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One of the keys to building wealth is understanding the relationship between risk and reward. Canadians are always on the lookout for low-risk investments, but you must understand that free lunches do not exist. A risk-free investment (like a GIC) has a lower expected return than a high-risk investment (like an individual stock).

As an investor, your goal should be to balance the trade-off between risk and reward and find investments to suit your risk tolerance. Here are four low-risk investment options to consider, plus one really terrible low-risk option and one option that was so bad it’s no longer available.

High-interest savings accounts

We should all keep some cash savings on hand in case of emergencies. The standard rule for emergency funds is to have three to six months of expenses in cash. Still, no one wants their cash sitting idly by earning nothing. That’s where a high-interest savings account comes into play.

The best high-interest savings accounts in Canada offer rates that keep up with inflation, but you’ll likely need to stray from the big banks to find them. Plus, it’s a safe bet to park your money in a HISA: savings deposits at most banks and credit unions are insured by Canada Deposit Insurance Corporation (CDIC) for up to $100,000 in case of bank failure. Investments don’t get much more low risk than that.

Guaranteed investment certificates (GICs)

One step above a savings account, GICs are another low-risk investment option that can pay slightly higher interest depending on the length of your term. Most GICs come in terms of one to five years — the longer the term, the higher the interest rate.

Know that with a GIC you’re locking in your money for the length of the term. A steep penalty may apply if you withdraw your funds before the term expires. That’s why GICs make the most sense when you have a specific goal you’re saving for, such as a new car or a down payment on a house in three years.

Money market funds

Money market funds were once the go-to place for investors to park cash on the sidelines. It is a mutual fund that invests only in cash or cash-like instruments to provide investors with a safe and liquid place to hold onto their money.

Today, most money market funds fail to keep up with inflation so investors looking for a low-risk investment option are better off with a high-interest savings account or GIC.

To make matters worse, money market mutual funds come with a management expense ratio (MER) that further eats into the already low rate of return.

Low-volatility fund

The goal of many investors is to maximize return and minimize risk. But how can you achieve this goal when your funds are invested in the stock market? Answer: A low-volatility fund.

ZLB, BMO’s low-volatility ETF, is an enticing option as a low-risk/high-return investment. Choosing low-volatility investments is a proven strategy: Lower-risk stocks tend to outperform higher-risk ones across a longer time period.

ZLB is a five-star Morningstar-rated fund, has the best risk-adjusted return in the Canadian Equity category, and is the top-performing Canadian Equity Fund for over five years.

Investors looking to add market exposure through a low-volatility ETF like ZLB can do so by opening a discount brokerage account at Questrade and purchasing the ETF through their self-directed platform.

Annuities

An annuity is a contract designed to provide you with a guaranteed income stream. Typically used during retirement, annuities are sold by an annuity provider, such as a life insurance company.

You purchase an annuity with a lump sum and then receive payments for a fixed period or the remainder of your life. The payments are a mix of interest income and return of capital (i.e. paying back some of your own money).

The amount of money you receive depends on your gender, age, health, the amount of money you invest and the type of annuity you purchase. Other variables include whether you want payments to continue to your beneficiary after you die, the length of time you want to receive payments and the rate of interest at the time you buy your annuity.

Buying an annuity late in retirement can be a great way to protect yourself from longevity risk (the risk that you outlive your money) by transferring risk from your personal savings to the insurance company.

Canada savings bonds (no longer available)

Once a staple of low-risk investments for Canadian families, the Canadian federal government decided to stop issuing Canada Savings Bonds as of November 1, 2017. Still, existing Canada Savings Bonds and Canada Premium Bonds will continue to earn interest until maturity or redemption. Once a certified CSB or CPB matures, it no longer earns interest and should be redeemed by presenting the certificate at any financial institution in Canada. These savings bonds paid out a solid 4.75% as recently as 2000, but the interest rate fell to a pitiful 0.5% in their final years of issuance.

When to buy low-risk investments

Some investors are naturally risk-averse and cannot stand the idea of losing money. For these people, it’s great to know there are so many low-risk investment options available. But risk avoiders should understand there are no safe investments with high returns. The best risk-free investments will simply tread water with inflation (currently hovering around 2%).

