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  • A majority of Canadians are concerned about overtourism

    A majority of Canadians are concerned about overtourism

    Many Canadians pride themselves on the natural beauty of the country, and a lot of work goes into maintaining that, whether that means being more conscientious of the environment or literally managing the amount of people in any site of natural wonder. It makes sense then that that attitude extends to tourism. A new survey from Flight Centre revealed 71% of Canadians are concerned about the impacts of overtourism.

    “Canadians are curious by nature, but they’re also conscientious,” Nate Mosher, travel expert at Flight Centre Canada, said in a statement. “They want to see the world without overwhelming it, and that often means taking the road less travelled.”

    Canadians’ overtourism concerns

    For many travellers, the dream vacation isn’t just about escaping the daily grind, it’s also about escaping the crowds. In fact, more than three-quarters of Canadians say that popular tourist attractions are often too busy to truly enjoy. And 81% would gladly trade a packed hotspot for a quieter, equally stunning destination.

    This growing desire for breathing room is about comfort, but it’s about conscience, too. Over half of Canadians say they’d be willing to pay a destination fee if it helped support sustainable tourism. And many agree with the sentiment behind local protests in over-visited areas: some places simply need a break from the tourist trail.

    That’s where Flight Centre’s approach to smarter, more responsible travel comes in. The travel company encourages vacationers to think beyond the beaten path, opting for lesser-known towns and cities, planning trips during off-peak seasons and choosing to support small, local businesses wherever possible.

    “Responsible tourism doesn’t mean compromising on experiences,” says Mosher. “It means discovering unique places like Montenegro instead of Croatia, or Sevilla instead of Barcelona—and doing it at the right time of year.”

    The reward? A richer, more personal journey. “You still get incredible memories,” Mosher adds, “but with fewer crowds and a deeper connection to the place you’re visiting. And those small choices? They help keep these destinations special — not just for locals, but for future travellers, too.”

    Survey methodology

    Results come from a global survey by YouGov of 6,141 adults (1,047 from Australia, 1,023 from New Zealand, 1,051 from the U.K., 1,105 from South Africa, 1,006 from the U.S. and 1,109 from Canada). The survey was carried out online from January 10 to 20, weighted to be representative of all adults aged 18 and above that are planning to travel in 2025.

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

  • How a man travelled the world in 24-hour trips — and how Canadians can do it too

    How a man travelled the world in 24-hour trips — and how Canadians can do it too

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

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

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

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

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

    How Canadians can emulate Droniak’s travel style

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

    1. Embrace micro-travel

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

    2. Prioritize experiences over luxury

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

    3. Utilize travel deals and rewards programs

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

    4. Plan trips around personal commitments

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

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

    Sources

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

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

  • 62% of Canadians rely on income from contract work, so what happens if this money disappears? Here’s how you can protect your loved ones

    62% of Canadians rely on income from contract work, so what happens if this money disappears? Here’s how you can protect your loved ones

    The gig economy is a big economy.

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

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

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

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

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

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

    The state of gig worker benefits in Canada

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

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

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

    Be prepared

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

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

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

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

    Choosing the right plan

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

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

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

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

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

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

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

    Sources

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

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

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

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

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

  • Air Canada’s $500M share buyback explained — what investors need to know before June 20

    Air Canada’s $500M share buyback explained — what investors need to know before June 20

    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

    Air Canada's Share BuyBack: Details & Features
    Money.ca

    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.

  • Wealthsimple bets big on borrowing: Launches credit card, lines of credit

    Wealthsimple bets big on borrowing: Launches credit card, lines of credit

    In a significant move to diversify its financial services, Wealthsimple Inc. has unveiled its inaugural credit card and line of credit offerings. This expansion marks a bold step in the company’s strategy to compete directly with Canada’s established banking institutions.

    The fintech company is also enhancing its existing services by introducing new features to its chequing account platform, which was initially launched in 2020. These additions include mobile cheque deposits, wire transfer capabilities and bank draft services — bringing its functionality closer to that of traditional banks.

    Earn cash back, low-rate lines of credit

    Wealthsimple launched several new banking features, including a credit card offering 2% cash back rewards. The company also announced plans to introduce a line of credit by year-end, with rates starting at 4.45%, notably lower than the current prime rate of 4.95%.

    The fintech company is expanding its services with complimentary bank draft delivery to recipients. Additionally, customers will have the option to use their Wealthsimple account balances as security for lines of credit.

    Despite these new features and services, it remains uncertain whether Wealthsimple can successfully capture significant market share from Canada’s Big Six banks — RBC, TD, BMO, CIBC, Scotiabank and National Bank.

