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Elon Musk is one of the most influential entrepreneurs of our time, with ventures spanning from electric vehicles (EV) and space travel, to artificial intelligence (AI). But recently, Musk stepped into politics, and not every investor is happy about it.

Recently, a wave of protests, known as the “Tesla Takedown,” have been targeting Tesla dealerships across the US, Canada and Europe. The protests stem from concerns over Musk’s political ties and his involvement in shaping government policies, particularly through the Department of Government Efficiency (DOGE). While Tesla has always been a polarizing company, these protests have escalated to vandalism.

Now the question remains: Should investors put their money into Musk’s empire? Will Tesla face backlash? Can SpaceX continue to expand its dominance into intergalactic exploration? Will xAI emerge as a major player in artificial intelligence? Let’s break down whether investing in Musk’s companies is a move that could bring reward or far too much risk.

Tesla backlash

Tesla’s self-driving technology has been a cornerstone of its value proposition, but recent controversies are raising red flags for investors. The company has long insisted that camera-based vision is sufficient for autonomous driving, rejecting the use of LiDAR (Light Detection and Ranging) sensors. However, recent experiments have shown significant weaknesses in Tesla’s approach.

A test conducted by CleanTechnica on March 17, 2025, demonstrated how Tesla’s camera-based Full Self-Driving (FSD) system struggled in low-visibility conditions such as rain, fog and smoke. Meanwhile, LiDAR excels in these conditions.

On top of that, a massive recall of Cybertrucks was issued after reports that parts of the trim, including the truck’s stainless steel siding, can come loose or fall off while driving, further fuelling concerns about quality control and reliability.

Financially, this could impact Tesla’s market position. A 2024 survey by J.D. Power found that 74% of EV buyers consider advanced driver assistance systems a key factor in their purchasing decisions. If Tesla’s FSD falls behind competitors that adopt LiDAR, the company could lose a significant share of the growing autonomous vehicle market.

Meanwhile, shares have already shown volatility. Since December, Tesla has fallen 48%, making it one of the worst-performing large-cap stocks of the year.

SpaceX: A dominant, but private, space player

While Tesla faces challenges, SpaceX is thriving. The company recently completed another successful astronaut mission, reinforcing its reputation as the global leader in commercial spaceflight. More importantly, SpaceX’s Starlink satellite network is expanding, providing high-speed internet to remote locations worldwide.

That said, not everything is smooth sailing. Recently, a Starship test flight ended in an explosion during re-entry, highlighting the risks still inherent in the company’s ambitious development timeline.

Starlink’s growth has been staggering. Despite this success, SpaceX remains private, leaving retail investors unable to buy shares directly. However, there are indirect ways to invest. A BNN Bloomberg report revealed SpaceX’s inclusion in a little-known aerospace exchange-traded fund (ETF) triggered a surge in investor interest. The Procure Space ETF (UFO), which includes holdings tied to SpaceX’s business ecosystem, saw inflows increase by 28% in one week following the news.

For Canadian investors, ETFs provide a way to gain exposure to aerospace and satellite technology. Those interested in the sector should explore the best ETFs for Canadian investors that include companies linked to space innovation.

xAI and the Private Equity Dilemma

Musk’s AI company, xAI, recently made headlines for its chatbot, Grok, a direct competition to OpenAI’s ChatGPT. The company aims to revolutionize AI by focusing on truth-seeking algorithms rather than politically biased outputs. However, like SpaceX, xAI is private.

Some investors are trying to gain exposure through private equity platforms. Private market investing has surged, with firms such as Wealthsimple Private Markets offering access to high-growth startups for accredited investors. Wealthsimple allows Canadians to invest in private equity funds, though the minimum investment amounts are often high, and liquidity is limited.

Should you invest in Musk’s ventures?

Musk’s companies are undeniably exciting, but not all are easily accessible for investors. So if you’re considering investing in Musk-led ventures, here are the key takeaways to consider:

• Tesla is still a strong EV brand, but its self-driving approach is facing scrutiny. Investors should watch regulatory developments and competitive advancements in LiDAR.
• SpaceX dominates the space industry, but retail investors need to look at ETFs that include related companies.
• xAI is a potential AI disruptor, but remains private. Investors interested in AI may need to look at public alternatives like NVIDIA, or explore private market options through Wealthsimple.

Final thoughts: Is hype enough?

Elon Musk’s ventures are filled with promise, but investors must separate excitement from strategy. Investing in disruptive industries can be appealing, but understanding risk, access and market conditions is essential. Whether Tesla, SpaceX-related ETFs, or AI investments catch your interest, always diversify and invest wisely.