Low-risk investments are also ideal for short-term savers. The fact is, if you need to access your money for a major purchase in five years or less, then you shouldn’t invest that money in the market. It’s perfectly reasonable to stash your cash in a high-interest savings account or GIC and earn a healthy return on your cash.

When to take additional risks

If you don’t need to access your money within five years, you should consider some exposure to the stock market. The key is to add bonds to the mix. There’s a reason why bonds exist – to smooth out the volatility of stock returns.

A risk-averse investor could also look to a reputable robo-advisor like Wealthsimple to construct a conservative portfolio that can give their savings a chance at higher returns.

Wealthsimple’s conservative portfolio is made up of 35% equities and 65% fixed income (bonds). It uses ETFs with low-volatility characteristics to get exposure to international and emerging markets, plus a small mix of core Canadian and U.S. equity ETFs to round out the portfolio.

This conservative portfolio would have declined only 10% during the horrendous financial crisis of 2008. Other stocks saw declines of up to 60% that year.

Are there safe investments with high returns?

Ultimately, there are no low-risk, high-return investments. But there are a number of places for risk-averse investors to park their savings and still keep up with, or beat, inflation.

That means looking beyond the big banks for better rates on high-interest savings accounts and GICs. It means avoiding costly money market funds and considering low-volatility funds, either purchased on your own through a self-directed investing platform or as part of a portfolio constructed for you by a robo-advisor.

It also means considering annuities in your retirement to protect your nest egg from longevity risk. All are solid options for you to build wealth and meet your financial goals.

This article Best low-risk investmentsoriginally appeared on Money.ca

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

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

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

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

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

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

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

Who is Melanny, and what did she promise?

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

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

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

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

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

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

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

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

How to avoid being misled by college or training scams

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

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

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

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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.

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

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

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

What is a financial MLM scheme?

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

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

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

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

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

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

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

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

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

2. What are they promising you?

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

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

3. Do you feel pressured to invest?

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

What to do before you sign up with an MLM

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

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

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

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

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

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

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

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

Auto theft is no longer just a city crime story — it’s a nationwide insurance crisis. Despite efforts to curb auto theft, the impact of stolen vehicles and damage due to auto break-ins is pushing the value of auto theft claims into triple-digits — and the person who ends up paying the cost are everyday Canadian drivers.

In 2023, the value of auto theft claims in Canada hit a staggering $1.5 billion, according to the Insurance Bureau of Canada (IBC) — the highest ever recorded. And while there’s a slight dip in thefts in 2024, the financial scars are still fresh, and every Canadian driver is footing the bill through rising insurance premiums.

Over the last decade, auto theft claims have risen 138%, while the value of those claims has jumped a jaw-dropping 442%. Even though IBC data shows a 19% drop in theft claims in the first half of 2024 — with 17,647 claims valued at $544.7 million, compared to 21,907 claims worth $764.6 million in the first half of 2023 — the costs remain historically high.

The reason? Modern car theft isn’t a smash-and-grab. Today, it’s increasingly driven by organized crime networks, targeting high-end SUVs and exporting them to markets in the Middle East and West Africa. Even one successful theft of a luxury vehicle can cost insurers — and, in turn, drivers — tens of thousands of dollars.

Auto theft cost on Canadians

"Concerted actions by law enforcement, insurers, governments and drivers to combat theft are showing results, but more remains to be done," said Liam McGuinty, IBC’s vice-president of strategy, in a statement.

McGuinty explained that this triple-digit increase in the number and cost of auto theft claims has a serious impact on Canadian drivers. "Canada’s auto theft rates have soared in the last 10 years, placing pressure on drivers’ insurance premiums, compromising public safety and causing Canadians concern and trauma." McGuinty concedes that the frequency of theft dropped in the first half of 2024, but maintains that "auto theft in Canada remains significantly above historical trends."

How auto theft differs from province to province

While Ontario and Quebec saw some relief in early 2024 — theft claims dropped 16% and 41% respectively — other provinces are still on edge.

• Alberta: Theft claims rose 1% year-over-year in early 2024, but the value of those claims increased 11% — reflecting higher-end vehicles being stolen.
• Nova Scotia: Up 27%
• New Brunswick: Up 14%

Long-term trends still show steep increases over the past decade:

• Ontario: +291%
• New Brunswick: +203%
• Nova Scotia: +87%
• Alberta: +48%
• Quebec: +36%

Why are thieves getting away with it?

