Author:

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.

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.

The return-to-office (RTO) movement is accelerating across Canada in 2025, with the Canadian federal government and major corporations rolling out RTO orders that are reshaping the work-life balance for thousands of employees.

Even large U.S.-based companies with Canadian offices, such as Amazon, Dell, JPMorgan Chase, Disney and BlackRock are pushing for increased in-office presence, leaving many workers scrambling to adjust to a reality that no longer prioritizes remote work flexibility.

The most recent announcement came from Canada’s top bank, Royal Bank of Canada (RBC). In a recent announcement, RBC will require employees to be in the office four days a week, as confirmed by a recent internal memo obtained by Reuters.

Some employers argue that returning to the office fosters collaboration and innovation, the shift is already creating new headaches for employees, particularly those in urban centres like Toronto and Vancouver.

With Canada’s largest bank now enforcing a near full-week office schedule, thousands more workers are bracing for a gruelling return to long commutes, packed transit lines, and increased daily expenses. Toronto, already one of North America’s most congested cities, could see a significant spike in travel times and transit delays as this new wave of office mandates takes effect.

Meanwhile, backlash is brewing among employees, many of whom had structured their lives around hybrid or remote work models. The added cost, time, and mental toll of commuting are emerging as major points of tension—raising new questions about work-life balance, employee satisfaction, and the long-term sustainability of rigid in-office policies.

RBC announces a return-to-work (RTO) mandate to start September 2025

RBC announced it will require employees to return to the office four days a week starting in September 2025. According to a company memo, the policy applies to most hybrid roles but excludes fully remote positions and those already based in-office full time.

RBC leadership cited the importance of “in-person, human connection” to its “relationship-driven” culture as the rationale behind the mandate. The bank emphasized that physical presence is key to collaboration, innovation, and maintaining a strong company culture. However, the announcement has triggered concern and pushback among employees, particularly around increased commuting time and associated costs.

Real reason for RBC RTO mandate

Critics believe the RBC return-to-office mandate is less about fostering culture and more about tightening control amid financial underperformance.

The RBC RTO announcement came just hours after RBC reported lower-than-expected second-quarter earnings, driven by rising loan loss provisions — a signal the bank is bracing for economic uncertainty.

Some employees suspect the leadership is using the office mandate as a tool to boost productivity and accountability following the disappointing results. According to some forum chats, internal chat groups have been buzzing with speculation that the move is a response to financial pressures rather than a genuine effort to rebuild workplace connection.

RBC is not the first to issue RTO mandates: A few big companies lead the RTO charge

Several global corporations with Canadian offices are implementing strict return-to-office policies.

Return to full-week (or almost full week) at the office

• Amazon: As of January 2025, Amazon mandated that all corporate employees return to the office five days a week, effectively ending the hybrid model introduced in 2023. There is dOffices in Toronto and Vancouver
• BlackRock: Employees of the investment firm must work at least four days per week from the office. Offices in Toronto
• Dell Technologies: Dell plans to end its hybrid work policy, mandating that employees near office locations return five days per week, beginning in March 2025. Offices in Toronto
• Disney: One of the faster companies to go back to an in-office work schedule, Disney employees returned to the office four days a week as per the statement made by CEO Bog Iger in 2023. Offices in Toronto
• Goldman Sachs: As of 2023, employees had to be back in the office full-time as corporate leaders emphasizes the office-first work culture. Offices in Toronto
• JPMorgan Chase & Co.: The banking giant has followed suit, requiring its hybrid employees to be in the office full-time starting March 2025. Offices in Toronto
• Twitter (X): Following the acquisition of X (formerly Twitter) by Elon Musk, the firm now requires all employees to work full-time from the office. Offices in Toronto

These changes signal a broader shift among employers, many of whom cite the need for stronger collaboration, improved company culture, and increased productivity as key reasons for pulling employees back into offices.

