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

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

Why increasing RRSP transfer-out fees makes no sense

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

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

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

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

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

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

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

The bigger picture: Hundreds of millions at stake

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

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

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

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

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

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

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

Is it acceptable to continue paying Big Bank fees?

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

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

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

For the third consecutive year, American Express has secured the top spot in J.D. Power’s Canadian Credit Card Mobile App Study, widening the gap between itself and competitors even as the digital banking landscape increasingly resembles a sea of sameness.

Amex tops J.D. Power’s mobile app survey across all categories

American Express Canada’s mobile app scored highest across all metrics in J.D. Power’s mobile app survey, earning an impressive 692 points (on a 1,000-point scale), more than 20 points higher than runner-up, Tangerine.

Here’s the top three:

• American Express: 692
• Tangerine: 669
• TD: 640

J.D. Power’s Canada Credit Card Mobile App Satisfaction Study surveys thousands of credit card customers across four key categories: navigation, visual appeal, speed and information/content, with American Express earning the highest score across all four,

The study points to several improvements Amex has made to its mobile app experience as key to the company’s three-peat:

• New rewards hub: Consolidated redemption options in one place
• Streamlined authentication: Integrated verification for faster account access
• Enhanced payments: Redesigned interface for simpler transaction management

"Being celebrated by J.D. Power for the third year in a row showcases the power of our strategy and the substantial investments we’ve made to elevate the Cardmember experience,” said Brett Mooney, President & CEO, American Express Canada, in a news release. ”We are thrilled to set a high standard for mobile across the industry and even more excited about our unwavering commitment to surpass our Cardmembers’ expectations."

Mobile apps becoming homogenized

Amex’s win comes at an interesting crossroads for credit card mobile apps. According to J.D. Power, bank and credit card mobile apps are delivering “remarkably similar user experiences,” with the gap between best and worst performers shrinking to its lowest levels ever.

“Banks and credit card companies have reached an inflection point in their digital transformation journeys,” said Sean Gelles, senior director of banking and payments intelligence at J.D. Power. “They’ve spent years refining their apps and websites to deliver maximum functionality within the limits of their existing tech platforms.”

But that sameness appears to appeal to Canadian consumers. Overall credit card app satisfaction increased by 22 points industry-wide, indicating banks have mastered the basics of app functionality, creating competent platforms that meet minimum customer expectations but failing to create memorable or distinctive experiences that drive brand loyalty.

The result? A digital experience that’s “predictable and consistent, but unmemorable from one brand to the next,” according to the study.

American Express triumphs in Money.ca Credit Card Awards

Securing top spot in the latest J.D. Power Credit Card Mobile App Satisfaction Study follows on the bank’s impressive performance in the latest edition of the Money.ca Credit Card Awards. The American Express Cobalt Card took top spot as Canada’s best credit card overall, retaining its place with the only 5-star score in the category. The Cobalt also finished runner-up in the best dining card category.

Additionally, the SimplyCash Preferred Card and Platinum Card earned top three honours across several categories, including best welcome bonus, best travel card, best cash back card, best gas card and best grocery card. The Amex Business Gold Rewards Card won as best business card in Canada

Browse all the winners in the 2025 Money.ca Credit Card Awards

What’s next for mobile apps?

The digital banking landscape in Canada has reached a plateau of competency, where sameness results in a consistently strong and accessible interface. But the novelty and warpspeed rollout of AI means Canadians can anticipate even more changes to apps this year.

“As customers become more familiar with technologies like generative artificial intelligence and other advanced tools in their daily lives, financial institutions will need to raise the bar to keep pace with rising expectations,” Gelles noted.

Expect to see AI-powered personalized spending insights that go far beyond basic categorization, offering recommendations such as, "Based on your spending patterns, switching to our no-fee dining card would save you $240 annually." These tailored insights offer the potential to help cardholders maximize rewards based on actual habits, not generic spending categories.

The banks that successfully integrate AI technologies while maintaining security and ease of use will likely pull ahead of the increasingly uniform pack.

