While the Bank of Canada interest rate has dipped over the past few months, home affordability slipped further in January, as rising prices raised the income needed for a mortgage in 12 of 13 major markets, according to a report by Ratehub.
This marks the second month in a row where affordability declined. Prior to the November over December 2024 statistics, affordability was trending positively for a solid five months.
Hamilton led the steepest decline with its average home price rising $20,900 to $819,500 between December and January. As a result, a buyer would now need to earn an additional $4,050 to afford a mortgage on a home at that price. This would result in a steep monthly mortgage increase of $110 — making the monthly average home price around $1,320 per month in January 2025.
In the last few months, this situation hasn’t improved. According to March 2025 data from the Canadian Real Estate Association (CREA), Hamilton’s average home price in February 2025 was $828,000, up $8,600 from January 2025. This means homebuyers will need to budget even when shopping for a mortgage (or buying a home).
What other real estate markets are seeing price hikes?
Major markets like Toronto and Vancouver saw modest increases in home pricing.
Throughout Toronto, prices surged $8,200 to an average cost of $1,070,100 between December 2024 qand January 2025. This raised the required annual income to afford an average priced home by $1,640 (or monthly payments of $43).
In February and March things didn’t get better. According to the Toronto Regional Real Estate Board (TRREB), Toronto’s average home price in February 2025 was $1,075,800 — an month-over-month increase in the average home price of $5,700.
Meanwhile in Vancouver, the average home price ticked upwards in January 2025 to $1,173,000, an increase of $1,500, as the income needed to purchase a home at this price rose $300 and monthly mortgage payments experienced an uptick of $8.
According to the Real Estate Board of Greater Vancouver (REBGV), Vancouver’s average home price in February 2025 was $1,184,100 — an month-over-month increase in the average home price of $11,100.
In contrast, Fredericton was the only market to show improvement in affordability, with home prices dropping by $2,300 to $338,800, as the required income was reduced by $450 and monthly payments by $12.
According to CREA, the ongoing affordability of Fredericton’s housing market continued with housing prices dropping an additional $2,800 in February 2025.
Mortgage rates were mostly consistent
As a sign of relief, mortgage rates remained largely uninterrupted in January.
While the Bank of Canada cut its benchmark rate by a quarter-point on Jan. 29, fixed mortgage rates held steady with bond yields in the 2.8% to 2.9% range before a brief dip due to bond investor reaction to tariff threats from the US.
As of March 2025, 5-year fixed mortgage rates range between 5.14% and 5.64% (depending on the lender and the borrower), while bond yields are now closer to 3.2%.
It appears variable rates will remain unchanged in the next month, as the Consumer Price Index sat at 1.9% in January, a 0.1% increase. This was in large part due to the federal tax holiday that took place from mid-December to mid-February; If this had not been implemented, inflation would have resulted in a year-over-year increase of 2.6%.
Given the Bank of Canada’s rate cut in March, due to tariff pressures, most economists predict further reductions in variable rates throughout 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.
My dog lives like a king. And he’s grown accustomed to this lavish lifestyle. From the time I purchased him from a breeder ($1,000), to expected and unexpected vet bills, grooming costs and an extensive (and impressive) wardrobe, let’s just say that I’m glad that I started budgeting for him well before he came into my home. He’s a pure-bred dog — a Japanese Chin — and one that’s not that common. But even with the rarity of his breed, he doesn’t even come close to making the list of the most expensive dog breeds in Canada.
Expensive dog breed costs and characteristics
In Canada, over the course of a dog’s lifetime, your pooch could cost you $22,000 to a whopping $83,000, depending on your dog’s breed and services required.
The cost of owning a large dog breed tends to be significantly higher than smaller breeds. This is due to several factors, including higher insurance premiums related to potential health issues common in larger dogs, increased food costs due to greater dietary needs and more expensive equipment requirements. Large breeds need heavy-duty supplies such as durable toys, sturdy leashes and robust harnesses to accommodate their size and strength.
Pet parents may face higher costs for certain types of dogs due to breed-specific characteristics and market factors. Some of the most expensive dog breeds to own include:
Large breeds that typically require more extensive medical care and diagnostics
Dogs from irresponsible breeding practices that may develop costly health issues
High-energy working breeds requiring significant investment in training and enrichment
Breeds prone to genetic conditions that often need surgical intervention
Large dogs with intensive grooming requirements
Popular breeds commanding premium prices due to popularity
While it’s impossible to predict the total lifetime cost of any dog, you can make informed decisions about initial expenses, particularly during the puppy phase. For those with the financial resources and who really, really want a dog (and won’t let a little thing like money get in the way of pet parenthood), I’ve listed some of the most expensive dog breeds available in Canada.
For this list, I considered the average purchase cost, anticipated vet bills from breed health issues and projected pet insurance costs. These are considered to be the more popular breeds in Canada, so I left uber-expensive-to-purchase and rare breeds, such as the Tibetan Mastiff and Afghan Hound, off the list.
