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There’s a famous quote that goes "the only thing ‘wrong’ with dogs is that they can’t live forever." A dog’s lifespan can range anywhere from nine to 15 years on average, and when you consider a dog as part of the family, that’s just not enough time. But what if there was a pill that could extend your dog’s life? Good news — that pill just came one step closer to reality.

More time with our best friends

Loyal, a biotechnology startup focusing on canine health solutions, received a significant milestone on Wednesday, February 26, when the Food and Drug Administration (FDA) granted their new medication a "reasonable expectation of efficacy" certification.

Before veterinarians can begin prescribing this anti-aging treatment, the FDA must still verify its safety and confirm the company’s ability to scale up manufacturing. Loyal expressed confidence in meeting these requirements, citing "extensive data" supporting both aspects, and projects receiving conditional FDA approval by the end of 2025.

The company is seeking FDA approval for their beef-flavored pill to be used in dogs that are at least 10 years old and weigh a minimum of 14 pounds. According to Loyal, the medication targets "metabolic health," which naturally deteriorates as dogs age.

While promising, the treatment does have limitations. Loyal indicates that the medication could extend a dog’s healthy lifespan by at least one additional year (that’s seven dog years!).

Next steps

Loyal plans to introduce its medication through the FDA’s conditional approval pathway for animal drugs. This process permits companies to begin marketing treatments deemed safe and likely effective by the regulatory agency. Simultaneously, the company continues collecting additional evidence to conclusively demonstrate the drug’s efficacy while it’s already available to consumers.

There’s no word on how much the pill will cost pet parents, but Loyal said that it wants to make treatment accessible to as many dogs as possible, ideally for less than $100 per month.

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How much more do I need to budget (if my dog lives longer)?

The average cost of owning a dog in Canada averages between $660 to $4,430 per year, depending on the breed you own. And if you consider your pet as part of your family, this added cost to keep your dog with you for another year is a drop in the bucket. But these are the senior years of your dog’s life and there are going to be added costs, including special dietary needs, supplements and more frequent vet visits. This means you would need to budget for the higher end of the cost spectrum. Be sure to take these factors into consideration when putting together a budget.

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

As the Hudson’s Bay Company (HBC ) — North America’s oldest retailer — undergoes an historic wind-down, its extensive collection of over 1,700 artworks and 2,700 artifacts is headed for the auction block.

This liquidation includes irreplaceable pieces such as the 1670 Royal Charter from King Charles II, a cornerstone document in Canadian history, and a wide array of art chronicling the company’s colonial legacy.

The Ontario Superior Court greenlit the massive sell-off of Hudson’s Bay Company art, with the auction to be managed by Heffel Gallery, a Vancouver-based art auction house.

However, there is a caveat: HBC must consult with governmental and Indigenous stakeholders before finalizing the sale plan of their extensive art collection.

Criticism of the Hudson’s Bay Company art auction

The HBC art collection sell off has drawn intense scrutiny — especially from Indigenous groups concerned about culturally sensitive items being lost to private hands.

The auction is also one of the largest sell-offs in art history — representing a seismic shift in the art market. This sell-off is an opportunity for art investors, including art investing firms like Masterworks, as it offers a unique opportunity to acquire a number of sought after pieces — pieces coveted by private collectors — in a relatively short period of time.

Art collectors are excited at the opportunity

Art collectors, especially those with an eye for historical and institutional provenance, will recognize the HBC liquidation as a once-in-a-generation opportunity. These aren’t just decorative oil paintings or colonial curios. This is institutional-grade material with direct ties to the formation of modern Canada.

For collectors, especially those focused on North American or colonial history, works from the HBC trove come with built-in prestige. They also carry with them the possibility of long-term value appreciation, particularly if public institutions fail to secure these items due to chronic underfunding.

That failure is likely. Canadian museums, as reported by Castanet, are struggling with limited budgets, making them unlikely to compete at scale. As a result, the path is cleared for private entities — whether high-net-worth individuals or group investing platforms, like Masterworks — to swoop in and claim major pieces of national history.

