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As talk of a Canada Post strike heats up, many Canadians — especially seniors — are wondering what it means for their monthly income. For those relying on government programs like the Canada Pension Plan (CPP), Old Age Security (OAS), or the Guaranteed Income Supplement (GIS), the fear of missing a payment can cause real anxiety.

But there’s good news: You can safeguard your retirement income by making a few smart moves today.

Why the mail matters (or doesn’t)

While many Canadians now receive their government benefits via direct deposit, a significant portion — particularly older, rural, or less tech-savvy individuals — still receive paper cheques in the mail. If postal workers walk off the job, it could delay those payments indefinitely.

During previous strikes, contingency plans have been put in place to prioritize the delivery of government cheques. However, delays are still possible, and local distribution points may change or require in-person pickup — a barrier for anyone with mobility issues.

How to protect your income flow

Sign Up for Direct Deposit Immediately

The Government of Canada offers direct deposit for all benefits. You can register:

• Online: Through your My Service Canada Account (MSCA)
• By phone: Call 1-800-277-9914
• At your bank: Most Canadian financial institutions can help set this up in person or online

Verify Your Information

Even if you’re enrolled in direct deposit, double-check your:

• Banking information
• Mailing address
• Contact details in your MSCA

Watch for CRA or Service Canada Notices

Sometimes, important requests (e.g., proof of income for GIS) are mailed. A delay in replying due to a strike could interrupt your payments.

Risks of waiting (until there is a full-blown strike)

As of June 10, 2025, the only strike action taken by striking Canada Post workers is to ban overtime. Right now, talks continue between CUPW, the union representing Canada Post workers, and the Crown corporation.

If talks breakdown, there could be further strike action, including a complete stoppage of all mail delivery. For retirees, a postal strike won’t just delay cheques — it could:

• Cause late payments for prescription drug coverage or rent
• Interrupt GIS payments if required documents aren’t received by the CRA
• Create financial hardship for seniors living on a fixed income

Going digital can help you beyond the strike

One way to alleviate some or all problems that may arise from a full-blown postal strike is to switch to digital. This means getting correspondence and money through digital messages, such as email or secure mail servers.

And making the switch to digital isn’t just a short-term fix — it’s a long-term upgrade:

• Faster access to your money
• Fewer risks of lost or stolen cheques
• Easier access to notices and updates from government programs

For those uncomfortable with online tools, many community centres, libraries, and banks now offer help with digital banking and government services.

For caregivers: Step in now

If you’re helping an aging parent or relative, now is the time to act:

• Ask if they still receive mailed cheques
• Help them set up direct deposit or access online accounts
• Watch their accounts during the strike period for payment irregularities

Bottom line

A Canada Post strike could delay essential income for thousands of seniors — but it doesn’t have to. Switching to direct deposit, verifying your information, and staying informed can ensure your payments arrive on time, every time. The sooner you act, the better protected you’ll be — not just during a strike, but long after.

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

You’ve got some extra cash — maybe from a bonus, a side hustle, or just cutting back on spending. Or, maybe you’re spending time figuring out where best to put your money, towards a comfier retirement or being debt-free

So what’s the smarter move: Put it toward your mortgage or invest it?

Paying off a mortgage vs. investing is one of the most debated questions in personal finance. The answer isn’t one-size-fits-all. It comes down to how comfortable you are with risk, your financial goals and how quickly you want to build wealth or reduce debt.

To me, a mortgage is a shelter. Whether it’s rent or a mortgage, I’m paying for a roof over my head. On the investing side, time in the market beats timing the market. The more money I can invest now will pay dividends later.

But, as much as it’s a money decision, it’s a major emotional one.

Let’s break it down.

Option 1: Paying down the mortgage

Let’s say you’ve got a $200,000 mortgage at a 3.91% fixed rate (the best mortgage rate today), amortized over 25 years. This means your monthly payment sits around $1,048, and over the 25-year period, you’ll pay off the entire loan, including interest.

Let’s say you throw an extra $1,000 at that mortgage every month. According to our mortgage calculator, you’d pay it off in just over 10 years and save roughly $52,000 in interest.

