Category: Moneywise

Browsing the internet or social media will bring about many first-hand accounts of dating and marriage horror stories that would render even the most hopeless romantic a cynic. Here’s one such story.

Christina MacCrimmon of Ottawa claims she was the victim of ‘love bombing’, that left her nearly $300,000 in debt.

"It’s just unimaginable to think that somebody can honestly do what he has done and still be able to live with themselves the next day," MacCrimmon told CBC News.

How the nightmare unfolded

In the CBC report, MacCrimmon described a whirlwind, two-month romance in which she married Francis Charron, the man she now alleges manipulated her to gain access to her money.

CBC said it has discovered that Charron has also been accused of fraud by multiple people and is facing a number of civil and small claims lawsuits concerning his contracting business.

"He portrayed himself to be that perfect. He found out exactly what I wanted in somebody and then behaved and was that perfect man," MacCrimmon told CBC about falling head over heels for Charron in November, 2023.

But then her world would unravel. He told her that he likely had brain cancer. They married just two months later on January 21, 2024.

MacCrimmon remembers how she would dance in the kitchen with the supposed love of her life.

"He called it ‘Romance Fridays’ and he’d send me these love songs," MacCrimmon recalled. "He treated me with such love and devotion, he just had me on this pedestal."

She alleges he manipulated her into loaning him money by "love bombing" her with affection and compliments, but also by making her feel sorry for him because of his own financial hardships.

According to the Cleveland Clinic, love bombing is a form of psychological and emotional abuse that involves a person going above and beyond for a partner as a manipulation tactic. It looks different for every person, but it usually involves some form of excessive flattery and praise, over-communication of their feelings for you, showering you with unneeded/unwanted gifts, as well as early and intense talks about your future together.

Over the course of their brief two-month relationship, MacCrimmon said she loaned Charron money from her line of credit, allowed him to use her credit card and eventually added him as a supplementary card holder.

"He took everything. This is my whole life, this is my savings. I’m going to be struggling to even retire now," MacCrimmon explained.

Even worse, she is left with no money to hire an attorney to help her navigate the situation she has ended up in, while police also admit that it will take a long time to investigate this particular scenario.

The financial toll of being tricked by love bombing

Falling prey to a love bomber can be costly for victims who may have lost money, assets and perhaps gained additional debt.

According to Women’s Wealth, there are several financial warning signs potential victims should pay close attention to in order to prevent a nightmare from unfolding in their lives. Over-the-top gifts may be the first signal, as someone pours out lavish generosity and expects matching generosity in return.

Rushing into making big financial decisions is another huge red flag, especially if a potential victim starts feeling the pressure to share their bank accounts and investments.

Scammers can also start criticizing a victim’s financial independence, with the goal of introducing thoughts into their heads that weaken their financial autonomy. With that comes guilt tripping, as the scammer places doubts on the victim’s spending habits and suggests they are selfish with their money.

If you’re feeling pressured when it comes to anything financial in your relationship, consider why as this may be a red flag. Financial health is highly dependent on the trust you have with the people who have access to your money.

When it comes to finances, having eyes wide open is the best way to protect yourself. Falling prey to anyone who pretends to have feelings for you when they don’t opens the door to a host of risks, from emotional impact to personal and financial safety. Go into any relationship wisely — but especially a financial one.

Sources

1. CBC: Woman claims she’s victim of ‘love bombing,’ owed thousands (March 5, 2025)

2. Women’s Health: Love Bombing (February 15, 2025)

This article Ottawa woman accuses husband of ‘love bombing,’ leaving her $300K in debtoriginally appeared on Money.ca

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

Faced with the rising cost of living, many American retirees are looking to control one of the most fundamental expenses: housing.

Since the pandemic, the cost of housing has remained stubbornly high. According to a recent report, home affordability slipped further in January, as rising prices raised the income needed for a mortgage in 12 of 13 major markets.

Moving is not easy at the best of times, but for retirees, deciding whether to rent or own their home will have a long-term impact on their finances and their lifestyle. To help clarify whether renting or owning is your best option, retirement author and YouTube host Geoff Schmidt advises following what he calls the 5x5x5 rule.

