Canada adds over 83,000 jobs in June
BNN Bloomberg's Paul Bagnell says the 83,000 jobs added in June is a 'huge positive surprise' for Canada.
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Globe and Mail
20 minutes ago
- Globe and Mail
Gen Z is saving for retirement better than millennials
Tani Imasogie didn't grow up hearing about registered retirement savings plans at the dinner table. But that didn't stop her from opening her own account by the time she was 21. With the help of YouTube videos and online articles, she learned about the importance of compound interest and sifted through the jargon of Canada's different registered accounts. Today, she works at a pharmaceutical company in Toronto and contributes 3 per cent of her salary to a defined-contribution pension plan, and, in turn, her employer contributes 7 per cent. She hopes to be able to contribute more as her salary increases. 'I don't want money to control me or make me stressed,' she said, now 28. 'I want to reach financial freedom one day.' Retire Rich: The financial struggles of Gen Z and millennials Ms. Imasogie is one of a growing group of Gen Z Canadians, those born between 1996 and 2012, who are motivated to get a head start on retirement saving. Despite facing one of the toughest job markets in decades and an increasingly unattainable path to homeownership, many are learning from the experiences of older generations using online resources to take their financial futures into their own hands. According to new data from TD Bank, 68 per cent of Gen Zers invest consistently each year, more than any other age group. They're also contributing more to their RRSPs than millennials were at the same age, according to data from Statistics Canada. In 2023, the median RRSP contribution for Canadians under 25 was $1,880, more than 20 per cent more than millennials contributed in 2009, even after adjusting for inflation. 'Gen Zs have grown up in an information-rich environment,' said Pat Giles, TD's vice-president of Saving & Investing Journey, the bank's approach to help Canadians start saving as early as they can. 'They're much more likely to use social media to shape their investing decisions.' Many Gen Z Canadians have taught themselves financial basics, with the help of resources in the form of TikToks, YouTube, Reddit or even AI. A June CFA Institute report found that 79 per cent of young Canadians trust online financial education, more than two-thirds use AI tools like ChatGPT for information and 62 per cent turn to influencers and social media. Ms. Imasogie estimates that a large majority of what she knows about money came from the internet. She then used that knowledge to open her RRSP through Questrade, a do-it-yourself investment platform. Low-cost investment platforms such as Questrade and Wealthsimple let users open and manage registered accounts from their phones, with minimal fees and no in-person meetings. Today, nearly one in five Canadians aged 18 to 40 use Wealthsimple, according to the company. While a tough labour market stalled salary growth for some young workers, the pandemic presented a unique opportunity to them. Many young people moved back into their parents' home, had government benefits rolling in and had no places to spend money, said Matthew Kempton, a portfolio manager at Verecan Capital Management. 'Younger people, especially, gained a lot of interest in investing through that time, as it was something to pass the time,' Mr. Kempton said. Some were able to start investing earlier than they'd planned. In 2019, the median RRSP contribution for Canadians under 25 was $1,430. A year later, it jumped to $1,720. Giancarlo Rosa, 25, was one of them. He opened a TFSA at 18 and an RRSP at 20, but it wasn't until the COVID lockdowns, when his expenses dropped, that his investing habits really took off. 'Time value of money was a huge thing,' said Mr. Rosa, who lives in Richmond Hill, Ont. 'It just made sense to get started early rather than playing catch-up later.' He now saves 25 per cent of his nearly six-figure income and contributes regularly to his RRSP, not just for retirement, but to eventually use the funds under the federal Home Buyers' Plan, which lets first-time home buyers borrow from their RRSP tax-free for a down payment. 'The sole reason for putting it in the RRSP is not for retirement, as dumb as I sound,' he said. 'It's to take advantage of the Home Buyers' Plan.' Airlines are using AI to set ticket prices. Here's how you can avoid price manipulation when booking flights That kind of strategy is becoming more common, financial experts say. New policies have made registered accounts more flexible, and appealing, for young people. The FHSA, introduced in 2023, allows Canadians to save up to $40,000 tax-free toward a home. In April, 2024, the Home Buyers' Plan withdrawal limit rose to $60,000 from $35,000. Still, some Gen Zers are able to save simply because they're not buying homes. For many, the decision to hold off on homeownership isn't a rejection of the dream, but a lesson learned, said Hans Friedrich, an adviser at Sun Life and managing partner at Evolv Financial. After watching older millennials stretch their budgets thin to buy property, many Gen Zers are choosing to invest their savings instead. 'A lot of people on the millennial side tried to push through that and were like, 'We're going to get this done no matter what,'' Mr. Friedrich said. 'Gen Z is the first generation to actually learn from what the millennials did.'
