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You check your Tax-Free Savings Account (TFSA), and your heart drops. One day it’s up, the next day it’s free-falling. All because of a Trump trade comment or another rate warning. The economy’s flashing warning signs, and most Canadians are feeling it.

A recent survey by FP Canada found that 38% of Canadians say money is their biggest source of stress. It’s no wonder, with inflation lingering, interest rates still high and a continuing trade war.

Market volatility isn’t going anywhere. So, if we head towards a recession, what can Canadian investors do to recession-proof their portfolios?

What happens during a recession?

A recession is when a country’s economy shrinks for at least two quarters in a row. While recessions are part of a normal economic cycle, they’re still painful. The market tends to react before a recession even starts, and usually drops fast.

For example, when COVID-19 hit in early 2020, the S&P 500 plummeted 34% in just over a month. While it eventually rebounded, those who weren’t prepared took a hit.

Certain sectors tend to get hit hardest. Tech stocks, travel, luxury goods and anything considered “non-essential” can fall fast. Meanwhile, companies in sectors like utilities, consumer staples and healthcare often hold up better.

And then there’s the Trump effect. U.S. President Donald Trump continued his unpredictable trade policies, tariff threats and pressure on the U.S. Federal Reserve after returning to office. He remains heavy on protectionism and deregulation, and this adds extra uncertainty.

Prepare your portfolio

If you want to protect yourself, now is the time to add strong, resilient companies. Ideally those with dividend income, steady earnings, and essential products.

• Loblaw Companies (L) is the grocery giant behind Loblaws, No Frills, Shoppers Drug Mart and more. It’s ideal as Canadians don’t stop buying groceries or prescriptions when the market turns sour. Loblaw has been growing steadily, with its most recent earnings showing $14.14 billion in revenue and an adjusted earnings per share (EPS) of $1.88. Even better? The company offers a dividend and reliable cash flow.
• Fortis Inc. (FTS) is one of Canada’s top regulated utility companies. It provides electricity and gas to customers across North America, and those revenues are locked in through regulation. That makes Fortis less sensitive to economic swings. It’s also a Dividend Aristocrat, increasing its dividend for 50 years in a row. Its latest quarter reported net earnings of $499 million, with long-term capital plans to grow its rate base and continue rewarding shareholders.
• Procter & Gamble (PG) isn’t Canadian, but it’s a U.S. consumer staples powerhouse that’s worth considering for diversification. It owns brands such as Tide, Pampers, Gillette and Crest. Products people keep buying no matter how tight their budgets get. In its most recent earnings report, P&G posted net sales of US$19.8 billion and organic growth of 2%. For Canadian investors, it’s also a good way to diversify geographically without taking on too much risk.

Related read: Best defensive stocks to invest in during a recession

Diversify like a recession-savvy investor

Owning good companies isn’t enough if your portfolio’s not diversified. One of the biggest mistakes investors make heading into a recession is investing in one sector, or even one country. You don’t need to overhaul everything, but should spread your risk.

Start by mixing dividend-paying stocks with safer assets like government bonds or guaranteed investments certificates (GICs). These don’t deliver flashy returns, but provide stability and income when equities are volatile. You can also consider real assets like real estate through REITs, or gold as hedges against inflation and uncertainty.

Related read: How to buy bonds

Exchange-traded funds (ETF) are another way to avoid picking individual companies that could end up in losses. Especially if you find a basic recession-ready mix offering about 40% in dividend stocks, 40% in fixed income and 20% in real assets or alternative investments. And if you’re investing through a TFSA, all your growth and income is sheltered from tax.

Related read: Best ETFs for Canadian investors

Cut you risk, not your returns

If investors are still nervous, there are strategies to protect your portfolio without panic selling and ending up with losses. Instead, consider using stop-loss or limit orders, which automatically sell a stock if it drops below a set level to limit losses without watching the market daily. Rebalancing your portfolio quarterly to lock in gains, and avoid overexposure to one sector or country.

For income-focused investors, covered call ETFs offer a way to earn higher monthly payouts, even when prices are flat or falling. These funds write call options on their holdings, boosting income in sideways markets. And finally, aim for stability over high-volatility sectors like meme stocks, as these areas are usually the first to plummet during a panic sell.

Just remember: market dips come and go, but your investment plan should be built to last. A little preparation now can go a long way toward recession-proofing your future.

