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inflation in canada

You're Probably Not Tipping Enough, Thanks To Inflation In Canada

As Canadians face the brisk headwinds of inflation, the customary act of tipping has evolved from a simple gesture of gratitude to a complex social expectation, dictated by glowing screens and percentage options.

Personal finance app Hardbacon has released the results of a new survey that suggests when it comes to tipping, Canadians may be unwittingly subscribing to a new standard set by technology and economic pressures, rather than their own volition.

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A Survey Revealed Canadians' Biggest Worries For 2023 & They're Pretty Gloomy

Once a time of optimism, the heralding of the new year might nowadays feel more like a meditation in worst-case scenarios. And a recent Leger survey reveals just how gloomy some Canadians' outlook for 2023 has become. In a list of potential calamities in the year ahead, inflation, recession, an expanded war in Ukraine, and climate catastrophe were Canadians' biggest points of concern.

The survey included input from 1,526 Canadians between December 9 and 11.

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Interest Rates Have Gone Up In Canada — Here's What That Could Mean For Your Wallet

As we've all heard by now, the Bank of Canada increased interest rates by 50 basis points in April, following a 25-point increase earlier in the year. This is sort of a big deal, prompted by the mess that has been the early 2020s. Rising prices spurred by the war in Ukraine — on top of already-high inflation — affected the Bank of Canada's recent decision.

But what does that actually mean for young Canadians? Let's focus on two financial areas that are being directly impacted by increased interest rates: bank loans and investments.

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inflation canada

Inflation In Canada Has Skyrocketed — Here's Which Products Are Costing More

In February, consumer goods saw the biggest overall year-over-year price jump in more than 30 years, according to the latest Consumer Price Index from Statistics Canada. Higher costs for gas, food and housing drove the 5.7% inflation in Canada, the federal agency said.

The steep price for gas is top of mind nationwide. StatsCan said Canadians paid 32.3% more for gas in February 2022 than they did 12 months prior, a jump spurred in part by conflicts in Europe and the Middle East.

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