LAUREN CASTELINO

Founder, GREEN CAREER CENTRE

BIO: Lauren Castelino is an environmentalist, entrepreneur and founder of the Green Career Centre. She supports underrepresented youth, particularly BIPOC, newcomers and women, in accessing and landing green jobs through skill-building, leadership retreats and policy advocacy. Impressively, she has reached over 500,000 youth and secured $3.2M-plus in funding for impact-driven initiatives. Through her research, she informed a historic $405M commitment to climate philanthropy from nine Canadian funders. Lauren has been recognized nationally and internationally for her ground-breaking impact.

MOST IMPORTANT CAREER LESSON: Any program, project or organization must be designed by and for the communities it represents and serves.

A TRIUMPH DURING YOUR ‘RISING BOLDLY’ JOURNEY: When, through perseverance, community partnerships and proof of concept, I secured the funding we needed to sustain our work.

ON WHAT POWERFUL MEANS: Practising servant leadership: using your voice, platform and influence to support and uplift communities that are often left out of decision-making spaces. It’s a matter of being able to shape systems and structures in ways that centre equity, healing and justice.

POWER SONG: Antifragile, Le Sserafim

SARA EMIRA

MScOT, OT Reg. (Ont.), Occupational Therapist, CAMH (CENTRE FOR ADDICTION AND MENTAL HEALTH)

BIO: Sara Emira is an award-winning occupational therapist and content creator. Having noticed major gaps in accessibility and health equity along her educational journey, Sara set out to explore different avenues for advocacy including blogging, academic research, clinical work and podcasting. Sara shares her adventures on her Instagram blog, Egyptian.OT, where she also provides mentorship for students and early-career professionals from underrepresented backgrounds in health care.

MOST IMPORTANT CAREER LESSON: Focus on what you want to do, not what you want to be. We get so caught up in titles and credentials that we often forget that there are so many paths that lead to the same destination.

A TRIUMPH DURING YOUR ‘RISING BOLDLY’ JOURNEY: Shedding traditional notions of professionalism to be unapologetically me. I would not be where I am today if not for the unwavering support of my communities, and I try my best to be their voice at every table I am invited to, even when it means having uncomfortable conversations about systemic shortcomings.

ON WHAT POWERFUL MEANS: To look at all you’ve achieved and ask yourself, “How can I pay it forward?”

THE BOOK THAT INSPIRED YOUR BOLD JOURNEY: The Quran

RANA ESPIRITU NASRAZADANI

Disability Rights and Accessibility Advocate, Senior Policy Advisor, ONTARIO MINISTRY OF COLLEGES, UNIVERSITIES, RESEARCH EXCELLENCE AND SECURITY

BIO: Rana Espiritu Nasrazadani is an award-winning advocate, educator, public speaker and policy adviser advancing accessibility, equity and human rights in Canada. Informed by her lived experience navigating interlocking systems of oppression, she leads with a strength-based approach to disability rights advocacy. Rana has been featured by CBC and The Toronto Star and is a sought-after public speaker. She holds a BA in Human Rights and Equity Studies and a Master of Public Policy, Administration and Law from York University.

MOST IMPORTANT CAREER LESSON: Believing in myself and surrounding myself with people who inspire, energize and cheer me on.

A TRIUMPH DURING YOUR ‘RISING BOLDLY’ JOURNEY: I have built my career by constantly breaking through barriers. Whenever I was told that I could not do something, I took it as a challenge.

ON WHAT POWERFUL MEANS: Using your position, voice and influence to create space and empower others, especially those who have been overlooked or not heard.

POWER SONG: Hall of Fame, The Script

LINXI MYTKOLLI

BSc., MSc., Director, Patient Engagement & Knowledge Mobilization, DIABETES ACTION CANADA; Director of Government Relations, YOUNG CANADIANS ROUNDTABLE ON HEALTH

BIO: Linxi Mytkolli is a health equity leader whose lived experience with chronic illness fuels her systems change work. She leads patient-driven engagement for over 400 partners at Diabetes Action Canada, supporting $25M in research annually. Linxi founded the Research-to-Action Fellowship, a globally recognized initiative where patients co-create award-winning, culturally grounded health tools impacting five continents. Her work reimagines research, policy and care with justice, reciprocity and joy. A first-generation Albanian-Canadian, she turns co-design into a vehicle for inclusion, reciprocity and tangible systems impact.

MOST IMPORTANT CAREER LESSON: That systems change starts with relationship-building. Whether in research, advocacy or community leadership, the most enduring change has come not from policy alone but from the trust, reciprocity and care.

A TRIUMPH DURING YOUR ‘RISING BOLDLY’ JOURNEY: At 25, I survived a near-death ICU stay and was diagnosed with a chronic illness. It shattered my life plan — but also set a fire in me. I rebuilt my life, reclaimed my health, and reimagined my leadership. That journey led me to create Canada’s first co-designed patient advocacy fellowship, which has now trained dozens of health leaders and been adopted globally.

POWER SONG: September, Earth Wind and Fire

STEPHANIE QUON

BASc, MGC, Founder and Executive Director, THE SPROUTS INITIATIVE

BIO: Stephanie Quon is a medical student and electrical engineer passionate about accessibility, health equity and advocacy. She founded The Sprouts Initiative, an international organization with over 300 volunteers, which has organized over 200 community projects and raised $3.7M for sustainability and inclusion. Stephanie has experience with Microsoft, Goldman Sachs and Medtronic, and was the 2024 Canada’s Walk of Fame Community Hero and a BC Business Women of the Year Rising Star.

A TRIUMPH DURING YOUR ‘RISING BOLDLY’ JOURNEY: When I stopped worrying about how others would perceive me and I chose to step fully into my own truth. Letting go of others’ expectations was liberating, and it allowed me to advocate more authentically and boldly.