About J.D. Power

J.D. Power, a global leader in consumer insights with over 50 years in the industry, bases its rankings on comprehensive surveys of thousands of credit card customers across Canada. The company maintains offices throughout North America, Europe and Asia Pacific, providing market intelligence across major industries.

Sources

1. Newswire: American Express Ranks No. 1 in Canada for Credit Card Mobile App Satisfaction for Third Year in a Row (June 5, 2025)

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

While Canada’s inflation rate has cooled to pre-pandemic levels, food prices continue to soar, and a new report suggests the real culprit might not be inflation at all, but something more opportunistic: Corporate greed and tariff-driven price hikes disguised as necessity.

Food prices keep rising even as overall inflation cools

A deep dive by Money.ca uncovers a troubling disconnect: While Canada’s overall Consumer Price Index crept up just 1.7% year-over-year in April, grocery prices jumped a sharp 3.8%. Staples such as beef skyrocketed 16.5%, and bread prices have soared over 50% in just three years. Meanwhile, energy costs, including gasoline, have been falling steadily.

“This isn’t traditional inflation anymore,” said Cory Santos of Money.ca. “What we’re really seeing is corporations exploiting global events — first the pandemic, now Trump’s tariffs — as a cover to boost their profit margins while Canadians struggle to keep food on the table.”

Trump’s tariffs have shifted Canada’s trade balance and widened price pressures

The 2025 Greedflation in Canada report outlines how aggressive U.S. trade tariffs and prolonged corporate profiteering are widening the affordability gap. In January, U.S. President Donald Trump announced new tariffs on Canadian imports, including a 25% levy on most goods and 10% on energy. These policies took effect in March and have already tilted Canada’s merchandise trade balance into a $1.5 billion deficit.

Rural and urban consumers alike are bearing the burden, with more than 80% of rural businesses and 85% of larger Canadian firms planning to raise prices in 2025. “In my conversations with economists, what’s become clear is that these tariffs aren’t just going to hurt consumers directly — they’re likely providing cover for a new wave of opportunistic price hikes that far exceed the actual impact,” Santos explained.

Corporate profits are driving inflation more than before

The term “greedflation” — where corporations use inflationary pressure as an excuse to raise prices beyond necessary levels — was once dismissed as political rhetoric. But evidence shows corporate profits contributed 53% of inflation during the second and third quarters of 2023, up from just 11% before the pandemic — a 381% increase.

Despite economic uncertainty, profit margins remain high across Canada. Eighteen of the 21 largest non-financial industries had margins above pre-pandemic levels in 2023. Energy companies saw margins triple from 4.2 to 12.4% between 2020 and 2022. Banks also posted strong gains, rising from 12.7 to 16.9%.

Energy prices fall sharply while food costs continue to climb

Fuel prices have taken a sharp dive thanks to the federal government’s move to scrap the consumer carbon tax on April 1. Gasoline prices have dropped about 22%, settling around $1.42 per litre. On top of that, crude oil costs have fallen to a four-year low near $60 a barrel, as OPEC+ ramps up production and floods the market.

But while fuel costs are easing, food prices keep climbing with no end in sight. According to Dalhousie University’s Canada Food Price Report, the average Canadian family of four is expected to shell out $16,833.67 on groceries in 2025 — up nearly $800 from last year. The grocery bill just keeps getting heavier.

The United States’ tariffs are driving grocery price increases

The United States supplies 55% of Canada’s agri-food imports, including 75% of baked goods, making tariffs a major factor in grocery prices. Retailers such as Loblaw have already identified 6,000 products that could see price increases of 25% or more due to U.S. tariffs.

The report warns that some retailers may be using tariffs as cover for disproportionate price hikes. Loblaw, which controls nearly 28% of the Canadian grocery market, was involved in a bread price-fixing scandal resulting in a $500 million class-action settlement.

Even on legitimately tariff-affected items, a 10% tariff on a product component that’s only 30% of the total cost should not result in a full 10% price hike, yet consumers often see this inflated pricing on shelves.