Wondering how to buy stocks in Canada? Start by choosing from one of the best investment apps, many of which are offered by Canada’s discount brokerages. Whether you’re building a portfolio from scratch or just looking to diversify, the best ETFs in Canada can be a simple, cost-effective way to get started.

Sources

1. CleanTechnica: Lidar vs. Cameras = A Giant Fail For Tesla

2. J.D. Power: Vehicle Alerts Cause Most Complaints About Advanced Driver Assistance Systems, J.D. Power Finds

3. BNN Bloomberg: SpaceX Addition Spurs Flood of New Cash Into Little-Known ETF

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

In a move hailed as a win for consumer choice and market fairness, Loblaw Companies Ltd. (TSX:L) has announced it will eliminate restrictive property controls that have limited grocery competition in Canada.

The Competition Bureau welcomed the decision, calling it a “key milestone” that could help drive down food prices by allowing more retailers to enter local markets.

What are property controls — and why do they matter?

Property controls include clauses that restrict what types of businesses can operate in or near Loblaws-owned properties. These have often prevented competing grocers from opening nearby, effectively limiting consumer options and price competition. A 2023 Competition Bureau study concluded that such controls were contributing to higher prices and reduced choice for Canadians.

Commissioner of Competition Matthew Boswell said Loblaws shift shows “encouraging” responsiveness to new legal guidance and public pressure. “More competition can drive lower prices, increased innovation and more convenience for consumers,” Boswell said in a public statement.

The Bureau’s investigation into the grocery sector continues, and it is urging other retailers to review similar practices and ensure compliance with the law.

Why it matters for Canadian shoppers

Grocery prices have been a major strain on household budgets across Canada. According to Canada’s Food Price Report 2024, the average family of four is expected to spend $16,297 on groceries in 2024, a 2.5% increase from 2023. Food inflation may be slowing, but prices remain elevated compared to pre-pandemic levels.

By removing anti-competitive restrictions, Loblaws policy change opens the door for new grocery stores — including independent and discount grocers — to enter neighbourhoods where they were previously blocked. Increased competition could force prices down, offer consumers more choice, and improve access to fresh food in underserved areas.

What this means for investors

For investors in Loblaws (TSX:L), this move could have mixed implications.

On one hand, increased competition may reduce Loblaws market share and pressure margins, especially in urban centres and fast-growing suburban communities. This could affect revenue growth in the medium term and potentially shift investor expectations for the retail giant.

On the other hand, Loblaws (TSX:L) may be pre-empting more aggressive regulatory action and improving its public image at a time when food prices are under intense scrutiny. Demonstrating cooperation with regulators may bolster long-term investor confidence and reduce the risk of legal or reputational setbacks.

Empire Company Ltd. (TSX:EMP.A), parent of Sobeys, has also removed a property control in Alberta following legal pressure — suggesting a broader shift in industry practices and risk assessment among Canada’s major grocery players.

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Bottom line

The Loblaws decision to end property controls could mark the beginning of a more open and competitive grocery landscape in Canada. For shoppers, that may translate into more choice and better prices. For investors, the policy signals a potential shift in strategy — away from dominance through exclusivity and toward long-term reputational and regulatory resilience.

Sources

1. Agri-Food Analytics Lab: Canada’s Food Price Report 2020

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

The Florida Panthers may have taken the Stanley Cup in 2025, but Edmonton walked away with something else: a $266.7 million reminder that Canada’s game still fuels this country’s economy, even in defeat.

The Oilers’ playoff run electrified the nation. Mosh pit-sized crowds lined up six hours before puck drop. Downtown streets swelled with fans waving flags and chanting “Go Oilers Go.” It was loud, it was proud, and for one more spring, Canada believed.

We didn’t win the Cup. But we came together and poured hundreds of millions into Edmonton’s economy doing it.

A $266.7 million power play for Edmonton

Explore Edmonton pegged the total economic impact of the 2025 playoff run at $266.7 million, calling the result “pretty incredible,” especially given the Oilers’ loss in Game 6 on the road.

That figure includes dramatic increases in downtown activity during the playoff stretch. According to Explore Edmonton, spending near Rogers Place surged by 200% and hotel occupancy reached about 45% during the final, reflecting the intensity of fan turnout and local business engagement.

Michael Paruby, general manager at Campio Brewing Co., told CTV News: “Each game we’ve just felt the energy more and more.”

Hockey’s economic impact reaches far beyond edmonton

Last month, Money.ca reported that the 2024 NHL playoffs triggered a wave of fan spending across the country. Bar and restaurant sales jumped 12% nationally, with Ontario alone seeing a 16% increase, even in cities with no team left on the ice.