Sources

1. FP Canada: FP Canada™ 2025 Financial Stress Index reveals top financial stressors, barriers and generational differences

2. International Monetary Fund: Recession: When Bad Times Prevail

3. Loblaw Companies Limited: Loblaw Reports Revenue Growth of 4.1% and Adjusted Diluted Net Earnings Per Common Share Growth of 9.3% in the First Quarter

4. Fortis Inc.: Fortis Inc. Releases First Quarter 2025 Results

5. P&G.: P&G Announces Results for the Third Quarter of Fiscal Year 2025

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

It probably seemed like a great opportunity at the time.

A Leamington resident was approached with what looked like a solid investment offer — high returns, low risk and even some early payouts that made the whole thing feel legit. The kind of pitch that sounds almost too good to be true.

Unfortunately, that’s exactly what it was.

According to Ontario Provincial Police, the man ended up losing $109,000 in a Ponzi-style scheme. After sending money and seeing small returns at first, things went south fast. When he tried to withdraw his funds, the person on the other end ghosted him completely. His money? Gone.

He’s not alone. OPP say others across southwestern Ontario have recently lost tens of thousands to similar scams , including a $70,000 loss in Tecumseh and over $150,000 in Central Elgin.

How these scams work — and why they’re so dangerous

Scammers are getting better at sounding real. They may reach out on social media or through email, or even get introduced through someone you know (who may not realize they’ve been scammed, too).

The fraudster builds trust slowly, showing fake “returns,” using slick websites and tossing around financial jargon. But the end game is always the same: get your money, then disappear.

“It’s not uncommon for scammers to lure in victims with small payouts to build confidence,” OPP Const. Steven Duguay told CTV News. “But when people ask to withdraw large amounts or all of their funds, the fraudster vanishes.”

That’s exactly what happened in Leamington, and once the scammer was gone, there was no way to get the money back.

How to spot a scam before it’s too late

Here are a few red flags to watch out for:

• Too-good-to-be-true returns: If someone promises high profits with little or no risk, it’s likely a scam
• Unregistered investment platforms: If it’s not listed with the Canadian Securities Administrators or the Ontario Securities Commission, walk away
• High pressure: If they’re pushing you to invest “before it’s too late,” that’s a tactic to keep you from doing your homework
• Untraceable payments: If you’re asked to send money via cryptocurrency, wire transfer or prepaid gift cards, that’s a huge red flag

Want to double-check an offer? The Canadian Anti-Fraud Centre (https://www.antifraudcentre-centreantifraude.ca/index-eng.htm) has a list of known scams and a toll-free number you can call at 1-888-495-8501.

What to do if you’ve been scammed

If you’ve already sent money and think it might be a scam, act fast:

1. Stop all contact with the person or platform
2. Report the fraud to your local police and the Canadian Anti-Fraud Centre
3. Let your bank or credit card provider know what happened. They may be able to help recover or freeze funds
4. Document everything — emails, screenshots, transaction records
5. Talk to a lawyer or financial advisor if the amount was significant

It can feel embarrassing, but scams are designed to fool people — smart people, too. You’re not alone, and help is available.

Sources

1. CTV News: Leamington resident loses $109,000 in Ponzi-style fraud (May 9, 2025)

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

Elbows up, Canada! Canadians from coast to coast are coming together in solidarity to fight back against the trade war U.S. President Donald Trump started and continues to escalate. From where we buy to what we buy, we as a nation are seeking ways to ensure the products we are buying are homegrown.

The ‘Buy Canada’ movement has been gaining momentum and Reddit users are using the opportunity to crowd source the ability to take this movement one step further, and encouraging and inspiring fellow citizens to support Indigenous-owned businesses.

Buy Canadian and buy Indigenous

This movement is picking up steam on Reddit, especially in communities like r/BuyCanadian, where people are coming together to support the cause. Members are sharing recommendations, resources and their favourite Indigenous-owned businesses, creating a powerful collective push to uplift these entrepreneurs.

The value of crowd sourcing on Reddit

Reddit user u/SirCharlesTupperBt emphasized the value of Buy Canadian initiatives such as this, stating, "a lot of this info is out there, but I think many Canadians are just starting to figure out where they can shop that doesn’t involve Amazon or other US based ecommerce. Anything that raises the profile of businesses that keep money in our communities is awesome!”

We’ve put together a curated list of Indigenous-owned businesses across Canada what were recommended by Canadians on Reddit, for Canadians, each offering unique products that reflect their rich heritage.

Buy Indigenous

Looking for some snacks and drinks? There are Indigenous sources for that. U/Sunwinec recommends 392 Pepper Company from Kahnawake. “Amazing hot sauces and the best spicy salsa and tortilla chips you’ll ever eat!”

U/quidamquidam rounds out the snack. “Also in Kahnawake: Kahnawake Brewing Co has solid beer.”

