Cherry Financial Services

02/23/2026

Hiring of additional 1,500 call centre workers also under way

07/09/2025

https://www.cbc.ca/news/gopublic/go-public-financial-fraud-protection-tips-1.7577719

Bank fraud is a significant concern in Canada, according to the Canadian Anti-Fraud Centre. Every week, Go Public hears from people whose accounts have been emptied by fraudsters using everything from phishing emails and fake banking apps to phone spoofing, hacked passwords and unauthorized e-transfers.

All too often, investigations by financial institutions end not with accountability, but with banks blaming the very customers who trusted them with protecting their money.

"Banks appear to be protecting themselves and their own reputations, rather than trying to remedy a situation."

Cybersecurity expert Claudiu Popa says financial institutions could do much more to protect customers from bank fraud in Canada. He urges people to follow these five tips to protect themselves.

07/09/2025

https://www.cbc.ca/news/business/rbc-bank-investigator-scam-1.7577770
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The caller told Plett, who lives just outside Montreal, that someone in Vancouver was trying to steal $2,000 from her bank account. So she complied when he instructed her to log into her RBC banking app while he was on the phone with her, and followed instructions he said would safeguard her money.

By the time the call was over, $14,510 had vanished from Plett's two RBC accounts, one personal and one for her marketing business. Plett said she found out she was scammed because the real RBC called her shortly after to report fraudulent activity in her account.

She says she didn't share any personal information or codes with the fraudster. But when she asked RBC for a refund, Plett says the bank declined, and told her that she was responsible because she was active in her account when the money disappeared.

Montreal police, who are investigating a criminal network involved in the scam, told CBC News they have identified at least 220 RBC customers who were victims of the fraud. Police estimate total losses of $1.5 million.

Cherryfinancial.ca

When Melissa Plett got a fraud alert call from a number at the Royal Bank of Canada last month, she didn't suspect she'd lose $14,510 as part of a scam where fraudsters pose as bank investigators. Though victims can seek reimbursement, banks often reject the request, or provide only a partial refund...

06/24/2025

https://www.wealthprofessional.ca/news/industry-news/boomers-trust-advisors-but-millennials-trust-themselves-survey-finds/389524

The research highlights that Canadians now define financial fulfilment more broadly.

Nearly half (47 percent) say the freedom to pursue passions is most important, while others value worrying less about money (38 percent) and spending time with family and friends (35 percent).

Retirement remains a goal for many, but early retirement is more common among Gen X (44 percent) and Millennials (36 percent), while just 24 percent of Boomers prioritise legacy-building.

Other challenges include insufficient income or savings (31 percent), unexpected financial setbacks (29 percent), and health-related issues (23 percent). Income shortfalls are more likely to affect Millennials, while health issues are a bigger concern for Boomers.

Cherryfinancial.ca

Most Canadians lack a financial plan, but advised investors feel more optimistic about their future

06/20/2025

An article was posted to:
https://www.benefitscanada.com/pensions/retirement/67-of-canadians-concerned-about-impact-of-canada-u-s-relations-cost-of-living-on-retirement-hoopp/

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The survey, which polled more than 2,000 Canadians, found as a result of the ongoing U.S trade war, a fifth (22 per cent) said they’re putting more money aside in savings and 18 per cent said they’ve stopped contributing to their savings.
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The current economic and political landscape is also impacting Canadians’ mental health, says Rook, noting generation Z is particularly concerned about their financial future. “We have 53 per cent of respondents aged 18 to 34 saying their mental health has been impacted by geopolitical developments. That cohort, in particular, feels very out of sorts and they’re looking for anything their employer can do to provide some peace of mind for them.
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More than half (55 per cent) of working Canadians said they’re unable to save for retirement because they’re living paycheque to paycheque and 50 per cent said they’re concerned that any current or future savings won’t last long enough in their retirement.

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Two-thirds (67 per cent) of Canadians say they’re very concerned about how Canada-U.S. relations, along with the cost of living (67 per cent) and general economic uncertainty (65 per cent), will impact their retirement savings, according to a new survey by the Healthcare of Ontario Pension Plan. T...

