Canada faced one of its most expensive years for insured losses in 2024, with severe weather wreaking havoc on both homes and businesses. While homeowners bore the brunt of the damage, commercial properties also suffered massive losses, pushing the total insured damages to over $1.7 billion — the second-highest in the country’s history.
"Thousands of businesses felt the impacts of severe weather last year. The historic amount of damage in 2024 underscores the escalating financial risks Canadian businesses face from catastrophic weather events," Liam McGuinty, vice-president of strategy at the Insurance Bureau of Canada (IBC), said in a statement.
"Canada’s insurers have been on the ground since these events took place and continue to assist businesses across the country with financial support and navigating the recovery process. These severe weather events have caused not only physical damage, but have also disrupted business operations, supply chains and the flow of goods and services in the Canadian economy.”
The vast majority of commercial losses in 2024 occurred over the course of 24 days during the summer, when wildfires, floods and hail storms ravaged communities across the country.
The costliest events of 2024
The costliest weather event in 2024 for commercial insurance was the wildfires in Jasper, Alta., standing at $650 million. The municipality was hit the hardest and accounted for nearly 40% of extreme weather losses to commercial property in 2024.
Next was the remnants of Hurricane Debby across Eastern Canada at $360 million, the Calgary hail storm at $280 million and the Ontario and Greater Toronto Area flash floods at $190 million.
Since 2010, over 132,000 businesses in Canada have suffered damage and filed insurance claims due to extreme weather events, according to Catastrophe Indices and Quantification.
History of commercial insurance losses in Canada
Last year, 2024, is only behind 2016 as the costliest year for commercial insurance, thanks to the Fort McMurray wildfires in Alberta which totalled $1,918,420 in losses. 2013 is third, with $1,720,028 in losses primarily thanks to the Southern Alberta floods and GTA floods.
Rounding out the top five is 2022, with $945,632 in damages attributed to Hurricane Fiona and the derecho in Ontario and Quebec; and 2020, in which Prairie hail storms caused $782,183 in commercial losses.
"Canadian governments must move swiftly to make targeted investments in infrastructure that defends against floods, improve land-use planning rules that ensure homes and businesses are not built on flood plains and that FireSmart best practices are followed in communities in high-risk wildfire zones,” said McGuinty.
“These actions would not only protect the physical assets of the businesses that are at highest risk, but would also safeguard the broader community, contributing to a competitive, responsive and resilient commercial insurance market that provides solutions for businesses.”
Wayne and Kathy Paquette thought they’d found the perfect retirement plan: a sleek floating home on the water, no property tax, no snow to shovel, and a fraction of the cost of a traditional house. They paid $265,000 to a man named Joe Nemins from a company called Live on The Bay.
No home was ever delivered.
“I thought, ‘Wow, I can actually retire,’” Wayne said. “We were excited. It all sounded so good.”
Their floating home was supposed to be finished last May, but they say there were delays and it was never completed. Now, the Paquettes have lost their life savings.
“We have been taken advantage of,” said Kathy. “And we have lost our life savings.”
They’re not alone. At least three customers allege they were duped by the same company.
Ronda Kemp, who moved from Alberta to Midland, Ontario, to be closer to family, handed over $165,000. “I would like my money back, but I don’t think that’s going to happen,” she told CTV News “I worked all my life… now I have nothing to show for it.”
Jim Lewis, another buyer, paid $350,000 for a two-story floating house that was due to be delivered in July 2024. Lewis is frustrated as it appears the builder just abandoned the project. "We are now left to our own devices," he said to CTV, to sort out a floating home that was never completed.
Why this matters for first-time homebuyers
What happened to these buyers is more than a sad story — it’s a warning.
Canada’s housing market has pushed many first-time buyers to the brink. With soaring prices and interest rates, even entry-level homes are increasingly out of reach. According to the Canadian Real Estate Association, the average home price in Canada in early 2025 hovers near $700,000. In cities like Toronto and Vancouver, it’s closer to $1 million.
For younger buyers, the dream of homeownership is slipping further away. So they look for alternatives: Fixer-uppers, tiny homes, off-grid properties, and floating homes.
But desperation makes you vulnerable. And that’s the trap.
The promise of something affordable can be used against you. That’s why it’s critical to protect yourself — not just from scams, but from risky mortgages that leave you house-poor or overleveraged.
How to avoid getting burned: Tips for a smart, affordable mortgage
Get pre-approved and understand your budget
Before shopping for any home, talk to a mortgage advisor or bank about what you can realistically afford — and ask for multiple scenarios (fixed vs. variable, rate hikes, job loss). Don’t just go by what you can borrow. Know what you can safely afford.
Compare mortgage types
Fixed-rate mortgages offer stability, but variable-rate options may start lower. Make sure you know how your payments could change if rates increase — because they might.
Avoid private or unregulated lenders unless absolutely necessary
If a deal seems too easy or fast, ask why. Stick with lenders governed by federal or provincial rules, which offer consumer protections.
Build in a buffer
Don’t max out your budget. Leave room for rising interest rates, maintenance, or unexpected job changes. The rule of thumb: Housing costs should stay under 30% to 35% of your gross income.
Watch out for red flags
Unclear contracts, pushy sellers, or “can’t-miss” investment pitches are signs to walk away. Do your research. Ask for references. Consult a real estate lawyer before signing anything non-traditional.
Consider co-buying or shared ownership
If you can’t buy solo, co-ownership agreements with trusted friends or family are becoming more common — just make sure the legal agreements are solid.
Are alternative housing options the future?
Canadians across the country are struggling with affordable housing and as a result alternative housing options are on the rise. This makes alternatives, such as the floating homes appealing. With a floating home you own the structure and can choose to keep it in the water and pay moorage fees — similar to condo fees — or use a tugboat or similar vessel to move it to another water-based location.
Floating homes gained popularity in expensive cities, such as Vancouver and Toronto, as it was a way to stay close to big-city amenities without assuming a $1 million mortgage.
