Downsizing your life? You can easily lose money. Here's how to downsize and keep the most money possible
The typical vision is something along the lines of lowering costs, raising some liquid capital and simplifying the workload. Downsizing for many Canadians involves moving to a smaller home, shifting to one car or going car-less, reducing high-maintenance assets like boats, cottages, equipment and other fun machines, cancelling expensive memberships and generally having fewer things to stress about with more money in the bank.
It's a grand effort to downsize, and can take years. When done thoughtfully, it can shore up retirement savings and ease pressure on one's budget. If rushed or the plan's half-baked though, downsizers can easily lose money. Don't let this be you.
Opinion articles are based on the author's interpretations and judgments of facts, data and events. More details
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
43 minutes ago
- Yahoo
Asked about the U.S., Canada's chief justice says rule of law is 'under attack' worldwide
Asked about U.S. President Donald Trump's contentious relationship with parts of the American judiciary, Supreme Court of Canada Chief Justice Richard Wagner said Tuesday "the rule of law and judicial independence is under attack" around the world. Speaking to reporters at his annual news conference on Parliament Hill, Wagner said if a government attacks the media, judges, lawyers and universities — as Trump and his associates have done in recent weeks — there's a good chance it's "a dictatorship" and an "autocratic government." Wagner said Canadians must be "prudent" and preserve their institutions, including a judicial system where rulings are respected by elected officials. "We have to be careful, but be optimistic as well. "In Canada we have a strong legal system," he said. "We have to defend those institutions. We should not take anything for granted." Wagner said, throughout his cross-country travels, "everybody asks me the same question" about whether what's going on in the U.S. court system will bleed over into Canada. What's different in Canada, Wagner said, is that the "main stakeholders" here "respect separation of powers and judicial independence and are happy to live in a country where the rule of law will prevail. "Canada is not a superpower. But it is a democratic superpower. In this country, the rule of law is non-negotiable," he said. WATCH | Canada's chief justice asked about attacks on judiciary: In his second term as president, Trump is pushing an ambitious but constitutionally dubious agenda that has been held back by some judicial rulings. The president has slammed some judges on social media — complaining about a "radicalized and incompetent court system" in one recent post — and threatened others with impeachment or removal from office. When one federal judge ordered a temporary halt to the deportation of alleged Venezuelan gang members, Trump said it was the actions of a "radical left lunatic of a judge, a troublemaker and agitator" who should be off the bench. In hundreds of cases before the U.S. court system, judges have delayed or stymied his efforts to close some federal agencies, pursue mass layoffs of federal workers, block foreign aid, end birthright citizenship for people born on American soil, deport undocumented migrants and slap tariffs on countries such as Canada. After the U.S. Court of International Trade struck down parts of Trump's tariffs regime, saying the president overstepped his constitutional authority by imposing sweeping levies on global goods, one of his top advisers, Stephen Miller, said, "The judicial coup is out of control." Trump has had some legal victories, especially at the U.S. Supreme Court, which includes three justices appointed by him. Late last month, the top court let Trump's administration revoke the temporary legal status of hundreds of thousands of Venezuelan, Cuban, Haitian and Nicaraguan migrants living in the United States, bolstering the Republican president's drive to step up deportations. A Trump official said that ruling was "a victory for the American people."
The Hill
an hour ago
- The Hill
Canadian road trips to US drop 38 percent year-on-year
The number of Canadians returning from road trips to the United States fell sharply in May compared to the same period in 2024. Canadian-resident return trips by car totaled 1.3 million, a 38.1 percent drop from May 2024 — marking the fifth consecutive month of year-over-year declines. Canadian-resident return trips from the U.S. by air also fell — by 24.2 percent — compared to May 2024. The decline in Canadian-resident air travel from the U.S. accounts for the overall dip in return air travel. While Canadians' return travel by air declined by 3.7 percent overall, return air travel increased by 9.8 percent among Canadians returning from overseas countries compared to last May. U.S. residents, meanwhile, traveled to Canada at a lower rate than they did last year but saw a more modest decline than their Canadian counterparts. U.S.-resident arrivals to Canada by car fell by 8.4 percent and, by air, fell by 0.3 percent, compared to last May. The decline in Canadian road trips to the U.S. continued a trend seen in prior months. In April 2025, Canadian-resident return trips by car from the U.S. totaled 1.2 million — a 35.2 percent decline from April 2024. Canadian-resident return trips by air fell by 19.9 percent, compared to the prior month. The overall tourism decline threatens to wipe out $12.5 billion from the American economy this year, NewsNation reported. The decline in tourism comes as tensions between the U.S. and Canada have cooled under the Trump administration, as President Trump continues to muse publicly about making Canada a 51st state of America, which Prime Minister Mark Carney has repeatedly rejected as a nonstarter.
Business Wire
an hour ago
- Business Wire
RioCan Real Estate Investment Trust Announces Results of Voting at its Annual Meeting of Unitholders
TORONTO--(BUSINESS WIRE)--RioCan Real Estate Investment Trust ('RioCan' or the 'Trust') (TSX: today announced the results of the votes from its annual meeting of unitholders (the 'Meeting') held today. The total number of units represented by unitholders present in person or by proxy at the Meeting was 172,731,826, representing 58.07% of RioCan's 296,731,826 outstanding units entitled to be voted. Each of the nominee Trustees listed in the Trust's Management Information Circular dated April 25, 2025 was elected as a Trustee. RioCan received proxies with regard to voting on the ten Trustees nominated for election, as set forth in the table below: Name of Nominee Votes For % Votes Withheld % Richard Dansereau 170,543,739 99.62% 644,205 0.38% Janice Fukakusa, C.M. 167,217,663 97.68% 3,970,279 2.32% Jonathan Gitlin 168,820,489 98.62% 2,367,455 1.38% Marie-Josée Lamothe 169,471,182 99.00% 1,716,760 1.00% Dale H. Lastman, C.M., 167,666,003 97.94% 3,521,941 2.06% Jane Marshall 167,271,185 97.71% 3,916,766 2.29% Guy Metcalfe 170,693,242 99.71% 494,702 0.29% Edward Sonshine, K.C. 166,604,994 97.32% 4,580,906 2.68% Siim A. Vanaselja 162,187,474 94.74% 9,000,468 5.26% Charles M. Winograd 162,276,329 94.79% 8,911,615 5.21% Expand Appointment of Auditors Ernst & Young LLP was reappointed as the auditor of the Trust until the next annual meeting of unitholders by resolution passed by a majority of the unitholders. Management received proxies to vote for the appointment of the auditor (and to authorize the Trustees to fix their remuneration) as follows: Say-On-Pay Non-Binding Advisory Vote The non-binding say-on-pay vote on the Trust's approach to executive compensation was passed as follows: About RioCan RioCan is one of Canada's largest real estate investment trusts. RioCan owns, manages and develops retail-focused, mixed-use properties located in prime, high-density transit-oriented areas where Canadians want to shop, live and work. As at March 31, 2025, our portfolio is comprised of 177 properties with an aggregate net leasable area of approximately 32 million square feet (at RioCan's interest). To learn more about us, please visit