If you’re not feeling for a beer, U/YaldabothsMoon has a tea you should try. “Going to put a plug here for Boreal Delights / Délice Boréal teas. Indigenous owned and operated and they make some of the most delicious herbal teas (teabag mind you) I’ve ever had. Blows DavidsTea out of the water.”

Reddit user u/CurvyAthlete is doing their part, saying they are replacing their American make up with Cheekbone, an Indigenous-owned beauty brand that makes sustainable beauty products.

Even your furry friends can be a part of the “Buy Canadian” Buy Indigenous movement. U/Bitter-Air-8760 shares “Shades of Grey is an indigenous dog treat company here in Ontario. They make natural dog treats from rabbit, beaver, venison etc. I have been using these products for a couple of years and my dog loves them."

Reddit users throughout the post shared other brands they deem worth checking out if you’re looking to Buy Canadian and also support Indigenous businesses, including:

• Outlier Leather Co. – Outlier is a style brand founded and operated by David Spence, a Nisichawayasihk Cree (Treaty 5) entrepreneur. Born in Winnipeg, MB, raised in BC, and now based in Toronto, ON, David personally handcrafts each Outlier product.
• Resist Clothing Company – An Indigenous-owned streetwear brand based in Sagamok First Nation and Toronto. Their designs highlight Indigenous culture and activism.
• Birch Bark Coffee Company – First Nations-owned coffee brand offering organic and Fairtrade coffee while supporting Indigenous communities with access to clean water.
• Wabanaki Maple – Indigenous female-owned business specializing in maple syrup with a deep cultural and historical connection.
• Indigenous Box – A subscription box service connecting Indigenous entrepreneurs with consumers, founded by Mallory Yawnghwe.

And Reddit user u/OldLogger has been doing their own curating of Indigenous-owned business, with a focus on manufacturing. They have compiled a list that includes over 340 Indigenous manufacturers.

Coming together to support each other in tariff time and always

When Canadians choose to Buy Canadian, and specifically, to support Indigenous-owned businesses, they’re not just helping these businesses thrive — they’re also celebrating the diverse cultures that make up this country. In the wake of the U.S. tariffs, now is as good a time as any to consider replacing American companies you typically turn to, with Indigenous entrepreneurs’ alternatives.

As this movement continues to grow, it is a valuable reminder of the importance of being thoughtful in our buying decisions and how each of us can help build a more inclusive and fair society while supporting local businesses.

Through platforms like Reddit, communities can come together to share knowledge, resources and support, creating a ripple effect that benefits all.

The bottom line

The initiative led by Reddit users to support Indigenous-owned businesses is a testament to the positive change that can occur when communities unite for a common cause. By highlighting and patronizing these businesses, Canadians are turning to each other to support each other and our country.

We’ll leave the last word to Reddit user u/gohabs31, an American who is watching us come together as a nation.

"This [Buy Canadian] subreddit keeps getting recommended to me so I’m perpetually an observer, as I’m an American. I just want to say I love you guys and I’m truly jealous of how well you all seem to come together in the face of adversity."

Sources

1. Reddit: Buy Canadian subreddit

2. Reddit: Buy Canadian: Support the indigenous people and their businesses too! (March 12, 2025)

3. 392 Pepper Company: website

4. Kahnawakey Brewing Company: website

5. Northern Delights: website

6. Cheekbone: website

7. Shades of Grey: website

8. Outlier Leather Co.: website

9. Resist Clothing Company: website

10. Birch Bark Coffee Company: website

11. Wabanaki Maple: website

12. Indigenous Box: website

13. manufacturedin.ca: website

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

For many Canadians, spending in a foreign currency can be extremely costly, especially with the unfavourable currency exchange rate between the Canadian and U.S. dollar. There was a time when C$1 CAD was worth US$0.94, but today, that conversion is closer to US$0.70 (as of mid-May, one Canadian dollar converted to US$0.73).

This makes travelling to nearby destinations, like in the U.S., even more expensive, with many Canadians holding out until the dollar strengthens. Luckily, there are many places where the Canadian dollar can go further, and these destinations can be equally fantastic!

How much is the Canadian dollar worth?

Factors like the stability of the government, higher interest rates and energy prices can support or diminish the Canadian dollar. Canada once enjoyed support from strong energy prices helping keep the dollar strong, but today, these factors prevent it from strengthening. Other geopolitical factors like the war in the Middle East has weakened many currencies, including in Canada.

Today, C$100 is worth approximately US$73 or €68 Euros or £58 in Great British Pounds Stirling.

How to make the most of your money while travelling

While Canadians want to find the cheapest places to travel with the current state of the dollar, there are also some great tips where you can save several cents on the dollar by using a credit card that offers no foreign exchange fees.