But floating homes are not the most popular alternative housing option. By far the most accessible option is a tiny home. The Ontario government defines a “tiny home” as being a standalone, self-contained structure that includes a living/dining area, bathroom, sleeping area and kitchen. Tiny homes are cheaper to build and maintain than a regular house. Depending on zoning laws in your city or district, you can add a tiny home to your property or look for tiny home zoning in your city’s master building plan.
Another option are modular homes. These homes are built using prefabricated pieces. They’re made offsite and then delivered to a property and assembled onsite. Like a regular house, these are stand-alone homes that offer all the regular modern conveniances, such as electrical and plumbing. The biggest difference is that a modular home is faster to erect than a stick-framed house — reducing the amount of time it takes between purchase and moving into your brand new home.
Next steps for the Ontario floating home buyers
When CTV News reached out to Joe Nemins, he explained in a phone interview that he had completed his part of the work and pointed the finger at the three customers for the delays. According to him, the customers changed their plans mid-construction, causing setbacks.
The cases are now part of an ongoing investigation involving lawyers and police.
Bottom line
The Paquettes’ story is heartbreaking, but it’s also a wake-up call. In this market, being hopeful isn’t enough. You need to be informed, protected, and ready to walk away from anything that seems too good to be true — even if it floats.
Sources
1. CTV News: Customers who bought ‘dream’ floating home say it’s become a nightmare (Jan 21, 2025)
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
President Donald Trump’s tit-for-tat tariff war has led to innumerable impacts, not all of them obvious. For instance, virtually no one predicted how the on-again-off-again U.S. tariffs would impact Alberta’s insurance market. Sadly, that’s exactly what has happenened.
The Insurance Bureau of Canada (IBC) recently commissioned Deloitte to undertake an analysis on the impacts of tariffs on the property and casualty industry (aka: home and auto insurance). What Deloitte found was astounding. According to their analysis the threatened 25% economy-wide tariffs President Trump announced in early 2025 — a tariff that would prompt reciprocal tariffs from Canada — would increase the price of new vehicles and replacement parts by 10.9% for most insurers.
"There is a lot of confusion surrounding tariffs, but the reality is they are here and are adding significant cost pressures to vehicle repairs and replacements that were completely unforeseen when the government extended the auto insurance rate cap last fall," Aaron Sutherland, IBC vice-president, Pacific and Western, said in a statement.
The impact tariffs have on Alberta drivers
While the threatened U.S. tariffs were only partially implemented, it didn’t stop the auto industry from updating and changing their production patterns and supply chains. As a result, the tariffs — real or threatened — have raised insurance premiums for Alberta drivers, in some cases as much as 5%.
For a driver paying $2,500 a year in auto insurance, this means the tariffs tacked on an additional $125 per year.
The impact tariffs have on Alberta’s auto industry
Several areas in the auto sector have been negatively affected by U.S. tariffs, and this has led to an increase in the cost of vehicle repairs and replacements and a strain on supply chains. As a result, the negative effects of tariffs include:
An increase in the cost of new vehicles and auto parts, due to the 50% U.S. tariffs on Canadian steel and aluminum which went into effect June 3, 2025 (after the initial 25% tariff was introduced on March 12, 2025).
Cost of imported vehicles increased by a third, after Canada launched a 25% counter-tariff on non-CUSMA-compliant vehicles imported from the United States.
A loss of jobs and future wage growth as auto manufacturers pause, cancel or close the expansion of their Canadian operations, placing further strain on vehicle repair and replacement supply chains and adding additional cost pressures.
Alberta’s rate cap issues
Even without contemplating the impact of tariffs, Alberta drivers were already facing premium price increases based on a loss trend report released by the Alberta government’s Auto Insurance Rate Board (AIRB). Loss trends are used by insurers in new rate filings — how insurance companies determine how large or small of a premium a driver must pay to insure a specific vehicle.
"The current ‘good driver’ rate cap does not reflect these new cost pressures. Unless insurers are able to account for the impact of tariffs and other growing costs in their rates, they may be forced to further reduce the availability of coverage for drivers to remain financially viable," explains Sutherland.
Based on the AIRB loss report , many vehicle premiums are in excess of the current rate cap and the this will be exacerbated over the next year as costs are predicted to rise. For instance, the AIRB report shows:
Bodily injury (legal) costs will grow an average of 9.1%
Accident benefits (medical/rehab/income replacement) costs will grow an average of 5.5%
The cost of vehicle damage claims will grow by approximately 10%
"New cost pressures created by the trade dispute with the United States are piling on top of other cost pressures in the auto insurance system and creating new challenges for insurers who are paying out more money in claims than they take in through premiums," said Sutherland. The result is that individual drivers will end up with higher auto insurance costs — a cost that won’t decrease until the global economy finds more stability in supply chains and more sanity in trade relations.
— 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.
Choosing the right student credit card is an important step for Canadian post-secondary students looking to build credit and manage expenses. With the right card, you can not only establish good financial habits but also earn rewards such as cash back and discounts that support your student lifestyle. Here’s how to find the best student credit card based on your needs, habits and eligibility.
Look for low or no annual fees
Students often have limited income, so it makes sense to choose a credit card with low or no annual fees. Many cards charge both monthly interest and an annual fee, which can range from a few dollars to several hundred depending on the card. Student-friendly options typically waive these fees or keep them minimal to help you save.
Consider the interest rate
Interest is a key factor when choosing a credit card. If you don’t pay off your balance in full each month, the remaining amount is subject to interest based on the card’s Annual Percentage Rate (APR). In Canada, this typically ranges from 19.99% to 29.99%. Even a small unpaid balance can accrue significant interest over time. For example, a card with a 19.99% APR charges about 0.000548% per day. While that may seem small, the cost adds up quickly and can spiral over a semester if left unchecked.
Evaluate cash back and rewards programs
Many student credit cards offer incentives like cash back or rewards. Cash back cards typically offer 1% to 5% back on qualifying purchases, helping you save on essentials. Rewards cards may offer points toward travel or entertainment. For example, Scotiabank’s Scene+ Visa card lets you earn points toward movies and dining. While rewards programs are more structured, cash back offers more flexibility for paying off purchases or bills.
