Canadians are holding more cash in their wallets, Bank of Canada finds
The central bank says its 2024 survey on payment methods show Canadians kept an average of $156 in cash on hand, $16 more than in 2023.
The survey done in partnership with Ipsos shows customers are using ATMs and bank branches more often and also taking more cash out per withdrawal.
Those surveyed suggest around 20 per cent of their purchases were made via cash.
While the use of cash was on a steady decline heading into the COVID-19 pandemic, the Bank of Canada says those figures have been resilient over recent years.
Monday Mornings
The latest local business news and a lookahead to the coming week.
Mobile payments are meanwhile gaining traction, accounting for almost five per cent of purchases in 2024, up a couple of percentage points from a year earlier.
This report by The Canadian Press was first published Aug. 14, 2025.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Vancouver Sun
3 hours ago
- Vancouver Sun
The dangers of Canada leaving its digital sovereignty in American hands
Canadians are waking up to just how much power American tech companies have over their digital life. In April, Microsoft confirmed that U.S. law can override foreign privacy protections, even for data stored on servers outside the United States. That means if Canadian data is hosted by Microsoft, Amazon or Google, it can be accessed by U.S. authorities. For Guillaume Beaumier, an assistant professor of political science and international studies at École nationale d'administration publique (ENAP) in Quebec City, it's a clear sign Canada needs to take digital sovereignty seriously. In a recent Policy Options article, he argues that Canada has grown too dependent on U.S. cloud providers and tech infrastructure, and risks losing control over its economy, governance and security in the digital era. National Post spoke to Beaumier about what digital sovereignty means and what steps Canada should be taking now. This interview has been edited and condensed for clarity and length. Start your day with a roundup of B.C.-focused news and opinion. By signing up you consent to receive the above newsletter from Postmedia Network Inc. A welcome email is on its way. If you don't see it, please check your junk folder. The next issue of Sunrise will soon be in your inbox. Please try again Interested in more newsletters? Browse here. I think you can define digital sovereignty in multiple ways, and that's the issue with the concept. It can relate to the ability of the Canadian government to control its own digital ecosystem through regulation, and having the availability to force or influence companies to act in certain ways. It's also, to some extent, the ability to have the economic independence to be able to produce digital services for Canadian citizens, in ways that are not dependent on having access to services coming from other places in the world. It can also relate more broadly to the security of the nation. If you're depending on other countries for accessing specific digital services, in times of crisis, you can end up in a position where you don't have access to the services, and so the broader security of the country also depends on having the ability to produce the services on your own. For a very long time the United States has been using its control over the digital infrastructure around the world, so a lot of the digital services that we rely on are American companies and they also rely on physical infrastructures that are located in the United States. You can think of data centres in that regard. And so, for a very long time, we were fine with it, we forgot that other countries like Russia or China, might have used this control over this digital ecosystem to its advantage, to survey the world, to sometimes even impede other countries. You can see again what happened after the invasion of Ukraine by Russia, where Microsoft stopped offering some of its services in Russia. And so, like I said, for a while most countries around the world would have been fine with that, especially western countries because we were allied countries with the United States, even sometimes collaborating with them. But as the (Donald) Trump administration came in and took a more coercive approach towards its traditional allies, it's also making these countries more insecure about their dependence on the United States. I think that we do lack, to a large extent, sufficient capacity to operate on our own, to have a digital ecosystem that can function without American companies. And so, if you think about our digital ecosystem, most social media platforms, if not all, are American companies. If you think about data centres, the main ones that are operating right now and that we rely on, are either in the United States or are owned by American companies on Canadian soil. On the regulatory side, we have also seen the government struggling over the years, to enforce its own regulations, or to even want to regulate these platforms. So we threaten these companies, Google and Meta, to basically leave the country. More recently, the government decided to move back on this decision to impose digital services taxes, and it's an example of where