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

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

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

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

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

Pointing fingers

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

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

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

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

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

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

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

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

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

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

Where the buck stops

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

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

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

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

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

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

Odometer fraud rising according to experts

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

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

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

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

How you can protect yourself

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

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

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

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

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

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

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

Sources

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

2. Government of Canada: Weights and Measures Act

3. AutoTrader: Price Index: Q1 2025

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

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

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

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

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

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

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

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

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

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

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

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

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

Thinking about a fixed-rate mortgage?

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

Still considering a variable rate?

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

Looking for a middle ground?

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

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

Stay informed, stay flexible

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

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

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

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

Sources

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

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

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.

It’s hard to believe it now, but your child will eventually become an independent grown-up with their own career, hobbies, and bills. Why not give them a running start into financial adulthood?

Planning for your child’s financial future might feel overwhelming, but even small steps today can make a big difference tomorrow. Whether you’re dreaming of funding their education, helping with a wedding, or giving them a leg up in the housing market, now is the time to get started.

Any amount you set aside for major milestones will make their life easier later on, but they’ll really thank you down the road if you take a little time now to figure out the specifics of what, where and how to save for them.

Below are four smart strategies Canadian parents can use to build long-term financial security for their children — without sacrificing their own retirement goals.

Know how much should you save

There’s no hard and fast rule of exactly what dollar amount to set aside for your child’s future, but I have an important guideline of my own: never sacrifice your own long-term financial security when saving for your kids.

Parents might be tempted to forego their own retirement savings to build up their children’s education funds or help them buy a house — both of which are important stepping stones that we’ll get to later — but it’s important to ensure there’s enough in your own bank account before you start handing dollars over to the next generation. Before contributing to an education fund or house down payment, make sure you’ve built your emergency fund and are on track for retirement. Once those essentials are covered, you can start putting aside money to help your child get a strong financial start in adulthood.

Consider more than just an RESP for their education

The Registered Education Savings Plan (RESP) is the most effective way for Canadians to save for their child’s post-secondary education. Contributions grow tax-free, and the government adds up to $7,200 in grants through the Canada Education Savings Grant (CESG).

Read more: Best high-interest savings accounts in Canada

However, there are some limitations to the RESP. There is a lifetime contribution limit of only $50,000, not including grants. And it’s possible that even a fully-funded RESP won’t be enough to pay for a college education by the time your child is ready to attend post-secondary. To put the cost of education in perspective, consider the following:

• Tuition costs have surged 40% over the past decade.
• In 2023, the average tuition in Canada was just under $6,575 per year.
• A four-year degree with housing, food, and books could easily exceed $100,000 by the time your child enters university.
• Graduate and professional programs, like law or medicine, can push that number even higher.

Supplement the RESP with high-interest savings accounts or investment accounts, especially if you plan to save more aggressively or expect your child to pursue further education. By putting a little extra in a savings or investment account, you can supplement what you’ll accumulate with the RESP and provide for additional educational costs down the road. There are great tools that can help you, including:

Justwealth

Expert-managed RESP portfolios that are ideal for hands-off investors. Choose from a series of dedicated education target date funds that are automatically adjusted for risk as school graduation approaches. Plus expect low fees and high customization, which gives you more control over your investment choices.

Wealthsimple Trade

Easy-to-use automated investing makes this a great RESP investment option for beginners. There are no account minimums and you can start saving for your kids using any amount plus there are socially responsible investing options that help you align your child’s future needs with your ethical values,

Help them buy their first home

Another practical way for parents to help provide their kids with long-term financial security is to help with the down payment on their first home.

Housing prices in Canada remain high. The national average home price hovers around $700,000, making it tough for first-time buyers to enter the market. If you’re in a position to help, contributing to your child’s first down payment can be one of the most powerful ways to support their financial future.

Just be mindful:

• Make sure they can afford the ongoing costs of ownership (mortgage, taxes, maintenance).
• Consider using the First Home Savings Account (FHSA) to maximize tax advantages.
• Even a gift of $10,000 or $20,000 can be life-changing when used adult-children are able to use it strategically, such as part of a down payment on a home.