Pros of paying off the mortgage early

• Peace of mind. By wiping out your most significant monthly bill, you’re taking control of your financial future — that’s empowering and brings a sense of security.
• Guaranteed return. That 3.91% you save is like earning a guaranteed 3.91% return without the stock market volatility.
• You’ll have more cash flow sooner. Pay off your mortgage, and you’ll unlock money for other goals: Travel, investing in your children’s education, or even early retirement.
• Equity safety net. A paid-down mortgage builds home equity, which is the difference between your home’s market value and the amount you still owe on your mortgage. This equity can be tapped later through a HELOC (Home Equity Line of Credit) if needed, providing a financial safety net.

Cons of paying down the mortgage

• Cash gets locked up. Unlike a savings account or TFSA, home equity isn’t easy to access without selling or refinancing.
• May miss better returns. If the stock market is returning 6 per cent to 10% per year, you could be leaving money on the table by only focusing on debt.

Option 2: Invest the extra cash

Instead of paying down your mortgage, you invest $1,000 monthly for 10 years.

If your investments grow at an average of 7% per year, a realistic return for a balanced Canadian portfolio, you’d end up with about $174,000 before taxes.

That’s nearly triple your savings by paying off your mortgage early.

Pros of investing instead of paying down the mortgage

• Higher potential returns. Even after taxes, investing in a TFSA or RRSP could outperform your mortgage interest savings, opening up a world of financial possibilities.
• Compound growth. Your money earns money; the earlier you start, the more powerful the effect becomes.
• Tax advantages. With an RRSP, you reduce your taxable income today. With a TFSA, your returns grow tax-free.

Cons of investing instead

• Market volatility. The return isn’t guaranteed. A market crash early in your timeline can delay your gains.
• It takes discipline. You must invest regularly, stay calm during downturns, and resist the urge to withdraw your money too soon.

What’s right for you? Ask yourself these 5 questions

1. Do you have high-interest debt? If yes, prioritize paying that off first. Consolidate your loans into one easy-to-manage payment with a personal loan.
2. Do you have an emergency fund? If not, build one before using the extra cash for investing or your mortgage payments. Use the best high-interest savings accounts to do so.
3. How risk-tolerant are you? Mortgage = safe. Investing = higher reward, higher risk.
4. Do you want flexibility? Investing gives you more liquidity than home equity.
5. What’s your goal? Stress relief? Go mortgage. Wealth building? Go investing.

Maybe the best answer is to do both

You don’t have to go all in on one option. Many Canadians split the difference as a smart middle ground.

Try this: Put $500 toward your mortgage and $500 into a TFSA or RRSP. That way, you reduce debt, grow your investments, and keep your options open. In an RRSP, any money returned to you at tax time can be made into a lump sum payment to your mortgage.

Worried about what to invest in and how to get started? Many financial planners won’t talk to you until you have a six-figure stock portfolio. Use a robo-advisor and let the robot automatically invest on your behalf.

There’s no wrong answer, only the one that fits your goals. So, make your decision with confidence, knowing that you’re choosing the path that’s right for you.

If your mortgage rate is high, paying it down might be your best bet. Investing can build wealth in the long run if you have time and the stomach for market ups and downs.

The best plan? Make a move that lets you sleep well at night and wake up knowing your money is working for you.

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

There’s a famous quote that goes "the only thing ‘wrong’ with dogs is that they can’t live forever." A dog’s lifespan can range anywhere from nine to 15 years on average, and when you consider a dog as part of the family, that’s just not enough time. But what if there was a pill that could extend your dog’s life? Good news — that pill just came one step closer to reality.

More time with our best friends

Loyal, a biotechnology startup focusing on canine health solutions, received a significant milestone on Wednesday, February 26, when the Food and Drug Administration (FDA) granted their new medication a "reasonable expectation of efficacy" certification.

Before veterinarians can begin prescribing this anti-aging treatment, the FDA must still verify its safety and confirm the company’s ability to scale up manufacturing. Loyal expressed confidence in meeting these requirements, citing "extensive data" supporting both aspects, and projects receiving conditional FDA approval by the end of 2025.

The company is seeking FDA approval for their beef-flavored pill to be used in dogs that are at least 10 years old and weigh a minimum of 14 pounds. According to Loyal, the medication targets "metabolic health," which naturally deteriorates as dogs age.

While promising, the treatment does have limitations. Loyal indicates that the medication could extend a dog’s healthy lifespan by at least one additional year (that’s seven dog years!).

