In This Economy?!

Times are tough for many Canadians - and maybe spending money you don't have doesn't fit into your plans this year. Or maybe you want the money you do spend on gifts to be put to good use. Lisa Hannam is the Editor in Chief at MoneySense.ca. She speaks to host Kris McCusker about how to have an awkward conversation if you don't want to buy gifts this year - and would rather focus on what's really important.

You can now literally finance, anything. Host Richard Southern is speaking with Tom Rakocevic, Ontario NDP MPP and Privacy Manager, John Halligan on this episode of In This Economy.

If it feels like your kids are bleeding you dry, there's evidence that it's actually true. A new story in the Walrus suggests the average amount to raise 2 kids until they're 17 is $293,000, even more if the kids attend post-secondary. Host Kris McCusker is speaking with the writer of the piece in the Walrus, Chantal Braganza.

You're about to get a break on the GST/HST on a bunch of items just in time for Christmas. On top of that, $250 cheques will be mailed out to Canadians this spring who make under a certain amount. But is this really a gift to the economy? In This Economy host Mike Eppel speaks to Managing Director, Canadian Rates & Macro Strategist at BMO, Benjamin Reitzes.

The colder weather has finally arrived, and with it a big question: Is it time to put winter tires on the car? Climate change may have you questioning the necessity of winter tires, and the price tag is certainly not making that decision any easier. So we want to know, are winter tires worth the upfront cost? And what do they really do anyway?

This holiday season, about one third of Canadians are planning to either buy fewer gifts, or spend less on the gifts they do buy because they're struggling with their finances. Today, we're looking at ways to limit holiday spending without disappointing anyone.

Many of us have thought about changing banks, at one point or another. But with those thoughts comes a little uncertainty. How much time will it take? How much money will it cost? Will it impact my borrowing power? Today we tackle everything you need to know about switching banks, so you can understand your options and make a sound decision.

You may have seen recent headlines about Canada's economy adding 47,000 new jobs in September and full-time employment seeing the largest gain in two years. These numbers sound positive, but do they tell the full story? What does this mean for people currently looking for work? And how does it help, or hinder, those who are currently employed but hoping for a raise or promotion?

Credit card debt has been skyrocketing among many Canadians, basically since the pandemic began. And while it would be nice to be able to go without it, that's not a reality for many of us. So how do you sort through the hundreds of cards out there—and their various rewards, annual fees and interest rates—and choose one that actually works for you? We speak to Shannon Terrell, who's sifted through every card out there for NerdWallet, to find out how you can end up in a better financial place.

New data shows that consumer insolvency rates in Canada are approaching highs not seen since the financial crisis of 2008-09. Why are so many Canadians going broke? Will falling interest rates help change that? How can you tell if you're dangerously close to the edge, and what should you do about it if you are? We speak to licensed insolvency trustee, Doug Hoyes, to help understand the rising numbers and current options.

The federal government has announced changes to mortgage amortizations and insurance rules, calling them “the most significant mortgage reforms in decades.” But what do these changes really mean for new home buyers? And existing ones? Will they help with the affordability crisis, or focus more on accessibility?

It's been quite a long (and expensive!) journey, but the latest numbers show that the inflation rate in Canada has finally fallen to the Bank of Canada's "target rate" for the first time in more than three years. So does that mean all our troubles are over? Why is two percent the ideal target for the BoC? And what does this data tell us about the economy we'll be living in for the next several months? GUEST: Mike Eppel, 680 News Sr. Business Editor

After years of shortages, dealership lots are finally full of new vehicles again. The question is if this will bring down prices that spiked during the pandemic? In this episode of Today, In This Economy, we chat with Driving.ca columnist Lorraine Sommerfeld about what to expect in the marketplace and everything you need to know about buying a new or used car this fall. (We're hard at work a new season of In This Economy?!—but this fall we're also introducing shorter episodes that let our experts explain what the latest piece of economic news means for you, right now, Today, In This Economy.)

This episode first aired on In This Economy?! in March 2023. We thought you might enjoy the listen while the show is on a short break. Netflix. Disney+. Prime. Apple TV+. Spotify. Newspapers. Magazines. Video games. Substacks. A secret caller (hint: you know him!) has a minor subscription addiction and needs help getting his spending under control. Jordan asks Barry Hertz, Deputy Arts Editor and Film Editor for The Globe and Mail, to explain the subscription boom we're living in, and learn a few tips to avoid high fees.

