Author:

Ben Shakman, a Wildwood, Missouri resident, purchased a trailer on Facebook Marketplace for $3,500 years ago and thought all was fine.

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But when he went to the license office to register the vehicle, the title was deemed incomplete because the sale price was missing. He told FOX 2 the state took 294 days to notify him of the problem.

Despite his best efforts, Shakman wasn’t able to add his name to the title.

Strangely enough, he claims he was eventually asked by the state to take extreme measures against the state itself.

“I went to the courthouse in Clayton, and I did something I’ve never done. I sued the state of Missouri,” he said.

What is a skip title, and how does it impact the seller?

A skip title is when someone purchases a vehicle and doesn’t get the title in their name before selling it to someone else.

This, FOX 2 says, was the issue facing Shakman.

A person who is involved in this sort of “title jumping” bypasses requirements like paying title transfer fees, taxes and registration fees. There ends up being a gap in the vehicle’s history.

According to Kelly Blue Book, a title proves ownership, while a car’s registration allows a vehicle to be legally driven. You usually can’t register a car without a title.

Shakman told reporters that his initial check to register the trailer was cashed. However, he didn’t find out about the deficiency in his paperwork — there was no sales price in the title — until almost a year later.

When he attempted to provide more paperwork, the Department of Revenue told him he needed affidavits. “And then after I talked to the state, it was now the only way you’re getting a title is by suing us, and here’s how to do it,” Shakman said.

Shockingly, state government officials instructed him to sue the state in order to get his title.

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

Why did Shakman take such drastic measures?

In November, Shakman filed a petition asking for the state of Missouri to give him his title and to pay back some of the fees he paid. On April 1, he appeared in court and was finally awarded his title.

In mid-May he was in court again and was awarded $100, a portion of the fees he had paid for the registration.

“I can’t believe the man-hours that must’ve gone into processing that action I submitted,” he said. “It just doesn’t make sense.”

How to avoid skip titles

To avoid purchasing a vehicle with a skip title, do your research.

Verify the identity of the seller and ask them to provide proof of ownership history. The documentation could include copies of registration documents, the title in their name and any maintenance records.

You’ll also want to verify whether there is still a lien and how this person intends on settling the debt.

If you’re purchasing a car from a dealer, keep all documentation as they’re obligated to ensure a proper title transfer. Usually the dealership will also register the vehicle for you.

Whether you purchase from an individual seller or a dealership, register the vehicle as soon as possible and verify that the title has been transferred in your name.

If you realize you have been title jumped, you may have to take legal action. Consult an attorney about next steps.

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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.

Elon Musk is one of the most influential entrepreneurs of our time, with ventures spanning from electric vehicles (EV) and space travel, to artificial intelligence (AI). But recently, Musk stepped into politics, and not every investor is happy about it.

Recently, a wave of protests, known as the “Tesla Takedown,” have been targeting Tesla dealerships across the US, Canada and Europe. The protests stem from concerns over Musk’s political ties and his involvement in shaping government policies, particularly through the Department of Government Efficiency (DOGE). While Tesla has always been a polarizing company, these protests have escalated to vandalism.

Now the question remains: Should investors put their money into Musk’s empire? Will Tesla face backlash? Can SpaceX continue to expand its dominance into intergalactic exploration? Will xAI emerge as a major player in artificial intelligence? Let’s break down whether investing in Musk’s companies is a move that could bring reward or far too much risk.

Tesla backlash

Tesla’s self-driving technology has been a cornerstone of its value proposition, but recent controversies are raising red flags for investors. The company has long insisted that camera-based vision is sufficient for autonomous driving, rejecting the use of LiDAR (Light Detection and Ranging) sensors. However, recent experiments have shown significant weaknesses in Tesla’s approach.

A test conducted by CleanTechnica on March 17, 2025, demonstrated how Tesla’s camera-based Full Self-Driving (FSD) system struggled in low-visibility conditions such as rain, fog and smoke. Meanwhile, LiDAR excels in these conditions.

On top of that, a massive recall of Cybertrucks was issued after reports that parts of the trim, including the truck’s stainless steel siding, can come loose or fall off while driving, further fuelling concerns about quality control and reliability.

Financially, this could impact Tesla’s market position. A 2024 survey by J.D. Power found that 74% of EV buyers consider advanced driver assistance systems a key factor in their purchasing decisions. If Tesla’s FSD falls behind competitors that adopt LiDAR, the company could lose a significant share of the growing autonomous vehicle market.