Next steps

Loyal plans to introduce its medication through the FDA’s conditional approval pathway for animal drugs. This process permits companies to begin marketing treatments deemed safe and likely effective by the regulatory agency. Simultaneously, the company continues collecting additional evidence to conclusively demonstrate the drug’s efficacy while it’s already available to consumers.

There’s no word on how much the pill will cost pet parents, but Loyal said that it wants to make treatment accessible to as many dogs as possible, ideally for less than $100 per month.

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

How much more do I need to budget (if my dog lives longer)?

The average cost of owning a dog in Canada averages between $660 to $4,430 per year, depending on the breed you own. And if you consider your pet as part of your family, this added cost to keep your dog with you for another year is a drop in the bucket. But these are the senior years of your dog’s life and there are going to be added costs, including special dietary needs, supplements and more frequent vet visits. This means you would need to budget for the higher end of the cost spectrum. Be sure to take these factors into consideration when putting together a budget.

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

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.

The phrase "free money" might set off your internal scam alert but when that money’s coming from the Government of Canada, why turn it down?

The federal and provincial governments offer all kinds of cash incentives to live life the way they want you to, from going to school to making your home more energy efficient. They’re also holding on to truckloads of unclaimed money that belongs to taxpayers who don’t even know it’s waiting for them.

You just need to know where to look. To help, we’ve assembled 10 simple ways on how to get free money from the Government of Canada.

1. Unclaimed cheques

You may have already earned free money in the form of a tax credit — but you just haven’t claimed it yet. Well, you won’t have to go hunting, because you can find out with the click of a button.

The Canada Revenue Agency (CRA) has a handy link on its website that will display any tax or benefit cheques you haven’t cashed. If you don’t already have a CRA My Account, you can register or log in via a My Service Canada account.

When the new feature came out in February 2020, the government said it was trying to reunite Canadians with approximately $1 billion of their own money. People on X (formerly known as Twitter) were shocked to find they had hundreds of dollars waiting, dating as far back as 2008.

Visit the "Payments the CRA sends you" section of the Government of Canada Revenue Agency to find out if you have a cheque from the CRA that you never cashed.

2. Maximize your RRSPs and TFSAs

High-interest savings accounts (HISAs) are good, but growing your wealth totally tax free is even better.

Registered Retirement Savings Plans (RRSPs) and Tax Free Savings Accounts (TFSAs) are two of the most powerful tools you have at your fingertips.

You can fill them with cash or investments like stocks and bonds. Investing in an RRSP reduces your taxable income, while all the interest, dividends and earnings made in a TFSA are completely shielded from taxes, even capital gains tax.

While TFSAs are more flexible, contributing to an RRSP will reduce the amount you owe at tax season, potentially leading to a refund landing in your mailbox. And many employers will match contributions you make to group RRSPs, offering another source of completely free cash. You can’t withdraw your RRSP until your retire without facing penalties and charges. Prioritize the TFSA for its withdrawl flexbility and that it’s easier to max out every year.

If you don’t have a TFSA or RRSP yet, you may want to consider opening one through a robo-advisor, which will manage your investments for you.

3. Scan for benefits that fit you

So you’ve got a vague sense that you may qualify for some government benefits, but you don’t have time to comb through all the rules and stipulations surrounding dozens of programs.

Lucky for you, Canada’s benefits finder tool will automatically track down programs that might apply to you based on the intricacies of your unique, modern life.

All you have to do is enter some basic information about yourself and watch the potential payday roll in.

4. Grab grants through an RESP

Post-secondary education can be incredibly pricey, so let the government shoulder some of the cost by maximizing your Registered Education Savings Plan (RESP).

An RESP allows you to save and invest for your kids’ education, completely tax free, but the best benefit is free money through the Canada Education Savings Grant (CESG). You can contribute to an RESP for up to 31 years, and the plan can remain open for a maximum of 35 years. Under the CESG, the government matches 20% on the first $2,500 contributed annually to an RESP, to a maximum of $500 per beneficiary per year. The lifetime maximum per beneficiary is $7,200, up to age 18.

When you overcontribute to an RESP, there are tax implications. Each subscriber for that beneficiary is liable to pay a 1% per month tax on their share of the excess contribution (that is not withdrawn by the end of the month).

Lower- and middle-income families can also qualify for the Canada Learning Bond. How much you receive depends on how many kids you’ve got and your income level.