About the 5x5x5 formula

The 5x5x5 rule is a way to gain clarity on your decision to move by breaking down the pros and cons of renting versus owning both short- and long-term. Most importantly, retirees need to consider where they’ll be — not just geographically speaking — 10 years down the road. Here’s a breakdown of each of ‘five’ in the 5x5x5 rule.

5 pros of ownership

The first step in deciding if you want to buy a new home as a retiree is to think about the five big perks of having your own property. For retirees, the pros of owning a home allow you to:

1. Build equity in your home: Each mortgage payment you make brings you closer to owning your house free and clear with no payments. If you can buy a new home or condo outright by selling your current home, you can still build equity in your new dwelling over time.
2. Predictability: If you have a fixed-rate mortgage, your mortgage payments will remain consistent for years and you don’t have to worry about a landlord ever making you move.
3. Tax benefits: While mortgage interest and property taxes are not tax-deductible on a principle residence, you could find tax deductions if you use a portion of your home for a home-based business or to rent out as short-term accommodation or to a long-term tenant.
4. Customization: You don’t need a landlord’s permission to alter and improve your home.
5. Home appreciation: Homes generally increase in value, so you can increase your net worth by owning a property.

5 pros of renting

Renting also has five significant upsides, particularly for retirees who want greater freedom to travel and to make bigger moves — potentially across the country or even abroad. These include:

1. Extreme flexibility: You can leave your property after giving notice and go wherever you want much more easily than with an illiquid home you’d have to sell first.
2. Lower upfront costs: You only have to pay first and last month’s rent and a security deposit to move into a rental, not make a large home down payment.
3. No maintenance concerns: If something breaks, your landlord is responsible for the cost of fixing it and the actual repairs. You don’t have to build up an emergency fund for maintenance.
4. Predictable expenses: For the duration of your lease, your monthly housing costs including utilities will remain consistent, even if the cost of energy goes up, for example.
5. Lack of worry: If you’re in a rental apartment, you won’t have to concern yourself with shovelling snow, mowing grass or other matters of general, external upkeep.

5 variables that help you make the decision whether to rent or buy

The last step in the 5x5x5 rule is to consider specific variables that affect you. These include:

• Financial stability: Considering your current and future Canada Pension Plan (CPP) benefits and retirement income, will renting be more affordable long term, or will owning be more beneficial?
• Lifestyle preferences: Think about quality of life and what matters to you. Maybe your biggest priority is to be close to family. Perhaps you want easy access to amenities like health care and recreation. Do you want more predictability or more flexibility? Which option — buying or renting — comes closest to matching your desires?
• Current and future health: Are you in a position to maintain your home and does it have aging-in-place options?
• Estate planning: Do you want to have a home to leave as an asset to your loved ones?
• Market conditions: Is it a good time to buy a property? What do you think will be happening in the real estate market in the next decade?

By asking yourself these detailed questions about your own personal financial goals and lifestyle preferences, it will be easier to decide whether to own or rent now and in the long term.

@plaacement()

This article Should Canadian retirees own or rent their home? Use this simple ‘5x5x5 rule’ to figure it out originally appeared on Money.ca

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

The benefit of hiring someone to manage your money is getting expert investment advice that protects your portfolio from market volatility while fueling its growth. But, what if you’re paying for advice you don’t agree with?

Say you’ve decided to use your father’s wealth manager to oversee your own money, only they decide to put your entire portfolio into a single investment. That may seem like a suboptimal choice. And it could be a risky bet.

So it’s important to keep tabs on your portfolio, even if you’re paying someone else to do the work. And it’s equally important to make sure your investments are diversified.

The problem with sticking to a single investment

Whether this one investment of yours poses a risk depends on whether it’s truly a single asset, like bitcoin or a particular stock, or is something like an index fund or mutual fund or exchange-traded fund (ETF), which are actually bundles of many individual assets. An S&P 500 ETF, like the Vanguard S&P 500 ETF (VOO), for example, would contain exposure to hundreds of blue-chip U.S. companies.

If a single fund matches your investing strategy, risk tolerance and time horizon, then that’s fine.

Investing in only a single stock, on the other hand, even one with a storied history, can carry significant risk or volatility.