Inflation varies widely across regions and reveals a two-speed economy

Inflation across Canada is far from uniform. Quebec tops the list at 2.2%, with Manitoba close behind at 2.1%, followed by British Columbia at 2.0%, Saskatchewan at 1.9% and Ontario at 1.6%. But the story doesn’t stop there. Even within provinces, prices tell different tales. In British Columbia, for example, Vancouver faces a higher inflation rate of 2.2% compared to Victoria’s 1.9%, highlighting how local factors shape the cost of living.

This split reveals a striking reality: Canada is living with two inflations — one steadily falling, the other stubbornly climbing. As the report explains, “Corporations didn’t just match their higher input costs — they added extra percentage points to expand their profit margins while Canadian households struggled financially.”

Canadians are paying more because companies can charge more

The report makes it clear: Rising food prices aren’t just about higher costs — they’re driven by companies taking advantage of the moment to raise prices and expand profit margins. Even as overall inflation eases, food prices keep climbing, leaving many Canadians to shoulder costs that go beyond what’s justified by supply or tariffs.

With corporate profits remaining high, it’s evident that businesses are charging more simply because they can — a reality that hits household budgets hard.

For anyone looking to understand how greedflation is reshaping the Canadian economy and what it means for your wallet, read the full Greedflation in Canada report, to learn more about the forces behind rising prices and what lies ahead.

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

Tracy and Dale McMullen are Canadians who had a vacation home in Buckeye, Arizona, for five years until they sold it in April. The couple typically spent four to five months a year in the U.S., but now say they don’t plan on returning anytime soon.

“We decided to sell the property after the current POTUS took office,” Dale told Reuters, referencing President Donald Trump, in a story published on April 22. “We felt we could not trust what he might do next to us as individuals and to our country. We no longer felt welcome nor safe.”

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Tracy and Dale are among a number of Canadian snowbirds re-thinking their annual vacation plans to escape the wintery cold up north in favor of sunny U.S. destinations.

So, why exactly are Canadians deciding to pack up and stay home, and what impact could this have on local U.S. economies?

How much do Canadians spend on real estate in the U.S.?

According to National Association of Realtors (NAR) data, Canadians spent a total of around $5.9 billion in U.S. residential real estate between April 2023 and March 2024, making up 13% of foreign purchases.

These buyers spent at an average purchase price of $834,000, second-highest among international transactions. This was credited to Canadian buyers purchasing homes in resort areas, where property tends to be more expensive.

Florida (41%) and Arizona (23%) topped the list of states where Canadians purchase homes, making up almost two-thirds of home sales. Nearly half (49%) of Canadians bought these properties as vacation homes, while one-fifth (22%) intended to use them for both vacations and renting.

But this year could tell a different story, say those in the industry. Andrea Hartmann, managing partner of the Sandy Hartmann Group, says peak buying season for condos in the Tampa Bay area is in the first quarter of the year.

“We have not received an offer [this year] from a Canadian buyer even once, and normally we would,” she told Reuters.

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 are Canadian homeowners selling their U.S. homes?

Trump threatened to impose widespread tariffs on goods from Canada as early as February. Although the president has delayed many of these levies, a number were still put in place. Meanwhile, Canada has implemented retaliatory tariffs of its own on select U.S. products.

In addition, repeated comments by the president suggesting Canada become America’s 51st state — going so far as to mockingly refer to former Prime Minister Justin Trudeau as “governor” — were perceived by many Canadians as a threat to the country’s sovereignty.

But there may be reasons beyond political friction Canadians may want to put up “For Sale” signs in front of their vacation homes in the U.S.

Four major hurricanes have ripped through Florida in the last several years, and these natural disasters have had an impact on home insurance premiums. Several companies have pulled out of the state, while others have increased prices. As of June 1, the average cost of insurance for a $300,000 home in the state was $5,409 per year — more than twice the national average of $2,341 per year — according to data from Bankrate.

“Now with the political issue, the cost of maintaining a place here in Florida and the insurance, a lot of them decided to sell and go,” Ken O’Brian, owner of Southwest Coast Realty in Naples, which specializes in helping Canadians purchase real estate, told Reuters.