Thefts are increasingly high-tech. Criminals use relay attacks to hack keyless entry systems, clone VIN numbers (a tactic known as “re-VINing”), and ship stolen cars through Canadian ports, primarily in Montreal and Halifax. Despite increased federal funding to improve detection at ports, the pace of thefts continues to outstrip law enforcement efforts.

A 2024 CBSA investigation found that more than 75% of recovered stolen luxury vehicles were already loaded into shipping containers — destined for overseas resale before owners even noticed their cars missing.

How to protect your vehicle and your budget

Auto theft isn’t just a nuisance — it’s directly linked to rising insurance premiums. IBC warns that the average comprehensive coverage cost is rising in high-theft regions, particularly Ontario and Alberta. The price of protecting your car now reflects the odds of it disappearing from your driveway.

Regardless of the province or territory you live in, being prepared for the unthinkable with auto insurance can be a life-changer, and it doesn’t take much work to get coverage.

With YouSet — a digital insurance brokerage — the process of buying auto insurance is simple. All you need to do is fill in a bit of information about yourself, your vehicle and the coverage you want, and YouSet will provide you with a list of personalized, affordable insurance options.

You can choose the best option for you, complete the purchase within minutes and be ready to shield yourself against the economic stress that comes with car theft.

What government is doing

The federal government has committed $28 million to fighting auto theft in 2024 and beyond. Efforts include:

• Scanning technologies for ports
• A national task force to address re-VINing
• Expanded cooperation between CBSA, RCMP, and international agencies

In Ontario, new provincial regulations now allow insurers to better share VIN data and flag high-risk resale vehicles.

What can you do?

To protect your car — and help stem the tide — IBC recommends:

• Installing steering wheel locks or kill switches
• Parking in garages or well-lit areas
• Using tracking services or etching the VIN on glass
• Reviewing your insurance policy to ensure theft protection is included

The vehicles thieves love to steal

Not surprisingly, thieves tend to target certain types of vehicles. According to IBC data, new, high-end luxury vehicles continue to be popular targets for auto thieves, due in part to their desirability in illegal international markets.

"Fighting auto theft requires a whole-of-society approach. Now is not the time to take our collective foot off the accelerator in this fight," McGuinty said. "The auto theft crisis continues to negatively impact Canadians’ pocketbooks and their sense of safety. The property and casualty insurance industry remains committed to working alongside all orders of government and stakeholders to continue to address the national auto theft crisis."

While this increase in auto theft might urge you to double-check if you have the best car insurance possible, the fact that it’s so rampant that insurance premiums are rising might mean you need to look for other places in your budget to optimize your finances too.

With Rates.ca, not only can you find the ideal auto insurance policy for you, but you can also find the best home insurance, mortgage rates and credit cards.

You can use Rates.ca to find the cheapest car insurance near you, and right after use it to find the most ideal credit card to support your financial habits so you have a comprehensive understanding of the best way to handle your finances.

Bottom line

Auto theft in Canada may have peaked in 2023, but it remains a billion-dollar problem. Whether or not your car has been targeted, your insurance premiums are paying for someone else’s loss. And without aggressive federal and provincial action, the cost of doing nothing will continue to rise.

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

The ever-increasing threat of tariffs from our southern neighbour seems to be the only thing on people’s minds these days. While their implementation has been more on-again, off-again, in the first few months of 2025, their full impact would be financially burdensome for Canadian businesses across all sectors.

A new analysis from the Public Policy Forum conducted by Navius Research examines the potential impact on each province, as well as how Canada may be able to hit back via retaliatory tariffs.

"We undertook this study to provide quantitative guidance to policymakers in real-time," Inez Jabalpurwala, the forum’s president and CEO, said in a statement.

"The work reveals emergent areas of focus for Canadian leaders, including the urgent development of east-west, and west-east trade in Canada and beyond."

Sectors in every province would experience a form of decline, from gasoline and diesel refined in New Brunswick, aluminium exports from Quebec, steel and automobiles from Ontario, potash and uranium from Saskatchewan and oil and gas from Alberta.

What may actually happen if these tariffs are implemented?

The sector that will be most impacted by President Trump’s tariffs is vehicle manufacturing, potentially enduring a $93.8 billion hit in Ontario over a five-year period, while Quebec’s aluminum industry would stand to lose $12.7 billion over the same time frame.