The stock market has a long history of being volatile. Since 1929, it’s undergone 56 corrections where it lost at least 10% but less than 20% of its value. Plus, of those 56 corrections, 22 became bear markets where stocks lost 20% of their value or more.

When the market tanks on a whole, even a well-diversified portfolio can lose value. But if you’re not diversified and a specific sector of the market takes a hit, your personal losses could end up being significant.

Granted, you don’t officially lose money in the stock market until you actually go out and sell assets at a loss. But, you never know when you might need to tap your portfolio to address a need for cash.

An estimated 42% of Americans do not have an emergency fund they can access to cover unplanned expenses, according to U.S. News & World Report. So even if your preference is to leave your portfolio alone during a market downturn, if you lose your job and have no emergency savings, you might have to liquidate some assets immediately. With a more diversified portfolio, you may end up with some assets that haven’t lost value in a broad market crash, or haven’t lost as much value as others.

Furthermore, it’s possible for an individual stock to lose a lot of value even if the market on a whole is doing well. If you keep your entire portfolio in one stock, a significant loss in value could upend your financial plans.

Just look at Intel Corporation (INTC). The stock has lost about 48% of its value over the past year alone. Now, imagine you had a $100,000 portfolio a year ago that consisted only of Intel. At this point, your portfolio would be down to $52,000.

How to build a diversified portfolio

Your goal in investing should be to maintain a portfolio with different assets. That means dabbling in different asset classes, as well as different options within each asset class.

When we talk about asset classes, we’re referring to types of investments, such as stocks versus bonds versus real estate. It’s a good idea to have money in all of these, though the percentage should hinge on your risk tolerance and how close or far you are from retirement.

When you’re decades away from retirement, it’s a good idea to go heavy on stocks and put a smaller portion of your portfolio into bonds. When retirement gets closer, you may want to flip things around.

Real estate is something you can invest in at any time, provided you understand the risks and are willing to do the work. With physical real estate, you can make money by renting out a property or seeing its value rise over time. But, there’s also the risk of costly repairs and going months without a tenant. Plus, you have to be willing to do the work.

If you like the idea of investing in real estate for diversification, but you don’t like the idea of owning physical properties, you can look at real estate investment trusts (REITs) instead. Many trade publicly like stocks and offer generous dividends.

Meanwhile, within each asset class in your portfolio, it’s important to diversify. On the bonds side, you may want to put money into corporate bonds as well as municipal bonds for the tax benefits, such as federally tax-exempt interest payments.

On the stock side, it’s a good idea to own shares of companies across a range of market sectors. If you don’t like the idea of choosing stocks specifically, you could fill your portfolio with sector-specific ETFs, like, say, some health care ETFs, energy ETFs, tech ETFs and so forth.

You could even simplify things further by loading up on shares of a total stock market ETF like the Vanguard Total Stock Market Index Fund ETF (VTI). These types of ETFs give you exposure to the broad market, so this is the one situation where it may be okay to fill the stock portion of your portfolio with a single investment.

But remember, broad market ETFs will allow you to match the performance of the stock market at large — not beat it. If doing better is a goal of yours, then you’ll need to branch out into individual stocks. And loading up on a wide variety of them could be your ticket to long-term success.

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

Many Canadians have decided not to travel in the U.S. as a trade war continues.

Forward bookings for flights between Canada and the U.S. in coming months have plunged by as much as 75% compared with the same period in 2024, according to OAG, a global travel data provider.

In February, the number of Canadians crossing the land border into the U.S. dropped almost 500,000 compared to the same period last year, according to data from U.S. Customs and Border Protection (CBP) — reaching levels not seen since the height of the Covid-19 border closures.

“This is like Covid all over again,” said Len Saunders, an immigration lawyer in Blaine, Wash., which borders the Canadian province of British Columbia, in an interview with CBC News. “With the rhetoric coming from Trump — people just don’t want to come down here.”

The number of Canadian residents returning from the U.S. by flights also fell by 13.1% in February, with Air Canada, WestJet and United Airlines announcing cuts to service due to declining demand.

“A 10% reduction in Canadian travel could mean 2.0 million fewer visits, $2.1 billion in lost spending and 14,000 job losses,” according to the U.S. Travel Association, which noted that Canada is the top source of international visitors to the country, with 20.4 million visits in 2024.