Since the price tag to become a homeowner can seem impossible for new grads any boost to your child’s first-home down payment fund from the Bank of Mom & Dad can really help them to start their #adulting sooner, without the burden of too much debt. Just make sure you don’t help out too much by getting them into a house they can’t actually afford!

Help pay for a reliable car or their wedding

Even if tuition bills are paid, or your child decides not to attend post-secondary, it doesn’t mean their road ahead is free of financial hurdles. One of the best ways to ensure they start adulthood on the best financial footing is to help pay for larger expenses, such as a reliable car or their wedding.

In Canada, the average wedding costs over $30,000 — and nearly 1 in 3 couples go into debt to pay for their big day!

Helping your child cover even a portion of the cost can reduce financial stress and set them up for a better start in married life. Consider earmarking savings for:

• The wedding dress
• The venue deposit
• The reception bar tab

Even small gestures can have a big emotional — and financial — impact.

Help your adult-children skip out on expensive car loans

For many young adults, having a safe and reliable car is a necessity — not a luxury. Whether it’s to commute to school, get to work, or simply gain some independence, access to a vehicle can open up critical opportunities.

But buying a car is no small expense. The average cost of a used vehicle in Canada now exceeds $25,000, and insurance premiums for new drivers can be steep.

To help, consider the following:

• Contribute to a vehicle savings fund over time.
• Offer to match their savings or help with a larger down payment.
• Gift your old vehicle if it’s still roadworthy and affordable to insure.

Encourage your child to consider fuel-efficient, low-maintenance models, and coach them on budgeting for gas, maintenance, and insurance. Helping with transportation can reduce stress and expand opportunities — especially in cities or towns with limited public transit.

Bottom line

From school to weddings to real estate, there’s no shortage of ways to support your child financially. But the best gifts aren’t always flashy — they’re foundational. Help your child avoid debt, build wealth, and gain independence. Start small if needed, but start now. You’ll be giving them something they can build their future on.

—with files from Romana King

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

A Canada Post strike is most definitely a labour and distribution issue, but for smart investors this strike is also a chance to spot early trends, test company resilience and even uncover hidden opportunities in the investing market.

Whether you’re new to investing or already building a portfolio, here’s what to watch — and how to position yourself during a postal disruption.

What happens during a postal strike?

When Canada Post workers strike, the deliveries of mail and packages slow down or stop altogether. That means:

• Delayed shipping for online orders
• Higher delivery costs for small businesses
• A rush to find alternative shipping options

These hinderances can also spark investing opportunities for savvy investors. The disruption in package and mail delivery means that other companies can benefit — and this cn be an opportunity for investors willing to action, while being mindful of risks.

For investors, they is to keep an eye out for signals regarding which companies are prepared, and which ones might struggle. To help, here are trends to watch:

1. Invest in logistics: Delivery companies could see a boost

When Canada Post isn’t running, there’s a spike in demand for private courier and delivery companies. Companies like Purolator, FedEx (NYSE:FDX), UPS (NYSE:UPS) and TFI International (TSX:TFII) often fill the gap. Even Cargojet (TSX:CJT), which specializes in overnight air cargo, could benefit.

If you’re investing in logistics, now is a good time to watch stock prices for delivery companies, they might rise on increased demand; look at quarterly earnings to see if volume spikes during a strike; consider ETFs or mutual funds that include logistics or transportation holdings.

2. Digital payments and fintech could grow faster

Postal delays can also push more people — especially seniors or small businesses — to move away from paper cheques and bills. That could help digital-first companies grow faster.

Investors can look at:

• Payment platforms like Nuvei (TSX: NVEI)
• Companies that power online banking and pay systems
• ETFs with exposure to fintech and digital finance

These shifts take time, but a strike often gives people the push to go digital, and that’s good for companies in the space.

3. Retailers under pressure — or ready to shine

If you’re invested in retail or e-commerce companies, a postal strike can test how well they handle disruption.

Examine publicly traded companies using the following lens:

• Can they offer local pickup or use other couriers?
• Will they raise prices or eat the extra cost?
• Do they have loyal customers who’ll wait, or will shoppers switch brands?

Retailers with good logistics plans — like Walmart, Canadian Tire or Loblaws — may do better than smaller sellers that rely on Canada Post for deliveries.

