Main

Consumer news

October 31, 2021

E-bikes can prove costly when it comes to insurance claims

Although both motorists and cyclists don't seem to crazy about them, electronic bicycles (e-bikes) are flying off the shelves these days. They're cheap to buy, cheap to run and don't leave much of a carbon footprint.

They are, however, subject to provincial traffic laws; that is, they can ride in traffic with motor vehicles, like scooters, and their operators mustn’t drive recklessly or under the influence of alcohol. Here's a good summary of the existing rules.

More importantly, they also don't need a license or insurance, according to a recent Ontario Court of Justice ruling. But taking that latter option at face value might be shortsighted, warns My Insurance Shopper

"Like any motorized vehicle, there is a liability risk attached with owning this type of vehicle. If you're an owner of this type of motorized vehicle you need to know that you may have no liability coverage if you get into an accident, and you could find yourself without coverage if you cause property damage or worse, injure another person."

Continue reading »

October 30, 2021

Half of travel points customers frustrated with redemption process, says survey

Every person loves the idea that they could earn points while spending money that they would any way and eventually, they would be treated to a free trip. Unfortunately, about 68 per cent of people surveyed faced irksome situations when it came to cashing in their points, according to a recent survey conducted by Capital One Canada.

Some of the major issues include hidden fees, blackout dates and the lack of flight availability.

But there is one ray of sunshine within this survey, apparently credit card companies and airlines are changing their ways since customers aren't afraid to walk away and switch card providers, says the survey.

With many travel reward cards to choose from there's lots to consider including annual fees, extra benefits, such as car rental or travel insurance, interest rates, where you can collect points and how quickly you can accumulate points. Most importantly, you should consider any details about the redemption process, such as if there's an expiry date on using your points, and how many points you'll need to redeem for a flight to wherever you want to go.

Continue reading »

October 28, 2021

Rather than downsize, retiring boomers hope to stay put

If you read the headlines, just about every urban boomer is leaving the suburbs behind and moving into condos or lofts in a trendy downtown area

Yet there's little evidence that most Canadians are actually that open to the idea of moving into a smaller residence as they grow older.

A majority of Canadians aged 50 and over – 83 per cent – said staying in their own homes and paying for home care is the most appealing option for them, accordsing to Royal Bank research.

Even then, while the majority of us want to ''age-in-place'', this doesn't necessarily mean that we expect to stay in the same house. Most people are attached less to a particular pile of bricks and mortar than to a local area – to a network of friends, services and familiar places.

Among those who were already retired, a decision to move out of their home was most often due to a change in their health – 66 per cent – rather than to cash in on their home equity or get closer to restaurants.

"Remaining in familiar surroundings – in a home of their own, in their current neighbourhood and close to family and friends – is definitely how Canadian Boomers wish to live when future health changes occur,” says RBC head of retirement and aging strategies Amalia Costa.

Continue reading »

October 21, 2021

Are 'pet-friendly' hotels really worth the extra money?

The pitter-patter of paws can be heard in close to half of all Canadian households, so it’s no wonder that the hospitality industry is anxious to capture this demographic with enhanced 'pet-friendly' features.

A decade ago hotels either “accepted” dogs or they didn't, Len Kain, the editor of Dogfriendly.com, a travel site for dog owners, told the New York Times. “You could not really say they welcomed them, that is, encouraged you to bring them.”

But they sure do now.  

Some hotels welcome pets in all rooms; others have a limited number. But their doors are always open to pet owners and their friends.

"It makes good business sense for hotels to recognize that pets are part of the family," says Susan Sims, publisher of Fido Friendly magazine. "People who bring their pets tend to stay longer and spend more."

One reason guests spend more is that, unlike children, pets usually don't stay free. Many hotels charge about $25 a night, others far more, Sims says. You might also have to put down a refundable $100 deposit and accept financial liability for any damage your pet causes.

Pet policies vary widely among pet-friendly accommodations. Some hotels are only dog friendly; others have a 2 pet maximum.

Continue reading »

Buying your groceries online could become the norm

Walmart Canada is foraying into a new retail sphere, the world of selling food online.

The discount store quietly added food options to its website, which include items such as canned soups, pancake mix and gluten-free cereals, according to the Globe and Mail. The store typically has free shipping, except in the territories, and it's testing same-day shipping in Toronto. They could even offer fresh and frozen product options in the future, a spokesperson told the newspaper.