Meanwhile, shares have already shown volatility. Since December, Tesla has fallen 48%, making it one of the worst-performing large-cap stocks of the year.

SpaceX: A dominant, but private, space player

While Tesla faces challenges, SpaceX is thriving. The company recently completed another successful astronaut mission, reinforcing its reputation as the global leader in commercial spaceflight. More importantly, SpaceX’s Starlink satellite network is expanding, providing high-speed internet to remote locations worldwide.

That said, not everything is smooth sailing. Recently, a Starship test flight ended in an explosion during re-entry, highlighting the risks still inherent in the company’s ambitious development timeline.

Starlink’s growth has been staggering. Despite this success, SpaceX remains private, leaving retail investors unable to buy shares directly. However, there are indirect ways to invest. A BNN Bloomberg report revealed SpaceX’s inclusion in a little-known aerospace exchange-traded fund (ETF) triggered a surge in investor interest. The Procure Space ETF (UFO), which includes holdings tied to SpaceX’s business ecosystem, saw inflows increase by 28% in one week following the news.

For Canadian investors, ETFs provide a way to gain exposure to aerospace and satellite technology. Those interested in the sector should explore the best ETFs for Canadian investors that include companies linked to space innovation.

xAI and the Private Equity Dilemma

Musk’s AI company, xAI, recently made headlines for its chatbot, Grok, a direct competition to OpenAI’s ChatGPT. The company aims to revolutionize AI by focusing on truth-seeking algorithms rather than politically biased outputs. However, like SpaceX, xAI is private.

Some investors are trying to gain exposure through private equity platforms. Private market investing has surged, with firms such as Wealthsimple Private Markets offering access to high-growth startups for accredited investors. Wealthsimple allows Canadians to invest in private equity funds, though the minimum investment amounts are often high, and liquidity is limited.

Should you invest in Musk’s ventures?

Musk’s companies are undeniably exciting, but not all are easily accessible for investors. So if you’re considering investing in Musk-led ventures, here are the key takeaways to consider:

• Tesla is still a strong EV brand, but its self-driving approach is facing scrutiny. Investors should watch regulatory developments and competitive advancements in LiDAR.
• SpaceX dominates the space industry, but retail investors need to look at ETFs that include related companies.
• xAI is a potential AI disruptor, but remains private. Investors interested in AI may need to look at public alternatives like NVIDIA, or explore private market options through Wealthsimple.

Final thoughts: Is hype enough?

Elon Musk’s ventures are filled with promise, but investors must separate excitement from strategy. Investing in disruptive industries can be appealing, but understanding risk, access and market conditions is essential. Whether Tesla, SpaceX-related ETFs, or AI investments catch your interest, always diversify and invest wisely.

Wondering how to buy stocks in Canada? Start by choosing from one of the best investment apps, many of which are offered by Canada’s discount brokerages. Whether you’re building a portfolio from scratch or just looking to diversify, the best ETFs in Canada can be a simple, cost-effective way to get started.

Sources

1. CleanTechnica: Lidar vs. Cameras = A Giant Fail For Tesla

2. J.D. Power: Vehicle Alerts Cause Most Complaints About Advanced Driver Assistance Systems, J.D. Power Finds

3. BNN Bloomberg: SpaceX Addition Spurs Flood of New Cash Into Little-Known ETF

This article Tesla protests, saving astronauts, xAI, DOGE — Should you invest in Elon Musk?originally appeared on Money.ca

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

Although nearly a quarter of Canadians have been a part of the gig economy, 66% of gig workers were not aware of new rules requiring platforms to report users’ income to the Canadian Revenue Agency (CRA). This is according to the latest survey from H&R Block.

"In light of the new federal legislation, the [CRA] is able to compare what gig workers report their income to be from digital platforms against what the digital platform reports on their behalf," Yannick Lemay, H&R Block Canada tax expert, said in a statement.

"Despite this, many Canadians still appear tempted not to declare all their gig-related income, which carries significant risks and is breaking the law. The good news is that there are a multitude of tax benefits and credits that gig workers can claim to put money back in their pockets."

Nearly half (45%) gig workers took on gig work or a side hustle due to the increased costs of living.