In Arizona, realtor Laurie Lavine told Reuters he’s seen more listings from Canadians wanting to sell homes this year. Usually, there are around two to four listings per quarter, but at the time of publication he said there were 18 active listings. He added that Canadians are feeling “picked on” by U.S. border agents enforcing stricter rules.

“There is no incentive to come to the States anymore,” Donny B. of Ontario, who is trying to sell two investment properties in Florida, told Reuters. He declined to give his surname, the publication says, because he feared backlash. “I’m like, ‘are people going to be pissed off at me?’”

How this could impact local economies

The shift in real estate purchase decisions from Canadians could indirectly affect how homes will be bought and sold.

If there are more listings, it could mean that buyers in these areas have more inventory to choose from and less competition from others putting offers on the same homes. For realtors, the lower number of buyers could be offset by more opportunities to help sellers list their homes.

However, less Canadians — even tourists and not homeowners — could spell less incomes for local businesses. Time will tell how snowbirds flocking away from the country will have an impact on the U.S.

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• How much cash do you plan to keep on hand after you retire? Here are 3 of the biggest reasons you’ll need a substantial stash of savings in retirement

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.

In a New York minute, three women looking to bolster their aesthetician careers lost more than $3,000 each when a highly promoted makeup course vanished overnight, along with the influencer behind it.

Marley Matamoros, Ashley Landin and Michelle Echeverry, all from New York, paid their money to take an unlicensed course led by Miami-based TikTok influencer Melanny Restrepo Herrera, who claimed to be a successful permanent makeup artist.

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But the class was canceled. After promising refunds and rescheduling classes, Restrepo Herrera disappeared without further communication and blocked the women on social media.

“I’ve seen her posts and I was really intrigued,” Landin told CBS News New York. “She markets herself as a millionaire who helps people achieve financial freedom.”

All three women are frustrated and angered by the lack of communication. After the CBS story aired, Restrepo Herrera followed up, offering a refund but with a catch: they need to sign “corresponding documents”.

Their ordeal raises concerns about how vulnerable people looking to improve their careers can be exploited by influencers or fake colleges who promise financial freedom but deliver nothing. Here’s how you can avoid a similar situation.

Who is Melanny, and what did she promise?

Restrepo Herrera, or simply Melanny, is a Florida-based TikToker who paints a rags-to-riches story and promotes her permanent makeup business, The Luxury Ink, through her social media. Her since-deleted Instagram and TikTok accounts were filled with posts promoting her services and luxury lifestyle.

Restrepo Herrera said she went from a homeless shelter to earning $200,000 a month, and when advertising her courses, claimed she could teach students how to make $1 million a year.

Although the course was initially priced at $6,000, Melanny offered steep discounts and payment plans. Landin said she saw others take the course and believed it was legitimate.

But the night before the class, Restrepo Herrera canceled, saying she needed emergency surgery. She told students they could either request a refund or take another course she was offering in Miami, with travel covered if they gave 30 days’ notice.

Echeverry asked for a refund but was blocked on social media. Landin tried to accept the Miami offer but never heard back. As of May 11, when the CBS News New York aired its story, Restrepo Herrera was still promoting a course set to take place in Dallas in June.

Upon further investigation by both CBS’s New York and Miami affiliates, the Florida Department of Health said that Restrepo Herrera does not have the necessary licenses or permits to teach the courses she promotes.

“I hope she gets what’s coming for her,” Echeverry said.

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

How to avoid being misled by college or training scams

Unfortunately, bogus college and training course scams are common. To protect yourself, you can:

• Look up the college or influencer’s full name and verify their credentials.
• Check for required licenses and permits if they’re offering services or teaching a skill.
• Be wary of vague refund policies and unclear course details.
• Search for reviews or testimonials from past students — outside of the college or the teacher’s social media.
• Use a credit card to make purchases, which can help you dispute a charge if things go south.

And most importantly, act fast if you feel something’s wrong — whether that means asking for a refund or filing a dispute with your bank. If it’s too good to be true, it most likely is.

