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June 10, 2021

Canadians spending more on Father's Day

Goofy ties. Purple socks. Plaid sweaters.

Yep, Dad has a drawer full of them.

But with Father's Day coming up this weekend, it seems that Canadians are willing to spend a little more on Dad to help keep him stylish.

In fact, Canadians are planning on spending an average of $95 on a gift for Dad, up from $86 last year, according to a new survey by BMO Bank of Montreal.

Nick Mastromarco, Director, BMO Bank of Montreal, says, "Canadians are in the spending spirit this year when celebrating Mom and Dad. However, it's wise to avoid over-spending and regardless of the occasion, always try to spend within your means.

"To get the most our of your dollar this Father's Day, take advantage of reward programs that help you maximize your budget."

But even though spending on Dad is up, Canadians tend to spend a little bit more on Mom ($107).

Across the country, those living in Alberta plan on spending the most on Dad ($117); followed by British Columbia ($101); Ontario and Quebec ($94); the Prairies ($86); and the Atlantic provinces ($61).

Sons are expecting to fork out $110 on Dad while daughters expect to spend about $80.

But before you head out shopping for that ideal gift for Dad, it's best to have a game plan ahead of time to know what you're looking for so that you don't get sidetracked and spend over your limit.

Keep an eye out for sales, do comparison shopping, and use your reward programs when available.

And remember, sometimes the best gift is just being there to share in the special day with Dad.

Of course, Dad can never have too many tacky ties or socks.

By Donna Donaldson, MSN Money

What do you plan on doing for Father's Day?




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Gordon PowersGordon Powers

A long-time fund company executive, Gordon Powers now heads up the Affinity Group, a financial services consulting firm. Gordon was a personal finance columnist for the Globe & Mail for many years, has taught retirement planning...