the Canadian government seems to be struggling, because it relies primarily on American companies. So to summarize what I just said, I think just this lack of the ability to offer basic digital services by Canadian companies is one of the big gaps right now. In times of crisis, they can be used as leverage against the Canadian government, so like during this trade negotiation, they can threaten to stop offering some services to Canada. There's also the risk that when the government tries to regulate these companies, they can just threaten to exit the country. You can see in the example of Meta blocking news because of being asked to share the revenue with news organizations. This has left our media ecosystem in a worse-off position. And in times where there are forest fires or other emergencies, information can be more difficult to access by citizens. I think there should be a strategy to invest and develop more national digital ecosystems, to reduce the reliance on American companies. It also should not shy away from regulating these big tech companies and level the playing field for Canadian companies. Basically, making sure they are being taxed, and that they contribute to the national economy. Also, promoting the use of more open source software, in public administration and the digital ecosystem, could help reduce reliance on big tech companies, and prioritize the development of more digital expertise in Canada. When you're thinking of all the big projects the government wants to launch, like big national infrastructure projects, I think it would be a good moment to invest in having more data centres owned by Canadian companies, funded by the government. With the new investments coming in the defence sector, some money could go towards the development of artificial intelligence (AI). I think this broad national plan to invest in Canadian digital capacities would be an essential thing to do in the years to come. I think we just need to find a balance between still being open, we still want to rely on the valuable services that come from the United States, and elsewhere in the world, but to ensure our resilience in times of crisis, and have some basic capacities to function without the use of these services coming from the rest of the world. This is the latest in a National Post series on How Canada Wins. Read earlier instalments here . Our website is the place for the latest breaking news, exclusive scoops, longreads and provocative commentary. Please bookmark and sign up for our daily newsletter, Posted, here .
Globe and Mail
3 hours ago
- Globe and Mail
Late-career layoffs are forcing some into retirement, and delaying it for others
Good morning. We're digging into how late-career layoffs can throw a big ol' wrench into a well-laid retirement plan. Plus, we've got some smart credit card tips to help you navigate your finances. Read on! Getting laid off is brutal at any age, but when it happens in your 40s, 50s or 60s, it can feel like someone pulled the rug out from under your retirement. That's often when you're earning your peak salary, have the most debt, and are mapping out your next chapter. Curious how Canadians are navigating this, we asked readers to share their stories — and the floodgates opened. People told us about the financial stress, the mental health toll, and the unexpected reinventions that followed. Many blamed forces such as tariffs, automation and advances in AI for their layoffs. Take Kathryn Chisholm, 52, from Vancouver. After 20 years at Stemcell Technologies, she was eyeing an early retirement with her husband. But last year, AI advances made much of her work redundant. Overnight, her nearly $200,000 salary vanished and her retirement clock got pushed back by at least five years. 'This change will definitely delay the start of our retirement,' she says. Then there's Paul Whiteley, 51, who's been laid off three times, with the most recent being about 2½ months ago. The first time was devastating, but this time, he's using it as a chance to explore a new career as a financial planner. Losing a job late in life can feel like an unwanted detour. But it can also be a pivot point — a moment to rethink priorities, explore new paths, and reshape what retirement might look like. For example, Tonya Archer, 53, is piecing together freelance gigs while she makes a career shift from a program manager to career coaching. Read the full story on how late-career layoffs can impact retirement plans. Late-career job losses are on the rise. According to Statistics Canada, workers aged 45 and older made up nearly 40 per cent of the increase in the unemployment rate over the past year as of June. Plus: Economic ups and downs have nudged some retirees back into the workforce, with more Canadians 55 and up actively looking for work after recently leaving the labour market. Now with $4-million, what's the best way for Mike, 68, and Miriam, 66, to handle their capital gains and pass on wealth? The numbers: The retired couple was in Financial Facelift five years ago with combined savings and investments that totalled $2.5-million. Today, that has grown to $4-million. The situation: With no pensions, their income comes from government benefits, dividends, interest, and, eventually, mandatory RRIF withdrawals. They want to spend about $100,000 a year after tax and leave plenty to their 22-year-old daughter. They want to sell some stocks now, gift part of the proceeds for a down payment, and manage withdrawals to avoid large tax bills later. Key steps, from a financial planner: In the years before they have to start taking mandatory withdrawals from their RRIFs, they can sell off some of their stocks, keeping their taxable income low enough to avoid the highest marginal tax rate, and gift the proceeds of the stock sales to their daughter for a down payment. 