If you are opting for physical cash, just be mindful that once you exchange your currency, you want to avoid changing the money back and forth as each time you convert, providers typically take a cut. If you plan to return to that country, you might be better off holding onto the cash or opening a foreign currency bank account to store the funds until your next visit.

Where the Canadian dollar is worth the most

Some of the cheapest places to travel with the Canadian dollar are mostly outside North America. Our recommendations take you away to a country you likely have yet to visit.

Hungary and Romania

While cities like Paris or Barcelona may be top of mind when you think of Europe, don’t pass up the opportunity to check out a new part of the vast continent. Hungary is a country in Central-Eastern Europe that many consider a hidden gem. It’s also one of the countries that has not adopted the Euro, keeping them more affordable than countries like France and Spain. That means as of mid-May 2025, your Canadian $1 converts to approximately HUF$265 – or Forint – an extremely advantageous conversion for Canadians.

As for the country, Hungary is rich in history, architecture and plenty of affordable local cuisine. Budapest, their capital, offers plenty to do during the day and night — be sure to check out one of their historic thermal baths along the way. If you visit Hungary, don’t pass up another top pick, Romania!

Romania is best known as the home to the legendary Dracula, and it’s easy to see why the stunningly beautiful country caught author Bram Stoker’s imagination. Towering mountains, plenty of castles and colourful, fairytale villages will captivate all types of travellers; whether you’re interested in hiking and the outdoors, history or just looking to explore somewhere off the beaten path. While prices vary throughout the country, you can find a nice, centrally-located hotel room in Bucharest for around C$100 per night or an Airbnb for C$30 per night.

Thailand

Airlines like Air Canada are now offering direct flights to Bangkok from Canada. Thailand is notorious for their cheap street eats and vibrant culture. Once you land and see the temples, taste the food and get a massage, you’ll be wondering what took you so long to get there.

Bangkok can be a bit overwhelming with its crowds and traffic, but it’s not like this all over the country. Chang Mai has a much slower pace of life where you can experience Thai culture, and if you head to any of the islands, it shouldn’t be that difficult to find your private paradise.

The best thing about Thailand is that you can enjoy yourself on any budget. You can easily get a basic room with a fan for less than C$20 a day, but you could also “splurge” on a 4 or 5-star property, which would only set you back between C$120 to C$250 per night. Pad Thai from a street vendor is about C$2, while meals at a restaurant catering to tourists shouldn’t cost you more than C$10 to C$15 per person.

Morocco

On top of an attractive exchange rate of C$1 to approximately 7.5 Moroccan Dirhams (as of mid-May 2025), the country is rich in history and geographic landscape like the dunes in the Sahara.

One of the many reasons Canadians visit Morocco is for the sprawling range of souks in Marrakech, with affordable leather goods and jewelry. Access an authentic hammam spa for the equivalent of C$2 or a massage for under $20 Canadian dollars. You can eat well without breaking the bank, with the friendly exchange rate taking you even further.

Argentina

Like the Canadian dollar, the Argentinian Peso has also struggled. While, a trip to Argentina has never been cheaper for Canadians, travellers need to be mindful of how the country’s hyperinflation and currency volatility impacts currency exchange. Argentina’s official rate differs widely from the ‘blue dollar’ rate — rates found in the market and among financial vendors. As of May 2025, C$1 is officially about 700 ARS (Argentinian currency), but real-world rates may be higher.

When you roam the streets of Buenos Aires, you’ll wonder if you’ve accidentally gone to Europe, with its charming cafe culture and museum scene. Oddly enough, the biggest tourist attraction in the city is arguably Recoleta Cemetery, where some of the most famous Argentinians are buried including, Eva Perón (Evita).

Most people who come to Argentina also take the time to visit Iguazu Falls, Patagonia or Ushuaia. These eco-adventures may not be cheap, but when you’re paying on average C$35 for a steak and wine dinner for two, you might as well splurge on a once-in-a-lifetime adventure.

Mexico

Closer to home in North America, Mexico is a winter favourite for Canadians, especially with its affordable activities, food and accommodation. With accessible flights from most parts of the country, cities like Cancun, Mexico City and Puerto Vallarta offer something for everyone.

In Mexico, you can experience everything from crystal clear waters, pristine beaches and stunning architecture, to cheap street eats and learning about the country’s rich history — all in one trip!

With C$1 converting to approximately 12.5 Mexican Pesos, the country offers tremendous value for Canadians looking for more bang for their buck. On top of that, for those who are looking to stay on guided tours, there are plenty of fantastic options that give tourists an authentic and safe experience.