ON WHAT POWERFUL MEANS: Holding onto your authenticity and integrity, leading by example, and using your voice to lift others.

POWER SONG: You’re on Your Own, Kid, Taylor Swift

THE BOOK THAT INSPIRED YOUR BOLD JOURNEY: All About Love: New Visions, by bell hooks

This content was created by Content Works, Postmedia’s Commercial Content Division, on behalf of Women’s Executive Network (WXN).

WPP Media Canada is launching a new initiative that it hopes will help level the playing field in Canada’s media landscape by allowing Canadian publishers to compete on value, not just cost. As part of the plans announced Wednesday, the Canadian arm of global media giant WPP Media Ltd. will be testing a new framework involving its data collaboration platform and Canadian publishers with the goal of providing empirical data that can help the media ecosystem sustainably grow. “We’re not just talking about supporting Canadian media; we’re actively building the tools and systems to ensure it has a fair and successful future,” said Kevin Johnson, chief executive officer of WPP Media Canada & President of WPP in Canada, in a statement. WPP Media Canada is also targeting an increase in its Canadian media spend to 50 per cent of total spend in 2026 after increasing it to 45 per cent in 2025. “Our ongoing investment has set the stage, and now, by integrating advanced technology, we are creating a more balanced environment where everyone has a chance to succeed.” The Financial Post spoke to Johnson about WPP’s plans and why he thinks they’ll help the future of the Canadian media sector. This interview has been edited for length and clarity.

Financial Post: How will this help the Canadian media industry?

Kevin Johnson: When we think about the ecosystem, there are those that would like to see Canadian media publishers having an equal and level playing field versus large global media publishers. We’re going to be able to come out on the other side of this and talk about not the price, but the value that each of these publishers brings to a specific brand or product. It doesn’t affect the way media is distributed, but for our clients, it will provide more clarity on how publishers — and how advertising with specific publishers — affects their bottom line. If we look at the scale for all of these publishers, you have some global publishers that are far-reaching, and therefore they have more leverage to manage costs. That can be concerning for some of our smaller, Canadian-based publishers, who don’t necessarily have that scale. So, our job and our mandate is to level the playing field so it’s not just about cost, and we elevate the conversation to the ability to impact our clients’ businesses.

FP: What is InfoSum and how is it involved with WPP’s initiative?

KJ: Infosum is a data and technology company that we recently purchased and now is a part of WPP Media. It allows publishers and brands to share data in a safe and private way and it gives us the ability to mine that data. That’s important in order to move from a price conversation to an outcome conversation. We’re doing a test right now with key Canadian publishers; the results will come out in early 2026. Once the insights are gleaned from that test, we’ll be coming back to the market and sharing some real, specific details that will demonstrate how valuable this information is. We will use the outcomes of the test as we build marketing plans for our clients. All of this is applied through a lens of the entire Canadian landscape, which is French and English media. And so the data that we’ll come back with will certainly address both of those markets.

FP: What challenges does the Canadian media landscape face?

KJ: We still have some work to do to make sure that our strong, vibrant group of Canadian publishers continues to sustainably grow and that’s something that we have to lean heavily on — recognizing that our world continues to change in terms of how we consume content. But while there are challenges, there are a lot of really good reasons for excitement. We are seeing an opportunity in front of us, that while we’re able to lift up the entire community of publishers, they will then have the opportunity to do more things, more innovation, more product development, which they’re all yearning to do.

FP: Why is it so important for WPP to support Canadian media?

KJ: In the release, we talk about an open and diverse media ecosystem, and my personal expectations are that one day, the ecosystem and the publishers will reflect what the Canadian population looks like. And all of this, to me, is really relevant as someone with immigrant parents that came here from Jamaica in the ’70s and now have a growing population that is not dissimilar from many other immigrant populations that have come here. Now, when we stretch that out from an organizational standpoint, it is incumbent on us, as we are trusted advisors to our clients, that we’re reaching and connecting with these audiences. The only way to connect with a very diverse audience is to have a diverse media ecosystem. And so, we want to be a part of the building of that ecosystem.

FP: What else can you tell us about these initiatives?

KJ: In the coming days, we’re sharing (these communications) with the industry around where we are in terms of our support and how we invest our clients’ dollars into the Canadian media ecosystem. We’re putting a stake in the ground to say we’re not complacent or happy with where we are at 45 per cent (invested in Canadian media). We’re aggressively trying to move that forward, and that will be 50 per cent at the end of 2026. We’re providing clients with empirical data that demonstrates that when you invest in Canadian media, you’re able to see improved results in your key performance indicators, and that turns the conversation from, “We should be doing it because it’s Canadian media” to “It’s a strong media vehicle that builds business value. Oh — and by the way — it’s Canadian.”

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A third of Canadian couples continue to have disagreements about money, finds a new study by Bank of Montreal , just in time for Valentine’s Day.

The BMO Real Financial Progress report , which interviewed 2,500 adults, found that spending is a frequent source of conflict for 32 per cent of Canadians who are in romantic relationships.

A big reason for that tension is that 35 per cent of partnered Canadians believe their significant other spends too much money. It is not surprising, then, that 36 per cent admit to not always being truthful with their partners about their finances.

“Many couples continue to underestimate the emotional implications involved with money,” Gayle Ramsay, the head of everyday banking at the Bank of Montreal, said in a press release. “This can lead to miscommunication, disappointment and conflict.”

Ramsay added that relationship compatibility should include understanding your partner’s financial goals, spending habits, existing debt and financial obligations. “It is important to communicate your financial expectations early and frequently in order to build a financial future together,” she said.

Half of the surveyed Canadians are in agreement. Forty-one per cent believe finances should be discussed when the relationship becomes official and 10 per cent said the conversations should take place after the first few dates.

About a third say it should happen when moving in together and 12 per cent, when getting engaged and/or married.