Understanding gig work and taxes

Gig workers reported not being forthcoming with what their income was come tax time. More than a quarter of respondents (28%) said they didn’t declare all gig income when they filed their taxes last year. Now that tax filing season is in full swing for income earned in 2024, 30% said they weren’t planning to declare all-gig related income. Among gig workers, more than a third said they were willing to risk not declaring ‘any’ gig work related income.

However, once respondents learned of the CRA’s new rules requiring gig platforms to report user information and income to the agency, many had a change of heart.

H&R Block’s research revealed that two-thirds of gig workers were not aware of these new rules. When they learned about the new rules, 71% of gig workers said they were more inclined to declare their gig income. However, more than a third said despite learning of these new rules, they are still not inclined to report all gig income.

This exposes the reality for many gig workers that the tax implications around their source of income is not entirely clear to them. In fact, more than a quarter reported that they don’t have a clear understanding. Meanwhile, 37% say they don’t fully understand any nuances between being a gig worker versus being classified as self-employed for tax purposes.

The increasing reality of gig work

Most gig workers (90%) indicate thier gig work is a second income to their primary employment, versus 10% who say it’s their sole income. Overall, gig-related income represents an average 24% of total income among gig workers.

Gig-related income represents total income for 10% of Canadian gig workers; up to 20% of income for 69% of gig workers; 205 to 50% of income for 16% of gig workers and between 50% to 99% for 15%.

As well, there is a shift in how gig workers are increasingly open about side hustle with employers. A majority (60%) of gig workers who say their primary employer is aware of their side hustle, compared to 49% a year ago.

In contrast, this year’s study reveals that 40% of gig workers say that their primary employer isn’t aware.

Survey methodology

The study was conducted by H&R Block in French and English from February 12 to 13, among a nationally representative sample of 1,790 Canadian members of the Angus Reid Forum.

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

Jodi Heger is a resident of Spanish Village and leases the land beneath her mobile home — a common occurrence for many of those living in mobile home lots. The rent was affordable on her income, but now she may be forced to leave the mobile home community for those aged 55 and over.

As to what prompted the price increase, Heger told reporters at News 6 that, “they can do it because there’s no cap saying they can and can’t.”

It’s not a small increase either.

Heger is currently paying $480 a month to lease the land. In a few short months, the rent will almost double to $850 per month.

For Heger and other residents, the increase is forcing them into a financial bind, even if they had the option to relocate.

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What’s going on?

Residents are saying it’s a trend they’re seeing elsewhere too — corporations are purchasing mobile home parks, and then increasing the rent for this land.

The rent increases have huge negative financial ramifications because many residents rely on small retirement accounts or Social Security payments. Some may not even have any retirement set aside at all and live on fixed incomes, month-to-month.

Peggy Elam is another resident that is feeling the pinch.

Her father-in-law purchased the home in 1994, but the increases in rent — which have now happened several times by as much as $200 or more each time — are squeezing her out of the community.

In tears, she told reporters, “I promised to take care of it and now we may have no choice but to sell it.”

Because so many can’t afford the lot rent, residents are putting up their homes for sale.

Spanish Village HOA President Phillip Roy said that out of the 36 homes listed for sale in the community, 32 are listed because the lease has become too costly.

The issue is also that the increasing rent has made the homes less desirable to prospective buyers, leaving the current owners in a lurch. While homes previously went for as much as $150,000, now prices have gone as low as $30,000.

“People are actually losing their equity in their homes very quickly,” he told reporters.

On their part, The Power Group — the management company responsible for Spanish Village — offered a written statement explaining the rent increases.

The statement says that Spanish Village is, "consistently enhancing the community with impactful upgrades — including new roads, golf course installation, clubhouse renovations, extensive landscaping and tree work, and more."

The company also says that it offers, “resources available upon request to help those who may be facing financial difficulties, including information on nearby organizations that can help with rent assistance.”

But will these resources really help residents who still can’t afford the lot rent?

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What options do the mobile home residents have?

There may be some hope by way of House Bill 613 (Mobile Home Park Lot Tenancies) — a piece of Florida legislation enacted last July.

The bill means that mobile home owners and park owners can go to mediation over any lot rent disputes. Until the dispute has been submitted, no civil action can be taken against residents or park owners.

However, State Representative Paula Stark who drafted the bill says that some owners of mobile parks have been enacting strategies to get out of the mediation process. The Florida Department of Business and Professional Regulation is also working with her to determine what loopholes exist in the current legislation, and how these can be remedied.