Will art investment firms invest in HBC artwork?

For art investment firms like Masterworks, which allow everyday investors to buy fractional shares in blue-chip artwork, the HBC sale opens the door to an unusual category: historically loaded institutional art with strong public interest and media attention.

Typically, Masterworks focuses on post-war and contemporary names like Basquiat, Banksy, or Kusama. But this auction presents a new value proposition: artifacts and artworks with strong cultural narratives that may not be as liquid but carry unique appreciation potential due to rarity, historical resonance, and limited access.

From a business perspective, acquiring a high-profile HBC piece could serve both as a diversification move and a brand-building moment. Masterworks could position itself not just as a platform democratizing access to blue-chip art but as a steward of historical artifacts — something that could broaden its investor base and deepen trust.

If Masterworks or its competitors were to secure a Royal Charter or a major painting from HBC’s archive, they wouldn’t just be acquiring a physical object — they’d be buying a cultural stake in a piece of Canadian identity. That has long-term public relations and asset-value upside, especially if those items appreciate in significance as public institutions continue to falter.

The most famous art pieces in the HBC collection

The Hudson’s Bay Company amassed a significant collection of art and artifacts over its 350-year history. As the company undergoes liquidation, many of these culturally and historically significant items are slated for auction. Here are some of the most notable pieces from HBC’s collection:

• 1670 Royal Charter: A foundational document granted by King Charles II, establishing HBC’s trading rights in North America. This charter is considered one of the most important corporate documents in Canadian history.
• Historical Paintings of the Hudson’s Bay Company: A commemorative set of fourteen full-colour reproductions of HBC calendar paintings, printed in 1970 for the company’s tercentenary. These paintings depict significant events and figures in HBC’s history and were created by well-known Canadian and British artists.
• Murals by Tappan Adney and Adam Sheriff Scott: Two large murals, "Nonsuch at Fort Charles" and "The Pioneer at Fort Garry," originally displayed in the Winnipeg HBC store. These works depict early scenes from HBC’s history and have been donated to the Manitoba Museum.
• Hudson’s Bay Point Blankets: Iconic wool blankets traded by HBC since the 18th century, characterized by their distinct multicoloured stripes. These blankets became a symbol of HBC’s trading legacy and are highly collectible.
• Artworks by Frances Anne Hopkins: An English painter known for her detailed depictions of Canadian voyageurs and landscapes during the 19th century. Her works provide valuable insights into the fur trade era and are part of HBC’s art collection.
• Artworks by Paul Kane: An Irish-Canadian painter who documented Indigenous peoples and landscapes in the Canadian Northwest during the mid-19th century. His paintings are significant records of early Canadian history and are included in HBC’s collection.
• Artworks by Peter Rindisbacher: A Swiss-born artist who created some of the earliest visual records of life in the Canadian West in the early 19th century. His works are valuable for their historical and ethnographic content and are part of HBC’s holdings.

These pieces collectively represent a rich tapestry of Canada’s colonial past, the fur trade, and the interactions between European settlers and Indigenous peoples. As HBC proceeds with its auction plans, there is significant interest from museums, historians, and the public to preserve these artifacts within Canada to maintain their accessibility and cultural heritage.

The ethical dilemma and PR tightrope

That said, firms entering this space must tread carefully. The controversy surrounding Indigenous artifacts is real and rising. The Assembly of Manitoba Chiefs has already issued formal objections, calling for the return or preservation of certain cultural pieces. Any investor or firm seen as exploiting these circumstances could face reputational backlash.

For collectors and art funds, the safest bets will be works and items clearly unrelated to Indigenous heritage — portraits, maps, and institutional memorabilia with no contested provenance. Art investing firms, which thrive on public goodwill and transparency, will need to conduct rigorous due diligence and potentially partner with cultural stakeholders to avoid crossing ethical lines.

What to expect

The auction’s timing remains fluid, pending stakeholder consultations and court review, but the signal is clear: the gates are about to open on a flood of historically significant artwork, much of which will likely leave public hands forever.

For private collectors, it’s an open season to acquire rare institutional artifacts.