What to read next

• JPMorgan sees gold soaring to $6,000/ounce — use this 1 simple IRA trick to lock in those potential shiny gains (before it’s too late)
• This is how American car dealers use the ‘4-square method’ to make big profits off you — and how you can ensure you pay a fair price for all your vehicle costs
• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?
• How much cash do you plan to keep on hand after you retire? Here are 3 of the biggest reasons you’ll need a substantial stash of savings in retirement

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.

Between rising interest rates, a shaky stock market and the threat of a trade war with the US, it’s no surprise that financial uncertainty has instilled fear in people in recent years.

And unfortunately, this financial uncertainty makes people more vulnerable to falling for get-rich-quick (or “quicker”) schemes in times of need.

More specifically, multi-level marketing (MLM) schemes have proven detrimental for many people. So, before handing money over to a financial MLM, it’s important to take a closer look at what you’re actually getting into.

What is a financial MLM scheme?

Most of us are familiar with MLM schemes (aka “direct sales” or “network marketing”). These companies rely on independent consultants (usually someone you went to school with) to push alleged immune-boosting essential oils or shakes that help you drop 20 pounds.

However, MLMs haven’t just cornered aspects of the wellness market. Now, they’re selling financial products, too — and these companies aren’t new. Some bigger financial MLMs have been selling financial products like mutual funds and annuities since the 1970s.

Like any MLM, when you buy their product, the rep receives a commission, but so does the person who recruited them and their recruiter’s recruiter, and so on.

How to spot an MLM scheme: questions to ask yourself before investing

We are not saying all MLMs are scams. Under Canadian law, if they’re selling you a product or service, then they’re considered legitimate businesses. However, there are some questions you can ask yourself before investing your money in businesses to ensure your financial security.

1. What sort of credentials does the person offering this product have?

MLMs generally rely on their existing representatives to recruit other people as part of their “downline.” This means anyone with a pulse could land themselves a position as an independent rep for a financial MLM.

Ask yourself and them what sort of credentials they have. In Canada, individuals who sell financial products, including mutual funds, securities and insurance, must meet certain educational and employment requirements to be licensed.

When buying mutual funds, you want to deal with a person who has done a Canadian Securities Course (CSC) or Investment Funds in Canada (IFC) course. While you’re at it, do a Google search on the company to see if there are any red flags, such as current or past lawsuits.

2. What are they promising you?

Before you invest in a financial product, ask what the return on investment is, then compare it to what’s available on the market. Is it on par with the return from other mutual funds? Are their rates of return two, or three times what reputable financial products deliver?

Similarly, before signing up for a digital financial scheme, ask for research or materials that prove their claims are credible. If anyone is promising things like “guaranteed high returns” with “no risk,” consider yourself forewarned.

3. Do you feel pressured to invest?

It can be especially challenging to turn down an investment opportunity when it’s a family member or good friend pushing a financial product on you. That’s because MLM recruits are usually encouraged to sell to their “warm market.” The cold hard truth is it’s your cold hard cash — you have a right to invest it how you see fit.

What to do before you sign up with an MLM

MLMs are a mixed bag. Some are reputable with long track records, while others have questionable reputations that should be noted. Protect yourself by doing your homework and taking these steps:

• Research the business. Check different websites for reviews and first-hand experiences. Look at numerous sources. Is there a common denominator? A common complaint that keeps coming up? If something seems fishy, walk away.
• Read the fine print. Know that MLMs must disclose the compensation actually received, or likely to be received, by a typical participant. If you can’t readily find this information, then walk away.
• Ask about compensation plans. With these plans, MLM companies offer a financial incentive to recruit new members. It makes your participation a money-making proposition for the person trying to get you to sign up. That makes it difficult to get unbiased answers from the recruiter.
• Inquire about stock obligations. You don’t want to get stuck with stock. Steer clear of MLMs that don’t have a reasonable buy-back guarantee or refund policy, allowing you to return your extra products when you decide to end your career with that company. If it doesn’t provide details on that policy proactively, ask to see it. Plan operators have to tell you about it.
• Be honest with yourself. Do the promises being made seem too good to be true? Don’t get taken in by the allure of “get rich quick” schemes. These plans may seem an easy way to wealth, but you’ll end up doing as much work as any other job.

