# The Margin - Complete Content > The Margin: complete content export for LLMs - 6 sections and the 100 most recent articles. Navigation index: https://themargin.news/llms.txt **Site Overview:** - Domain: https://themargin.news - Total Sections: 6 - Recent Posts Included: 100 - Content Word Count: ~57500 words - Last Updated: 2026-10-08 - Generated: October 8, 2026 04:20:47 **Important Information:** - Site ID: 27407240 - Markdown version: append .md to any URL - Total sections: 6 ## Site Structure - [Money](https://themargin.news/money/index.md): Markets, investing, and personal finance with perspective, for Canadians who know their way around a portfolio. (53 posts; HTML: https://themargin.news/money; RSS: https://themargin.news/feeds/money.rss) - [Tech](https://themargin.news/tech/index.md): Tech earnings, AI spending, semiconductor supply chains, and the companies moving markets. Tech analysis for Canadian investors. (26 posts; HTML: https://themargin.news/tech; RSS: https://themargin.news/feeds/tech.rss) - [Culture](https://themargin.news/culture/index.md): Where money meets life. Real estate, careers, spending, and the money decisions Canadians make every day. (62 posts; HTML: https://themargin.news/culture; RSS: https://themargin.news/feeds/culture.rss) - [Intel](https://themargin.news/intel/index.md): Market primers and financial explainers for Canadian investors. How RRSPs work, what drives markets, and why it matters to your portfolio. (44 posts; HTML: https://themargin.news/intel; RSS: https://themargin.news/feeds/intel.rss) - [Test subsection](https://themargin.news/money/test-subsection/index.md): (0 posts; HTML: https://themargin.news/money/test-subsection; RSS: https://themargin.news/feeds/money/test-subsection.rss) - [Newsletter Archive](https://themargin.news/newsletters/index.md): (50 posts; HTML: https://themargin.news/newsletters; RSS: https://themargin.news/feeds/newsletters.rss) ## Recent Content --- ### The business of: A high-end Toronto barbershop **Published:** October 7, 2026 | **Author:** Sara Harowitz | **Section:** Money **URL:** https://themargin.news/business-of-toronto-barbershop.md --- ### ​When your stocks do the splits **Published:** October 5, 2026 | **Author:** The Margin Editorial Staff | **Section:** Intel **URL:** https://themargin.news/stock-splits-forward-reverse-explained.md --- ### There's a better way to fix Canada's airports **Published:** October 2, 2026 | **Author:** Ali Amad | **Section:** Money **URL:** https://themargin.news/dont-privatize-canadas-airports.md --- ### 🎤 Patience: Zero **Published:** October 2, 2026 | **Author:** The Margin Editorial Staff | **Section:** Newsletter Archive **URL:** https://themargin.news/newsletter-10-02-2026-patience-zero.md 🎤 Patience: Zero Plus: Potential pipeline problems Oct 2, 2026 📩 THE OPENING POSITION The NHL season began Tuesday, and the Leafs have already lost. Classic. The PWHL is also in the news, despite their season not starting until December, thanks to their upcoming Hockey Night in Canada partnership – a thrilling development for Sarah Nurse fans everywhere. Most exciting of all, my own rec hockey season has begun. Maybe this is the year that my decade-old goalie pads – which fall apart just a bit more each season – will disintegrate completely. – Amarah Hasham-Steele, Staff Writer 🔔 BEFORE THE BELL Index Week (Sept. 28–Oct. 1, 2026) TSX ▼ -446.67 (-1.25%) S&P 500 ▼ -53.74 (-0.70%) Nasdaq ▼ -56.97 (-0.21%) Dow ▼ -713.69 (-1.38%) The takeaway: A tough week all around. The TSX slid more than 300 points on Monday due to a weak materials sector. Higher oil and bond yields weren’t helpful to the markets, either, with the 30-year Treasury hitting a 24-year high on Tuesday and climbing ever higher on Wednesday, even with softer PCE inflation than expected. That data helped the Nasdaq stay mostly steady through the week. On Thursday, Bloomberg reported that Anthropic is looking to IPO as soon as November, eyeing a valuation of up to US$2 trillion. 🔎 THE CONTEXT Pipelines and orange shirts Photo credit: Katherine Cheng/SOPA Images/LightRocket via Getty Images It’s pipeline time in British Columbia, but that may be easier said than done. Yesterday, the Carney government declared its new Alberta-to-BC oil pipeline a project of national interest, meaning it will get fast-tracked through the regulatory approvals process. And on Tuesday, Shell PLC announced it would proceed with a $30 billion expansion of its LNG Canada export facility in Kitimat, BC. That liquefied natural gas terminal is supplied by TC Energy’s Coastal GasLink pipeline; also on Tuesday, TC gave the green light to a massive expansion project of its own. The name ‘Coastal GasLink’ should ring a bell for anyone following the non-pandemic-related Canadian news in 2020. That’s the pipeline whose initial construction sparked a land rights protest by members of the Indigenous Wet’suwet’en group in Northwest BC, whose traditional territory includes the pipeline’s route. They put up a dogged fight against the project, sparking nation-wide protests and a three-week solidarity blockade of the CN Rail line in eastern Ontario by members of the Tyendinaga Mohawk territory. Both the Wet’suwet’en and Mohawk protests were put to an end by force. But some Wet’suwet’en leaders continue to oppose the line and its planned expansion, and other Indigenous leaders have already expressed concern over the lack of consultation around Carney’s oil pipeline, as well as the Alberta-Ontario one proposed this summer. If those nations choose to fight back, rushing these projects could backfire big time. What this means… For LNG Canada: Risk. The First Nations around the port site are on board with the project, and have agreed to invest up to $1 billion. But those agreements don’t include the Wet’suwet’en leaders opposing the pipeline expansion. For Mark Carney: Potentially the first major challenge to his major projects plans. Indigenous rights have been a thorny issue for many major projects to date, and addressing them will take more than cutting red tape. For reconciliation: This was one hell of an issue to reopen around the National Day for Truth and Reconciliation. It’s easy enough to wear some orange shirts, but will reconciliation work when money is on the line? The bottom line: Conflicts around Indigenous rights dredge up centuries of colonialism, resistance, and constitutional law. These aren’t things most infrastructure developers are experts in, and the same can be said for central bankers-turned-Prime Ministers. Carney may want to build stuff – but he’ll have to confront history to do so. Also: OpenAI executives rushed the tests that led to the Hugging Face breach, deprioritizing security despite employee warnings, the New York Times has found. But don't worry, Trump says the AI giants have agreed to police themselves, so everything will be totally fine. Carney is threatening legal action against Stelco for closing some steel operations in Hamilton. Stelco blamed trade disruptions, yet Ontario's finance minister says the company never applied for tariff aid, while the CEO of their American parent company is a known fan of Trump’s tariffs. Driven by social media trends and changing eating habits from GLP-1 drugs, muscle-minded consumers are proteinmaxxing everything from coffee to Doritos. That’s led to a global shortage of whey, giving a big, strong lift to companies producing protein from eggs, soy, and even microbes from Finnish bogs. This chart is from “Gen Z is changing investing: a story in seven charts” by Isabella Moura for The Margin Source: Chart by Isabella Moura, Data from FINRA 🤿 ROLLING IN THE DEEP Photo credit: Jamie McCarthy / Getty Images ​Taylor Swift means business, and fans are tired by Amarah Hasham-Steele This is an excerpt of an article originally run in full on The Margin. When Taylor Swift releases new music, I am seated. I went to the Fearless tour when I was seven years old, and I’ve been a fan ever since. And, like many fans, I consider her most recent album, Life of a Showgirl, the lowest point of her songwriting career so far. When the album came out last October, the Guardian gave it two stars, and Pitchfork wrote that “her music’s never been less compelling.” The album’s ‘encore’ (the cute, Swiftian term for its deluxe edition) dropped last Friday, and it didn’t do much to redeem the original tracklist. (Telegraph critic Poppie Platt said it best: “I’m a Swiftie, and even I think these new songs are terrible.") But I’m not here to rant about why Swift failed to sell me on Ohio’s second-largest city or why she failed to sell basically anyone on any of these songs. What I am here to rant about: Even though the new music has fans begging her to take a break, the chart-predicting platform Talk of the Charts has forecast Swift taking four of the top five Billboard Hot 100 spots next week. They’re predicting that 'Patient Zero' (which is accompanied by a dramatic music video starring Dakota Johnson and Colin Farrell) will snag the top spot, dethroning Ella Langley’s “Choosin’ Texas” after 24 weeks. 'Patient Zero' has already broken a Spotify record: Within a day of its release, the song became Spotify’s most-streamed song by a female artist in a single day in 2026. And, as of Monday morning, the new songs reportedly occupied the top four spots on Spotify’s Top 50 - Global list. (At the time of writing, the songs no longer occupy the top four spots but are all still in the top 50.) So even if Swift can't sell us on her new music, she’s having no trouble selling it to us. The original album, too, broke sales records and charts records alike. Her ability to set a new sales standard with each album, regardless of the album’s quality, is a trait that the public used to begrudgingly admire; many headlines have been written about Swift’s business acumen. But with TLOAS: Encore, the public’s patience with her sales stunts seems to be wearing thin. Read more The Teapot Scalding Cineplex simultaneously announces its new CEO and that the company might be for sale, so the new guy's doing a bang-up job already. CBC 🔥 Hot We're gonna need a bigger jabroni: A shark swims down a flooded New Jersey street during a nor'easter. UPI 😳 Lukewarm The TTC isn’t happy after a video circulates of one of its buses being taken for a joyride. At least someone had a good time riding one for once. CP24 🤔 Iced You know times are tough when even marmots need an OnlyFans account to pay the bills. BBC 🧊 👀 UNSOLICITED OPINIONS Photo credit: Jason Leung / Pexels Let’s take grammar back from the chatbots Amarah Hasham-Steele, Staff Writer: Last month, the New Yorker’s Becca Rothfeld wrote about the iconically terrible movies of trash auteur Neil Breen. Waxing poetic about why we’re drawn to bad art, Rothfeld writes that ‘trash’ is “jarringly personal. Its failures are human failures.” It’s an antidote to a “tragically, unbearably competent” AI-induced future. And look, I love trash cinema. I watched Dragon Fighter (2003) last night, which is basically dragon-themed Jurassic Park made on a budget of maybe $12. But I’ve seen this argument a lot lately – that, in an era where ChatGPT can make anyone competent, something uniquely bad has more value than something unremarkably good. I agree that there’s merit to engaging with bad art. But I disagree that competence is something robots own and humans should resist. Bad grammar is a telltale sign of a human writer, sure, but I’m depressed by the notion that the only thing separating humans from chatbots is our penchant for misplaced modifiers. If humans dismiss competence as automated and boring, human-made art will become, well, less competent. The best art, in my opinion, is “jarringly personal” and high-quality. No need to pretend these things are mutually exclusive. 🧾 INSIDER TRADING From The Margin group chat: If you liked this newsletter, hated this newsletter, or are totally indifferent to it, hit the reply button and tell us why! We’re so lonely. This week’s contributors: Tyler Haw (audience engagement), Amarah Hasham-Steele (staff writer), Shazia Khan (social media strategy manager), Anthony Milton (content lead), Martin Molpeceres (social video producer), Kat Angus (deputy editor), and Eric Wainwright (editor in chief). Important Legal Disclosures "The Margin" is a financial news and media platform published by QuestMedia Inc. and is a member of the Questrade Group of Companies. Questrade Group of Companies means Questrade Financial Group and its affiliates that provide deposit, investment, loan, securities, mortgages and other products or services. Our editorial team operates independently, though "The Margin" may promote Questrade services and receive promotional benefits when users click provided links or open accounts. Not Investment Advice & Risk Warning: All content is for informational and educational purposes only. "The Margin" is not a registered investment adviser or broker-dealer. Nothing published constitutes a recommendation, solicitation, or offer to buy or sell any security, or to engage in any investment strategy. Trading securities—especially on margin—involves significant risk and can result in the loss of your entire investment. Please consult a qualified financial or tax professional before making any investment decisions. Limitation of Liability: Content and market data are provided "as is" without warranties of any kind. "The Margin" and its affiliates assume no liability for your trading results or data inaccuracies. Contributors to "The Margin" may hold positions in the securities discussed. Your personal information is handled in accordance with the Questrade Financial Group Privacy Policy. You may withdraw your consent to receive these emails at any time by clicking "unsubscribe." --- ### ​Taylor Swift means business, and fans are tired **Published:** October 1, 2026 | **Author:** Amarah Hasham-Steele | **Section:** Culture **URL:** https://themargin.news/taylor-swift-showgirl-encore-business.md --- ### Gen Z is changing investing: a story in seven charts **Published:** September 30, 2026 | **Author:** Isabel Moura | **Section:** Money **URL:** https://themargin.news/gen-z-changing-investing-charts.md --- ### It's Flock vs. the people, and the people are winning **Published:** September 28, 2026 | **Author:** Amarah Hasham-Steele | **Section:** Tech **URL:** https://themargin.news/flock-alpr-cameras-inevitable.md --- ### 🦙The emperor's new Muse **Published:** September 25, 2026 | **Author:** The Margin Editorial Staff | **Section:** Newsletter Archive **URL:** https://themargin.news/newsletter-09-25-2026-the-emperors-new-muse.md 🦙The emperor's new Muse Plus: Why nothing is the best anniversary gift Sep 25, 2026 📩 THE OPENING POSITION It’s officially that week in September when you leave the house in a jacket at 8 a.m. and end up sweating in a T-shirt by 2 p.m. Yay. Half the office has moved into their pumpkin spice era while the rest of us still cling to iced coffees and hunt sun patches through the windows like cats in heat (I don’t know cats very well). Speaking of cats, the fall equinox hit like a lion… or a lamb, whichever one is colder. But no matter what your turtleneck du jour looks like these days, we encourage you to get hygge-y with it, and cozy up to this week’s edition of The Margin newsletter. – Eric Wainwright, Editor in Chief 🔔 BEFORE THE BELL Index Week (September 21-24, 2026) TSX ▼ -194.46 (-0.54%) S&P 500 ▲ +10.17 (+0.13%) Nasdaq ▲ +214.04 (+0.80%) Dow ▼ -593.05 (-1.14%) The takeaway: Semiconductor and AI stocks drove the Nasdaq to a record high on Monday, while falling oil prices gave relief to the broader markets. But the midweek economic data threw a wrench in the rally. Rapid US business growth and low unemployment claims stoked inflation fears, sending the 10-year Treasury yield above 5.1% for the first time in 19 years, and sparking concerns over further Fed rate hikes. Add in oil jumping past US$100 per barrel again, and both Wall Street and the TSX surrendered their early gains to finish the week on shaky ground. 🔎 THE CONTEXT Meta finally gets it right Photo credit: Getty Images Did Meta finally release a product that people actually want? After four generations of Llama, the company’s underwhelming LLM, and the ‘pervert glasses’ debacle earlier this year, Meta hasn’t exactly been tapped into consumers’ deepest desires. (Maybe it’s been too busy trying to settle lawsuits.) But Muse, the company’s first ‘personal AI agent,’ seems to be right on the money. We mean that literally. Meta stock has surged nearly 25% since Muse launched in early September, and the product is being adopted even faster than ChatGPT in 2022. Muse can traverse the internet and complete digital tasks on your behalf, from filling out tedious online forms to haggling with unsuspecting Facebook Marketplace vendors. Muse is not the world’s first AI virtual assistant. Scrappy startups OpenClaw and Instinct beat it to the punch earlier this year. But OpenClaw is challenging to set up, and Instinct is an invite-only platform. And Muse – according to a slate of early adopters and appropriately skeptical tech journalists – works exceptionally well. The market seems convinced. Shopify stock jumped after the company announced a partnership with Meta. Meanwhile, stocks for many subscription services – which often retain customers by being easy to forget about and annoying to cancel – went down, now that Muse can quickly identify and terminate no-longer-free trials. Financial stocks also went down, perhaps because Muse will make it easier for customers to compare prices and switch between financial services providers. What this means… For Meta: Finally, some good PR. But, just because Meta is early, doesn’t mean they’ll maintain their lead. As a recent New York Magazine headline proclaimed: “The AI assistant wars are coming.” For Amazon users: If you were hoping Muse could help you sort through the 60,000 search results for ‘laundry basket,’ you’re out of luck. Amazon has blocked Muse agents from its site – maybe because robots don’t click on ads. For privacy: Bad news, probably. Muse can do a lot, but it needs a lot of your data to deliver the best results. A couple potential security problems have already surfaced, and Meta doesn’t have an awesome track record with this sort of thing. Bottom Line: Meta ushering in a new era of AI was not on our bingo card. But Muse has proven itself helpful, user-friendly, and popular – for anyone willing to hand over even more of their data to Mark Zuckerberg, that is. Also: Canadian population growth slows to lowest rate in over a century. Amidst continued restrictions on immigration, the Canadian population is growing at a sluggish pace not seen since World War I. The average age of a Canadian is now around 42, making us a couple years older (and wiser?) than our American neighbours. Paramount settlement clears the way for high-profile merger. Twelve states, led by California, initially challenged Paramount Skydance’s proposed acquisition of Warner Bros. Discovery. On Monday, they reached a settlement, allowing the two massive studios to merge. The deal will also place news networks CBS and CNN under the same ownership. What would Wile E. Coyote think? Carney tables controversial new bill. C-39, the Building Canada Strong Act, proposes expediting major projects and modifying the government’s ability to send striking workers back to the job. Many industry groups are excited, but unions and experts worry the bill threatens the right to strike. There are also concerns about the environment and Indigenous consultation. Source: Statistics Canada 🤿 ROLLING IN THE DEEP Photo credit: Pexels Stop monetizing your hobbies by Erin Nicole Davis This is an excerpt of an article originally run in full on The Margin. Noahthai Hem figures his Pokémon card collection will help fund his wedding some day. The 26-year-old Toronto-based bartender began collecting the cards as a hobby in his late teens out of love for Pokémon. Since then, he’s purchased cards for as much as $2,000. “I never would have done that if I didn’t think it would appreciate in value,” he says. His collection is currently worth around $30,000; he thinks it could be worth $40,000 in a couple of years. For hobbyists like Hem, the jump from fun hobby to side hustle begins with a simple realization: I’m already doing this in my spare time, so why not make money from it? In the hustle economy, leisure's been reevaluated through the lens of productivity and asset appreciation. Sneakers and luxury watches are viewed as alternative asset classes, home bakers launch Instagram storefronts, and collectors track card values like day traders. Instead of pursuing a hobby for the love of it, we’ve normalized the idea that passion projects should pay for themselves – or better yet, turn a profit. A normalized idea, however, isn’t always a good one. In some cases, it may defeat the whole point of a hobby in the first place. Read more The Teapot Scalding The trailer for Nathan Fielder's new doc on disgraced Theranos founder Elizabeth Holmes, You Can See Everything, begs the question: what if we really, really don't want to? A24 🔥 Hot A “weird cat” in a Bolivian wildlife sanctuary turns out to be the first new species of feline discovered in 100 years. The cat distribution system strikes again. National Geographic 😳 Lukewarm Kraft Dinner and Solly’s have released a limited-edition, KD-themed cream soda. Whoever shotguns one first gets the Order of Canada. Toronto Sun 🤔 Iced The ethics of bringing an iced coffee to a job interview have divided the internet. Some say it’s a sign of Gen Zs being unprofessional. We say, you guys are getting jobs? CBC 🧊 👀 UNSOLICITED OPINIONS Photo credit: Pexels Nothing is the new something Eric Wainwright, Editor in Chief: Earlier this summer, my wife and I celebrated our 10-year wedding anniversary. We did so by not getting each other anything. Stay with me: nothing might just be the new something. Nothing means, ‘I still love you enough that I don't need to hand over an old piece of tin to prove it.’ (Fun fact: tin is the traditional 10th-anniversary gift, which feels like an insult to everyone involved). To be clear, I’m not saying milestones aren’t worth celebrating – of course they are. Rather, the best gift we could give was the recognition that we needed nothing more from one another than what we were already giving on a daily basis. Cheesy? Absolutely. But knowing that nothing was the biggest something was way better than capturing yet another useless unboxing video. Don’t believe me? Imagine all the people in your life you’d feel good giving nothing to on a big day. Go ahead, count ’em up. I bet it’s a shorter list than you think. Forget 10 years. Nothing is forever. 