For group investing firms, it’s a moment to rethink portfolio strategy and possibly step into a role traditionally occupied by museums. But amid the gold rush, a tension remains: How do you capitalize on the availability of national treasures without eroding the public trust — or history itself?

The answer, for serious players, will come down to strategy, sensitivity, and whether they see this moment as a mere acquisition — or a responsibility.

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

Kira Traore says she was paying exactly zero dollars in electricity bills for her home in New Jersey — until late last year when the solar power system suddenly broke down.

The timing couldn’t have been worse — the company that the family purchased the system from had just filed for bankruptcy, according to CBS New York.

Despite still paying for the financing on the system — which cost $54,907.69 — the family got nowhere trying to get somebody to fix it. Meanwhile, they had to pay the local utility company for electricity.

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“Who is looking out for the consumer here?” Kira, frustrated by the situation, exclaimed to the local broadcaster in a story published April 1.

Her husband, Sidi Traore, who was also at a loss, added: “I’m powerless.”

In the end, the story came to a satisfactory conclusion. Here’s what happened, along with tips on what you can do in similar situations.

Solar company’s collapse

The family signed a contract with a company called SunPower three years ago to set up a solar system. Everything was hunky-dory, Kira says, until this past December when the system’s batteries malfunctioned, followed by the metering system.

“So, the panels are still producing electricity, but it’s not letting our electric company know that,” Kira explained.

Kira says she couldn’t get a response from SunPower about fixing her system. The company had filed for bankruptcy only months earlier.

CBS New York says it tracked down a contractor who installed systems for SunPower. He explained fixing the batteries would require tech support from the company — indicating customers might be out of luck if they experience problems going forward.

But the broadcaster didn’t stop there. CBS New York reports it contacted Complete Solar, the company that purchased much of SunPower’s assets, and they sent a technician to help Kira. Within two hours of the employee’s arrival, she says, the solar system was back up and running.

Complete Solar explained to CBS New York there’s a bug in SunPower’s software that causes the batteries to lock up and the system must be rebooted periodically. Complete Solar is considering a service to help customers with this issue.

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What you can do if you face a similar situation

While the Traore family was able to find a solution, everyone might not be is so lucky.

You can’t control whether a company goes bankrupt and refuses to answer your service requests, and you may not always be able to have a news show investigate on your behalf. But you can be aware of what your rights are if and when you find yourself in a similar situation like the Traores.

First, read the terms of your contract carefully and see if there are any clauses about what the company’s obligations are in these situations. If a company is set to go under, be sure to head to the soon-to-be defunct company’s website to read up on the latest news and contact representatives if need be to understand your rights.

If you still can’t get anywhere, try the acquiring company if there is one. However, keep in mind the acquiring company doesn’t necessarily need to adhere to all of the contract terms. Still, it’s worth reviewing the contract and speaking with someone as soon as you can to understand what you may be entitled to.

Those who own their equipment outright and don’t have an active warranty can make arrangements for their own repairs. For those that are required to have their equipment serviced by the bankrupt company, you may have to hang tight until you get more news.

You could file a complaint with the bankruptcy court — in some states it’s referred to as an adversary proceeding. There may be fees involved with filing, so determine whether you believe the cost is worth it.

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

On the rocky edge of Newfoundland’s Baie Verte Peninsula, the sign still stands: “Tilt Cove: Smallest town in Canada. Population: 4.” But soon, that number will drop to zero.

This spring, the final residents of Tilt Cove agreed to relocate, officially closing the book on a once-thriving mining town that bustled with curling rinks, jukebox dances and the laughter of children skating across a frozen lake. The decision marks not just the end of a community, but the continuation of a quiet transformation happening across rural Canada, one in which economic realities are forcing small towns to either adapt or disappear.

“I loved it there. I miss living there,” Shirley Severance, who was born in Tilt Cove in 1941 and watched it shrink from a vibrant mining hub to near silence, told the Toronto Star. “We were truly blessed, all of us, whoever lived in Tilt Cove. Everyone was like a big family.”