She also introduced House Bill 701, meant to help mobile home owners pay for rent through financial assistance provided by their municipal government. Unfortunately, that bill didn’t pass this legislative session in the Senate after moving through the House.

How can mobile home residents respond to higher rent prices?

Increasing rent costs are a challenge, but you have several strategies available to you.

Depending on your relationship with your landlord, you can begin by trying to negotiate with them. Perhaps you could ask them to delay the increase so you have a longer runway to prepare for the incoming hit to your budget. You can also suggest a compromise on the rate, to arrive at a rent amount that works for both of you.

Of course, this does require you to adjust your budget at some point, as your housing costs will undoubtedly eat up more of your income (this is unfortunately a trend with housing elsewhere too).

Emphasize that there is value in the track record you’ve established thus far — consistent and timely payments, following lease terms, caring for the property and its upkeep, communicating well and maintaining a positive standing within the community and management. There are plenty of examples of tenants causing problems for their landlords, so demonstrating your trustworthiness can serve you.

If your building is rent-controlled or needs to adhere to certain rules, be sure to take the time to understand what rights you have. Reach out to the appropriate housing authorities if you need assistance or push for mediation.

One mobile home community in Littleton, Colorado even banned together to fight a new corporate purchase with their own $18 million counter offer, turning their homes into a “family business.”

Exploring other housing may help yield other viable options for you, especially if you’re on a fixed income or unable to increase the amount you earn. Consider renting in other areas or living with a friend or other family members to help control costs, if you absolutely need to go this route.

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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.

Nvidia (NASDAQ: NVDA) has been one of the best-performing stocks of the last decade, benefiting from advancements in artificial intelligence (AI), cloud computing, and gaming. However, its high price and volatility make it a challenging stock for Canadian investors to buy.

One way to manage risk and build a long-term position in Nvidia (NASDAQ: NVDA) is through dollar-cost averaging (DCA ) — a strategy where investors buy a fixed dollar amount of stock at regular intervals instead of making a lump-sum purchase.

To use DCA effectively, Canadian investors need to learn which accounts to use (either TFSA, RRSP, or taxable), and which trading platforms to use, such as Wealthsimple or Questrade among others.

What is dollar-cost averaging (DCA)?

DCA is an investment strategy where you invest a fixed amount of money at regular intervals, regardless of the stock’s price. Over time, this smooths out the impact of market volatility and can reduce the risk of buying at a peak.

Example of DCA with Nvidia for a Canadian investor

• Instead of buying $12,000 worth of Nvidia (NASDAQ: NVDA) all at once, you decide to invest $1,000 per month for 12 months.
• Some months, Nvidia may be expensive; other months, it may be cheaper.
• This strategy reduces the impact of market swings and ensures you don’t buy at a short-term high.

Why DCA works well for Canadian investors buying Nvidia

1. Reduces risk of market timing

• Nvidia (NASDAQ: NVDA) is highly volatile, and its price can swing 5% to 10% in a single day.
• By investing consistently, you avoid making emotional decisions based on short-term price movements.

2. Helps manage currency risk for Canadians

• Nvidia (NASDAQ: NVDA) trades in USD, meaning Canadian investors face currency fluctuations when buying the stock.
• DCA helps average out currency exchange rates over time, reducing the risk of buying when the Canadian dollar is weak against the US dollar.

3. Easy to automate with Canadian brokerages

• Some platforms like Wealthsimple Trade and Questrade allow investors to set up recurring stock purchases, making DCA fully automated.
• Even if you use a brokerage that doesn’t offer automated DCA, you can still manually buy a fixed amount each month.

Which Canadian accounts are best for Nvidia DCA?

1. TFSA (Tax-Free Savings Account)
✅ Best for long-term growth because all gains are tax-free.
✅ No taxes on capital gains or dividends.
🚨 Downside: Nvidia doesn’t pay a dividend, so this is only useful for long-term capital gains.

2. RRSP (Registered Retirement Savings Plan)
✅ Contributions are tax-deductible, reducing taxable income.
✅ Great for Nvidia because there are no withholding taxes on US stocks inside an RRSP.
🚨 Downside: Withdrawals in retirement are taxed as income.

3. Taxable Account
✅ Good for flexibility (no withdrawal restrictions).
🚨 Downside: Capital gains are taxable at 50% in Canada.
🚨 Currency conversion fees may apply.