This episode originally aired on In This Economy?! in January 2023. We thought you might enjoy the listen while the show is on a short break. Suki is in the market for her first car. She would like to purchase an electric vehicle but doesn't know if she can really afford it. Jordan interviews an auto industry expert to better understand current market trends and develop a roadmap for buying a car right now. Frances has been a freelancer for the past 10 years. In that time she's never been able to stick to a budget. This year, she wants to change that, but an unpredictable payment schedule mixed with the rising cost of goods is making that goal more difficult. Jordan talks to small business accountant, Joe Collins, about how to build and maintain a budget when nothing in your financial world is predictable.

This episode first aired on In This Economy?! in November 2023. We thought you might enjoy the listen while the show is on a short break. Suki is in the market for her first car. She would like to purchase an electric vehicle but doesn't know if she can really afford it. Jordan interviews an auto industry expert to better understand current market trends and develop a roadmap for buying a car right now.

This episode first aired on In This Economy?! December 2023. We thought you might enjoy the listen while the show is on a short break. Anna has $9000 in credit card debt and needs help getting her spending under control. Jordan talks to money expert, Tori Dunlap, about why our collective credit card debt is rising and how users can avoid accumulating more debt than they can handle.

This episode first aired on The Big Story June 20, 2024. We thought you might enjoy the listen while In This Economy?! is on pause for the summer. The Liberals say their changes to the capital gains tax mean that Canada's ultra rich will pay a little more, money they can easily afford. The Conservatives say the Liberals are taxing small business owners and Canadians already struggling to get by. Who's right? What if they both are? The changes to the tax were bound to become a political football: A complicated tweak to an existing tax that can be easily spun by either side of the aisle. So who will it really hurt? Will it help? What do you need to understand before you panic sell the family cottage?

This is our last episode until the fall, so we thought we'd use the time to reflect on what we've learned so far, answer some of your feedback and talk about what's coming up next. In the meantime, we'll be revisiting a few of our earlier episodes and providing occasional news updates on events that matter to your wallet. Another Interest rate cut?! In this economy?! Thanks for listening and talk to you in September!

This month, schools across the country will be closing for the summer. And the kids? Well, their parents will have to figure out what to do with them. Nowadays, there's a lot of pressure to register kids for expensive camps and classes, but is all that really necessary? Can the kids just do nothing all summer?

Tova wrote into the show expressing frustration with the price of clothes at brick and mortar stores. She wants to shop online but doesn't like the hassles associated with making returns. Tova's email got us thinking about our own evolving shopping habits and what it means for both the economy and the environment. Do we need to reframe how we think about buying clothes?

On Wednesday the Bank of Canada lowered its key interest rate for the first time in four years, after months spent at a 20-plus year high. The cut was just a quarter-point, but it could be a signal that easier economic times are on the way for millions of Canadians struggling with servicing their debt. So what does this latest cut mean right now, and what might it mean in the future? And is this the start of a trend, or could the bank decide to walk it back later this year?

Cheap. Entitled. Greedy. Those are just a few things that come to mind when one thinks about a landlord. But have you ever considered becoming one? According to data collected by the Canadian Real Estate Association, the current average cost of a house in Canada is just over $700 thousand dollars. Simultaneously, the cost of renting remains at an all-time high. Buying a house that has a basement unit, or something you can rent out to help cover your mortgage, might seem like an appealing option. But is it really that easy?

Summer is around the corner, and a lot of us are dreaming of a holiday. But post pandemic it feels like everything has skyrocketed. So how can you still have a fun and meaningful family vacation in this economy?

As a bonus this week, we thought you might enjoy this episode, which originally ran on The Big Story May 15, 2023. We're in the middle of a month in which thousands of Canadians have sworn to boycott any store or product produced by Loblaw Companies Ltd. That includes an awful lot of stores and products, and would require some severe changing of habits. Which is why it probably won't work. It seems that every week we're encouraged to boycott something, but how many of these protests actually result in change from the targeted company, any why? What should Canadians who want to encourage companies like Loblaw to change their strategies actually do to get some traction? And what should boycott organizers aim for to encourage the maximum number of people to join in?