You don’t even need to put a single dollar in the plan to qualify; you just need an RESP. The government will contribute up to $2,000 per child, starting with up to $500 for the first year and up to $100 every year the child is eligible until they turn 15.

5. Get money to make your home safer

Looking after your aging parents who have trouble getting around, or maybe you have mobility issues of your own? Older people and people with disabilities can get a tax credit for upgrades in their home.

The Home Accessibility Tax Credit helps pay for renovations that make your house easier to navigate or reduce the chance of injury.

Think chair lifts and wheelchair ramps.

For 2024, you can claim 15% of qualifying renovation expenses to receive a maximum $7,500 tax credit.

6. Enjoy your old age income

You’ve worked your entire adult life. Now it’s finally time to rest on your laurels and reap the benefits.

The Old Age Security (OAS) pension is a form of basic income for seniors aged 65 and older. In most cases, you don’t even have to apply to receive it.

As of June 2024, the maximum monthly OAS payment in Canada is $713.34 for recipients aged 65-74 and $784.67 for those aged 75 and older.

Those pulling in very little money in retirement can compound their OAS income with the Guaranteed Income Supplement (GIS). That could be another $1,065.47 per month, depending on your income and marital status.

7. Recoup the cost of having kids

Parenting can be a thankless job, but a fistful of cash can make up for all the sleepless nights and soccer chaperoning.

With the Canada Child Benefit, parents of kids under 18 can get a sizable monthly payment, tax-free. How much is determined by the number of kids you have, their age and your family’s income. The highest annual benefit amount for children under the age of six is $7,437 per child, and the maximum annual benefit for children from 6 to 17 is $6,275.

8. Dig up forgotten bank accounts

You know that thrill of finding a $10 bill in a pair of jeans you don’t wear often? Now imagine those jeans were an old bank account.

The Bank of Canada runs a registry that will allow you to recover forgotten money in accounts that have been inactive for 10 years or more.

Don’t think you left anything behind? In 2021, Canada’s central bank distributed $15.2 million to forgetful account holders, with the oldest balance dating back to 1913. But that pales in comparison to the $1.06 billion left in unclaimed balances at the end of that year.

Add your name to the Unclaimed Balances Registry, just in case.

9. Net twice as much for school

The payout for the Canada Student Grant has been boosted for the last few years. The grant helps students from low- and middle-income families who are enrolled in undergraduate studies.

Until the end of the 2024-2025 academic year, full-time students could receive up to $4,200 per year or up to $525 per month of study.

10. Save the earth, save money

Everyone has a stake in preserving our natural resources and stopping climate change. That’s why each province and territory in Canada, plus some cities and utility companies, offer incentives for energy-saving upgrades to your home.

You could get a tax credit or cash incentive for anything from caulking your windows to starting a rooftop garden. You could collect hundreds or even thousands of dollars, and that’s without counting the money you’ll save on your energy bill.

If you happen to own a business, you can double dip on incentives by making commercial upgrades, like installing an air curtain at your front door.

Sources

1. Government of Canada: Benefits Finder

2. Government of Canada: Home accessibility tax credit (HATC)

3. Government of Canada: Guaranteed Income Supplement: How much you could receive

4. Government of Canada: Canada child benefit

5. Bank of Canada: Unclaimed Properties Office

6. Government of Canada: Canada Student Grant for Full-Time Students

6. Government of Canada: Financial incentives by province

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

So, you’re 65 years old, have no savings, and plan on relying primarily on the Canada Pension Plan (CPP) in retirement, but you’ve heard this will leave you perpetually cash-strapped. Does that mean you should stay at your job? Learn to survive on noodles? Work more to build up savings?

In October 2024, the average monthly CPP payment to anyone aged 65 and just starting their retirement payments was $808.14.

Living on less than $1,000 is no easy feat, especially when inflation continues to drive living costs upward.

And yet so many Canadians rely on CPP as their primary income source in retirement. According to an Ontario Securities Commission survey, 85% of Canadians rely on the federal Canada Pension Plan (CPP) as the vital foundation for their retirement income.

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

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

Delay your CPP claim for a larger monthly benefit

You can sign up for CPP once you reach age 60, but delaying it for a few years allows you to collect your full-CPP monthly benefit.

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

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

Scale back your living costs and stick to a tight budget

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

If your retirement plan is to live on CPP alone, you must be prepared to budget carefully and limit your spending on non-essential items.