This year, Edmonton’s playoff surge added another chapter to that story. The Oilers once again came close, and while the Cup stayed in the U.S., Canadians across the country filled patios, bars and living rooms, proving that hockey’s influence stretches far beyond the arena.

The game isn’t just a pastime. It’s a seasonal event economy that gives businesses a boost and brings communities together, coast to coast.

National pride scores big on and off the ice

This year’s Stanley Cup Final was more than a series. It was a clash of identities: a traditional Canadian franchise rich in history and northern grit, facing off against a rising U.S. Sun Belt powerhouse in Florida. It was legacy versus expansion. Snow versus sun.

In a time when Canada’s cultural confidence feels shaken — politically, economically, even existentially — hockey became a stand-in for national pride. For many fans, the Oilers’ run symbolized more than sport. It was a reminder of who we are.

And Canadians showed up, loud and loyal and ready to spend. As Paruby put it: “You’d think we were hosting the games.”

What playoff passion means for your wallet

We all feel it: the rush of game day, the last-minute dinner plan, the sudden urge to buy a new jersey. But playoff passion isn’t just good for cities, it positively impacts our personal finances too.

Cities cash in: Edmonton’s $266.7 million windfall shows how one playoff run can drive real economic impact, create jobs and support small businesses.

But fans feel the costs: Tickets, gear, rides, takeout — it all adds up. Experts recommend setting a spending limit or playoff budget to stay in control.

You can still celebrate smart: Share streaming accounts. Host potluck watch parties. Wait until post-season sales for merch. You don’t need to overspend to be all in.

A loss on the ice but a win for community

The Stanley Cup slipped through Canada’s fingers once again. But the passion didn’t.

We gathered. We believed. We backed our team with our voices and our dollars. And in a year when unity felt hard to come by, hockey reminded us of what we still share.

As former NHL goalie and broadcaster, Kelly Hrudey, told CBC News during the playoffs: “Hockey is more than a game in Canada. It’s part of who we are.”

No, it didn’t fix everything. But this season, it gave us something to rally around — and that matters.

Sources

1. CTV News: Stanley Cup Playoffs brought big bucks to Edmonton, despite loss: Explore Edmonton (June 24, 2025)

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

When Hurricane Helene tore through Ruskin, Florida, in 2024, Robert Paul and his wife lost nearly everything. Their home was destroyed, and like many Americans, they turned to their insurance provider for relief — and were relieved when their $30,000 claim was quickly approved.

But that relief quickly turned to frustration. The settlement check from the National Flood Insurance Program bounced — twice.

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The first time, officials blamed a bank switch. The second time, the bank refused to resubmit the check altogether. “It again came back as no good,” Paul told WFLA, “so now the bank has told us they will not resubmit [the check].”

It’s the kind of scenario no one wants to deal with in the wake of a disaster. So what happened next? And did the Pauls ever get the money they needed to make repairs? Here’s what happened, and what you can do if you find yourself in a similar situation.

Did the family get their money?

Yes — but only after a new check was issued.

At the end of April, representatives told Paul to expect a new check in the mail, which he could then cash.

Until the check cleared, Paul and his wife had to wait to begin repairs on their home.

In Florida, it’s common for homes in certain areas to flood after hurricanes, which makes flood insurance essential.

What is the National Flood Insurance Program?

The National Flood Insurance Program, or NFIP, is managed by the Federal Emergency Management Agency (FEMA). It partners with about 50 insurers to offer policies to homeowners and renters who want protection from floods.

Since most standard homeowners insurance policies don’t cover flood damage, many homeowners, renters and even businesses purchase coverage through the NFIP, provided they live in a qualifying area.

Policies typically cover up to $100,000 for your belongings and $250,000 for damage to your property. If your property is in a high-risk flood area, you’re required to purchase flood insurance.

While no one wants to deal with flood damage, you’ll need to work with your insurance company to file a claim. It’s important to document the damage and file a claim as soon as possible.

Once an insurance adjuster assesses the claim, you can start repairs — or wait for the check to arrive. But as Paul and his wife discovered, that process doesn’t always go smoothly.

Read more: 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

What to do if you run into a similar issue

First, try to stay calm. After a major storm, it’s natural to want to start repairs right away.

In the meantime, review your insurance plan to see if you’re eligible for additional claims or if more documentation might help your case. Insurance adjusters will let you know if more visits are required, which could delay your claim.

If your check bounces, contact your insurance company immediately and follow their instructions.

Use your damage estimate to start getting quotes from contractors.

If you can afford it — and if your insurer approves — you might choose to pay out of pocket while you wait for the check. If not, you may have to wait, assuming you can still live in your home. This experience may also be a chance to plan better for the future.

