How much will your BBQ cost this summer?
Beef costs are skyrocketing in Canada meaning many shoppers are saying so-long to their steaks. Food professor Sylvain Charlebois tells us more about what's driving up the cost of meat this summer.
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Globe and Mail
34 minutes ago
- Globe and Mail
Wealthsimple is taking on the big banks - and might just surpass them
Having redefined investing, Wealthsimple has attempted to create the country's best bank account. It's too early to hand this distinction to Wealthsimple because it hasn't fully introduced all of its new banking features, some of which are gimmicky. But who are Wealthsimple's challengers? Big-bank innovation is an oxymoron, and alternative banking has been slow to take advantage. A thought for anyone unhappy with their bank account or curious what modern banking can look like: Open a chequing account at Wealthsimple and give it a try. No monthly fees mean no harm done if you don't like it. Typically, banks are supermarkets selling chequing and savings accounts, mortgages, lines of credit and investments. Wealthsimple comes across like a higher-end retailing experience where all these services interlock in ways that reward loyal clients. The more business you do with the company, the more you receive in interest and the less you pay in fees. Wealthsimple plans paperless cheques and Uber-like delivery of cash to customers' doors Wealthsimple CEO says banks are a tax on Canadians The Wealthsimple credit card offers unlimited 2-per-cent cash back at a monthly fee of $10, but that fee falls to zero if you have $100,000 or more with the company or you set up direct deposits of paycheques totalling $4,000 or more a month. The card also offers zero foreign-exchange fees, compared with the usual 2.5 per cent charged by other cards on purchases outside Canada. The Wealthsimple line of credit, set to arrive by year's end, will let you instantly borrow at rates as low as 4.45 per cent. The amount you can borrow is tied to your level of savings and investments with the company – in other words, how much collateral you have. Rates for a home equity line of credit, which can cost hundreds to set up, start around 5 per cent these days. The no-fee chequing account from Wealthsimple offers interest with a base rate of 1.75 per cent, a lowball offer in today's market. But there's a boost of half a percentage point if you set up a direct deposit of your paycheque, and you can get as high as 2.75 per cent if you have extensive assets with the company. Not having a physical branch network allows alternative banks to offer zero-fee chequing and better rates on savings than the big banks. But no other alt bank leans into digital banking like Wealthsimple, while also providing services people usually access through branches. For example, the company will offer paperless cheques that can be ordered on its app and delivered to the recipient. Cash can be ordered for delivery as well, as can bank drafts. Here we have an example of gimmickry – are there any under-40s in Canada who ever use cheques, or who don't pass a bank machine many times a day? Another question about these services is pricing. Wealthsimple hasn't firmed up the cost for all of them yet, a reminder that there are always limits to free banking. A few more novel features of the Wealthsimple chequing account: Security is obviously on Wealthsimple's mind because the company offers $1-million in deposit insurance through Canada Deposit Insurance Corp. Wealthsimple places deposits at multiple unnamed CDIC-member banks, a workaround for the usual $100,000 coverage limit per eligible account. Wealthsimple began as a robo-adviser, a business it continues to dominate. Next came self-directed investing on a platform that led the way in offering zero-commission trading of stocks and exchange-traded funds, and fractional trades that allow investors to buy less than a full share. Wealthsimple is not the best investing platform, and its move to offer private-equity and debt investments suggests unwise trend-chasing. But Canadian investing is more open and inclusive because of Wealthsimple. On the banking side, there's an expectation that the impending arrival of open banking will spark a wave of innovation and competition. Open banking means bank clients can securely share their information with new apps and alternative financial players. Obviously, Wealthsimple isn't waiting for the federal government to introduce rules for open banking. It's ramming innovations through at a rate that exceeds what big banks do in 10 years. Anyone creating a short list of top alternative banks needs to include EQ Bank, which offers 3.5-per-cent interest for now if you direct deposit paycheques of $2,000 a month or more. The base savings rate is just 1.25 per cent. Koho, Neo Financial and PC Financial are also worth a look for banking, while Questrade is on a hot streak as an investing innovator and is expected to get into banking. What makes Wealthsimple unique is the way it's building a seamless, state-of-the-art financial company that offers everything and rewards clients who take advantage. Ironically, the onetime upstart could turn out to be the next big bank. You should try them. Are you a young Canadian with money on your mind? To set yourself up for success and steer clear of costly mistakes, listen to our award-winning Stress Test podcast.