Travelling abroad? Use the best credit card when making purchases

Just how far can your Canadian travel credit card take you? Many credit cards charge fees when making a purchase in a foreign transaction, which can become costly when you’re visiting a different country and using your card as your primary purchasing option.

Instead, consider using a credit card with no foreign transaction fees.

Bottom line

While getting away may seem out of reach at times, many pockets of the world are more affordable than going to New York or Miami. Look for cities with off-peak airfares, low-season accommodations, discounts on popular attractions or points of interest, or even buy-one-get-one deals.

Being a financially savvy traveller coupled with these money-saving currency exchange tips will help you soften the difficult dollar and will let you discover a hidden gem or two out there while at it!

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

In a short but powerful street-style interview video, a YouTube creator with more than a million subscribers asked retirees, aged 70 and older, about their biggest regrets, life advice, and what they’ve learned as they aged.

Turns out their advice could be drilled down into six important tips that can help you find happiness, live life to the fullest and avoid financial pitfalls.

Tip #1. Spend with purpose — don’t wait too long

Waiting for retirement or the “perfect moment” to enjoy your money can backfire, according to the seniors YouTuber Sprouht interviewed.

For instance, one interviewee pointed out the uncertainty is at every state of life. He states: “The golden years are not that golden. People say, ‘you’re retired, you can do everything’ — but you never know what’s going to happen to you.”

Another response was to lean on the standard advice: “Don’t put off to tomorrow what you can do today.”

Money Insight

Enjoy your money while you’re healthy and able. Plan for the future — but not at the cost of your present.

Tip #2. Invest in experiences, not just stuff

Many of the responses focused on learning your priorities — what you value in life — and then encouraged people to spend time, energy and money on what matters.

One respondent said: “If I was 16 now, I’d have a bloody brilliant time knowing what I know now.” Another pointed out the ongoing dilemma about finding balance by stating: “More family time, less work time.”

Many retirees suggested a shift in our focus — concentrating on what adds value to life — travel, learning, personal growth — rather than just accumulating things. “Make sure you do what you enjoy doing. Don’t just get a job — have a passion.”

Money Insight

Allocate money toward meaningful experiences. The return-on-investment (ROI) is measured by memories, which often outweighs material purchases.

Tip #3. Be strategic, but not obsessive

Many elders wished they hadn’t stressed so much about money, careers, or comparing themselves to others.

As one stated: “I wish I’d laid less stress upon myself in those years between 35 and 45.”

Another echoed this sentiment, stating: “As you get older, you discard the nonsense and just focus on what’s important to you.”

Money Insight

Financial planning is important — but avoid over-striving or letting money anxiety dominate your life. Balance is key.

Tip #4. Align money with values

“Don’t be a follower — be an independent mind. Otherwise, you’ll become a robot.”

Turns out what we spend on should reflect our core values — not societal expectations or external pressures.

“Never do anything that might cause remorse — because remorse is something you carry forever.”

Money Insight

Spend and invest based on your personal values — not to impress others. Avoid “remorse spending.”

Tip #5. Prioritize people over profit

The most repeated regrets weren’t about missed investments — they were about time not spent with loved ones. “We all make mistakes. Sometimes you don’t realize what others are going through until you get older and experience it yourself.”

Another response highlighted how family and loved ones always topped the list of most important achievements. “My proudest accomplishment? Raising two children who are kind, successful, and don’t carry any hatred.”

Money Insight

Financial success is hollow if it costs your relationships. Budget time and money for the people who matter.

Tip 6. Cut the noise and focus

Distractions — especially digital ones — can lead to impulsive spending and shallow satisfaction.

As one respondent exclaimed, when asked about the impact of smartphones and technology: “It’s a monstrosity — everybody gets in an elevator and just looks at their phone.”

Money Insight

Mindless scrolling often leads to mindless spending. Stay present and intentional with your money choices.

Bottom line

Even though the video was just a six short minutes, YouTuber Sprouht was able to tease out a wealth of solid advice from his interviewees. Using their lived-experience, we can all aim to take more risks, value relationships over our bank balance, avoid holding grudges, drop the stress and live authentically.

Sources

1. Sprouht: 70 Year Olds Share Their BIGGEST Mistakes (Oct 20, 2024)

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

“I don’t think I’ll ever own a home.”

That’s the reality for half of Canadians — and two-thirds of millennials — who now see homeownership as a dream slipping out of reach. With recession fears rising and interest rates stuck in uncertainty, more and more working Canadians are stepping back from the housing market entirely.

According to BMO’s latest Real Financial Progress Index, 50% of Canadians believe owning a home is even less attainable than it was in 2024. For many, the optimism around saving for a down payment or finding a stable interest rate has eroded.