While you can’t avoid floods or property damage, you can better protect yourself financially. Consider setting aside savings in a separate emergency or disaster fund. That way, when the unexpected happens, you’ll have some cash to help you handle the situation.

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

Despite AI dominating headlines, from job disruption fears to tools that promise greater productivity, many Canadians still don’t fully understand the technology. A recent global survey by KPMG International and the University of Melbourne reveals that this lack of understanding could be putting Canadians at a financial disadvantage.

The study, which surveyed more than 48,000 people across 30 advanced and 17 emerging economies (including 1,025 Canadians), ranked Canada 44th out of 47 countries in AI literacy and training. Among advanced economies, Canada placed 28th out of 30.

“Canada’s economy is facing multiple pressures – U.S. tariffs are upending global trade systems, geopolitical shifts are increasing operational risks, while technology advances at lightning speed. Now is the time for our organizations, institutions and governments to act boldly to boost prosperity and advance our competitive position — AI offers us a once-in-a-lifetime opportunity to do that,” said Benjie Thomas, KPMG Canada’s partner and CEO.

What this means for your finances

AI is increasingly being built into the financial tools Canadians use every day, from robo-advisors and budgeting apps to credit scoring systems. But if Canadians don’t understand how these systems work, they may struggle to use them effectively, or avoid them altogether, missing out on the potential benefits.

The study found that less than one-quarter of Canadian respondents had received any formal AI training, compared to 39% globally. And fewer than four in 10 Canadians said they had moderate or high knowledge of AI, versus 52% globally.

When it comes to self-reported AI efficacy — meaning how well someone believes they can use or understand AI-generated content — only 47% of Canadians felt confident, compared to 60% globally.

This lack of knowledge can have a real impact on personal finances. For example:

• Job and income security: Many high-paying roles now require basic AI literacy, and Canadians who lag in this area may find themselves less competitive in the job market
• Smart investing: AI-powered investing platforms offer low-cost, data-driven alternatives to traditional financial advice, but only if users trust and understand them
• Financial fraud and scams: A lack of understanding of how AI works can make individuals more vulnerable to sophisticated scams that use AI tools to mimic legitimate financial communications

Canadians are skeptical and that could cost them

AI literacy isn’t just about understanding, it’s also tied to trust. And the study found that trust in AI among Canadians is notably low.

Only 34% of Canadians said they trust information from AI tools, compared to 46% globally. About half of Canadians said they approve of AI use, versus more than three-quarters of respondents worldwide.

Canadians are also more likely to see AI as a threat. Nearly half believe the risks outweigh the benefits, compared to just 32% globally, despite reporting fewer negative experiences with AI.

Top concerns include:

• Cybersecurity risks: 87% of Canadians expressed concern, but only 32% have personally experienced a cyber breach
• Loss of privacy or intellectual property: 86% are concerned, yet only 38% report being directly affected

While these concerns are valid, they may also contribute to Canadians opting out of financial innovations that could help them save more, invest smarter or protect themselves from fraud.

Bottom line

Canadians’ low AI literacy isn’t just a tech issue, it’s a money issue. Whether it’s getting hired in a competitive job market, making smarter investment decisions or simply understanding the tools used to manage your finances, a basic grasp of how AI works is becoming essential.

As AI continues to reshape the financial landscape, Canadians who build their literacy and trust stand to gain the most. Those who don’t may find themselves falling behind.

With files from Nicholas Sokic

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

Despite financial giants like BlackRock wading into the space, many investors still have trouble taking cryptocurrency seriously. And it’s not just the memes and quirky fans pushing people away.

In 2022, about 8% of U.S. adults called cryptocurrency the best long-term investment around. That number has been cut in half ever since the collapse of crypto exchange FTX wiped out nearly $9 billion in customer funds.

Now, just a few years later, crypto bull Kevin O’Leary says those kinds of debacles are a thing of the past.

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“All the crypto cowboys are gone. They’re all gone. They’re all in jail, they’re felons, or whatever it is,” he told the press in mid-May at the Consensus cryptocurrency conference in Toronto.

“They were the pioneers (but) they’ve got arrows in their backs … They didn’t play by the rules. And the regulators proved who won that fight.”

Mr. Wonderful says he has nearly 20% of his portfolio in crypto-related assets, including stablecoins, tokens and exchanges. His confidence is infectious, but curious investors still have to ask: Is the sun really setting on the Wild West era?

Is more regulation the answer?

O’Leary is intimately familiar with crypto fraud. He was a paid spokesman for FTX, and he claims the entire fiasco cost him millions.

“Now that that’s over, we can move ahead, and I think everyone understands the potential of this market,” he said.