Budgeting and tracking can help you understand where your money is going, so you can make every dollar work for you.

With YNAB, you can track spending and saving all in one place. Link your accounts so you can see a big-picture look of your expenses and net worth growth. You can prioritize saving for short or long term goals with the app’s goal tracking feature.

The easy-to-use platform allows you to simplify spending decisions and clarify your financial priorities. Plus, you don’t need to add your credit card information to start your free trial today.

Reduce your housing costs by downsizing

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

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

Downsizing could do more than just save you money (as it should allow you the option to pay less rent or reduce those mortgage payments). If you’re a homeowner, downsizing could mean cheaper property taxes and lower maintenance expenses.

If downsizing is not for you, consider refinancing your mortgage to lower your monthly payments. If you have equity built up in your home, you may want to consider refinancing in order to cash out on your home equity. You can use this money to supplement your retirement income or pay high interest debt.

Loans Canada is an online lending platform that makes this process simple by putting you in touch with lenders offering mortgage refinancing suited to your unique situation.

The application process takes about five minutes, and all you need to do is provide some basic information about yourself like your name, address and proof of employment and Loans Canada will provide you with a list of mortgage refinancers to choose from so you can pick the option that works best for you.

Sources

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

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

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

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

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

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

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

Methodology

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

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

Novotel Toronto Centre

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

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

Gladstone House

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

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

Sonder at The Beverley

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

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

Chelsea Hotel

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

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

Holiday Inn Toronto Downtown Centre

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

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

Holiday Inn Express Toronto Downtown

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

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

Kimpton Saint George Hotel

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

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

Hotel Victoria

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

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

Cambridge Suites Toronto

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

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

The Annex

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

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

FAQs:

Which cheap hotels in Toronto are good for families?

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

Which cheap hotels in Toronto offer great breakfasts?

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

Which cheap hotels in Toronto are good for couples?

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

What cheap hotels in Toronto have nice views?

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

This article Top 10 cheap hotels in Toronto originally appeared on Money.ca

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

If you’ve ever tried and failed to stick to a budget, the problem may not be with you but with your budgeting strategy. Different forms of financial management suit some personalities better than others — select the wrong one and you could find it difficult to stay on track.

The different money personality types

To help you create a budget that works for you, we’ve outlined the five most common money personality types — Spender, Saver, Earner, Ostrich and Sharer — and suggested the ideal budgeting technique for each.

#1. Best budget for the Spender personality type

If you’re a big believer in “YOLO” and shopping therapy, you may be a Spender. Other signs are:

• Money burns a hole in your pocket; you spend it as soon as you have it
• Buying stuff makes you feel great
• You put current wants ahead of future needs
• You may continue to spend even if it lands you in debt
• You don’t have much in savings or investments

Objective

Your spendthrift ways leave you vulnerable for the future, so you need a system that prioritizes long-term savings (and debt repayment, if necessary) and gives you a strict spending limit.

Best personal budget for you: Pay yourself first

Pay yourself first, also known as a reverse budget, is a good option because it takes savings out of your bank account as soon as you’re paid – before you have a chance to spend it.

By scheduling automated transfers to an emergency fund, RRSP or credit account (if you’re trying to pay off debt), you make savings a top priority. Then you can use the rest of your income for bills and other spending.

Bonus budgeting tip

You could also consider using an investment app such as Moka, which allows you to set small weekly investments into the best money compounding market, the S&P 500.

#2. Best budget for the Saver personality type

If you think a dollar saved is better than a dollar earned, you may be a Saver. You may also:

• Have more than enough set aside to meet both short- and long-term goals, but continue to save beyond that
• Find it painful to part with money
• Avoid paying full price on necessities and reject discretionary spending of any kind
• Need the security of a large nest egg to feel safe
• Don’t like to carry debt; you might even pay off your mortgage early

Objective

There is such a thing as too much saving. Money is a means to an end, not an end in itself. You need a system that will help you feel secure, but also encourage more spending where appropriate.

Best personal budget for you: 50/30/20 budget

Try the 50/30/20 budget, which divides your net income into three areas: 50% goes toward needs (any fixed expense, such as groceries, housing, transportation, insurance and other living expenses), 30% goes toward wants (e.g., variable expenses, such as restaurant meals, entertainment, vacations, tech toys, etc.) and 20% is for savings and debt repayment (such as credit card debt, student loan repayment).

