb is to allot no more than 10-15% of your annual income to investments.

TFSA accounts

A TFSA (Tax-Free Savings Account) is a tax-advantaged account available to Canadian citizens 18 years or older. These accounts allow you to save on taxes and can even hold certain investments (e.g. mutual funds, bonds, and cash).

Online banks

Many Canadians currently use or have used online banking. Online banks allow you to hold transferred money from existing accounts, as well as making transfers to other accounts (either yours or other people’s). This method of banking is becoming incredibly common due to its convenience, efficiency, while in some circumstances, offering lower fees compared to traditional banks.

Final word

Ultimately, whether or not you decide to keep your money in one bank account entirely depends on your savings goals and financial habits. If your goal is to have your bank pay interest on your total balance, one bank account might be the way to go. If you feel more secure having your money in more than one place, two or more bank accounts may make the most sense. Take some time to think about which savings goals are priorities to make a decision that works for you.

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