"Canada’s housing market remained under pressure heading into the spring, with sales and prices both weakening further," said BMO Capital Markets’ Senior Economist, Robert Kavcic, in a recent statement. "There is some clear underlying weakness as inventory builds and investors remain absent. Suffice it to say, homebuyers are losing confidence and motivation, especially in areas of BC and Southern Ontario."

Read More: Where to find the best mortgage rates in Canada

Rates are ruling the market

Interest rates continue to be a massive barrier. More than two-thirds of would-be Canadian homeowners say current rates are a deal-breaker, and 2 in 5 are waiting for rates to fall below 3% before making a move.

Even worse, 44% of Canadians admit they don’t even know what rate they’d be comfortable with to buy or refinance — suggesting that uncertainty, not just affordability, is holding people back.

As a result, more than half of prospective homeowners feel they missed their moment to buy a home, although more than half of aspiring homeowners still hoping to get into the real estate market are now considering a move to a different provice or country in order to increase their chances of buying an affordable home.

“We missed our chance”

For many millennials, the window to buy a home feels like it closed when they weren’t looking. Two-thirds of them feel they’ve already missed their opportunity.

Still, 59% of Canadians say owning a home is one of their biggest life goals. But compared to five years ago, confidence in achieving that goal has dropped sharply — especially among younger generations.

Rethinking the plan

With the economy in flux, Canadians are reimagining what homeownership even looks like. Nearly half are open to buying a home with friends or extended family. Gen Z and Millennials are leading the charge toward shared ownership models.

A significant portion of current homeowners (43%) say they needed financial help from family to make their purchase. More than a quarter of today’s buyers expect the same.

On the flipside, older Canadians many are beginning to accept their role in helping their adult children or grandchildren into the housing market. According to the BMO survey, more than a third (39%) plan to financially help their adult children or adult grandchildren to buy a home — and among these about 5% plan to help by contributing to the required down payment and 4% plan to contribute to their family’s First Home Savings Account (FHSA).

While some still push toward ownership, others are stepping away. Almost two-thirds of Canadians say they’re comfortable renting and don’t feel pressure to buy — especially among Gen X and boomers. Over half see renting as a more flexible option in today’s economy.

Read More: How to buy a house in Canada

Survey methodology

The BMO Real Financial Progress Index survey was conducted by Ipsos in Canada between March 3 to 26, 2025. The survey polled a sample of 2,500 adults aged 18 or older. To account for recent changes in the economic situation, certain questions were asked again of a sample of 2,001 adults aged 18 and older between April 17 to 20, 2025.

— with files from Romana King

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

Kevin Droniak, a 27-year-old content creator, has captivated audiences with his innovative approach to travel, undertaking 24-hour trips to destinations such as Paris, Egypt and Puerto Rico. His philosophy centres on maximizing experiences without the need for extended vacations or hefty budgets. Droniak’s method involves skipping hotel accommodations and focusing on one main activity per trip, such as visiting a beach or a landmark, allowing him to make the most of short stays.

One of his most notable journeys was a $650 excursion to see the pyramids in Egypt. He described it to People Magazine as a dream fulfilled rather than a splurge, highlighting that fulfilling adventures don’t require extended vacations or large budgets. Despite extensive flying, Droniak enjoys the journey itself and finds the brief getaways rewarding.

“I just want to break the stigma that you need a week to go anywhere if you want to go somewhere, and if you don’t have time to take off work, you could literally just go for the day. You can make it work,” he told People.

His travels are also shaped by personal priorities; as the manager and caregiver for his 95-year-old grandmother, "Grandma Droniak," he limits trip duration to stay available for her. Ultimately, Droniak inspires others with his practical yet adventurous spirit, proving that grand travel experiences can happen even in a single day.

But, realistically, how? Certainly travelling on a dime seems like a lofty pipe dream. What if you could, though? What would it take and how can you make it happen? It’s not impossible to experience amazing and fulfilling on a budget. The key word though, is ‘buget.’

How Canadians can emulate Droniak’s travel style

For Canadians looking to adopt a similar approach to travel, one that allows you to maximize the experience and minimize the expense, several strategies can help make short trips more affordable and enjoyable.

1. Embrace micro-travel

Micro-travel involves taking short, budget-friendly trips that focus on specific experiences. By choosing destinations that are close to home or have affordable flight options, Canadians can explore new places without the need for extended vacations. This approach allows for more frequent getaways and the opportunity to experience different cultures and landscapes.

2. Prioritize experiences over luxury

Instead of spending money on expensive accommodations or dining, focus on the unique experiences a destination offers. Whether it’s hiking in the Rockies, exploring a local museum, or enjoying a scenic drive, these activities often provide more lasting memories than luxury amenities. Additionally, many of these experiences are free or low-cost, making them ideal for budget-conscious travellers.

