Latest news with #OntheBrink
Global News
4 days ago
- Business
- Global News
Trump's trade war exacerbates cost-of-living woes for Ontario worker
Adam Bingle has a lot of worry as the U.S.-Canada trade war drags on. Following the relaunch of Global News' On the Brink series, the 51-year-old Cambridge, Ont., resident was one of many people who contacted Global News with feedback, saying he is in a similar situation to those profiled who are struggling with the cost of living. A welder by trade, Bingle said when he first started his career, he could afford a house, two cars and a kid — but not anymore. With U.S. President Donald Trump's recent doubling of tariffs on steel and aluminum imports to 50 per cent, Bingle said he is concerned about the impact it will have on his job, which has already resulted in some cuts. The company Bingle works for manufactures parts for forestry equipment that are sent to the U.S., where they're assembled and sold. Story continues below advertisement Bingle said he had been making $30 an hour at a different job, but when Trump came into power the first time and imposed tariffs in 2016, he, along with 300 other employees, lost their jobs when the company lost a major contract in the U.S. He fears the same thing will happen again if things don't change. 0:41 Carney says record trade deficit shows his plan is the 'right strategy' To avoid layoffs, Bingle said his employer has been moving people to different locations, but even that comes with added costs. Get daily National news Get the day's top news, political, economic, and current affairs headlines, delivered to your inbox once a day. Sign up for daily National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy 'Unfortunately, now a lot of them have to commute to Guelph or Stratford … which in itself is a serious cost, especially with gas and whatnot. But at least they still have a job,' Bingle said. Now, making $27 an hour as a single dad with two teenagers who live with him half the time, every little bit helps, Bingle said. Story continues below advertisement A frugal shopper, Bingle said he used to make $100 stretch an entire month for food for the three of them, but now that only lasts a week. His financial struggles were further exacerbated when he bought a house during the height of the COVID-19 pandemic in Cambridge for $75,000 over asking. 'I found a house only a few blocks from my ex's house, so that would work for the schooling and whatnot,' Bingle said. 'I had no idea what I was getting into.' 1:55 Could 10-year mortgage terms help ease Canadians' 'payment shock' at renewal? He had hoped to turn it back into a duplex to earn extra income and help cover costs, but said he ran into issue after issue. He took out a second mortgage with a 10 per cent interest rate to help pay for the renovation. Story continues below advertisement Three years later, he said he is only now reaching a point where he can list the apartment, but it has cost thousands more than he thought and almost resulted in him being homeless. 'Boy, did I learn a lesson about first lenders, second lenders and third lenders. When you hit the third type of lender, that got really bad,' he said. 'They ended up lending me $27,000. And within six months, they wanted $46,000 back.' Bingle added he he was able to renegotiate his mortgage to include the other loan, but says it cost $20,000 in legal fees to fight the third-party lender trying to foreclose on his house. As Trump's trade war continues to unfold, Bingle said he worries about what lies ahead — especially at work. 'The next round of layoffs won't be so lucky,' he said. 'I'm hoping that (with) my experience… I'm not one of them.'
Yahoo
19-04-2025
- Business
- Yahoo
‘My paycheck might only cover daycare': Ontario family struggles as cost of living climbs
In the latest installment of On the Brink, 34-year-old Cheyenne Allen says her family is feeling the pressure of rising costs despite earning nearly $150,000 a year. With another baby on the way and daycare costs piling up, Allen says, 'Soon, my paycheck might only cover daycare.' From soaring food prices to fears about their mortgage renewal, she says the cost of living is pushing their dual-income household to the financial edge.