While O’Leary likely didn’t mean to imply all crypto scams are finished — he seemed to be referring to embezzlement and fraud at trusted firms like FTX — he’s optimistic about the impact of two bills before Congress.

One is the GENIUS Act, which would require stablecoin issuers to hold a 1:1 reserve of cash or another liquid asset, amid other protections. The Senate is quickly moving towards a final vote on this legislation.

Stablecoins are a type of cryptocurrency that is pegged to another asset, usually the U.S. dollar. That’s why these digital currencies are considered more “stable” than other cryptocurrencies like Bitcoin. Proponents like O’Leary believe they will make global digital payments faster and cheaper.

The other piece of legislation is the market infrastructure bill that would define each individual asset as a security or commodity so that the appropriate regulator — either the Commodity Futures Trading Commission or the Securities and Exchange Commission — can oversee it.

Coinbase CEO Brian Armstrong blamed the FTX debacle on “the lack of regulatory clarity here in the U.S.” forcing American investors to use an exchange based in the Bahamas.

Ripple CEO Brad Garlinghouse agreed: “Brian is right — to protect consumers, we need regulatory guidance for companies that ensures trust and transparency. There’s a reason why most crypto trading is offshore — companies have 0 guidance on how to comply here in the U.S.”

But if Congress’s new regulations don’t end up being strong enough, they may just provide a veneer of legitimacy.

“While a strong stablecoin bill is the best possible outcome, this weak bill is worse than no bill at all,” Sen. Elizabeth Warren said of the GENIUS Act.

In a video posted this week, she called the bill "deeply flawed" because, according to her, it weakens consumer protections, lets Big Tech create and control their own money, and opens the door to more sanctions evasion. The Wall Street Journal recently reported on one example of a Russian man who allegedly used stablecoins to help his countrymen evade U.S. sanctions.

Safety also relies on consistent enforcement, and the Trump administration has made a number of turbulent changes as it tries to make the U.S. the “crypto capital of the planet.”

Read more: 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

What about less regulation?

On stage at another crypto conference, Vice President JD Vance recently promised, “We fired Gary Gensler — and we’re going to fire everyone like him.”

Gensler was the last chair of the SEC, and in the absence of laws and regulations governing crypto, he strove to make the space safer for investors by suing companies for apparent wrongdoing.

Under new management, the agency reportedly moved its top crypto litigator to the IT department and has dropped cases against several major crypto firms.

The Justice Department has disbanded its National Cryptocurrency Enforcement Team and told prosecutors to only focus crypto investigations on drug cartels and terrorist groups. The Labor Department has told employers that they no longer have to exercise "extreme care” before they consider adding a cryptocurrency option to a 401(k) menu. Other regulators like the Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency have also rescinded crypto guidance.

As advocates for light and heavy regulation compete to push the sector forward in their own ways, critics are pointing out the potential dangers of an unleashed crypto industry on financial stability.

“Stablecoin legislation risks sowing seeds of a financial crisis,” said Alexandra Thornton, the senior director for financial regulation policy at the Center for American Progress, in an op-ed for Fortune.

“Stablecoins were supposed to leverage dollars to stabilize the chaotic universe of crypto. Instead, they seem set to infect the dollar-dominated financial system with the unique combined chaos of crypto and Mr. Trump,” wrote former Bank of England economist Dan Davies and Johns Hopkins professor Henry J. Farrell in an op-ed for The New York Times.

“The GENIUS Act folds stablecoins directly into the traditional financial system, while applying weaker safeguards than banks or investment companies must adhere to,” said Sen. Warren in her speech on the Senate floor. “Make no mistake. We are likely to see another financial crisis in the coming years.”

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

TD Canada Trust quietly announced it will double its Registered Retirement Savings Plan (RRSP) and Tax-Free Savings Account (TFSA) transfer-out fee — from $75 to $150 per account — starting July 1, 2025. And they’re not alone. RBC made a similar move in 2022, upping their fee from $50 to $150, and Tangerine bumped theirs from $45 to $125 back in 2020.

At a glance, this may seem like a minor update. But the implications are significant — and troubling. In an era where technology has slashed the cost and time of financial transactions, Canadians are being asked to pay more than ever just to move their money. This is the opposite of progress.

Why increasing RRSP transfer-out fees makes no sense

Service fees and financial advice costs will increase over time — to reflect the higher cost of goods and service; however, transfer-out fees are not service fees. These are exit fees; charges triggered solely when someone decides to leave a financial institution.

In a world where most financial transactions are now automated, secure and nearly instantaneous, the hike in fees appears out of step. Yet, in the last half decade, these fees have more than tripled at several institutions. This begs the question: Has the actual work involved tripled? Nor can the rising costs be blamed solely on inflation.

