Getting less, paying more
If you’ve noticed that the size of packaging at the grocery store seems to be shrinking, you’re not alone.
A recent Ipsos poll conducted for Global News found that an overwhelming majority of Canadians are worried about shrinkflation — the idea that grocery items are smaller but cost the same price as before, if not more.
The poll, published Sunday, found that 84 per cent of respondents are concerned about shrinkflation.
“They pick up a box at the grocery store and they go, ‘Didn’t this used to be bigger?’” Ipsos Senior VP Sean Simpson told Global News. “They’re noticing that those portion sizes are declining, and they’re concerned that that trend could continue.”
The figures come as Canada has been facing historic inflation, with grocery prices rising around 10 per cent in March and February.
Read more about how Canadians are coping with costly trips to the grocery store.
How the writers strike could change TV
If you’re a regular viewer of late-night television, you were likely among the first to notice the impacts of the Hollywood writers strike, which began earlier this week.
But the shuttering of daily productions on many TV shows and movies is just the beginning of what experts say could be the long-term fallout of changing work conditions for writers and the rise of artificial intelligence.
New applications such as OpenAI’s ChatGPT, as well as offerings from Microsoft and Google, have shown a remarkable ability to generate text and even adapt voices and writing styles that they’ve been trained to mimic.
The Writers Guild of America, which represents some 11,500 striking writers, signalled they were aware of this threat in their list of demands, seeking a path to regulate the use of AI in the writers’ room.
AI isn’t quite ready for “primetime,” technology analyst Carmi Levy says, but by the time the next strike rolls around, it might be — and that could lead to a flood of “generic” content on your favourite streaming platforms.
“I dread that future, but I think that’s kind of the direction we’re headed,” he tells Global News.
Read more on what the writers strike means for the future of TV.
I missed the tax deadline. Now what?
The end of the Canada Revenue Agency strike on Wednesday arrived a few days after the personal tax filing deadline of May 1.
While the return to work for the roughly 35,000 striking CRA workers might help deliver some clarity to those with questions about their taxes, the filing deadline did not change over the course of the work stoppage.
So, if you missed that May 1 date, what does that mean to you?
If you’re lucky enough to receive a tax refund on your 2022 filing, you won’t be subject to any penalties or interest on the amount.
But if you owe the CRA any money, you might want to get those taxes filed quickly and payments sent off — otherwise you could see that amount grow in the days to come.
More on that here.
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– THE QUESTION –
“I am a newly single 35-year-old mother of three. I have very little in savings and have moderate credit debit. My income is low, but I have a little bit of leftover money after essentials. What per cent of my income after essentials (rent, food, bills, etc.) should I be putting toward debt and what should I be putting toward savings? Any advice for how to get back on my feet and become financially independent?”
— A Money123 reader
It’s great that you are looking for guidance to become financially independent. Here are some suggestions:
Add up your monthly income after tax, spousal or child support (Spousal support is taxable, so set aside money for that as well.) Determine your essential expenses: Start by calculating your monthly essential expenses, such as rent, food, bills, etc. These expenses should be your top priority and take up the majority of your income. Some expenses can be annual but it’s important to average them out monthly and add them into your expense tracker. Set a budget: Allocate a specific amount for each expense category, such as food, transportation and entertainment. The general rule of thumb when building a budget is a 50-30-20 allocation: 50 per cent allocated towards needs, 30 per cent towards wants and 20 per cent savings/debt repayment. Pay down debt: If you have credit card debt or other high-interest loans, it’s important to focus on paying those down as quickly as possible. Aim to put at least 20 per cent of your income after essentials toward debt repayment each month. This will help you pay off your debt faster and reduce the amount of interest you pay over time. You can use a snowball strategy whereby you make a minimum payment each month towards each debt and any leftover amount in your budget is used as an extra payment towards the debt with the lowest balance. Create your own financial identity: find out your credit score and review the debts that are outstanding in your report to ensure they are your debts and not your former spouse’s. Build an emergency fund that can cover three to six months’ worth of your essential expenses. If you do feel overwhelmed, start off with a goal of saving $1,000 and build your savings muscles from there. If you have children who are below 18 years old, use some of the child tax benefits towards opening an independent family RESP through your financial institution. This strategy will help you save for their education and alleviate the financial pressure of education costs down the road.
Remember, taking control of your finances is empowering! You can start small and work your way up to bigger goals. With dedication and discipline, you can achieve financial stability and security.”
– Zainab Williams, founder and principal financial planner, Elleverity Wealth Management
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