Hybrid return-to-work model

• Apple: Since September 2022, Apple introduced the 3-day-in-office schedule, where all corporate employees must work in the office on Tuesdays and Thursdays as well as on a team-chosen day. Offices in Toronto
• Canadian Federal Government: Since September 2024, public servants have been required to work at least three days per week in person. Offices in Ottawa and across Canada
• Deloitte: Employees can continue working with the hybrid model that was introduced in 2023. Offices in Toronto
• Intuit: Using a hybrid model where employees come into the office two to three days per week. To help with the costs associated with commuting, Intuit offers employees carpool ride matching, enhanced transit connections, and on-site amenities. Offices in Toronto
• Google: Google employees must be in the office for at least three days per week (and this return to work started in 2022). Offices in Toronto and Montreal
• Meta (Facebook): The social media conglomerate only requires employees to come in three days per week. Offices in Toronto
• Microsoft: Operates a hybrid work policy, which typically requires employees to come in for two or three days per week. Headquarters in Toronto
• Questrade: Operates a hybrid work policy, which typically requires employees to come in for one to three days per week. Headquarters in Toronto
• RBC: Issued a mandate for hybrid-employees to start returning to the office four days a week, starting September 2025. Headquarters in Toronto and offices across Canada
• Shopify: No mandate. This e-commerce giant embraced the remote work model and allows employees to work from anywhere. Headquarters in Ottawa
• Starbucks: The company has set a slightly more flexible three-day in-office requirement for corporate employees since January 2025. Offices in Toronto

Tough adjustment for employees

For employees in densely populated cities, the return-to-office mandates are likely to bring back pre-pandemic commuting challenges.

Commuting nightmares return

For instance, commuters in the GTA can expect a significant increase in traffic volume, with experts predicting longer commute times as thousands of professionals return to transit and highways during peak hours. The impact is expected to be felt across major transit networks, including GO Transit and the Toronto Transit Commission (TTC), both of which have been gradually adjusting services in expectation of RTO mandates.

For workers who moved to suburban areas during the work-from-home era, the abrupt shift back to daily commuting is especially daunting. Many will now need to reconfigure their routines, adding hours of travel time to their days and increasing expenses related to transportation and office attire.

Loss of work-life balance

Before the pandemic, work-life balance often felt like an elusive goal. Remote and hybrid work arrangements provided a newfound sense of autonomy, allowing employees to integrate personal responsibilities into their schedules, exercise more frequently and spend more time with family. Surveys indicate that a significant percentage of Canadian workers (79%) believe hybrid work positively impacts their well-being, with 70% stating that it has directly improved their mental health.

With full-time office attendance making a comeback, many workers are concerned about losing the flexibility that has become a crucial factor in job satisfaction. In fact, 81% of Canadian employees say flexible work arrangements influence their decision to stay with an employer or seek opportunities elsewhere.

Is there a silver lining? Claiming deductions for hybrid work

Despite the shift back to in-office work, there are still ways for employees in hybrid arrangements to find financial relief. The Canadian Revenue Agency (CRA) allows workers who perform a portion of their duties from home to claim tax deductions related to home office expenses. While employees mandated to work in-office five days a week may not benefit, those on hybrid schedules can still take advantage of these deductions.

Eligible employees may be able to deduct expenses such as:

• A portion of rent or mortgage interest (for those using dedicated office space)
• Utilities such as electricity and internet
• Office supplies, including computers, chairs, and desks

To qualify, employees must meet specific CRA criteria and obtain a T2200 form from their employer. While the deductions won’t fully offset the loss of remote work perks, they do offer some financial relief in the face of rising commuting costs.

Future of work in Canada

As companies continue to enforce return-to-office policies, the workforce is at a crossroads. While some employees welcome in-office collaboration, others view it as a step backward from the flexibility they have come to value. With the labour market still tight and talent retention a top priority, businesses that maintain hybrid options may find themselves with a competitive edge.

For workers adjusting to this new reality, strategic planning — such as negotiating hybrid arrangements, seeking tax deductions, and reevaluating commuting options — can help mitigate the impact of RTO mandates. While the work-from-home era may be fading for many, its influence on employee expectations will likely shape workplace policies for years to come.

Sources

1. Benefits Canada: 79% of Canadian employees report improved well-being due to flexibility of hybrid work: survey (Jan 22, 2025)

2. HRD: Most Canadian workers think 5 days in-office hurts wellbeing: survey (Jan 14, 2025)

3. Talent Canada: No longer a ‘perk’ – Canadians now expect flexible, hybrid work: Survey (Feb 16, 2023)

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

Former computer scientist and professor, Julia Johnson (72), was used to creating plans and executing them, and retirement was no different. But her plans went awry when her mother unexpectedly passed away.

Right before retiring in 2020, Johnson had taken an exit sabbatical so she could have time to move from Ontario to Edmonton, Alberta to care for her mother battling cancer. Though helping an ill parent is no small feat, Johnson was prepared. “I had mapped out a life in which I would care for my mother for about five years,” she tells the Globe and Mail. However, her mother died only a few months following her move.

With no kids, no job and no mother to care for, Johnson felt lost — her plans had not gone as she had, well, planned. “Suddenly I had no mother and no job,” she says.