Look for student-specific perks
Some cards come with additional perks designed for students, such as discounts at popular stores, rewards for academic performance, access to budgeting tools or extended warranties. Your campus’s student centre may also highlight exclusive deals, so check in locally for offers that could stack with your card’s benefits.
Choose a reasonable credit limit
A lower credit limit can help prevent overspending, but going over that limit can hurt your credit score and lead to fees. Anticipate your biggest purchases and make sure your credit limit covers them. If you plan to book a $1,000 flight home from school, factor that into your desired limit.
Watch for fees and penalties
Unexpected charges are a common issue for first-time cardholders. The most important thing to watch out for are late payment fees, over-limit charges and foreign transaction fees. Paying interest doesn’t necessarily mean you’ve misused your card, but it’s crucial to factor those costs into your monthly budget and build financial literacy.
Build your credit score
A strong credit score can make a major difference when applying for housing, loans or even jobs. In Canada, scores range from 300 to 850 and are classified as poor, fair, good, very good or excellent. Most banks report to credit bureaus such as Equifax or TransUnion. If you’re considering a card from a lesser-known provider, confirm it reports to one of these agencies so your positive credit activity counts.
Check customer service and support options
When problems arise, you want quick access to help. Choose a card issuer that offers multiple customer service channels, including online chat, mobile apps, email and phone. Having flexible support options is especially useful in emergencies like fraud or disputes.
Why you should get a student credit card
A student credit card can help you build credit history, manage everyday expenses and earn rewards or cash back. Used responsibly, it sets the foundation for financial success after graduation. However, it also requires discipline. Making regular payments, staying within your limit and keeping track of charges are essential to avoid long-term financial damage.
How to apply for a student credit card
Research your options based on fees, rewards, eligibility and reviews.
Ensure you meet eligibility criteria, usually including age of majority, Canadian residency, student status, and no recent bankruptcies.
Prepare documents like proof of enrollment or income.
Submit an application, either online or in person, which typically takes less than 15 minutes.
Wait for approval, which usually takes three to five days before your card is mailed.
Can you get a student credit card without a job?
Yes. While some providers ask for proof of income, you can often use alternative sources such as student loans, scholarships or parental support. As long as you can demonstrate the ability to pay back expenses, you may still qualify.
Can international students get credit cards?
Yes. Major Canadian banks such as BMO, Scotiabank, CIBC, RBC and HSBC offer unsecured credit cards to international students with limits up to $1,000. TD offers secured cards to newcomers, requiring a deposit as collateral.
But when he went to the license office to register the vehicle, the title was deemed incomplete because the sale price was missing. He told FOX 2 the state took 294 days to notify him of the problem.
Despite his best efforts, Shakman wasn’t able to add his name to the title.
Strangely enough, he claims he was eventually asked by the state to take extreme measures against the state itself.
“I went to the courthouse in Clayton, and I did something I’ve never done. I sued the state of Missouri,” he said.
What is a skip title, and how does it impact the seller?
A skip title is when someone purchases a vehicle and doesn’t get the title in their name before selling it to someone else.
This, FOX 2 says, was the issue facing Shakman.
A person who is involved in this sort of “title jumping” bypasses requirements like paying title transfer fees, taxes and registration fees. There ends up being a gap in the vehicle’s history.
According to Kelly Blue Book, a title proves ownership, while a car’s registration allows a vehicle to be legally driven. You usually can’t register a car without a title.
Shakman told reporters that his initial check to register the trailer was cashed. However, he didn’t find out about the deficiency in his paperwork — there was no sales price in the title — until almost a year later.
When he attempted to provide more paperwork, the Department of Revenue told him he needed affidavits. “And then after I talked to the state, it was now the only way you’re getting a title is by suing us, and here’s how to do it,” Shakman said.
Shockingly, state government officials instructed him to sue the state in order to get his title.
In November, Shakman filed a petition asking for the state of Missouri to give him his title and to pay back some of the fees he paid. On April 1, he appeared in court and was finally awarded his title.
In mid-May he was in court again and was awarded $100, a portion of the fees he had paid for the registration.
“I can’t believe the man-hours that must’ve gone into processing that action I submitted,” he said. “It just doesn’t make sense.”
How to avoid skip titles
To avoid purchasing a vehicle with a skip title, do your research.
Verify the identity of the seller and ask them to provide proof of ownership history. The documentation could include copies of registration documents, the title in their name and any maintenance records.
You’ll also want to verify whether there is still a lien and how this person intends on settling the debt.
If you’re purchasing a car from a dealer, keep all documentation as they’re obligated to ensure a proper title transfer. Usually the dealership will also register the vehicle for you.
Whether you purchase from an individual seller or a dealership, register the vehicle as soon as possible and verify that the title has been transferred in your name.
If you realize you have been title jumped, you may have to take legal action. Consult an attorney about next steps.
Have you ever nearly been convinced by an email, text or phone call that you needed to click a link or share private information? The deluge of messages, virtual or otherwise, that Canadians receive can sometimes make it easy to slip in our vigilance against fraud. A new RBC poll finds 98% of respondents have seen more targeted and sophisticated scams.
"With the increase in volume and sophistication of scams, it’s understandable that Canadians are finding it challenging to always have their guard up when it comes to fraud. Criminals are using the latest technology to gather information, build trust, create urgency and prey on people’s needs and fears," Vanja Gorazi, RBC’s vice-president of fraud management, said in a statement.
"This has led to a wave of investment, romance, senior and other scams. It has never been more important to stay alert."
Nearly 9 out of 10 (89%) noted a rise in scam attempts more than ever before, up significantly from 2023.
Fool me once, fool me twice
The majority (86%) of respondents believe it is getting harder to recognize scams and protect themselves; two-thirds are feeling tired of always having to be on the alert; and one-third admit to letting their guard down.
Scams are getting smarter, and according to recent poll results, people are taking notice. At the top of the list? Phishing and spear phishing.