Most of the people surveyed, 82 per cent, have already combined and/or integrated their finances with their partner, but 18 per cent have not. Over a third believe that the right time to do so is when getting engaged, 22 per cent said it is when the relationship is official and nine per cent when moving in together.

Most of the couples believe that sharing similar financial goals makes them compatible, but they do have financial relationship deal-breakers. Forty-seven per cent said they would be most concerned about their partner’s mortgage , 38 per cent about credit card debt and 33 per cent about their partner’s credit score . Differences in income would be a concern for 26 per cent of respondents.

About a quarter of those surveyed admit that differences in income have already created tension in their relationships.

Desjardins financial adviser Angela Iermieri has three tips on how Canadians can talk to their partners about finances:

1. Just dive in: While often a taboo topic, talking about money is simpler when you have a foundation of open communication. Some topics couples should discuss are things like wills, life and disability insurance and power of attorney.

2. Establish a budget and stick to it: It’s essential to properly distribute expenses, savings and costs equally. Building a shared financial future requires joint planning to maximize financial security.

3. Honesty is key: Don’t hide your financial situation from your partner. It will eventually become known, so it’s best to be honest from the start.

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Bitcoin advanced beyond US$47,000 and reached a one-month high this morning, supported by signs of steady inflows into a batch of United States exchange-traded funds for the token as well as growing attention on the so-called halving due in April.

The largest digital asset is now up 11 per cent so far this year, beating even the so-called Magnificent Seven mega-cap tech stocks.

Bitcoin remains about US$22,000 below the record high the token hit in 2021, during a pandemic-era bull run oiled by easy money.

— Bloomberg

• Today’s Data: Canadian employment report, Bank of Canada senior loan officer survey
• Earnings: Enbridge Inc., Canopy Growth Corp., Fortis Inc., Magna International Inc., PepsiCo Inc., Interfor Corp., Saputo Inc., TFI International Inc., Standard Lithium Ltd.

Get all of today’s top breaking stories as they happen with the Financial Post’s live news blog, highlighting the business headlines you need to know at a glance.

• ‘A time of crisis’: Here’s what you need to know about the Bell Canada layoffs
• Spillover effect from strong U.S. economy could boost Canadian mortgage rates
• Canada Nickel looking for government funding, partners to build EV supply chain plants
• Number of Canadians worrying about their finances spikes to new high

• The pros and cons of consolidating your debt
• Retirement math you need to know

If you’re one of the millions of Canadians who worked from home during 2023, either full time or on a hybrid-work arrangement, you’ll need to take some extra time this tax filing season if you want to claim a deduction for your home-office expenses. That’s because the “simplified method” of claiming home-office expenses is no longer available for the 2023 tax year. Tax expert Jamie Golombek has a quick guide to the home-office expense rules for employees, which expenses qualify and how the calculation is supposed to be done based on the latest guidance released by the Canada Revenue Agency earlier this month.

Are you worried about having enough for retirement? Do you need to adjust your portfolio? Are you wondering how to make ends meet? Drop us a line at aholloway@postmedia.com with your contact info and the general gist of your problem and we’ll try to find some experts to help you out while writing a Family Finance story about it (we’ll keep your name out of it, of course). If you have a simpler question, the crack team at FP Answers led by Julie Cazzin or one of our columnists can give it a shot.

McLister on Mortgages

Want to learn more about mortgages? Mortgage strategist Robert McLister in his Financial Post column can help navigate the complex sector, from the latest trends to financing opportunities you won’t want to miss.

Today’s Posthaste was written by Noella Ovid, with additional reporting from Financial Post staff, The Canadian Press and Bloomberg.

Have a story idea, pitch, embargoed report, or a suggestion for this newsletter? Email us at posthaste@postmedia.com .

Bookmark our website and support our journalism: Don’t miss the business news you need to know — add financialpost.com to your bookmarks and sign up for our newsletters here.

High mortgage rates and rising inflation haven’t discouraged Canadians from their homeownership dreams, according to a new report by real estate marketplace Zolo.

The study, which interviewed 800 homeowners who bought homes in the past four years, found that Canadians are willing to sacrifice their financial security for a place to call their own. In fact, 93 per cent said competitive property markets and rising interest rates actually influenced their decisions to buy, and another 43 per cent said they wanted to purchase a property before prices increased further.

That doesn’t mean their finances aren’t affected by current economic conditions: 92 per cent indicated that inflation at least somewhat hurts their ability to afford their home. For 30 per cent of respondents, finances are so tight that they have little room for extras, while 10 per cent are unable to meet basic needs.

What’s interesting is that despite this, 45 per cent said they would still be content with their properties if there was another interest rate increase before the end of 2023.

But economic challenges aren’t the only things eating into homeowners’ budgets.

A separate report by home improvement company HomeStars , which interviewed 1,105 homeowners who completed a renovation or repair in the past year, found that a third did weather-related emergency repairs, spending an average of $12,300 in the past 12 months. That number peaks at 41 per cent in Atlantic Canada, where excessive rain caused catastrophic flooding on the East Coast in July.

A majority (79 per cent) of Canadians said they had cash on hand to pay for renovations. Their outlook continues to remain optimistic for the year ahead.

Nearly three-quarters of homeowners are planning to do at least one renovation in the next 12 months. Anticipated spending is expected to come down to $10,264 on average, but only a third are planning on postponing planned renovations due to increasing interest rates.

“We are seeing quite a few new and emerging trends in 2023 — from weather-related emergency repairs to the future of multi-generational living,” Shir Magen, chief executive of HomeStars, said in a press release. “While overall spending is down from last year, due to inflation and rising interest rates, the majority of homeowners surveyed are still planning to renovate.”

The report also found that more Canadians are buying newer or previously renovated homes this year, with only 28 per cent buying a fixer-upper compared to 44 per cent in 2022.