🧾 INSIDER TRADING From The Margin group chat: If you liked this newsletter, hated this newsletter, or are totally indifferent to it, hit the reply button and tell us why! We’re so lonely. This week’s contributors: Tyler Haw (audience engagement), Amarah Hasham-Steele (staff writer), Shazia Khan (social media strategy manager), Anthony Milton (content lead), Martin Molpeceres (social video producer), Kat Angus (deputy editor), and Eric Wainwright (editor in chief). Important Legal Disclosures "The Margin" is a financial news and media platform published by QuestMedia Inc. and is a member of the Questrade Group of Companies. Questrade Group of Companies means Questrade Financial Group and its affiliates that provide deposit, investment, loan, securities, mortgages and other products or services. Our editorial team operates independently, though "The Margin" may promote Questrade services and receive promotional benefits when users click provided links or open accounts. Not Investment Advice & Risk Warning: All content is for informational and educational purposes only. "The Margin" is not a registered investment adviser or broker-dealer. Nothing published constitutes a recommendation, solicitation, or offer to buy or sell any security, or to engage in any investment strategy. Trading securities—especially on margin—involves significant risk and can result in the loss of your entire investment. Please consult a qualified financial or tax professional before making any investment decisions. Limitation of Liability: Content and market data are provided "as is" without warranties of any kind. "The Margin" and its affiliates assume no liability for your trading results or data inaccuracies. Contributors to "The Margin" may hold positions in the securities discussed. Your personal information is handled in accordance with the Questrade Financial Group Privacy Policy. You may withdraw your consent to receive these emails at any time by clicking "unsubscribe." --- ### ​Do you wish ads could talk? Me neither. **Published:** September 23, 2026 | **Author:** Amarah Hasham-Steele | **Section:** Tech **URL:** https://themargin.news/chatgpt-ad-agents.md --- ### Stop monetizing your hobbies **Published:** September 22, 2026 | **Author:** Erin Nicole Davis | **Section:** Money **URL:** https://themargin.news/stop-monetizing-your-hobbies.md --- ### Why 'I can't afford my dog' shouldn't mean goodbye **Published:** September 21, 2026 | **Author:** Kathi Valeii | **Section:** Culture **URL:** https://themargin.news/pet-surrender-prevention.md --- ### Should insurance come bundled with your new car? Well, kinda **Published:** September 18, 2026 | **Author:** Shilpashree Jagannathan | **Section:** Money **URL:** https://themargin.news/embedded-insurance-canada.md --- ### The summit was the easy part – just ask France **Published:** September 18, 2026 | **Author:** Amarah Hasham-Steele | **Section:** Money **URL:** https://themargin.news/canada-investment-summit-carney-france.md --- ### 🥖 Euro visions **Published:** September 18, 2026 | **Author:** The Margin Editorial Staff | **Section:** Newsletter Archive **URL:** https://themargin.news/newsletter-09-18-2026-euro-visions.md 🥖 Euro visions Plus: Sydney Sweeney ragebaits us yet again Sep 18, 2026 📩 THE OPENING POSITION Let’s call this week a win: Vladdy finally hit a homer at home, Carly Rae Jepsen’s dropping 24 songs today, and a new Nathan Fielder meme is frying the internet. I’m bringing that energy into the Terry Fox Run this Sunday – my seventh, and no, I’m not just in it for the free captain shirt. I’ll be the one not being competitive at all, until some 10 year old tries to lap me. He will be destroyed. – Shazia Khan, Social Media Strategy Manager 🔔 BEFORE THE BELL Index Week (Sept. 14–17, 2026) TSX ▲ +263.05 (+0.74%) S&P 500 ▲ +26.32 (+0.35%) Nasdaq ▲ +399.80 (+1.54%) Dow ▼ -972.84 (-1.84%) The takeaway: Welp, it happened. On Wednesday, the US Federal Reserve hiked rates by 25 basis points in a unanimous 12-0 vote (more on that below). It also indicated another rate hike before the end of 2026, so pack an umbrella. But moods improved on Thursday as Treasury yields and oil prices eased somewhat, tech stocks rebounded a bit, and rising metal prices helped the TSX rally. 🔎 THE CONTEXT French kissin’ Photo credit: Getty Images/Know Your Meme/The Margin Staff It’s getting romantic between Canada and Europe. On Wednesday, Mark Carney visited Strasbourg, France, in an effort to deepen Canada’s ties with the EU. Rather than counting on Canada’s increasingly toxic on-and-off relationship with the US, Carney is focusing on the fact that there are plenty of other fish across the Atlantic. In a speech, European Commission President Ursula von der Leyen proposed that Canada and the EU take their relationship to the “highest level possible.” Europe, we’re blushing! She even suggested putting a label on things, inviting Canada to be the EU’s first ‘associate member.’ But this has created some confusion; much like the term ‘situationship,’ ‘associate member’ has no legal definition. Still, the combo of sticking it to Trump and getting shorter airport lines is a tempting possibility, and Canadians are into it. A recent Abacus poll found that 80% of Canadians support deeper strategic cooperation with the EU. The plan isn’t without its critics, and many have suggested that the move is more symbolic than substantive – especially given that Canada has had a free trade agreement with the EU since 2017, which ten member states still haven’t ratified. Still, there could be real benefits for Canada on the horizon, such as visa-free travel. Next month’s Canada–EU Summit in Montreal is expected to lock in some details. What this means… For Canadian travellers: Nothing's been decided yet, but Canadians seem hyped about the possibility of more relaxed borders with the EU. Carney has confirmed that visa rules – which govern restrictions for work, study, and travel across jurisdictions – are on the table. For the Canadian economy: Proponents, including Carney, see the partnership as fostering economic resilience. But some critics wonder if a formal bond with the EU would burden us with bureaucracy and bring us too close to a bloc in economic decline. For Trump: A temper tantrum, predictably. He described Canada’s possible associate membership as both “laughable” and potentially “hostile,” and he threatened to impose “serious tariffs” on the EU if the plan moves forward. It kind of feels like he wants us back… The bottom line: Amidst our very public breakup with the US, Canadians are embracing a European rebound. The terms of the relationship have yet to be defined, but hey, at least we’ve made our ex jealous. Also: The Fed raises interest rates. Against Trump’s wishes, the US Federal Reserve voted to raise interest rates by a quarter of a percentage point to 3.75–4.0% on Wednesday, the first hike since 2023. Inflation was the rationale, and even though chair Kevin Warsh didn’t mention the war, the President still had a conniption. Cohere CEO Adrian Gomez says requests for an AI slowdown are “cartel” behaviour. In a lengthy blog post, the Canadian AI developer hit back at calls from Anthropic, xAI and OpenAI for a coordinated slowdown of AI development, purportedly over safety fears. Gomez argued the AI giants are really just trying to capture regulation by defining safety standards that only they could possibly meet. Canada Investment Summit pulls in nearly half of its cash goal. Carney set a goal of $1 trillion in investment over five years for his two-day gathering of the world’s major investors. By the summit’s end, Canadian banks, pension funds and other investors promised $480 billion. New ports, privatized airports, and corporate tax breaks hope to make up the rest. Source: Statistics Canada 🤿 ROLLING IN THE DEEP Photo credit: Getty Images Hockey Night in Canada should be free for all Canadians by Thomas Law This is an excerpt of an article originally run in full on The Margin. When I first moved to Canada from the UK three years ago, I knew sweet puck all about hockey. I didn’t know a Zamboni from Max Domi, and as a 25-year-old student that would baulk at spending hundreds of dollars on anything, let alone nosebleed Leafs tickets, I thought it would stay that way. It was only through casually watching CBC and stumbling across Hockey Night in Canada (HNIC) that my love for the sport blossomed. Before long, I had gone from bored, channel-hopping viewing to solid fandom. (A Four Nations victory over the Yanks certainly helped matters too.) The more time that I spent living here, the more engaged I became with the game. I’m never going to have Steve Dangles-levels of passion (or intonation), but my newfound familiarity with the game provided a fantastic means to immerse myself in Canadian culture. I came to feel a sense of belonging with this country and its people. None of this would have happened without HNIC. So it was dispiriting to learn, in June of this year, that the show that turned me into a hockey head would no longer be aired free of charge. Despite the CBC wanting to keep it free, the show’s rights-holder, Rogers, asked for too much cash in return. As a result, HNIC now languishes behind a paywall, with myself and any would-be new fans stuck on the wrong side of it. Read more While you’re at it… The iPhone Duo: the hottest trend nobody asked for? Death to the self-checkout What is TIFF’s People’s Choice Award really worth, anyway? The Teapot Scalding Torontonians rage as a drone show advertisement for PC Health hovers in the night sky. The next move, presumably, is tattooing the ad directly inside your eyelids. CBC 🔥 Hot Forget all the chaos in the news, because the most wonderful time of year has returned: Fat Bear Week. NBC News 😳 Lukewarm Travis Kelce is burned in a US$35M Ponzi scheme, but in his defence, he thought he was giving money to “that guy from Happy Days.” TMZ 🤔 Iced Separating from Canada could cost Alberta up to $170 billion – but that’s spread over five years, so the monthly payments would be far more reasonable. CBC 🧊 👀 UNSOLICITED OPINIONS Photo credit: Getty Images It’s not ‘just sports.’ It’s ‘just ragebait.’ Shazia Khan, Social Media Strategy Manager: I regret to inform you of another Sydney Sweeney Controversy™. Her latest (NSFW!) ad for sports-betting app Novig has racked up views and backlash all week. Olympians and online folks say it’s a reductive, over-sexualized representation of ‘women in sport,’ but I actually don’t agree. The ad sucks for a dumber reason: Novig (and Sweeney, as an equity holder) has profoundly no clue who watches sports. ‘Hot woman poses nude and occasionally speaks with Malibu Stacy inflection’ is a marketing pitch for one demo: heterosexual men aged 18 to 54. If you think they’re the only ones buying jerseys and filling seats, please locate a time machine and set coordinates for 2026 A.D., where women now make up 56% of new fans and are driving growth across male and female leagues, per Nielsen. For everyone else, this campaign was designed to be one thing: ragebait. Their CEO basically admitted it, and who can blame him? It’s, sadly, a reliable playbook. Netflix’s latest sports doc dredged up the Raygun controversy, Sophie Cunningham’s comments became kindling for a political flamewar no one asked for, and Callaway Golf trended this summer thanks to an ad where a man shoves a woman to the ground. Ragebait only works if we let it. Nielsen says 60% of women's sports fans have dropped a brand over its values, so the way things are trending, I don’t expect it to work much longer. As sports fans, let’s remember: booing works. Leaving works better. 🧾 INSIDER TRADING From The Margin group chat: If you liked this newsletter, hated this newsletter, or are totally indifferent to it, hit the reply button and tell us why! We’re so lonely. This week’s contributors: Tyler Haw (audience engagement), Amarah Hasham-Steele (staff writer), Shazia Khan (social media strategy manager), Thomas Law (writer), Anthony Milton (content lead), Martin Molpeceres (social video producer), Kat Angus (deputy editor), and Eric Wainwright (editor in chief). Important Legal Disclosures "The Margin" is a financial news and media platform published by QuestMedia Inc. and is a member of the Questrade Group of Companies. Questrade Group of Companies means Questrade Financial Group and its affiliates that provide deposit, investment, loan, securities, mortgages and other products or services. Our editorial team operates independently, though "The Margin" may promote Questrade services and receive promotional benefits when users click provided links or open accounts. Not Investment Advice & Risk Warning: All content is for informational and educational purposes only. "The Margin" is not a registered investment adviser or broker-dealer. Nothing published constitutes a recommendation, solicitation, or offer to buy or sell any security, or to engage in any investment strategy. Trading securities—especially on margin—involves significant risk and can result in the loss of your entire investment. Please consult a qualified financial or tax professional before making any investment decisions. Limitation of Liability: Content and market data are provided "as is" without warranties of any kind. "The Margin" and its affiliates assume no liability for your trading results or data inaccuracies. Contributors to "The Margin" may hold positions in the securities discussed. Your personal information is handled in accordance with the Questrade Financial Group Privacy Policy. You may withdraw your consent to receive these emails at any time by clicking "unsubscribe." --- ### ​What is TIFF's People's Choice Award really worth, anyway? **Published:** September 17, 2026 | **Author:** Joshua Korngut | **Section:** Culture **URL:** https://themargin.news/tiff-pca-worth.md --- ### The iPhone Duo: the hottest trend nobody asked for? **Published:** September 16, 2026 | **Author:** Amarah Hasham-Steele | **Section:** Tech **URL:** https://themargin.news/apple-iphone-duo-foldable.md --- ### Death to the self-checkout **Published:** September 16, 2026 | **Author:** Lindsey King | **Section:** Culture **URL:** https://themargin.news/less-convenience-more-friction.md --- ### Hockey Night in Canada should be free for all Canadians **Published:** September 15, 2026 | **Author:** Thomas Law | **Section:** Culture **URL:** https://themargin.news/hockey-night-in-canada-free.md --- ### TIFF is an economic machine **Published:** September 11, 2026 | **Author:** Anthony Milton | **Section:** Culture **URL:** https://themargin.news/tiff-economic-impact-toronto.md --- ### What does it even mean for AI to be 'aligned'? **Published:** September 11, 2026 | **Author:** Amarah Hasham-Steele | **Section:** Tech **URL:** https://themargin.news/agi-alignment-ethics-morality.md --- ### Beat exchange fees with Norbert's Gambit **Published:** September 11, 2026 | **Author:** The Margin Editorial Staff | **Section:** Intel **URL:** https://themargin.news/norberts-gambit-currency-exchange.md --- ### 🐾 Toonie Tunes **Published:** September 11, 2026 | **Author:** The Margin Editorial Staff | **Section:** Newsletter Archive **URL:** https://themargin.news/newsletter-09-11-2026-toonie-tunes.md 🐾 Toonie Tunes Plus: Wacky trade war hijinx Sep 11, 2026 📩 THE OPENING POSITION Today marks 25 years since the terrorist attacks of September 11, 2001. Nearly 3,000 people were killed that day, and we still feel the personal, political, economic, physical, and mental effects that have rippled out ever since. Our thoughts are with the victims, their loved ones, and everyone else mourning today. – Kat Angus, Deputy Editor 🔔 BEFORE THE BELL Index Week (Sept. 8–10, 2026) TSX ▼ -915.33 (-2.51%) S&P 500 ▼ -126.11 (-1.63%) Nasdaq ▼ -446.84 (-1.68%) Dow ▼ -1,046.35 (-1.97%) The takeaway: Markets were closed for Labour Day, and maybe that’s a good thing, because the rest of the week wasn’t great. Canada’s retaliatory tariffs on US goods took effect on Tuesday and the price of oil continued to rise, thanks to (contain your shock) ongoing US-Iran conflicts near the Strait of Hormuz. Treasury yields hit a new high on Wednesday after the US Treasury tripled its bond buyback program, then hit a new high again on Thursday following new PPI data, with investors now preparing for a potential Fed rate hike. All four major indices closed lower on Thursday than they opened the week. 🔎 THE CONTEXT TIFF: The Toronto International Finvestment Fummit Photo credit: Getty Images/Adobe Stock/The Margin Staff Get the champagne, roll out the red carpets, and get ready for some celebrity spotting: it’s time for… the Canada Investment Summit! What, did you think we meant the Toronto International Film Festival? Heck no. This year’s TRUE hottest festival replaces indie films and movie stars with institutional investors and pension fund managers, and its producers (read: Carney, CPP Investments, and PSP Investments) are hoping for a box office of $1 trillion over the next five years. To get there, they’re hosting some 100 institutional investors representing over $100 trillion in capital for some high-stakes dealmaking at Toronto’s Four Seasons Hotel next Monday and Tuesday. On the docket are at least 160 projects outlined in a ‘prospectus’ document circulated to attendees earlier this week, which reportedly includes 11 oil and gas projects, 31 clean energy proposals, and 63 mining and metals prospects. Notable omissions include the Alto high-speed rail line and any Canadian airports – although as observers have pointed out, this list is not exhaustive, and plenty of side deals are expected to happen on the margins and behind closed doors. Carney himself is expected to play the role of pitcher-in-chief. He’ll be joined by several of his ministers and the premiers of 13 provinces and territories. In particular, Manitoba premier Wab Kinew reportedly plans to pitch an expansion of the arctic Port of Churchill to investors personally. As the film folks know well, a little star power goes a long way. What this means… For investors: Assuming you don’t have a trillion dollars, this could still be good news: plenty of projects from pipelines to mines are stalled for want of funding, and for these, a major new partner could make all the difference – good news for anyone already on board. For Canadian sovereignty: A tricky bargain. Carney famously said that if we’re not at the table, we’re on the menu, and selling shares in 160 major projects looks rather like the latter. One expert suggests the government keep foreign equity below 50% of any project. For national unity: An olive branch, considering just how many projects are sited in Western Canada. The oil and gas industry has an especially strong showing, and the new pipeline proposed by Carney and Alberta Premier Danielle Smith is on the projects list. The Bottom Line: Pivoting away from the US will be wildly expensive, so foreign investment is a necessity. But the caveats are many: we’ll need to attract those investors in the first place, while holding onto enough of the pie that we still own our country once all is said and done. Also: The trade war ramps up. In his latest escalation, Trump has banned some Canadian imports into the US and slapped 50% tariffs on more products. Plus, US Trade Representative Jamieson Greer called Canada “unhinged” for referring to this neighbourly dispute as a ‘trade war.’ Pot, kettle, etc. The government addresses data centre panic. Last week, the Carney Liberals published principles for responsible data centre development, and numerous tech giants – including Google, Meta, and OpenAI – signed on. The framework seeks to address mounting public concerns around electricity costs, water consumption, and environmental impacts, but critics have noted that it isn’t legally binding. AI discourse gets spooky. OpenAI launched its newest model and announced a solution to a decades-old mathematical problem – all in one week! But recent AI achievements have been overshadowed by the resignation of Anthropic researcher Jacob Coxon, and his public statement that AI “could kill us all by the end of the decade.” Source: Box Office Mojo, IMDB, Wikipedia 🤿 ROLLING IN THE DEEP Photo credit: Getty Images The Meta settlement comes a decade too late by Amarah Hasham-Steele This is an excerpt of an article originally run in full on The Margin. After years of studies about teen mental health, screen addiction, and data privacy, social media regulation for kids is actually underway. At the end of August, Meta agreed to pay up to US$18 billion to settle claims the company designed Facebook and Instagram to be addictive to children and misled the public about it. "Meta intentionally exploited kids for profit and then lied about it," D.C. Attorney General Brian Schwalb said in a statement. The settlement also requires Meta to introduce more safeguards for teens using the apps, including two-hour daily time limits, restricted access overnight, better age verification measures, and limits on 'like' counts and other features designed to make users compare themselves to others. However, the full US$18 billion will only be paid out if Meta competitors TikTok and YouTube adopt similar measures. Even if this is a reckoning for Meta (and that's debatable), it comes about 15 years late – and it targets problems that are practically old news at this point, while Meta and other tech giants hype up the future of AI. Read more The Teapot Scalding The internet’s buzzing over the trailer for Nathan Fielder's documentary about disgraced Theranos CEO Elizabeth Holmes. An unstoppable, awkward force meets an immovable, deceitful object. A24 🔥 Hot Apple unveils the iPhone Duo, which can fold to the size of a passport. Up next: flip phones, then landlines, and then a bunch of telegram startups. Apple 😳 Lukewarm In a “brazen heist,” thieves in England steal about 77,000 pints’ worth of Guinness. That's way more efficient than our strategy: buying them one at a time over several decades. BBC 🤔 Iced Raptors commentator Jack Armstrong is without a contract for the upcoming season. TSN and MLSE are allegedly stuck at a “Wait, I thought YOU were gonna pay him” impasse. Toronto Star 🧊 👀 UNSOLICITED OPINIONS Photo credit: Ketchup Entertainment Why you should never write off Wile E. Coyote Kat Angus, Deputy Editor: After getting shelved in 2023 by Warner Bros as a tax write-off, Coyote vs. Acme found a new distributor and finally hit theatres on Aug. 28, 2026. The response has been overwhelmingly positive: 95% on Rotten Tomatoes and US$15.9 million in its opening weekend, second only to Spider-Man: Brand New Day. Ticket sales fell just 29% in its second week and it’s brought in more than US$50 million globally so far, suggesting this Road Runner could keep going, and going, and going. The movie still needs about US$120 million to break even, but that’s not such a high bar, given this year's other word-of-mouth hits like Obsession and Backrooms. I saw Coyote vs. Acme last week and thought it was even better than the reviews and numbers let on. The gags are smart and silly, acknowledging how the world's changed since Looney Tunes debuted in 1930 while still holding affection for its iconic characters. Truly, we are all Wile E. Coyote, and trying and failing will always beat giving up. I'm serious: If your eyes don't tear up at least once during this film, you have a pile of dead spiders where your heart should be. The petty part of me also wants Warner Bros Discovery CEO David Zaslav to regret writing off Coyote vs. Acme. A movie’s value can be far more than its box office returns alone, but it would be really satisfying to see this once-discarded gem rake in a lot of cash, too. 