Instead, it appears these rising fees serve as deterrents. The fees discourage customers from switching to more innovative, lower-cost providers. It’s a penalty on choice, plain and simple. And the timing couldn’t be worse.

Canadians want better — and they’re being punished for it

Consumers today want streamlined platforms, transparency, fair fees and real-time access to their investments. Fintech firms such as Wealthsimple offer that experience, often with no exit fees at all.

But moving your money isn’t free if you’re coming from one of the traditional banks. It can easily cost hundreds of dollars. Why? Because each registered account — TFSA, RRSP, LIRA and others — is treated as a separate transaction. If you were to hold four registered accounts with a transfer-out fee of $150 per account, then to switch you’d have to pay $600.

These charges disproportionately hurt everyday Canadians who are consolidating accounts, merging finances after marriage, moving between provinces, or just trying to build a better future elsewhere.

The bigger picture: Hundreds of millions at stake

In a recent LinkedIn post, Paul Teshima, chief commercial officer at Wealthsimple, estimated that exit and withdrawal fees could be costing Canadians hundreds of millions of dollars annually. That’s money that should be compounding in retirement accounts, not padding bank profit margins.

The worst part? There’s no clear evidence that the cost of processing transfers has increased. In fact, if anything, the digitalization of financial services should be driving costs down. Transfers may still involve some administrative oversight, but it’s not 1987. People rarely mail physical documentation.

Yet delays persist. Complaints about transfers taking 25 or more days or being delayed by archaic systems are all over social media. And the longer it takes to transfer out, the longer your assets are exposed to market fluctuations without any oversight.

What you can expect to pay in transfer-out fees?

Here’s a quick breakdown of average transfer-out fees as of mid-2025:

• TD Canada Trust: $150 per account (effective July 1)
• RBC: $150 per account
• Tangerine: $125 per account
• Wealthsimple: $0 (and they reimburse up to $150 per account if you’re transferring in more than $25,000). Open a Wealthsimple account
• EQ Bank: $0 Open an EQ Bank account

Assume you hold an RRSP, a TFSA, an RESP and a LIRA — all common accounts. Transferring those three could cost you between $500 and $600, depending on your institution. For many, that’s a steep price to pay just to exercise financial autonomy.

Is it acceptable to continue paying Big Bank fees?

These rising fees reveal a troubling disconnect: Legacy banks are charging more to provide less, while using outdated processes to justify modern penalties.

Some, such as Teshima, believe Canadians deserve better. As he suggests, if banks won’t adapt to the reality of a tech-driven financial world, customers will move — fees or not. In the end, financial freedom shouldn’t come with a toll gate.

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

Kevin Droniak, a 27-year-old content creator, has captivated audiences with his innovative approach to travel, undertaking 24-hour trips to destinations such as Paris, Egypt and Puerto Rico. His philosophy centres on maximizing experiences without the need for extended vacations or hefty budgets. Droniak’s method involves skipping hotel accommodations and focusing on one main activity per trip, such as visiting a beach or a landmark, allowing him to make the most of short stays.

One of his most notable journeys was a $650 excursion to see the pyramids in Egypt. He described it to People Magazine as a dream fulfilled rather than a splurge, highlighting that fulfilling adventures don’t require extended vacations or large budgets. Despite extensive flying, Droniak enjoys the journey itself and finds the brief getaways rewarding.

“I just want to break the stigma that you need a week to go anywhere if you want to go somewhere, and if you don’t have time to take off work, you could literally just go for the day. You can make it work,” he told People.

His travels are also shaped by personal priorities; as the manager and caregiver for his 95-year-old grandmother, "Grandma Droniak," he limits trip duration to stay available for her. Ultimately, Droniak inspires others with his practical yet adventurous spirit, proving that grand travel experiences can happen even in a single day.

But, realistically, how? Certainly travelling on a dime seems like a lofty pipe dream. What if you could, though? What would it take and how can you make it happen? It’s not impossible to experience amazing and fulfilling on a budget. The key word though, is ‘buget.’

How Canadians can emulate Droniak’s travel style

For Canadians looking to adopt a similar approach to travel, one that allows you to maximize the experience and minimize the expense, several strategies can help make short trips more affordable and enjoyable.

1. Embrace micro-travel

Micro-travel involves taking short, budget-friendly trips that focus on specific experiences. By choosing destinations that are close to home or have affordable flight options, Canadians can explore new places without the need for extended vacations. This approach allows for more frequent getaways and the opportunity to experience different cultures and landscapes.