Severance’s words echo a growing pattern across Canada: Small towns once built around singular industries — fishing, mining, forestry — are losing not only their income sources but also their identities. As these economic lifelines dry up, communities are forced to make hard choices: Fight to adapt, or take the government buyout and walk away.

This is the story of those who have said goodbye, and those who have found ways to stay.

The rise and fall of Tilt Cove

Founded in the mid-1800s, Tilt Cove thrived thanks to its copper mine. At its height, more than 1,500 people called the town home. It boasted amenities that many larger towns would envy: A curling rink, a bowling alley, a recreation hall and a mining company that turned the town’s frozen lake into a winter skating rink topped with a massive Christmas tree.

“We had it all, really,” Collette Barthe, who moved to Tilt Cove with her family at age five told The Star. “I still miss the place. I miss the people. They were more than neighbours, they were family.”

But when the mine shut down for good in 1967, Tilt Cove began its slow decline. The population dropped from hundreds to dozens, then from dozens to four. In 2023, the final residents accepted the Newfoundland and Labrador government’s resettlement offer of $250,000 to $270,000 per homeowner. By March 2025, the last families had left, taking with them over a century of shared memories.

A pattern of decline across Canada

Tilt Cove is not alone. In recent years, several other Newfoundland communities, including Little Bay Islands, William’s Harbour and Grand Bruit have also voted to resettle. In each case, the closures followed the loss of core industries such as cod fishing or crab processing. In some communities, the decision to leave was almost unanimous. In others, it was wrenching.

“I still remember the community barbecues and Labour Day parades,” Barthe said. “In the winter, they’d light the lake. It was magic.”

These closures are not limited to Newfoundland. Across Canada, rural towns are confronting harsh economic realities. In Uranium City, Saskatchewan, the closure of a uranium mine in 1982 led to a mass exodus, shrinking the town from over 2,000 residents to just a few dozen. In British Columbia and northern Ontario, forestry towns are facing similar fates.

While provincial governments offer relocation programs, often with six-figure payouts, they can’t compensate for the emotional loss of a place that once felt like home.

Some towns adapt and thrive

Yet, not every story ends in departure. Across Canada, some small towns are charting a different path, finding ways to survive, and even thrive, by diversifying their economies and investing in community resilience.

One example is Fogo Island, Newfoundland, where a struggling outport reinvented itself as a global arts and tourism destination. The Shorefast Foundation helped fund the Fogo Island Inn and launched programs that supported local crafts, ecology and entrepreneurship. Today, the town is not only surviving but attracting international attention.

Similarly, places like Tumbler Ridge, B.C., and Neepawa, Manitoba, have found new economic lifelines in tourism, paleontology and immigration. By embracing innovation and partnering with local and global stakeholders, these towns have resisted the fate of places such as Tilt Cove.

The cost of staying, and of leaving

For many in remote communities, staying is no longer financially viable. The cost of basic necessities in some northern and isolated areas can be two to three times higher than the national average, due to transportation challenges, limited access to supply chains and infrastructure gaps.

According to data from the Government of Canada’s Nutrition North program, a litre of milk in some remote communities can exceed $14, while fresh produce and juice often come with similarly inflated price tags. Combined with scarce employment opportunities, these high living costs are pushing residents to relocate in search of stability and sustainability.

For others, leaving behind their community means more than finding a new place to live. It’s a grieving process.

Even decades after moving away, Shirley Severance still returns to Tilt Cove to visit the family home. The roof has collapsed, and the front steps are broken, but she continues to walk the familiar paths, up to the cemetery in the hills where her great-grandparents are buried.

What’s next for rural Canada?

The story of Tilt Cove is a quiet elegy for a way of life that is vanishing in many parts of the country. But it’s also a call to action for governments, investors and communities themselves to find new ways to support the viability of rural living.

Economic diversification, infrastructure investment and support for remote services will be crucial. But so too will be preserving the deep human connections that make these communities more than just dots on a map.

Because as Debbie Severance-Simms, Shirley’s daughter, puts it: “It still feels good to go back.”