Read More: A surprise trip to the vet can cost $1,000 or more. Don’t get caught off guard. See how pet insurance can ease the stress — and cost — of caring for fur babies. Protect yourself now
Top 15 most expensive dog breeds
French Bulldog (Average purchase cost: $4,000 to $6,000)
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The French Bulldog, known for its playful personality, emerged in 19th century England when lacemakers (yes, this was a real, old timey job, where people made lace) sought to create a smaller companion version of the English Bulldog. These charming dogs found their way to France during the Industrial Revolution, where they earned their namesake and eventually captured the hearts of the rest of the world.
While French Bulldogs command premium prices in today’s market — particularly for specialized colourings and the rare ‘fluffy’ variant which can cost up to $12,000 — potential owners should be aware of significant health considerations. As a brachycephalic breed (refers to dog breeds with a pushed-in face and shortened skull bones) characterized by their flat faces, these dogs frequently experience respiratory issues that may require corrective surgery, typically costing between $2,000 and $3,000. Additionally, they are susceptible to various ear, skin and eye conditions. Given their average lifespan of 10 to 12 years, owners should be prepared for substantial veterinary expenses throughout their pet’s life.
Samoyed (Average purchase cost: $4,000 to $8,000)
Zanna Pesnina | Shutterstock
The Samoyed, originating from the Samoyedic people of Siberia, is a versatile working breed historically used for herding reindeer and pulling sleds. These hardy dogs were essential companions to the nomadic tribes of the region, helping them survive in harsh Arctic conditions.
Known for their distinctive "Sammy smile" and bright, friendly personality, Samoyeds combine strength and athleticism with a gentle, sociable nature. While they typically live 12 to 14 years, potential owners should note that this breed requires significant investment in both time and resources. Their thick, white double coat needs regular professional grooming, and their high energy levels demand consistent exercise and mental stimulation.
English Bulldog (Average purchase cost: $2,000 to $6,000)
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The English Bulldog, with its distinctive wrinkled face and charming personality, has history dating back to medieval England. Originally developed for the now-banned sport of bull baiting (pitting a bull against dogs with the aim of attacking and subduing the bull by biting and holding onto its nose or neck), these beloved dogs have transformed into gentle, affectionate family companions that command premium prices in today’s pet market.
While English Bulldogs are known for their friendly and humourous personalities, potential owners should be aware of their specific health challenges. Like their French Bulldog cousins, they often experience brachycephalic issues due to their shortened muzzles. Other common health concerns include cherry eye (a common eye condition in dogs that causes a red, swollen bulge to appear in the corner of the eye) and various skin conditions. Due to these potential health issues, it’s crucial for prospective owners to research thoroughly and work with reputable breeders. With proper care and good genetics, English Bulldogs typically live between 8 to 10 years.
Cavalier King Charles Spaniel (Average purchase cost: $2,000 to $3,500)
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The Cavalier King Charles Spaniel, a cherished companion breed with royal heritage, represents one of the more costly small dog breeds available today. These elegant dogs, which gained particular fame during Queen Victoria’s reign, continue to be sought-after family pets thanks to their gentle nature and adaptable personality.
While these beautiful dogs make wonderful companions, potential owners should be aware of several health considerations. Common issues include luxating patella, a condition where the kneecap dislocates from its normal position. Additionally, veterinarians recommend screening for Chiari malformation and Syringomyelia, serious conditions affecting the brain and spinal cord. Despite these health challenges, well-cared-for Cavaliers typically enjoy lifespans of 12 to 15 years.
Staffordshire Bull Terrier (Average purchase cost: $2,000 to $4,000)
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The Staffordshire Bull Terrier has come a long way from its fighting origins. Through selective breeding, this powerful and athletic breed has evolved into a gentle family companion that particularly excels at interacting with children. While the breed still maintains its historical courage and determination, these traits are now channeled into being a loyal and affectionate pet.
The Staffordshire Bull Terrier is typically a robust and healthy breed. However, like many purebred dogs, they can be prone to certain health conditions. The most common health issues seen in Staffies include hip and elbow dysplasia, hereditary juvenile cataracts and skin problems.
Irish Wolfhound (Average purchase cost: $1,500 to $3,000)
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These majestic dogs have a fascinating origin story that dates back to 15th century Ireland, where they served as protectors of livestock, keeping wolves at bay. In modern times, Irish Wolfhounds have evolved into beloved family pets, known for their gentle demeanour, unwavering loyalty and calm disposition. With proper training and care, they make exceptional companions.
However, potential owners should be aware that these magnificent dogs come with significant responsibilities. Their impressive size translates to higher maintenance costs throughout their relatively short lifespan of six to eight years, not to mention the substantial initial purchase price. Irish Wolfhounds are predisposed to several health issues, including cardiac problems, liver conditions and progressive vision problems. Due to their remarkable size, these gentle giants require spacious living arrangements, ideally with access to a large yard where they can stretch their legs and enjoy regular exercise.
Bernese Mountain Dog (Average purchase cost: $1,000 to $2,500)
Vesna Kriznar | Shutterstock
The Bernese Mountain Dog, affectionately known as the Berner, is a gentle giant that captures hearts with its loving nature and impressive versatility. These majestic dogs are among the most sought-after breeds, commanding premium prices due to their exceptional qualities and characteristics.