🧾 INSIDER TRADING From The Margin group chat: If you liked this newsletter, hated this newsletter, or are totally indifferent to it, hit the reply button and tell us why! We’re so lonely. This week’s contributors: Tyler Haw (audience engagement), Amarah Hasham-Steele (staff writer), Shazia Khan (social media strategy manager), Anthony Milton (content lead), Martin Molpeceres (social video producer), Kat Angus (deputy editor), and Eric Wainwright (editor in chief). Important Legal Disclosures "The Margin" is a financial news and media platform published by QuestMedia Inc. and is a member of the Questrade Group of Companies. Questrade Group of Companies means Questrade Financial Group and its affiliates that provide deposit, investment, loan, securities, mortgages and other products or services. Our editorial team operates independently, though "The Margin" may promote Questrade services and receive promotional benefits when users click provided links or open accounts. Not Investment Advice & Risk Warning: All content is for informational and educational purposes only. "The Margin" is not a registered investment adviser or broker-dealer. Nothing published constitutes a recommendation, solicitation, or offer to buy or sell any security, or to engage in any investment strategy. Trading securities—especially on margin—involves significant risk and can result in the loss of your entire investment. Please consult a qualified financial or tax professional before making any investment decisions. Limitation of Liability: Content and market data are provided "as is" without warranties of any kind. "The Margin" and its affiliates assume no liability for your trading results or data inaccuracies. Contributors to "The Margin" may hold positions in the securities discussed. Your personal information is handled in accordance with the Questrade Financial Group Privacy Policy. You may withdraw your consent to receive these emails at any time by clicking "unsubscribe." --- ### The Meta settlement comes a decade too late **Published:** September 8, 2026 | **Author:** Amarah Hasham-Steele | **Section:** Tech **URL:** https://themargin.news/meta-settlement-social-media.md --- ### 💸 A tale of two debtors **Published:** September 4, 2026 | **Author:** The Margin Editorial Staff | **Section:** Newsletter Archive **URL:** https://themargin.news/newsletter-09-04-2026-a-tale-of-two-debtors.md 💸 A tale of two debtors Plus: You may own SpaceX stock and not know it Sep 4, 2026 📩 THE OPENING POSITION Good morning! And happy back-to-school season for all who celebrate. Froshies at universities across the country are likely engaged in various forms of debauchery, a welcome distraction from the soaring costs of university tuition. (Remember: liquor before beer, you’re in the clear.) It’s also the time to load up on school supplies for younger scholars – may I suggest one of those giant erasers? Trust me, the kids love ‘em. – Anthony Milton, Content Lead 🔔 BEFORE THE BELL Index Week (Aug. 31–Sept. 3, 2026) TSX ▲ +139.38 (+0.38%) S&P 500 ▲ +50.19 (+0.65%) Nasdaq ▲ +225.50 (+0.86%) Dow ▲ +223.51 (+0.42%) The takeaway: A rough end to August, and the start of September wasn’t much better. On Sunday, the US struck Iranian positions near the Strait of Hormuz; by Tuesday, US Treasury yields hit their highest level since 2023. It was a one-two punch that dragged Wall Street and the TSX down together (oil’s still doing great, though). But things started to turn around Wednesday: The Bank of Canada held rates steady (more below) and yields stopped rising, which helped US stocks end the three-day losing streak. Thursday brought more improvements, as Fed Governor Christopher Waller indicated he also wants to keep rates the same this month, yields actually fell, and stocks rallied – the major indices were all up for the week by the time markets closed on Thursday. 🔎 THE CONTEXT Rich Canadian, poor Canadian Photo credit: Adobe Stock/The Margin Staff Who doesn’t love setting a new record? Canadian consumer debt reached a record $2.64 trillion in Q2 – congrats, everyone. That’s a $116 billion or 4.6% increase in total outstanding balances year over year. Most Canadians wanted to cut back on spending at the start of this year; now it seems they’re partying like it's 3012. What happened? In its Q2 2026 Credit Industry Insights Report, TransUnion outlined five consumer categories based on credit score: superprime (lowest-risk borrowers), prime plus, prime, near prime, and subprime (highest-risk borrowers). Prime consumers saw no year-over-year change in their outstanding balances, and others in the middle of the spectrum saw only modest increases. The biggest spikes were on either end of the risk spectrum: subprime consumer debt increased by 5.9%, and superprime consumer debt increased by 6.5%. As the report puts it: “Canadians are experiencing increasingly different financial realities.” Sing it, sister. The people increasing their borrowing most dramatically are either under significant financial pressure to afford day-to-day necessities, or they’re buying another lakeside property. As for who gets credit (see what we did there?) for setting the record, well, superprime consumers have a total outstanding balance of $1.7 trillion, which is about 28 times the $62 billion total outstanding balance of subprime consumers, and roughly two thirds of total Canadian consumer debt. We don’t think Gen Z-ers paying for groceries with Klarna are responsible for this one, y’all. What this means… For homeowners: Affordability challenges remain, particularly for those who took out new mortgages in 2022 and 2023, when interest rates were rising. But Canadians are poised to weather the storm – 99.7% of mortgage holders are still making payments on time. For Ontario and BC: Financial pressures on everyday people are particularly acute in these provinces, given high housing costs. Out of all provinces, Ontario and BC reported the largest YoY increases in mortgage delinquency, measured by outstanding balance. For the wealth gap: Another sign that it’s growing. Recent StatsCan data shows that the income gap climbed 0.3 percentage points from 2024 to 2025 – not to mention other troubling trends, like high rates of food insecurity. Bottom line: As affordability pressures mount, an increasing number of us are borrowing more – but not to the extent that our record-setting $2.64 trillion consumer debt might suggest. That number is likely more than a little bit skewed by the people financing their Ferraris. Also: Bank of Canada holds interest rates steady. Despite the trade war, interest rates remain at 2.25%, a rate set in October of last year – although BoC Governor Tiff Macklem warned that inflation is “too high.” Meanwhile, Trump seems to think the Bank of Canada is a retail bank. Global bond yields hit 2008 levels on Tuesday. In the US and beyond, bond yields soared this week. Because bond yields effectively determine the cost of borrowing money, consumers might see ripple effects anywhere from their mortgage rates to their credit card interest. But don’t worry – Trump hasn’t ruled out intervening in the bond market with the US military. Tumbler Ridge victims file 30 new lawsuits against OpenAI. The lawsuits, filed in California, allege that OpenAI ignored recommendations from its staff to report the shooter’s concerning chat logs prior to the attack. Plaintiffs reportedly include students, educators, and a principal. Source: Statistics Canada 🤿 ROLLING IN THE DEEP Photo credit: Getty Images Opinion: SpaceX’s IPO was historic (derogatory) by Ian Macintyre This is an excerpt of an article originally run in full on The Margin. Ian MacIntyre is an award-winning comedian and writer who serves as editor at The Beaverton. Earlier this year, SpaceX went public in the biggest IPO in the history of the stock market. Beyond the sky-high valuation, there were unprecedented rule changes by Nasdaq and Russell that allowed the rocket and satellite company a fast pass into their indices. Wanted or not, SpaceX has been injected into ETFs, American 401(k)s, and possibly even your Canadian RRSP or mine. Pardon my language, but: This sucks. There are plenty of axes I can grind against Musk (and I'll grind some later on). But the main reason this is a bonkers (derogatory) institutional move that basically only benefits Musk, an insecure wannabe edgelord who's gleefully burnt through two decades of public goodwill. For his next trick, maybe he'll burn through all the monetary capital in the world, too. Back to SpaceX, whose share prices since the IPO have ranged from its June 16 high of US$225.64 and its Aug. 3 low of US$104.83. As of this writing, the price sits closer to the low end of that range. Sure, Tesla has historically seen explosive long term stock returns, but SpaceX is a different beast entirely. Plus, these index rule changes have now paved the way for similarly sus IPOs to happen, led by tech giants that are even less proven. Here in 2026, one of the few people really getting anything out of these rule changes is Elon 'We'll be living on Mars by 2025' Musk. Read more The Teapot Scalding Rumours of MapQuest’s death have been greatly exaggerated: The app hits No. 1 after refusing to change the name of Lake Ontario to ‘Lake America.’ TechCrunch 🔥 Hot Canada is searching for the perfect act to represent us in the Eurovision Song Contest. Has anyone asked if the Doodlebops are busy? CBC 😳 Lukewarm We’ll soon get a new $20 bill with King Charles’s face on it, and yet there’s still no Canadian currency featuring the majestic house hippo. Disgraceful. CTV News 🤔 Iced A true pioneer: Disgraced former US congressman George Santos is the first-ever recipient of a lifetime ban from Kalshi. The Wall Street Journal 🧊 👀 UNSOLICITED OPINIONS Photo credit: Pexels Have we reached peak dog? Anthony Milton, Content Lead: I am, at best, ambivalent about dogs. Yes, I know, they’re pure-hearted bundles of joy. But in Toronto, I can’t go two minutes without tripping over a pooch, and it’s beginning to make me wonder: how many dogs is too many dogs? Before you get all “the limit does not exist!” with me, consider our collective track record with nice things. North America has a bit of a scaling problem. The supposed 'ideal' of a house, dog, and picket fence is still seared into our collective subconscious, even though it would be wildly unrealistic to expect 40 million Canadians to attain all of it. For many, urban living has largely supplanted this fantasy – but curiously, the dog part remains: There are now 600,000 canines in Toronto, 145,000 in Vancouver and 90,000 in Calgary. Those big numbers have big impacts. Whole industries have popped up to offer them gourmet food, designer clothing, and ‘pawdicures.’ Even the cities themselves are changing: Toronto has converted parks into enclosed dog runs, installing urine-absorbing gravel to replace green grass. Yes, dogs are wonderful. But it's still important to occasionally stop and consider how much of our own wish fulfillment is sustainable in the long term. Every box of prime tuna kibble means fish getting plucked from real oceans; every chewy bone was once the limb of a living creature. These things aren't unlimited resources, and imagining the (figurative) footprints our four legged friends leave behind should be enough to give anyone paws. 🎲 UNHEDGED We ask; you answer; we share our favourites next week. Simple! Last week, we wanted to know what Canadian substitutes you prefer over American products. Our favourite answer was a real pickle: “If you are a pickle lover, try the Putters brand from Quebec. Any flavour is a welcome change from the mass-produced US brands.” - Barbara P. This week, in honour of back-to-school season, we want to know: "What's the silliest money mistake you made as a 19 year old?" Email us your answers by next Thursday, Sept. 10 at 12 p.m. ET – we might feature it in next week's issue! 🧾 INSIDER TRADING From The Margin group chat: If you liked this newsletter, hated this newsletter, or are totally indifferent to it, hit the reply button and tell us why! We’re so lonely. This week’s contributors: Ian MacIntyre (writer), Tyler Haw (audience engagement), Amarah Hasham-Steele (staff writer), Shazia Khan (social media strategy manager), Anthony Milton (content lead), Martin Molpeceres (social video producer), Kat Angus (deputy editor), and Eric Wainwright (editor in chief). Important Legal Disclosures "The Margin" is a financial news and media platform published by QuestMedia Inc. and is a member of the Questrade Group of Companies. Questrade Group of Companies means Questrade Financial Group and its affiliates that provide deposit, investment, loan, securities, mortgages and other products or services. Our editorial team operates independently, though "The Margin" may promote Questrade services and receive promotional benefits when users click provided links or open accounts. Not Investment Advice & Risk Warning: All content is for informational and educational purposes only. "The Margin" is not a registered investment adviser or broker-dealer. Nothing published constitutes a recommendation, solicitation, or offer to buy or sell any security, or to engage in any investment strategy. Trading securities—especially on margin—involves significant risk and can result in the loss of your entire investment. Please consult a qualified financial or tax professional before making any investment decisions. Limitation of Liability: Content and market data are provided "as is" without warranties of any kind. "The Margin" and its affiliates assume no liability for your trading results or data inaccuracies. Contributors to "The Margin" may hold positions in the securities discussed. Your personal information is handled in accordance with the Questrade Financial Group Privacy Policy. You may withdraw your consent to receive these emails at any time by clicking "unsubscribe." --- ### Opinion: SpaceX's IPO was historic (derogatory) **Published:** September 2, 2026 | **Author:** Ian Macintyre | **Section:** Money **URL:** https://themargin.news/elon-musk-spacex-ipo-oped.md Ian MacIntyre is an award-winning comedian and writer who serves as editor at The Beaverton. --- ### The fall of the Shein Empire **Published:** September 1, 2026 | **Author:** Amarah Hasham-Steele | **Section:** Culture **URL:** https://themargin.news/shein-ipo-fast-fashion.md --- ### 🥊 The girls are fighting **Published:** August 28, 2026 | **Author:** The Margin Editorial Staff | **Section:** Newsletter Archive **URL:** https://themargin.news/newsletter-08-28-2026-the-girls-are-fighting.md 🥊 The girls are fighting Plus: Rockin' out in a church basement Kat Angus Aug 28, 2026 📩 THE OPENING POSITION Gooooooood morning (or whenever you’re reading this)! I’m Martin, The Margin’s new Social Video Producer, and not halfway through my first day I was informed that the team had given me a nickname before I’d even started. Boy, the mix of elation and terror that caused! A good nickname locks you into the collegial, business-casual banter that, I assume, brings you closer to heaven. Get a bad nickname and you’re in hell forever. My mind raced: Was it related to video production? Scorsese? No, something more current, surely? Well, I got it on the first try – I’ll let you decide if it’s a good one. – Martin ‘Marty Supreme’ Molpeceres, Social Video Producer 🔔 BEFORE THE BELL Index Week (August 24–27, 2026) TSX ▲ +235.48 (+0.64%) S&P 500 ▲ +67.61 (+0.88%) Nasdaq ▲ +476.03 (+1.83%) Dow ▲ +307.49 (+0.58%) The takeaway: NVIDIA(NASDAQ:NVDA) explains a lot of the positive movement in the markets this week. The chipmaker projected their revenue would increase 70% over the next fiscal year, which shot the share price up 8.7% and contributed to a tech rally that helped to quell some AI bubble fears. On the TSX, gold prices saw a big drop, while the finance sector also experienced some losses, but the composite managed to recover slightly by Thursday close. 🔎 THE CONTEXT Them’s fightin’ words Photo credit: The Margin Staff / Getty Images We may not have asked for one, but Canadians are spoiling for a fight. Ever since Carney ordered his negotiators to abandon trade talks with the US, then announced retaliatory tariffs on $27.6 billion worth of American goods, the headlines have been praising the Prime Minister’s valour. Canadians, indeed, are along for the ride: an Angus Reid poll from Sunday showed 62% favoured the counter-tariffs. Painful as the coming trade war may be, Canada seems ready to duke it out. But in the immortal words of Mike Tyson, “Everyone has a plan until they get punched in the mouth.” It’s very easy to talk tough before a fight, but this trade war hasn’t even really begun yet: Carney’s tariffs won’t kick in until Sept. 8, and it’ll take even longer for the impacts on prices and jobs to emerge. One estimate says Trump’s tariffs could cost 90,000 Canadian jobs, but companies aren’t going to lay everyone off overnight. And while Carney’s own tariffs on American imports aren’t expected to have immediate price impacts, many do target industrial goods that could, in theory, trickle down into end-product prices over time. So Canadians, mark your words. In the coming weeks and months, look for those who cry uncle before the fight is over, and check to see what they said when the news first broke, when everyone was still full of fight – and no one had been punched in the mouth yet. What this means… For consumers: Gird your loins. Some economists have forecast that the new tariff combo could raise inflation by 0.3 percentage points next year, and that’s just based on the tariffs that have been announced – if this is war, there'll be more coming. For Mark Carney: A blank cheque, for now. The Prime Minister has been handed enormous social license to make sacrifices in the name of Canadian sovereignty. But the public will is a fickle thing, and his opponents are no doubt waiting for the tide to change. For Canadian businesses: Time to go grant shopping. The federal government has promised $7.5 billion in support for workers and businesses to ease the impact, but many of these are unhelpfully scattered among different government agencies. The bottom line: The question now is: How long will this trade war last? Trump has a strong chance of losing the House and Senate in November’s midterm elections in the US, which might slow his roll. And yet, for a President keen on ignoring his own democracy, that may not matter. This could be a long one. Also: Canada's $504M brain gain. The federal government has reportedly tapped 64 scholars based outside Canada to work at universities across the country, with most coming from top American institutions. For US-based researchers seeking more stable funding, or just tired of the Trump administration, Carney offered an escape route, giving Canada’s academic profile a boost in the process. Meta reaches US$18-billion settlement with 48 states. The states alleged that Meta presented its platforms as safe for kids, despite knowing about significant risks. On Wednesday, Meta settled with 48 states, also agreeing to implement several child safety features. However, a portion of the settlement will only be paid out if competitors TikTok and YouTube implement similar policies. Yeesh, peer pressure is part of how this whole mess started. Canadian banks see soaring Q3 earnings. All six major Canadian banks beat estimates for Q3 earnings, particularly benefitting from capital-markets results. And National Bank's CEO said he feels confident that Canada will withstand the trade war. Stock prices for the banks have surged to historic levels this year, although they’ve seen a downturn in recent days. Source: Transportation in Canada annual report 2025, US BTS Transborder Freight Annual Report 2025 🤿 ROLLING IN THE DEEP Photo credit: Unsplash The hidden economy of church basements by Anthony Milton This is an excerpt of an article originally run in full on The Margin. If you didn’t know better, you’d think this was a club. The audience crowds towards the stage, packed cheek to jaw in the dimly-lit space, the lack of light accentuating the trippy projections behind the band, Japanese-American art rock pioneers Deerhoof. It's a big deal to see them here – this is the only Canadian venue on the tour, and their latest album came out to solid reviews. Yet this isn't one of the city’s renowned stages, like Sneaky Dee’s or the Horseshoe Tavern, nor is it a major stadium like RBC Amphitheatre or Scotiabank Arena. Nope. This is a church basement, complete with blank white walls and fluorescent lights, transformed into a place where magic happens. In the year of our Lord 2026, churches are becoming some of the best places to see innovative new acts in Canada. As the congregations worshipping within them get ever smaller, and the buildings they own get more expensive to maintain, churches across Canada are looking for innovative ways to make some extra cash. One option is to undergo drastic redevelopments; another is to make better use of the space they have already. The result has been a proliferation of new and unexpected synergies in recent years, with weirder and more wonderful acts taking over the basements – and, in some cases, the holy sanctuaries themselves. From amateur wrestling to acid rock concerts, there’s a whole economy chugging along in (and under) sacred spaces. Read more The Teapot Scalding Similar to Michael Scott declaring bankruptcy on The Office, Trump signs an executive order to rename Lake Ontario to 'Lake America.' CBC 🔥 Hot Sterling Point, an American-made teen drama set in Ontario, is getting a second season. If they're not gonna bring The O.C. back, this will have to do. Variety 😳 Lukewarm You remember Vine, don't ya? Well, it's back – in rebooted form. CNN 🤔 Iced To commemorate 100 years of the Royal Canadian Legion, the Royal Canadian Mint unveils a new toonie, the perfect coin for when the Interac reader goes down. CityNews 🧊 👀 UNSOLICITED OPINIONS Credit: José Hilarión Ibarra / Public domain On the American hacienda, loyalty is the only law Martin Molpeceres, Social Video Producer: Elbows are at DEFCON: UP again, so it's time to play every pundit's favourite game: what, exactly, is Donald Trump's deal? Much ink has been spilled over his ideological chameleonship: a hawk and a dove, a globalist and an isolationist, a capitalist and a… Maoist, apparently? Making sense of it may be a fool's errand, but allow this fool a crack at it, via my homeland of Uruguay. Trump is no ideologue, mis amigos. He is a Caudillo. Caudillos emerged from Spain's colonial chaos. Armed with agrarian estates called haciendas, these wealthy strongmen derived power from force, charisma, and personal relationships. Everything flowed through El Patrón, who molded governments into networks of patriarchal clientelism. Caudillos bent the knee to no law, no institution. After all, what is a distant congress to the man feeding your family? Crucially, their chauvinism bore no coherent ideology. On the American hacienda, patronage runs through Trump. Tariffs are declared and rescinded to reward friends and punish foes. Officials supplicate to El Don, foreign policy runs on personal relationships, the weak subordinated, the strong respected. Some call this ‘spheres of influence’ or vassalage. On the American hacienda, it's merely Don Donald's prerogative. So welcome to América, America. Allow me to paraphrase Simón Bolívar, history's greatest caudillo: "Governing América is like plowing the sea." 