Tilt Cove may now stand empty, but its story is one of resilience and a testament to the strength of small communities facing change with courage, memory and grace.

Sources

1. Toronto Star: As ‘smallest town in Canada’ empties out, former residents recall its vibrant past (May 22, 2025)

2. Government of Canada: Nutrition North Canada

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.

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

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

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

What happened, exactly?

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

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

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

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

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

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

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

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

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

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Why did she have so much cash?

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

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

What can we learn from this incident

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

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

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

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

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

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

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Canadians are slipping deeper into financial trouble, and the numbers tell a sobering story. Turns out more Canadians are missing loan repayments at a much faster rate than taking on new debt — a clear sign that many are running out of financial runway as many struggle to pay bills.

According to a nationwide study by Money.ca, delinquency rates — the red flag of missed debt payments — have jumped 19.14% year-over-year, now sitting at 1.43%. That’s more than five times the rate of debt growth, which only crept up 3.79% to an average of $21,810 in non-mortgage debt.

What does this mean? It means more people are borrowing just to stay afloat — and even that isn’t enough anymore.

Google search reveals real-time anxiety

When people worry, they Google, and Canadians are searching their way through this financial crisis.

Searches for "budget planner" shot up 152.86% over the past year, showing many are trying to regain control before things spiral. But at the same time, interest in “payday loans” rose 27.6%, hinting that others are reaching for expensive lifelines just to cover everyday costs.

Read More: Find the best budget planner to help manage your money.

And it’s not just about planning ahead. People are bracing for the worst:

• Searches for “personal bankruptcy” rose 4%
• “Garnishment” (a legal process to seize wages) climbed 6%
• “Consumer proposal” searches were up 3%, as Canadians look to negotiate their way out of debt
• “Debt consolidation” saw an 8% bump, reflecting a desire for simpler repayment plans

This surge in search activity paints a stark picture of a nation in financial distress, with Canadians taking both proactive and desperate measures to manage their debt. The growing interest in bankruptcy, garnishment and debt restructuring options reveals a widespread struggle to keep up and underscores the urgent need for accessible financial solutions.

Debt stress hits harder in some provinces

Canada’s financial picture is anything but uniform. In some places, residents are managing, and in others, the strain is overwhelming.

• Quebec leads the country in delinquency rate growth: +24.16%, even though average debt only rose a modest 2.68%
• Ontario isn’t far behind, with delinquencies up 23.78%, driven largely by expensive urban living in cities like Toronto
• Newfoundland, surprisingly, shows the opposite trend: despite a 7.78% jump in debt — the highest in Canada — its delinquency rate actually fell 0.46%, suggesting local resilience
• Smaller provinces like PEI saw a 5.47% increase in debt and a manageable 5.94% rise in delinquencies — still concerning, but far from crisis territory

Big city, big pressure: Urban centres under siege

If you live in a major Canadian city, you’re likely feeling the pinch more than most.

• Montreal saw a staggering 27.06% spike in delinquencies — the highest of any city — despite having one of the lowest average debt levels at $16,894
• Toronto’s delinquency rate climbed 24.16%, closely tied to its unaffordable housing market and high living expenses
• In Vancouver, where average debt is a hefty $23,002, delinquencies rose 19%
• By contrast, places like St. John’s (+0.73%) and Halifax (+11.6%) are showing much more stability, a reminder that smaller cities may offer a softer landing in turbulent financial times

Different generations, different financial struggles

No age group is immune, but the reason why each age cohort is struggling does vary.

• Young adults (18 to 25) are getting hit hard early, with delinquencies up 17.02% on relatively small debts (average: $8,267), primarily due to the difficult combination of low income and limited employment experience
• Pre-retirees (56 to 65) are in a crunch with debt climbing 6.28%, and delinquencies following suit, rising 16.88%. Retirement planning is tough when you’re still paying off large debts
• Even retirees (65+), who carry the least debt overall ($14,575), saw delinquencies rise 8.12%, a result of rising living and healthcare costs outpacing fixed incomes

What Canadians can do right now

Here are a few action steps that could help turn the tide, or at least slow it down:

1. Start with a budget (and stick to it): Searches for “budget planner” are booming for a reason. Free online tools or budget apps can help you get a handle on where your money’s going and identify areas to cut back.