Clearly, you’ve got that 20% covered. This budget will show you exactly how much more income you could be spending on your needs and wants, so you can hopefully be coaxed into enjoying your money without feeling guilty that you aren’t saving enough.

Bonus budgeting tip

A cash back app like Avion rewards might also help you feel better about spending, as it automatically rewards you with cash back for eligible purchases.

#3. Best budget for the Earner personality type

If you measure success by income level, you could be an Earner. You may also:

• Get satisfaction from the amount of money you earn, regardless of whether you spend or save it
• Have a plan for career advancement and financial achievement
• Be a workaholic
• Take pleasure in knowing that your income is higher than that of your peers
• Monitor your investment accounts closely because you enjoy watching your assets grow

Objective

While you know exactly how much money you’ve got coming in, you may not pay much attention to what’s going out. So, you need a comprehensive system that not only shows you where all those hard-earned dollars are going but also ensures you’re devoting enough resources (including time) to non-work pursuits.

Best personal budget for you: The zero-based budget

The zero-based budget is right on the money because it accounts for all your income earnings. Use a budget spreadsheet or a budgeting tool, such as YNAB, to log amounts for all your expenses, debt payment, purchases, savings, investments and charitable contributions.

Properly done, every dollar of your income will have a designated purpose, without any money left over at the end of the month. You’ll see whether you’re on track for retirement and any other savings goals, and what areas of your life you might be ignoring, say, like vacation spending.

#4. Best budget for the Ostrich personality type

If you typically ignore your finances because it stresses you out, you could be an Ostrich. You might also:

• Leave pay stubs and account statements unopened
• Miss payments or go into overdraft/debt because you’re not paying attention
• Disregard prices when shopping
• Think money management is too hard to learn
• Tell yourself you’ll save “eventually”

Objective

You need a simple strategy that will force you to consider what things cost and if you can afford them.

Best personal budget for you: The envelope budget

Try the envelope budget, which takes a cash-based approach to money management. It’s easy to follow; at the beginning of the month (after your rent/mortgage payment comes out of your account) you withdraw cash and divide it into separate envelopes for various categories such as groceries, gas, entertainment, debt repayment and savings. When an envelope is empty, that’s it-you can’t spend any more in that category until the next month.

Bonus budgeting tip

Obviously, you’ll need to put away your credit cards if you want this budget to work. Better yet, use a prepaid card like KOHO, which lets you transfer money onto a Prepaid Mastercard® that you can use for purchases in person or online without any chance of overspending. Spending and transaction insights and budgeting tools are also available with KOHO.

If you want to ramp up your savings slowly, consider doing the 52-week money challenge.

#5. Best budget for the Sharer personality type

If you think it’s better to give than to receive-but also put giving ahead of saving and spending on yourself-you’re probably a Sharer. You might also:

• Value others’ financial health above your own
• Offer loans or financial gifts to help friends or family, even if it means you go without
• Rarely shop for yourself
• Put all your extra money and time into helping others, including charities and community groups
• Have little in savings, because you give so much away

Objective

You need to take care of yourself if you hope to be there for others in the future. That means putting away enough for retirement savings and emergencies first; then you can give to your heart’s content.

Best personal budget for you: The values-based budget

The values-based budget is perfect for anyone who finds joy through a specific use of money – whether that be travel, a hobby or helping others. It’s similar to the pay-yourself-first strategy, in that you start by making sure you’re putting enough away in an emergency fund and retirement savings and you’ve got your living expenses covered.

Then look at what’s left over, how you’re spending it and whether that makes you happy. Any costs that “don’t matter” to you should instead be used to pay for what you value.

Find the right budget for you

The above budgets aren’t mutually exclusive — feel free to mix and match as appropriate. After all, you may find that you are a hybrid model of the above money personalities: a “Saver-Earner,” for example, may want to use the 50-30-20 budget as well as a budgeting app to keep them on track. Whatever works for you is the way to go.

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

Air Canada (TOR:AC.TO) is buying back up to C$500 million worth of its own stock through a substantial issuer bid, a type of buyback that gives shareholders a chance to sell their shares directly back to the company at a premium. The deadline to participate is June 20, 2025.

If you’re a shareholder, you now face a choice: sell some (or all) of your shares back to the company, or hold on and wait to see what happens after the buyback.

Here’s what it means, in simple terms — with real investor input, and a breakdown of risks and strategies.