Which Canadian brokerages support DCA for Nvidia?

Best option for Canadian investors using DCA

• If you want zero commissions, Wealthsimple Trade is the easiest option, but you pay FX fees.
• If you want a USD account and more control, Questrade or Interactive Brokers is better for reducing currency conversion costs.

DCA vs. lump-sum investing: Which is better for Nvidia?

A common question is: “Should I just buy Nvidia all at once instead of using DCA?”

✅ Lump-sum investing is better if the market is in an uptrend, because historically, stocks tend to rise over time.

✅ DCA is better if you’re worried about short-term volatility and want to spread out your risk. Since Nvidia is highly volatile, DCA can be a smart way to manage risk while still building a position over time.

Final thoughts: Why DCA is a smart strategy for Canadians investing in Nvidia

Dollar-cost averaging is a great way for Canadian investors to buy Nvidia without worrying about short-term price swings or currency fluctuations. By investing consistently over time, you lower the risk of making poor timing decisions while benefiting from long-term market growth.

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

What’s more resilient during tough economic times than a grocery store? So, it’s not surprising when analysts remain bullish on Costco Wholesale Corporation (NASDAQ: COST) stock, despite the company’s mixed quarterly results.

For Costco (NASDAQ:COST) shareholders, the good news was that revenue beat estimates for the long-standing grocery warehouse chain; unfortunately, earnings fell short of market expectations.

Despite the mixed results, private investor and U.S.-based analyst Keith Fitz-Gerald, continues to see opportunity in the Costco brand.

In an interview with CNBC, Fitz-Gerald stated: “I think we’re going to see a good jump in comparable sales, and I think we’re going to see a very resilient membership, particularly now when people’s wallets are stretched and fear is running high.” Costco’s robust business model, characterized by a membership-based revenue stream and a focus on essential goods, positions it as a defensive stock in uncertain times — and a stock Fitz-Gerald, “cannot imagine not owning.”

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Costco’s resilience in economic downturns

One big reason why analysts favour Costco (NASDAQ:COST) stock is because of the brand’s “membership lock-in,” explained analysts at Bernstein, a U.S.-based private wealth management firm in a recent interview. They noted that its membership-based model and emphasis on consumer staples enable it to capture market share when macroeconomic conditions worsen. They state that Costco is among the top companies poised to endure economic challenges due to these factors.

The analysts at global wealth manager UBS echoed these sentiments, highlighting Costco’s ability to navigate uncertain macroeconomic backdrops better than many retailers. They attribute this to Costco’s flexibility in product offerings and the high-margin revenue from membership fees, which provide a buffer against economic headwinds.

Costco’s membership model offers a stable revenue return

One reason for the bullish outlook for Costco stock is the firm’s membership model. Costco’s membership fees are a significant contributor to its profitability. In fiscal year 2024, membership fees accounted for over 65% of the company’s net operating income.

This recurring revenue stream offers stability, especially during economic downturns when consumers seek value.

The company’s high membership renewal rates further underscore customer loyalty. As of the first quarter of fiscal 2025, the renewal rate in the U.S. and Canada stood at 93%, with a worldwide rate of 90.5%.

Costco’s stock performance amid market volatility

Costco’s stock has demonstrated resilience during market downturns. For instance, during the COVID-19 pandemic in 2020, while the S&P 500 experienced a significant decline, Costco’s stock recovered swiftly, reflecting investor confidence in its business model.

As of May 27, 2025, Costco stock was trading around US$1,013, reflecting a year-to-date increase of approximately 10%. (For Canadian investors not interested in U.S.-traded stock, the TSX-traded Costco stock (COST.TO) was trading around C$46.30.

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Strategic flexibility and operational efficiency

Costco’s operational model allows it to adapt quickly to changing economic conditions. The company’s Chief Executive Officer (CEO) Ron Vachris, emphasizes the company’s ability to manage challenges, stating that their "treasure hunt" strategy and strong supplier relationships help maintain low prices despite potential tariffs and supply chain disruptions.

Bottom line

Costco’s consistent performance, strong membership model, and strategic flexibility make it a compelling option for investors seeking stability during economic uncertainties.