2. Look into consolidation or consumer proposals: If your debt is scattered or unmanageable, consolidating it into one lower-interest payment using a consolidation loan or negotiating a consumer proposal might bring relief.

3. Avoid payday loans: They’re tempting for quick cash, but the long-term costs can be brutal. Try talking to your bank or local credit union about lower-cost alternatives.

4. Build your financial literacy: If you’re under 30, learning the basics now can save you years of stress later. Free resources, workshops and even YouTube can be powerful tools. Even those over 30 can benefit from learning basic or more complex money management skills.

5. Push for policy support: High-cost cities and vulnerable provinces need localized solutions, from affordable housing strategies to expanded access to debt support programs.

The pressure is real but so are the options

This isn’t just a blip on the radar. The findings of the Money.ca study reveal a nationwide warning sign that Canadians, across all regions and age groups, are struggling to stay financially afloat. But there are tools, resources and policy solutions that can help.

Whether you’re drowning in bills or just feeling the squeeze, now’s the time to act, before a missed payment turns into a bigger crisis.

Read the full report at Money.ca/research/canada-debt-crisis

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

It sounds like you were doing all you could to get your finances together in your twenties, like paying your bills on time and being mindful of your debt.

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But forces outside of your control have dragged you down. No, it’s not illness or unemployment. It’s your parent.

Even if you’re on top of your finances, their behavior can affect you. While parents typically have the best of intentions, they’re also human. If they’re not the most financially savvy, it could have far-reaching consequences on your finances.

At the time you co-signed on the car loan with your mom, you didn’t know any better and probably believed that this move would help build your credit, when you had none.

But it looks like instead of paying the loan, your mom may have used her paycheck to go shopping instead.

Here’s what this means and what you can do to fix this situation.

What this means and what you can do

When you co-sign a loan, you are telling the lender that you agree to be responsible for the debt. If the borrower can’t repay the loan and associated fees, you will need to, or it could hurt your credit score. If the loan goes into default, the car could be repossessed, and that negative mark will show up on your credit report since the credit bureaus will report the car loan as yours.

According to Equifax, “Once they’re recorded on your credit reports, [car repossessions] can impact your credit scores for up to seven years. Credit behaviors that typically lead to a repossession, such as missed payments and defaulted loans, may also result in negative marks on your credit reports.”

With a low credit score, it could be difficult to qualify for a loan like a mortgage. Even if you could, you may be limited in your options. Lenders may not offer you the most competitive interest rates. You could pay more in interest charges, costing you tens of thousands of dollars or more throughout the life of your mortgage.

You may also have to pay higher car insurance premiums with a lower credit score.

You can get caught up on your mom’s car loan or contact the lender and negotiate a repayment plan to avoid a default. This could cost you thousands of dollars — money that you may be saving for goals like getting married and purchasing a home.

If possible, you can sell the car yourself and arrange for some other form of transportation for your parent. You can then use the money to pay off as much of the loan as you can. Financial guru Dave Ramsey recommends doing this and avoiding voluntary repossessions.

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

“If the sale covers the remaining balance of the loan, you’re home free! But if it doesn’t, you’re better off taking out a small loan for the difference,” says his website. “Paying off that smaller loan will be a heck of a lot better than paying the deficit balance in a lawsuit (not to mention all the fees and having a repo on your credit record).”

Rebuilding a credit score

It is possible to rebuild your credit score once you’ve dealt with the loan.

Once that loan is out of the way, continue what you’re doing to positively affect your credit score before. Pay off your loans on time and avoid getting any new loans. If you have credit cards, keep your balances low and pay off the balance each month.

The key is consistent behavior and time. It’s hard to say how long it will take for your score to go back up as high as you’d like. However, you can monitor it to see where you stand periodically.

To protect yourself from getting into a similar situation, avoid co-signing on loans if you’re unsure whether the borrower will pay back the loan on time.

