Additionally, 61 percent believe inflation is high and expect it to increase further.
The survey revealed that 44 percent of Canadians spend an additional $100–$300 monthly on basic expenses, while 38 percent report spending over $300 more.
Robert Kavcic, senior economist at BMO Capital Markets, noted, “While trade concerns are significant, global economic growth is expected to continue, and underlying Canadian economic growth could improve in 2025 barring sustained tariff actions.”
On inflation, Kavcic added that price growth appears to have stabilized around the Bank of Canada’s target, and further modest interest rate reductions are expected in 2025.
The survey highlighted a significant increase in TFSA values, with the average account balance reaching $44,987 in 2024, an 8 percent rise from $41,510 in 2023.