If you’ve ever received a sketchy email or text that seems off, you’re not alone. Phishing refers to those broad, deceptive messages designed to trick you into clicking a link or giving up personal information. Spear phishing takes it a step further. These scams look even more convincing, often appearing to come from a trusted contact, like your bank or a coworker.
But that’s not all that has people worried. A staggering 76% of respondents say they’ve seen more scams specifically targeting seniors. And in a world where artificial intelligence is advancing quickly, deep fake AI scams are on the rise, too — 65% of people have noticed more of these high-tech scams impersonating trusted individuals or organizations, up from 56% last year.
As scams become more sophisticated, staying informed is more important than ever. Whether it’s an email that seems too good to be true or a voice on the phone that doesn’t quite sound right, a little extra caution can go a long way.
What’s the best defence against scammers?
The vast majority of Canadians believe it’s worth it to take steps to protect themselves against fraud. With scams, they recognize the need to question what they see and hear, with 91% of respondents believing the best defence against scams is staying aware and vigilant.
Moreover, 71% feel prevention measures must be extreme to be effective.
Respondents to the poll were asked what if any preventative measures they were already taking to avoid falling prey to the onslaught of scammers. Of those asked:
93% never share passwords, PINs, or login details with anyone
92% never respond to unsolicited texts, calls or emails
91% say "no" when pressured to respond to an urgent request or offer
84% always use more than one way to authenticate themselves where possible
71% no longer trust any form of communication, even if it seems to come from a trusted source
Survey methodology
RBC commissioned an online survey of 1,500 Canadian adults that are members of the Angus Reid Forum from January 17 to 22, 2025, weighted on age, gender, region and education according to the latest census data.
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
Darlene Wesley was by all means a good tenant. The senior from Hamilton, Ontario had never missed a rent payment to her landlord for over two decades. But, despite her virtues, she lost her residence due to an illegal renovation.
In February of 2023, Wesley and three other tenants were evicted out of their residences so owner Kevin Moniz could complete renovations — a legal process known as renoviction. Wesley notified Moniz in writing she would be returning to her residence as per Ontario’s Residential Tenancy Act (ORTA), but found out that the residencies previously occupied by her and the three other tenants were being rented out to other people.
Prior to the renovations, Wesley and the other affected tenants were paying $700 a month in rent, while the new tenants are paying $1,500 each month, one of them told the courts. Because Moniz clearly violated the ORTA, Ontario’s Rental Housing Enforcement Unit — created to uphold the rights of tenants — charged the landlord with four counts of “knowingly failing to give the tenants the right of first refusal for their units,” CBC News reported.
Justice of the Peace, Linda Crawford, found Moniz guilty on all four counts and fined him $100,000 to be paid in two weeks’ time. "In my view, there was quite a bit of foresight to renovate apartments and he made a decision to essentially flip them and rent them out for more than double what he had been getting before," Crawford stated.
Your tenant rights when it comes to renovictions
Under the ORTA, evicting a tenant so a landlord can renovate the premises is perfectly legal, so what exactly led to Moniz’s convictions?
Under the ORTA, tenants have a number of rights when it comes to renovictions, and a specific process needs to be followed for it to be legal. If a tenant’s rights are violated under the ORTA, then a renoviciton may be illegal.
Before evicting a tenant to renovate, the landlord must provide 120 days’ notice. The renovations need to be extensive enough to require vacant premises and a building permit. Tenants also have a legal shield known as a right of first refusal. When a tenant is notified a renovation is occurring, before they vacate the premises, they can notify the landlord that they have the right to their residence once the renovations are completed.
Under Hamilton’s new renovicition bylaw that came into effect in January, tenants now have additional protections. If a tenant chooses to exercise their right to the property once renovations are complete, their landlord must provide them with similar alternative housing arrangements or monetary payments in lieu of.
If a tenant is concerned their landlord may be completing renovictions in bad faith, they can challenge the process before Ontario’s Landlord and Tenant Board.
Advice for tenants facing renovictions
While there are many protections in place for tenants, renovictions can be a stressful time and understanding your legal rights can be quite complicated.
If you’re facing renovictions in Hamilton and not sure how to navigate the situation, make sure to follow these steps to ensure you aren’t taken advantage of and you can return to your residence.
Provide notice of your right of first refusal: To be able to return to your residence following renovations, you need to give your landlord notice of such within 120 days of receiving notice of the renoviction. Doing so will also put your landlord on the hook to provide alternative housing for your or payments in lieu of.
Make sure you see written proof: Under Hamilton’s new bylaw the landlord and affected tenants must sign a document stating their agreed terms and arrangements before the landlord can be issued a license to renovate the building. If you haven’t seen or signed any documents laying out rental arrangements during and after the renovations and your landlord is starting to renovate, that’s a major red flag.
Get independent legal advice: Before signing any documents or moving out of your rental unit, get in touch with a real estate lawyer who isn’t acting for your landlord. This can help you know your rights in and out, especially with more complex details such as financial compensation in lieu of alternative housing arrangements.
Contact city officials: Hamilton residents issued notice of renoviciton can email the city at [email protected] or call 905-546-2782 (select option 2) to make sure their landlord is in compliance with the city’s bylaws.
If you are outside of Hamilton, be sure to check your specific city’s bylaws on renovictions, or if you’re still unsure, consult the provincial body overseeing landlord and tenant rights.
Being evicted to have your property renovated can come with a lot of uncertainties. You might be wondering if your rent will increase, if you can challenge the renovations or what your rights are under the law and Hamilton’s new bylaw.
Following these steps — and contacting the City of Hamilton bylaw officers or Ontario’s Landlord and Tenant Board if your landlord is acting in bad faith — may save you the heartache of illegally losing your residence before it’s too late.
Sources
1. CBC: Hamilton landlord fined $100K for illegal renovictions that had ‘devastating’ impacts on tenants, court hears, by Samantha Beattie (May 28, 2025)
Dave Ramsey has fervently preached financial advice to North Americans for decades — but younger generations are now slamming the white-bearded radio host for offering counsel that doesn’t quite account for the current cost-of-living crisis.