However, the news is not all gloom and doom for Canadians. The report notes that sectors that are primarily trading between nationally or with Asia and Europe may be insulated from US tariffs and may actually experience growth during this period.

"Sectors with access to broader markets, such as offshore oil production in Newfoundland and LNG (liquid natural gas) production on the west coast, may actually benefit from tariffs," said Jotham Peters, managing partner at Navius Research, "which might be a guide for how Canada can insulate its economy in the future."

"Greater trade networks to either the east or west coast will help insulate Canada from trade shocks with the US and can act as leverage for the next tariff threat."

And what happens if Canada hits back?

On the flipside, Public Policy Forum’s analysis of the effects of a 25% retaliatory tariff on imports of 23 classes of US goods into Canada reveals more significant damage to the US than to Canada.

Some of the impacted industries include: food, pharmaceuticals, fabricated metals, alcohol and tobacco, manufactured goods, steel, plastics, cement, non-ferrous metals, paper, mining products, clothes and wood products.

The report also reveals how tariffs on some sectors would benefit Canada more than the US — the first being Canada has adequate opportunities to substitute away from US goods, such as with alcohol imports.

Secondly, there are certain industries that may be negatively impacted by US tariffs but have sufficient production capacity to meet needs across the country, such as steel in Ontario and Quebec.

The forum recommends avoiding tariffs on goods that rely on a highly integrated supply chain between the two countries, such as vehicles.

Furthermore, Canada would do itself more harm if it retaliates with tariffs on oil, electric products, raw wood, natural gas, chemicals, refined petroleum, machinery, biofuels, agriculture and vehicles.

This article A potential $93.8 billion hit over a five-year period: New study shows how Trump’s tariffs could impact provincial economies — but there are opportunities elsewhereoriginally appeared on Money.ca

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

Canada’s life sciences aren’t just working to improve the lives of the country’s citizens, it turns out the industry is also an economic driver. According to new data from Statistics Canada, The industry contributed $18.4 billion in 2022 in total economic activity, marking a nearly 15% increase over 2021.

"Canada’s life sciences are an economic engine. In an increasingly complex and volatile global economy, that engine needs to be firing on all cylinders," Bettina Hamelin, president of Innovative Medicines Canada, said in a statement.

"Canada’s pharmaceutical innovators are helping deliver both life-changing treatments and the kind of growth that strengthens our economic resilience as a country."

Impact of Canada’s life sciences industry

The life sciences field includes everything from biotechnology and pharmaceuticals to biomedical research and diagnostics. It’s the branch of science that studies living organisms and leverages that knowledge to improve health, fight disease and develop new medical technologies.

In 2022, Canada’s life sciences industry proved to be a cornerstone of both national innovation and economic growth. With $3.2 billion invested in research and development, the sector didn’t just push scientific boundaries, it also supported over 110,000 full-time jobs across the country, reflecting a nearly 8% increase from the year before. That means more researchers, engineers, technicians and healthcare professionals building the future of medicine right here at home.

But the story goes deeper than dollars and jobs. The industry’s research and development-to-sales ratio, reaching as high as 11%, shows a strong commitment to reinvesting in Canadian science, talent and infrastructure. This isn’t just a business sector; it’s an ecosystem where scientific curiosity meets practical impact.

Nowhere is that impact more tangible than in clinical research. With over 3,200 clinical trials underway across Canada, the country has become a respected global hub for testing and validating new therapies. These trials are critical. They’re where life-changing treatments are first evaluated, where innovation takes shape and where Canadians contribute directly to advances in global health.

“Canada’s leadership in clinical trials is something to be proud of—and something we must protect and amplify,” said Hamelin. “It’s a competitive advantage that creates jobs, fuels innovation and delivers real health benefits to Canadians.”

The industry’s economic contribution

In 2022, Canada’s life sciences sector didn’t just make scientific breakthroughs,it delivered real economic power. The industry contributed a total of $18.4 billion in gross value added (GVA) to the Canadian economy, and just over half of that — $9.6 billion — came directly from the sector’s own operations. That’s a 16.4% increase from the previous year, a sign of steady and significant growth.

But the story doesn’t stop at what the sector does on its own. There’s a ripple effect. The indirect impacts, the value created through the supply chain and supporting industries, added another $5 billion to the economy, making up 27.2% of the total GVA.