Sources

1. Investopedia: These 3 Retailers Could Be Best Positioned To Weather ‘Macro Storm,’ Bernstein Says (March 25, 2025)

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

Last year, legendary investor Warren Buffett set his sights on Canadian companies — and captured the attention of investors after securing a sizeable stake in Canadian-based insurance provider, Chubb (NYSE:CB).

Known for his strategic value investments, Buffett’s move hints at some promising opportunities within the Canadian market.

For Canadian investors, there is one simple but important question that must be answered: How can you capitalize on these opportunities?

Power move: Open a direct trading brokerage account

To jump on these investment opportunities, consider opening a direct trading brokerage account.

Platforms like QTrade offer an easy-to-navigate and cost-effective way to trade stocks, exchange-traded funds (ETFs), and other securities. Opening an account is easy and provides you with online access to your account in as little as a day. Consistently rated as a top brokerage in Canada, QTrade offers free buying and selling of more than 100 commission-free ETFs, along with exceptional customer service and elite investor research tools.

Ready to trade? Open an account with QTrade and get access to:

• Commission-free ETFs: QTrade charges no buying or selling fees on hundreds of ETFs and a low-commission rate of $6.95 per trade on stocks and other ETFs.
• Comprehensive tools: Utilize research, market insights, and advanced trading features.
• Big sign-up bonus: Get $50 upon opening and funding a new account, up to $150 for 3 accounts. Plus, receive up to a $150 rebate per transfer when you transfer a minimum of $15,000. Use promo code: OFFER2025 by October 31, 2025

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Invest with confidence

Platforms like CIBC Investor’s Edge offer an easy-to-navigate and cost-effective way to trade stocks, ETFs, and other securities, while providing comprehensive tools and education to new and experienced investors.

Ready to trade? Open an account with CIBC Investor’s Edge and get access to:

• Low fees: CIBC Investor’s Edge charges as little as $4.95 per stock or ETF trade and no-fee trading for mutual funds.
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Keep more earnings with commission-free trades

Keep more of your hard-earned investment gains using a commission-free trading platform, like TD Easy Trade. As a mobile investing platform, TD Easy Trade allows new and experienced investors to trade stocks and ETFs easily and without commissions — so you can build and grow your portfolio easily and reach your financial goals effortlessly.

TD Easy Trade offers:

• Invest at your own pace, with no minimums: Get started and invest as much or as little as you want or set up recurring deposits to slowly contribute to your account and grow your investment savings.
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Bottom line: Take control of your financial future

With insights inspired by Warren Buffett’s strategic moves and tools that make investing accessible to everyone, the path to financial growth is within reach. Whether you choose TD Easy Trade, CIBC Investor’s Edge, or Qtrade, you’re taking a step toward a secure financial future.

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

It’s no surprise that most Canadians want to age at home. The desire to maintain independence and enjoy the comfort of familiar surroundings is a deeply human one, especially after a lifetime of hard work. But for many, that aspiration isn’t being matched by the financial preparation required to make it a reality.

A new survey from HomeEquity Bank highlights a significant gap between intention and planning. Just 13% of Canadians have considered the cost of Personal Support Worker (PSW) care as part of their future retirement plans. Even more concerning, only 6% have both planned for and can afford this vital form of support should they need it.

“Our research underscores a clear desire for Canadians to stay in their homes with access to in-home care,” Yvonne Ziomecki-Fisher, HomeEquity Bank’s Chief Customer, Brand and Advice Officer, said in a statement. “With limited retirement income — whether from pensions, investments, or equity locked in the home — it’s clear that greater awareness and proactive financial planning are urgently needed.”

The findings point to a growing disconnect: While aging at home remains the overwhelming preference, the financial groundwork to support that goal is often missing. As Canada’s population continues to age, bridging that gap will be essential, not just for individual well-being, but for the sustainability of the broader care system.

Majority of seniors prefer aging at home, but few understand the true cost

A growing number of older Canadians are expressing a clear preference for aging in place, even as rising costs and lack of awareness around in-home care present significant challenges.

An overwhelming 90% of respondents would choose to remain in their own home with support services rather than relocate to a long-term care facility. The sentiment has grown stronger in recent years: 82% said they would only consider assisted living if they could not afford in-home care, a five-percentage-point increase from just two years ago.

The reasons behind this preference are not difficult to understand. Aging at home often offers more autonomy, a familiar environment and closer proximity to family and community. However, while the desire to stay at home is common, many seniors remain in the dark about the financial reality of such a choice.

