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Canada’s Economy Has Now Stalled Twice. Is Your Emergency Fund Ready?

  Canada’s Economy Has Now Stalled Twice. Is Your Emergency Fund Ready? Canada's economy is losing momentum, and it is a good time to ask yourself an important question: If your income disappeared tomorrow, how long could you cover your bills without borrowing money? Statistics Canada's latest GDP report, released October 30, showed that Canada's economy recorded virtually no growth in August for the second consecutive month. An early estimate suggests economic activity contracted by 0.1% in September. Preliminary figures indicate that the economy grew by just 0.3% during the third quarter, although the official numbers have yet to be released. The slowdown follows a period of economic uncertainty, elevated household expenses and pressure on borrowers. While these figures do not confirm that Canada is entering a recession, they highlight why households should prepare for unexpected financial setbacks. The good news? You do not need a large income to start building a financi...
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Seniors Express Frustration Over Exclusion from Federal $250 Cheque Program

 

A growing number of seniors are voicing outrage after discovering they are ineligible for a new federal initiative aimed at distributing $250 relief cheques to certain low-income groups. The program, designed to address rising costs of living, has left many older Canadians feeling overlooked, particularly those on fixed incomes who say they are struggling to make ends meet.

The federal government announced the plan as part of its broader effort to support vulnerable populations during a period of economic uncertainty. However, eligibility criteria for the cheques prioritize younger low-income households and families, excluding many seniors who fall just outside the income thresholds.

“It’s disappointing,” said one senior from Toronto. “We’re already dealing with skyrocketing prices for essentials like food and medication, and now we’re being left behind.” Advocacy groups, including the Canadian Association for Retired Persons (CARP), have called on the government to expand the program to include older adults, arguing that they face unique financial pressures.

A government spokesperson defended the plan, stating it targets those deemed most in need, but indicated that additional measures to support seniors might be introduced in the future. For now, many older Canadians are calling for immediate action to ensure they are not left out of critical relief efforts.


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