Looking ahead, a quarter of them are expecting to live in a multigenerational household in the next 10 years.

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Statistics Canada says the number of job vacancies in July fell 5.8 per cent to their lowest level since May 2021. Vacancies declined by 43,100 to 701,300 in the month, continuing a steady downward trend since June of last year. On a year-over-year basis, the number of job vacancies was down by 28.1 per cent or 273,700. — The Canadian Press

• Follow along with the Financial Post’s live news blog to get breaking news as it happens, all day long.
• Today’s data: Canadian real GDP for July, Ottawa’s fiscal monitor; U.S. personal income and consumption, advance economic indicators report, Chicago PMI, University of Michigan consumer sentiment index
• Earnings: Carnival Corp.

• What the Canada Pension Plan might look like without Alberta
• Minister calls new pandemic loan rules ‘fiscally responsible’ — businesses disagree
• New Alternative Minimum Tax rules might mean donating more to charity this year
• This woman needs to adjust her retirement plans as AI slowly takes over her job

Companies are reimagining their business models and workflows to integrate generative artificial intelligence to both automate routine tasks to improve productivity and to transform the way content is created. What this means for the future of writing is a question that is causing this woman, who owns and operates a successful freelance-writing business, to reassess her financial and retirement planning. Here’s what the experts think .

• Class action against Toronto real estate industry gets approval
• Home prices levelling off as sales slow, listings rebound: CREA
• Lessons Canada can learn from Britain's greenbelt development

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Today’s Posthaste was written by Noella Ovid, with additional reporting from The Canadian Press, Thomson Reuters and Bloomberg.

Have a story idea, pitch, embargoed report, or a suggestion for this newsletter? Email us at posthaste@postmedia.com , or hit reply to send us a note.

Listen to Down to Business for in-depth discussions and insights into the latest in Canadian business, available wherever you get your podcasts. Check out the latest episode below:

Many cash-poor but real-estate-rich Canadians — especially retired ones — are averse to tapping into their largest asset to fund a money shortfall after they have stopped working, according to new research on attitudes about home equity schemes.

The report, commissioned by the Canadian Foundation for Financial Planning, surveyed almost 1,200 people ranging in age from 18 to 99 years old and found that 42 per cent of retired people in the study group said they felt uncomfortable accessing home equity to increase their income and standard of living. Reasons ranged from a lack of knowledge about the products to an emotional attachment to where they live.

“Traditional retirement planning generally ignores wealth stored in home equity and focuses primarily on the use of other financial assets. However, for many households, particularly those with less wealth, home equity represents a much larger asset than retirement savings accounts,” said the report, released on Sept. 26.

Those aged 60 and over accounted for 40 per cent of the survey group. Just over a quarter of retired survey respondents said it was “extremely likely” they would access home equity.

Retirement readiness is a pressing issue in an aging Canada. The report estimates that by 2030, 25 per cent of the population will be 65 years old. Inflation is also eating into people’s ability to put money aside with a rising number doubting that they will have enough saved to last through their non-working years.

Meanwhile, rising home prices have added significantly to the wealth of owners — at least on paper.

An increasing number of schemes to tap that wealth in the later stages of life led the report’s researchers at the University of Lethbridge in Alberta and Virginia Commonwealth University in Richmond, Va., to assess how Canadians feel about programs such as reverse mortgages and home equity lines of credit (HELOC).

Researchers Vishaal Baulkaran in Alberta and Pawan Jain in the United States also looked at second mortgages, home refinancings, downsizing, selling and renting, and selling and renting back.

Aside from a lack of knowledge and the emotional ties of long-time residence, consumers’ other main concerns about using home equity schemes appeared to centre around a lack of advice from their financial planners.

Homeowners also indicated they were worried about what friends and family might think and the effect a home equity scheme could potentially have on their children’s inheritance.

This doesn’t mean that all Canadians are averse to accessing their home equity.

Baulkaran and Jain found that overall, consumers were open to using home equity to pay for necessities such as care, nursing or support services.

Thirty-six per cent of the entire survey group, which had an average age of 54, said they would be “very comfortable” accessing a home equity program to support a retirement shortfall versus 29 per cent who indicated they were “not willing.”

Of the six options presented in the research paper, almost 50 per cent ranked “sell and downsize” as their preferred option, 20 per cent chose HELOCs, 15 per cent selected reverse mortgages, and 11 per cent selected renting a portion of their home.

The researchers also surveyed financial planners about their knowledge of these products and found that money experts with a higher average income — around $125,000 and up — typically had more expertise.

Still, the majority of planners said that when a client was experiencing a financial shortfall, their first answer was to sell investments, the study found.

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Canada’s population has increased by more than 1.1 million, or 2.9 per cent, since July last year, a growth rate that Statistics Canada says is the highest for a 12-month period since 1957.

Read the full story here.

• The Canadian Club hosts an event with the Business Council of Canada and the First National Major Project Coalition to discuss Indigenous participation in the economy.
• Prime Minister Justin Trudeau will participate in a roundtable discussion with leaders from the artificial intelligence sector.
• Today’s data: CFIB Business Barometer, payroll employment change; U.S. quarterly GDP, personal consumption, initial and continuing jobless claims, pending home sales.
• Earnings: BlackBerry Ltd, Aritzia Inc and Nike Inc

Get all of today’s top breaking stories as they happen with the Financial Post’s live news blog, highlighting the business headlines you need to know at a glance.

• Economy doing better than expected in face of higher interest rates, banking watchdog says
  
• Canada’s population grew by more than a million last year, the highest growth rate in decades
• David Rosenberg: Investors and economists are playing with fire
• Just as in baseball, investors can do better by waiting for the perfect pitch

Dividend-paying stocks are like the Volvos of the investing world. They’re not fancy or exciting, nor do they produce windfall profits over the short term. However, they have a lot going for them when you take a deeper look under the hood. Read Noah Solomon’s column here .