3. Utilize travel deals and rewards programs

Taking advantage of travel deals, discounts and rewards programs can significantly reduce the cost of trips. Signing up for airline newsletters, using credit cards that offer travel rewards and booking during off-peak seasons can lead to substantial savings. Websites and apps that aggregate travel deals can also help find affordable options for flights and accommodations.

4. Plan trips around personal commitments

Like Droniak, Canadians can plan their travels around personal commitments to maintain a balance between adventure and responsibility. By choosing destinations that are easily accessible and planning trips during weekends or holidays, you too can enjoy short getaways without disrupting your daily routines or obligations.

By following Droniak’s lead, Canadians can enjoy fulfilling travel experiences without the need for extensive planning or large budgets. Whether it’s a day trip to a nearby city or a weekend getaway to a neighbouring province, embracing the spirit of micro-travel can lead to memorable adventures that enrich your life.

Sources

1. People Magazine: YMan Goes Viral for 1-Day Trips Around the World. Now, He Reveals the Unexpected Reason Behind His Short Travels (April 21, 2025)

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

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

The gig economy is a big economy.

According to a 2025 survey by Statistics Canada, approximately 28% of Canadians — roughly 8.7 million adults — engage in some form of gig work across the country. In the same Stats Can report it was shown that 62% of gig workers rely on their gig income either as a supplement or as their primary source of earnings.

Not unlike online dating, the gig economy has evolved rapidly from its initial status as a last resort for the desperate, to a first option for many Canadians.

The flexibility makes gig work attractive to anyone looking to set their own hours and the relatively low bar to entry makes these temporary jobs, primarily in the service industry, accessible to a large part of the workforce.

But, one area where the gig economy’s development has stalled is providing benefits, like insurance, particularly life insurance. More than one-fifth (22%) of gig workers said they do not have insurance any form of health or life insurance. Among those who depend on gig work as their main income, that figure rose to 55%, according to a PolicyMe report.

If you’re lucky, your gig employer may provide vision, dental and health coverage, but if something more severe happens, what’s your plan?

If your gigs are your household’s sole source of income, what happens if you get critically injured and can’t work for an extended period of time? Who pays the rent? And, if it’s worse than illness, what resources can your family rely on to ensure their bills — and your funeral costs — are paid?

The state of gig worker benefits in Canada

No employer is legally required to provide life insurance to their employees, but many do as a way of attracting, retaining and rewarding their staff.

In 2025, 59% of Canadians obtain life insurance through employer-supported group plans, reflecting a slight decline as remote and contract work expanded, according to a report published by PolicyMe.

But, with gig employers, offering life insurance appears to be less of a priority. As of 2025, Uber Canada now offers limited life insurance options for drivers who meet a minimum number of trips per month, although comprehensive coverage remains rare. Lyft and DoorDash continue to offer only limited accident insurance with no expanded life insurance benefits. Food delivery company Skip the Dishes offers even less auto coverage and no health or insurance benefits.

Be prepared

Providing drivers with more money to put toward life insurance is a positive step, but for it to have any real impact, gig workers need to see life insurance as a priority.

According to the Canadian Life & Health Insurance Association, approximately 73% of Canadians — about 29.5 million people — currently hold life insurance coverage. If you’re a gig worker and have so far avoided securing coverage, you may want to join that cohort sooner rather than later.

“Term, permanent, critical illness, disability. These are all things that you need to look at,” says Michael Aziz, chief distribution officer at Canada Protection Plan. “Losing that income can be really disastrous for families.”

Two arguments young, healthy Canadians have against buying life insurance is that it’s expensive and unnecessary. But, accidents and illnesses can come for anyone; they don’t ask to see your ID before putting you on your back. And, the younger you are, the cheaper life insurance generally is.

Choosing the right plan

There is no shortage of insurance products out there for gig workers. Insurance companies are happy to take your money no matter who signs your paycheque.

Finding the right life insurance plan is a matter of balancing the cost with your budget, lifestyle and potential insurance needs. That’s a calculation that’s likely to require some professional guidance.

“You need to do a needs analysis,” says Aziz. “Maybe you have some student loans, or you have a mortgage or a car loan or some other liability that you want to protect against. Build your portfolio to match that.”

Applying for insurance doesn’t need to get in the way of your gig-hopping. Non-medical and simplified issue policies allow you to buy life insurance without having to visit a doctor or answer too many health questions. However, be aware that these policies usually come with higher premiums since the life insurance companies have less information to evaluate your health, which poses a higher risk to them. Additionally, flexibility and policy options are limited compared to a fully underwritten life insurance policy.