06/20/2025

An article was posted to:
https://torontosun.com/news/world/16-billion-passwords-exposed-in-mother-of-all-data-breaches

A collection of 30 databases was reportedly discovered, including passwords, for government accounts, Apple, Google, Facebook, Telegram and more websites.

According to the researchers, the records were most likely compiled by cybercriminals using various infostealing malware. They noted, however, that some data may also have been collected by so-called ‘white hat’ hackers.

Cybernews, which found the records, said the information was only briefly available to the wider internet before being locked down, but it is not possible to determine who owned the databases.

Cybersecurity researchers have unearthed what they are describing as the "mother of all breaches."

06/19/2025

https://www.insurancebusinessmag.com/ca/news/life-insurance/oneinfour-canadian-parents-adjust-estate-plans-due-to-soaring-healthcare-costs-539517.aspx

As Canada marks Seniors Month, new national research from the Money Wise Institute is raising a red flag: rising healthcare costs are forcing a growing number of Canadians to make difficult trade-offs in retirement and inheritance planning.

According to the Institute’s latest survey, more than one-in-four Canadian parents (27%) have revised their estate plans due to mounting healthcare expenses, while 35% have told their heirs to expect a smaller inheritance than originally planned. With inflation, long-term care gaps, and aging-related costs accelerating, retirement is becoming more expensive—and less predictable—than many Canadians envisioned.

Beyond financial strain, the emotional toll is rising too. In the April study by the Institute, 22% of parents reported feeling guilty about prioritizing their own financial security over leaving an inheritance—a tension that deepens when health issues enter the picture.

Cherryfinancial.ca

Research reveals a growing gap between what parents intend to leave behind and what their heirs expect

06/18/2025

An article has been posted to:
https://www.fa-mag.com/news/high-earning-women-are-slow-to-invest--capital-group-survey-says-82945.html

Women who earn more than $200,000 per year are far slower to invest than their male peers, with just 30% investing in their 20s compared to 61% of men, a Capital Group survey found.

And while women today represent half the U.S. population and control one-third of household financial assets, they’re 40% more likely to wait until after the age of 35 to begin investing.
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Capital Group surveyed more than 1,500 consumers in October 2024, of whom more than 800 were women. To qualify, participants had to be between 22 and 78 years old, with some influence on financial decision-making in their household and at least one investment account. They also had to meet a minimum level of assets depending on age.

The survey found that women who have financial advisors report feeling more prepared, relaxed, satisfied and secure around their finances compared to women who do not have an advisor. And while the cost of advice is initial a top concern, high-earning women consider advice a necessity well worth the expense.

Cherryfinancial.ca

Just 30% of women earning more than $200,000 invest in their 20s, compared with 61% of men.

06/17/2025

SASKATCHEWAN BLUE CROSS UNVEILS HEALTH PLAN

An article has been posted to:
https://www.insurancebusinessmag.com/ca/news/life-insurance/saskatchewan-blue-cross-unveils-retiree-health-plan-539024.aspx

The offering does not require medical questionnaires and does not exclude coverage for pre-existing conditions. Coverage includes virtual consultations with nurse practitioners through Cleveland Clinic Canada, up to 20 counseling sessions via the Individual Assistance Program with Homewood Health, and additional support in mental health, smoking cessation, and preventative care.

Other features include up to 65 days of travel protection per trip with $5 million in emergency medical coverage outside Saskatchewan or Canada. Prescription drug benefits cover a range of medications, including vaccines and Exception Drug Status (EDS) drugs. Eye exams, physiotherapy, counseling, and other extended health practitioner services are also part of the plan.

Optional dental coverage is available, with the ability to opt out, particularly for those already eligible under the Canada Dental Care Plan.

“Retirement isn't a one-size-fits-all journey, and your retirement health plan shouldn't be either,” said Kelly Wilson, president and CEO of Saskatchewan Blue Cross.

