Many Canadians believe they’ll spend more this summer than last, according to a new CPA Canada survey. (Stokkete/Shutterstock)

Canada | News

Survey says Canadians are feeling the heat this summer with rising costs of daily expenses

Results from CPA Canada survey show filling your tank and keeping the fridge stocked may cost more than it did a year ago

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Canadians are expecting to dig a little deeper into their pockets this summer compared to last year, according to a new survey by CPA Canada.

Conducted by Elemental Data Collection Inc., the results showed that 56 per cent of the 1,000 Canadians polled believe they’ll spend more money this summer than last, with 30 per cent of those surveyed saying their expenditures will increase between $500 to under $2,000 compared to 2017.

Here’s a look at some of the key findings and the impact they’re having on spending habits this year.

 close up of woman using gas pump to fill car(Classen Rafael/EyeEm/Getty Images)

RISING CANADIAN GAS PRICES

The price of gas is a topic that has consistently sparked conversation and opinion among Canadians for decades, for better or for worse.

Survey says: Of those surveyed, 62 per cent think they’ll be spending more on transportation fuel costs this summer. It’s no surprise with gas prices steadily rising across the country.

Coast to coast: Based on data collected by GasBuddy.com, the average price of regular gas in Canada has risen approximately 30 cents per litre from July 2017.

As of July 11, 2018, British Columbians are paying the most to fill up their tanks at a whopping average rate of $1.48 per litre. The Northwest Territories ($1.44), Newfoundland ($1.38), Quebec ($1.35) and Alberta ($1.34) round out the top five.

In B.C., the Lower Mainland is being squeezed especially hard with prices for regular gas in and still averaging $1.55 per litre. Meanwhile, customers in Halifax, N.S., are currently paying $1.28 for a litre of regular. 

young man leaning on shopping cart in a supermarket aisle(Maskot/Getty Images)

ADDING UP THE COST OF FOOD

The annual projected that consumers would see a rise in food costs for 2018, with vegetables and restaurant prices increasing the most, between four to six per cent.

Survey says: Fifty per cent of those surveyed said they expect to pay more for food, while 45 per cent said they have less money left over after shelling out for monthly household essentials compared to the same time last year.

Impact of tariffs: What couldn’t be predicted, though, was the sudden trade and tariff battle between Canada and the U.S. that could see certain food items for consumers. If pizza, chocolate or yogurt are high on your preferred food list, you may need to set aside an extra few dollars in the months ahead.

woman sitting on a hammock on a tropical beach(Marco Bottigelli/Getty Images)

ESCAPING FOR A SUMMER VACATION

Despite the rising costs of daily living, many Canadians still seem intent on a nice summer break.

Survey says: Of the survey respondents, 62 per cent plan to take a vacation this summer while another 28 per cent said they have vacation plans to stay home and enjoy activities in their local communities.

Travel deals: If you’re still on the fence about a vacation, some airlines are trying to make your decision a little easier by from Canada to places that should be even sunnier and warmer this summer.

And with nearly 40 per cent of respondents saying they find it stressful to pay for summer expenditures, a little break from the action might be just what the doctor ordered.

LET CPA CANADA HELP YOU MANAGE YOUR FINANCES BETTER

Use the money management worksheets to map out your daily expenses while still planning for longer term goals. Also, subscribe to our Your Money Matters newsletter or attend our mastering money conference for expert tips from CPAs.