One frothy example is Ramsey’s repeated attacks on those who spend money to buy their daily cuppa Joe. In a 2021 blog post, Dave Ramsey claimed a daily coffee habit could cost someone US$766 a year (about C$1,044 at the time). As of 2024, with rising café prices, that cost is closer to US$950 annually (C$1,300), according to Statista and recent coffee price data. That’s quite a bit of money, explains Ramsey — money that could be spent on paying down student debt, boosting savings or investments or even towards better consumable purchases, such as a newer vehicle.
But the younger generation argues that they’d rather sustain their mental well-being and hold onto the small luxuries that bring them joy rather than save a little extra cash.
“Self-care is extremely important,” Jarrod Benson, a 32-year-old comedian from Orlando, Florida told Business Insider. Benson considers his daily coffee purchase a self-care routine. He adds: “I’d rather be caffeinated than depressed with $6.”
Does Benson have a point? Is it important to spend on the small luxuries? Or should more people heed the advice of Dave Ramsey (and other financial influencers) and cut back on the little luxuries in life?
Social media users scorn Dave Ramsey’s advice
As of May 2025, the hashtag #daveramseywouldntapprove has about 85 million views on TikTok, with scores of users posting videos criticizing the finance personality for being out of touch with reality and shaming their money habits.
Benson, for example, didn’t hesitate to jump on the bandwagon with his own content, featuring himself sipping a pumpkin cream cold brew or getting a US$4 Crumbl cookie before cutting to his Ramsey impersonation watching menacingly from a distance.
It’s clear that Ramsey’s advice, which often includes living frugally or taking on more work to increase your income, doesn’t quite resonate with younger listeners.
Not willing to do anything to get out of debt
In a recent TikTok, Kate Hindman, a 31-year-old administrative assistant in Pasadena, California, emphasizes that her mental health and quality of life are far more important to her.
“I’m not willing to do anything to get out of debt,” she says. “I’m not willing to eat rice and beans everyday, I’m not willing to have three jobs and not spend time with my children. I’m not willing to forgo my favourite salad on a Friday.”
Hindman explains that her bills are so massive that a little extra cash saved here and there isn’t making a major dent in paying down her debt.
“The cost-of-living and low wages is to blame for the financial woes of most,” she says. “Being told that we can incrementally make these big differences if we just give up our quality of life for five, 10 years is absurd.”
According to Equifax Canada, Gen Z and Millennials carry average non-mortgage debts of C$17,338 and C$29,056 respectively — levels that have grown even as wages stagnate.
Ramsey’s financial advice isn’t always right
There’s another reason for the backlash against Dave Ramsey: His financial advice isn’t always the right.
For instance, Hindman decided to convert $30,000 in credit card debt into a debt consolidation loan with an 8% interest rate. Keep in mind, interest rates on debt consolidation loans currently range between 7.5% and 13.5%, depending on credit score and lender type. To find the best rates, consider using a loan consolidater, such as Loans Canada. Despite the advantage of lowering your debt costs, this is a tactic Dave Ramsey famously despises. He claims it doesn’t actually work, arguing that the lower interest rate removes the pain of debt and can lead to people carry debt for longer.
However, the use of debt consolidation loans to pay down debt faster — and at a cheaper cost to the borrower — is undeniable.
Spring Financial: Competitive loan rates and the ability to apply and complete the process right from your mobile phone
Fairstone: Canada’s leading non-bank lender with competitive rates for borrowers with fair to poor credit
Other debt consolidation options for Canadians: For those who want to pay down their debt quickly another option is to consolidate higher-interest debts using a low-interest credit card. By dropping your annual credit card interest rate from 22.99% to 12.99%, you can save more than $900 in interest costs (assuming you carry a $5,000 credit card balance and it takes three years to repay the loan). Good options for low-interest credit cards include:
Like any debt-solving hack, whether taking on a new, lower-interest loan really works, depends. It can be harder to keep track of multiple credit cards at once than pay off one bill each month. Plus, if you secure a lower interest rate on your loan than what you were grappling with on your credit cards, this can be a great opportunity to save hundreds or thousands of dollars on your debt load in the long run.
On the other hand, there could be additional costs involved with a new loan, such as origination fees—upfront fees a borrower pays in order to get the loan — prepayment penalties or late payment fees.
Using the Debt Snowball method to get out of debt
Rather than consolidate debt using a lower interest rate loan, Ramsey recommends using the snowball method. Using this debt repayment strategy, borrowers pay off their smallest debt (or account with the lowest balance) first and make only minimum payments on all their other outstanding debts.
This method of tackling debt works as it offers behaviourial incentives to the borrower. Paying off a debt is liberating and incentivizes the borrower to repeat the process — over and over, until all debt is repaid. However, tackling small debts, first, without any concern for interest rates can cost the borrower. Larger debts with higher interest rates go unpaid, sometimes for quite some time, and this adds to the overall cost and burden of the debt.
“What Dave Ramsey would say is, ‘I don’t care if paying down the highest-interest debt first is the cheapest, because if you give up midway through, that’s more expensive,’” James Choi, a finance professor at the Yale School of Management, told The Wall Street Journal. As such, Choi isn’t convinced that everyone should adopt the snowball method when tackling debt. And his skepticism may be justified. In a recent study by the University of British Columbia, researchers found that while the debt snowball method improved motivation, the debt avalanche method — paying your most expensive debt first — reduced repayment time by an average of four months.
While there’s little doubt that using the snowball method for tackling debt works, that doesn’t mean it’s the right solution for everyone.
So, what is the right solution, particularily when it comes to spending on those small indulgences?
What the health experts say
Research shows that when we focus on something that we believe is positive or affirming, this attention brings us joy and has a positive impact on our mental health.
“A little luxury is something that brings a spark of joy, beauty, or delight to your day. It is not something you need, but it is something that makes your day the tiniest bit more extraordinary,” explained Jillian Amodio, LMSW, Founder of Moms for Mental Health, in an interview with Verywellmind.com.