Globe and Mail
40 minutes ago
- Globe and Mail
Analysts Offer Insights on Communication Services Companies: Paramount Global Class B (PARA) and IMAX (IMAX)
Analysts have been eager to weigh in on the Communication Services sector with new ratings on Paramount Global Class B (PARA – Research Report) and IMAX (IMAX – Research Report). Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Paramount Global Class B (PARA) TD Cowen analyst Doug Creutz reiterated a Hold rating on Paramount Global Class B today and set a price target of $14.00. The company's shares closed last Thursday at $13.26. According to Creutz is a 5-star analyst with an average return of 14.8% and a 65.8% success rate. Creutz covers the NA sector, focusing on stocks such as Live Nation Entertainment, Starz Entertainment Corp, and Warner Music Group. ;'> Paramount Global Class B has an analyst consensus of Moderate Sell, with a price target consensus of $12.00, which is a -9.0% downside from current levels. In a report issued on July 22, Needham also maintained a Hold rating on the stock. IMAX (IMAX) In a report released today, Patrick Sholl from Barrington reiterated a Buy rating on IMAX, with a price target of $32.00. The company's shares closed last Thursday at $28.29. According to Sholl is a 2-star analyst with an average return of 0.6% and a 58.8% success rate. Sholl covers the NA sector, focusing on stocks such as Paramount Global Class B, Clear Channel Outdoor, and Nexstar Media Group. ;'> Currently, the analyst consensus on IMAX is a Strong Buy with an average price target of $33.11, which is a 13.7% upside from current levels. In a report issued on July 16, TR | OpenAI – 4o also upgraded the stock to Buy with a $31.00 price target.
CBC
41 minutes ago
- CBC
Stony Plain Road construction straining business, shop owners says
Construction along Stony Plain Road for the Valley Line West LRT is causing major challenges for shops in west Edmonton, business owners say. Many shop owners say the years-long project has led to a significant drop in foot traffic, leaving them struggling to stay open. Marigold Infrastructure Partners initiated several closures in the area, including some the area around Stony Plain Road and 156 Street, as part of the accelerated roadwork for Valley Line West Petra Sekhon owns Vacuum Central, which has been on Stony Plain Road for 36 years. She said her business has lost a third of its revenue this month alone. "We've been told it's going to be another three years," said Sekhon. "Ninety-nine per cent of the customers when they come in say it's hard to get in … they're telling us that we should move." She said decisions are also being made without input from business owners. "They're going to put one tree right in front of my door, which I did not ask for. But I was not given the opportunity to have any kind of input," said Sekhon. "The plan was in place and they weren't making any changes, even though we've asked." Bijoy Sasmel, owner of Spirit of India Express, took over his restaurant in January. He said construction around 156th Street has made it almost impossible for customers to reach him. "I've had a very bad experience here," said Sasmel. Sasmel said he hasn't taken a salary in six months, as even delivery drivers cancel orders because they can't find the entrance to the plaza where his restaurant is located. "Some days my sale is not even $100," he said. "If I don't move from here, maybe I'll be bankrupt. I have to feed my family, I have to feed my kids." Despite asking for support from the city and Marigold Infrastructure, Sasmel said he got no positive response. Construction for the Edmonton Valley Line West LRT has been going on for 50 months and is anticipated to be complete in 2028. Justin Keats from the Stony Plain Road Business Association said businesses are losing 50 per cent or more of their traffic. "There are no programs that are compensating or trying to rectify the unequal playing field these businesses have been placed in," said the association's members' relations and communications coordinator. Keats said there was some talk about financial support with city council that has gone through several times, led by Ward Nakota Isga Cioun. Andrew Knack, but council was unable to reach a decision. The association hopes that with Edmonton's municipal election coming up in October, they might be able to start the conversation anew. "Businesses need some form of compensation that addresses them individually as the business owner versus having those funds go directly to the property owner," said Keats. "The area in itself would also need some significant reinvestment, whether that's in marketing or additional placemaking initiatives to make this place more viable and lively." In a statement to CBC News, Po Sun, general supervisor for the Valley Line West, said the city is aware of the challenges and is grateful for the continued patience of residents, commuters and businesses. "The city doesn't offer financial compensation to businesses due to construction," the statement said, but added that the city is offering "business outreach, signage, and stakeholder support." Construction at the 156th Street intersection reopened on July 10, but work will continue throughout the area until the LRT is finished, said the city. "The plan will reduce the overall duration of traffic restrictions by more than half, and take many of the roads along the Valley Line West alignment to their final configuration by the end of 2025." "If I ran my business the way they run this construction project, I would've been bankrupt years ago," said Sekhon of Vacuum Central.