The bottom line: should you consider investing in an MLM company?

You know what they say, “If it looks like a duck, swims like a duck, and quacks like a duck…”

If someone is pushing an investment opportunity on to you that sounds too good to be true, it probably is.

The key is to check out opportunities carefully. Some people do quite well when they sign on with an MLM company. Some have long track records and are credible. Others are not and leave those participating in them with less money than when they started. That underscores the importance of taking the time to carefully assess each opportunity and exercise caution and due diligence before you jump in.

This article Financial MLMs: how to spot the difference between a scheme and an actual businessoriginally appeared on Money.ca

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

Knowing where to put your savings can be a struggle.

Investing can lead to high returns, but make it harder to access your cash in a pinch. And on the other hand, while your standard savings account is always accessible, interest rates can be low. If you’re looking for low risk, but hoping for some modest returns, high-interest savings accounts (HISAs) may be the answer.

Introduced to Canadians more than two decades ago, HISAs offer higher interest rates than your standard day-to-day savings accounts.

The Bank of Canada interest rate informs HISA rates. When the Bank of Canada raises rates, other lenders usually follow their lead. This is bad news if you have debt, but good news if you have money in the bank, as higher rates mean higher returns.

Even though HISAs typically pay significantly more interest than a chequing or savings account from a traditional bank, many people are hesitant to set one up.

Here’s what you need to know about HISAs, including how to set one up so you can start seeing your savings grow.

1. They pay high interest

The obvious reason to get a HISA is for the high interest that they pay. For example, digital banks such as EQ Bank, Neo Financial and Simplii Financial currently offer HISAs that pay 3% interest or more.

While that may not seem like a lot, daily savings accounts typically pay next to nothing. Even then, you may be required to keep a minimum amount in the account before you start earning interest.

More financial institutions have started introducing their own HISAs, however, their interest rates are typically lower, around 0.30% to 0.50%.

When signing up for a high-interest savings account, watch for promotions such as an increased interest rate for three months on new deposits. Some savvy customers will constantly shuffle their money around from one bank or credit union to another to maximize their returns.

2. There are typically no fees

The other reason it’s worth signing up for a HISA with a digital bank is that there are typically no monthly fees or minimum balance requirements. In addition, you’ll often get unlimited transactions, which include free Interac e-Transfers. If you normally make a lot of transactions, this can significantly reduce the fees you pay for your banking.

With savings accounts, many traditional banks no longer charge a monthly fee, but you may have a limited number of transactions unless you keep a minimum balance.

3. You can easily transfer funds

Whether you opt for a HISA with a digital bank, traditional bank or credit union, accessing your money is surprisingly easy. You can link your HISA directly to your bank accounts and transfer money as needed. That said, these types of transfers can sometimes take up to two business days to complete.

If you need access to cash immediately, you could take advantage of the free e-Transfers. Alternatively, a few digital banks, such as Simplii and Tangerine, offer debit cards so you can withdraw funds from ATMs.

4. It’s a good place to hold your cash

A HISA is an ideal place to hold cash if you have short-term goals or are unsure what to do with your money right now.

A high-interest savings account might be a good place to:

• Build an emergency fund
• Save for a car or a down payment on a home
• Protect your savings from inflation
• Let your savings grow through interest

When you have short-term goals, keeping your money safe is essential. That’s why a HISA is the best place to put your money.

5. Your money is insured

If you open a HISA with a Canada Deposit Insurance Corporation (CDIC) member, your deposits are insured for up to $100,000 per eligible account. That means if your financial institution were to ever fail, you’d be able to get your money back in just a few days, thanks to CDIC insurance.

Eligible accounts include deposits held:

• In one name
• In more than one name (joint accounts)
• In a registered retirement savings plan (RRSP)
• In a registered retirement income fund (RRIF)
• In a tax-free savings account (TFSA)
• In a registered education savings plan (RESP)
• In a registered disability savings plan (RDSP)
• In a trust

That means you could have up to $800,000 in coverage for various accounts at a single bank. You could open up accounts at another financial institution if you need more coverage.