Patrick's family member is diagnosed with bipolar disorder and addicted to cocaine stimulants. Patrick and his wife have been trying to fund treatment through private means but are running out of money. They are worried long wait times and delays in the public system will be a barrier to care for their beloved family member. Jordan speaks to Nadeem Esmail, senior fellow at the Fraser Institute who has studied the current state of mental health care in Canada and how we compare to other nations.

In 2017, the Ontario Liberal government instituted a basic income pilot where participants across the province would receive $1,400 a month for three years. That project has since been cancelled but basic income, as an idea, continues to be brought up as a potential solution to our money problems. So, could it be? And how would it work in practice?

A 44-year-old listener named Brian is wondering if retirement is a reality for him. And if it is, what that retirement will look like. Is it the image of cocktails on the beach and days spent playing golf that many of us associate with this stage of life? Or is it something a little different? Jordan speaks with Alyssa Brierley, Executive Director of the National Institute on Aging at Toronto Metropolitan University to help define what retirement looks like in this era.

In pop culture, pre-nuptial agreements (or pre-nups) are usually talked about as something that protects a rich person from marrying a gold digger. But these days, most of us don’t have much gold to dig for; that said, there are still things couples need to think about before combining finances. Jordan talks to Georgina Carson, a family lawyer and partner at Carson, Chousky and Lein to get the low-down on marriage and cohabitation contracts, and find out what steps couples should take when they start to think about sharing bank accounts, property and debt.

In the weeks leading up to Tuesday's budget announcement, the federal government has been hammering a message that this document would make life more affordable for Canadians. Does it accomplish that? What's in here that will matter to your wallet in the months to come? What takes aim at trying to bring down the cost of living over the next several years? And who's going to end up paying for all this? GUEST: Jim Stanford, economist and Director of The Centre for Future Work

More and more Canadians are struggling to afford the costs associated with the death of a loved one. In Newfoundland, a recent news report reveals bodies are piling up in a freezer outside of a morgue for this reason. Jordan talks to Erin Bury, CEO and co-founder of Willful, a digital estate planning app that aims to make estate planning more accessible and affordable.

Should I put my savings into an RRSP? If I do that, will I pay less taxes? What happens if I want to access that money before I retire? These are just a few of the RRSP-related questions we've received lately. So, here's everything you need to know about RRSPs in one episode. Just in time for tax season!

Frozen bank accounts, financial chaos, job loss, poverty. Those are all things Gonzalo witnessed while living through the largest foreign default in world history. Other than putting our current financial crisis into perspective, is there something we can learn from living through challenging times. Jordan speaks with David Coletto, founder and CEO of Abacus Data, and Tanya Woods, Head of Government and Regulatory Affairs and Policy Council at Questrade Financial Group, to find an answer.

Netflix. Disney+. Prime. Apple TV+. Spotify. Newspapers. Magazines. Video games. Substacks. A secret caller (hint: you know him!) has a minor subscription addiction and needs help getting his spending under control. Jordan asks Barry Hertz, Deputy Arts Editor and Film Editor for The Globe and Mail, to explain the subscription boom we're living in, and learn a few tips to avoid high fees.

Cody wants to find a new job, in a new industry, but doesn't have the qualifications listed on the job postings he's seeing. Alan feels trapped in his current job by an unstable and unpredictable market. They both want to know if now is a good time to change careers, and how they should go about the transition. To find out, Jordan reaches Alan Kearns, founder of CareerJoy, a firm that helps guide people through career transitions. Together they outline the costs that need to be considered when planning a career change.

Olivia is going through a divorce. And while it has been amicable, splitting assets feels impossible, especially when it comes to the home they share. Jordan talks to Eva Sachs, the financial expert at The Modern Divorce, a Toronto company that helps couples reach divorce settlements without going to court.

Matt is struggling to keep up with the cost of heating his home. And he's not alone, Canadians are reporting higher energy consumption costs across the country. Jordan calls Violet Kopperson, a registered energy advisor from the Windfall Ecology Centre, to find out how Canadians can pay less to heat and cool their homes.

Experts predict the Bank of Canada will begin to lower interest rates later this year. But as inflation has slowed in many areas, it's created an interesting problem for the bank and a troubling one for many Canadians.

Jennie has been searching for a one-bedroom condo in Vancouver for over two years. Despite having money for a downpayment, her search has been largely unsuccessful. Now, she's wondering if home ownership is really the best option. Jordan calls Dr. Tom Davidoff, housing economist and real estate development expert, to find out if buying a condo is a good investment in today's market.