The Berner has several health concerns that potential owners should be aware of. These include hip dysplasia, various forms of cancer (particularly bone cancer and lymphoma) and joint problems. To minimize the risk of these health issues, it’s crucial to work with a reputable breeder who conducts proper health screenings and maintains a responsible breeding program. A quality breeder will provide health clearances for both parent dogs and be transparent about the breed’s health challenges.
Chow Chow (Average purchase cost: $1,200 to $2,000)
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The impressive Chow Chow, known for its distinctive lion-like appearance, offers an appealing combination of affordability and noble bearing. While initial purchase costs are relatively modest compared to other prestigious breeds, potential owners should carefully consider the long-term commitment.
These dignified dogs have moderate exercise requirements, making them suitable for less active households. However, their thick double coat demands significant grooming attention. Future owners should also prioritize early training and socialization to ensure their Chow Chow develops into a well-adjusted companion. With proper care, these loyal guardians typically enjoy a lifespan of 8 to 12 years.
Newfoundland (Average purchase cost: $1,000 to $2,500)
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The Newfoundland dog is renowned for its gentle and laid-back personality, making it one of the most easygoing breeds you’ll ever meet. These loving giants are famous for their exceptional patience with children and their friendly demeanor towards other dogs. Their exercise needs are modest — a relaxing daily walk is all they need to stay happy and healthy.
Newfoundland dogs can be prone to a number of health issues, including hip and elbow dysplasia, bloat, cystinuria (an inherited metabolic disorder in dogs that affects the transport of certain amino acids, including cystine, in the kidneys), hypothyroidism, osteosarcoma and heart disease.
Saint Bernard (Average purchase cost: $1,000 to $1,500)
Dulova Olga | Shutterstock
This gentle giant from the Swiss Alps starts as an energetic, mischievous puppy before maturing into a devoted and protective family companion. Their natural affinity with children has earned them the nickname “nanny dogs,” making them excellent additions to family homes when properly trained and socialized.
These massive dogs come with equally big responsibilities. Their hearty appetites mean significant food costs, while their thick double coats require consistent grooming to prevent loose fur from taking over your living space. As with other large purebred dogs, Saint Bernards can be prone to joint issues like hip and elbow dysplasia. Potential owners should also note their relatively short lifespan of eight to 10 years, typical for dogs of this size.
German Shepherd (Average purchase cost: $2,000 to $3,500)
otsphoto | Shutterstock
The German Shepherd stands as a pinnacle of canine excellence, combining strength, agility and intelligence in a powerful yet elegant package. Renowned for their versatility and noble bearing, these dogs exemplify the perfect blend of working ability and devoted companionship, making them highly sought-after among dog enthusiasts.
While German Shepherds are remarkable animals, potential owners should be aware of several health conditions that can affect the breed. These include hip dysplasia (a skeletal condition affecting the hip joint), Degenerative Myelopathy (a progressive disease of the spinal cord), bloat (a life-threatening stomach condition) and various allergies that may require ongoing management.
Great Dane (Average purchase cost: $1,000 to $3,500)
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Known for their impressive stature and gentle demeanour, Great Danes have evolved from their historical roles as hunters and guardians into beloved family companions. These intelligent gentle giants form strong bonds with their families and excel in training when given proper guidance and consistency.
Health-conscious owners should prioritize screening for common breed issues including hip and elbow dysplasia and various eye conditions. Though their lifespan is relatively short at seven to 10 years, Great Danes fill those years with unwavering loyalty and affection.
Rottweiler (Average purchase cost: $1,500 to $2,500)
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The Rottweiler’s heritage can be traced back to ancient Rome, making it one of the oldest dog breeds still in existence. These powerful yet gentle giants have earned a reputation as loyal family guardians, with a typical lifespan of nine to 10 years. To ensure they become well-adjusted companions, it’s crucial to begin training and socialization efforts early, which helps shape their natural protective instincts in a positive way.
As with many purebred dogs, Rottweilers can face certain health challenges, particularly cardiac issues and joint problems such as elbow and hip dysplasia. Given their robust build and high energy levels, these distinguished dogs require significant daily exercise, consistent training and dedicated attention from their owners. While they may be considered a premium breed in terms of cost, their devotion and capabilities make them a worthwhile companion for the right family.
Portuguese Water Dog (Average purchase cost: $2,000 to $4,000)
Lynda McFaul | Shutterstock
The Portuguese Water Dog’s irresistible curly coat has made them a popular choice among pet parents looking for a low-shedding breed. While their tight curls won’t leave your home covered in fur, their coats require dedicated grooming maintenance.
Like many purebred dog breeds, Portuguese Water Dogs are at a higher risk for certain genetic conditions. Be sure to get your dog tested for early-onset progressive retinal atrophy (a group of inherited eye disorders that leads to progressive and irreversible loss of vision), Juvenile Dilated Cardiomyopathy (a fatal heart disease that affects young dogs), Gangliosidosis (a lysosomal storage disease that affects dogs when they lack an enzyme that breaks down a molecule in their brain and neural cells), hip dysplasia (a common orthopedic condition that affects the hip joint) and Addison’s Disease (an endocrine disorder that occurs when the adrenal glands fail to produce sufficient amounts of the hormones cortisol and aldosterone).
