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1 in 4 Canadians Can Only Afford the Minimum Payment on Their Credit Card

  Published August 24, 2026 · Canadian Money Brief A new survey from Equifax Canada puts a hard number on something a lot of us have felt creeping up all year: credit cards are doing more of the heavy lifting in Canadian budgets, and fewer people are paying them off. Of more than 1,500 Canadians surveyed, a quarter said they expect to make only the minimum monthly payment on their credit card, and another 7% think they'll fall behind entirely. That leaves just over half — 56% — who expect to pay their balance in full each month. The survey also found that 40% of respondents are spending more overall than they were a year ago, more than double the 18% who say they're spending less. Nearly 3 in 10 said they're leaning more heavily on credit cards to cover essentials like groceries and utilities, and close to a quarter are dipping into savings to keep up with everyday costs. More than a third have cut back on contributions to savings, investments, or education funds to make ro...
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Richmond Man Fined $2M for Tax Evasion After Flipping 14 Homes

 

A serial property flipper in British Columbia, Balkar Bhullar, has been fined over $2 million for tax evasion. Bhullar, who flipped 14 homes between 2011 and 2014, failed to report nearly $7.5 million in earnings. The Canada Revenue Agency (CRA) announced that Bhullar was given a conditional sentence of two years less a day on December 19, 2024, and fined $2.15 million, matching the amount of unpaid federal income tax.

Bhullar pleaded guilty to one count of tax evasion on August 3, 2023, relating to undeclared income from assignment fees on the properties. The CRA has been making significant progress in uncovering and addressing tax cheating in the real estate sector. 

In response to such cases, a new home-flipping tax will come into effect in B.C. on January 1, 2025, with a tax of up to 20% applying to homeowners who sell properties within two years of buying. The revenue collected from this tax will go toward housing programs.

B.C.'s Finance Minister Brenda Bailey stated that measures like the home-flipping tax aim to ensure more affordable homes for buyers and renters and discourage speculative investors from buying houses for a quick profit.

The B.C. Real Estate Association has criticized the tax, arguing that it may cause sellers to delay listing their homes, lowering resale housing supply and tightening market conditions.




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