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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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Canada Eases Trade Tensions with U.S. by Dropping Select Tariffs

 

                                            Prime Minister Mark Carney


🇨🇦 In a significant shift in Canada-U.S. trade relations, Prime Minister Mark Carney announced that Canada will remove a number of retaliatory tariffs on American goods. The move, described as a goodwill gesture, aims to revive stalled negotiations and reinforce cooperation under the Canada-United States-Mexico Agreement (CUSMA).

The tariffs being lifted primarily target U.S. consumer products that comply with CUSMA provisions. These include items such as clothing, cosmetics, and food products that had previously faced a 25% import tax. However, Canada will maintain tariffs on U.S. steel, aluminum, and automobiles, signaling that some trade frictions remain unresolved.

The announcement follows a phone call between Carney and U.S. President Donald Trump, which Carney’s office described as “productive and wide-ranging”. The White House welcomed the decision, calling it “long overdue” and expressed optimism about future discussions.

This policy shift marks a departure from Carney’s earlier hardline stance during his election campaign, where he promised to retaliate aggressively against U.S. protectionist measures. Since taking office, however, Carney has adopted a more conciliatory tone, scrapping a proposed digital services tax and softening rhetoric around sanctions.

The changes will take effect on September 1, and while they may ease tensions, they also pose a political challenge for Carney’s minority government, which relies on opposition support to pass legislation.

This development could signal a new chapter in North American trade diplomacy—one that balances economic pragmatism with strategic negotiation.

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