According to data from HomeEquity Bank, nearly two-thirds of Canadians aged 65 or older are unaware of the actual costs associated with in-home care. Depending on the level of support required and the region, hourly rates can range from $19 to $75 — a wide margin that could quickly strain a fixed income or unprepared household budget.

The disconnect between expectations and reality underscores the importance of early financial planning. Without a clear understanding of potential care expenses, many seniors risk being forced into institutional care despite their preferences.

Experts warn that as the population continues to age and demand for eldercare increases, costs are likely to rise further. With more Canadians planning to remain at home, public awareness and education around long-term care costs will be crucial in helping families make informed decisions.

The importance of personal support workers (PSWs) in home care

As Canadians increasingly prefer aging in place, the role of Personal Support Workers (PSWs) becomes more critical. According to HomeEquity Bank, 93% of Canadians aged 45 and older agree that PSWs positively impact the lives of Canadians of all ages .

However, despite the high regard for their work, PSWs often face challenging working conditions. A study published in the Canadian Medical Association Journal Open highlights that many PSWs experience precarious employment, low wages and job insecurity, which can lead to physical and mental health issues.

These challenges underscore the need for comprehensive discussions about the costs and support structures necessary to maintain quality in-home care. Recognizing and addressing the realities faced by PSWs is essential to ensure sustainable and effective care for aging Canadians.

Survey methodology

The survey of 1,001 Canadians aged 45 and above was conducted on behalf of HomeEquity Bank by Ipsos from May 2 to 5.

With files from Leslie Kennedy

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

You probably don’t give much thought to filling up your gas tank during your weekly errands. Swipe your card, fill the tank and be on your merry way.

But danger lurked underground for Phoenix resident Clarissa Amoroso.

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On Feb. 9, Amoroso headed to a Circle K on 75th Avenue and Thomas Road to fill up her vehicle, which she inherited from her late father.

Soon after, the engine “started cutting out, acting like it wasn’t getting fuel,” she told reporters at AZFamily’s On Your Side.

The damage to her vehicle prevented her from getting to work. She tried to work with Circle K to resolve the problem but said the company gave her different timelines of when her claim could be paid out.

“It’s a lot on your shoulders when you’re the breadwinner of your family,” she told reporters in tears. “Just feeling you’re not being heard, that’s what hurts the most.”

Why did this happen?

According to On Your Side, a third-party fuel carrier put diesel into the underground unleaded gasoline storage tank and unleaded gas into the diesel tank.

Sixty vehicles were filled with the incorrect fuel before Circle K shut the pumps down, and some drivers who made claims were still waiting for compensation months later.

One victim, Matthew Silva, told a reporter that “anything that had to do with the gas” had to be replaced on his vehicle, including the fuel pumps, spark plugs and the entire gasoline direct injection (GDI) system.

Silva couldn’t wait out the claims process and ended up paying $4,300 out of his pocket to repair the damage. He received an email from Circle K stating that it would take up to 14 days for the claims department to reach out.

“It’s been past that,” he was quoted as saying in an April 17 story, more than two months since the incident.

Why were there delays?

Circle K says the payout delays were a result of the time it takes to evaluate claims and process documentation.

A spokesperson for Circle K told On Your Side in an email: “We take all claims seriously and evaluate each of them carefully, and we always work to reimburse customers as quickly as possible once we receive required documentation to validate their claim.”

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Amoroso and Silva have since been reimbursed, and Amoroso has also been paid for the two weeks she couldn’t work.

As for the other claims on hold, Circle K said it was likely due to a wait for documentation from the affected drivers.

What to do in a similar situation

Whether you suffer damage to your car or another valuable piece of property, it’s critical that you do your part to ensure that you receive what you’re owed in a claim.

Most companies will require you to prove that the damage was their doing, so gather as much documentation as you can. This can include receipts from the store, a dated record of when you noticed the damage and photographs of your property in good condition beforehand.

Be creative: Even a speeding ticket from the day before could show your car was working fine before the incident.

Once you have your documentation, contact the company to learn how to file a claim. Follow their instructions to prevent any delays and increase your chances of getting a response.

Finally, follow up if you haven’t received a response within a reasonable time frame.

You generally want to exhaust your options with the company before considering litigation. Court cases, even at small-claims court, can be time-consuming and expensive, but it could still be worth it depending on the severity of the damage.

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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.