NEW Toxic forever chemicals in drinking water: Is Canada doing enough?
As the United States sets its first national limits on toxic forever chemicals in drinking water, researchers say Canada is lagging when it comes to regulations.
Do you want financial "revenge"?
I think I might have a little pent up revenge spending in me.
Typically when we talk about revenge it can be very petty and done simply to tick someone else off. This revenge is a little different. The target is COVID-19, and after the many months of public health measures and lockdowns, we are ready to unleash that revenge with a vengeance.
Pent up demand is very real and exactly what the economy needs.
As restrictions continue to ease, people are ready to splurge, especially on items and experiences that were unavailable during lockdowns.
The belief is we are aggressively going to be looking for ways to feel good and make up for lost time.
According to Craig Alexander, Chief Economist at Deliotte, in his latest Economic Outlook, he expects growth to accelerate sharply during the summer months and continue at a fast pace into early 2022, as Canadians resume previously limited social activities.
He suggests GDP is expected to expand by a blistering 6.7 per cent this year, with another strong gain of 4.1 per cent anticipated in 2022.
With businesses opening up, according to Andrew Graham, CEO and Co-founder of Borrowell:
"Some Canadians are excited to socialize and gather with friends at restaurants, bars, and dinner parties, while others are looking forward to shopping in-person or making big ticket purchases after only browsing online. Many Canadians are making travel plans after being cooped up inside. Canadians are looking forward to these types of out-of-home activities to gain a new sense of normal. They want to satisfy themselves with pre-pandemic experiences, and they may be willing to spend more to do so."
To be fair, I understand this mentality. When the U.S. opened up back in April, there was clearly an uptick in designer items ranging from handbags, accessories and even footwear.
The fear I have is going overboard. If you can afford it, great. We need to you spend, support beaten down areas such as the hospitality industry, and help prop up the Canadian economy.
What we don't need is Canadians taking on more debt out of revenge against the pandemic.
Prior to the pandemic, Canadians carried a high level of debt and that was problem. It wasn't sustainable and it took a deadly virus to force us to change our ways.
Canadians have been saving more, distinguishing between a want and a need when it comes to spending, and enjoying in many cases a little financial flexibility for the first time. We don't want to blow it now.
The reality is, debt levels are still stubbornly high, especially for those hurt most by the pandemic.
So if you plan on splurging and need to borrow to do so, proceed with caution. Here are some guidelines to maintain a good credit standing.
Borrowell, a Canadian fintech company, suggests using 30% or less of your credit limit as a recommendation for maintaining a good credit score.
The average credit utilization rate in Canada was 43.5% and that is too high. By the way, the average revolving credit balance is $10,361, meaning the average person's credit limit is $23,818.
In others words, revenge may feel good in the moment, but better revenge would be to reduce your average revolving balance by $3,215 and come out of a pandemic with a better credit standing than when you went into it.
However, I'm not naive and it won't only be those flush with large amounts of cash doing a little spending. Since March 2020, the pandemic has wreaked havoc on our lives and it is fair to say regardless of your financial situation, we have all earned the right to spend time with family and friends.
But we also all know revenge can be bittersweet. Pleasant in the moment, followed by regret.
My hope is that we don't revert back to our old ways of spending as if there is no tomorrow.
As the United States sets its first national limits on toxic forever chemicals in drinking water, researchers say Canada is lagging when it comes to regulations.
Calgary police have arrested a man and a charge is pending in connection with the death of a toddler in 2022.
Prince William will return to public duties on Thursday for the first time since his wife Kate revealed she was undergoing preventative chemotherapy for cancer.
The journey to home ownership can be exciting, but personal finance columnist Christopher Liew warns about the trappings of becoming 'house poor' -- where an overwhelming portion of your income is devoured by housing costs. Liew offers some practical strategies to maintain better financial health while owning a home.
Almost 7,000 bars of pure gold were stolen from Pearson International Airport exactly one year ago during an elaborate heist, but so far only a tiny fraction of that stolen loot has been found.
Drivers in Eastern Canada face a big increase in gas prices because of various factors, especially the higher cost of the summer blend, industry analysts say.
A Winnipeg woman was sentenced to house arrest after a single date with a man she met online culminated in her harassing him for years, and spurred false allegations which resulted in the innocent man being arrested three times.
Russian air defences downed what authorities described as five Ukrainian balloons overnight, the defence ministry in Moscow said Thursday, as the sides kept up long-range strikes that have featured heavily in what has largely become a war of attrition.
Mainstream political parties failed to act on European farmers' complaints for decades, one farmer says. Now the radical right is stepping in.
When Les Robertson was walking home from the gym in North Vancouver's Lower Lonsdale neighbourhood three weeks ago, he did a double take. Standing near a burrow it had dug in a vacant lot near East 1st Street and St. Georges Avenue was a yellow-bellied marmot.
A moulting seal who was relocated after drawing daily crowds of onlookers in Greater Victoria has made a surprise return, after what officials described as an 'astonishing' six-day journey.
Just steps from Parliament Hill is a barber shop that for the last 100 years has catered to everyone from prime ministers to tourists.
A high score on a Foo Fighters pinball machine has Edmonton player Dave Formenti on a high.
A compound used to treat sour gas that's been linked to fertility issues in cattle has been found throughout groundwater in the Prairies, according to a new study.
While many people choose to keep their medical appointments private, four longtime friends decided to undergo vasectomies as a group in B.C.'s Lower Mainland.
A popular highway in Alberta's Banff National Park now has a 'no stopping zone' to help protect two bears.
B.C. resident Robert Conrad spent thousands of hours on Crown land developing an unusual bond with deer.
A Sudbury woman said her husband was bringing the recycling out to the curb Wednesday night when he had to make a 'mad dash' inside after seeing a bear.