Over the last year, a number of surveys show that Canadians of all ages are feeling the pinch of the increased cost of living and, as a result, were making changes to how they spend money. This isn’t surprising since inflation has outpaced wage growth for the last few years. In a 2024 RBC report analysts showed how real wages in Canada were flat despite a 15% cumulative rise in core living expenses since 2021.
In the U.S., more than half (56%) said they’d have to make cuts to their household spending. Apparently, Canadians agree. In a 2025 Ipsos Reid poll, 61% of Canadians said they had cut back on dining out, with 49% delaying non-essential clothing or electronics purchases. These sentiments indicate a potential shift in what people consider essential. It appears that not everyone agrees on the relevance of little luxuries like buying a cup of coffee at the local barista.
“Little luxuries are personal and subjective. What feels indulgent to one person may not have the same effect on another," explained Robert Cuyler, PhD, and Chief Clinical Officer at Freespira, a U.S.-based private firm specializing in medication-free treatment of anxiety and panic attacks, in an interview with Verywellmind.com.
"The key is to find what works for you and make it a consistent part of your self-care routine. Remember, taking care of yourself is not selfish; it’s necessary for maintaining good mental health and being your best self for others,” Dr. Cuyler concludes.
John spent the last 30 years working. Unfortunately, he didn’t save. To be honest, John only started saving over the last 15 years. Despite some obstacles, John managed to put away approximately $357,000. Now he’s a year away from celebrating his 65th birthday and he wants to know: Can I retire?
John isn’t alone. Across the country, many Canadians approach retirement with more questions than answers. What plagues most of these pre-retirees are the same questions:
Have I saved enough for retirement?
How long will my savings last?
For people like John, a good place to start is to work backwards. Here’s how to do it.
Start with the basics: What the average Canadian retiree household looks like
The average Canadian retiree household (assumed to be over the age of 65) spends roughly $62,000 per year, according to a 2021 report from Statistics Canada. This means retired couples can expect to pay roughly $5,200 per month on housing costs, groceries, transportation and moderate entertainment (such as hobbies, seeing friends and gifts for families).
With this figure in mind, each spouse contributes about $31,000 per year or $2,600 per month to pay for living expenses, once they retire.
The good news is that most working Canadians can expect some help from government sources.
For instance, the average monthly Canada Pension Plan (CPP) payment for a retiree was $815 in 2024, according to Government of Canada data. Plus, most Canadian retirees can expect an income supplement through Old Age Security (OAS) of approximately $654 to $1,087, depending on their marital status and retirement income.
Based on these averages, most Canadian retirees can expect government income supplements to provide between $1,400 to $1,900 in monthly income. This works out to $16,800 to $22,800 per year per person — or $33,600 to $45,600 for a couple.
Using these supplements, you can now work backwards:
$5,200: What you need to budget for expenses, each month
$1,400 to $1,900: What you can expect from government pension and income supplements, each month
$3,300 to $3,800: Shortfall each month
Based on these calculations, the nest egg of $357,000 would need to provide between $3,300 and $3,800 in income each month. Split these costs with a partner and you may reduce the monthly income from your savings portfolio to $1,650 to $1,900 per month in investment income.
But is this nest egg large enough for the retirement you are envisioning?
To get a good idea if your savings nest egg is large enough, you can examine where you stand in comparison with your peers.
Compare savings with the average Canadian retiree
StatsCan data shows the average Canadian aged 65 or older has approximately $517,000 in retirement savings, including private pension assets, employer-sponsored pensions, RRSP and non-pension assets.
From this perspective, John’s savings of $357,000 appear a bit low, but it’s a solid start towards a comfortable retirement.
Plan for longevity
The World Health Organization (WHO) pegs average life expectancy in Canada at 82 years — meaning that retirees starting this next phase of their life at age 65 should plan for 17 years of retirement living.
If John were to plan for a conservative 20-year retirement, then your $357,000 nest egg would need to provide $17,850 in income per year, ignoring any investment growth.
Calculate how long your money will last
The “4% rule” is a common guideline for retirement withdrawals. Using this rule, retirees should withdraw no more than 4% of the portfolio’s value — ensuring that the bulk of the principal continues to accrue interest, earnings and dividends that are then used to fund another year of retirement living.
How much can John comfortably spend in retirement?
Using the 4% rule, John could withdraw up to $14,280 in the first year. When combined with the average income generated from government pension and income-supplement plans, John would have approximately $34,500 in income.
If John had a spouse that could also contribute a similar amount, there would be no need to worry; however, if John is single and must pay for all living expenses out of his own retirement earnings, he is going to have problems.
Recall that the average retiree spends about $62,000 on living expenses — with each spouse contributing approximately $31,000 to cover these costs. Unfortunately, John doesn’t have enough to cover the full amount, which means he will need to consider ways to cut down on expenses.
Worried about your finances? How to stretch your savings
Even with a strong start at saving, there are always ways to bulk up your nest egg. To help, here are five strategies to make sure your retirement savings last.
Make your money work for you: Inflation, alone, will eat away at your purchasing power so it’s critical that you stash your nest egg in accounts that will let your money work for you. For instance, store these funds in a day-to-day account, like a chequing account, and the minimal interest earnings won’t even cover the cost of inflation. Instead, keep the bulk of your savings in an investment portfolio (using a trading account with low fees). Additionally, you can keep emergency funds in a high-interest savings account.
Minimize taxes using registered plans and strategic withdrawals: Make use of TFSAs and RRSPs to legally shield yourself from paying more tax. When you get to retirement, be strategic about where you withdraw money — as some withdrawals will add to taxable income in retirement, while others will not. In general, withdrawals from your TFSA will not increase taxable income and prompt any clawbacks in government supplements, such as OAS. RRSP withdrawals, however, are taxable and will increase your taxable income in retirement.
Downsize your home or relocate: Shelter costs often make up the largest retirement expense — and it’s not just about the mortgage or rent payment. Heating and electricity bills can add up if your home is larger than your needs. To help reduce these costs, consider downsizing to a smaller property. If you don’t have familial or friendship ties keeping you in one place, consider relocating to a less expensive city or region. This can also help free up some extra cash that can be used to supplement your retirement savings.