🧾 INSIDER TRADING From The Margin group chat: 🎲 UNHEDGED We ask; you answer; we share our favourites next week. Simple! This week, we want to know: What are the best Canadian substitutes for US products you no longer want to buy? Email us your answers by next Thursday, Sept. 3 at 12 p.m. ET – we might feature it in next week's issue! If you liked this newsletter, hated this newsletter, or are totally indifferent to it, hit the reply button and tell us why! We’re so lonely. This week’s contributors: Tyler Haw (audience engagement), Amarah Hasham-Steele (staff writer), Shazia Khan (social media strategy manager), Anthony Milton (content lead), Martin Molpeceres (social video producer), Kat Angus (deputy editor), and Eric Wainwright (editor in chief). Important Legal Disclosures "The Margin" is a financial news and media platform published by QuestMedia Inc. and is a member of the Questrade Group of Companies. Questrade Group of Companies means Questrade Financial Group and its affiliates that provide deposit, investment, loan, securities, mortgages and other products or services. Our editorial team operates independently, though "The Margin" may promote Questrade services and receive promotional benefits when users click provided links or open accounts. Not Investment Advice & Risk Warning: All content is for informational and educational purposes only. "The Margin" is not a registered investment adviser or broker-dealer. Nothing published constitutes a recommendation, solicitation, or offer to buy or sell any security, or to engage in any investment strategy. Trading securities—especially on margin—involves significant risk and can result in the loss of your entire investment. Please consult a qualified financial or tax professional before making any investment decisions. Limitation of Liability: Content and market data are provided "as is" without warranties of any kind. "The Margin" and its affiliates assume no liability for your trading results or data inaccuracies. Contributors to "The Margin" may hold positions in the securities discussed. Your personal information is handled in accordance with the Questrade Financial Group Privacy Policy. You may withdraw your consent to receive these emails at any time by clicking "unsubscribe." --- ### Why metal bands are playing in churches across Canada **Published:** August 27, 2026 | **Author:** Anthony Milton | **Section:** Culture **URL:** https://themargin.news/hidden-economy-of-church-basements.md --- ### How to lose a digital trade war **Published:** August 24, 2026 | **Author:** Amarah Hasham-Steele | **Section:** Tech **URL:** https://themargin.news/canada-us-digital-sovereignty-war.md --- ### The risks and rewards of futures trading **Published:** August 24, 2026 | **Author:** The Margin Editorial Staff | **Section:** Intel **URL:** https://themargin.news/what-are-futures.md --- ### THE MARGIN X TORONTO CULTURE CONTEST **Published:** August 21, 2026 | **Author:** The Margin Editorial Staff | **Section:** General **URL:** https://themargin.news/contest.md OFFICIAL RULES NO PURCHASE NECESSARY TO ENTER OR WIN. See below for full Contest details. 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Any questions or comments regarding the Contest should be directed only to the Sponsor. © 2026 QuestMedia, Inc. All Rights Reserved. --- ### Dude, where's my green economy? **Published:** August 21, 2026 | **Author:** Anthony Milton | **Section:** Money **URL:** https://themargin.news/trudeaus-green-economy.md --- ### 👩‍⚖️ Legally bond **Published:** August 21, 2026 | **Author:** The Margin Editorial Staff | **Section:** Newsletter Archive **URL:** https://themargin.news/newsletter-08-21-2026-legally-bond.md 👩‍⚖️ Legally bond Plus: CEOs realize we're all broke Kat Angus Aug 21, 2026 📩 THE OPENING POSITION Bonjour! I’m Amarah, and I’m The Margin’s new staff writer. Sorry I’m late to the party. I’ve been having a “Euro summer” – which is the official name for when you’re in Europe… and it’s summer. While abroad, I accidentally discovered the Next Big Thing: horchata. Seriously, it’s taking over the world – or, at least, the world of nine-dollar beverages. I saw this sweet, milky drink on menus across London (England, not Ontario), and I even visited a dedicated horchata cafe. Banana bread horchata, guava horchata, horchata cold brew – they had it all! Just take my money, please. I won’t even google the exchange rate. – Amarah Hasham-Steele, Staff Writer 🔔 BEFORE THE BELL Index Week (August 17–20, 2026) TSX ▼ -337.30 (-0.92%) S&P 500 ▼ -147.17 (-1.89%) Nasdaq ▼ -716.84 (-2.68%) Dow ▼ -881.68 (-1.64%) The takeaway: It’d be insensitive to describe this week as “womp, womp,” right? We’re looking at three main culprits: oil, Walmart, and bond yields (more on that last one below). Oil prices increased (again, some more) as Iran-US tensions escalated (again, some more) and Trump abandoned ceasefire talks. Then Walmart lost roughly US$89 billion of market value on Thursday following weak sales for the mega-retailer. Meanwhile, the TSX fared a little bit better, but not by much, considering the in-progress-but-as-yet-unresolved tariff talks with the US. 🔎 THE CONTEXT Trauma bonds: Government debt gets pricey Photo credit: Adobe Stock/Getty Images/The Margin Staff It’s getting expensive to be a government. The big news this week involved what are normally very boring investments: government bonds, the little IOUs written by treasuries to investors when governments need to borrow some cash. Yields on these (interest rates, essentially) have been climbing to record levels in recent weeks, as investors the world over have been getting nervous about inflation, war, and the overall future of the world. It hasn’t helped that tech giants are now also issuing their own bonds to fund their massive AI expenditures, creating competition in the debt markets. Bond yields for the US, France, and Germany all hit levels not seen in over a decade, while Japan came close to setting a domestic record. Here in Canada, yields for 10-year-plus bonds hit 4.07%, their highest since 2011. Bond prices and yields are inversely related: the more expensive they get, the lower their rates tend to be. Governments seeking lower interest rates can game this by buying up bonds from the market, which raises their price and, in turn, lowers their yield. That’s exactly what the US Treasury did on Wednesday, when it doubled the amount of bonds it was willing to buy back this fall to US$4 billion. Interest on its US$40 trillion debt is the US federal government’s second-largest budget item, making bond yields a very big deal. Those buybacks, however, also inject more cash into the economy, which in turn drives inflation, which is part of what caused this in the first place. Uh oh. What this means… For consumers: Higher interest rates on your debt, too. Banks and other creditors tend to use bond yields as a benchmark for their own interest rates. Increases in bond yields will be felt on mortgages, car payments, credit cards, and more. For the economy: Debt also gets more expensive for businesses, which makes investing in new growth ventures harder. This could be a problem for the AI hyperscalers, who are competing to raise their own debt in bonds. For governments: Nobody wants to cause a recession, but jumping in with qualitative easing, like the US Treasury is doing, carries its own risks. The stock market is still roaring along, but a slowdown could occur anytime. It may be best to keep the stimulus powder dry. For investors: Higher returns on government bonds. Investors with a particularly rosy outlook might bet that all this pessimism will go away eventually, causing bond yields to drop accordingly – and making this a good time to buy in. But not everyone is so optimistic. The bottom line: Bond yields can act as a referendum on investor confidence in the future – evidently, the vibes are not good. The ongoing war in Ukraine is driving up defence spending in Europe, contributing to higher yields, and Trump appears to have no exit plan for his very expensive war with Iran. The stock market may be roaring, but the doomers are starting to be heard, too. Also: The return of Jack Daniel's? After an intense week of negotiations, Trump’s three-day pause on his 50% tariffs against Canada runs out tonight. Negotiators spent Thursday hammering out details in DC – reports claim steel, aluminum, and auto tariffs could drop, though nothing’s confirmed as of yet. Carney has already asked provinces to restock American alcohol, and US Trade Representative Jamieson Greer touted the deal’s focus on “digital trade alignment” – a notion that has some experts concerned about Canada’s digital sovereignty. American CEOs realize consumers are broke. As the crisis in the Middle East pushes fuel prices upwards, CEOs across industries – from restaurants to eyewear – warn that consumers are slowing their spending. One executive claimed that Americans are “literally running out of money at the end of the month.” Canadians are seemingly short on cash, too: recent headlines say we’re cutting back on travelling and dining out. (Not concerts, though – more on that later.) Notably, the CEOs raising these concerns seem to be doing just fine. OpenAI brags about everything except its sluggish Q2. On Tuesday, OpenAI launched ChatGPT for teens (which has been described as “making vital safety strides” but also an “immediate dismal failure”) and announced a safety-related hiatus from training new models. Then on Wednesday, they previewed a potential new system in which models won’t retain any user data – contrasting with Anthropic’s 30-day retention policy. The one topic they’ve been quiet about? The fact that they’re lagging behind Anthropic in sales for the first time ever. Source: WITS (lentils, peas, newsprint, maple sugar/syrup, frozen lobster, unfrozen lobster, frozen crab, scallops, wood shingles) 🤿 ROLLING IN THE DEEP Photo credit: Getty Images Why broke Canadians are still buying concert tickets by Jenna Simeonov This is an excerpt of an article originally run in full on The Margin. In the past two years alone, Linda Andross has spent more than $3,000 on theatre tickets. She skips reading the reviews on purpose, doing her best to avoid spoilers. The 58-year-old from Toronto sees everything – musicals, comedies, heavier dramas. Before the curtain raises, she settles into her seat, making a habit of chatting with the strangers seated around her, asking them what other shows they’ve seen and loved. Following those recommendations eats into her budget, and she’s had to cut back on other splurges, like new clothes. But for Andross, it’s all worth it. Every curtain call is money well spent, no matter how much money that may be. Related: "Revenge spending is real, and it's spectacular" Such willingness to splurge may seem out of place in 2026, when everything is far more expensive than it should be and it feels like everybody's broke. Since 2019, Canadians have felt a tangible rise in the cost of living: rents and groceries prices have spiked 30% (among plenty of other things); and new-hire wages are still lagging 2.5% behind where they sat five years ago, yet everything costs about 20% more than before the pandemic. That sounds like the kind of environment that would make people reconsider a night out, but demand for entertainment has proved surprisingly inelastic. Spending on live entertainment in Canada hit $13.8 billion in 2024, up 9.3% YoY and the fourth straight year of growth. Canadians aren't having more fun than they did before 2020 – rather, even as going out gets more and more expensive, they're refusing to compromise on fun. Canadians may be broke, but they’re dead set on having the time of their lives. Read more The Teapot Scalding An invitation to Gwyneth Paltrow's "private, off-the-record al fresco dinner" for Sam Altman is leaked. Very out of character for the woman who hypes AI drone warfare and vagina-scented candles. Puck News 🔥 Hot A Christian metal band sues Netflix, claiming Kpop Demon Hunters is too similar to their name. Apparently rocking out for the Lord beats making millions off a banger cover of 'Golden.’ The Wrap 😳 Lukewarm The Toronto Tempo unveil Dez the snapping turtle and Dot the arctic hare, the team’s new mascots. Yet again, our 'Sexy Bonhomme' idea is cruelly ignored. Our Sports Central 🤔 Iced The city council of Edgerton, Kansas sues residents for filing a petition against an approved data centre. Makes sense: the only other option was returning the bribes. Johnson County Post 🧊 👀 UNSOLICITED OPINIONS Photo credit: Getty Images Gossip: The best marketing strategy money can’t buy Amarah Hasham-Steele, Staff Writer: Back in April, Caro Claire Burke released her debut novel Yesteryear, arguably the biggest book of 2026. The novel's success might be attributable to its timeliness: it’s about a trad-wife influencer (if you don’t know what those words mean, I envy you). But Anne Hathaway’s upcoming film adaptation has definitely added to the hype – and spurred unfounded ghostwriting allegations. Another big seller of 2026 was Lena Dunham’s Famesick. Dunham is an exceptional writer (the voice of her generation – or at least a voice of a generation), but her willingness to reheat decade-old celebrity drama probably helped stir up buzz around the memoir. And now, there’s Rachel Cusk’s Life of M, another new release bolstered by the promise of good gossip. The novel, out on Tuesday, follows an actress who bears an uncanny resemblance to Natalie Portman. Portman’s team hasn’t publicly commented, but Page Six reports that the actress finds the book “annoying.” We'll see if that tidbit translates to book sales as well, but the odds seem pretty good. People have been bemoaning celebrity-driven book sales for years, and some may believe they're indicative of a reading culture in decline. But I’m comforted by the fact that, regardless of their celebrity connections, Yesteryear and Famesick are interesting reads in their own right, and I'm optimistic about Life of M. So, when the novel drops on Tuesday, I’ll have two reasons to pick up a copy: my respect for Cusk’s work, and, admittedly, my taste for a bit of gossip. 🧾 INSIDER TRADING From The Margin group chat: If you liked this newsletter, hated this newsletter, or are totally indifferent to it, hit the reply button and tell us why! We’re so lonely. This week’s contributors: Jenna Simeonov (writer), Tyler Haw (audience engagement), Amarah Hasham-Steele (staff writer), Shazia Khan (social media strategy manager), Anthony Milton (content lead), Martin Molpeceres (social video producer), Kat Angus (deputy editor), and Eric Wainwright (editor in chief). Important Legal Disclosures "The Margin" is a financial news and media platform published by QuestMedia Inc. and is a member of the Questrade Group of Companies. Questrade Group of Companies means Questrade Financial Group and its affiliates that provide deposit, investment, loan, securities, mortgages and other products or services. Our editorial team operates independently, though "The Margin" may promote Questrade services and receive promotional benefits when users click provided links or open accounts. Not Investment Advice & Risk Warning: All content is for informational and educational purposes only. "The Margin" is not a registered investment adviser or broker-dealer. Nothing published constitutes a recommendation, solicitation, or offer to buy or sell any security, or to engage in any investment strategy. Trading securities—especially on margin—involves significant risk and can result in the loss of your entire investment. Please consult a qualified financial or tax professional before making any investment decisions. Limitation of Liability: Content and market data are provided "as is" without warranties of any kind. "The Margin" and its affiliates assume no liability for your trading results or data inaccuracies. Contributors to "The Margin" may hold positions in the securities discussed. Your personal information is handled in accordance with the Questrade Financial Group Privacy Policy. You may withdraw your consent to receive these emails at any time by clicking "unsubscribe." --- ### Why broke Canadians are still buying pricey concert tickets **Published:** August 19, 2026 | **Author:** Jenna Simeonov | **Section:** Culture **URL:** https://themargin.news/buying-concert-tickets-broke.md --- ### What is a mutual fund? What every Canadian should know **Published:** August 17, 2026 | **Author:** The Margin Editorial Staff | **Section:** General **URL:** https://themargin.news/what-is-a-mutual-fund.md --- ### 🐴 Neigh-sayers **Published:** August 14, 2026 | **Author:** The Margin Editorial Staff | **Section:** Newsletter Archive **URL:** https://themargin.news/newsletter-08-14-2026-neigh-sayers.md 🐴 Neigh-sayers Plus: Yum, copypasta Aug 14, 2026 📩 THE OPENING POSITION We’ve made it to mid-August, which means here in Ontario, we’ve officially made it to PEACH SEASON. I’ve been known to talk about peach season the way others talk about decorative gourd season, so yes, I’ve already gotten in trouble for cursing within earshot of coworkers and even a few toddlers. But it’s a good year to be bullish on stone-fruit beauts: new varieties are allowing harvests to start earlier than ever (thank you, science), and it turns out that those swampy, sweaty July heat waves created ideal conditions for a real bumper crop. Almost nothing else at the grocery store is having a good year, so let’s celebrate this one win: peaches are relatively cheap, abundant, and on THIS side of the border right now. Maybe it’s all them natural sugars talkin’, but if we could trade futures on this stuff, I’d be all in. – Shazia Khan, Social Media Strategy Manager 🔔 BEFORE THE BELL Index Week (August 10–13, 2026) TSX ▲ +380.64 (+1.05%) S&P 500 ▲ +47.99 (+0.62%) Nasdaq ▲ +123.07 (+0.46%) Dow ▼ -230.33 (-0.43%) The takeaway: Cooling inflation carried this week’s markets on its back, but not for everybody. Following softer-than-predicted CPI and PPI numbers, the S&P 500 set a new record above 7,800 points on Thursday, cutting the odds of a September rate hike from 50% to about 35%. The Nasdaq also surfed that wave, but it couldn’t help the Dow this week: the US and Iran keep playing the same expensive song on repeat, Big Tech saw significant losses, and Cisco’s (NASDAQ:CSCO) post-earnings call slump all contributed to the Dow’s lackluster performance. On the TSX, mining and bank stocks saw boosts from a gold rally and the same reduced rate hike odds, managing to outdo the major American indices. We'd be lying if we claimed not to feel a little bit smug. 🔎 THE CONTEXT 🎵 It’s the final countdown 🎵 Photo credit: Getty Images Is anyone feeling a sense of déjà-vu? Once again, Trump threatens sky-high tariffs, the feds have to scramble, and businesses across Canada are quaking in their boots. It’s all very ‘Liberation Day’ 2025, but this time the date is Aug. 19, and there’s no snappy name for it. (Email us your ideas!) A quick recap: on June 20, the White House reached for a never-before-used law, Section 338 of the Tariff Act of 1930, to threaten 50% tariffs on 400 different Canadian exports to the US, purportedly in response to “discriminatory” treatment of US booze, cars, and dairy exports. Naturally that caused a bit of a panic, and ever since, Canada’s trade negotiators have been darting between Ottawa and Washington, DC, trying to hammer out a deal. Last week, government sources told CTV they were feeling cautiously optimistic about a deal that would avert the tariffs and even give Canada a lower rate on several goods, in return for concessions in autos, dairy, and alcohol. But as of Wednesday, CBC reports the Americans aren’t happy with Canada’s latest offer. With five days left until the US’s self-imposed deadline, it’s infuriatingly murky how the negotiations will go. For now, we’re on tenterhooks. What this means… For BC, Quebec, Alberta, and Saskatchewan: Trump’s list of goods, which includes odd choices like mosses and lichens, may not be as random as first thought. University of Calgary professor Trevor Tombe found that the new charges could be devastating for communities in BC (thanks to tariffs on forestry and electronics products) and Quebec (thanks to hits on textiles, cement, wood flooring, and furniture). Alberta and Saskatchewan are largely left off the hook, raising suspicions that the list may be meant to deepen rifts among provinces and Ottawa. For Canadian consumers: Surprisingly, not much. Since these are tariffs on exports to the US, they won’t automatically raise prices for folks in Canada. In fact, having un-exported goods floating around the Canadian market could even have a downward pressure effect on domestic prices. However, the broader damage to the economy will come home to roost no matter what, and if our government decides to retaliate with tariffs of its own, we could indeed see US-imported goods increase in price (that is, for whoever still buys them). For Bourbon lovers: Relief at last, maybe. Trump is real mad about provinces taking US booze off their shelves, and a reversal could win Canada some favour with the mercurial president. But it’s not actually up to Carney’s government: each of the 10 provinces that yanked California wines from their shelves would have to agree, and there’s no guarantee they will. BC Premier David Eby, for one, has said there’s “not a chance in hell” his province will budge. Bottom Line: By now, we all kind of know how this game is played. Trump threatens something ridiculous, everyone is forced to take him seriously, the markets swing, and then… well, prior to Trump’s, ahem, decisive actions in Iran, the pattern was that he’d just backtrack. Now, though, that’s less certain. With the US midterms coming up and his approval ratings down, Trump is desperate for a win. It’s entirely possible that Aug. 18 will be another TACO Tuesday – but you never know what a cornered animal will do. Also: I'm afraid I can't do that, Mark. On Monday, Mark Zuckerberg dropped a lengthy manifesto on AI's future, timed with the launch of Meta’s new AI model, Muse Glimmer, which is open for anyone to download and modify. (Reception to the essay has been decidedly mixed.) Chinese AI companies like DeepSeek also use open-weight models; American companies have been more hesitant, and Anthropic’s Dario Amodei warned that open-weight models are riskier. Zuckerberg paints a rosy picture, where everyone gets their own superintelligent assistant to help them launch a startup or bake a really good cake. Our question: did Zuck use Muse Glimmer to write this? Data sovereignty? We don’t know her. On Tuesday, RBC and BMO announced the $2 billion sale of Moneris Solutions Corp. to a US private equity firm. Founded in 2000, Moneris is a Toronto-based company that provides payment processing to Canadian businesses. The private equity firm has vowed to preserve Moneris’s “deeply Canadian identity,” but how they’ll manage that from across the border remains to be seen. This comes on the heels of TD’s partnership with US-based Fiserv, announced last year. Canadian payments are increasingly being processed down south, which has led experts to raise concerns about Canada’s control over its data and financial services infrastructure. One Calgary-area fintech CEO has already dubbed it “the great Canadian payments surrender” – which sounds, well, not great. Phia founders knew all along. When news broke in July that the shopping app was pocketing affiliate commissions it hadn't earned, co-founders Phoebe "Daughter of Bill" Gates and Sophia Kianni super pinkie swore it was an oversight, caught only once reporters came calling. But Slack logs show engineers were working on 'cookie stuffing' processes as early as December 2025, and