Taking her retirement back, financially and emotionally

Even though her mother’s death drastically shifted her retirement plans, Johnson was vigilant in making sure she would stay occupied and use her time well.

She is actively involved in Alcoholics Anonymous and currently works as Editor of its central office newsletter in Edmonton. She takes advantage of Edmonton’s rolling hills, rushing rivers, deep ravines and beautiful scenery by hiking outside often. She also makes use of a local gym in the city. “I am in way better physical shape than when I was working,” she explained.

On top of managing her physical health, Johnson has also taken steps throughout her life to prepare her for retirement. By working in the public education sector, she has a healthy university pension saved away — she also started receiving her Canada Pension Plan (CPP) benefits immediately upon retiring.

Johnson also has self-managed assets, including investments and real estate properties. And, she’s forthright in saying they haven’t done as well as they could have. That said, they’re improving. “I have modest investments in my self-directed investment account and, after making some initial poor stock choices, my investments are increasing slowly,” she says.

In addition to managing her investments, Johnson is prudent about her expenses. She notes that since moving in with her sister in 2023, she has been able to, “live more modestly than I used to.” She’s also made the decision to not travel as much in retirement, helping her save more or use her money in more local ways.

Advice for retirees or those nearing retirement

Johnson’s story of recovering from a retirement setback may sound like an unattainable ideal, especially when many Canadians are worried about their retirement savings. A survey from CPP Investments found that 61% of Canadians fear running out retirement savings. How can Canadians plan correctly to be able to weather unpredictable events in retirement?

Looking at Johnson’s choices more closely, we can see other patterns emerging that have contributed to her retirement success. For example, Johnson indicated that she has self-managed investments, a pension fund and property investments in addition to her CPP benefits. By diversifying her investments and sources of income, Johnson was able to not let a setback in one area cripple her investments totally.

However, though retirement is a financially-driven decision, other factors need to be taken into account as well. Retirement can be an isolating time, and making a lifestyle change can feel overwhelming. Indeed, research from Statistics Canada found that 19% of seniors (those aged 65 and up) reported feelings of loneliness. Making connections in your local community can help you feel more relationally grounded and give you like-minded people to share life with.

Case in point: Johnson made time to volunteer with multiple organizations such as the Wikimedia Foundation.

As someone who successfully navigated a tragedy during retirement, Johnson shares some salient wisdom that all retirees should heed.

“My advice to others considering retirement is to avoid making the decision because of pressure from family, unexpected events such as the pandemic or emotional issues related to relationships. Please make sure your head is on straight when making such a significant life decision.”

Johnson’s story reminds us that while financial preparation is crucial for success in retirement, emotional resilience and clarity of purpose are just as essential.

Sources

1. The Globe and Mail: This former professor’s retirement plan was upended by her mother’s unexpected death, by Julia Johnson (May 1, 2025)

2. CPP Investments: Nearly 2 in 3 Canadians worry about retirement savings: survey (Oct 30, 2024)

3. Statistics Canada: A look at loneliness among seniors (Nov 6, 2023)

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

After a brief hiatus, the federal government is set to reintroduce incentives for electric vehicle (EV) buyers, aiming to accelerate Canada’s transition to greener transportation and ease the upfront cost burden for consumers. The announcement, made by Minister of Transport Lisa Joly earlier this month, marks a significant policy shift intended to support environmental goals while providing tangible financial relief to Canadians.

“We recognize the importance of making electric vehicles more accessible and affordable,” Minister Joly said in a press briefing. The revived incentives are expected to offer up to $5,000 off the purchase price of eligible EVs, a figure designed to bring EV ownership within reach of more Canadians amid rising interest in sustainable options.

Incentives return amid rising EV popularity

The move comes after the federal incentive program was paused earlier this year, sparking concerns from both industry experts and consumers alike. According to Transport Canada, electric vehicle sales in Canada surged by over 55% in 2024 compared to the previous year, demonstrating a growing appetite for clean vehicles despite their higher upfront costs relative to traditional gas-powered cars.

For prospective buyers, the incentive could be a decisive factor. “I was holding off on purchasing an EV because of the price, but this rebate makes it more doable,” said Reddit user CanuckDriver95 on r/canada. Their sentiment echoed through the community, with many users expressing cautious optimism about the government’s renewed commitment.

Balancing cost and climate goals

While the $5,000 incentive may not cover the entire price gap between EVs and conventional vehicles, it significantly lowers the financial barrier. Data from the Canadian Vehicle Manufacturers’ Association indicates the average price of an electric vehicle in Canada hovers around $57,000, compared to approximately $44,000 for a new gas-powered car.