Kacey and her partner just welcomed a new baby girl into their lives. And with this bundle of joy has also come a ton of new expenses. Jordan talks to money expert and mom of two, Melissa Leong, to find out how new parents are making it work.

Lynda has a dental emergency and is struggling to cover the cost of treatment. Jordan speaks with Dr. Carlos Quiñonez to figure out how Canadians can get the dental care they need right now.

Rachael feels trapped in her Toronto rental because she can't afford to move. She has no plans of ever owning a home and wants to know what, if any, rental protections exist to curb rising rates. Jordan talks to political economist and author Ricardo Tranjan about how policy can help protect renters in Canada.

This year, Erica is getting married! Together, with her fiancé, they set a budget of $50,000, however, she's a few months away from the big day and the actual cost is closer to $75,000. Erica blames the inflated budget on hidden fees from vendors and wants to know if she's being overcharged. Jordan talks to wedding planner, Shalini Misri, to figure out what's behind these hidden fees and how to avoid them.

Kara is being asked to pay back all the money she received from the Canada Emergency Response Benefit back in 2020. But she’s making less now than she was before the pandemic and all of her expenses have gone up. She doesn't have the means to pay the Canada Revenue Agency and might have to file bankruptcy as a result. Jordan talks to Elizabeth Mulholland to find out why the CRA is going after this money now. Then speaks with licensed insolvency trustee, Doug Hoyes, to learn more about what it means to go bankrupt in Canada.

Frances has been a freelancer for the past 10 years. In that time she's never been able to stick to a budget. This year, she wants to change that, but an unpredictable payment schedule mixed with the rising cost of goods is making that goal more difficult. Jordan talks to small business accountant, Joe Collins, about how to build and maintain a budget when nothing in your financial world is predictable.

A little update on what we've learned after making a few episodes. Jordan Heath-Rawlings reflects on what it's like having a side hustle. And producer, Stefanie Phillips, reads some scandalous feedback.

Anna has $9000 in credit card debt and needs help getting her spending under control. Jordan talks to money expert, Tori Dunlap, about why our collective credit card debt is rising and how users can avoid accumulating more debt than they can handle.

Sal is getting ready to host family and friends for the holidays but is worried about how much food, drinks and gifts will cost this year. Jordan talks to retail analyst, Bruce Winder, to break down the cost of hosting and find creative ways to save. Then, he talks to financial expert, Kelley Keehn, about how to handle tricky money conversations with your guests.

Mo feels guilty spending money on social events like concerts, restaurant outings and shopping trips. But they are tired of missing memorable moments with friends. Jordan interviews personal finance expert, Shannon Lee Simmons, to determine if there’s a way to have fun without ditching your financial goals or racking up credit card debt.

Sam wants to leave her comfortable white collar job to pursue her passion project full time. But she's not sure if she's financially ready to make the jump. Jordan interviews personal finance expert, Jessica Moorhouse, who went down a similar path a few years ago. Together they break down how to manage this massive transition.

Suki is in the market for her first car. She would like to purchase an electric vehicle but doesn't know if she can really afford it. Jordan interviews an auto industry expert to better understand current market trends and develop a roadmap for buying a car right now.

Daniella wants to prioritize her health. But is having a hard time justifying the costs she has incurred trying to eat healthier and feel stronger. Jordan interviews an author who has written about modern wellness culture to unpack the ways we've altered our understanding of health and wellness. Together they try to answer: How much should it really cost to take care of our well being?

Jeremiah has seen real estate prices sky rocket to astronomical levels and he's worried he won't be able to afford a home. He's curious about co-ownership and wonders if it's possible for him. Jordan interviews two real estate professionals who specialize in co-ownership sales. Then, he speaks with someone who's living in a home he owns with his partner and another couple. Together they try to answer: Is co-ownership a viable path to home ownership?

Before we release the first episode, we want to tell you more about why we're making this show. Host Jordan Heath-Rawlings reveals that he, too, has a side hustle. And producer, Stefanie Phillips, gets schooled on the definition of a survival guide.

Jordan Heath-Rawlings is a journalist who wants to help you understand the systems that create your money problems. His award-winning podcast, The Big Story, has been telling stories that inform Canadians for over five years. And in that time, there's really only been one big story: A growing percent of the population can't afford to live basic, comfortable lives — and they want answers. Listen to the first episode on November 2nd.