Financial issues facing Canadians
Overall, 92% of Canadians are concerned that the looming impact of tariffs will further increase the cost-of-living, and 81% are concerned tariffs will negatively impact their finances.
Around two-thirds of Canadians worry about spending within their means, whereas around a quarter are more focused on living their best life. Overall, 63% say they live comfortably at their income level; conversely 32% struggle to make ends meet each month.
Some relief can come from tax refunds. Nearly two out of three Canadians expect a refund this year, of which 35% indicate they're expecting the same or a bigger refund this tax season compared to previous years. However, according to the H&R Block release, a large portion of Canadians report having no idea whether or not they'll get a refund.
By extension, more than a third of Canadians don't feel they have a good understanding of all the new tax credits and benefits to maximize their return this year. Just under a quarter of respondents report being part of the gig economy, of which 27% aren't clear on tax implications of any gig-related income.
Unexpected vet bills don’t have to break the bank
Spot Pet Insurance offers coverage for treatment of accidents, illnesses, prescriptions drugs, emergency care and more.
Plus, their preventative care plan covers things like routine check-ups, microchip implantation, and vaccinations, if you want to give your pet the all-star treatment while you protect your bank account.
Get A QuoteWhat are Canadians spending their money on?
The top three expenses by percentage of monthly income are day-to-day essentials (which accounts for 27% of Canadians net income), rent and mortgage payments (24%) and credit card and loan payments (14%).
The remainder of the top 10 Canadian expenses looks like this:
- Childcare related costs: 10%
- Technology and subscriptions: 10%
- Health and wellness : 8%
- Put towards savings account: 8%
- Entertainment: 7%
- Food take-out and delivery services: 6%
- Apparel: 6%
Just over a quarter of Canadians (27%) say they are frugal with their money as they are focused on saving up to buy a home in the future. However, a third take the opposite viewpoint, feeling they may as well enjoy spending, since buying a home seems out of reach.
Survey methodology
The survey was conducted by H&R Block from Feb. 12 to 13, among a representative sample of 1,469 Canadians in English and French.
Trade Smarter, Today
Build your own investment portfolio with the CIBC Investor's Edge online and mobile trading platform and enjoy low commissions. Get 100 free trades and $200 or more cash back until March 31, 2025.