4. Inflation trends and consumer stress

A postal strike can also tell us something about the bigger economic picture, especially inflation. If shipping costs go up and delays stretch on, it can raise prices and frustrate shoppers. That affects:

• Consumer confidence
• Retail sales
• Stock performance in sectors like consumer discretionary or e-commerce

If you’re watching inflation-sensitive areas (like REITs, utilities or banks), keep an eye on what the federal government and central bank does, in particular, what sectors will they boost or support through ongoing funding.

5. It’s a chance to spot resilient companies

One of the best ways to grow as an investor is to watch how companies handle challenges. A postal strike is a real-time stress test. Use this time to:

• Track how businesses communicate with customers
• Watch for innovative solutions or tech upgrades
• Look for stocks that hold steady — or bounce back quickly — while others drop

These signs can help you build a stronger, more confident portfolio over time.

Final thoughts: It’s not just about the mail

Even if your portfolio has nothing to do with Canada Post, a strike is still worth paying attention to. It highlights important themes that can impact all companies, and highlight businesses well positioned to grow in the short or long-term. For beginner to intermediate investors, it’s a chance to learn how real-world events affect the markets, and how you can use those events to your advantage.

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

According to Statistics Canada, the current inflation rate is 1.7% and BMO as well as other bank analysts are predicting the nation’s inflation rate will continue to hover around the 2% target rate throughout 2025.

While these rates are lower than some we’ve seen in recent years, it’s certainly not negligible, especially if you’re still trying to catch up from the impact higher inflation rates had on your monthly budget — rising costs that started to climb in 2020 and continued until late 2024.

What can you do? A good strategy for fighting back is to take advantage of some simple ways to stretch your money, and make more of it.

Here are seven ideas for putting some padding in your budget, so you can show inflation who’s boss.

1. Cut the cost of your debt

High-interest debt from credit cards and personal loans can be a major drain on your bank balance, especially if you’re making only the minimum payments each month.

To slash the cost of that debt, you might shop around for a debt consolidation loan. You’ll trade in all of your current balances — on credit cards, loans, everything — for a single monthly payment at a lower interest rate.

For instance, using the online portal for Loans Canada, you can apply for a personal loan in as little as 30 seconds. Depending on how much interest you’re currently paying on your debts, consolidating them could save you thousands of dollars and help you become debt-free years sooner.

2. Hunt down your long-lost money

You do know where all your money is, right?

People move on and forget all about money in old accounts all the time. It’s so common that Canadians currently have more than $1.44 billion in unclaimed funds in bank balances as of December 31, 2024, according to the Bank of Canada. You can use the BoC’s Unclaimed Properties website to see if you have any extra cash you may not be aware of.

You should check with Revenue Canada to see if there are any tax refunds you’re missing. You can amend your previous tax returns for up to three years if you were eligible for a refund but neglected to claim it.

3. Use technology to save when you shop online

If you do most of your shopping online — and these days, who doesn’t? — you likely go to the same website again and again. You know the one. But Amazon doesn’t always have the best prices, and nobody has time to price-check every store.

You can let technology do that work for you. You might download a free browser extension, such as Honey or Keepa, that will automatically find you deals and coupon codes every time you shop online.

You also can set price-drop alerts for your favorite products, so if they go on sale, you’ll be the first to know. Installation of the add-on takes just a moment and could save you hundreds of dollars a year.

4. Play the market with your extra cash

If you’ve never put money into the stock market, you might think owning a piece of a well-known company is out of reach.

But Wealthsimple Trade will let you buy fractions of shares, allowing you to ride the stock market juggernaut with just your spare change. You can buy pieces of companies like Google and Tesla for as little as $1 — and when they profit, so will you.

5. Shrink your car insurance bills

If you’ve got a car and aren’t shopping around for cheaper insurance every six months, you could easily be overpaying by hundreds of dollars a year.

Comparing rates from multiple insurance companies may sound like a lot of work, but some websites do the shopping around for you. You might find a better deal in just a few minutes.

For instance, YouSet is an insurance brokerage platform that allows you to browse the best auto insurance policies across multiple insurers all in one place.