Cision Canada
41 minutes ago
- Cision Canada
Parkland Corporation Announces Second Quarter 2025 Dividend
CALGARY, AB, June 11, 2025 /CNW/ - Parkland Corporation ("Parkland") (TSX: PKI) announces that a dividend of $0.36 per share will be paid on July 15, 2025 to shareholders of record on June 20, 2025. The dividend will be an 'eligible dividend' for Canadian income tax purposes. About Parkland Corporation Parkland is a leading international fuel distributor, marketer, and convenience retailer with safe and reliable operations in 26 countries across the Americas. Our retail network meets the fuel and convenience needs of everyday consumers. Our commercial operations provide businesses with fuel to operate, complete projects and better serve their customers. In addition to meeting our customers' needs for essential fuels, Parkland provides a range of choices to help them lower their environmental impact, including manufacturing and blending renewable fuels, ultra-fast EV charging, a variety of solutions for carbon credits and renewables, and solar power. With approximately 4,000 retail and commercial locations across Canada, the United States and the Caribbean region, we have developed supply, distribution and trading capabilities to accelerate growth and business performance. Our strategy is focused on two interconnected pillars: our Customer Advantage and our Supply Advantage. Through our Customer Advantage, we aim to be the first choice of our customers through our proprietary brands, differentiated offers, extensive network, competitive pricing, reliable service, and compelling loyalty program. Our Supply Advantage is based on achieving the lowest cost to serve among independent fuel marketers and distributors in the hard-to-serve markets in which we operate, through our well-positioned assets, significant scale, and deep supply and logistics capabilities. Our business is underpinned by our people and our values of safety, integrity, community and respect, which are embedded across our organization.
Globe and Mail
an hour ago
- Globe and Mail
Quebec names mediator as Montreal public transit strike in third day
Quebec's labour minister says he has named a mediator in a labour dispute between Montreal's public transit authority and its maintenance workers that has limited bus and metro service across the city. About 2,400 maintenance workers have been on strike since Monday after more than a year of negotiating. As a result, buses and metros are only operating during morning and afternoon rush hours and late at night. Labour Minister Jean Boulet said Wednesday on social media that the mediator will be tasked with easing tensions between both sides and restoring a dialogue 'conducive to negotiations.' One day earlier, he urged the union and the transit authority to jointly seek mediation to bring them closer to a deal. In a news release on Wednesday, the transit authority — Société de transport de Montréal — said negotiations with the union extended late into the prior night before the two sides agreed on the conditions governing mediation. Both sides filed a joint application for mediation to the Labour Department. 'Meetings with the union continue and are still scheduled several times a week,' the transit authority said. The mediation deal is a 'step in the right direction,' said Marie-Claude Léonard, general director of the agency. But she said, 'we are not one meeting away from reaching a solution.' The agency noted it had proposed mediation as early as May 29. Bruno Jeannotte, president of the maintenance workers union, said in an e-mailed statement that mediation will hopefully accelerate negotiations 'to quickly resolve the issues that separate us.' As part of an agreement reached with Quebec's labour tribunal, regular service will be maintained from Friday to Sunday for the Canadian Grand Prix weekend, but operations will be restricted on other days until the strike is set to end on June 17. Earlier this week, Jeannotte also said his team is in talks with the union representing bus and subway drivers — who have also voted for a strike mandate — on ways to increase pressure on the transit authority. In a post on the X platform, Mayor Valérie Plante thanked Boulet for getting involved. 'This is an important step that will help move things forward,' Plante wrote. 'Our wish is clear: that the dialogue accelerates to reach an agreement.' She also sympathized with Montrealers who've been affected by the service cuts. 'The situation is difficult and complex for thousands of us. Public transit is essential and must resume quickly,' Plante said.