Then there’s the induced impact, which reflects the broader economic activity generated when employees spend their earnings in local communities. That figure rose 18% to $3.8 billion, accounting for 20.9% of the total.

Taken together, the research and development pharmaceutical sector made up 0.7% of Canada’s total GDP at basic prices in 2022, a steady contribution, unchanged from the year before, but one that underpins thousands of jobs and countless innovations.

Geographically, the heart of this economic activity beats strongest in Ontario and Quebec, the twin powerhouses of Canada’s life sciences ecosystem. In 2022, these two provinces alone generated $15.4 billion of the sector’s total GVA. Ontario led with $9 billion, followed by Quebec with $6.4 billion. The labour side of the equation was just as impressive, with $10.6 billion in wages and employment-related value, again, heavily concentrated in Ontario ($5.1 billion) and Quebec ($3.7 billion).

Canada’s life sciences sector is not only a key driver of innovation but also a significant contributor to the economy. Its influence spans across research institutions, supply chains, and local businesses, with a broad and lasting impact on the country’s economic landscape.

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.

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.

Atlantic Canada’s lobster industry is grappling with a perfect storm of economic challenges, as low prices, shifting global trade dynamics, and geopolitical tensions converge to unsettle one of the region’s most vital industries.

A season of uncertainty

Lobster harvesters across Nova Scotia, New Brunswic and Prince Edward Island are expressing deep concern over this year’s prices, which are reportedly among the lowest in recent memory. Some fishers are even opting to forgo the season entirely, citing unsustainable economics.

“I would say the prices have never been lower than this, when you recognize the extreme upswing in costs to harvest lobster,” Colin Sproul of the Bay of Fundy Inshore Fishermen’s Association told Global News.

“I hear reports of our membership in southwest Nova Scotia giving up on the season and landing their traps because they can’t fish at the prices that are being offered to them.”

The Maritime Fishermen’s Union reports that buyers’ prices are hovering around $6 to $6.50 per pound, a figure they deem “unreasonable and an insult to fishers,” according to union executive treasurer Bruce Wilson.

Trade tensions and rising costs squeeze Atlantic Canada’s lobster ondustry

The lobster industry in Atlantic Canada is facing a perfect storm of challenges, amplified by escalating international trade tensions and rising operational costs. In March, China imposed a 25% tariff on Canadian seafood, including lobster, in retaliation for Canada’s tariffs on Chinese-made electric vehicles and other goods. As Canada’s second-largest seafood export market in 2024, worth $569 million, China’s decision has shaken the industry, disrupting a crucial export channel.

“This is going to present itself as a challenge, there’s no doubt,” Kris Vascotto, executive director of the Nova Scotia Seafood Alliance, told The Canadian Press in March. “Essentially, the landscape has fundamentally changed.” Meanwhile, the U.S. remains the dominant market for Canadian lobster, accounting for $1.9 billion in exports.

The shift in global trade is compounded by rising costs on the ground. Fuel, bait and gear prices have surged, putting additional pressure on fishers already facing lower dockside prices. These combined challenges are prompting concern that consolidation and restructuring may become more common, particularly among smaller, independent operators.

Historically, the lobster fishery has been a cornerstone of Atlantic Canada’s economy, with the industry benefiting from strong global demand, especially from Asian markets. But the landscape has shifted dramatically over the past year, forcing the industry to navigate new, uncertain waters.

Back in 2020, the $1 billion sale of Clearwater Seafoods to a joint venture with Mi’kmaq First Nations was seen as a moment of growth and diversification. Now, the same export ambitions that drove that deal are being tested by geopolitical instability and market volatility.

What this means for coastal economies and local finances

The impact of these developments goes well beyond the wharf. In communities heavily dependent on fishing, lower earnings for lobster harvesters translate into reduced spending at local businesses, tighter household budgets and ripple effects throughout the regional economy.

For workers and business owners tied to the seafood supply chain, from processors to truckers to retail suppliers, shifts in global demand and local harvest volumes can affect jobs and income stability. A downturn in lobster revenues might also slow investment in vessels, equipment upgrades or succession plans for family-owned fishing licenses.

And for anyone invested — literally or emotionally — in Canada’s resource-driven industries, this moment serves as a broader economic reminder. Industries tied to global trade can boom during favourable conditions but are just as vulnerable to sudden shifts in policy, price or demand. Having a financial buffer, diversifying income sources or following regional economic trends closely can offer a practical hedge against this kind of volatility.