• David Rosenberg: Investors and economists are playing with fire
• TD Bank releases free internet tools to help those with disabilities

Today’s Posthaste was written by Gigi Suhanic, with additional reporting from Financial Post staff, The Canadian Press and Bloomberg.

Have a story idea, pitch, embargoed report, or a suggestion for this newsletter? Email us at posthaste@postmedia.com .

Bookmark our website and support our journalism: Don’t miss the business news you need to know — add financialpost.com to your bookmarks and sign up for our newsletters here.

Most Canadians are making daily sacrifices to cope with the rising cost of living , but very few are planning to delay major life events, according to a new survey by the Canadian Imperial Bank of Commerce .

The study, which interviewed 1,510 adults, found that 61 per cent have adopted some sort of cost-cutting behaviour. Nearly half (46 per cent) have cut back on non-essential spending such as entertainment and dining at restaurants, while another 43 per cent have reduced their day-to-day spending by buying cheaper items and couponing.

But almost all Canadians are holding onto big ambitions, even in the face of higher costs, with very few willing to postpone getting married (two per cent), buying a first home (six per cent) or having a child (two per cent).

“As life gets more expensive, the choices we make carry more weight,” Carissa Lucreziano, vice-president of financial and investment advice at CIBC, said in a press release. “It can be tricky to keep your bigger ambitions on track in a challenging environment, but it is possible.”

More than half of Canadians (61 per cent) are concerned about planning and meeting future goals or saving money for their long-term needs (63 per cent). Yet, only 15 per cent are delaying home renovations and 20 per cent are postponing taking a vacation next year.

“Nobody wants to give up a family vacation or postpone a home renovation, so it’s important to align your expectations to the reality of your budget so you can make compromises and continue to work on your goals,” Lucreziano said.

For many, recession fears are adding to the worries, with 30 per cent believing we are heading into a recession and a quarter believing we are already in one.

Meanwhile, many Canadians’ financial flexibility is disappearing as rising costs continue to drain their savings, finds a separate survey by the Royal Bank of Canada .

The poll, which interviewed 1,508 adults, found that over three-quarters of Canadians (77 per cent) want to save more money but can’t because of increased costs. That’s leading to fears of falling behind and 64 per cent are concerned about that happening this year, while 48 per cent say they’ve never been more stressed out about money.

“When we add on that more than one-third of Canadians don’t have an emergency fund, we’re seeing financial flexibility disappearing for many across the country,” Craig Bannon, director of regional financial planning support at RBC, said in a press release.

Canadians are also anxious about the effect inflation could have on their financial future if it continues into 2024. Most (67 per cent) are worried they won’t have enough money to cover unexpected costs or ongoing expenses, while 72 per cent of those with debt are concerned about taking on more debt. Others are worried it will take longer to retire (39 per cent) or that they will need to come out of retirement (21 per cent).

“This is why it’s so important to have a financial plan in place — one that gives you the flexibility to adjust along the way, as your needs change,” Bannon said.

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Canada is poised to reshuffle global oil flows next year. The nearly completed expansion of the Trans Mountain pipeline promises to vault the country into a new role in global markets by transporting an additional 600,000 barrels a day — on par with the daily output of Azerbaijan — from the country’s vast oilsands to a port on the Pacific Coast. — Bloomberg

• The Future of Energy Global Summit takes place in Banff, Alta. Premier Danielle Smith will deliver the keynote address.
• The 2023 Global Business Forum also takes place in Banff, Alta., today.
• Follow along with the Financial Post’s live news blog to get breaking news as it happens, all day long.
• Today’s data: Canadian retail sales, U.S. S&P global PMIs

• ‘Impossible’ for Alberta to exit with half of CPP assets, pension fund official says
• Proposed French language rules could become a ‘nightmare’ for Quebec’s small businesses
• How the Bank of Canada could cure inflation — and four other market thoughts
• Judge’s rejection of CRA’s expense denial is sweet music to taxpayer’s ears

Can a parent deduct expenses to help their child’s career? Jamie Golombek has the details on a recent tax case that dealt with precisely that issue. The Canada Revenue Agency said no, but the Tax Court had a different take.

• Surging savings, debt leave Bank of Canada with balancing act
• What economists are saying about inflation
• Canada's inflation picks up speed in August

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Today’s Posthaste was written by Noella Ovid, with additional reporting from The Canadian Press, Thomson Reuters and Bloomberg.

Have a story idea, pitch, embargoed report, or a suggestion for this newsletter? Email us at posthaste@postmedia.com , or hit reply to send us a note.

Listen to Down to Business for in-depth discussions and insights into the latest in Canadian business, available wherever you get your podcasts. Check out the latest episode below:

Canada’s labour market is in the early stages of a slowdown, and could end up in one of three scenarios: perfect, hard or “softish,” economists at Toronto-Dominion Bank say.

In one scenario, jobs losses could be as low as 50,000, while the unemployment rate could reach nine per cent in another, the economists said in a report published on Sept. 6.

“By our estimates, the unemployment rate needs to reach six per cent (if not higher) to bring balance to the job market,” James Orlando, senior economist at TD Economics, and Tarek Attia, a research analyst, said in the report.

The Bank of Canada is looking for the jobs market to cool to help bring inflation back to its two per cent target. A shortage of workers in the wake of the pandemic helped stoke demand for labour, pushing wages higher and lifting prices. That resulted in the consumer price index hitting a 40-year high last summer. Inflation decelerated to 3.3 per cent in July.

But now, the central bank is starting to get its wish where the jobs market is concerned. The unemployment rate was 5.5 per cent in August, holding steady after rising for three consecutive months. Other signs of cooling include an increase in the number of unemployed people, up 11.6 per cent since April.