2. Prioritize experiences over luxury

Instead of spending money on expensive accommodations or dining, focus on the unique experiences a destination offers. Whether it’s hiking in the Rockies, exploring a local museum, or enjoying a scenic drive, these activities often provide more lasting memories than luxury amenities. Additionally, many of these experiences are free or low-cost, making them ideal for budget-conscious travellers.

3. Utilize travel deals and rewards programs

Taking advantage of travel deals, discounts and rewards programs can significantly reduce the cost of trips. Signing up for airline newsletters, using credit cards that offer travel rewards and booking during off-peak seasons can lead to substantial savings. Websites and apps that aggregate travel deals can also help find affordable options for flights and accommodations.

4. Plan trips around personal commitments

Like Droniak, Canadians can plan their travels around personal commitments to maintain a balance between adventure and responsibility. By choosing destinations that are easily accessible and planning trips during weekends or holidays, you too can enjoy short getaways without disrupting your daily routines or obligations.

By following Droniak’s lead, Canadians can enjoy fulfilling travel experiences without the need for extensive planning or large budgets. Whether it’s a day trip to a nearby city or a weekend getaway to a neighbouring province, embracing the spirit of micro-travel can lead to memorable adventures that enrich your life.

Sources

1. People Magazine: YMan Goes Viral for 1-Day Trips Around the World. Now, He Reveals the Unexpected Reason Behind His Short Travels (April 21, 2025)

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

It sounds like you were doing all you could to get your finances together in your twenties, like paying your bills on time and being mindful of your debt.

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But forces outside of your control have dragged you down. No, it’s not illness or unemployment. It’s your parent.

Even if you’re on top of your finances, their behavior can affect you. While parents typically have the best of intentions, they’re also human. If they’re not the most financially savvy, it could have far-reaching consequences on your finances.

At the time you co-signed on the car loan with your mom, you didn’t know any better and probably believed that this move would help build your credit, when you had none.

But it looks like instead of paying the loan, your mom may have used her paycheck to go shopping instead.

Here’s what this means and what you can do to fix this situation.

What this means and what you can do

When you co-sign a loan, you are telling the lender that you agree to be responsible for the debt. If the borrower can’t repay the loan and associated fees, you will need to, or it could hurt your credit score. If the loan goes into default, the car could be repossessed, and that negative mark will show up on your credit report since the credit bureaus will report the car loan as yours.

According to Equifax, “Once they’re recorded on your credit reports, [car repossessions] can impact your credit scores for up to seven years. Credit behaviors that typically lead to a repossession, such as missed payments and defaulted loans, may also result in negative marks on your credit reports.”

With a low credit score, it could be difficult to qualify for a loan like a mortgage. Even if you could, you may be limited in your options. Lenders may not offer you the most competitive interest rates. You could pay more in interest charges, costing you tens of thousands of dollars or more throughout the life of your mortgage.

You may also have to pay higher car insurance premiums with a lower credit score.

You can get caught up on your mom’s car loan or contact the lender and negotiate a repayment plan to avoid a default. This could cost you thousands of dollars — money that you may be saving for goals like getting married and purchasing a home.

If possible, you can sell the car yourself and arrange for some other form of transportation for your parent. You can then use the money to pay off as much of the loan as you can. Financial guru Dave Ramsey recommends doing this and avoiding voluntary repossessions.

Read more: 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

“If the sale covers the remaining balance of the loan, you’re home free! But if it doesn’t, you’re better off taking out a small loan for the difference,” says his website. “Paying off that smaller loan will be a heck of a lot better than paying the deficit balance in a lawsuit (not to mention all the fees and having a repo on your credit record).”

Rebuilding a credit score

It is possible to rebuild your credit score once you’ve dealt with the loan.

Once that loan is out of the way, continue what you’re doing to positively affect your credit score before. Pay off your loans on time and avoid getting any new loans. If you have credit cards, keep your balances low and pay off the balance each month.

The key is consistent behavior and time. It’s hard to say how long it will take for your score to go back up as high as you’d like. However, you can monitor it to see where you stand periodically.

To protect yourself from getting into a similar situation, avoid co-signing on loans if you’re unsure whether the borrower will pay back the loan on time.

How to disentangle from a loved one’s finances

Setting boundaries is key if you want to separate your finances from your loved one.

Although it can feel uncomfortable, it’s worth it to sit them down and make it clear what you’re willing and not willing to do in terms of your finances.

For example, you’re no longer going to agree to co-sign on any loans or lend them money to pay back a loan. Or if you do offer money, set a limit on how much and stick to it.

You could also offer to help them with strategies to manage their money. If they’re not willing to accept your help, the best you can probably do is offer educational materials and step back.