Golden Retriever (Average purchase cost: $1,500 to $2,000)
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These intelligent dogs excel in multiple roles, from providing invaluable assistance as therapy and service animals to showcasing their skills in competitive events and maintaining their hunting heritage in the field. Their adaptability is matched only by their outstanding personality traits — combining a gentle nature with unwavering loyalty and an earnest desire to please their human companions.
While beloved family companions, Golden Retrievers are prone to several health conditions that can affect their quality of life. These dogs commonly experience musculoskeletal issues, including hip dysplasia and arthritis, which can impact their mobility and comfort. Additionally, they are susceptible to skin allergies and various eye conditions that require regular monitoring and treatment.
One of the most concerning health challenges facing Golden Retrievers is their increased risk of developing cancer compared to other dog breeds. Despite these health challenges, Golden Retrievers typically live between 12 to 13 years, during which they provide their families with unwavering loyalty and affection.
But, according to a recent analysis, how much you’ll need to live comfortably in retirement is highly dependent on which state you choose to live out your golden years.
The ‘magic number’ keeps getting higher
The ‘magic number’ for retirement savings has jumped 50% since 2020 — driven in large part by fears of inflation eating away at people’s retirement savings. Consider the dramatic inflation rates we saw from 2021 to 2023, which reached as high as 9.1% in June 2022.
Those inflation fears aren’t behind us, though. Consumer confidence has fallen to a 12-year low, according to the latest Conference Board Consumer Confidence Index, which received write-in responses showing that “inflation is still a major concern for consumers and that worries about the impact of trade policies and tariffs in particular are on the rise.”
Another factor bumping up that magic number is the belief that Americans will spend more time in retirement than previous generations. Three in 10 millennials and Generation Z Americans “believe it’s likely or highly likely that they will live to age 100,” according to Northwestern Mutual’s study.
While millennials expect to retire at 64, Gen Z plans to retire earlier, at age 60. This is much earlier than baby boomers, who plan to enter their golden years at age 72, and Generation X, who expects to retire at 67.
That means Gen Z may need their retirement savings to last 40 years. But those expectations may be far from the current reality.
Retirees need to carefully plan how much to withdraw each year to live comfortably in retirement while ensuring their money will last as long as possible. A common rule of thumb is known as the 4% rule that, when followed, should allow your portfolio to last at least 30 years.
This rule stipulates that in the first year, a retiree withdraws 4% of their portfolio, followed by inflation-adjusted amounts in the following years. With a portfolio of $1.5 million, this will provide $60,000 in the first year.
Most Americans won’t have to rely solely on their nest egg to fund their retirement since they’ll also receive Social Security benefits (and possibly a pension). In February 2025, the average monthly benefit paid to retired workers was $1,980, which is about $23,760 per year.
With a portfolio of $1.5 million — supplemented with an average monthly Social Security benefit — a retiree could reasonably expect to live on $83,760 per year. Still, life happens, so you may need to withdraw more (or less) than 4%, which will dictate how long your nest egg will last.
But withdrawals aren’t the only factor to consider.
Where your nest egg will and won’t last
A recent analysis looked at how long $1.5 million would last, by state, based on the cost of living after Social Security. According to the study, your retirement nest egg will last longest in West Virginia, where the annual cost of living after Social Security is $27,803 and your $1.5 million portfolio will last 54 years.
It’s followed by:
Kansas, with an annual cost of living after Social Security of $28,945 (a $1.5 million portfolio will last 52 years)
Mississippi, with an annual cost of living after Social Security of $29,426 (a $1.5 million portfolio will last 51 years)
Oklahoma, with an annual cost of living after Social Security of $29,666 (a $1.5 million portfolio will last 51 years)
Meanwhile, you’ll whittle down your nest egg fastest in Hawaii, where the annual cost of living after Social Security is $87,770 and your $1.5 million portfolio will last just 17 years. That’s a far cry from West Virginia, where your portfolio will last more than three times longer, at 54 years.
Hawaii is followed by:
Massachusetts, with an annual cost of living after Social Security of $65,117 (a $1.5 million portfolio will last 23 years)
California, with an annual cost of living after Social Security of $63,795 (a $1.5 million portfolio will last 24 years)
New York, with an annual cost of living after Social Security of $50,997 (a $1.5 million portfolio will last 29 years)
Of course, there are several factors you’ll need to consider when choosing where to retire (like being close to your grandkids). But given that your money will last an extra 37 years in West Virginia than in Hawaii, where you choose to live in retirement is something to seriously consider — particularly if you don’t have a $1.5 million nest egg.
The Great Wealth Transfer currently underway isn’t a solution for wealth inequality.
Instead, it’s likely to fuel a rising “dynasty” of young people with too much money and too little motivation to work, according to NYU professor Scott Galloway.
“When you go to nice hotels, there are people in their 50s and 60s and you can tell it’s probably their money — and then there’s a whole raft of a younger generation with their parents’ credit cards,” says the entrepreneur and investor on a recent episode of his Prof G podcast. “What you have with dynastic wealth is you’re taking capital that should go back into the ecosystem and just creating these dynasties of unproductive, rich people.”