Still, average hourly wages increases jumped 4.9 per cent in August from the year before and job vacancies, though down from record highs, remain elevated on a historic basis, meaning the employment picture needs to loosen further for the Bank of Canada’s liking.

Here are TD’s three scenarios for the employment market:

The perfect landing

Probability: 10-20 per cent

Unemployment rate peak: Six per cent

In what Orlando and Attia called a “fairy tale scenario,” the jobs market would slowly reach balance in the spring of 2024, as the number of people available to work rises more quickly than still decent demand for workers.

“ The key with this scenario is that total employment may still eke out positive but moderate net gains as firms attempt to retain employees,” the economist said.

Workers would switch jobs less — Statistics Canada’s latest labour force survey shows job churn eased in August — resulting in less bargaining power and a drop in wage increases. Still, pay hikes wouldn’t be expected to reach normal levels until the end of 2024.

That would result in a longer period of higher spending and drag out the fight to tame inflation. But, the economists don’t give this scenario high odds due Canadians’ elevated debt loads and the impacts of high interest rates on their wallets.

The hard landing

Probability: 20-30 per cent

Unemployment rate peak: Seven to nine per cent

This scenario would be the byproduct of a deep recession as interest rate hikes prove “more powerful than expected,” the economists said.

The resulting economic pullback would result in “hefty” job losses of possibly as many as 500,000 positions based on average losses during the last four recessions in Canada.

Inflation would quickly be snuffed out “but widespread job cuts would result in a lengthy recovery,” they said.

Still, Orlando and Attia argue there are factors protecting against a hard landing. Those factors include Canadians’ $100 billion in excess savings, a growing population that increases labour supply but also creates demand, and the fact there are industries where employment levels have yet to fully recover from the pandemic, including the accommodation/food services and natural resources sectors. In this scenario, those sectors are less likely to let workers go because staffing levels are already low.

“Industries such as construction, trade, transport, and health care have a long pipeline of projects and firms are likely to make all attempts to retain workers, if not add to their workforce,” the economists wrote.

The ‘softish’ or baseline landing

Probability: 60 per cent

Unemployment rate peak: 6.7 per cent

TD forecasts net job losses of 50,000 starting at the end of the year, with the jobless rate hitting its peak over the next year.

“While there are currently buffers in place to prevent a hard landing, the economy is entering a delicate stage — one that will require greater attention from the Bank of Canada as it attempts to land the plane as softly as possible,” Orlando and Attia said.

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The prospect that eurozone interest rate hikes may be over will do little to soften the blow as the European Central Bank tightens the screws on a faltering economy, Bloomberg reports.

Thursday’s move to raise borrowing costs for a tenth consecutive time marks the entry into new territory for policymakers, led by president Christine Lagarde, as their visible hesitation points to awareness of how they’re dialing up the pain to pummel inflation.

The decision to bring the deposit rate to four per cent came with the vague hope of bringing consumer-price growth below two per cent at the very end of the ECB’s outlook in 2025.

Read the full story here .

• International Trade Minister Mary Ng hosts her provincial and territorial counterparts in Ottawa
• Canadian Real Estate Association releases national August home sales figures at 10 a.m. EDT
  
• Follow along with the Financial Post’s live news blog to get breaking news as it happens, all day long.
• Today’s data: International securities transactions, manufacturing sales, existing home sales

• Laurentian stock tumbles after bank ends strategic review without buyer
• Trudeau calls on major grocers to create plan to stabilize food prices or face consequences
• Sobeys parent reports profit boost as B.C. workers hold strike vote over ‘insulting’ offer
• Live news: UAW walks out at all three big automakers at once in historic strike

Hey, post-secondary students and their parents: it pays to know a few things now to help maximize the benefits and reduce the taxes payable come next April … and beyond, says tax expert Jamie Golombek . The first and most important thing is to file a tax return since there are several benefits only available to those who do.

• 7 years not enough to build the millions of homes, warns economist
• Average rent now costs $2,117 a month in Canada — a record high
• 'Too early' to think about interest rate cuts, Tiff Macklem says

Today’s Posthaste was written by Gigi Suhanic, (@gsuhanic), with additional reporting from The Canadian Press and Bloomberg.

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Most Canadian homeowners are not looking to sell in the next three years, but if all those who are planning to sell follow through, there could be a historic number of properties hitting the market, according to a new report by personal finance company NerdWallet Inc .

The study, which interviewed 1,099 Canadian adults, 749 of them homeowners, found that 20 per cent are planning to sell their primary residence within the next three years. Another 41 per cent would like to sell more than five years from now and 31 per cent are not interested in selling at all.

The study used Statistics Canada data on Canada’s current population and home ownership rate to estimate the number of homes that could be listed in the next three years if 20 per cent of homeowners were to sell and found that it would result in approximately 5.4 million new listings — an average of 1.8 million per year — between 2024 and 2026. The report notes that the greatest number of listings Canada has seen in the past decade was in 2015, when just over one million homes were listed for sale.

But the likelihood that all would follow through is extremely low, report author Clary Jarvis wrote, in part because of the various obstacles homeowners face when deciding to sell.

The biggest obstacles preventing homeowners from selling their primary residence in the next three years are the stress of moving (22 per cent), higher mortgage rates potentially affecting homebuyers’ budgets (17 per cent) and having to buy a new home when mortgage rates are high (17 per cent).

Homeowners who plan to sell share the same top concerns: the stress of moving (41 per cent) and higher mortgage rates potentially affecting homebuyers’ budgets (37 per cent), followed by the possibility of having to sell their home for less than they believe it is worth (27 per cent).

Some of those worries, such as those related to high mortgage rates and lower home prices, could eventually diminish if interest rates drop or home sales rise . But the stress of moving, finding a good real estate agent and disruptions caused by major life events will always be challenges.