Many stores have shifted their businesses towards creating a robust shopping website as consumers have taken to showrooming, which means they check out the item at a brick and mortar store and then research on the Internet, sometimes even while in the store, for the best price.

While Canadians aren't as likely to shop online as other nations with 22 per cent of Canadians having never bought anything online, which is a stark contrast compared to four per cent of residents in China never buying anything online, more and more retailers are realizing that they need to grow their brands on the Internet.

Continue reading »

October 17, 2021

Why your budget may not be working

Got that nagging feeling that you’re just not doing enough to manage your money? You’re probably right, which leaves you with two options. Keep writing cheques and melting plastic until your money runs out, or get a handle on things right now by establishing some sort of spending plan.

A reasonable spending plan can provide a shot in the arm for many households – particularly those where there are dissenting views as to where the money actually goes.

Once you've decided how much your family is likely to burn through in big-ticket categories like cars, housing and food, then you can work towards either predetermined savings goals or emergency planning.

Here's one story of how someone ended up suddenly without a job -- and without a firm idea of his household’s spending.

The important thing to remember is that money is fungible, maintains economist Emily Oster. In reality, all dollars are the same. There is no such thing as a gas dollar, a grocery dollar, or a “fun” dollar.

So simply slotting expenses into envelopes depending on what you think you might spend may actually hinder you in the long run since it doesn't allow for much flexibility.

Continue reading »

October 10, 2021

Rogers' BlackBerry backlash illustrates 'Buy Canada' mindset

The telecom company announced it would sell the latest BlackBerry after social media furor to news that Rogers wouldn't sell the BlackBerry Z30.

A week ago, the Rogers said it wouldn't offer BlackBerry's flagship phone, but many Canadians were upset that the company wouldn't support another Canadian company. Many users threatened to cancel services with one of the country's largest carriers.

The company has now said that the Z30 can be bought on its website and national reservation system.

Let's be real. BlackBerry is facing a dire situation. It looks like the company's future in smartphones is over with a possible $1 billion write off in unsold touchscreen phones, along with the possible sale and breakup of the company.

Continue reading »

October 03, 2021

Dog owner reimbursed $500 after dog ate his bank notes

If your dog eats your money, don't fret, it's possible you'll be reimbursed. A Montana man waited six months before the U.S. Bureau of Engraving and Printing sent him a cheque for the five $100 bills his dog scarfed down.

The golden retriever, Sundance, chowed down on his gourmet meal when the bills were stashed in the car's front seat compartment. Once the dog owner, Wayne Klinkel, realized the situation, he followed Sundance around with rubber gloves and plastic bags while waiting for Sundance's meal to pass through the dog's system. More pieces of the bills showed up once the snow melted.

It's a bit of an icky task, but Klinkel washed, dried and ironed the bills before sending them over to the U.S. Treasury. And it looks like his efforts paid off.

Continue reading »

October 02, 2021

Some new U.S. $100 bills could be worth a lot

If you pick up the new $100 U.S. bill going into circulation on October 8, you might want to keep it in pristine condition and check the serial number. It could be worth a lot more than you think.

Coin collectors are stoked about the new bills going into circulation since it means that the serial numbers are reset to single digits. 

The number one note could be sold for as much as $10,000 to $20,000 in mint condition, an independent dealer told NBC. Any bills with low-serial numbers, such as 0000002, will bring in the most money.

But don't fret if you can't get your hands on the first few bills. If you have a bill with a certain serial number combination, such as eight of the same digit, otherwise known as "solids" in the dealer world, they could be worth about $3,000. You should also be on the lookout for serial numbers with the first four numbers mirroring the last four numbers, known as "radars," or serial numbers in sequential order, known as "ladders".

Continue reading »

October 01, 2021

One quarter of Yelp reviews are fake

If you regularly visit Yelp.ca to help you decide whether you should eat at a restaurant, you might want to do more research before visiting. The customer review website says that a quarter of its online reviews could be fake, according to the BBC.

The company commented after a Harvard business school study stated that 20 per cent of online reviews on Yelp were fake. The company has an automatic filter for fake reviews, but that doesn't mean it catches all of them.

Continue reading »

advertisement

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...