There are growing signs that the wealth gap could worsen as the transfer of assets from baby boomers to their children and grandchildren gains momentum.
However, Galloway believes there is some “good news” for younger Americans from modest-income families and a potential solution to the problem.
The good news
Baby boomers in America are expected to pass on between $70 trillion and $90 trillion in assets to their offspring, according to Cerulli Associates.
“The average age of the world’s billionaires is almost 69 right now. So this whole transition or wealth handover will start to accelerate,” said John Mathews, head of UBS’ Private Wealth Management division, in an interview with CNBC.
However, this massive wealth transfer isn’t distributed evenly across younger generations. A 2023 study published in the American Journal of Sociology found that the average 35-year-old millennial holds less wealth than the average boomer at the same age, but the top 10% of wealthiest millennials have 20% more wealth than the top 10% of boomers.
In other words, a growing intergenerational wealth divide emerging, and it’s likely to accelerate in the coming years.
However, Galloway says his time teaching at an Ivy League university has given him reason to be hopeful: “I know a lot of rich kids and I know a lot of kids who are not rich — and the levels of happiness are not greater among the rich kids.”
To him, that’s “good news” for young people trying to build wealth independently and find fulfilling careers. It’s also a wake-up call for policymakers looking to tackle the growing wealth gap.
Galloway’s proposed fix for the widening wealth gap is what he calls “an exceptional inheritance tax.”
“Inheriting more than say $10 million bucks doesn’t increase the happiness of your kids,” he says, suggesting that lawmakers implement a significant inheritance tax above that threshold.
His recommendation isn’t far off from the current tax structure. For the 2025 tax year, estates worth more than $13.99 million are subject to a federal estate tax, according to the Internal Revenue Service (IRS).
The tax rate ranges from 18% to 40%, depending on the estate’s size, according to SmartAsset. Beneficiaries may also face additional estate and inheritance taxes on the state level, depending on where they live.
Still, there may be room to raise those rates. Japan currently has the highest inheritance tax in the developed world at 55%, followed by South Korea at 50%, according to PwC.
CBS News interviewed the couple in their 50s who were stretched thin. While the Gomezes had hoped to retire at 62, they were now considering working until at least 70. The reason their plans were derailed? they were supporting far more family members than expected.
With elderly parents, a child, and their niece and nephew living in their home, the Gomezes faced overwhelming financial demands — especially after taking on student loans to help their daughter and niece afford college.
They aren’t alone. The couple is part of the sandwich generation, a term for people who simultaneously care for their children and aging parents. This dual responsibility can make achieving financial goals nearly impossible, yet for many, it’s a situation they cannot escape
What is the sandwich generation
The sandwich generation refers to people who are stuck in the middle — providing for both aging parents and children. This group is growing as life expectancies increase and people have children later in life.
According to Pew Research, 23% of all U.S. adults have at least one parent aged 65 or older while supporting either a child under 18 or an adult child financially. People in their 40s are the most likely to be part of the sandwich generation, with 54% supporting both a child and a living parent over 65.
Both men and women can find themselves in this position, though adults with college degrees are slightly more likely to have obligations to multiple generations at once.
23.5% of sandwich-generation caregivers reported substantial financial difficulties.
44.1% reported significant emotional stress.
Members of this group reported higher levels of caregiver role overload.
According to a survey by Wakefield Research and Otsuka America Pharmaceutical showed that 72% of sandwich-generation members have had to cut back on necessities — such as food or medical care — or have been forced to dip into their retirement or personal savings to cover expenses.
For the Gomezes, this was exactly the case. They were struggling to contribute to their retirement accounts and would be saddled with paying off their daughter’s student loans until the husband turned 71. The impact on their retirement is profound.
What to do if you’re a member of the sandwich generation
If you are a member of the sandwich generation, you need to find ways to reduce both the financial and emotional strain — while still preparing for your own future so you don’t become a burden on your own kids one day.
The best way to do that is to set financial boundaries. Figure out how much you need to save each month to reach your retirement target and prioritize that over everything except essential expenses. This may mean limiting or stopping contributions to your children’s college fund. While they can borrow for school, you cannot borrow for retirement.
After deciding how much you can afford to spend on helping your family, have an open discussion about what you are and are not willing to do. If you are supporting adult children, consider setting a cutoff date for financial aid so they have time to plan accordingly.
For aging parents, explore benefit programs like Medicaid or other assistance options to help ease the financial burden.
Ultimately, being in the sandwich generation is difficult, but you are not alone. The important thing is to set limits on financial support so you can continue investing in your own future. And just as importantly, make sure you have emotional support so you don’t become burned out, overwhelmed and unable to care for yourself or your loved ones.
Sometimes, it’s not about keeping up with the Joneses, but about saving for a rainy day. But it seems that an increasing number of Canadians feel they aren’t able to do either these days. A new H&R Block Canada survey reveals only 7% of Canadians are putting a fifth of their paycheque into savings.
"While many Canadians hold a mix of tax-friendly savings accounts, it’s clear that Canadians are feeling the financial strain of not having enough money left from their paycheque to put into savings, given the high cost of living,” Yannick Lemay, H&R Block Canada tax expert, said in a statement.