both Gates and Kianni were fully on board – even after, in Kianni’s case, being warned it was “against compliance.” No charges have been filed (yet), but corporate attorney Ariel Givner tweeted that this could amount to federal wire fraud, carrying up to 20 years in prison. Source: Statistics Canada 🤿 ROLLING IN THE DEEP Photo credit: Unsplash How Old Age Security rules penalize immigrants by Louisa Eunice This is an excerpt of an article originally run in full on The Margin. Amara Miller thought her retirement plan was simple: Winters in Guyana with her siblings, and summers in Toronto with her kids and grandkids. You know, that whole back-and-forth thing that some people talk about like it’s just a normal commute. “I thought once I hit retirement age, I’d just be able to travel freely,” Amara says. Born in Jamaica, her family moved to Guyana when she was 13; at 41, she moved again, this time to Toronto. Now 65, Amara has spent the past 24 years raising her children in Canada, working 12-hour shifts in long-term care homes, and paying into Canada’s system. But catching up with a friend near Trinity Bellwoods Park one day, the conversation drifted to retirement, and the friend mentioned something about Canada's Old Age Security pension that didn’t sit right with Amara. She went home and pulled out the paperwork, and what she found stopped her cold: yes, collecting her pension while living in Canada took 10 years of residency. But if she wanted to keep receiving her OAS pension when she went to Guyana, she'd need 20 years of Canadian residency, and she needed to make sure she could meet the requirements. The 20-year export rule is a relic of the 1970s, when the federal government locked the OAS framework into place. The criteria treat immigration as a one-way, permanent move, and don't account much for international, jet-setting retirement plans. Read more The Teapot Scalding Former Raptors boss Nick Nurse is suing Ontario for nearly $700K, which sounds like a lot until you see what the Ford government spent on hotel rooms. Toronto Sun 🔥 Hot Bad news for high school English students, university slackers, and scammy freelance writers: Claude AI models will now embed invisible watermarks in all their texts and metadata. Ars Technica 😳 Lukewarm OpenAI's COO exits the company, as does the only ethicist on staff, which is surely just a coincidence and not an extremely concerning sign of things to come. Yahoo! Finance 🤔 Iced A screening of Spider-Man: Brand New Day in Colombia is evacuated after one moviegoer's odious flatulence. Moviegoers say the experience was still more enjoyable than Spider-Man 3. TMZ 🧊 👀 UNSOLICITED OPINIONS Photo credit: Adobe Stock / Emojify / The Margin Staff Do not improve the bots, please Shazia Khan, Social Media Strategy Manager: If you, too, are still watching the Blue Jays grind through their historically cursed 2026 season, you might’ve seen Monday's bizarre game get stopped for 15 minutes because no one could figure out how many outs there were. Confusing AF (welcome to baseball!), but this Reddit comment explained things surprisingly well AND struck me as a perfect candidate for “copypasta” – you know, one of those blocks of text so peculiar that people copy and paste them everywhere, forever, for no reason. Like when new MLB fans ask what a ‘balk’ is (do not do a balk, please). This makes me think we’ve been going about this whole AI thing completely backwards. Every tech company is burning mad capital to build models that write better than Hemingway, sending us on increasingly difficult quests to detect them – and so far, the primary return has been public outrage. But in their earlier, jankier days, these tools were actually brilliant copypasta creators. Phrases such as "I'm sorry but I cannot fulfill this request it goes against OpenAI use policy" and "as an AI language model, I cannot" were gleefully shared by real humans across social media, Amazon reviews, and group chats. It brought the masses joy and laughter instead of fear and anger. So here's my pitch to the engineers: Stop pushing for Pulitzer-level prose. Keep your models ludicrously, deliciously undercooked. It's cheaper and kinda delightful, which will do a heckin’ lot more for your public image than any dystopian commercial or influencer trip ever could. That’s how you’ll truly deliver on that ‘human in the loop’ promise: no amount of infinite output will have value until a human finds it funny and shares it everywhere, forever, for no reason. 🧾 INSIDER TRADING From The Margin group chat: If you liked this newsletter, hated this newsletter, or are totally indifferent to it, hit the reply button and tell us why! We’re so lonely. This week’s contributors: Louisa Eunice (writer), Tyler Haw (audience engagement), Amarah Hasham-Steele (staff writer), Shazia Khan (social media strategy manager), Anthony Milton (content lead), Kat Angus (deputy editor), and Eric Wainwright (editor in chief). Important Legal Disclosures "The Margin" is a financial news and media platform published by QuestMedia Inc. and is a member of the Questrade Group of Companies. Questrade Group of Companies means Questrade Financial Group and its affiliates that provide deposit, investment, loan, securities, mortgages and other products or services. Our editorial team operates independently, though "The Margin" may promote Questrade services and receive promotional benefits when users click provided links or open accounts. Not Investment Advice & Risk Warning: All content is for informational and educational purposes only. "The Margin" is not a registered investment adviser or broker-dealer. Nothing published constitutes a recommendation, solicitation, or offer to buy or sell any security, or to engage in any investment strategy. Trading securities—especially on margin—involves significant risk and can result in the loss of your entire investment. Please consult a qualified financial or tax professional before making any investment decisions. Limitation of Liability: Content and market data are provided "as is" without warranties of any kind. "The Margin" and its affiliates assume no liability for your trading results or data inaccuracies. Contributors to "The Margin" may hold positions in the securities discussed. Your personal information is handled in accordance with the Questrade Financial Group Privacy Policy. You may withdraw your consent to receive these emails at any time by clicking "unsubscribe." --- ### 🍁 AI, eh? **Published:** August 7, 2026 | **Author:** The Margin Editorial Staff | **Section:** Newsletter Archive **URL:** https://themargin.news/newsletter-08-07-2026-ai-eh.md 🍁 AI, eh? Plus: Wicker? I barely know 'er Aug 7, 2026 📩 THE OPENING POSITION It’s a bittersweet day in The Margin newsroom – Jenna Zaitchik, our beloved Senior Creative Designer, departs for an exciting new role that we know she’ll do great in. We considered ordering an aggressive cake for the occasion, but we opted to take the high road: secretly crying at our desks. We’ll be fine. Eventually. Probably. (In all seriousness, good luck, Jenna! We’ll miss you!) – Kat Angus, Deputy Editor 🔔 BEFORE THE BELL Index Week (August 3–6, 2026) TSX ▲ +648.19 (+1.83%) S&P 500 ▲ +204.02 (+2.72%) Nasdaq ▲ +899.79 (+3.54%) Dow ▲ +1110.46 (2.10%) The takeaway: An excellent week for the markets. The S&P 500 and the Dow achieved record highs thanks to a rally around AI and semiconductor stocks, and even the energy-heavy TSX got love from investors. The Nasdaq also saw a big jump, though it’s still recovering from its summer slump. As always, past performance doesn’t guarantee future results, so enjoy the surges while you can. 🔎 THE CONTEXT Canada’s AI approach is unsexy (and it’s working) Photo credit: Pexels / Unsplash / The Margin Staff AI investment may be getting wobbly in the US and Asia, but here in Canada, investors are apparently feeling more confident. Both Shopify (TSX:SHOP) and Brookfield (TSX:BAM) held earnings calls Wednesday, and both had positive AI-related news to announce. Shopify reported a US$3.6 billion revenue boost, resulting in a 16% spike to its share price. If the company is to be believed, the impressive numbers are largely thanks to Shopify's in-house AI models that make buying and selling stuff easier than ever before. On the selling side, its ‘Sidekick’ assistant helps vendors set up their virtual stalls and provides analytics on sales. Buyers can be assisted by the ‘Catalog’ agent, which “enhances” merchants’ product data to help guide customers towards the right products. The same day, asset management giant Brookfield swaggered in with even greater gains, reporting that it raised US$77 billion worth of investment in Q2 alone. Investment in AI infrastructure only accounted for about 6% of that, but CEO Connor Teskey said it was the company’s “largest and fastest-growing theme” – surprising, given the growing skepticism around AI investment. Brookfield is pitching itself as a kinder, more responsible AI investor – the kind that prefers realistic proposals over, say, Kevin O'Leary turning Utah into a giant data centre. So far, the strategy seems to be working: the company expects to hit record profits by the end of this year. Meanwhile, Canadian AI darling Cohere announced an expansion into South Korea, its fastest-growing market in Asia-Pacific. What this means… For Canada: Even though much of the groundwork for LLMs was developed at U of T, the tech itself promptly made like Bieber and ran off to the US. But to see Shopify, Brookfield, and Cohere all benefit from AI shows it hasn’t been a total loss for Canada. Indeed, there’s something rather local about their winning approaches. Shopify’s agents are tailor-made for actual use cases, Brookfield is promising responsible investments, and Cohere is all about letting countries retain control over their models. Each reflects a very Canadian kind of caution, which may turn out to be an asset in these turbulent times. For investors: Shopify’s emphasis on use-specific agents suggests a maturing of the market towards individual tools that demonstrate actual value, rather than the more abstract, "someday" promises of general-use models like Claude and ChatGPT. As agents get more specialized, it's time to stop thinking about AI as one big thing, and start looking at it as a lot of specific, individual ones. Bottom Line: We’ve been pretty bearish on AI lately, but news like this is actually encouraging. The most frustrating aspect of the AI bubble is that there are tangible and exciting solutions being created, but they're effectively drowned out by a cacophony of AI nonsense. Turn the volume down on that just a little, however, and gems may start to emerge. Also: Ottawa wants to fast-track a pipeline. Last weekend the Carney government began the process to designate an Alberta-backed pipeline as a project of national interest, another chapter in the PM's energy-based economic strategy to shield Canada from tariff chaos. The public has until Sept. 18 to submit comments by email, a window that critics like Environmental Defence say is far too short given very little is known about the pipeline and its potential effects. In one corner is Canada's economy; in the other, the environment. Who'll blink first? Crime is down (but pay no attention to the shoplifting behind the curtain). Recent StatsCan data shows Canada's crime severity index fell 5% in 2025, while the national shoplifting rate jumped 11%. And on Wednesday, the Toronto Police Service's 23 Division announced they'd arrested more than 500 people and laid more than 4,000 shoplifting-related charges in just one neighbourhood over the last couple of years. The Retail Council of Canada said the resale market for stolen goods is growing, leading to more aggression and violence against retail workers. What if your boss could see your browser history? A CBC report this week quoted anonymous TD and Bell employees who described the growing toll of screen-monitoring software, which go beyond just tracking ‘Active’ and ‘Away’ statuses on Microsoft Teams. One TD worker said managers use surveillance software, which tracks time spent on tasks, to "shame and belittle" employees, while a Bell employee called the practice "degrading and humiliating." Meanwhile, a spokesperson for TD said the software helps the bank "better understand how work gets done," and one for Bell said it was "standard industry practice." Somewhere in the ether, George Orwell shudders. Source: Cocoa: IMF Global Price of Cocoa (PCOCOUSDQ), via FRED, Candy/chocolate CPI: BLS Consumer Price Index, Candy and Chewing Gum, US City Average (CUUR0000SEFR02), via FRED 🤿 ROLLING IN THE DEEP Photo credit: Getty Images Toronto’s condo market is an opportunity, just not for you by Andrea Yu This is an excerpt of an article originally run in full on The Margin. When Abdo Laalami moved from Cannes to Toronto in 2023, he had one goal: buy a place of his own. But at the time, all he could afford was a postage stamp of a studio downtown or a condo in a sleepy suburb, and neither option was all that appealing. So Laalami, a 31-year-old IT specialist, kept his eye on the market and squirrelled away everything he could to save a down payment while he waited. As the years passed, Laalami was thrilled to see prices on one- and two-bedroom downtown Toronto units begin to fall – the condo bust that everyone was waiting for was finally materializing. By the end of December 2025, Laalami scored a two-bedroom condo in a one-year-old building for $497,000, about 26% off the $699,990 it was originally listed at in May 2024. “It’s definitely a win,” Laalami says of his purchase. “I was able to take advantage of the situation.” But Laalami’s condo purchase is only a good deal because he's in no rush to sell, and that's the part that the supposed "condo buyers’ market" often leaves out: Condo purchases are usually looked at as a shorter-term prospect for younger people, where they live in it or rent it out for a few years to build equity, then sell it at a profit and upgrade to a house. A 2019 report from Your Neighbourhood Credit Union found that condo owners are more likely to stay in their home for less than five years, while homeowners are more likely to plan on staying for 10 years or more. For most young buyers, a decade-long commitment isn't part of the plan – Laalami’s an exception. He bought a place that will accommodate changes in his life for the next decade: With two bedrooms, there's plenty of room for a partner to move in, or even to start a family, if that’s where life takes him. “It’s something that is going to fit my needs for the upcoming years,” he says. His condo purchase mimics the classic “buy and hold” strategy that institutional investors have always relied on. The difference is that massive real estate firms and investors like pension funds can afford to buy hundreds of units at once and wait for the market to recover. Read more The Teapot Scalding A marmot stowaway hitched a ride with an Alberta man from the mountains back to his house. Good luck getting it to pitch in for gas money in this economy. CBC 🔥 Hot Instead of going to the bathroom, Lollapalooza fans 'surfed' a bag of urine through the crowd. FOMO beats bladder every time. New York Post 😳 Lukewarm For just US$100K per month, trading firms can get the "fastest access" to the most influential accounts on Truth Social. If they think this is an appealing offer, there's a bridge we'd love to discuss. BBC 🤔 Iced Two capybaras entered and hung out in one of Brazil's state legislatures. We're only categorizing this as 'iced' because capybaras are so chill. The New York Times 🧊 👀 UNSOLICITED OPINIONS Photo credit: Topic Studios Audiences want Wicker, in more ways than one Kat Angus, Deputy Editor: Recently, the movie trailer for Wicker was released online. No, not another Wicked sequel – this one’s about an unmarried woman (played by Olivia Colman, so you already know it’ll be good) who, instead of getting married, asks a local artisan to craft her a companion made out of wicker (played by Alexander Skarsgård, who can’t resist playing a weirdo). The internet promptly went bazonkers over the trailer, the movie, Olivia Colman, and most of all, the wicker dude himself. I won’t go into more detail here, but look up what people are saying about the movie on social media and you’ll immediately find plenty of enthusiastic, unhinged reactions. It’s yet another data point proving that in this chaotic year of 2026, audiences are hungry for original stories, and they’re tired of big studio franchises. Obsession, produced for around US$750,000, has made nearly half a billion dollars (USD!) due to word of mouth. So far, Backrooms has raked in nearly US$400 million on a US$10 million budget, making it the highest-grossing movie in distributor A24’s history. Conversely, The Mandalorian and Grogu underperformed, Supergirl was a critical and box office disappointment, and Masters of the Universe barely made it past US$100 million (don’t even mention the live-action Moana). If Wicker is even a fraction as good as the internet wants it to be, it could be another ‘surprise’ box office success that leaves the big studio releases in the dust. Entertainment executives of all kinds should pay attention – we don’t want more of the same, we want a man made of wicker to romance the crap out of Olivia Colman. 🧾 INSIDER TRADING From The Margin group chat: If you liked this newsletter, hated this newsletter, or are totally indifferent to it, hit the reply button and tell us why! We’re so lonely. This week’s contributors: Andrea Yu (writer), Tyler Haw (audience engagement), Jenna Zaitchik (senior creative designer), Shazia Khan (social media strategy manager), Anthony Milton (content lead), Kat Angus (deputy editor), and Eric Wainwright (editor in chief). Important Legal Disclosures "The Margin" is a financial news and media platform published by QuestMedia Inc. and is a member of the Questrade Group of Companies. Questrade Group of Companies means Questrade Financial Group and its affiliates that provide deposit, investment, loan, securities, mortgages and other products or services. Our editorial team operates independently, though "The Margin" may promote Questrade services and receive promotional benefits when users click provided links or open accounts. Not Investment Advice & Risk Warning: All content is for informational and educational purposes only. "The Margin" is not a registered investment adviser or broker-dealer. Nothing published constitutes a recommendation, solicitation, or offer to buy or sell any security, or to engage in any investment strategy. Trading securities—especially on margin—involves significant risk and can result in the loss of your entire investment. Please consult a qualified financial or tax professional before making any investment decisions. Limitation of Liability: Content and market data are provided "as is" without warranties of any kind. "The Margin" and its affiliates assume no liability for your trading results or data inaccuracies. Contributors to "The Margin" may hold positions in the securities discussed. Your personal information is handled in accordance with the Questrade Financial Group Privacy Policy. You may withdraw your consent to receive these emails at any time by clicking "unsubscribe." --- ### ​Options trading 103: Call options and thee **Published:** August 6, 2026 | **Author:** The Margin Editorial Staff | **Section:** Intel **URL:** https://themargin.news/what-is-a-call-option.md --- ### ​​Toronto's condo market is an opportunity, just not for you **Published:** August 5, 2026 | **Author:** Andrea Yu | **Section:** General **URL:** https://themargin.news/toronto-condo-buyers-market.md --- ### 🧨 Big tech energy **Published:** July 31, 2026 | **Author:** The Margin Editorial Staff | **Section:** Newsletter Archive **URL:** https://themargin.news/newsletter-07-31-2026-big-tech-energy.md 🧨 Big tech energy Plus: Church land is big, big money Jul 31, 2026 📩 THE OPENING POSITION There’s a saying amongst journalists that the best news comes out at 4 p.m. on a Friday: it’s technically working hours, but really, everyone’s all checked out. You might say the same about the second week after the FIFA World Cup, when soccer goes from olé! to passé. No one wants to talk about sportsball anymore, which makes this the perfect time for FIFA to make a secret, US$4.2-billion US deal with Joshua Kushner, brother of Donald Trump’s son-in-law. Unfortunately for FIFA, people were paying attention, prompting more howling from fans, regulators, and sports groups than a shocking offside call. We may need to pay attention to soccer for a little while longer. – Anthony Milton, Content Lead 🔔 BEFORE THE BELL Index Week (July 27–30, 2026) TSX ▲ +73.19 (+0.21%) S&P 500 ▼ -23.45 (-0.31%) Nasdaq ▼ -118.02 (-0.47%) Dow ▲ +39.19 (+0.08) The takeaway: Canadian markets closed Thursday pretty much flat for the week, with the TSX up 0.21%. In the US, the S&P 500 and Nasdaq barely moved, with the Dow seeing a slight increase. And yet this was a bonkers week for earnings reports and stock prices – more on that below. The TSX's small gain was mainly due to energy and mining, driven by rising gold and oil prices thanks to (surprise!) the seemingly unending US-Iran war. 