Good morning. Thanks to the dozens of you who replied last week with thoughtful ideas for this newsletter. I was also surprised (and impressed) by how many of you already have regular no-spend days after I suggested it as your weekly challenge. More on that below, but first: what does the skilled trades shortage have to do with your retirement planning?
Canada is staring down a major demographic shift: nearly 700,000 skilled tradespeople are expected to retire by 2030. In another retirement-related issue for the country, many Canadians, of all ages, say they feel financially unprepared for this life chapter.
A program from Meridian Credit Union is attempting to tackle both problems at once.
In a new partnership with Building Up, a Toronto-based enterprise that helps people facing barriers to employment build careers in the skilled trades, Meridian’s Reframe initiative combines hands-on trades training with financial coaching. The program is designed to address Ontario’s skilled labour shortage and housing affordability crisis.
Launched in Barrie last year and now expanded to the Greater Toronto Area with the new partnership, the program is in high demand. More than 4,000 people applied for just 100 spots in the latest round.
Participants spend eight weeks in a classroom learning carpentry and construction basics, followed by eight weeks of paid, on-site training. Alongside technical skills, they have access to personalized financial coaching, plus help building résumés and preparing for job interviews.
I spoke with Summer Xu, 32, who moved to Toronto from China last fall and struggled to find work. Through Reframe, Xu got access to training, paid work, and financial coaching. Xu’s now preparing to start a pre-apprenticeship in industrial machinery and equipment at Sheridan College at its Brampton campus in July.
“Before the program, I couldn’t save anything. I used to walk two hours to get somewhere because I couldn’t afford transit,” Xu said. “Now, I feel safe, physically and mentally.”
“If you know how to budget, how to plan, how to get access to money, what happens with your credit score, you’re going to be much more successful,” said Jay-Ann Gilfoy, CEO of Meridian Credit Union.
It’s never too early (or too late) to build those financial skills.
The great wealth transfer is coming … but not equally. According to Fidelity Canada’s 2025 Retirement Report, the size of inheritances Canadian retirees expect to leave behind varies dramatically by region.
By the numbers: Millennials and Gen Zers living in British Columbia can expect the highest payout, with retirees in that province expecting to pass on $1.35-million. That’s compared with $330,000 in Quebec and $250,000 in the Atlantic Region.
What’s driving the difference? Real estate, mostly. The provinces with the highest home prices, such as B.C. and Ontario, have the highest anticipated windfall amount from retirees. Owning a home remains a key factor in how much wealth older Canadians can pass down.
🚨 The Globe is looking to speak with Canadians who have not received financial help from their families, but have still been able to achieve big milestones, such as buying a house. Tell me about it at [email protected].
How dividend investing helped this retiree stay afloat while caregiving
The situation: Henry Mah retired at 65 and worked part-time until 70. He and his wife travelled widely in their early retirement years to Malaysia, Singapore, the U.K., and more. But life changed dramatically when she was diagnosed with dementia. Today, Mah and their daughter are her caregivers.
The numbers: They lived frugally, avoided debt, and eventually switched their portfolio to focus on dividend-paying stocks. By 65, they were earning $35,000 a year in dividend income.
His advice: Mah wishes he had learned about dividend investing earlier. He urges pre-retirees to reduce debt before leaving work and to make time for loved ones. “You never know when your situation might change,” he said.
🚨 Traditional retirement is changing. The idea of working until 65, retiring and never working again is fading. Many people are retiring earlier, then starting businesses, freelancing or even becoming influencers. We want to hear about what your second act is. Tell me about it at [email protected].
🏖️ The Globe’s personal finance whiz, Rob Carrick, is retiring. After 27 years of covering personal finance and investing, he is taking a much-deserved retirement. Thank you, Rob, for always meeting readers where they’re at and helping thousands of Canadians feel more confident about their pocketbooks.
📈 GICs are simple, but not always the most effective way to build wealth. They’re reliable, yes, but returns are taxed at your full marginal rate, and your money’s locked in. TFSAs or diversified portfolios might be smarter for long-term growth, depending on your situation.
🥛 Is dairy inflammatory? There are conflicting findings, but a review of 15 studies published in 2019 found that dairy products did not increase inflammation in healthy individuals. It’s a better idea to focus on your overall eating pattern, rather than one or two foods.
🤼 Reddit’s r/PersonalFinanceCanada is … rich? One user called out the popular subreddit for being dominated by “wealthy” posters, claiming that posts about everyday financial struggles are being moderated out.
❌ No-spend day update:
After last week’s challenge, many of you told me you already practise this and find big savings. I tested it out myself on Monday, skipping my local coffee shop, walking instead of taking transit, and even cancelling a couple of unused subscriptions. I realized how often I spend money without even thinking about it. It’s a conscious effort to save money, and that’s why it pays off. I’ll try to incorporate no-spend days into my weekly routine.
👀 This week’s challenge: Audit your savings accounts.
Do you know where all your registered accounts are? TFSA, RRSP, workplace pension? For plans registered in Ontario alone, nearly 200,000 pension plan members are considered “missing” – meaning plan administrators have no address or other contact details – according to a 2024 National Institute on Ageing report, adding up to about $3.6-billion in unclaimed benefits.
Take 15 minutes to list your registered accounts, check their balances, and make sure your contact info is up to date.
Read more on The Globe and Mail