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Stay in the know. Join 200,000+ readers and get the best of Moneywise sent straight to your inbox every week for free. Subscribe now.

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

The gig economy is a big economy.

According to a 2025 survey by Statistics Canada, approximately 28% of Canadians — roughly 8.7 million adults — engage in some form of gig work across the country. In the same Stats Can report it was shown that 62% of gig workers rely on their gig income either as a supplement or as their primary source of earnings.

Not unlike online dating, the gig economy has evolved rapidly from its initial status as a last resort for the desperate, to a first option for many Canadians.

The flexibility makes gig work attractive to anyone looking to set their own hours and the relatively low bar to entry makes these temporary jobs, primarily in the service industry, accessible to a large part of the workforce.

But, one area where the gig economy’s development has stalled is providing benefits, like insurance, particularly life insurance. More than one-fifth (22%) of gig workers said they do not have insurance any form of health or life insurance. Among those who depend on gig work as their main income, that figure rose to 55%, according to a PolicyMe report.

If you’re lucky, your gig employer may provide vision, dental and health coverage, but if something more severe happens, what’s your plan?

If your gigs are your household’s sole source of income, what happens if you get critically injured and can’t work for an extended period of time? Who pays the rent? And, if it’s worse than illness, what resources can your family rely on to ensure their bills — and your funeral costs — are paid?

The state of gig worker benefits in Canada

No employer is legally required to provide life insurance to their employees, but many do as a way of attracting, retaining and rewarding their staff.

In 2025, 59% of Canadians obtain life insurance through employer-supported group plans, reflecting a slight decline as remote and contract work expanded, according to a report published by PolicyMe.

But, with gig employers, offering life insurance appears to be less of a priority. As of 2025, Uber Canada now offers limited life insurance options for drivers who meet a minimum number of trips per month, although comprehensive coverage remains rare. Lyft and DoorDash continue to offer only limited accident insurance with no expanded life insurance benefits. Food delivery company Skip the Dishes offers even less auto coverage and no health or insurance benefits.

Be prepared

Providing drivers with more money to put toward life insurance is a positive step, but for it to have any real impact, gig workers need to see life insurance as a priority.

According to the Canadian Life & Health Insurance Association, approximately 73% of Canadians — about 29.5 million people — currently hold life insurance coverage. If you’re a gig worker and have so far avoided securing coverage, you may want to join that cohort sooner rather than later.

“Term, permanent, critical illness, disability. These are all things that you need to look at,” says Michael Aziz, chief distribution officer at Canada Protection Plan. “Losing that income can be really disastrous for families.”

Two arguments young, healthy Canadians have against buying life insurance is that it’s expensive and unnecessary. But, accidents and illnesses can come for anyone; they don’t ask to see your ID before putting you on your back. And, the younger you are, the cheaper life insurance generally is.

Choosing the right plan

There is no shortage of insurance products out there for gig workers. Insurance companies are happy to take your money no matter who signs your paycheque.

Finding the right life insurance plan is a matter of balancing the cost with your budget, lifestyle and potential insurance needs. That’s a calculation that’s likely to require some professional guidance.

“You need to do a needs analysis,” says Aziz. “Maybe you have some student loans, or you have a mortgage or a car loan or some other liability that you want to protect against. Build your portfolio to match that.”

Applying for insurance doesn’t need to get in the way of your gig-hopping. Non-medical and simplified issue policies allow you to buy life insurance without having to visit a doctor or answer too many health questions. However, be aware that these policies usually come with higher premiums since the life insurance companies have less information to evaluate your health, which poses a higher risk to them. Additionally, flexibility and policy options are limited compared to a fully underwritten life insurance policy.

Nothing’s guaranteed when you’re trying to make a living in the gig economy, including your health. Looking into your life insurance options is one way of chipping away at the mountain of uncertainty you face everyday.

To make it easier, consider shopping for life insurance through an online brokerage. For instance, PolicyMe is an online-only insurance company where Canadians can compare and buy term life and critical illness insurance policies in just a few minutes — and at an incredibly affordable prices.

PolicyMe offers a streamlined approach with no unnecessary bells and whistles so applicants can get a fully-underwritten policy that’s fast, easy and affordable.

Sources

1. Statistics Canada: Labour Force Survey, March 2025 (April 4, 2025)

2. Businesswire: PolicyMe Announces $30 Million CAD in Funding and Expanded Product Suite, Transforming Digital Insurance (April 16, 2025)

3. PolicyMe: Key Canadian life insurance statistics, by Cristina DaPonte (Apr 28, 2023)

4. Canadian Life & Health Insurance Association: Canadian Life & Health Insurance Facts 2025 edition

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