We’re stressed about our money, the best time to shop for deals and my book’s title page
Summer is here-ish for those of us who live in the Northern Hemisphere. That means that certain governments are trying to push through legislation before they go on their summer break. (See the Ontario provincial government pushing through Bill 5, which is objectively a horrible bill that will be challenged in court.) Captain Canada the man is not.
I’ve also gotten several releases that have a summer-tie and some that aren’t. I’m highlighting a few here as they might be of interest to solo earners. Then we can all sit on the patio. Oh, wait, Wildfires. ←-(Donation link to CanadaHelps.org)
The best time to shop to get deals
According to money-saving expert Fred Harrington from SaveMyCent, a Brooklyn-based digital savings platform, the best time to get a bargain is between 6-9 am in your timezone. That’s due to retailers updating their pricing algorithms overnight so the early risers could score discounts before more people hit the website and trigger dynamic pricing.
Canadians remain concerned about their finances
The BMO Real Financial Progress Index looked at changes in consumer sentiment from March to April of this year. Turns out, we’re concerned. Some of the main concerns are:
Tariffs: Concerns about the impact of US tariffs increased from 65% to 74%.
Cost of Living Concerns: 78% reported growing concerns about the cost of living up from 61% in March.
Inflation Concerns Intensify: Over three quarters (76%) say their concerns about inflation have increased up from 60%.
Rising Recession Risks: Canadians’ concerns about the prospect of economic recession increased from 60% to 74%. Job reports from the US probably aren’t helping. Canada’s unemployment rate hit 7% which is high. The student unemployment rate hit 20%. Reports say the job market is steady.
Pulse on Personal Finances: Nearly three in five (58%) say they are more concerned about their financial situation up from 42% in March.
The Bank of Canada holds rates steady
This week’s rate announcement by the BoC to hold the key interest rate at 2.75% means that homeowners aren’t really going to get a break on their mortgages, especially those who are facing mortgage renewals this year. According to a study by Zoocasa, homeowners could see payment increases of up to $2,500. For those interested, the prime rate, set by banks, was 2.45% in April 2020 and 4.95% in March 2025.
Canadians are losing millions to fraud scams
How many scam calls and texts do you get a day? I get at least five. Just the other day I got a call from a man saying he was from a company called ‘Financial Experts.’ I said I was a financial journalist and he immediately hung up. My only thought was that it was a new scam. Usually it’s a call from the CRA or the police telling me I’ve committed crimes and I really need to contact them as they’ve sent someone to arrest me. Who has time to commit crimes these days?
According to the Canadian Anti-Fraud Centre (CAFC), in 2024, Canadians reported losses exceeding $310 million to investment fraud. $310 million. I wrote a story on something similar about three years ago and found out that a lot of these incidents aren’t reported. In the top ten fraud types are identity fraud, romance scams, freelance jobs, especially ones where you have to buy the equipment and get reimbursed and spear phishing, where the scammers use an existing relationship and spoofs an email from your manager, landlord or bank to scam you.
June 15 is World Elder Abuse Awareness Day
I wanted to highlight this one because a lot of us have or will soon have parents who are targeted by scammers. I wrote about this last year as well. I even witnessed one try a grandparent scam on my parents when we were visiting. It didn’t work but not everyone is that lucky. Now those scammers can be professionals or even a relative and according to the Canadian Bankers Association, seniors are targeted by scammers and criminals due to social isolation, financial assets, and limited digital confidence. Definitely have the talk with the seniors in your life but the CBA also has seminars that can help reduce incidents of fraud.* If you are a senior and need to talk to someone, here's a list of where you can call for help.
Canadians have no idea how much aging in place costs
Last year I wrote a piece for the Toronto Star on the cost of taking care of your parents and other senior family members without sacrificing your retirement planning. In that piece, I spoke with the Millar brothers who are looking after their parents. So when a press release about the financial reality of aging in place landed in my inbox, you know I would look at it.
To no one’s surprise, 90 per cent of Canadians over age 45 want to age in place. But here’s the concerning part:
Only 13% have factored Personal Support Worker (PSW) care into their financial plans.
Just 6% feel confident they can afford it.
59% of those over 65 are unaware PSW costs range from $19 to $75 per hour. (My reporting found that the average was $35/hr.)
I’m going to do a longer piece here on what we can do to mitigate some of these concerns. Send me your questions.
Putting your money tech on you
Finally, in new and potentially interesting fintech. For dancers, performers and others, there’s an interesting piece of payment technology called NipTip.* It’s pasties with payment technology built in. You tap your phone, open up the app and pay without having to follow someone or connect with their account.
I don’t know if it keeps your financial information safe since the company seems very new. (May 7 looks like their first Instagram post), but this seems like the natural progression from carrying your money tech with you to carrying your money tech literally on you.
*Note: any mentions of products are not endorsements. Please practice safe shopping.
This week’s readings:
By me: Going paperless is still a dream—or dreaded nightmare—for many single-family offices (Canadian Family Offices)
Also by me but a little different from my usual fare: The Stella Artois Perfect Serve Awards (Toronto Life)
Quebecers can wait years to get into co-op housing. So why isn't there more? (CBC)
‘It’s a Weird Time to Be Rich Right Now’ (The Cut)
No tax on tips? Experts warn against bringing U.S. proposal to Canada (CBC)
Look!