If you bank at a credit union, your deposits would also have insurance. The insurance coverage would fall under the regulatory authority overseeing the credit union in the province or territory you reside in.

6. They’re easy to set up

Many people don’t realize that setting up a HISA can be incredibly easy. To open an account online, you typically need the following requirements:

• You must be a Canadian resident
• You must be the age of majority in the province or territory in which you reside
• You have a Social Insurance Number
• You have an email address

Setting up your account is often done online and only takes a few minutes. You’ll likely also need to provide a photo ID and your mobile device number to confirm your identity.

Once your account is opened, you can link any external bank accounts by following the instructions in your account. It should only take a few days, so you’ll be set up in no time.

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

Canadians, brace yourselves: Summer 2025 is expected to be hotter than normal across most of the country — and with heat comes a higher risk of wildfires, poor air quality, and unpredictable weather swings.

In the latest report from the Environment and Climate Change Canada (ECCC), Canadians are getting a preview of what to expect from the weather, this summer. More importantly, the ECCC reports helps Canadians learn what they’ll need to know — and do — to stay safe and make the most of the summer months.

Expect the heat and plan around it

ECCC predicts above-normal temperatures across much of Canada, with a few exceptions along the Beaufort Sea in the northwest near Alaska.

The ECCC report comes after a spring marked by erratic temperature shifts and dry spells — especially in the Prairies. It’s also a reminder of things to come. As Manitoba and BC continue to battle raging wildfires, Canadians are reminded that this summer the predicted temperatures are setting the stage for a scorcher of a summer.

What this means for Canadians

To help battle the downside of hot temperatures, Canadians can plan accordingly. For instance:

• Plan outdoor activities wisely. Avoid peak heat hours when possible.
• Hydrate and cool down. Don’t underestimate the danger of heat-related illness.
• Rethink travel. Popular parks and wilderness areas could be affected by fire bans or closures.

Wildfire season is here —and it’s real

Drier spring conditions plus the incoming heat increase the likelihood of wildfires. Beyond the obvious fire risk, these blazes could worsen air quality and pose serious health threats, especially for people with respiratory issues.

To help, here are steps Canadians can take:

• Monitor the Air Quality Health Index (AQHI) regularly.
• Limit outdoor exertion on poor air days.
• Prepare a home evacuation kit — just in case.

Get the right tools to help

To help you stay ahead of the potential risks that come with hotter temperatures, there are a number of official tools you can use. For instance, you can download the WeatherCAN app for up-to-the-minute forecasts and emergency alerts and follow AQHI updates to gauge air quality in your area.

Another option is to use checklists to help you plan and address heat risks while enjoying the summer months. You can find five simple checklists at the bottom of this article that can help keep you safe this summer season.

Remember to take weather warnings seriously — a well-thought out plan to address heat and related issues can actually be life-saving, particularly for Canadians who struggle with heart or respitory illnesses.

Climate change: The bigger picture

This summer outlook isn’t a fluke. ECCC scientists are now tracking how climate change affects extreme heat and cold, with plans to assess extreme rainfall events later in 2025. Expect more frequent and intense weather extremes going forward — including heat waves, heavy rains, and urban flooding.

Translation: Long-term adaptation isn’t optional. It’s essential.

Final tips for a safer summer

For those looking for the best tools to prepare for a hot summer, consider the following resources:

• Use Canada’s Get Prepared resources to build a personal emergency plan.
• Stay connected with local weather and fire authorities.
• If you’re heading to the wilderness, check for fire bans or safety advisories before you go.

Bottom line: Summer 2025 could be hotter, drier, and riskier than usual. Smart planning, real-time alerts, and a little foresight can help you enjoy it safely.