Cherry Financial.ca

Over 135,000 individuals are expected to retire over the next five years

06/17/2025

CANADIAN HOUSEHOLDS END FIRST QUARTER WEALTHIER

An article has been posted to:
https://www.wealthprofessional.ca/news/industry-news/canadian-households-ended-first-quarter-wealthier-despite-headwinds/389446

Against the backdrop of economic uncertainty and market volatility ahead of Trump’s tariffs, the net worth of Canadian households still advanced by $141 billion or 0.8% to $17.6 trillion. It was the sixth consecutive quarterly increase, although at a slower pace than the 1% of the fourth quarter of 2024.

The Statistics Canada data shows that the wealthiest 20% of households held over two-thirds of financial assets (68%) and over half of real estate (51%).

Financial assets increased by 0.9% or more than $97 billion (to $10.9 trillion) even as equity markets weakened – the S&P/TSX Composite Index grew by just 0.8% after a strong second half in 2024, while the S&P 500 Index was down 4.6% by the end of the quarter.

The value of non-financial assets rose for the second consecutive quarter to reach $9.8 trillion in the first quarter, primarily due to higher residential real estate valuations (+$47.3 billion). But the value of residential real estate increased by only 0.6% in the first quarter of 2025.

Cherryfinancial.ca

Market volatility and economic uncertainty aside, total assets grew again in Q1

06/17/2025

GET OUT FOR A WALK

The study, which was published in the New England Journal of Medicine on Sunday (https://www.nejm.org/), found that for patients with colon cancer, structured exercise did make a difference. Seven years after being diagnosed, 90 per cent of the patients who took part in the structured exercise program over a three-year period were still living. In the group that had only received an informational pamphlet, 83 per cent of participants were still alive.

The researchers don't know exactly why the program had such an impact. But the findings could have significant future implications for how patients with colon cancer, one of the most common cancers, receive treatment.

The study enrolled 889 patients from 55 hospitals in Canada, Australia and the United Kingdom. The clinical trial focused on high-risk stages 2 and 3 colon cancer patients who had received surgery and chemotherapy. Half of the group was given the traditional take-home pamphlet recommending diet and exercise and the other half was prescribed a structured exercise program for three years. The study lasted for 15 years, with about half of the participants joining in the beginning and the rest later on.

Patients in the exercise group were assigned a physiotherapist or a personal trainer to check in with at least once a month. But they were free to decide what kind of exercise they wanted to do. They just had to do it for up to 45 minutes, depending on the type, three times a week. For Smith, that meant walking briskly on a treadmill. Other participants biked, swam or hit the gym. In each case, the exercise had to include a sustained, elevated heart rate. (They didn't specify a figure.)

06/02/2025

The study, which was published in the New England Journal of Medicine on Sunday (https://www.nejm.org/), found that for patients with colon cancer, structured exercise did make a difference. Seven years after being diagnosed, 90 per cent of the patients who took part in the structured exercise program over a three-year period were still living. In the group that had only received an informational pamphlet, 83 per cent of participants were still alive.

The researchers don't know exactly why the program had such an impact. But the findings could have significant future implications for how patients with colon cancer, one of the most common cancers, receive treatment.

The study enrolled 889 patients from 55 hospitals in Canada, Australia and the United Kingdom. The clinical trial focused on high-risk stages 2 and 3 colon cancer patients who had received surgery and chemotherapy. Half of the group was given the traditional take-home pamphlet recommending diet and exercise and the other half was prescribed a structured exercise program for three years. The study lasted for 15 years, with about half of the participants joining in the beginning and the rest later on.

Patients in the exercise group were assigned a physiotherapist or a personal trainer to check in with at least once a month. But they were free to decide what kind of exercise they wanted to do. They just had to do it for up to 45 minutes, depending on the type, three times a week. For Smith, that meant walking briskly on a treadmill. Other participants biked, swam or hit the gym. In each case, the exercise had to include a sustained, elevated heart rate. (They didn't specify a figure.)

The New England Journal of Medicine (NEJM) is a weekly general medical journal that publishes new medical research and review articles, and editorial opinion on a wide variety of topics of importance to biomedical science and clinical practice.