But it’s not just Canada. The Trump administration is also escalating a trade war with Mexico, China and the European Union, and domestic tourism has also slowed down this year, with Bank of America aggregated card data showing softer lodging, tourism and airline spending. "It could be that the recent drop in consumer confidence is translating into people hesitating to book trips, or considering paring them back. But bad weather and a late Easter this year are also likely playing a part," said the bank.

While this will undoubtedly impact Americans working in the tourism and hospitality industry, it could also have impacts on everyday Americans.

Why Canadians are avoiding U.S. travel

It’s not just tariffs that have shaken Canada-U.S. relations. Taunts about Canada becoming the 51st state, threats of annexation and reports of Canadians and other nationals being detained by Immigration and Customs Enforcement (ICE) — like the account of one Vancouver woman detained by ICE for two weeks — is keeping Canadians away.

Then there’s the Canada-U.S. exchange rate. The loonie — which plummeted to its lowest level in more than 20 years when Trump first announced impending tariffs — has since made modest gains. But that could be a good thing for American travelers.

But Barbara Barrett, executive director of the Frontier Duty Free Association, told CBC News that cross-border traffic declines aren’t due to the exchange rate. Rather, it’s about anti-tariff sentiment.

“We’ve seen the dollar fluctuate up and down before and we haven’t seen this sort of dramatic decline,” she said. “If it was all about the dollar — we’d have a flood of Americans coming over and we’re not seeing that.”

While many Canadians and other foreign nationals are boycotting the U.S., some don’t feel it’s safe to go right now. Several countries — including the U.K., Denmark, Finland, Germany and Canada — have updated their travel advisories for the U.S. regarding immigration requirements and gender identification.

“Since the start of the second Trump administration, there appears to be an uptick in foreign visitors to the U.S. being denied entry, resulting in people being sent back to their original destinations or being held in detention,” according to Wired.

As of April 11, Canadians will also have to register with the U.S. government if they plan to stay in the country for more than 30 days.

What does this mean for American travelers?

While tariffs may not have an immediate impact on domestic travel — like the price of airfare or hotel rooms — ongoing trade wars with multiple countries could eventually take a toll.

The Federal Reserve lowered its outlook for economic growth in 2025 to 1.7%, with inflation projected to creep up from 2.5% to 2.7%. With signs of slowing economic growth and consumer expectations for income, business, and labor market conditions at a 12-year low, Americans may decide to hold off on those vacation plans.

“The longer tariffs last, the more likely we’ll see air travel impacted in the form of higher costs for Boeing and airlines, fewer overall flights, and higher fares,” Scott Keyes, founder of Going, told USA Today.

But if the U.S. does sink into a recession, some travel costs could drop. “That’s because demand for travel typically falls during economic hard times, and with less demand, airlines would be forced to drop prices in order to fill planes,” Keyes said.

Tips for travel planning in uncertain times

Americans traveling domestically may want to consider vacationing in areas impacted by a downturn in Canadian tourism, such as Florida. Prices could drop because of reduced demand; at the same time, you’d be helping to support the tourism industry in those areas.

Visits to national parks, however, could get more complicated. The mass firing of 1,000 national park workers could result in service delays and maintenance issues — so you’ll want to plan any outdoor adventures far in advance.

As gas prices rise as a result of tariffs, road trips could also get more expensive (at home and abroad). So, for example, if you’re traveling in Europe, you may want to compare the costs of traveling by train rather than renting a car.

If prices escalate, airlines and hotels may adjust their prices accordingly. So it may be better to book sooner rather than later to lock in rates for flights and hotels.

Another option is to cash in those frequent flyer miles or credit card travel rewards to save on flights, hotels and rental cars. If you’re in the market for a new travel rewards credit card, keep an eye out for promotional offers that could help fund your next vacation.

It could also be a good time to sit down with a financial adviser to come up with a game plan for uncertain times, which could mean diversifying your portfolio, topping up your emergency fund and perhaps even creating a “travel fund” (say, in a high-interest savings account) so you don’t rack up unnecessary credit card debt on your next vacation.

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

Buying a home is a pricey prospect, even if prices are trending downward. According to the Canadian Real Estate Association, the national average home price sat at $668,097 in February 2025, a 3.3% decrease from the year prior.