Air Canada’s share buyback offer

Air Canada (TOR:AC.TO) has launched a substantial issuer bid to repurchase up to C$500 million worth of its own shares, using a modified Dutch auction format. The offer opened on May 16, 2025, and will remain active until June 20, 2025, at 11:59 p.m. ET.

Under the terms of the buyback, shareholders can tender their shares for sale at any price within a specified range of C$18.50 to C$21.00 per share. The final price Air Canada (TOR:AC.TO) will pay will be determined based on the bids received, and all accepted tenders will be paid at that single final price — regardless of the individual bid amounts submitted, so long as they’re at or below the final price.

Why is Air Canada (TOR:AC.TO) doing this? The repurchase could reduce Air Canada’s total outstanding shares by approximately 7.4% to 8.4%, and potentially up to 10%, depending on how many shares are tendered and at what prices. The buyback is fully funded with cash on hand, meaning no additional debt will be used. According to the company, the primary objectives of the offer are to counteract dilution from pandemic-era financing, enhance earnings per share (EPS) by reducing the share count, and signal to the market that management views the current stock price as undervalued.

What is a modified Dutch auction?

A modified Dutch auction is a pricing mechanism where an issuer (like a company) allows investors to indicate how many shares they’re willing to sell and at what price within a specified range. The issuer then determines the lowest price that will allow it to purchase the desired amount of shares (or a smaller amount if not all are tendered). This price is the "clearing price," and all accepted shares are purchased at this price, even if tendered at a lower price within the range. A Dutch auction offers a bidding process to help determine a fair price in a share buyback.

Here’s how it works:

1. Shareholders decide what price they’re willing to sell their shares for—within a stated range (here, C$18.50 to C$21.00).
2. Air Canada (TOR:AC.TO) reviews all the bids and picks the lowest price that lets them buy back the full C$500 million worth of shares.
3. All accepted shares are bought at that one final price—even if you bid lower.

Using this pricing strategy encourages shareholders to offer a realistic price rather than shooting for the top.

Synopsis: What’s happening with Air Canada share buyback

Pros of participating

Sell Above Market Price: Right now, AC shares are trading around C$18.50 to C$19.00. If the final buyback price is higher, you could get a premium.

No Open Market Hassle: This is a direct offer from the company, no need to time the market or use a broker to sell.

Shareholder Value Boost: Buying back shares means fewer outstanding shares. This lifts earnings per share (EPS), which can improve long-term stock performance.

Risks and drawbacks

Proration: If too many people want to sell, not all your shares may be accepted. For example, if you offer 1,000 shares, the company may only buy 400.

You Could Miss Gains: If Air Canada’s stock rises later this year, those who sold might regret selling too early.

Taxable Event: Selling your shares may trigger capital gains tax, depending on your purchase price.

What investors are saying

On Reddit’s r/CanadianInvestor forum, the response to Air Canada’s buyback offer has been mixed, with a range of perspectives from retail investors. Some users are optimistic, noting that the reduction in outstanding shares should lead to an increase in earnings per share (EPS), which could, in turn, support a higher stock price over time. They view the move as a vote of confidence from management and a positive signal that the company sees its shares as undervalued.

Others are more skeptical, questioning the structure and intent of the modified Dutch auction format. One user pointed out that this method is more complex and costly to execute compared to a standard open-market repurchase, and wondered whether it’s primarily being used to artificially create short-term demand for the stock. There’s also a practical, cautionary tone among some investors, who emphasize the importance of bidding carefully. They stress that because the final purchase price will be based on all the offers submitted, shareholders need to strike a balance—bidding too high might price them out, while bidding too low could leave money on the table.

Overall, the conversation reflects a thoughtful divide between those looking for a calculated exit and those considering the long-term benefits of holding onto their shares.

Strategy tips

A. Tender your shares (sell in the auction)

• Best for: Short-term holders or cautious investors wanting a clean exit.
• Tip: Bid closer to C$18.50 to increase chances of being accepted.
• Downside: May get partial fill due to proration.

B. Hold your shares (don’t participate)

• Best for: Long-term investors who believe in the company’s rebound.
• Benefit: Enjoy EPS growth and stock appreciation over time.
• Risk: Short-term volatility could return once the buyback ends.

Deadline: June 20, 2025

• You must decide by 11:59 p.m. ET on June 20, 2025. After that, shares go back to normal trading, and the buyback window closes.