“It’s a step in the right direction,” said EcoCanuck, another Reddit contributor. “The initial cost is still high, but incentives like these make EVs more accessible, and that’s crucial for climate progress.”

The incentives will apply to eligible vehicles priced under $55,000, with an additional $2,500 available for models under $45,000, encouraging consumers to choose more affordable, mass-market EV options.

What should consumers consider?

While the rebate is enticing, potential buyers should weigh other factors, including charging infrastructure, battery life and long-term maintenance costs. According to Natural Resources Canada, operating costs for EVs can be significantly lower than for gasoline vehicles, with savings of up to $1,000 annually on fuel and maintenance.

Financial planners recommend consumers factor in provincial incentives as well, which can add thousands more in rebates depending on location. For example, Quebec offers up to $8,000 in provincial rebates, while British Columbia provides up to $3,000.

What EV incentives mean for your bottom line

The return of federal EV incentives signals a broader trend in Canada’s commitment to sustainable living and responsible spending. For Canadians seeking to lower their carbon footprint without breaking the bank, the timing couldn’t be better.

Adam Thorn, Program Director of Transportation at the Pembina Institute, has emphasized the importance of supporting consumers during the transition to electric vehicles. He notes that incentives play a crucial role in making EVs more accessible, especially for middle- and low-income buyers. “Tiering EV incentives based on income — like British Columbia has done — will help ensure tax dollars reach consumers that need it most,” Thorn said.

The road ahead: Why now is the time to consider an EV

As Canada reintroduces EV incentives, the decision signals more than just a rebate. It represents a broader commitment to building a low-carbon future that’s financially accessible to more Canadians. By addressing both environmental imperatives and economic barriers, the federal government is setting the stage for widespread EV adoption, especially as consumers grow increasingly conscious of sustainability and long-term value.

While the initial cost of EVs may still give some buyers pause, the combination of federal and provincial incentives, lower operating expenses and expanding infrastructure offers a clearer path forward. For many households, this policy shift could make the difference between delaying and diving into electric mobility. As climate pressures mount and energy costs fluctuate, EVs — and the incentives that support them — are no longer just a lifestyle choice; they’re quickly becoming a practical financial strategy and a cornerstone of Canada’s transportation future.

Sources

1. Reddit: r/Canada: Ottawa to bring back EV incentives: Minister Joly

2. Electric Autonomy Canada: Eligibility for Canada’s EV incentives should be income-based (August 26, 2022)

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

Despite big bets by financial giants like BlackRock, 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

• I’m 49 years old and have nothing saved for retirement — what should I do? Don’t panic. Here are 5 of the easiest ways you can catch up (and fast)
• Gain potential quarterly income through this $1B private real estate fund — even if you’re not a millionaire. Here’s how to get started with as little as $10
• Robert Kiyosaki warns of a ‘Greater Depression’ coming to the US — with millions of Americans going poor. But he says these 2 ‘easy-money’ assets will bring in ‘great wealth’. How to get in now

“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 reserved nearly 20% of his portfolio for 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 scams. 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 coming 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.

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.

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

• 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?

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.

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.

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.

Learn more about consolidation loans and loans to help pay down debt.

Debt consolidation loan options for Canadians include:

• Loans Canada: Debt consolidator with various options including personal loans, as well as a mortgage refinance option
• LoanConnect: Loans from $500 to $50,000
• 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:

• Scotiabank Value Visa
• MBNA True Line Mastercard
• MBNA True Line Gold Mastercard

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.

— with files from Romana King and David Saric

Sources

1. Journal of Positive Psychology: Does savoring increase happiness? A daily dairy study, by Jose PE, Lim BT, Bryant FB (2012)

2. Verywellmind.com: Little Luxuries Can Make a Big Difference for Your Mental Health, by LaKeisha Fleming (May 6, 2024)

3. YouGov: Ballin’ on a budget: Little luxuries that Americans treat themselves to while on a budget, by Hoang Nguyen (Oct 10, 2023)

4. Ipsos Reid: Canadians Cut Back in 2023 and Plan to Continue Cuts in 2024, by Sean Simpson (Jan 1, 2024)

5. Verywellmind.com: Little Luxuries Can Make a Big Difference for Your Mental Health, by LaKeisha Fleming (May 6, 2024)

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

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

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

Why increasing RRSP transfer-out fees makes no sense

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

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

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

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

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

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

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

The bigger picture: Hundreds of millions at stake

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

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

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

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

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

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

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.

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.