"The good news is that 65% of Canadians expect a refund this year, up from 36% last year, of which a significant portion is likely due to investing in tax-friendly savings plans such as RRSPs."
In fact, 85% feel living paycheque to paycheque is the new norm, up 25% from a similar H&R Block survey in 2024.
What about the nest egg?
For some respondents, a nest egg doesn’t even factor into their concerns. One in 10 Canadians say their paycheque doesn’t even cover the cost of living.
Overall, slightly over half of Canadians feel good about their current personal financial situation, compared to 46% who are not feeling positive. Just over half say that despite making a decent salary, it’s hard to make ends meet, and 81% are concerned their income is not keeping pace with the cost of living.
As well, almost three-quarters of Canadians worry they’re not putting enough money aside into savings. Nearly a third feel they don’t have enough money left over from their paycheque to build up their savings.
Nearly half of Canadians say they’re unable to save money for long-term goals like retirement or a home, as their paycheque goes to their immediate needs. One in three Canadians feel they may as well enjoy spending their money as buying a home feels out of reach for the foreseeable future.
Motivations for saving
Respondents reported a variety of motivations for saving money, with the most common reason being the need to prepare for unexpected expenses, cited by 72% of participants. A significant portion — 68% — also indicated that they were saving in order to avoid borrowing more money through credit cards or loans.
For many, saving was part of a longer-term financial strategy, with 59% putting money aside specifically for retirement. Nearly half of the respondents, 47%, were motivated by the desire to earn interest in a savings account. Meanwhile, 43% said they were saving so they could eventually splurge on something special for themselves, such as a vacation, a new car or another personal indulgence.
Buying a home was another goal, though less common overall, with 19% of respondents saving toward a future home purchase. Interestingly, the intention to save for a home varied significantly by age group. Among younger respondents aged 18 to 34, nearly half (46%) said they were saving primarily to purchase a home. In contrast, this priority dropped to just 16% among those aged 35 to 54, and even further to only 4% among those 55 and older.
Just over half are aiming to put their savings in a TFSA, followed by a high-interest savings account, then an RRSP, the first home savings account, while 14% plan to simply keep their cash at home.
Survey methodology
The survey was conducted by H&R Block in French and English from February 12 to 13 among a nationally representative sample of 1,790 Canadians 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.
The ordinance, which still has to return to council for a second reading, is the first of its kind in the U.S. and is aimed at keeping seniors and low-income families from unfairly paying higher prices for groceries.
Councilmember Sean Elo-Rivera led the effort to pass the ordinance after his father, who’s in his 70s, complained about having difficulty accessing digital coupons and said they didn’t always work.
“Simplest policy we’ve ever written,” Elo-Rivera told CBS 8. “If you offer a discount digitally, there must be a way to physically access that discount in the store.”
Digital-only coupons hurt those who can most use the discounts
Elo-Rivera and his colleagues on the council hope the ordinance will help ease some of the inequities that result from the digital divide, where some people don’t have access to mobile technology or the internet because of lack of financial means or technological know-how.
This divide tends to disproportionately affect seniors and those with low incomes. For instance, in the U.S., 90% of all adults own or use a smartphone, but only 76% of those 65 and over own one. And only 79% of those with an annual income of less than $30,000 do, according to Pew Research Center.
Yet another barrier: In San Diego, more than 50,000 San Diego households don’t have internet access, according to Elo-Rivera’s office. And among those that do, there is still frustration with using grocery apps.
“What I found frustrating is not being able to use it, and then the cashier at the counter couldn’t use it, and couldn’t show me how to do it,” Fred Davis, a Serving Seniors volunteer, told CBS 8. “Not only did I not get the discount, but nobody could help me.”
Some argue that the difficulty may be by design. Digital discounts are “a clever ploy by big supermarket chains to get people into the store knowing full well that many of them will wind up paying more than the advertised price,” according to Edgar Dworsky, a consumer advocate and founder of Consumer World.
Unfortunately, the people most affected by this — seniors on fixed incomes and low-income families — are those who could most use them.
These groups spend a larger percentage of their income on food and are highly dependent on sales and discounts to get by. As more of these discounts become digital-only, it makes budgeting and reducing food costs almost impossible.
Making digital coupons more accessible
Still, digital coupons are popular and their use is expected to continue growing.
And there has been some pushback against the proposal. “The current proposal would actually reduce access to discounts for San Diegans, not expand it,” members of the California Grocers Association said in a statement to CBS 8, in response to the San Diego ordinance.
“The proposal would make special offerings like loyalty programs — which fairly reward a store’s best customers — unworkable.” The group implored the San Diego council to consider the ramifications of their proposal.
Still, San Diego is not the only jurisdiction looking to create laws that would improve the transparency of grocery pricing. In recent months, lawmakers in New Jersey, Illinois, Rhode Island and Connecticut have been looking at legislation that would require grocery stores offering digital coupons to offer alternatives such as paper coupons.
In the end, legislation may not be required. Some retailers now have in-store kiosks that allow all customers to access coupons and promotions. So if you’re one of those who’s frustrated with digital-only coupons, you may want to vote with your dollars and shop at a store that’s tackling coupon inequities.