🎂 A man turned 100, but tells people he's 83 to avoid the fuss. Bob Neighbour says reactions to his milestone (such as strangers giving up their cab) got awkward, though the year brought joy: recording his life story, reminiscing about hitchhiking in Europe in a kilt, and celebrating with 100 friends and family at a park picnic. 🧠 Want to keep your brain sharp as you age? A major U.S. study found that four habits — eating a healthy diet, exercising regularly, engaging in cognitive activities, and managing heart health — can boost cognition in older adults at risk of decline. A more structured program (think group exercise sessions, MIND diet, brain-training, and regular health checks) delivered slightly faster gains, but even small self-guided changes helped. 💸 A Toronto investor lost $70K from her Questrade account in a cyber crime. It was wiped out after hackers sold her ETFs and made rapid trades in two Chinese stocks. Despite using two-factor authentication and having IT security training, Questrade denied most reimbursement, calling it likely phishing, which isn't covered under its guarantee. 🏠 Canada's grey wave is turning senior housing into the hottest bet in real estate. Outpacing offices, apartments, and even other property plays, retirement residences are riding a surge of demand as Canada's aging population meets a shortage of supply. After years of pandemic-era setbacks, the sector has roared back, with occupancy and share prices climbing and investors lining up for the long run. 💳 Credit cards can feel like a black box, but here are some tips. Pay on time and keep your credit usage low — your score will rise naturally. And even without a credit history in Canada, you might still qualify for a premium American Express card through its Global Card Relationship program, which can help with your application and may even let you transfer points from a previous Amex account.
Winnipeg Free Press
5 hours ago
- Winnipeg Free Press
Federal budget watchdog has ‘no idea' who successor will be or when they'll be named
OTTAWA – Parliamentary Budget Officer Yves Giroux has 'no idea' who will be taking over his job when his term ends next month. Giroux, who took on the job in 2018, will mark his final day on September 2. In an interview with The Canadian Press, Giroux said he's reached out to the Privy Council Office multiple times for information over the last few months, noting that he wants to ensure an 'orderly and smooth' transition. He says the government has kept 'quiet' and has told him there's no news yet to share. 'I'm just a bit surprised that they haven't done anything,' Giroux said. Asked if he might stay in the role past Sept. 2, Giroux said he hadn't heard anything about a possible extension. The Parliamentary Budget Officer is an agent of Parliament who provides independent economic and financial analysis to the Senate and House of Commons. Giroux said it concerns him that a new Parliamentary Budget Officer has not yet been named, especially with a budget planned for the fall. He said parliamentarians rely on his office to provide them with non-partisan analysis and information. Giroux said the government is soon scheduled to table a budget that could include 'significant new spending and policy priorities' and reductions. He says parliamentarians will be in 'desperate need' of a non-partisan view on that budget and its impact on the federal government and the Canadian economy. 'It would be unfortunate and it would happen at a very unfortunate critical time in the budget cycle for parliamentarians,' Giroux said. Giroux said the Prime Minister's Office recommends an appointment and senior staff in the Privy Council Office handle the vetting and interviews if they choose to undergo a competitive process. The government could select an interim PBO at any time by order-in-council but an appointment for a full, seven-year mandate needs to be approved by the House of Commons and the Senate, he said. MPs are set to return to the House of Commons for the fall sitting in mid-September. The Canadian Press has reached out to the Prime Minister's Office and the Privy Council Office for comment but has not yet received a response. Giroux said he can understand the delay, given that the Prime Minister's Office has been busy managing Canada-U.S. relations and recently hosted the G7 summit. Still, he said that when he was appointed, the approval was made a full two months before the position became vacant. 'I had a few months to talk to my predecessor and start getting ready,' Giroux said. This report by The Canadian Press was first published Aug. 15, 2025.