Bottom line

This isn’t just corporate housekeeping — it’s a direct offer to investors. If you’re looking to reduce risk, lock in gains, or exit your position, this buyback provides a structured and potentially profitable way to do so. But if you believe in Air Canada’s longer-term upside, the share reduction could actually work in your favour by boosting per-share performance going forward.

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

Canada is home to many well-known brands and manufacturers, but some of the foods, drinks and clothing brands you may assume are made here actually come from elsewhere – and vice versa.

With globalization and corporate acquisitions, the origin of a product isn’t always obvious, even if the brand has strong Canadian ties (or even has Canada in the name!). Some companies have maintained local production, while others have moved manufacturing abroad for economic reasons. Meanwhile, certain foreign brands have set up shop in Canada, producing goods you might not expect to be made within our borders.

With recent trade tensions and tariffs igniting the Buy Canadian movement, many consumers are paying closer attention to where their products come from. If you’re looking to support Canadian-made goods or just want to know which brands are truly local, here are some surprising facts about what’s actually produced on Canadian soil — and what isn’t.

Ben & Jerry’s ice cream: A sweet surprise from Ontario

Ben & Jerry’s, the beloved ice cream brand known for its chunky, creative flavours, is owned by global consumer goods giant Unilever. What many Canadians don’t realize is that the ice cream sold here is produced in Simcoe, ON. That’s right — those pints of Half Baked and Cherry Garcia come from a small Ontario town, not Vermont, where the company was founded.

Chapman’s ice cream: Proudly Canadian

If you want to support a born and bred Canadian ice cream brand, look no further than Chapman’s. This family-owned company, based in Markdale, ON, is one of Canada’s largest independent ice cream manufacturers. They produce everything from classic vanilla to nut-free and lactose-free options, all made in Canada.

Kraft salad dressing? Made in Canada. PC salad dressing? Not so much

If you’ve reached for a bottle of Kraft salad dressing, you may be surprised to know that it’s made right here in Canada. However, if you opt for President’s Choice (PC) salad dressing, thinking you’re buying a Canadian-made house brand, you’re actually buying a product made in the United States.

While PC is a brand owned by Canada’s Loblaw Companies Ltd., its salad dressings are manufactured south of the border.

Kellogg’s cereal: Mostly made in the US

While Kellogg’s has a long history in Canada, the majority of its cereals are now made in the United States. The company closed its London, ON, plant in 2014, shifting production of popular cereals such as Corn Flakes and Frosted Flakes to facilities in the US. If you’re buying a box of Kellogg’s cereal, chances are it was made outside of Canada.

Canadian Club whisky: Still made in Canada

Whisky lovers can take pride in the fact that Canadian Club, one of the country’s most iconic spirits, is still made in Windsor, ON.

The brand has been around since 1858 and remains a staple in the whisky industry, proving that some classic Canadian products are still made close to home. We realize that the fact it says ‘Canadian’ in the name is a give away that maybe, it’s still made here, but in today’s climate, you can never be too sure.

Canada Dry ginger ale: Or should we call it, America Dry?

Case and point, we regret to inform you that though the name implies otherwise, Canada Dry, originally founded in Canada in 1904, is no longer a Canadian-owned company, and is instead owned by American beverage conglomerate Keurig Dr Pepper.

While Canada Dry is produced and distributed in multiple countries, including Canada, owernship of the brand has been in American hands since the early 1980s.

Roots: A Canadian brand with American ties

Roots, the iconic clothing and lifestyle brand known for its cozy sweats and leather goods, was founded in Canada in 1973. While it still has strong Canadian roots (pun intended), many of its products are now manufactured outside the country, including in Asia, and has been owned by Searchlight Capital Partners LP, an American investment firm, since 2015. Despite its branding as a symbol of Canadian culture, much of what you see in Roots stores today isn’t actually made in Canada.

Do your due diligence to do your part

While a brand’s identity may be rooted in Canada (or not!), its manufacturing and ownership can tell a different story. As consumers, taking a closer look at labels and researching where our favourite products come from empowers us to make informed decisions.

Whether it’s enjoying a scoop of ice cream, cozying up with a highball in your comfy sweats, or just being aware of where the things we buy are really made, every purchase we make is an opportunity to invest in the economy, and ultimately the country we want to sustain.

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