If you’re 34 with $80,000 saved, you may be thinking of using that money to buy a home. That amount would allow you to put up to 20% down on a $400,000 home.

Now, it’s one thing to use all of your money to buy a home you’ll be living in. But if you’re thinking of buying an investment property, it can be risky — even if you’re confident you can charge enough rent to cover your mortgage costs. So, it’s important to weigh your options carefully.

The pros and cons of rental properties

There are a number of benefits to owning a home you rent out. First, the amount you charge can be put toward the home’s mortgage, all while you get to be the one who builds equity in the home.

Eventually, you might walk away with a large profit or end up with a home that is fully paid-off in time for retirement.

As the landlord, you’ll have the right to not renew tenant leases and occupy the home if you so choose. You may not need to live in the home you’re buying now because you have a cheap rental elsewhere, or you live with a romantic partner. But if your situation changes, your home is something you can fall back on.

Furthermore, if you’re renting out your home, you can deduct certain costs on your taxes — these include maintenance expenses and repairs.

On the other hand, buying a rental property potentially means taking a big risk — especially in the situation described above. If you use all of your savings to purchase a home, you risk landing in debt the next time an emergency or unplanned expense arises.

Speaking of expenses, there are numerous costs associated with owning a home, and there are many you can’t plan for. Property taxes can rise, your insurance costs might increase or an expensive repair might become necessary. Plus, the possibility of a non-property emergency still exists. So, it’s not a good idea to leave yourself without a financial cushion.

Another thing to consider is that when you own a rental property, you’re not guaranteed steady income. You could wind up with a tenant who doesn’t pay, or you could end up going months in between tenants if one leaves.

In addition, if you rent out your home, you’re obligated to address tenant concerns as they arise. That could mean interrupting your plans to address any issues. And while you could hire a property manager to do those things for you, that’s yet another cost you’d bear — one that will eat into your profits.

Being a successful property investor

While owning a rental property can be risky, there are steps you can take to set yourself up for success.

Be sure to leave yourself with a solid emergency fund when buying a home. Or, to put it another way, don’t empty your savings completely for a down payment. This can be a life-saver if things go sideways.

Research the market you’re buying in to see what homes typically rent for and what local vacancy rates are. Talk to a real estate agent if you can’t find the data you need yourself. The more information you have, the better you can price and market your rental units.

Look for certain neighborhood features, like good schools and access to amenities. If you buy a home in a desirable location, you may be more likely to have it continuously occupied.

Talk to people who own rental properties and find out what their experience is like. You might think that being a landlord is a role you can handle only to learn that it’s more than what you’ve bargained for. And if so, you’re better off knowing that from the start so you can factor the cost of a property manager into your budget.

Finally, if you want to take maximum advantage of the tax perks of owning a rental property, you may want to consult with a financial adviser or accountant to ensure you’re getting the most out of your investment.

Sources

1. Canadian Real Estate Association: National Price Map)

This article I’m 34 with $80,000 in savings and I want to buy a $400,000 house to rent out. But as a first-time investor, would it be too risky to carry a mortgage on a property I won’t occupy?originally appeared on Money.ca

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

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.

How to budget for unexpected home repairs

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.

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

Some Florida homeowners hardest hit by hurricanes Milton and Helene must now also see their homes completely demolished or, if they’re lucky, elevated.

This follows a federal mandate that impacts majorly damaged homes — those impacted by natural disasters. Federal Emergency Management Agency’s (FEMA) 50% rule dictates that if a house is in a flood zone and local building officials deem it to be substantially damaged, straightforward repairs may not be sufficient.

The complex regulation kicks in when the repair costs exceed 50% of the home’s market value (the test for “substantially damaged”), amounting to hundreds of thousands of dollars for the homeowners.

The impact of hurricanes Milton and Helene

Hurricane Milton took at least 24 lives in Florida and caused over $34.3 billion in damages last October, while just days prior, Hurricane Helene’s aftermath killed 34 in the state and caused over $78.7 billion in damages across the U.S.

The west coast barrier islands of Pinellas County were one of the state’s most impacted areas. Redington Shores resident Derek Brunney has lived in his home for over 20 years and has had to contend with it being demolished.