You’ll answer a few quick questions and be presented with the best quotes from numerous car insurers. That way, you can find the lowest price available on the coverage you currently have.

6. Stop paying too much for home insurance

Homeowners insurance rates have been rising for many Canadians. But if your bill seems too steep, you might be able to cut it down to size with some good old-fashioned shopping around. Thankfully, shopping around is much easier these days because of online insurance brokerages such as YouSet. As a digital insurance firm, YouSet let’s homeowners compare insurance policies and costs from multiple providers — and this quick comparison helps you identify quick and easy ways to pay less for your home insurance coverage.

To save, go online and compare quotes. Answer a few basic questions, and you’ll instantly see the best deals available in your area. In just a few minutes you could end up saving some serious money while keeping the same level of coverage — that’s peace of mind and savings, all in one.

7. Get paid when businesses behave badly

When companies do the wrong thing, they get taken to court — and sometimes their customers get compensated. The Consumers’ Council of Canada has a website that lists class action lawsuits. You can check to see whether you qualify to join in any of these suits, which may result in money coming to you.

The criteria for eligibility will vary depending on the lawsuit, but in some cases you may not even need a receipt to get reimbursed.

Sources

1. Statistics Canada: Consumer Price Index, April 2025 (May 20, 2025)

2. BMO Capital Markets: 2025 Canada Economic Outlook: On the mend (Dec 3, 2024)

3. Bank of Canada: Our unclaimed properties

4. Bank of Canada: Unclaimed Properties Office

5. Consumers’ Council of Canada: Notice of class action lawsuits

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

It’s easy to go overboard when you’re getting a new pet. Whether it’s supplies, toys or even clothes, some things are just too cute to pass up. But these things quickly add up, even if you try to stick to necessities. It’s possible to budget and plan for your new furry addition, and we’ve put together a list of expenses to plan for during that first year.

Canadians love their pets

Pet ownership in Canada has reached new heights, with about half of households sharing their homes with furry family members. According to the Canadian Animal Health Institute, that equates to 7.9 million dogs and 8.5 million cats. While these furry companions bring immeasurable happiness and joy to our lives, it’s important to recognize and plan for the financial responsibilities that come with pet parenthood.

The commitment extends far beyond the initial adoption or purchase costs. Pet parents need to provide essential care, including quality nutrition, regular grooming services, veterinary care and various other necessities. Statistics from Rover.com highlight a significant 12% increase in pet-related expenses since 2022, mainly due to inflation that’s caused everything from pet food to vet bills to go up in price, making financial planning more crucial than ever.

Fortunately, by being proactive, you can manage and reduce pet care costs.. By understanding and anticipating both immediate and long-term expenses associated with pet ownership, you can develop a practical budget that ensures your beloved companion receives the best care while maintaining financial stability.

If this is the year you’ve decided to bring home a pet, we’ve broken down the costs you can expect in the first year for a new dog or cat. We’ve focused on dog and cats for the purpose of this article as they are the most popular (and expensive) pets, but I do know there are other pets out there, such as bunnies and guinea pigs, that people love to have in their homes.

Bringing a new dog home: First-year costs

When you bring a new dog into your home, there are several initial expenses to consider. These one-time costs include both the price of acquiring your pet and essential supplies needed to provide proper care.

We’ll also cover the must-have items you’ll need before welcoming your new companion, including feeding equipment, grooming tools and walking accessories.

While these are typically considered one-time purchases, it’s important to budget for eventual replacements. Items may need to be replaced due to normal wear and tear, and puppies will outgrow their initial supplies as they mature into adult dogs. You may want to spend more on quality, brand name products that will last years instead of months. For instance, a well-made harness will cost more up front, but replacing it with a cheaper model every few months or years will add up over time.

You can expect to pay upwards of $5,000 to $7,000 in the first year of getting a puppy (it’ll be closer to the higher end if you’re purchasing a purebred puppy from a breeder, and of course, it depends on the dog breed).

You’re thinking to yourself “What? That much for a puppy?! But I’m planning to adopt, won’t that bring down the amount?” While most adoptable dogs are cheaper than ones from a breeder (plus, they come spayed or neutered), that’s just one piece of the puzzle. If you’re planning on bringing home an adult dog, it’s a bit cheaper — the price is more like $4,000.