Canadians also seem keener than usual to sell other kinds of properties, when compared with recent averages, Jarvis wrote. The study found that nine per cent of homeowners are looking to sell a vacation home and 12 per cent are planning to sell an investment property within the next three years.

“Anything that prevents homeowners from listing their properties is going to put more pressure on buyers,” Shannon Terrell, personal finance expert at NerdWallet Canada, said in a press release. “But when you’re buying a home, you have to focus on what you can control — your down payment, debt levels and credit score — and be as ready as you can when the right property finally hits the market.”

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Rising incomes and a slower housing market helped Canada’s households modestly repair their balance sheets in the second quarter, even as economic growth stalled. Combined, rising incomes and slower debt accumulation drove households’ ratio of credit market debt to income down to 180.5 per cent from 184.2 per cent in the previous quarter. That’s the biggest decrease in that measure in more than a year. — Bloomberg

• Ontario Securities Commission (OSC) will host a roundtable on diversity, beyond gender. Panellists will discuss views on and approaches to diversity that will work for Canadian investors and public companies.
• Follow along with the Financial Post’s live news blog to get breaking news as it happens, all day long.
• Today’s data: Wholesale trade; U.S. initial claims, retail sales, producer price index, business inventories
• Earnings: Empire Co. Ltd., Transat A.T. Inc., Reitmans Canada Ltd.

• Canada still needs 3.5 million more homes to close affordability gap, CMHC says
• 7 years not enough to build millions of extra homes needed to fix affordability: economist
• Average rent now costs $2,117 a month in Canada — a record high
• David Rosenberg: Why now’s the time for investors to buy Canada

Marianna, 50, is among the growing shift away from the traditional nuclear family. She is single, has no dependants and lives with her parents, who are in their 80s, in a home they jointly own and which she will inherit. She is also already enjoying retirement. If she continues on her current savings path, she could have $50 million at age 92. Marianna wants to figure out what to do with her money and wants some guidance on how to enjoy a comfortable retirement without risking outliving her savings. Here’s what the experts had to say .

• Real estate sector breathes sigh of relief after Bank of Canada holds
• New Canadian homes could be too risky to insure
• Toronto housing market cools in August

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Today’s Posthaste was written by Noella Ovid, with additional reporting from The Canadian Press, Thomson Reuters and Bloomberg.

Have a story idea, pitch, embargoed report, or a suggestion for this newsletter? Email us at posthaste@postmedia.com , or hit reply to send us a note.

Listen to Down to Business for in-depth discussions and insights into the latest in Canadian business, available wherever you get your podcasts. Check out the latest episode below:

Consumers and businesses are being forced to fend off fraud attempts more often, with some people getting so bombarded that they’ve become afraid to even answer their phones.

Digital fraud is climbing , with close to half of Canadians saying they’ve been targeted by a scamming attempt recently, according to research from TransUnion Canada.

Businesses are also getting targeted, and scamming attempts originating in Canada against companies around the world have risen 40 per cent in the first six months of 2023, compared to the same time frame in 2022, TransUnion said.

Some industries are getting hit more than others. The telecommunications sector has experienced a 400 per cent increase in fraud attempts since last year, TransUnion said. Insurance companies have also been targeted more often, with suspected digital fraud attempts up 90 per cent.

Online communities, such as dating sites and forums, are also grappling with a rise in scammers, with suspected fraud climbing 75 per cent from last year.

Overall, the rate of suspected digital fraud in Canada is 4.5 per cent, an increase from 3.2 per cent in 2022, TransUnion said.

On the consumer side, the internet has become a virtual minefield of scamming tactics that people must navigate. Many complain they’re getting targeted online via nefarious emails, websites and social media posts most often, in a practice known as “phishing.” But “vishing,” or scam phone calls designed to trick people into revealing sensitive information, is also a big problem with 43 per cent of Canadians saying they’ve been targeted via phone call in the last three months.

It’s enough to turn people off picking up the phone at all. In the United States, such scam calls are so prevalent that seven out of 10 people say they’ve stopped answering their phones for fear of being tricked, according to separate TransUnion research. As a result, many end up missing out on important calls in a lose-lose situation for both consumers and the businesses trying to reach them.

Meanwhile, fraudsters aren’t letting an unanswered phone call stop them from deploying their schemes. Text message scams, or “smishing,” are prevalent, too, and 41 per cent of Canadians say they’ve gotten such texts in the last three months.

On the bright side, it doesn’t appear very many Canadians are falling for all these fraud attempts. TransUnion said six per cent of people targeted by fraudsters have been tricked into revealing sensitive information. Still, that doesn’t mean people should assume they’re not at risk of falling victim.

“Given the prevalence of fraudulent scams targeting Canadians, and the reality that fraudsters are ever more sophisticated and are constantly evolving to attempt to over come digital security measures, it’s critical that Canadians take steps to protect themselves,” Patrick Boudreau, head of identity management and fraud solutions at TransUnion Canada, said in a news release.

TransUnion suggests people regularly monitor their credit scores, keep an eye on banking and credit card statements, use unique passwords and memorize them to avoid writing them down, and shred sensitive receipts and bills, among other protection measures.

“From safeguarding sensitive information, to protecting physical wallets and cards, and leveraging credit report monitoring, there are a number of easy steps consumers can undertake day to day,” Boudreau said.

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Apple Inc. revealed its latest product updates on Sept. 12, including four new iPhone models: the iPhone 15, 15 Plus, 15 Pro and 15 Pro Max.

Canadians wanting a new model will have to shell out more money than in past releases. The iPhone 15 is priced at $1,129 and the iPhone 15 Plus has a $1,279 price tag. In comparison, the iPhone 14 versions released last year started at $1,099 and $1,249, respectively.

The iPhone 15 Pro costs $1,449 and the iPhone 15 Pro Max starts at $1,749 — an increase of $100 and $200, respectively.