“You start seeing different events you had on the property. Weddings, birthdays, things like that. It just rehashed everything," Brunney told WFLA News Channel 8 On Your Side about the aftermath. "It’s one step forward, two, or three steps back. You get punched in the eye at the same time.”

The trouble for many homeowners like Brunney is that they still must pay for their insurance and utilities. But he — and many other Florida homeowners — still hold out hope for a better future.

“It’s slow,” he said. “It’s daunting. It’s exhausting, but it’s the only way you’re going to move forward right now until you get to the end of it.”

How to budget for the unexpected

When it comes to home repairs and rising insurance costs, you often can’t anticipate when they’ll hit. The key is to be prepared. While this isn’t a simple feat for many, there are some practical things you can start doing today to budget for the future and any rebuilding efforts.

Set aside emergency savings. Aim to save what you can each year for emergency repairs and maintenance. Ideally, your fund will cover three months worth of minimum monthly expenses, but if you’re in a disaster-prone area, you’ll need to prepare for more than the bare minimum because such expenses fall beyond the parameters of regular expenses. To get a sense of what you’d need to put away, you can try using a savings goal calculator, or plain old pencil and paper. While those funds sit tight, invest them independently in something that earns interest yet keeps them separate and accessible, like a high-yield savings account.

Understand your insurance plan and exactly what you are and aren’t covered for. Review your home insurance policy in detail every year, and don’t hesitate to contact your agent to clarify terms. Ask questions. Document answers. Make sure you understand deductibles, exclusions and any limits on claims.

Prepare and save for increased premiums. Track trends in local insurance rates and adjust your budget accordingly. Even if you aren’t in an area of direct impact when it comes to natural disasters like fires and hurricanes, you may be surprised to learn, your premiums may still be going up. Others in “high-catastrophy states” may also need to prepare. Understand why this may be the case, and prepare to shop around for the best rates for the coverage you need, if necessary.

Future-proof your home against natural disasters. Start with small projects like installing storm shutters and sump pumps, reinforcing your roof and replacing lighter materials with more durable alternatives. Then, consider larger upgrades like hurricane resistance or seismic retrofits, and flood barriers. Fireproofing his home made all the difference for this California resident.

Look into state-wide programs to help offset costs. For example, Elevate Florida, the state’s first elevation mitigation program, was designed to "enhance community resilience by mitigating private residences against natural hazards." It provides eligible homeowners with at least 75% of their costs for structure elevation, mitigation reconstruction, acquisition/demolition or wind mitigation. Research and use all the programs and funds available to you.

With these measures, you can rest assured you are being proactive in protecting your home and your future.

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

While Elon Musk has claimed that millions of dead people are fraudulently receiving Social Security benefits — an assertion that has been debunked by experts — one Seattle man experienced the opposite problem.

“You wake up one day and discover you’re dead,” Ned Johnson told The Seattle Times in an article published March 15. “It’s been truly surreal.”

But Johnson, 82, is still very much alive. For reasons unbeknownst to him, he ended up on the Social Security Administration’s (SSA) “death master file,” according to the Times, and had his benefits clawed back to November — the month he supposedly died.

Funds were deducted from his bank account for retirement benefits received in December and January, for a total of $5,201. And he hadn’t yet received his February or March checks. His Medicare insurance had also been canceled and his credit report marked him as deceased and ineligible for a loan.

It took nearly two weeks and multiple calls per day to Social Security before he was able to make an appointment. But the appointment was then delayed, which prompted him to make a spontaneous trip to the agency’s downtown office. He described it as a “Depression-era scene” with a long queue and only two tellers.

Once in front of a human, he was able to prove he is, in fact, alive. The agency pledged to fix his predicament.

“When I was in that line, I was thinking that if I was living solely off Social Security, I could be close to dumpster diving,” he recalled.

Social Security mistakes

It’s unclear what led to Johnson being considered deceased by the SSA, however, the agency notes that among the millions of death reports it receives each year, “less than one-third of 1% of are erroneously reported deaths” that require correction. Death reports often come from family, friends or funeral homes and are considered “first-hand” accounts.

