Here's another reason to worry about a lengthy trade war with the United States.
According to figures released last week, consumer debt in Canada hit a record $2.56 trillion in the fourth quarter of 2024 — and Ontario residents are struggling more than anyone else to make their payments.
Equifax Canada’s fourth quarter Consumer Credit Trends Report found that 11,000 Ontarians missed a mortgage payment in the fourth quarter, which is three times more than in 2022.
The average non-mortgage debt per Canadian consumer? $21,931, exceeding pre-pandemic levels.
If Donald Trump's on-again, off-again tariff threats become a reality, those numbers will almost certainly get worse.
On a recent episode of our Inside the Village podcast, financial expert Saijal Patel joined us to talk about why it's more important than ever to be teaching the next generation how to manage their money.
You can watch the full episode HERE.
Stay tuned for more episodes of ‘Closer Look’ every weeknight at 7 p.m. You can find all our previous segments HERE.
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