Part-time income: While not all retirees want to work in retirement, some choose to while others must. If you’re in this position, keep in mind that any additional income can supplement your savings, help you delay collecting CPP and OAS and help give you peace of mind.
Delay CPP and OAS if possible: For every year that you delay CPP after age 65, you can expect your payment to increase by 8.4% per year (up to age 70). OAS benefits also rise commensurately by 7.2% for each year you delay. If you don’t need the money right away, a delay in collecting these income supplments can help boost your monthly income in later years.
Bottom line
With $357,000 in savings and steady income from CPP and OAS, your financial outlook has a solid start, but there’s work to be done. If you decide not to work and not to delay your CPP and OAS earnings, you can budget approximately $34,000 per year available to pay expenses — and this should last until your savings are depleted in about 20 years.
By fusing smart withdrawal strategies and careful budgeting, there is no doubt you can enjoy a comfortable retirement.
To stretch savings even further, consider downsizing, part-time work or optimizing your investments.
Remember: retirement isn’t just about how much you have but how you use it.
— with files from Justin Ho
Sources
1. Statistics Canada: Household spending by age of reference person (Oct 18, 2023)
4. Statistics Canada: Assets and debts held by economic family type, by age group, Canada, provinces and selected census metropolitan areas, Survey of Financial Security (x 1,000,000) (Oct 29, 2024)
In a country known for its long cold winters, summer in Canada feels like a reward. As the snow melts and daylight stretches into the evening, cities and towns across the country come alive — and nowhere is that energy more palpable than at the local fairs and festivals.
From Toronto’s waterfront midway to Calgary’s rodeo arena, summer festivals mark the season with spectacle, sound and sheer celebration. You’ll find teenagers lined up for deep-fried pizza, crowds cheering as chuckwagons thunder past, and someone — somewhere — happily paying $100 for a gourmet hot dog.
It may sound and feel like lighthearted fun, but these gatherings are serious business. With millions of attendees and hundreds of millions in economic impact, Canada’s major fairs and festivals do more than entertain — they drive tourism, fuel local economies and bring communities together in a way few other events can.
Canadian National Exhibition (CNE) – Toronto, Ontario
Joanne Dale | Shutterstock
Since 1879, the Canadian National Exhibition — affectionately known as “the Ex” — has been a defining feature of Toronto’s late summer. What began as the Toronto Industrial Exhibition, a showcase for agriculture and technological innovation, has blossomed into one of the country’s largest and most beloved annual events, welcoming about 1.6 million visitors each year to Exhibition Place.
The Ex is a vibrant tapestry of entertainment and culture. Visitors can explore a wide variety of attractions including live concerts, international pavilions highlighting global cultures and thrilling midway rides that have delighted generations. A true highlight is the Canadian International Air Show, held every Labour Day weekend. Drawing tens of thousands of spectators, this dazzling aerial display features military jets, vintage warbirds and stunt pilots performing breathtaking maneuvers over the city skyline.
Beyond the spectacle, the Ex serves as a cultural crossroads that reflects Canada’s rich multiculturalism. From artisan markets to cultural performances, it’s a place where communities come together to celebrate diversity and shared heritage.
Economically, the fair is a powerhouse, generating an estimated $143 million annually for Ontario and supporting more than 5,000 seasonal jobs. For many Torontonians, the Ex is more than an event — it’s a cherished summer ritual, a nostalgic farewell to the season and a chance to connect with friends, family and the wider community before autumn sets in.
Whether you’re catching the air show, wandering the international exhibits or enjoying the classic sounds of a summer concert, the Canadian National Exhibition offers a uniquely Canadian experience that blends history, culture and celebration in one unforgettable package.
Calgary Stampede – Calgary, Alberta
Jeff Whyte | Shutterstock
Every July, Calgary turns into the epicentre of Western pride as the Calgary Stampede gallops into town. Known around the world as “The Greatest Outdoor Show on Earth,” the Stampede is more than just a fair — it’s a 10-day celebration of Alberta’s frontier roots, cowboy culture and community spirit, with over 1.4 million visitors coming through its gates each year.
The Stampede’s legacy stretches back to 1912, when it began as a tribute to the cowboy way of life. More than a century later, it still delivers on that promise with world-class rodeo competitions, thundering chuckwagon races and agricultural exhibitions that connect city dwellers with the province’s rural heart.
But the Stampede is about more than just rodeo grit — it’s a full-scale cultural spectacle. The festivities kick off with the Stampede Parade, drawing hundreds of thousands to Calgary’s downtown core in a burst of marching bands, floats and horses. Each day brings a dynamic lineup of live music, Indigenous cultural programming, art exhibits and family-friendly attractions, capped off by nightly fireworks that light up the prairie sky.
One of the must-see highlights is the Grandstand Show, an extravagant blend of music, acrobatics and pyrotechnics that showcases Alberta’s creative energy with Broadway-style flair. And then there are the pancake breakfasts — a citywide tradition where locals and tourists alike gather on sidewalks, in parking lots and at community halls to enjoy free flapjacks and warm Western hospitality.
The Stampede’s impact goes far beyond entertainment. It pumps more than $540 million annually into Alberta’s economy, supporting over 3,500 seasonal jobs and driving a surge in tourism, hospitality and small business activity across the region.
Whether you’re cheering in the rodeo stands, dancing to country tunes in a pop-up saloon or tasting your way through the midway, the Calgary Stampede offers a front-row seat to Alberta’s identity — proud, resilient and wide open.
Pacific National Exhibition (PNE) – Vancouver, British Columbia
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For more than a century, the Pacific National Exhibition (PNE) has been a pillar of summer in Vancouver — part tradition, part spectacle and entirely iconic. Since it first opened in 1910, the PNE has grown into one of British Columbia’s biggest and most beloved public events, drawing more than 2.5 million visitors to Hastings Park every August.