In the United States, the entry-level models start at US$799. The Pro version will remain US$999, but the Pro Max will now start at US$1,199 — up US$100 from last year’s version.

The new models — especially the high-end versions — represent first significant iPhone overhaul since the company’s first 5G phones came out in 2020. Apple is looking to pull out of a sales slump, and it’s counting on major changes to the device to get people to upgrade, Bloomberg reports.

• Canada Mortgage and Housing Corp. will release an update on how much additional housing supply is required to restore affordability by 2030, with details on how changing economic and demographic projections have caused supply gaps to change across provinces.
• Keep abreast of today’s top breaking stories with the Financial Post’s live news blog, highlighting the headlines you need to know at a glance.
• Today’s data: U.S. consumer price index
• Earnings: Dollarama Inc., Dye & Durham Corp.

• Former Yamana head Peter Marrone eyes emerging nations for next big venture in gold
• Live news: The Financial Post brings you the latest business news as it happens
• Maybe don’t quit your job just yet — it’s getting harder for people to find new ones
• Why Canada must build faster to reach climate goals

Reading a company’s financial statements isn’t a whole lot of fun, which is why many investors don’t bother. Veteran investor Peter Hodson says we really should be hitting the books, but focus on cash flows rather than income statements. Here’s why .

Today’s Posthaste was written by Victoria Wells (@vwells80), with additional reporting from Financial Post staff, The Canadian Press, Thomson Reuters and Bloomberg.

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Good morning,

Is oil about to reignite another fire under inflation ?

It’s a question on many minds after two of the biggest suppliers of the world’s most important commodity raised the temperature last week.

Saudi Arabia shocked markets on Sept. 5 by announcing that a voluntary cut of 1 million barrels a day initially pledged for just July would be extended until the end of the year. Its OPEC+ ally Russia followed suit, extending its cut of 300,000 bpd.

Brent crude shot up above US$90 a barrel for the first time since November 2022 on the news. This morning the benchmark was trading at US$90.50 and U.S. West Texas Intermediate crude at US$87.08.

The squeeze will draw down oil inventories just as consumption is growing. Rystad Energy predicts that global demand will exceed supply by about 2.7 million bpd in the final quarter of this year.

It also threatens an inflationary spike that could disrupt the plans of central banks, such as the Bank of Canada , to wind down their cycle of interest-rate hikes .

“Suffice it to say, rising oil prices are perhaps the last thing the global economy needs at this point, when inflation expectations were on the cusp of finally receding,” said BMO Capital Markets chief economist Douglas Porter in a note Friday.

The reality that inflation had not yet been tamed weighed on financial markets, he said, pushing bond yields higher, especially in Canada where a hawkish hold by the Bank of Canada last week was followed by a stronger-than-expected August jobs report .

“While the chances of another rate hike by the BoC are still seen as a bit less than 50-50, no one is fully closing the door on the possibility,” said Porter.

“It will be a nervous couple of months, as Canada’s headline inflation rate is also about to take a serious trip north on higher energy prices.”

Gasoline alone, now up 8 per cent year over year, will be enough to take headline inflation to about 4 per cent in the next few months, he said.

“The next rate decision in late October will thus be staring down a marked back-up in CPI, and the Bank will need to see some signs that core is still ebbing to keep them sidelined,” said Porter.

That could happen. CIBC chief economist Avery Shenfeld said the surge in oil could end up being deflationary for other items in the consumer price index.

“Gasoline won’t be a friendly component of the CPI the way it was earlier this year, but disinflation in other goods and services can take over the job if labour income gains and higher interest rates put enough of a squeeze on what consumers can afford to pay overall,” he wrote Friday.

BMO economists believe the Bank of Canada has raised enough, Porter said, considering signs that the economy is stalling and the job market loosening, despite August’s gains.

But there is one more “wrinkle.” If the United States Federal Reserve hikes again it will put pressure on the Canadian dollar , which at 73.3 US cents is already down almost 5 per cent year over year, further aggravating inflation.

“Thus, while we and the market cautiously believe the Bank is done raising rates, the persistent strength in oil prices is an unwelcome intruder in that cozy consensus,” said Porter.

“The bottom line: Not to oversimplify, much, but: higher oil prices = higher interest rates.”

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Economic surprises seem par for the course these days — and the August job numbers out Friday were no exception. The 40,000 gain was double expectations and with wage inflation hotter than forecast, the reading is bound to raise concerns at the Bank of Canada.

But while employment is rising so is unemployment, said RBC assistant chief economist Nathan Janzen. Population growth in August (a record 103,000) outpaced the increase in employment, keeping the jobless rate steady at 5.5 per cent.

The Bank held its rate last week based on signs that balance in the labour market was improving and “the unemployment rate holding steady after three months of increases is still likely consistent with that view for now,” he said.

• Earnings: Oracle Corp.

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• ‘It’s gonna get worse’: Banks are bracing for bad loans, but the trouble is only getting started
• Warren Buffett’s intrinsic value mantra might lead you to boring companies but predictable cash flows
• Housing market gets relief with Bank of Canada hold
• Danny Stoffman and the book about baby boomers that changed Canadian business

Getting an inheritance is a bittersweet moment and raises questions about what to do with it, though that may not be something you want to do right off the bat. When you’re ready, certified financial planner Janet Gray says any planning should always start with putting your final goal in sight. Read the answer to one reader’s question : Should I allocate a $75,000 inheritance to my RRSP or my TFSA?

• Housing market gets relief with Bank of Canada hold
• Bank of Canada's Macklem explains why we're not in a recession

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Today’s Posthaste was written by Pamela Heaven, @pamheaven, with additional reporting from The Canadian Press, Thomson Reuters and Bloomberg.

Have a story idea, pitch, embargoed report, or a suggestion for this newsletter? Email us at posthaste@postmedia.com , or hit reply to send us a note.