🔎 THE CONTEXT AI spending enters its ‘prove it’ era Photo credit: Logos courtesy of Meta, Google, Amazon, Apple, and Microsoft / The Margin Staff For the past several years, tech companies and investors had an unspoken, but mutually beneficial, arrangement: the tech companies would invest a ton into AI, and investors would reward them with higher and higher stock prices. But earnings calls this week for five of the biggest players – Alphabet (NASDAQ:GOOG), Meta (NASDAQ:META), Microsoft (NASDAQ:MSFT), Apple (NASDAQ:AAPL), and Amazon (NASDAQ:AMZN) – indicate investors have added some disclaimers to their end of the deal. As we mentioned last week, Alphabet's stock plunged more than 7% in a single day after it raised its 2026 capital spending forecast to US$205 billion and, much more concerning, posted negative free cash flow for the first time since the company's 2004 IPO. Meta actually beat revenue expectations and grew 28%, but a pile of legal and severance charges (one-time fees, but still) sank the per-share profit. Combine that with the US$31 billion capex for the quarter and full-year spending guidance going up again, and you get Meta's stock price dropping 10%. Then Microsoft, which has been having a rough go of it lately, revealed that Azure crossed US$100 billion in quarterly revenue for the first time, capex came in under expectations, and their spending plans for the year basically stayed the same. The result? The stock price leapt 15% on Thursday. Amazon and Apple posted their earnings Thursday evening. Amazon announced 37% growth in AWS and record operating income, but showed a US$66 billion increase in AI spending and a US$7.6 billion free cash flow deficit. Apple, meanwhile, had its best Q2 ever – record revenue and EPS – but missed targets for services and China sales. It also, notably, said almost nothing about AI spending. In the immediate aftermath, Amazon's after-hours stock price shot up 9%, while Apple's went down. What this means… For investors: Alphabet was dinged for raising its spending forecast, and Meta for missing on profit as its own capex crept upwards. Meanwhile, Microsoft was rewarded for its (relative) restraint. It's no longer a given that a stock price will go up if the company spends big bucks on AI – people are starting to demand actual, provable results. For big tech: After several years of trying to outspend the other guy in hopes of being the last one standing, the big tech companies are beginning to run out of runway. Vibes-based AI spending is over, and it’s time to show the plane can fly. Bottom Line: Is it glib to say that tech is in its FAFO era? Okay, that’s a bit much, because really, nobody knows yet if AI spending is going to pay off, or if it’ll make the economy crash and burn. You may have your suspicions of which way it’ll go (hell, so do we) but for now, we’re still in the WAFO era: Wait and Find Out. Also: Shopify (TSE: SHOP) CEO thinks the wealthy should have more voting power. In the latest edition of 'nobody's forcing these billionaires to speak publicly, right?', on Sunday Tobi Lütke endorsed a proposal on X from ex-TD Bank executive Eric Thor to remove voting rights for those who pay no income tax and scale voting power by wealth from there. In another post, Lütke also declared that pensioners should also be stripped of voting rights, in order to “let people with a stake in the future decide.” Most of Canada hasn’t linked voting rights to wealth since 1920, and Quebec, the last holdout, caught up by 1948 – one more sign that billionaires crave a return to the gilded age. WestJet teeters on the edge of a strike. A whole lot of planes could be stuck on the runway this Sunday if WestJet’s flight attendants’ union goes on strike. Yesterday, the group issued a 72-hour strike notice, a warning that the strike could begin just after the clock strikes midnight Mountain Time on Saturday night. The union claims WestJet doesn’t pay their attendants for time spent assisting customers when the plane is on the tarmac, or for time spent working when flights are delayed. The airline is standing firm, however, and the impasse could see flights delayed starting today. They’re offering customers on flights between July 30 and August 4 free changes and cancellations, moves that could cost the airline millions. Both the US and China face a sluggish Q2. The world’s two great economic giants have faced slow growth over the past three months, though for very different reasons. America is limping, having repeatedly shot itself in the foot with the Iran war and Trump’s obsession with tariffs, both of which have raised prices and hampered spending by consumers and business alike, leading to just 1.5% annual growth in the quarter. China, meanwhile, is struggling with deflation, after a housing crash bit into middle class families’ savings, also hurting consumer spending and leading to a low-for-China 4.3% GDP growth. As it stands, the only people willing to buy things en masse are AI investors: exports of chips and investment in data centres propped up growth for China and the US, respectively. Source: Spotrac, MLB Team Tax Tracker, 2026 season (captured July 30, 2026) 🤿 ROLLING IN THE DEEP Photo credit: John Packman / The Margin Staff Y.I.G.B.Y. (Yes In God’s Backyard) by Anthony Milton This is an excerpt of an article originally run in full on The Margin. In early 2022, Michael Hilliard paid one last visit to the church that had raised him. An imposing gothic building in downtown Toronto, Bloor Street United had known Hilliard since he was baptized there some 50 years prior, and as he walked through the halls, Hilliard passed the rooms where he attended Sunday school as a child, and the enormous sanctuary where he married his wife in 2007. “It’s been the one constant physical space in my entire life,” he says. The church's history goes back even further. The main bulk of the building was first completed in 1890, over 125 years ago, and survived a devastating fire in 1954. But Bloor Street United's days were numbered: Within weeks of Hilliard's last visit, wrecking crews would begin tearing much of it down. Today, all that's left of the venerable old church is its stone walls, stained black by a century of city pollution. They’ve been retained as a façade while the rest of the building is gutted, and an enormous office and residential building goes up overhead. Hilliard is at peace with the demolition of his church. After all, it was partially his idea. For decades, the congregation had watched its numbers dwindle while costs rose; rather than folding completely, it found another way to survive. Hilliard, a lawyer, became the volunteer chair of the church’s redevelopment committee, and helped finalize the deal to sell part of the church's land to a developer. In exchange, Bloor Street United will persist: it’ll keep a chunk of land on the site, and will get brand-new space. Redevelopments like these are becoming increasingly common across Canadian cities, as shrinking churches cash in on their land value in order to stay solvent. Their efforts are unlocking tens of millions of dollars in real estate, creating potential windfalls for developers, while also allowing the churches to negotiate adding key social services, like affordable housing, into the new buildings. These pacts of God and capital have given rise to a new kind of YIMBY: the Yes in God’s Backyard (YIGBY) movement, where the houses of God are transformed into the condos of thousands. Read more The Teapot Scalding Private Claude chats were exposed in Google and Bing search results, and you’re absolutely right, you asked me not to expose our conversations and I did. That’s on me. Wired🔥 Hot Olivia Rodrigo’s new beau is in private equity. “I’m looking for a guy in finance” was just supposed to be a meme, Olivia!!! Vogue😳 Lukewarm Now that’s what we call engagement: Mr. Beast married his longtime girlfriend in the Caribbean. HELLO! Canada🤔 Iced A great white shark washed up on a Nova Scotia beach – even sharks can’t resist the lure of a great white donair sauce. CBC🧊 👀 UNSOLICITED OPINIONS Photo credit: Melinda Sue Gordon/Universal Pictures I may hate movies, but I still want to see The Odyssey Anthony Milton, Content Lead: I have a confession to make: I am terrible at watching movies. Not in the sense that I scroll on my phone or ask a million questions as the thing is playing – I’m not an animal – but rather, I just can’t bring myself to actually sit down and strap in for the ride. A movie needs to be pretty special to make me watch the whole thing. So it’s notable that I’m even considering seeing Christopher Nolan’s The Odyssey, a film apparently so spectacular that it’s filling once-empty theatres and making tickets here in Toronto really hard to get. The popcorn gods are cruel. The fact that I even care about seeing The Odyssey probably has more to do with the cultural moment than the film itself. For one thing, it released just in time for AMC’s earnings report, which unveiled big numbers thanks to the hype (turns out it’s not just a meme stock after all). For another, by virtue of being in IMAX, The Odyssey has made film a perishable commodity once again: unlike with most films, seeing this in an IMAX theatre is an experience that can’t be replicated on a home TV, and therefore gives the cinemas a reason to exist. That alone makes it a movie worth watching, especially in the era of cape slop and lazy sequels – even by my ridiculous standards. 🧾 INSIDER TRADING From The Margin group chat: If you liked this newsletter, hated this newsletter, or are totally indifferent to it, hit the reply button and tell us why! We’re so lonely. This week’s contributors: Tyler Haw (audience engagement), Jenna Zaitchik (senior creative designer), Shazia Khan (social media strategy manager), Anthony Milton (content lead), Kat Angus (deputy editor), and Eric Wainwright (editor in chief). Important Legal Disclosures "The Margin" is a financial news and media platform published by QuestMedia Inc. and is a member of the Questrade Group of Companies. Questrade Group of Companies means Questrade Financial Group and its affiliates that provide deposit, investment, loan, securities, mortgages and other products or services. Our editorial team operates independently, though "The Margin" may promote Questrade services and receive promotional benefits when users click provided links or open accounts. Not Investment Advice & Risk Warning: All content is for informational and educational purposes only. "The Margin" is not a registered investment adviser or broker-dealer. Nothing published constitutes a recommendation, solicitation, or offer to buy or sell any security, or to engage in any investment strategy. Trading securities—especially on margin—involves significant risk and can result in the loss of your entire investment. Please consult a qualified financial or tax professional before making any investment decisions. Limitation of Liability: Content and market data are provided "as is" without warranties of any kind. "The Margin" and its affiliates assume no liability for your trading results or data inaccuracies. Contributors to "The Margin" may hold positions in the securities discussed. Your personal information is handled in accordance with the Questrade Financial Group Privacy Policy. You may withdraw your consent to receive these emails at any time by clicking "unsubscribe." --- ### Y.I.G.B.Y. (Yes In God's Backyard) **Published:** July 30, 2026 | **Author:** Anthony Milton | **Section:** General **URL:** https://themargin.news/yigby-church-land-condos.md --- ### Options trading 102: Put options and you **Published:** July 28, 2026 | **Author:** The Margin Editorial Staff | **Section:** Intel **URL:** https://themargin.news/what-is-a-put-option.md --- ### 🚨 Escape from AI-catraz **Published:** July 25, 2026 | **Author:** The Margin Editorial Staff | **Section:** Newsletter Archive **URL:** https://themargin.news/newsletter-07-24-2026-escape-from-ai-catraz.md 🚨 Escape from AI-catraz Plus: What do Mr. Beast and Michelangelo have in common? Jul 24, 2026 📩 THE OPENING POSITION The WNBA All-Star game is happening tomorrow in Chicago, and there’s a lot of money changing hands. In May, the league closed a media-rights deal worth up to US$3.1 billion over 11 years, and unsurprisingly, valuations of its various franchises have exploded – the Golden State Valkyries alone are now worth US$1 billion. The Toronto Tempo is in last place at $325 million – that’s also in USD, though, so the team’s not exactly cutting coupons. There’s an unfortunate lack of Canadian players to root for in the All-Star game this year, but we do have some alternate options. Marina Mabrey, guard for the Toronto Tempo, isn’t actually Canadian but was named an All-Star reserve, while Chatham, Ont. native Bridget Carleton of the Portland Fire won’t be in the game itself but will compete in tonight’s 3-point contest. Hey, we’re Canadian – we’ll find our pride wherever we can. – Kat Angus, Deputy Editor 🔔 BEFORE THE BELL Index Week (July 20–23, 2026) TSX ▼ -132.55 (-0.38%) S&P 500 ▼ -106.88 (-1.43%) Nasdaq ▼ -582.30 (-2.26%) Dow ▼ -445.63 (-0.85%) The takeaway: This was a rough week to check your portfolio. The TSX slipped a little, but the real bloodbath was in the US markets: the S&P 500 and the Dow both fell, with the Nasdaq taking the biggest hit of all, down 2.26% from its Monday open. What the heck happened? Probably a few things at once. First, oil crossed the US$100-a-barrel threshold as the US-Iran war just keeps going. Second, Alphabet’s (NASDAQ:GOOG) stock price plummeted more than 6% after it posted impressive earnings but doubled its capital expenditure forecast for the year to US$205 billion. And third, Tesla’s (NASDAQ:TSLA) earnings didn’t help – the company sold more cars in Q2, but for less money, and the stock dropped 15%. If you’re just entering the market now, congrats; if you’re trying to get out, we are so sorry. 🔎 THE CONTEXT OpenAI model goes full Kool-Aid Man on another company’s servers Photo credit: Getty Images / The Margin Staff ‘Oh, yeah’? More like ‘oh, nooooo.’ By this point, you’ve probably already heard the ‘big news’ out of OpenAI, but to recap: in order to test their experimental models’ hacking capabilities, OpenAI placed a few advanced AIs into a sandbox environment and switched off their safety controls. This environment was supposed to be disconnected from the internet, but the AIs quickly gained access to the web via a vulnerability in some third-party software. From there, they hacked the servers of Hugging Face, a separate AI company, in an attempt to find the answers to the test. Hugging Face struggled against the breach; OpenAI realized its models were up to no good, and the two connected and hugged the whole thing out. We've tried our best to lay all that out dispassionately, because hoo-boy, a lot of the news coverage has been pretty sensationalized. CNN said it was “like an engineered virus escaping a biocontainment lab,” while CNBC quoted an investment banker who called it “really frightening.” And no wonder: it’s the perfect sci-fi storyline. (Next, we'll find out the jailbreaking AI is called the Torment Nexus.) In a press release about the incident, OpenAI referenced its models’ “rapidly advancing capabilities.” Powerful! Scary! Keep in mind, however, currently the sources here are OpenAI and Hugging Face themselves, both of whom could benefit from AI hype. For one thing, was the exploit that OpenAI’s models purportedly used really all that impressive? As Wired pointed out, the particular flaw is fairly common; according to one security consultant quoted, “‘Highly isolated’ and ‘escaped through the one hole we left open’ cannot both be true.” Even if the incident occurred exactly as OpenAI and Hugging Face say it did, that means OpenAI lost control of a model it was responsible for and it got into another company's servers. That's… not a great look. What this means…. For OpenAI: The company’s source for all this stuff boils down to “just trust me, bro,” and people are growing increasingly reticent to do that. As we noted last week, OpenAI is looking to go public in 2027, which means they still have time to juice up their perceived value. Looking like a steward of evil bots is certainly one way to do that, but they’ll have to be convincing about it. For Anthropic: Isn’t it a bit funny that this happened just over a month after Anthropic developed a model so apparently dangerous, the US restricted its exports? Which, again, you can take with a grain of salt. But with another uncontrollable AI on the scene (allegedly), the Claude PR machine might start looking for a new narrative. For any company with a server: If this is all true, and even the AIs’ own developers can’t hold them back, even minor vulnerabilities could now be big problems. In theory, AI is also the answer to this: just turn one into a white-hat hacker to find vulnerabilities and patch them on the go. Trouble is, many AI’s safety controls balk at even the suggestion of hacking – as Hugging Face purportedly discovered when it tried that strategy. Their solution: use a Chinese model with fewer scruples. For investors: Neither OpenAI nor Hugging Face is public (yet), so there’s no stock to be bought or sold. But it's quite the opportunity for any firm offering AI-powered cybersecurity services, as the aforementioned server owners might be in the market. The bottom line: Another day, another scary story about AI. Expect more of these to come, since signs of weakness are starting to show in the sector, and the most fervent devotees of the AI bubble will do everything in their power to keep it aloft. The past year has shown us that AI is powerful and can do many things. But it’s still controlled by people, and humans are a tricky bunch. Also: US wants 'interim' CUSMA deal. When America infamously decided to renegotiate the trade agreement at the start of July, it kicked off a series of talks between the countries. On Wednesday, US Trade Representative Jamieson Greer told the US Senate that he wants "interim arrangements" with Canada and Mexico by the end of 2026, but admitted that the more difficult stuff, like labour and environmental standards, likely won't get settled until 2027. The US is negotiating with each country separately, and it's not hard to decipher who Greer's favourite is: he described Mexico as "very pragmatic" and "non-dramatic," while he's openly griped about the state of Canada's talks. Crypto stockpilers are feeling the pain. Bitcoin is down 50% from its October high, and the companies designed to hoard it are paying the price. At the currency’s peak, some crypto treasury firms held more than US$120 billion in assets; that's down to $75 billion, meaning these firms are carrying tens of billions in unrealized losses. BSTR is one such company, and it’s run by Adam Back, who’s also the CEO of Blockstream. BSTR had planned a SPAC merger that would let it trade publicly, but that deal now seems to be kaput, with involved parties blaming "current market conditions." As in, the current market conditions suck. Novo Nordisk takes Eli Lilly to court. Novo (NVO:NYSE), the maker of Ozempic and Wegovy, alleges that ads for Zepbound, Lilly's (NYSE:LLY) own GLP-1 drug, are misleading to consumers. As Novo tells it, the Zepbound ads compare the medication's highest dose against the lowest dosages of Ozempic and Wegovy, making it look like Lilly's drug is way more effective than it actually is. Lilly denied the accusations, calling its advertising "truthful," but Novo wants Lilly to pull the ads and issue new ones correcting the record. There's a famous saying that a lie can go around the world before the truth has time to tie its shoes – if Novo is right, Lilly's ads have a serious head start. Source: Rotten Tomatoes; Poster credits: Zeitgeist Films; BLT Communications; Intralink Film Graphic Design; Crew Creative Advertising; WORKS ADV for Warner Bros. Pictures; Ignition; BOND; Universal Pictures; Syncopy Inc. 🤿 ROLLING IN THE DEEP Photo credit: Unsplash/ Getty Images / The Margin Staff Generic Ozempic is here, but good luck getting it by Shilpashree Jagganathan This is an excerpt of an article originally run in full on The Margin. For three years, Sandra paid hundreds of dollars a month out of pocket for semaglutide and similar medications. When the price of her weight-loss prescription climbed to $571 a month, she resorted to putting some of it on a credit card, cutting back on other spending, and stretching the time between doses from seven days to 10 (not something her doctor had advised). But this past April, Health Canada authorized the first generic version of semaglutide – the drug behind Ozempic and Wegovy – and another in May. And last week, Sandra picked up her first pen of generic semaglutide from an Ontario pharmacy. The final price, including pharmacy fees and markup? $88.88. “I was relieved,” says Sandra, whom The Margin is identifying by a pseudonym to protect her medical privacy. “I was on the borderline of being in debt to being on the medication.” The arrival of Canada’s first generic semaglutide products brings with it the potential of major savings for other patients, but Health Canada's approval didn't produce a seamless switch. Pharmacy supply remains inconsistent, provincial drug plans haven't all added the generics, and private insurance rules can still block people from receiving coverage, leaving them to pay for it themselves. Read more The Teapot Scalding Nine premiers agree to lift interprovincial alcohol trade barriers. Good for the economy, with the potential bonus of pissing off America. CBC 🔥 Hot Jimothy, a raccoon with a spinal deformity, has millions of fans, a bobblehead, and even a Budweiser ad. And what have YOU accomplished today? Global News 😳 Lukewarm Luke Skywalker’s lightsaber sells for US$3.75M at auction. Kind of a ripoff, though – you still have to make all the battle sounds yourself. People 🤔 Iced Unicorn Frappuccinos will return to Starbucks for one weekend in August; ditto for the barista’s death glare every time you order one. Starbucks 🧊 👀 UNSOLICITED OPINIONS Photo credit: @kylegordonisgreat (YouTube) / @druski (Instagram) / Getty Images / The Margin Staff Mr. Jambo, Mr. Beast, and Michelangelo walk into a bar Kat Angus, Deputy Editor: If you're even a fraction as terminally online as I am, you might have seen this video from comedian Kyle Gordon called "Mr. Jambo," a brilliant parody of Paul Simon's Graceland that's also just a banger on its own. (Gordon's also responsible for the 2023 earworm "Planet of the Bass," which is still in my regular Spotify rotation.) In an interview with Vulture, Gordon said he paid out of pocket to fly a small crew from the US to South Africa and Eswatini for the shoot. He wouldn't give an exact number ("just so I don't have to remind myself and I can go to sleep at night") but we can safely assume it wasn't cheap. As the Garbage Day newsletter pointed out this week, creators are now investing huge money into their content. Mr. Beast has claimed to spend as much as US$4 million on one video, while Druski said in May he spent US$100,000 on a video about mega-churches. YouTube is now beating TV and the streamers in daily viewing, and ambitious creators are betting viral hits will ultimately pay for themselves through ad rolls, brand deals, tours, merch, and whatever else they can spin their newfound audience into. If you're put off by open and frank discussions about money as it pertains to art (even when the art is internet videos), don't be: art and commerce have been intertwined for centuries. Michelangelo had patrons bankrolling his work during the Renaissance; creators like Gordon and Druski are simply using the modern equivalent. But with the internet, anyone can post anything, and then post what it cost to make it – and that itself can be a marketing tool to find more fans, make more money, and make more art (read: internet videos). I might not speak Mr. Jambo's language, but I bet he'd call that the circle of life. 