But the agency has also been prone to other mistakes. The SSA’s Office of the Inspector General reported last year nearly $72 billion in improper Social Security payments were made from fiscal years 2015 through 2022. That amount represents less than 1% of the benefits paid over that seven-year — and most of those were overpayments.

If you’ve been receiving overpayments — even through no fault of your own — you’re on the hook for them. Under Trump-appointed acting commissioner Leland Dudek, the SSA is reinstating the default overpayment withholding rate to 100% of a person’s monthly benefit until reimbursement is complete. This only applies to new overpayments as of March 27. The withholding rate was previously capped at 10% due to potential financial hardship of beneficiaries. This latest move is expected to save about $7 billion over the next 10 years.

In an article published by the Center on Budget and Policy Priorities, Directory of Social Security and Disability Policy Kathleen Romig insisted that, despite these errors, the agency’s overall payment accuracy rate is well over 99%.

“Only 0.3 percent of Social Security benefits are improper payments, which are typically caused by mistakes or delays,” she wrote.

What to do if it happens to you

Mistakes will always happen, whether from a data entry error or administrative delay in updating a beneficiary’s information. And that can result in delayed benefits, clawbacks or overpayments that require repayment — regardless of who’s to blame for the error.

If you or a loved one are affected by a Social Security error, you’ll want to report it as soon as possible. In Johnson’s case, the error became glaringly obvious when money disappeared out of his bank account. But in other cases it may not be so obvious, so it’s good practice to regularly review your earnings statement for each calendar year to look for any discrepancies.

Contact the SSA as soon as possible to request a correction, either through your Social Security account, by calling 1-800-772-1213 or by visiting a local field office. Make sure you can provide them with the necessary documentation, such as pay stubs or W-2s.

If your request for correction is denied, you can file an appeal. For complex matters, you may want to seek assistance from a financial adviser or attorney. And, as in Johnson’s case, it may require an in-person visit to speed up the process.

Additionally, if your benefits are being withheld in order to reimburse any overpayments, you can make an appeal to the SSA to adjust the amount or waive the collection if you believe the error wasn’t your fault and you can’t pay it back.

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

Chapman’s Ice Cream has been a staple in grocers’ freezers for almost a half a century and the Ontario-based creamery has stayed proud of and true to their origins as one of the favourite ice creams of Canadian families. The recent trade war with the US is no exception.

In response to US tariffs on Canadian dairy products, Chapman’s Ice Cream has chosen to absorb the increased costs rather than pass them on to their loyal consumers, underscoring the company’s dedication to providing affordable products despite economic challenges.

A history of resilience

Founded in 1973 by David and Penny Chapman in Markdale, Ontario, Chapman’s began with just four employees and two trucks. Over the decades, it has grown into Canada’s largest independent ice cream manufacturer, offering over 280 frozen treats, including premium ice cream, frozen yogurt, sorbet and novelties, like ice cream cones and sandwiches.

Though the company has never left Markdale, Chapman’s faced a real threat to his future in 2009 when a fire destroyed its production facility. In response, Chapman’s opted to rebuild in Markdale with a state-of-the-art facility, aptly named Phoenix. The new facility is nearly double the size of the original plant, and still serving the community in which Chapman’s was founded.

Supporting employees during COVID-19

The trade war facing Canada isn’t the first giant hurdle the Chapman’s business has had to navigate. During the COVID-19 pandemic, Chapman’s prioritized employee well-being over their bottom line. In March 2020, they implemented a $2 per hour pandemic pay increase for production and distribution workers. This increase was meant to be temporary but in true Chapman’s form, they once again chose their employees over money.

By October 2020, the temporary pay boost became permanent, setting the starting wage for production employees at $18 per hour. Additional benefits included a comprehensive health package, a company-sponsored pension plan and a subsidized cafeteria.

While the private company doesn’t report earnings, it’s fair to assume that, given that they are still a staple in the grocery store and are opting to absorb the hits they are expecting to come from the tariffs, clearly prioritizing employees didn’t translate to bad business news for the company.

Celebrating 50 years

In 2023, Chapman’s marked its 50th anniversary by launching the Super Premium Plus line, the world’s first allergy-friendly super premium ice cream. This new product line is peanut-free, nut-free, and egg-free, reflecting the company’s ongoing commitment to innovation and inclusivity.