Navigating uncertain waters

With the U.S. market still offering some stability, industry leaders are seeking ways to expand domestic sales, explore secondary markets and strengthen branding efforts around sustainability and Indigenous-led stewardship. But rebuilding trade momentum won’t be quick or easy.

For the thousands of Canadians whose livelihoods depend on that landscape, how they adapt may shape the future of Atlantic seafood for years to come.

Atlantic Canada’s lobster industry is facing one of its toughest seasons in years. Prices are down, global markets are shifting and uncertainty hangs in the air. But if there’s one thing the region’s fishers and processors have shown time and again, it’s resilience. They’ve weathered storms before, literal and economic, and continue to adapt with grit and determination.

With the right support and strategic planning, the industry still has room to adjust, recover and find stability in a changing world.

Sources

1. Global News: Lobster fishers raise alarm about low Canadian prices, some giving up on season (May 2, 2025)

2. The Canadian Press: China tariffs on Canadian seafood add more volatility to industry threatened by Trump (March 10, 2025)

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

Austin Washington’s car keys were at his apartment in the Milwaukee suburb of Shorewood. However, thieves were still able to drive off with his vehicle. They broke into his parked Infiniti car through the sunroof and stole it using a reprogrammed key fob.

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Last month, Washington told WISN 12 News he felt “violated.”

"Somebody was in your car, going through your stuff, stole your car," he said. "I thought I was doing everything right with the information I knew about vehicles. I had no idea about these fob re-programmers."

Fortunately, police found his car dumped a few miles away, but they told the news network such high-tech car theft is on the rise across Milwaukee.

How this type of crime works

Thieves use key fob programmers to get cars to start, and then simply drive away. Milwaukee police told WISN 12 News there have been at least 19 reported cases of car thefts using this method within the first three months of 2025.

Keyless, or re-programmed car keys, is a growing method of car theft. News reports show that police in different parts of the country, like San Fernando Valley or Oakland County, have issued warnings about this problem.

Multiple locksmiths told WISN 12 News that thieves steal key programmers from businesses like theirs in order to steal cars with keyless ignitions.

Itay Rahamim, owner of Milwaukee Automotive Locksmith, showed reporters how the theft works on a Lexus.

Thieves either go through the sunroof, break the window, or find some other way to get inside the vehicle. They then find the vehicle’s on-board diagnostic (OBD) port and plug in the key programmer. It’s typically under the steering wheel, close to the gas and brake pedals.

Once it’s successfully plugged in, the thief can then program a new key to the car.

It was about 40 seconds from the time Rahamim opened the door to the car to when he started it using the reprogrammer.

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What are the most vulnerable cars?

Any car that uses a key fob is susceptible to such theft, but some vehicles are more vulnerable than others.

Nissans and Infinitis are the most targeted, police told WISN 12 News, but they are not exactly sure why.

Rahamim told reporters that 2007 to 2017 models of Honda, Nissan, Infiniti, Dodge, Chrysler, Lexus, and Toyota are more easily stolen

The reason? These cars don’t have a wait time for someone to start the vehicle after they’ve reprogrammed a new key.

Ford and GM vehicles are among those that do not start immediately, and so they are harder to steal, according to him.

How to protect your vehicle

Vehicle thefts nationwide decreased 17% to 850,708 in 2024, dropping below the one million mark for the first time since 2021, according to the National Insurance Crime Bureau (NICB).

But owners should still take precautions. In an April Facebook post, Milwaukee Police said it has noticed an increase in motorvehicle thefts and drivers should consider protecting their car by installing a lock over their car’s OBD port.

These types of locks are typically made from a piece of metal or strong plastic that covers the OBD port and makes sure it can only be accessed with a special key.

A wheel lock can also deter thieves.

The National Insurance Crime Bureau recommends taking the “layered approach” to protection and has a list of ways owners can try to prevent car theft..

If you discover your vehicle has been stolen, file a police report right away. Provide as many details as possible like information about your car, where it was parked and when you last saw it.

Call your auto insurance company and report the loss. Insurers should be able to help if you have comprehensive coverage.

Even if your vehicle is recovered, your insurance company may pay to repair it or pay you the actual cash value if it’s been declared a total loss.

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