    Wealthsimple’s offerings

    Wealthsimple has positioned itself to capitalize on changing consumer behaviours by introducing innovative financial products. The company’s strategic focus on digital-first banking solutions comes at a time when Canadians are increasingly seeking alternatives to traditional banking services.

    The fintech company’s expansion into retail banking services marks a significant shift in the Canadian financial landscape. By offering competitive rates and eliminating common fees, Wealthsimple is directly challenging established banks’ long-standing fee structures.

    These new banking products represent a deliberate move to address consumer pain points, particularly around transaction costs and international banking fees. By offering free ATM withdrawals and the elimination of foreign exchange fees, Wealthsimple is specifically targeting frequent travelers and cross-border shoppers who have historically faced substantial banking charges.

    Uphill battle

    In addition to facing competition from other fintech companies, Wealthsimple faces significant challenges in its efforts to compete with Canada’s major banks. The Canadian financial sector is highly concentrated, with the six largest banks controlling 93% of banking assets. While Wealthsimple manages approximately $70 billion in client assets — comparable to EQ Bank’s $74 billion as Canada’s seventh-largest bank — this figure pales in comparison to RBC’s substantial $1.4 trillion in assets under management.

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

  • Barbara Corcoran singled out this US city as the top hotspot she’d choose to open a business. Why the mogul finds it so attractive — and how you, too, can find a budding market

    Barbara Corcoran singled out this US city as the top hotspot she’d choose to open a business. Why the mogul finds it so attractive — and how you, too, can find a budding market

    Barbara Corcoran, a successful real estate entrepreneur and one of the personalities behind the popular TV show Shark Tank, has said that if she were to start over again today, she would choose Pittsburgh as the city where she would build a business.

    In an interview with The School of Hard Knocks posted to YouTube on March 10, Corcoran noted an influx of industries into the city, including technology and health care, and referred to Pittsburgh as “a young New York.”

    Don’t miss

    Aside from the perks she mentioned, Pittsburgh has a lot going for it due to its proximity to resources, tax benefits and draw for employees.

    Let’s take a look at why the place nicknamed “Steel City” is so attractive for businesses, and how you can find other budding markets.

    Why Pittsburgh is attractive for businesses

    Corcoran mentioned in the same interview that Pennsylvania has a business-friendly state government, and she’s right.

    With the passing of bill HB 1342 in 2022, the state corporate net income tax rate was lowered from 9.99% to 8.99% starting in 2023. The rate will be further reduced by 0.5% per year until 2031, when it will reach 4.99%. Pennsylvania, previously among the states with the highest corporate tax rates, will eventually have some of the lowest in the country.

    Pittsburgh, the state’s second-largest city, is also well-located. Half of the U.S. population lives within 500 miles of the Steel City. This can give businesses better access to supplies or vendors and even current and future customers. The city also has a robust labor force of around 1.29 million people in the area.

    Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

    Employees will find Pittsburgh to be highly livable, with typical home values sitting around $243,000, according to Zillow, lower than its national estimated average of around $368,000.

    Some of Pittsburgh’s other notable features include outdoor amenities, a large number of regional post secondary educational institutions and cultural attractions, which could lure employees to come and work for your business.

    What about small businesses in Pittsburgh?

    Many of the incentives mentioned are likely to benefit larger corporations or ones with more resources to invest. But there are still benefits for smaller businesses that may be considering opening up shop in Pittsburgh.

    The Pennsylvania Business One-Stop Shop is a resource the state created to help small businesses launch and grow their company. It can help you set up the correct business entity and access.

    If Pittsburgh isn’t for you, other locations offer perks for business owners.

    In 2024, CNBC analyzed all 50 states based on 128 metrics in 10 categories and ranked them based on which was best for businesses. The top five included Virginia, North Carolina, Texas, Georgia and Florida.

    What to read next

    Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. Subscribe for free.

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

  • ‘All the crypto cowboys are gone’: Kevin O’Leary says the sector is safe now and is backing stablecoins — but experts say it could be ‘sowing seeds of a financial crisis’

    ‘All the crypto cowboys are gone’: Kevin O’Leary says the sector is safe now and is backing stablecoins — but experts say it could be ‘sowing seeds of a financial crisis’

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

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

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

    Don’t miss

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

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

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

    Is more regulation the answer?

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

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

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

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

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

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

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

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

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

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

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

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

    Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

    What about less regulation?

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

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

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

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

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

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

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

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

    What to read next

    Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. Subscribe for free.

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

  • Nearly half of Canadians are feeling burnt out

    Nearly half of Canadians are feeling burnt out

    The relentless push of hustle culture and the grind mentality dominates social media, but at the end of the day, we’re only human— and an unbalanced work-life dynamic can take a serious toll.

