Canadian Spending Habits Showing Early Signs of Slowing, RBC Report Finds

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Canadian Spending Habits Showing Early Signs of Slowing, RBC Report Finds
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Paper bags will no longer be available at Liquor Control Board of Ontario stores starting Sept. 5.

Canadian spending habits showing early signs of slowing, RBC report findsYoung Canadians flocking to First Home Savings Accounts, banks sayMajority of parents worry about their kid's financial future: SurveyWhat to consider before budgeting with the cash-stuffing methodWonderFi interim CEO on possible changes now that crypto merger is

finalizedSet your investment portfolio for summer, but don’t forget itBank stocks versus GICs: Battle of the income titansCPA Canada says provincial organizations severing ties over governance disagreementsWhat you need to know to decide if trip cancellation insurance is worth the cost8 tax-free savings account misunderstandings that could be costly

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Class Action Lawsuit Filed Against Canadian Pacific, Canadian National, and Transport Canada Over Wildfire NegligenceClass Action Lawsuit Filed Against Canadian Pacific, Canadian National, and Transport Canada Over Wildfire NegligenceA potential class action lawsuit has been filed against Canadian Pacific, Canadian National, and Transport Canada, alleging negligence in the prevention of a wildfire in British Columbia. The plaintiffs claim that the defendants failed to minimize fire risk in fire-prone areas and ensure that the regular operation of trains would not spark a fire. The lawsuit also states that a witness saw smoke and flames near CN Rail's bridge, leading to job loss for the witness.
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Class Action Lawsuit Filed Against Canadian Pacific, Canadian National, and Transport Canada Over Wildfire NegligenceClass Action Lawsuit Filed Against Canadian Pacific, Canadian National, and Transport Canada Over Wildfire NegligenceA potential class action lawsuit has been filed against Canadian Pacific, Canadian National, and Transport Canada, alleging negligence in the prevention of a wildfire in British Columbia. The plaintiffs claim that the defendants failed to minimize fire risk in fire-prone areas and ensure that the regular operation of trains would not spark a fire. The lawsuit also states that a witness saw smoke and flames near CN Rail's bridge, leading to job loss for the witness.
Read more »

Canadian spending habits showing early signs of slowing, RBC report findsCanadian spending habits showing early signs of slowing, RBC report findsA new report from RBC has found that spending in Canada has shown signs of slowing in July, with retail sales excluding vehicles still climbing, but at a slower rate. Discretionary goods and services spending has flattened, while travel has cooled off. Restaurant spending has been steadily increasing since January 2022, but the latest figures represent an increase in prices rather than more visits. The Bank of Canada's interest rate hikes have had little effect on spending habits as Canadians recover from the pandemic. The higher unemployment rate is also contributing to changing spending habits.
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Canadian Spending Habits Showing Early Signs of Slowing, RBC Report FindsCanadian Spending Habits Showing Early Signs of Slowing, RBC Report FindsA recent report by RBC reveals that Canadian spending habits are starting to slow down, making it challenging to find the right investments for a First Home Savings Account (FHSA). Young Canadians are increasingly turning to FHSA, while experts suggest that spending on fun is difficult but not impossible. Additionally, a majority of parents express concerns about their children's financial future. The Bank of Canada aims to provide growth and security to retirement portfolios. Other topics covered include budgeting methods, minimum wage increase, debt and savings worries, and the end of the MyMoney loan program by Canada Post and TD. Government benefits have helped lower-income households cope with the rising cost of living, and CPA Canada reports disagreements over governance leading to the severing of ties with provincial organizations. Furthermore, an expert predicts that fixed-rate mortgage borrowers won't be affected by interest rate shocks until 2025. The article also discusses the factors to consider when deciding whether trip cancellation insurance is worth the cost and suggests that interest rates may decrease during an economic slowdown. Lastly, the piece highlights eight costly misunderstandings about tax-free savings accounts.
Read more »

Canadian Spending Habits Showing Early Signs of Slowing, RBC Report FindsCanadian Spending Habits Showing Early Signs of Slowing, RBC Report FindsA recent report by RBC reveals that Canadian spending habits are starting to slow down, making it challenging to find the right investments for a First Home Savings Account (FHSA). Young Canadians are increasingly turning to FHSA, while experts suggest that spending on fun is difficult but not impossible. Additionally, a majority of parents express concerns about their children's financial future. The Bank of Canada aims to provide growth and security to retirement portfolios. Other topics covered include budgeting methods, minimum wage increase, debt and savings worries, and the end of the MyMoney loan program by Canada Post and TD. Government benefits have helped lower-income households cope with the rising cost of living, and CPA Canada reports disagreements over governance leading to the severing of ties with provincial organizations. An expert predicts that fixed-rate mortgage borrowers won't be affected by interest rate shocks until 2025. The article also discusses the factors to consider when deciding whether trip cancellation insurance is worth the cost and suggests that interest rates may decrease during an economic slowdown. Lastly, it highlights eight costly misunderstandings about tax-free savings accounts.
Read more »

Canadian Spending Habits Showing Early Signs of Slowing, RBC Report FindsCanadian Spending Habits Showing Early Signs of Slowing, RBC Report FindsA recent report by RBC reveals that Canadian spending habits are starting to slow down, making it challenging to find the right investments for a First Home Savings Account (FHSA). Young Canadians are increasingly turning to FHSA, while experts suggest that spending on fun is difficult but not impossible. Additionally, a majority of parents express concerns about their children's financial future, and surveys indicate that debt and savings worries are on the rise due to higher interest rates and costs. Meanwhile, the Bank of Canada aims to provide growth and security to retirement portfolios. Other topics covered include minimum wage increases, changes in the crypto merger, the end of the MyMoney loan program, the battle between bank stocks and GICs, the impact of government benefits on lower-income households, disagreements leading to the severing of ties between provincial organizations, the delayed impact of interest rate shocks on fixed-rate mortgage borrowers, the worthiness of trip cancellation insurance, and common misunderstandings about tax-free savings accounts.
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