What seemed like an ordinary house in Boston’s Roslindale neighborhood is set to become a historic landmark, thanks to an intriguing discovery by its current owner, Adam Shutes.
The house at 318 Metropolitan Boulevard caught Shutes’ attention in 2016 when he noticed something unusual about its layout.
“It just looked odd,” Shutes told CBS News. He couldn’t make sense of the unusual design, so he did some research and discovered that the house, originally a single structure, had been cut in two in 1941.
Determined to preserve this piece of Boston’s architectural history, Shutes applied for the property to be designated a historic landmark.
But where did the other half end up?
Maintaining it for future generations
The other half of the house was the back of the building — and it didn’t go far.
“It clicked when I realized that the house just down the road — two doors down — looked very similar,” Shutes told CBS News. "The back half was the kitchen, the storage area for the butlers, servants’ quarters in here. And there’s actually another staircase, a little staircase, a service staircase which is in the other house,” Shutes explained.
In a recent vote, the Boston Landmarks Commission unanimously approved advancing Shutes’ application. The final decision rests with Boston Mayor Michelle Wu and the City Council, who must give their approval before the property is officially granted landmark status.
The home would become Roslindale’s first historic landmark if the application is approved.
“This was the spur. ‘Maybe we should just do something about this and try and maintain it for future generations,’” said Shutes about his decision to apply.
If you’re a homeowner or potential buyer eyeing a historic property for restoration, there are some important factors you’ll want to consider to make sure the project is both financially smart and true to the home’s heritage.
How to avoid costly mistakes when renovating a historic property
There can be a lot to consider when renovating a historic property. It requires careful planning to preserve the home’s unique character while at the same time making sure you know what to expect financially.
Here are some mistakes you’ll want to avoid and what to consider doing instead.
Underestimating the cost of materials
It’s a good idea to always overestimate material and labor costs, as they can fluctuate. Some government programs offer financial assistance to help make renovations more affordable. You can check your eligibility to see if any aid applies to your situation.
When it comes to working on a historic building, there may be other financial incentives that you can explore that are specific to older buildings, like Federal Rehabilitation Tax Credits, which are meant to help preserve historic buildings.
You can also shop for materials in bulk to get the most value for your dollar and set up a contingency fund of around 10% to 20% of your total budget to account for unexpected costs.
Overlooking hidden structural issues
Structural issues, such as outdated plumbing or mold (which can skyrocket renovation expenses) may be something you run into. To avoid this, do a thorough inspection before buying a property.
For homes built before 1978, like Shutes’ home, there could be lead-based paint. The Environmental Protection Agency provides guidelines on how to safely renovate a property with this type of paint to avoid lead exposure.
Depending on how many issues you face, you may need to prioritize the upgrades that are most crucial before considering purely superficial changes.
Failing to account for delays
Renovations take time. If you have a historic home, there may be certain precautions you have to take before making modifications.
For example, you’ll want to make sure to check in with the National Park Service to see if there are guidelines around rehabilitation, preservation and restoration of the building that you’re thinking about.
Next, you may want to check if there are best practices for upgrading any windows, lighting or HVAC systems in the home. The General Services Administration provides resources and recommendations for this type of technical work in historic buildings.
Having renovations overlap can make it difficult to inhabit a home, so you may want to consider a phased renovation approach, rather than doing it all at once.
Upgrading a historic home can be a smart investment, letting you preserve its charm while adding modern comforts. But steering clear of these mistakes can make all the difference when ensuring it’s a straightforward project rather than a costly surprise down the line.
When Alphonso and Tierney Whitfield first moved into their College Park, Georgia home in 2022, they were eager to start their new life together. But that hope quickly turned into a headache when they discovered plumbing issues, Atlanta News First (ANF) reported.
Every time the couple flushed their toilets, wastewater appeared in their yard. Unsure of the cause, they hired a local plumbing company. Estes Plumbing discovered the sewer line needed to be replaced and applied for a permit from the city to complete the work.
The total cost was $8,000 — a hefty sum for anyone, but especially for new homeowners. The worst part? Replacing the line didn’t fix the couple’s sewage issues.
That’s because the issue could only be solved by fixing an issue on city property, something that only happened this month.
“It feels like I finally started living in my home, living in my yard, having people over,” Alphonso told ANF Consumer Investigator Harry Samler.
But why did the city take so long to intervene?
Why didn’t the plumbing line replacement work?
Estes Plumbing technician Logan Cumby determined that the Whitfields’ issue had nothing to do with the new line but instead with part of an old line located on city property.
“When a plumbing company replaces a residential sewage line, it typically does not do work on city property,” Cumby told ANF. “We determined the break is in the street, and we can’t fix it because it’s not on the homeowner’s property.”
But city officials pushed back, saying the plumbing company must have connected the Whitfields’ new line to a city pipe no longer in use. But Bill Knox, a manager at Estes Plumbing, insisted that wasn’t true.
“If we mess something up, we stand by it, and we’ll fix it,” Knox told reporters. “But in this case, we’ve done everything right.”
The Estes team returned to the Whitfields’ property and ran a camera through their sewer line. The footage showed the new sewer line was properly connected and intact until it reached an older pipe located under the street — and on city property.