    A new survey from Robert Half suggests that many Canadians are feeling the strain, with nearly half reporting symptoms of burnout.

    "In addition to being an increasingly worrying issue for professionals, burnout is a major challenge for employers as well," Koula Vasilopoulos, Robert Half Canada’s senior managing director, said in a statement.

    "When employees are burned out due to heavy workloads and understaffed teams, businesses risk decreased productivity and morale, losing valued team members, and revenue loss due to falling behind on key timelines for critical projects."

    Specifically, 47% report feeling burned out and 31% indicate they are more burned out now than they were the year prior.

    Canadians are getting tired

    Burnout among Canadian workers is on the rise. In 2023, just 33% of employees reported feeling burned out, but by 2024, that number had climbed to 42%, according to Robert Half.

    The leading causes of burnout include:

    • Heavy workloads and long hours (39%)
    • Emotional or mental fatigue from high-stress tasks (38%)
    • Poor work-life balance (28%)
    • Lack of support or recognition from management (28%)
    • Limited opportunities for career growth (28%)

    Those feeling the strain the most? Professionals in the legal and HR fields, working parents and millennials.

    Burnout’s impact on businesses

    The heavy workloads that are a top driver of burnout are in part a consequence of longer hiring cycles. According to a separate Robert Half survey, of more than 1,050 managers, nearly four in 10 said burnout among existing staff is a major challenge they face when they are unable to fill a necessary role. Other repercussions include decreased productivity, delayed project timelines, higher turnover and lost revenue.

    To combat burnout culture, workers indicated the best ways their manager can help: Encouraging time off and/or mental health days, hiring permanent or contract professionals to ease the workload and helping to prioritize projects and manage timelines.

    "As burnout continues to rise, managers need to be proactively mitigating it, by working to fill gaps on the team, embracing flexible staffing solutions, encouraging time off, prioritizing workloads and maintaining open communication about employee wellbeing,” Vasilopoulos said.

    Survey methodology

    The online surveys were developed by Robert Half and conducted by an independent research firm in December 2024 and March 2025. They include responses from 1,500 workers and 835 workers aged 18 and older across Canada, as well as 1,056 hiring managers at companies with more than 20 employees across Canada.

    Sources

    1. Cision: YNearly half of Canadian workers feel burned out, and more than 3 in 10 say burnout is rising (March 25, 2025)

    This article Nearly half of Canadians are feeling burnt outoriginally appeared on Money.ca

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

  • Kristi Noem got her bag, $3,000 stolen by masked thief from a DC restaurant despite Secret Service presence — here’s how the robbery went down and how to prevent a similar hit

    Kristi Noem got her bag, $3,000 stolen by masked thief from a DC restaurant despite Secret Service presence — here’s how the robbery went down and how to prevent a similar hit

    You can’t track cash — so if someone takes it, you’re out of luck.

    The Department of Homeland Security (DHS) confirmed that on Sunday, April 20, Homeland Security Secretary Kristi Noem’s purse was stolen.

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    She was dining with her family at a popular downtown Washington restaurant called The Capital Burger when the theft happened.

    What happened, exactly?

    CNN, one of the first news outlets to report the story, said that her purse contained Noem’s medication, driver’s license, passport, apartment keys, makeup bag, $3,000 in cash, blank checks and her DHS access badge.

    Noem herself noticed the purse was missing — it wasn’t spotted by her Secret Service detail.

    Since then, the Secret Service has reviewed security footage to determine what happened.

    According to NBC News, a man wearing an N95 mask entered the restaurant around 7:55 p.m. ET and approached the area where Noem was dining.

    He moved his chair closer to hers, then slid his foot toward her purse, dragging it back to him. Within minutes, he had tucked the bag under his jacket and walked out.

    NBC also reported that a witness said the restaurant wasn’t busy at the time, and at least two plainclothes Secret Service agents were on duty. They were seated between the front doors and the bar where Noem was sitting.

    “Her entire family was in town, including her children and grandchildren — she was using the withdrawal to treat her family to dinner, activities and Easter gifts,” a DHS spokesperson said.

    Jonathan Wackrow, a CNN law enforcement analyst and former Secret Service agent, told CNN the incident may point to a lapse in security.

    “This is a security breach that actually has high consequences, and it needs immediate and further review,” he said, adding that the Homeland Security Secretary is “at higher risk for targeted threats, both by foreign and domestic actors.”

    Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

    Why did she have so much cash?

    Tricia McLaughlin, a DHS spokesperson, confirmed Noem had withdrawn the cash to treat her visiting family during the Easter holiday.

    There is no conclusive evidence that Noem was deliberately targeted, nor do investigators know whether the thief was aware of whose purse it was.