The fair is a true mix of old and new, where classic carnival rides sit alongside cutting-edge exhibits and live music pulses through the summer air. One of the biggest crowd-pullers is the Summer Night Concerts, a nightly series of shows that bring major international and Canadian artists to the PNE Amphitheatre — a venue that buzzes with the energy of fans singing under the stars.
Of course, no visit is complete without a spin through Playland, the on-site amusement park that’s open all season long. With everything from nostalgic wooden coasters to adrenaline-pumping thrill rides, it’s a magnet for families, teens and lifelong fairgoers alike.
But the PNE isn’t just about fun — it’s also a major contributor to the province’s cultural and economic life. More than half its seasonal workforce is under 21, making it one of the largest youth employers in the region and a stepping stone for many into the job market. Beyond the fair, the organization runs year-round educational programs, cultural initiatives and event rentals that help keep Hastings Park an active and engaged space for the community.
From heritage barns and agriculture displays to arcade games and fireworks shows, the PNE is where generations of British Columbians have made summer memories. It’s not just an event — it’s part of the cultural DNA of Vancouver, as enduring as the mountains that frame the city skyline.
Whoop-Up Days – Lethbridge, Alberta
Brett Holmes | Shutterstock
Every August, the city of Lethbridge throws a party rooted in grit, community and frontier pride — and it’s been doing it for well over a century. Whoop-Up Days is a five-day celebration of Southern Alberta’s Western heritage, and in 2024, it drew record crowds, with more than 40,000 visitors turning out to take part in the festivities.
The tradition dates back to the late 1800s, when early settlers gathered to mark the season with fairs and rodeos. While the event has evolved over the decades, the spirit remains the same — a bold, city-wide celebration that brings families, rodeo fans and music lovers together under the open prairie sky.
In recent years, organizers have leaned into innovation, adding more entertainment and family-friendly programming while keeping admission accessible through promotions like “Free ‘Til 3.” That strategy has paid off, with both attendance and community participation on the rise.
One of the cornerstones of Whoop-Up Days is the Lethbridge & District Pro Rodeo, a Canadian Professional Rodeo Association-sanctioned event that continues to gain national traction. In 2024, it set its own record with over 6,100 spectators across three action-packed days. Competitors from across Western Canada showed up to battle it out in classic events like bull riding, barrel racing and steer wrestling, thrilling crowds and adding prestige to the local circuit.
The economic impact is just as impressive. With an estimated $2.5 million injected into the local economy, the festival fuels business for hotels, restaurants and downtown merchants, while supporting seasonal jobs and local vendors. More than just a fun week, Whoop-Up Days is a moment of pride for Lethbridge — a chance to showcase its hospitality, heritage and growing appeal as a cultural hub in Alberta.
Whether you’re catching the rodeo under the arena lights, dancing at a concert, or lining the streets for the parade, Whoop-Up Days offers an authentic taste of Southern Alberta — high-energy, big-hearted and built on tradition.
Quebec City Summer Festival (Festival d’été de Québec) – Quebec City, Quebec
eskystudio | Shutterstock
Each July, Quebec City transforms into one of the most electric places in Canada, as the Festival d’été de Québec (FEQ) takes over its historic streets and iconic venues. Founded in 1968, the festival has grown from a local summer celebration into the country’s largest music event by duration and artist lineup.
In 2024, FEQ drew more than 1.5 million attendees over 11 days — a staggering number that reflects its stature as a world-class festival. Spread across multiple stages, from the massive Plains of Abraham to more intimate downtown squares, the event delivered more than 200 performances, blending global superstars with emerging Canadian talent.
The 2024 lineup read like a mixtape of today’s biggest names. Post Malone played to over 100,000 fans in a single night, while other headliners such as J Balvin, 50 Cent, Jonas Brothers and Nickelback brought diverse crowds to their feet. The festival also spotlighted Quebec’s rich musical culture, with celebrated homegrown acts like Alexandra Stréliski and Karkwa, and a special Latin Night featuring artists such as Ivan Cornejo and GALE.
Beyond the music, the festival is a major economic driver for Quebec City. In 2024 alone, it generated an estimated $107 million in tourist spending, filling hotel rooms, packing restaurants and energizing the downtown core. More than 900 seasonal jobs were created through BLEUFEU, the organization behind the event, further cementing FEQ’s role as a key pillar in the city’s summer economy.
But FEQ is more than numbers and names. With its affordable pass prices and mix of free and ticketed events, it remains one of the most accessible major festivals in the world. Locals and tourists alike share in a uniquely Quebecois experience — music echoing through centuries-old streets, fireworks bursting over the St. Lawrence, and a city alive with rhythm and celebration.
For anyone who loves live music, there may be no better place to be in July than Quebec City. The Festival d’été isn’t just an event — it’s a full-throttle cultural experience that captures the soul of summer in Canada.
Why summer festivals are Canada’s most joyful economic engines
Canada’s giant summer fairs and festivals are more than just a kaleidoscope of lights, fried foods, and thrill rides. They’re major contributors to local economies and living examples of how culture and commerce can thrive together. Each year, millions of visitors pour through the gates of events like the CNE, the Calgary Stampede, the PNE and dozens of regional fairs and festivals, bringing with them a surge of spending that supports small businesses, artists, vendors and thousands of seasonal workers.
These festivals aren’t just good fun. They’re good business. They create jobs for youth, boost tourism, stimulate local hospitality sectors and even inspire new entrepreneurs to test the market with pop-up stands and food trucks. For cities and provinces, they represent a rare mix of economic stimulus and civic celebration.
As inflation and affordability challenges continue to shape the financial landscape, these fairs offer an important reminder: strategic investment in cultural events can pay off in very real ways. Whether you’re a municipal planner, a small business owner or a festival-goer looking for your annual fix of mini doughnuts and rollercoaster rides, the return on investment is clear — Canada’s fairs bring people and prosperity together in a way few other events can.
So, the next time you find yourself standing beneath a Ferris wheel as fireworks light up the sky, know this: You’re not just enjoying summer’s greatest hits. You’re taking part in one of Canada’s most joyful, impactful economic traditions.
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