5 summer preparedness checklists for Canadians for 2025

Heat & Weather Readiness

• Check daily weather forecasts on WeatherCAN app
• Schedule outdoor activities for early morning or evening
• Wear light, breathable clothing and stay hydrated
• Set up fans or AC in your home/workspace
• Identify local cooling centers (especially if vulnerable to heat)

Wildfire & Air Quality Safety

• Monitor Air Quality Health Index (AQHI) in your area
• Avoid strenuous outdoor activity during poor air quality
• Keep windows closed on smoky days
• Pack an emergency “go bag” (medications, IDs, supplies)
• Check fire bans before camping or hiking

Tools & Alerts

• Install WeatherCAN app on your phone
• Enable AQHI and severe weather alerts
• Bookmark Canada.ca/weather
• Follow Environment and Climate Change Canada on social media

Emergency Planning

• Create a 72-hour emergency kit (water, food, flashlight, radio)
• Review your household’s emergency plan
• Store key documents (IDs, insurance) in a safe, accessible place
• Know local evacuation routes and shelter locations

Long-Term Preparedness

• Learn about local climate risks (flood, fire, extreme heat)
• Take steps to weatherproof your home (e.g., insulation, drainage)
• Stay informed on climate adaptation resources

Tip: Print two copies — keep one in the house and one in your car or travel bag.

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

Last month, the number of Canadian vacationers in the United States experienced a significant decline, with bookings dropping by 40% compared to the previous year, according to Flight Centre Canada.

This downturn is largely attributed to U.S. President Donald Trump’s imposition of tariffs on Canadian goods and his contentious remarks about annexing Canada as the 51st state. These actions have sparked a wave of nationalism among Canadians, leading to various forms of protest and shifts in consumer behaviour.

Canadians are choosing domestic and alternative international destinations

The decline in U.S. travel is not limited to air travel. Data from Cascade Gateway indicates a 30% reduction in southbound crossings at Surrey’s Peace Arch border in February.

Travel agencies report that Canadians are opting for destinations outside the U.S., with increased interest in countries such as Vietnam, Mexico, Portugal and Eastern European nations. "Canadians are a really proud country and they’re angry… they don’t want to be spending [their dollars] in the U.S. right now," Claire Newell, president of Travel Best Bets, told Global News.

Canadians are boycotting US products and services

Beyond altering travel plans, Canadians are actively boycotting American products and services. An Angus Reid Institute survey found that 78% of Canadians intend to purchase more domestic products, and 59% are boycotting U.S.-made goods. The grocery sector is at the forefront of this shift, with 98% of respondents aiming to buy Canadian groceries. Additionally, 48% are cancelling or delaying trips to the U.S., and 41% are reducing their use of American e-commerce platforms such as Amazon.

This consumer shift extends to the beverage industry. Several Canadian provinces have removed American-made alcohol from liquor store shelves. Jack Daniel’s, a prominent U.S. whiskey brand, criticized these measures as disproportionate, stating they are "worse than tariffs." The Liquor Control Board of Ontario (LCBO) has ceased purchasing U.S. products, leading to their unavailability in stores across the whole province.

Canadians are supporting local businesses and industries

Canadian businesses are adapting to these changes by sourcing locally and seeking non-US suppliers. For example, Tinhouse Brewing Company in British Columbia is now purchasing more Canadian grain and sourcing cans from China instead of the U.S. Owner Phil Smith told Reuters that, while Chinese cans are slightly cheaper, the shift reflects a broader Canadian reaction to U.S. tariffs, including a preference for local products.

But Smith anticipates a downturn in the number of U.S. customers visiting his brewery and hopes the ‘Buy Canadian’ movement inspires more Canadians to visit.

"If it’s made up for by locals staying local and buying local, then maybe it will net out," said Smith. "I suspect in the end, all of this is going to be a net loss for everybody: small business, big business and the consumer."

Bottom line

The imposition of U.S. tariffs has led to a substantial decline in Canadian travel to the United States and a broader movement towards supporting domestic products and services. There is no doubt this trade war will have significant and far reaching impact on both sides of the border. But there is no doubt that Canadians are coming together, united, in efforts to make clear that Canada isn’t powerless in this battle.

Sources

1. Cascade Gateway: Dashboard

2. Global News: Canadian leisure travel to U.S. down 40% in February, Flight Centre says (March 7, 2025)

3. Reuters.com: Canadian brewer buys local grain, Chinese cans due to U.S. tariffs (March 5, 2025)

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