Read More: A surprise trip to the vet can cost $1,000 or more. Don’t get caught off guard. See how pet insurance can ease the stress — and cost — of caring for fur babies. Protect yourself now

Here are just a few of the common costs that can come with the first year of puppy/dog ownership (these are approximate costs):

• Breeder costs: $1,000 to $4,500
• Adoption fees: $200 to $800
• Total veterinarian bills: Around $2,000
• Veterinary exams with vaccines: $500 to $600
• Neuter/spay: $750 to $1,200
• Microchip dog cost: $45 to $95
• Deworming medication: $70 to $80
• Pet Insurance: $600 to $1,800 per month
• Pet food: $1,100
• Grooming: $60 to $150
• Collar and leash: $50
• Bed: $30 to $70
• Crate: $100 to $300
• Obedience classes: $500
• Licence: $35

Additional costs to consider when owning a dog include pet care services like dog walkers or doggy daycare, especially if you work full-time out of the home. These services ensure your pet gets proper exercise and attention during the day. When planning vacations, you’ll need to factor in boarding facilities or pet sitting services, unless you opt for pet-friendly travel destinations.

Property damage is another financial consideration of dog ownership. Dogs may occasionally have accidents indoors, and puppies or anxious dogs might exhibit destructive behavior like chewing furniture or causing damage to flooring and carpets (I know this one too well). It’s important to budget for potential repairs or replacements of damaged items.

Bringing a new cat home: First-year costs

The financial commitment of cat ownership is less than that of dogs, with Canadian pet parents spending an average of $2,542 annually on their feline friends, according to Statista. First-time kitten parents should prepare for higher initial costs compared to subsequent years of cat ownership. The Ontario Veterinary Medical Association reports that the first year of kitten care typically costs between $3,091 and $3,231. This higher first-year expense is due to one-time purchases and essential medical procedures that set your kitten up for a healthy life.

Here are just a few of the common costs that can come with the first year of kitten/cat ownership (these are approximate costs):

• Total veterinarian bills: $1,500 to $1,800
• Vaccinations: $500 to $600
• Spay/neuter: $600 to $800
• Microchip: $45 to $95
• Deworming medication: $70 to $80
• Peet insurance: $29 to $35
• Pet food: $500 to $700
• Collar: $20
• Bed: $50
• Scratching post: $40
• Litter and litter box: $275
• Licence: $15

Final word

It’s easy to get in over your head when it comes to the first year of pet ownership costs. But by planning ahead and budgeting, your new dog or cat will have everything they need when you welcome them into your home.

Sources

1. Canadian Animal Health Institute: Biennial pet population survey shines a light on how pet population statistics changed over the course of the COVID-19 pandemic, and pet owner habits.

2. Rover.com: Home page

3. Statista: Annual cost of caring for a cat in Canada

4. Ontario Veterinary Medical Association: Annual cost of caring for a cat in Canada

This article What to expect when you’re expecting: First year cost for petsoriginally appeared on Money.ca

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

A Winnipeg man’s $5 million lottery win has turned into a legal saga after his former partner claimed the winnings and allegedly cut off all contact.

The case, now before Manitoba’s Court of King’s Bench, offers a stark lesson about the financial risks of informal arrangements in personal relationships.

Lawrence Campbell alleges he purchased the Lotto 6/49 ticket on January 19, 2024, and gave it to his then-girlfriend, Krystal McKay, to hold because he had lost his wallet. When they realized the ticket was a winner, Campbell says McKay deposited the entire prize into her own bank account and later ghosted him, according to a statement of claim filed May 14.

McKay claimed the jackpot and was named the sole winner in a January 30 press release issued by the Western Canada Lottery Corporation (WCLC) and Manitoba Liquor & Lotteries. The release stated she had received the ticket as a birthday gift.

Campbell denies this and is now suing McKay, WCLC and the provincial lottery authority, alleging breach of trust and negligent advice that allowed McKay to keep the funds.

None of the allegations have been tested in court. The defendants have not yet filed a statement of defence.