Nothing’s guaranteed when you’re trying to make a living in the gig economy, including your health. Looking into your life insurance options is one way of chipping away at the mountain of uncertainty you face everyday.

To make it easier, consider shopping for life insurance through an online brokerage. For instance, PolicyMe is an online-only insurance company where Canadians can compare and buy term life and critical illness insurance policies in just a few minutes — and at an incredibly affordable prices.

PolicyMe offers a streamlined approach with no unnecessary bells and whistles so applicants can get a fully-underwritten policy that’s fast, easy and affordable.

Sources

1. Statistics Canada: Labour Force Survey, March 2025 (April 4, 2025)

2. Businesswire: PolicyMe Announces $30 Million CAD in Funding and Expanded Product Suite, Transforming Digital Insurance (April 16, 2025)

3. PolicyMe: Key Canadian life insurance statistics, by Cristina DaPonte (Apr 28, 2023)

4. Canadian Life & Health Insurance Association: Canadian Life & Health Insurance Facts 2025 edition

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

Canada’s dining scene is as diverse and vibrant as the country itself, and the just-released Canada’s 100 Best Restaurants 2025 list proves it. From wine-country refinement in Ontario to bold culinary innovation in the Prairies and West Coast, this year’s rankings are a national celebration of excellence, sustainability and regional pride.

The annual list, determined by a 160-member judging panel of chefs, restaurateurs, critics and culinary enthusiasts, evaluates restaurants based on food quality, service, ambiance and wine programs. It’s a snapshot of Canada’s evolving palate and a roadmap for food lovers — and even investors — seeking the next big culinary destination.

Ontario leads the pack while Quebec and Alberta shine

At the top of the 2025 rankings is Restaurant Pearl Morissette in Jordan Station, Ontario, known for its elegant farm-to-table cuisine and sophisticated wine pairings. It’s a repeat champion that continues to elevate Canada’s fine dining standards.

Second place goes to Montreal’s Mon Lapin, which has become a fixture on the list thanks to its veggie-forward menu and boundary-pushing approach to Québécois cuisine. Rounding out the top three is Alo in Toronto, celebrated for its refined, globally inspired tasting menus.

Toronto dominates the upper tier, also placing Edulis and 20 Victoria among the top 10, reinforcing the city’s status as a culinary capital.

But Alberta had a banner year as well. Cracking the top 10, Calgary’s Eight restaurant placed sixth, and River Café, a longtime local favourite known for its commitment to regional ingredients and sustainability, landed at spot 23. Other Calgary spots like D.O.P., Major Tom, Nupo and Jin Bar further underscored the city’s rapidly growing foodie cred.

“Restaurants like River Café show how Alberta’s food scene is leaning into local sourcing and environmental stewardship,” Canada’s 100 Best editor Jacob Richler said in a statement. “It’s not just about what’s on the plate — it’s about how it got there.”

Western Canada and the Prairies hold their own

British Columbia also made a strong showing. Published on Main in Vancouver came in at number seven, while Kissa Tanto and St. Lawrence, also in Vancouver, followed closely at 10 and 14 respectively. Victoria’s Marilena made the list at number 27, highlighting Vancouver Island’s rising culinary profile.

Manitoba is represented by Winnipeg’s Deer + Almond at number 39, a perennial favourite for its playful dishes and vibrant atmosphere. Two more Winnipeg establishments, Clementine and Yujiro, also earned spots, reflecting the province’s growing sophistication in food culture.

From the East Coast, Newfoundland’s celebrated Fogo Island Inn again earned a place on the list, a nod to its world-class dining experience built on sustainability and local bounty.

Ottawa’s Aiana, known for modernizing classic Canadian fare, held its own among the national heavyweights, showcasing the capital’s steady rise in culinary stature.

Food meets finance: why this list matters

Beyond the food itself, the Canada’s 100 Best list is increasingly seen as a tool for investors, tourism strategists and real estate developers. Restaurant rankings often drive neighbourhood revitalization and influence consumer spending habits, particularly among high-net-worth individuals and culinary travellers.

“The list offers more than bragging rights,” said Richler. “It’s a reflection of where Canadians are dining now, and where opportunities for growth — and return — might be found.”

In a country where small businesses dominate the food sector, the spotlight from a national ranking can bring more than prestige. It can bring jobs, foot traffi and long-term viability. For local economies, particularly in mid-sized cities like Winnipeg or Victoria, a top-100 placement can be transformative.

Sources

1. Canada’s 100 Best: Best Restaurants 2025 (May 8, 2025)

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