🧾 INSIDER TRADING Kat tries explains “Mr. Jambo” to colleagues: If you liked this newsletter, hated this newsletter, or are totally indifferent to it, hit the reply button and tell us why! We’re so lonely. This week’s contributors: Tyler Haw (audience engagement), Jenna Zaitchik (senior creative designer), Shazia Khan (social media strategy manager), Anthony Milton (content lead), Kat Angus (deputy editor), and Eric Wainwright (editor in chief). Important Legal Disclosures "The Margin" is a financial news and media platform published by QuestMedia Inc. and is a member of the Questrade Group of Companies. Questrade Group of Companies means Questrade Financial Group and its affiliates that provide deposit, investment, loan, securities, mortgages and other products or services. Our editorial team operates independently, though "The Margin" may promote Questrade services and receive promotional benefits when users click provided links or open accounts. Not Investment Advice & Risk Warning: All content is for informational and educational purposes only. "The Margin" is not a registered investment adviser or broker-dealer. Nothing published constitutes a recommendation, solicitation, or offer to buy or sell any security, or to engage in any investment strategy. Trading securities—especially on margin—involves significant risk and can result in the loss of your entire investment. Please consult a qualified financial or tax professional before making any investment decisions. Limitation of Liability: Content and market data are provided "as is" without warranties of any kind. "The Margin" and its affiliates assume no liability for your trading results or data inaccuracies. Contributors to "The Margin" may hold positions in the securities discussed. Your personal information is handled in accordance with the Questrade Financial Group Privacy Policy. You may withdraw your consent to receive these emails at any time by clicking "unsubscribe." --- ### What’s the ROI on aura farming? **Published:** July 22, 2026 | **Author:** Jennifer Foden | **Section:** Culture **URL:** https://themargin.news/aura-farming-roi.md --- ### Welcome to Trump's island of misfit tariffs **Published:** July 21, 2026 | **Author:** Anthony Milton, Kat Angus | **Section:** Money **URL:** https://themargin.news/trump-50-percent-tariffs-20260720.md --- ### Meet China's new AI that has Silicon Valley spooked **Published:** July 20, 2026 | **Author:** Anthony Milton, Kat Angus | **Section:** Tech **URL:** https://themargin.news/moonshot-ai-inflation-ford-20260720.md --- ### 🤖 Beep-boop goes bust? **Published:** July 18, 2026 | **Author:** The Margin Editorial Staff | **Section:** Newsletter Archive **URL:** https://themargin.news/newsletter-07-17-2026-beep-boop-goes-bust.md 🤖 Beep-boop goes bust? Plus: What's the World Cup trophy worth? Jul 17, 2026 📩 THE OPENING POSITION Hello world! Allow me to introduce myself: my name is Anthony Milton, and I like sunsets and long walks on the beach. I’m also The Margin’s newest writer and editor, your man in the markets, your boy on Bay Street, your… dude on the derivatives? (I’ll keep working on it.) In past lives, I’ve worked as a consultant in the climate and energy space, a bureaucrat in New Zealand, and, most recently, an editor at Toronto Life, where I covered the city’s culture scene and reported on financial intrigue. I subscribe to the principle that, despite society’s obsession with abstract numbers and corporate brand names, the world is fundamentally made of people doing stuff. The privilege of being a reporter is that, for me, each of them is only a phone call away, no matter how lofty their job titles may be. It’s my job to bring the heady world of the markets directly down to earth, and I couldn’t be more excited to do so. Let’s do some cool stuff with some cool people. – Anthony Milton, Content Lead 🔔 BEFORE THE BELL Index Week (July 13–16, 2026) TSX ▼ -12.38 (-0.04%) S&P 500 ▼ -35.32 (-0.47%) Nasdaq ▼ -206.99 (-0.79%) Dow ▼ -199.23 (-0.38%) The takeaway: Everything was down this week, but the real question is: why? Chip stocks everywhere, especially on the Nasdaq, just kept sinking, even after Taiwan Semiconductor (TPE:2330) beat earnings and raised its 2026 guidance, indicating that good news isn’t necessarily boosting AI stocks anymore (more below). Warren Buffett describing the market as "increasingly driven by speculative trading” certainly didn’t help matters. The TSX, meanwhile, barely budged at all – for once, Canada's shortage of public AI companies is working in investors’ favour. 🔎 THE CONTEXT The AI bubble enters the ‘uh oh’ phase Photo credit: Getty Images / The Margin Staff Wall Street’s confidence in AI might be starting to crack. This week, several key players in the AI boom saw their stocks fall: iShares Semiconductor ETF (NASDAQ:SOXX), a bellwether for the chip trade, fell 4.6%, slumps in key players like Micron Technology (NASDAQ:MU), Sandisk (NASDAQ:SNDK), and Western Digital (NASDAQ:WDC) sent the Nasdaq sliding, and declines on the S&P500 were only saved by non-AI companies reporting healthy earnings. Dips in the AI market aren’t a new thing (we also saw similar volatility in June), but what is changing is the narrative. Just three weeks ago, analysts were explaining away those swings as interest rate jitters and fallout from the US-Iran war. This week, though, headlines are all about doubts around AI itself. The stories we tell ourselves matter. The AI boom itself was one narrative: that super-intelligent robots will replace human workers en masse, creating enormous gains in efficiency while doing things never thought possible. The markets put a very, very high dollar value on that story. Now, however, a different narrative is taking root: that those promises were overblown. As we noted last week, the Magnificent Seven have lost the confidence of some investors for their huge investments (and debt) into AI, instead moving money toward the chipmakers, hence the semiconductor boom. But this new narrative is making its way into that space, too. Meanwhile, public opposition to AI adoption is growing. In South Korea this week, a union representing 40,000 auto workers at Hyundai (KRX:005380) staged a partial strike over AI-powered humanoid robots designed for the factory floor. If they succeed, that could set a tough precedent for manufacturers like BMW (ETR:BMW), Mitsubishi (TYO:8058), and Toyota (TYO:7203), all of which are building their own robots. Meanwhile, some AI executives have received threats on their lives as anger grows toward their technology – and their demands. What this means… For the AI giants: Potentially an existential threat, given the speed at which they’re spending money. Anthropic is gearing up for an IPO later this year, and OpenAI is looking to do the same in 2027. Both companies will need to keep the public and regulators convinced they’re actually worth something. For investors: Competing narratives are a recipe for volatility, as the last few weeks have shown. It’s not enough to trust the dominant wisdom anymore: now that AI adoption is well underway, the stocks that survive long term will be the ones that actually provide value, not just hype. For workers: Positive news for anyone worried about getting replaced, and a potential opportunity for anyone with the collective bargaining power to act on it. As the Hyundai strike shows, restrictions on AI automation could be the next big phase of labour demands. Company leaders may have been bullish in negotiations at a time of unbridled confidence in AI, but they may not be so bold if doubt continues to spread. Also: Speaking of: 1Password launches a tool to help companies stop bleeding money on AI. The Toronto cybersecurity company added AI spend tracking to its SaaS Manager, giving businesses a holistic view of token usage across Anthropic, Cursor, and OpenAI. It's a response to "tokenmaxxing," 2025's ill-advised trend of flaunting high token usage as a productivity flex. Companies like Meta have clamped down, and 1Password's new feature aims to help users do the same. (Betakit) Amazon just bet big on a Canadian battery maker. Electrovaya (TSX:ELVA) shares shot up 49% Wednesday after Amazon (Nasdaq:AMZN) struck a deal that could give it a 20% stake in the Mississauga, Ont.-based company. Already Electrovaya's biggest customer, Amazon received warrants to buy 13.9 million shares at US$8.56 a pop, and vesting once their purchases cross US$280 million. The deal covers batteries for Amazon's forklifts, but leaves room for energy storage and robotics (though Amazon should probably keep an eye on the Hyundai situation). (The Globe and Mail) WestJet flight attendants vote 99.4% in favour of a strike. The roughly 4,400 CUPE Local 8125 members could legally walk out as soon as Aug. 2, right before the long weekend. Their fight is over WestJet's 'credit hours' pay system, which union president Alia Hussain calls "archaic and exploitive." Aviation expert John Gradek says it's the same battle won at Air Canada and Air Transat – WestJet's attendants just want to catch up. (CBC) The Gordie Howe bridge math is confusing. We reported Monday on the unclear terms of the US-Canada deal to open the bridge, and, unsurprisingly, it now seems that nobody agrees on what those terms mean – Carney says that loan interest and depreciation will get deducted from toll revenue before the US gets a cut, but a US official told Bloomberg that neither would be included in the calculations. The bridge is still scheduled to open on July 27 (for now). (Bloomberg) Donald Trump accuses China of election interference. In a 27-minute televised speech Thursday night, the US president claimed the American intelligence committee covered up the interference. (CBC) Source: Money Metals Exchange 🤿 ROLLING IN THE DEEP Photo credit: Getty Images Canada forgot to make match fixing illegal (whoops) by Anthony Milton The World Cup final is this weekend, and although Canada's part in the tournament is over, the legal blind spot this story is about won’t expire when the winners are crowned. Montreal hosts the UCI Road World Championships in September, and that and every Canadian event that follows will face the same risks. This is an excerpt of a story originally run on The Margin. Two weeks before the World Cup kicked off in Canada, Mexico, and the United States, French soccer player Elye Wahi was arrested in Marseille, where he plays in France’s domestic league. French police specializing in corruption offenses had noticed something strange about the striker’s last game against FC Metz: sports bettors had put unusually high sums on the chance Wahi would receive a yellow card in that game, and sure enough, he got one after tackling an opposing player. The police never charged Wahi with any crime, letting him go after an interview, and just three weeks later he was in Toronto, playing against Germany for Ivory Coast in the 2026 FIFA World Cup. But had that suspicious game occurred on Canadian soil, authorities here would have had even less recourse – unlike France and most other developed countries, Canadian police have little authority to arrest someone on match-fixing suspicions alone. “Canada is extremely vulnerable to competition manipulation,” says Jeremy Luke, CEO of Sport Integrity Canada, the country’s main sports ethics organization. “I see it as being as big a threat as doping.” Canada, as it turns out, has an enormous blind spot when it comes to competition manipulation, and with FIFA already come and gone and the World Cup heading into the quarterfinal stage, the deadline’s passed to figure it out. This World Cup could be the most bet upon tournament in history, with the total amount projected to exceed US$50 billion, and all that money is attracting shady characters. The UN warned that organized crime is looking to get in on that action, potentially corrupting players and officials to throw points, matches, and referee calls so that pre-planned bets can be guaranteed to hit. That means competition manipulation and sports betting are linked at the hip, but unfortunately, our laws haven’t caught up. When Canada legalized single-event sports betting in 2021, it failed to follow up with proper legislation against match fixing. That’s left us with a FIFA-sized blind spot. It’s not legal for an athlete to throw a game (technically, one can be charged with conspiracy and fraud) but those laws are mighty difficult to enforce. Read more The Teapot Scalding Hydro-Quebec’s US$6B power line to New York has been down since July 4, mid-heat wave, and may stay down for the rest of the month. No joke here – hoping everyone affected stays cool and safe. Gothamist 🔥 Hot World Cup darling Erling Haaland arrives in Norway with a taxidermy raccoon holding a gin bottle. No idea how Haaland even met my ex, but I’m glad they’re hitting it off. CBC 😳 Lukewarm Chipotle plans to open its first restaurant in Mexico. "¡Por fin, un auténtico Chipotle!" says Mexico. CNBC 🤔 Iced Move over, Bumble and Hinge – LinkedIn is the hot new way for sexy singles to find love. And you won’t believe what it taught me about B2B marketing. SFGATE 🧊 👀 UNSOLICITED OPINIONS Photo credit: Getty Images / The Margin Staff Little (and big) fires everywhere Anthony Milton, Content Lead: It’s getting harder to square Canada's fortunes as an oil and gas producer with the fresh hell every summer brings. Just last week, Premiers Danielle Smith and Doug Ford made headlines over a new Alberta-to-Ontario pipeline; before that, Mark Carney had promised Alberta a new line to the coast. On paper, that's great for the economy. But at what cost? Here in Toronto, I spent last Tuesday night sweltering in the 37℃ heat (48℃ with humidity) watching alien math-rockers Angine de Poitrine jam out. I woke up Wednesday to a sky gone sepia from wildfires burning up north, and by evening I had donned an N95 mask to avoid breathing the toxic air outside – air thick with suspended ash from the wildfires, along with an ever-increasing amount of world-heating carbon dioxide. That same day, the Bank of Canada released a surprisingly positive economic update with growth numbers driven in part by increased oil exports, off to be burned somewhere else on this ever-warming planet. I’m reminded of Icelandic writer Andri Snær Magnason’s 2021 essay in The Atlantic, “The Gods Were Right,” which imagines a world where every fossil fuel-burning car, airplane, furnace, and power plant is rendered transparent, revealing the millions of tiny fires burning all around us every day. Is that what it'll take to set humanity straight on climate change? Or do we wait until the fires are in front of us, creeping down our streets, as they already are in the north? Musing on mythology, Magnason concluded that the Greek gods were right to punish Prometheus for giving fire to humankind. Looking at the blood-red sky outside my window, I’m beginning to agree. 🧾 INSIDER TRADING From The Margin group chat: If you liked this newsletter, hated this newsletter, or are totally indifferent to it, hit the reply button and tell us why! We’re so lonely. This week’s contributors: Tyler Haw (audience engagement), Jenna Zaitchik (senior creative designer), Shazia Khan (social media strategy manager), Anthony Milton (content lead), Kat Angus (deputy editor), and Eric Wainwright (editor in chief). Important Legal Disclosures "The Margin" is a financial news and media platform published by QuestMedia Inc. and is a member of the Questrade Group of Companies. Questrade Group of Companies means Questrade Financial Group and its affiliates that provide deposit, investment, loan, securities, mortgages and other products or services. Our editorial team operates independently, though "The Margin" may promote Questrade services and receive promotional benefits when users click provided links or open accounts. Not Investment Advice & Risk Warning: All content is for informational and educational purposes only. "The Margin" is not a registered investment adviser or broker-dealer. Nothing published constitutes a recommendation, solicitation, or offer to buy or sell any security, or to engage in any investment strategy. Trading securities—especially on margin—involves significant risk and can result in the loss of your entire investment. Please consult a qualified financial or tax professional before making any investment decisions. Limitation of Liability: Content and market data are provided "as is" without warranties of any kind. "The Margin" and its affiliates assume no liability for your trading results or data inaccuracies. Contributors to "The Margin" may hold positions in the securities discussed. Your personal information is handled in accordance with the Questrade Financial Group Privacy Policy. You may withdraw your consent to receive these emails at any time by clicking "unsubscribe." --- ### Generic Ozempic is here, but getting it is another story **Published:** July 17, 2026 | **Author:** Shilpashree Jagannathan | **Section:** Culture **URL:** https://themargin.news/ozempic-semaglutide-generic-canada.md For three years, Sandra paid hundreds of dollars a month out of pocket for semaglutide and similar medications. When the price of her weight-loss prescription climbed to $571 a month, she resorted to putting some of it on a credit card, cutting back on other spending, and stretching the time between doses from seven days to 10 (not something her doctor had advised). But this past April, Health Canada authorized the first generic version of semaglutide – the drug behind Ozempic and Wegovy – and another in May. And last week, Sandra picked up her first pen of generic semaglutide from an Ontario pharmacy. The final price, including pharmacy fees and markup? $88.88. “I was relieved,” says Sandra, whom The Margin is identifying by a pseudonym to protect her medical privacy. “I was on the borderline of being in debt to being on the medication.” The arrival of Canada’s first generic semaglutide products brings with it the potential of major savings for other patients, but Health Canada's approval didn't produce a seamless switch. Pharmacy supply remains inconsistent, provincial drug plans haven't all added the generics, and private insurance rules can still block people from receiving coverage, leaving them to pay for it themselves. --- ### ​The Bank of Canada crosses its fingers, keeps rates steady **Published:** July 15, 2026 | **Author:** Kat Angus, Anthony Milton | **Section:** Money **URL:** https://themargin.news/boc-rate-tt-20260715.md --- ### Fat profits for banks, flat wages for workers **Published:** July 14, 2026 | **Author:** Anthony Milton | **Section:** Money **URL:** https://themargin.news/earnings-call-q2-2026.md --- ### Inside Apple's trade secret lawsuit against OpenAI **Published:** July 13, 2026 | **Author:** Anthony Milton | **Section:** Tech **URL:** https://themargin.news/todays-take-20260713.md --- ### Canada forgot to make match fixing illegal (whoops) **Published:** July 13, 2026 | **Author:** Anthony Milton | **Section:** Culture **URL:** https://themargin.news/match-fixing-canada-world-cup.md --- ### 💍 NATO Summit (Taylor's Version) **Published:** July 11, 2026 | **Author:** The Margin Editorial Staff | **Section:** Newsletter Archive **URL:** https://themargin.news/newsletter-07-10-2026-nato-summit-taylors-version-2677205330.md 💍 NATO Summit (Taylor's Version) Plus: The NHL's $90 million grudge match Jul 10, 2026 📩 THE OPENING POSITION Taylor Swift and Travis Kelce are finally married! The world's biggest star and her NFL hunk wanted privacy for the big day, so naturally they got married at… Madison Square Garden. On July 3. The day before America's 250th birthday. Shutting down blocks of traffic on a weekday. The estimated cost to rent MSG is over US$1 million, but for the total wedding costs? Once you account for flowers, catering, and decorations, the overall price tag is estimated to be between US$35 million and US$50 million. Despite the very public venue, guests were still expected to give up their phones for safekeeping during the ceremony. With everything shrouded in secrecy, it's been hard to separate fact from fiction. Fact: Adam Sandler officiated (hopefully they got The Wedding Singer, not Little Nicky). Fiction: the AI-generated photos Snopes had to debunk – as of this writing, no official photos have been released. Your invitation may have gotten lost in the mail, but don't worry: there's always the annual wedding renewal concert tour, the Netflix special, or the coffee table book, or… – Tyler Haw, Audience Engagement and Education 🔔 BEFORE THE BELL Index Week (July 6–July 9, 2026) TSX ▼ -33.88 (-0.1%) S&P 500 ▲ +35.94 (+0.48%) Nasdaq ▲ +203.87 (+0.78%) Dow ▼ -346.75 (-0.66%) The takeaway: Markets seesawed after Trump declared the Iran ceasefire "over" on Wednesday (more on that below), sending the Dow down 577 points as oil spiked and investors started side-eyeing Big Tech's AI spending spree. We saw a partial rebound on Thursday as chip stocks rallied, lifting the Nasdaq and S&P 500, though the Dow didn’t fully recover its Wednesday losses. Meanwhile, the TSX mostly stayed level, likely helped by Canada's trade surplus hitting a four-year high on high oil and metals prices. 🔎 THE CONTEXT One very messy NATO house party Photo credit: Picture Alliance/Getty Images NATO’s annual summit/hugfest in Ankara, Türkiye this week was immediately thrown off the rails when Donald Trump took aim at everything from Iran and Spain to the alliance itself. On Wednesday, he unilaterally called off the fragile Iran ceasefire, and by Thursday both countries resumed trading missile strikes, once again imperilling trade through the Gulf of Hormuz. Not content to set just one corner of the world on fire, Trump also took the opportunity to declare an end of trade with fellow NATO member Spain, whose left-wing government has been feuding with the US over Iran. However, it was all smoke: Spain is part of the EU common market, making an embargo practically impossible. No wonder that Spanish Prime Minister Pedro Sánchez brushed Trump’s comments off like rain on the plain. Just when it looked like Trump attended purely to cause trouble, he switched from negging to love-bombing, surprising Ukrainian President Volodymyr Zelensky with the rights to produce Patriot missile interceptors. (Also surprised: Lockheed Martin and Raytheon, the American manufacturers who hold those rights, apparently unaware of Trump's gift.) He praised Turkish President Recep Tayyip Erdoğan, then declared: “If there’s one word that comes out of today, it’s 'unification.'“ …Okay, sure. While Trump made noise in the living room, Canada and Europe were smooching in the kitchen. According to the Wall Street Journal, Mark Carney's been working his rolodex, pulling his buddies across the pond away from the US and towards Canada – and it seems to be working. This week, Canada named Thyssenkrupp Marine Systems (TKMS), a German company, as its preferred supplier for 12 new submarines, the largest defence procurement in Canada’s history. No numbers have been disclosed yet, but the figures are said to be in the billions. Sounds like a honeymoon to us. What this means… Europe: One more firm nudge for any fence-sitting allies who believed they could work with, rather than against, Trump. Expect more inter-European collaborations and fewer cross-Atlantic ones. As the WSJ revealed, the US-Europe rupture has played out unevenly, with some heads of state calling for conciliation with Trump just as others lost faith. These shifts are rippling through the markets, too, as states across the continent look for local alternatives for everything from Starlink to Microsoft Teams. Oil markets: Surprisingly, not the end of the NYSE. Despite missiles once again flying over the Strait of Hormuz, the S&P 500 was up on Thursday, suggesting the markets are starting to tire of the US-Iran war and are no longer reacting to its every twitch and grunt. It helped that Trump actually did what he said he’d do – not always a given. Canadian space exploration: The least likely winner of all. Hot on the heels of the big ol’ submarine deal, a second German company is cashing in, too. According to The Logic, Isar Aerospace inked a 10-year, roughly US$100 million contract with Maritime Launch Services, which operates a spaceport in Nova Scotia – they're hoping to start launching rockets space bound in 2028. All systems are go, except for one tiny little detail: Isar has never successfully launched its rocket. Also: A garbage giant mulls going private: Canadian waste management heavyweight GFL Environmental Inc. (TSX:GFL) is known for its neon green garbage trucks and, less pleasantly, for the spate of shootings and arson attacks that have targeted its employees and facilities. Whether that's the cause or just broader trends in the waste management market, GFL’s share price is way down over the past year, and the company is now considering a buyout from American private equity firm Apollo Global Management Inc. (NYSE:APO), according to the Globe and Mail. The economy is so back (maybe, hopefully): After a rough start to 2026, analysts are now forecasting Canada’s economy to come back to life by the end of the year. A new outlook by Deloitte Canada says that efforts by the federal government to break down trade barriers within Canada while also investing heavily in major projects could help egg on private capital. Meanwhile, high oil prices from the U.S.