The footage showed an older clay pipe that seemed to have collapsed, likely causing the Whitfields’ sewer issues. A neighbor a few homes away had also reported problems with their sewer, indicating the cause likely wasn’t the new sewer line on the Whitfields’ property.
Following further investigation, a College Park City spokesperson confirmed the city would connect the Whitfields’ line to the city tap for $1,600. A few days later, Department of Public Works officials showed up to replace the collapsed pipe and connect the city line to the Whitfields’ home.
After the lines were replaced, everything was finally flowing correctly for the first time in two years.
Unexpected home repairs, like the plumbing nightmare the Whitfields experienced, can strain homeowners financially. Here are several proactive steps to protect yourself:
Consider a home warranty
A warranty typically covers the repair or replacement of major home systems for a relatively affordable annual fee. However, carefully read the fine print to understand exactly what’s included. Often, issues arising from normal wear and tear are excluded from coverage.
Early intervention can reduce costs
Addressing minor issues quickly can prevent them from escalating into major repairs. Regular home maintenance, like routine plumbing inspections, gutter cleaning or HVAC system checks, can help you catch problems early, reducing long-term costs.
Create a sinking fund for home costs
Setting up a dedicated savings account specifically for home-related expenses ensures you’re prepared when unexpected costs arise. Experts generally recommend setting aside between 1% to 3% of your home’s value annually. If your home is valued at $300,000, this translates to saving between $3,000 and $9,000 per year.
Compare quotes from multiple service providers
When faced with a major repair, request estimates from several contractors. Prices can vary dramatically between providers, and reviewing multiple quotes ensures you’re getting a fair price and helps you better understand the scope of work required.
Research legal aid options
If your home repair involves another party, such as a neighbor, the city or a contractor, knowing where to find legal assistance can be critical. Local legal aid societies, homeowner advocacy groups or a real estate attorney can provide guidance and representation if needed.
Finally, make sure you understand what your homeowner’s policy covers. Depending on the nature of the repair, your home insurance may cover some or all of the expense.
Being proactive in financial and home management strategies can save you significant time, stress and money in the long run.
The Social Security Administration (SSA) backed down from a major change that critics argued would have made it harder to access benefits for millions of Americans.
Following public outcry, the agency will no longer slash telephone services, which would have forced many people to process claims in person.
The SSA announced in March it would implement anti-fraud measures, requiring in-person identity proofing to access certain services for those unable to use the “my Social Security” online portal. But weeks later, the agency reversed course, saying it had rolled out “enhanced technology” that modernized its services.
“Users of our phone service will only have to come in person if they are flagged by our anti-fraud system,” the agency wrote in a social media post on April 9.
Critics warned that moving away from telephone services could create massive roadblocks for millions of Americans, especially older adults and those living in rural areas.
Here’s what these changes mean, and how you can prepare for potential policy shifts in the future.
Long waits and accessibility gaps
More than 4-in-10 retirees apply for benefits by phone, along with most spouses and bereaved family members seeking survivor benefits, according to the Center on Budget and Policy Priorities (CBPP), a policy think tank. The proposed rule would have wiped out that option for many of those people.
“There’s no way to schedule an appointment online,” Kathleen Romig, the CBPP’s director of Social Security and disability policy, told NPR. "So you have to call the agency’s 800 number. Right now, the wait for a call back from Social Security is two-and-a-half hours. And that’s if you get through to an agent at all.”
Even if you try to go the in-person route, getting help from Social Security is no walk in the park. Most people wait at least 28 days for a scheduled appointment.
An analysis by the CPBB shows visiting an SSA field office amounts to a “45-mile trip for some 6 million seniors” — a trip that becomes incredibly more difficult for those living in remote areas.
Millions of older and disabled Americans also lack reliable internet, smartphones or the tech skills to navigate multi-step online ID checks, the CBPP says, which makes learning to use the online portal a challenge.
Romig emphasizes the real-world impact: "Not everyone drives, particularly seniors or people with disabilities," she said. "And not everyone is able to leave the house. Think about people who are homebound or hospitalized. So, this is incredibly burdensome for the older and disabled people that the SSA serves."
How to prepare for changes, just in case
If you or someone you know is planning to file for Social Security benefits, don’t wait. Start prepping now — whether that means figuring out your nearest field office, checking your online account access or calling SSA (early in the day) to get a jump on the queue.
Those who think they’re up for it should try learning how to use the free “my Social Security” online portal. This online tool will help you monitor your benefits, earnings and communication with the SSA, all in one place.
Staying organized is another key tool. That means keeping detailed records of your earnings history, any correspondence with the SSA and copies of important documents like proof of identity or direct deposit info. With new fraud detection rules in play, having paperwork ready can help clear up any flagged claims or delays.
And as always, seniors need to watch out for scams. The SSA will never demand immediate payment or threaten arrest, and anyone who does may be a fraudster. Be careful with unsolicited phone calls, emails or texts claiming to be from Social Security. If anything feels off, report it directly to the SSA or the Federal Trade Commission.
With some prep work and ongoing vigilance, you can navigate these changes smoothly and protect the benefits you’ve earned.