Lack of paper trail leaves $5M lottery claim in legal limbo

The legal dispute revolves around Campbell’s claim that McKay agreed to hold the winnings in trust until he obtained government-issued ID and opened a bank account. The lack of any written agreement has complicated his efforts to recover the money.

Campbell’s lawsuit also claims McKay used their relationship breakdown as a way to sever communication and retain sole control over the funds.

A court motion filed last week seeks to freeze McKay’s assets, including property, investments and vehicles, while the case proceeds.

Legal experts: cohabiting couples face risks without documentation

Financial and legal experts frequently warn that cohabiting couples in Canada don’t enjoy the same automatic property rights as married spouses. Provincial laws differ, but in most provinces, unmarried partners must prove direct financial contributions to claim shared ownership of assets after a breakup.

In Ontario, for example, the Family Law Act does not grant equal property division to common-law spouses. Similar limitations apply in Manitoba, although couples who live together for more than three years (or have a child and live together for one year) may fall under provincial common-law rules.

According to CLEO (Community Legal Education Ontario), individuals in common-law relationships should document financial contributions and create written agreements to clarify how property will be divided if the relationship ends. These agreements, often called cohabitation agreements, can help prevent disputes like Campbell’s.

Lottery corporations stress ticket ownership rules

According to WCLC guidelines, lottery prizes are awarded to the individual whose name is on the ticket. If a group plays together, all members should sign a group play form to establish joint ownership.

In this case, McKay was the only person named when the ticket was submitted, and she provided the necessary identification. Campbell alleges he was misled by WCLC staff into allowing McKay to claim the prize on his behalf, a claim that forms part of his lawsuit.

How to protect your finances in love and law

The legal and emotional fallout from this story offers several takeaways for Canadians:

• Don’t rely on verbal agreements. For any significant financial matter — whether it’s lottery winnings, home ownership or large joint purchases — get it in writing.
• Know the law in your province. Common-law property rights vary widely. In many cases, shared assets are not automatically divided without clear proof of contribution.
• Take steps to protect windfalls. Whether it’s lottery winnings or inheritance, speak with a lawyer or financial advisor to establish who owns what and how it should be handled.

A cautionary tale about trust, relationships and money

Campbell’s story may be unique in its drama, but the financial implications are all too common. As Canadians increasingly live together without marrying, this case is a reminder that trust alone may not be enough, especially when millions are at stake.

Sources

1. CLEO: Community Legal Education Ontario

2. WCLC.com: FAQ Group Play

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

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

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

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

What is dollar-cost averaging (DCA)?

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

Example of DCA with Nvidia for a Canadian investor

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

Why DCA works well for Canadian investors buying Nvidia

1. Reduces risk of market timing

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

2. Helps manage currency risk for Canadians

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

3. Easy to automate with Canadian brokerages

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

Which Canadian accounts are best for Nvidia DCA?

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

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

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

Which Canadian brokerages support DCA for Nvidia?

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

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

1. Wealthsimple Trade

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

2. Questrade

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

3. National Bank Direct Brokerage (NBDB)

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

4. RBC Direct Investing

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

5. TD Easy Trade

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

6. Scotia iTRADE

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

7. BMO InvestorLine

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

Robo-advisors that fully automate DCA

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

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

Summary: Best brokerage option based on DCA goal

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

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

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

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

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

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

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

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

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.

Get started investing in consumer staples

To get started investing in Loblaws (TSX:L), you’ll need a trading account through a direct brokerage or online trading app. Good options include:

Questrade Questrade is a leading Canadian online brokerage known for its diverse investment options and user-friendly platforms. It offers competitive commissions, no annual or inactivity fees, and a range of account types including RRSP, TFSA, and margin accounts. Users can trade stocks, ETFs, mutual funds, and more with access to international markets. Plus, accountholders can purchase stock and ETF shares and pay $0 trading fees.

Wealthsimple Trade Trade stocks and ETFs commission-free, plus get a $25 cash bonus when you open your first Wealthsimple account and fund at least $1 within 30 days. Terms and conditions apply.

CIBC Investor’s Edge Build your own investment portfolio with the Investor’s Edge online and mobile trading platform and enjoy low commissions. Get 100 free online equity trades when you open an account using promo code EDGE100. (Conditions appy).

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.