    What can we learn from this incident

    Noem’s unfortunate experience is a reminder of the importance of safeguarding your valuables. While theft can’t always be prevented, there are steps you can take to reduce your risk and potential losses.

    First, avoid carrying around large sums of cash. As mentioned earlier, cash is untraceable, and once it’s gone, it’s nearly impossible to recover — especially if it’s spent before the thief is caught.

    Carrying around blank checks is also risky. A thief could forge your signature and withdraw money from your account.

    While state and federal laws may protect you in cases of check fraud, your bank might help recover stolen funds from a written check, blank checks generally don’t carry the same protections.

    Whatever you carry in your wallet or purse, always stay aware of your surroundings. Even at social gatherings, it’s important to keep an eye on your belongings. Simply holding onto your purse rather than placing it on the floor makes it less accessible to potential thieves.

    If your purse or wallet is stolen, report the theft immediately and list everything that was inside. Cancel all credit and debit cards, report stolen IDs and freeze your bank accounts if possible.

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

  • ‘Beyond the pale’: Atlanta ‘phantom debt collector’ harassed people into paying him debts they didn’t owe — here’s how to protect yourself from being ‘violated’ by shady professionals

    ‘Beyond the pale’: Atlanta ‘phantom debt collector’ harassed people into paying him debts they didn’t owe — here’s how to protect yourself from being ‘violated’ by shady professionals

    Having debt is never fun. And when a representative from a lender calls you asking for the amount you owe, your nerves may get the best of you.

    But what if you’re being harassed? Worse yet, for a debt you don’t really owe?

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    Kenneth Redon III, a former debt collector who owned Global Circulation, Inc. (GCI), has been barred for life from the debt collection business after harassing a number of individuals to pay debts that didn’t exist, according to a Federal Trade Commission (FTC) release.

    But this isn’t a new scam. Back in 2023, Sherrel Dunn was a victim of the same scheme.

    “You just feel violated,” she told WSB-TV. “You feel helpless.”

    More about the ‘phantom debt collector’

    According to the FTC release, Redon “threatened consumers with jail time, lawsuits, and wage garnishments to pressure them into paying debt they didn’t actually owe.”

    WSB-TV spoke to FTC Senior Attorney Gregory Ashe about the tactics Redon used.

    In addition to assuming a number of false names, he also called his victims multiple times a week, sometimes calling several times a day.

    Ashe also said “in many instances [Redon] had some forms of the consumer’s personal information. And so they would say, ‘is this not the last four digits of your Social Security number?’”

    Redon’s company allegedly claimed the business was affiliated with certain lenders to further trick borrowers into paying their phantom debts.

    The FTC’s release also states it filed a temporary restraining order against GCI and said Redon violated parts of the Fair Debt Collection Practices Act (FDCPA) and the Gramm-Leach-Bliley Act.

    Under the FTC’s proposed order, GCI and Redon also have a monetary judgment of $9,684,338 imposed, but this will be suspended once any remaining assets are turned over. However, if Redon and his company are found to have misled or lied about their business finances, then the judgment remains in effect.

    “Using a playbook of intimidation and threats of jail time to coerce consumers into paying debts that they don’t owe is beyond the pale,” said Christopher Mufarrige, director of the FTC’s Bureau of Consumer Protection in the same press release. “The FTC will not hesitate to act against phantom debt collectors to shut down their operations.”

    Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

    Knowing your rights

    The Consumer Financial Protection Bureau says the Fair Debt Collection Practices Act prevents debt collection companies from contacting you during certain hours. They are forbidden from abusing, harassing or making misleading statements to individuals who owe debts.

    As an example, a debt collector is not allowed to call or contact you repeatedly, especially with the intention of threatening or annoying you. Debt collectors are required to identify themselves and can’t call before 8 a.m. or after 9 p.m.

    If you’re on the phone with a debt collector or have received a letter, you have a right to know how much you supposedly owe and what the debt is for. You can also dispute the debt or verify whether the debt is actually yours.

    Even if the debt is legitimate, you still have a right to take some space and ask the debt collector to stop contacting you. That doesn’t mean you don’t owe the debt, though, they’ll just take another legal approach.

    How to spot a shady debt collector

    A major red flag is if a debt collector refuses to tell you the name of the lender you allegedly owe, or if the collector is vague about their own identity or the amount owed. Get as much information as you can in writing to ensure the claim is real. If someone calls you and refuses to provide written documentation, then they’re most likely a scammer.

    Remember, you have the right to ask the debt collector for information about the original lender, assuming the debt was transferred to another company. If a person calls you saying that they are a collector and tries to threaten you or to confirm sensitive information (like your Social Security number), hang up and contact the alleged debt collection company yourself to see if it’s legitimate.

    What to read next

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