Indeed, Chapman’s has a lot to celebrate. Much more than putting smiles on Canadians’ faces with their ice cream, Chapman’s has always been deeply involved in community initiatives. They donated $1 million towards the construction of a new hospital in Markdale and contributed to various local infrastructure projects, showcasing their dedication to giving back to the community that supported their growth.

They are a truly Canadian company, who loves their community and loves their country and all of the people in it. That they have chosen to forgo passing on the tariffs to Canadians is, for lack of a better phrase, on brand.

Looking ahead

As Chapman’s continues to navigate economic challenges and industry changes, their focus remains on remaining in Canadians’ freezers. By absorbing tariff-related costs, they once again show their commitment to affordability and customer satisfaction, ensuring that their ice cream remains a staple in households across the country.

This article Scooping up the cost: Chapman’s Ice Cream freezes prices despite US tariffsoriginally appeared on Money.ca

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

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A new building safety law that was passed in the wake of the Surfside tragedy in Florida has resulted in a tremendous amount of financial pressure on condo owners. Now, one state lawmaker warns it could prompt the "next wave of homeless people," with elderly residents living on fixed incomes at the forefront.

The law requires associations for condos three stories or higher to fully fund their maintenance reserves. Previously, they could waive filling these reserves, which potentially allowed damage to build up over decades. It’s also mandatory for buildings at least 30 years old to undergo structural assessments and address any critical issues. Many owners have blamed these rules for adding upwards of tens of thousands of dollars in new fees.

Rep. Mike Caruso rang the alarm after the issue was dropped from a special session in January.

"It’s sad, and we’re not going to address it here in the Florida House," Caruso told the Miami Herald. "I’m shocked by it."

Here’s what has Caruso concerned about elderly condo owners.

New building safety law

In 2021, 98 people died when Champlain Towers South, a 12-story condominium in the Miami suburb of Surfside, partially collapsed. Legislators rushed to pass safety reforms and a new bill was signed into law.

But there was a problem. Many condo associations were short on reserve funds. This means that the costs for now-mandatory inspections and repairs were passed on to unit owners. These extra fees, or special assessments under Chapter 718 of the Florida Statutes, are typically levied in addition to existing fees.

Seniors on a fixed income are especially vulnerable to sudden maintenance fee increases. This is even more true for seniors still paying off a mortgage on their condo. What’s more, Florida has one of the highest proportions of Americans over 65 in the country at 21.7% of the population, according to the U.S. Census Bureau.

Taken together, this can put seniors on a fixed income in dire straits.

Downsizing to a smaller place or refinancing the mortgage rate on your current home could be challenging in this economy — with 30-year fixed-rate mortgages hovering at 6.67% as of March, 2025.

Shopping around for mortgage rates can help you find the lowest rate possible or negotiate better terms with lenders. Those who received two or more quotes from lenders saved, on average, up to $76,410 over the lifetime of a 30-year fixed-rate mortgage, according to a 2024 study from LendingTree.

If you bought your home when mortgage rates were hovering around 23-year highs of 8% or have built up better credit, refinancing your loan could potentially result in lower payments.

You canfind the lowest refinancing rates near you or shop around for a mortgagethrough Mortgage Research Center.

The process is simple: answer a few questions about yourself and the type of property you wish to refinance or buy, and Mortgage Research Center will match you with vetted lenders best suited to your needs.

Another source of financial stress

Florida, which is prone to natural disasters, is also facing an insurance crisis. Prominent home insurance providers like Farmers, AAA, and Progressive have been steadily reducing or permanently shutting down operations.

Home insurance prices in Florida are among the highest in the nation. The average annual premium for a $300,000 dwelling in the state was $5,340 as of March 24, nearly two-and-a-half times the national average of $2,242, according to Bankrate.

But this doesn’t mean you can’t get affordable insurance coverage for your home.

OfficialHomeInsurance.com is an online marketplace that lets you compare rates offered by leading aggregators near you for free. A side-by-side comparison of insurance premiums and other features can help you save up to $482 a year on average.

After entering basic details about yourself and your home, OfficialHomeInsurance will sort through its database of over 200 insurance companies and display the best deals for you.

From here, you can find the lowest home insurance rates available in only minutes.

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