How to disentangle from a loved one’s finances

Setting boundaries is key if you want to separate your finances from your loved one.

Although it can feel uncomfortable, it’s worth it to sit them down and make it clear what you’re willing and not willing to do in terms of your finances.

For example, you’re no longer going to agree to co-sign on any loans or lend them money to pay back a loan. Or if you do offer money, set a limit on how much and stick to it.

You could also offer to help them with strategies to manage their money. If they’re not willing to accept your help, the best you can probably do is offer educational materials and step back.

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

A few years ago, your brother borrowed money to help pay for groceries for several months, and paid you back. But now, he finds himself short of cash again and you’re not sure whether you want to lend her more money.

Wanting to help out a friend or family member when they’re in a financial bind may seem like a no-brainer, but you need to be sure you’re also taking care of your needs as well.

For one, you want to make sure you have enough room in the budget to pay for your own expenses — and lend money. You may also need to mitigate other risks, like potential strain on your relationship.

Let’s take a closer look at these risks and how to responsibly lend the money, if you choose to do so.

Learn More: Tired of juggling multiple payments? Simplify your debt with one easy monthly payment. Apply for a consolidation loan today and take control of your finances.

Emotional and financial risks of lending money

Even if you have extra money to lend to friends and family, you still want to be careful. Think about where you’ll pull the money from. Is it from sources like your emergency fund or money you’ve set aside for taxes?

Lending money that you may need yourself means potentially putting yourself in a precarious financial position. If the borrower doesn’t pay back your loan and you were relying on it, you’ll need to figure out how you can meet your financial obligations. It could mean taking out a loan yourself (and paying interest costs) or finding other ways to make up for the shortfall.

Even if you can afford to lend money, you risk your relationship becoming strained if the borrower doesn’t make payments as promised — or is unable to pay the loan back at all. It could get awkward at future social gatherings or even lead to feelings of resentment.

Still, you may decide that the risks are worth it or you’re absolutely sure the borrower will pay back what’s owed. Before handing over the cash, you’ll want to set some clear rules and guidelines.

How you can lend money responsibly

Before lending money, be sure you check that you can afford to. Setting clear expectations about the loans is also key.

Create a loan agreement

Creating a written loan agreement can help prevent any issues or miscommunication when lending money. At the very least, the agreement should outline the amount you lent and the repayment terms.

Other details you may want to put into the loan agreement could include:

• Interest rate, if you decide to charge one
• Repayment amount and cadence
• When the loan needs to be repaid in full
• What happens in the event the borrower can’t repay the loan

Share this document with the friend or family member before lending the money. That way, they can decide whether to agree to the terms. Having open and honest communication from the very beginning ensures that everyone can address questions or concerns about the loan.

Though it may cost you some money, having this document notarized signifies that you take the loan seriously.

Understand any tax implications

You are not required to charge interest on loans to family and friends in Canada, even if it does exceed $10,000. However, it is advisable to do so to avoid any dispute down the road. Keep in mind, any interest you collect counts as taxable income. While it’s up to you to determine how much interest you want to charge, many family members will use the prescribed rate.

What is the prescribed rate for Canadians?

In 2025, the prescribed interest rate, as set by the Government of Canada, is 6%. This rate is set quarterly by the Canada Revenue Agency (CRA) and is used primarily for:

• Calculating taxable benefits on interest-free or low-interest loans to employees or family members.
• Determining interest on overdue taxes.
• Certain income-splitting strategies (e.g., spousal loans).

The prescribed rate can change with the Bank of Canada’s interest rate environment, so it’s important to check the CRA’s official prescribed interest rate page for the most current updates.

Be OK with saying ‘no’

Even though it’s an uncomfortable situation, you need to be prepared to say ‘no’ to requests to lend money to family and friends.

At the end of the day, you need to look out for your best interests. It may not be worth risking your financial security to help someone else, especially if it means you could be left in dire straits. Not lending to friends or family because you don’t want to risk ruining the relationship is also a perfectly valid choice.

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