Canadian households held more than $2.07 trillion in currency and deposits at the end of 2025, according to federal data. That cash, sitting in accounts many banks pay 0% on, lost buying power at 3.2% in May 2026 alone. For someone with $10,000 in a chequing account, that’s $320 of purchasing power gone in a year — and you earned
Miss a Canadian credit card payment by one day and you are looking at roughly $108 in fees and interest on a $4,000 balance in the first month alone — before any credit score damage even begins. That single day triggers a late fee, cancels your interest-free grace period, and starts the clock on a cascade that, if left unchecked,
The average Canadian credit score is 679 according to Borrowell’s 2026 data, but FICO reports the average FICO Score in Canada sits at 760. That 81-point gap between two different scoring models is the first thing most people get wrong about their credit — and neither number alone tells you how lenders actually see you. In cash terms, the gap
BRITWEALTH ARTICLE — FINANCE CATEGORY –> Nine out of ten Canadian parents talk to their kids about money on a regular basis. Yet only one in ten strongly believes their children are actually ready to handle financial independence when the time comes. That gap between conversation and capability is the real story here — and it’s costing young Canadians the
More than 3.2 million Canadians used buy now, pay later services in 2025, and Payments Canada data shows that 38% of them missed at least one payment. That works out to roughly 1.2 million people who ended up paying late fees, deferred interest, or both — on top of the purchase price they thought they were covering. For someone spending
Eighty-nine percent of Canadian adults own at least one credit card, which means roughly one in ten don’t. Among that shrinking minority, Millennials are overrepresented — and the reasons run deeper than a simple preference for debit. With a median post-tax income around $44,000 and a median debt load of $35,400, many in this age group are questioning whether the
Picture this: two households with the same total income, but one pays over $13,000 more in tax each year. That difference comes down to whose name the income lands in. Under Canada’s progressive tax system, shifting income from a higher-earning partner to a lower-earning one can save thousands—but only if you use the legal channels. The awkward part? Most people
Canadians paid an average of $180 per year in monthly chequing account fees alone before the federal non-sufficient funds (NSF) cap dropped from $45–$50 to just $10 per occurrence — but many households still bleed hundreds more through overdraft charges, ATM surcharges, and Interac e-Transfer fees they never see coming. A Money.ca survey of 5,275 subscribers found that 53% of
Canadians now rely on their tax refund to cover basic living expenses rather than saving or investing it. For someone earning a median salary, that refund—typically between C$1,500 and C$2,500—is often spoken for before it arrives. The data suggests this isn’t a choice; it’s a necessity. Disclosure: Some links on this page are affiliate links. If you make a purchase
When two Canadian banks merge, your money doesn’t vanish — but how it’s protected, where you access it, and what you need to update all shift in ways that catch a lot of people off guard. The Canada Deposit Insurance Corporation (CDIC) covers eligible deposits up to $100,000 per depositor per coverage category at each member institution. Here’s the part
A family of four in Canada is expected to spend roughly $17,571.79 on food in 2026 — about $1,000 more than the year before. That figure comes from the Food Price Report 2026, a collaboration between Dalhousie University, the University of Guelph, the University of British Columbia, and the University of Saskatchewan. For a household spending $1,200 a month on
The $150 figure is not a typo. In 2025, TD raised its RRSP and TFSA transfer-out fee to $150, matching a similar move by RBC. That means if you want to move your retirement or savings account to a different bank, you pay $150 per account just to leave. For a couple with two RRSPs and two TFSAs, that’s $600