-Iran war have driven Canada’s overall trade deficit back into the green, tariffs be damned. AI hype proves fickle for the once-Magnificent Seven: Entering this year, tech giants Nvidia (NASDAQ:NVDA), Alphabet (NASDAQ:GOOG), and Amazon (NASDAQ:AMZN) seemed ready to surge in value, since AI promised to supercharge their already-impressive software and systems. Instead, they’ve gone nowhere, trailing the rest of the S&P 500, which is up 14% without them. The market has instead flocked to chip makers, whose precious silicon wafers are the key to data centres the world over. Source: Statistics Canada, June 22, 2026 (Daily), Statistics Canada, June 22, 2026 (Table 1), CBC News, July 4, 2026, CBC News, June 22, 2026 🤿 ROLLING IN THE DEEP Is the government really ‘bailing out’ condo developers? by Daniel Foch This is an excerpt of an article originally run in full on The Margin. The federal and B.C. governments have proposed converting more than 2,200 vacant condo units into affordable homes. They're leaning toward a rent-to-own structure, though Carney said they're considering multiple models and will settle on details come autumn. The response has been mixed: B.C. Housing Minister Gregor Robertson described it as one tool in "a broader toolkit" for building affordable homes faster, while Conservative leader Pierre Poilievre says it's a bailout for developers, "a transfer of wealth from the have-nots to the have-yachts." The frustrating truth is that it's too soon to tell if this is a bailout or not. To figure that out, there are questions we need to answer: What price will the government pay? Who will eat the loss? Who cashes in if prices recover? And will these homes still be affordable in five years, or just until the scissors snip through the ceremonial ribbon? A government spending money isn't automatically a bailout, no matter what your uncle's Facebook feed says. A bailout is specifically when public taxpayer money is used to cover private losses that were supposed to belong to developers, lenders, or investors. In this case, developers built and listed these units when the rates were lower and investors were eager, and now a chunk of that inventory is sitting there, empty. CMHC data shows 4,376 completed and unabsorbed apartment units in the Vancouver area in May, and 6,149 unabsorbed units across all dwelling types. Furthermore, Greater Vancouver Realtors reported that May 2026 apartment sales were down 7.2% year-over-year, with the apartment benchmark price sinking 7.9% to $697,800. There's no shortage of finished condos in Vancouver, but there is a shortage of people willing to buy them at their current price. So it doesn't matter whether the government buys below the old presale price, below the appraisal, or even below construction costs. The actual test of whether this is a bailout relies on what a private buyer would pay for a condo today, with no government involved. Read more The Teapot Scalding Kyle Lowry signs one-day contract to retire with the Toronto Raptors, then immediately becomes part owner of the Toronto Tempo. He didn’t want to take charge of a gap year first? Sportsnet 🔥 Hot David Cronenberg will feature on Charli XCX's new album, which we assume you can only play by inserting it into a businessman's stomach and listening on a pile of sentient goo. Rolling Stone 😳 Lukewarm Air Canada appoints a new CEO who speaks six languages, including French. He won't confirm or deny romance rumours with Ananas from Téléfrançais. CBC 🤔 Iced Execs are shocked and appalled that their AI bills are, like, REALLY high – it's almost not even worth putting human workers out of a job. Yahoo! Finance 🧊 👀 UNSOLICITED OPINIONS Photo credit: Getty Images Leo Carlsson, Cutter Gauthier, and the NHL’s pettiest grudge Tyler Haw, Audience Engagement and Education: For many, July marks the start of summer – barbecues, longer days, and the passive-aggressive mowing of exactly where the invisible line is between you and your neighbour's lawn. Me? I'm excited for NHL free agency, the period when players' contracts expire and other teams can bid for them. And boy, NHL general managers can be just as petty as you and your neighbour, but with millions on the line. Late last week, Anaheim Ducks superstar Leo Carlsson signed an offer sheet with the Philadelphia Flyers for five years at US$18 million a season, which would make him the NHL's highest-paid player. But with an offer sheet, the original team can match it to keep the player, and Anaheim did just that Thursday afternoon, opting to keep their star rather than lose him in exchange for four first-round picks. So why did Philadelphia do this? Signing Carlsson to a very expensive offer sheet forces Anaheim to either overpay for their own player or lose him outright. And there might be a backstory: In 2023, star prospect Cutter Gauthier completely refused to play for Philadelphia, forcing them to trade him to another team – that team being Anaheim. He's also up for a new contract this year, and with Carlsson’s big contract locked in, Anaheim has only a little over US$9 million in cap space left to re-sign Gauthier. Is this all an elaborate revenge plot by Philadelphia against a prospect who spurned them? Does your neighbour skip that one patch of lawn on purpose, just to annoy you? The answer to either question is: Hmmmmm, tough to say. But summer's back, baby! 🧾 INSIDER TRADING Please welcome our new content lead Anthony, who joined the Margin this week: If you liked this newsletter, hated this newsletter, or are totally indifferent to it, hit the reply button and tell us why! We’re so lonely. This week’s contributors: Tyler Haw (audience engagement), Jenna Zaitchik (senior creative designer), Shazia Khan (social media strategy manager), Anthony Milton (content lead), Kat Angus (deputy editor), and Eric Wainwright (editor in chief). Important Legal Disclosures "The Margin" is a financial news and media platform published by QuestMedia Inc. and is a member of the Questrade Group of Companies. Questrade Group of Companies means Questrade Financial Group and its affiliates that provide deposit, investment, loan, securities, mortgages and other products or services. Our editorial team operates independently, though "The Margin" may promote Questrade services and receive promotional benefits when users click provided links or open accounts. Not Investment Advice & Risk Warning: All content is for informational and educational purposes only. "The Margin" is not a registered investment adviser or broker-dealer. Nothing published constitutes a recommendation, solicitation, or offer to buy or sell any security, or to engage in any investment strategy. Trading securities—especially on margin—involves significant risk and can result in the loss of your entire investment. Please consult a qualified financial or tax professional before making any investment decisions. Limitation of Liability: Content and market data are provided "as is" without warranties of any kind. "The Margin" and its affiliates assume no liability for your trading results or data inaccuracies. Contributors to "The Margin" may hold positions in the securities discussed. Your personal information is handled in accordance with the Questrade Financial Group Privacy Policy. You may withdraw your consent to receive these emails at any time by clicking "unsubscribe." --- ### ​The EU comes for doomscrolling **Published:** July 10, 2026 | **Author:** Anthony Milton | **Section:** Tech **URL:** https://themargin.news/instagram-eu-dsa-tt-20260710.md --- ### Rogers' $4.35 billion sports deal – then the layoffs began **Published:** July 8, 2026 | **Author:** Anthony Milton | **Section:** Money **URL:** https://themargin.news/rogers-mlse-tt-20260708.md --- ### Is the government really 'bailing out' condo developers? **Published:** July 6, 2026 | **Author:** Daniel Foch | **Section:** Culture **URL:** https://themargin.news/condo-bailout-yes-no.md --- ### 🥵 Wet hot Canadian summer **Published:** July 4, 2026 | **Author:** The Margin Editorial Staff | **Section:** Newsletter Archive **URL:** https://themargin.news/newsletter-07-03-2026-wet-hot-canadian-summer.md 🥵 Wet hot Canadian summer Plus: How did you celebrate Bobby Bonilla Day? Jul 3, 2026 📩 THE OPENING POSITION We hope you enjoyed the day off on Wednesday, and that wherever you are this week, you find a way to stay cool (literally and figuratively 😎). This week’s issue is a shorter one due to the holiday – plus, I recently adopted a kitten and I wanna go hang out with her instead. Just look at her face! Hell, if she wanted to, I’d let her commit securities fraud. Meet Newt, a literal white-collar criminal. – Kat Angus, Deputy Editor 🔔 BEFORE THE BELL Index Week (June 29–July 2, 2026) TSX ▼ -115.16 (-0.33%) S&P 500 ▲ +66.25 (+0.9%) Nasdaq ▲ +311 (+1.22%) Dow ▲ +870.61 (1.67%) The takeaway: Tech experienced the epic highs and lows of Wall Street this week. After last week’s disastrous tech run, the Nasdaq clawed back some of its losses earlier this week, helped in part by a Magnificent Seven rebound and Alphabet (Nasdaq:GOOGL) joining the Dow Jones Industrial Average. That momentum stalled on Thursday, though, when chip-related stocks got hammered and dragged the Nasdaq with them. Meanwhile, thanks to Canada Day, the TSX had less trading time this week, and didn’t have the best time: Although Shopify (TSX:SHOP) jumped more than 5% after settling its copyright lawsuit against Shopline, that wasn't enough to keep the TSX out of the red, even as Wall Street ended the week strong. 🔎 THE CONTEXT CUSMA not-quite-cancelled; reticent renters; banging the gavel on Google Photo credit: Getty Images Just some Timbit-sized news items this week – we’ll be back with the usual Context next week. CUSMA cleared its July 1 review deadline – technically. US Trade Representative Jamieson Greer confirmed on Wednesday that Washington won't renew the deal in its current form, but the agreement doesn’t actually expire this year. Instead, members will now hold annual reviews of CUSMA rules until it expires in 2036, unless someone officially triggers the six-month withdrawal clause, and nobody’s done that (yet). Greer says the US wants to keep negotiating with Canada over steel, aluminum, autos, and lumber, but we think he’s just embarrassed to admit he’s got a crush on us. Rents keep falling, but renters aren’t buying it. May’s rental numbers show that asking prices fell 4.7% year-over-year, the 20th month of decline in a row; rents are down 7.8% overall since they peaked in May 2024. But a Rentals.ca survey reveals that renters don’t trust the streak to continue, with almost half of respondents saying they think prices will stay the same or go up over the next six months (only about a quarter think rents will continue to go down). Hey, they’ve been burned before, and they can’t always control the thermostat. Google's €4.1 billion EU fine is now final. On Thursday, the European Court of Justice, the EU's highest court, dismissed Google's final appeal to an antitrust fine roughly equivalent to C$6.6 billion. (And Sundar Pichai wept, for there were no more courts to appeal to.) The European Commission first levied the fine in 2018, saying Google used Android’s dominance in the market to block out search competition. Canada’s still got its own antitrust case against Google in the works – no court date yet, but there’s potentially a $91 billion fine at stake. 🤿 ROLLING IN THE DEEP Photo credit: Pexels Eligible but stuck: Inside Canada’s disability paradox by Louisa Eunice This is an excerpt of an article originally run in full on The Margin. For a while, at least, Stephanie Kennedy was good at her job as a human resources manager. But over time, she started struggling. She'd prepare obsessively for meetings and go blank the moment they started. She’d push herself to finish piles of work, then burn out and feel incapable of a single task for weeks. Too much, then nothing at all. With nothing else to compare them to, Kennedy first assumed her problems were personal failings – many women do. But when her struggles worsened, she finally sought medical help, receiving an ADHD diagnosis at 39 and autism at 41. By then, autism burnout had already cost her: she’d lost skills, become selectively mute, and when she did speak, the words came out disjointed and wrong. Her career was collapsing around her, and getting help turned out to be an obstacle all its own. Once Kennedy understood her own neurodivergence, she started viewing her HR job differently. She now saw things like performance appraisals and disciplinary processes as punishments for people with cognitive differences, rather than addressing actual performance problems. Eventually, she couldn’t reconcile her values with the job requirements or handle the burnout, and she had to quit. That meant she needed to apply for government support in the form of the Disability Tax Credit (DTC). But somewhere in the middle of the application process, Kennedy received a letter from the CRA asking for "clarification" – they needed more information from her before they’d move her application forward. If she missed the 30-day window to respond, the entire process would stall. Unfortunately for Kennedy, the letter arrived during what she describes as a total shutdown; she was barely leaving the house. By the time she finally built the capacity to respond, the CRA’s window had closed and she had to start over, adding months to an already gruelling wait. "A lot of people deal with burnout because the system is burning them out," says Kennedy, who today works as a professional neurodiversity coach. Executive dysfunction isn’t laziness; it’s a neurological difficulty initiating tasks, remembering multiple steps at a time, and managing time under pressure. A person with ADHD or autism can completely understand what needs to be done and still find it impossible to do, especially when the stakes feel overwhelming. And the steps required to get government support are often directly in conflict with the conditions that need it. Read more The Teapot Scalding A climber couple is arrested after scaling the Empire State Building and getting engaged at the top. Ladies, if he wanted to, he would. AP News 🔥 Hot The Snowbirds' last-ever Canada Day flyover gets rained out in Ottawa, along with the city’s fireworks display. They're now considering wintering in Boca Raton. CBC 😳 Lukewarm TikTok is settling a lawsuit about being addictive to minors; Meta and Snap are still set for trial in July. But don’t worry, tech companies only have our best interests at heart. Bloomberg 🤔 Iced Uruguay’s soccer federation cancels team flight home after their World Cup elimination, leaving players to pay their own way home. They also have to sleep on the couch tonight. CTV News 🧊 👀 UNSOLICITED OPINIONS Photo credit: Bryan Berlin / Wikimedia Commons / The Margin Staff You have to laugh to keep from crying Shazia Khan, Social Media Strategy Manager: On July 1, many of us observed Canada Day. But there’s a smaller, deranged-baseball-dork segment of the population that also celebrated ⭐️Bobby Bonilla Day⭐️, the magical day when the New York Mets pay US$1.19 million to a guy who hasn’t played a single inning for the team since 1999. If you follow us on Instagram (hint, hint), you’ve already seen our breakdown of the bonkers deal. It was good timing, because the same week we filmed our clip, the Mets went viral for something else: The team fired manager Carlos Mendoza after a string of losses and embarrassing field blunders pushed the Mets to the bottom of their division. It’s a pretty routine midseason move… except that most of us found out like this: A highlight for anyone who doesn’t want to hit ‘play’ on the video: This, right here, is why I’m hopelessly obsessed with this team. Don’t get me wrong – I’m Canadian, and will never root for anyone harder than my Torrano Beisbol Birds. But there are really two kinds of joy in sports: the “we won!” kind, and the “we lost in such a spectacularly creative and unexpected way that I can’t stop laughing” kind. NO ONE does the latter better than the Mets – there’s literally a whole book about it – and that’s beautiful in its own right. I have watched this clip of Mr. Met dancing, conservatively, 817 times. I have had ABBA’s “Gimme! Gimme! Gimme! (A Man After Midnight)” stuck in my head for days. It is a worthy entry to the #lolmets cannon and a welcome addition to my “YouTube Comfort Watch” playlist, somewhere between Bartolo Colon's only career home run (“The impossible has happened!”) and Bobby Valentine sneaking back into the dugout with a fake mustache after getting ejected. Yes, the Jays are struggling this season, too. But if the Mets have taught me anything, it's that a team doesn't need to actually win to be worth watching, as long as their losses are equally glorious and fun to watch. The tragicomedy of sports is really the whole point. So, I guess the takeaway is: no matter what happens, dance like no one’s watching. Or like your manager was just fired. Seems to work for Mr. Met just fine. If you liked this newsletter, hated this newsletter, or are totally indifferent to it, hit the reply button and tell us why! We’re so lonely. This week’s contributors: Louisa Eunice (writer), Tyler Haw (audience engagement), Jenna Zaitchik (senior creative designer), Shazia Khan (social media strategy manager), Kat Angus (deputy editor), and Eric Wainwright (editor in chief). Important Legal Disclosures "The Margin" is a financial news and media platform published by QuestMedia Inc. and is a member of the Questrade Group of Companies. Questrade Group of Companies means Questrade Financial Group and its affiliates that provide deposit, investment, loan, securities, mortgages and other products or services. Our editorial team operates independently, though "The Margin" may promote Questrade services and receive promotional benefits when users click provided links or open accounts. Not Investment Advice & Risk Warning: All content is for informational and educational purposes only. "The Margin" is not a registered investment adviser or broker-dealer. Nothing published constitutes a recommendation, solicitation, or offer to buy or sell any security, or to engage in any investment strategy. Trading securities—especially on margin—involves significant risk and can result in the loss of your entire investment. Please consult a qualified financial or tax professional before making any investment decisions. Limitation of Liability: Content and market data are provided "as is" without warranties of any kind. "The Margin" and its affiliates assume no liability for your trading results or data inaccuracies. Contributors to "The Margin" may hold positions in the securities discussed. Your personal information is handled in accordance with the Questrade Financial Group Privacy Policy. You may withdraw your consent to receive these emails at any time by clicking "unsubscribe." --- ### Why the residency trap forces immigrants to age in the cold **Published:** July 3, 2026 | **Author:** Louisa Eunice | **Section:** Culture **URL:** https://themargin.news/oas-residency-immigration-trap.md --- ### You can't buy an index (here's what to buy instead) **Published:** July 3, 2026 | **Author:** The Margin Editorial Staff | **Section:** Intel **URL:** https://themargin.news/what-is-an-index.md --- ### 😢 Our condo-lences... **Published:** June 27, 2026 | **Author:** The Margin Editorial Staff | **Section:** Newsletter Archive **URL:** https://themargin.news/newsletter-06-26-2026-our-condo-lences-2677118543.md 😢 Our condo-lences... Plus: A moment of silence for the Nasdaq Kat Angus Jun 26, 2026 📩 THE OPENING POSITION Deep sympathies if you’re among the hundreds, possibly thousands, of people whose World Cup tickets were cancelled by StubHub this week. Some fans, including one guy who spent $11,380 on his imaginary tickets, weren't alerted about the cancellation until minutes before kickoff, leaving them to find alternate forms of entertainment. (If you're in Toronto, the stage adaptation of Paranormal Activity is playing until July 5, basically the same thing.) Insiders cite a sketchy manoeuvre called “speculative ticketing” for the cancellations, where resellers list tickets they don’t actually own and just hope they can nab some and complete the sale by game time. A bird in the hand and all that. – Kat Angus, Deputy Editor 🔔 BEFORE THE BELL Index Week (June 22–25, 2026) TSX ▲ +1.19 (+0.01%) S&P 500 ▼ -140.51 (-1.87%) Nasdaq ▼ -1126.74 (-4.25%) Dow ▲ +378.58 (+0.73%) The takeaway: Pour one out for our brethren on the Nasdaq Composite index. While the Dow had a perfectly fine week and the TSX basically hunkered down and stayed put, it was an absolutely brutal showing for the Nasdaq – down 4.25% since Monday’s open, triggering louder fears about an AI bubble. The gang’s all here: Nvidia, AMD, Google, and Microsoft all took big hits, and outside North America, South Korea’s Kospi fell nearly 10%, with SK Hynix and Samsung dropping more than 12% each. So, is the AI bubble actually popping? We asked Claude what it thinks, and it said: "Great question! 🚀 While market fluctuations are a natural and healthy part of any innovation cycle, the long-term trajectory of artificial intelligence remains incredibly exciting!" And Claude would have no reason to lie to us. 🔎 THE CONTEXT What even is a “bailout” when you really think about it, right? Photo credit: Loop Images/Getty Images You still can’t afford a house, and developers can’t give their finished condos away! Welcome to yet another episode of the Canadian housing market, where the rules are made up and the points don’t matter. The deal this time? As of May 2026, there were 4,376 finished, empty condos sitting all on their lonesomes in Metro Vancouver, a not-insignificant 76% increase year over year. And Toronto’s own crisis soldiers on, with 4,295 vacant, unsold units as of last month, almost double from the year before. Mark Carney’s solution: announce a new program to spend $3.2 billion over the next decade to cut developer fees and buy more than 2,200 vacant units to convert into affordable housing. Carney clarified on Thursday that the goal is to turn “distressed” condos into “rent-to-own” units, and that they’re only seeking to purchase condos “at a discount at the right time,” but didn’t specify how big a discount. An important detail to omit, considering a two-bedroom condo in South Vancouver’s River District can run about $1.1 million. Perhaps unsurprisingly, the word “bailout” has been tossed around a bunch. Pierre Poilievre called it a transfer “from the have-nots to the have-yachts” (a gold star to whatever communications intern came up with that one), and Carney himself admitted the rollout hasn't been handled well. Ontario rolled out a similar program earlier this year using private funds, which faced less pushback – taxpayer money is just a different beast. While politicians and pundits bicker over how exactly to define a “bailout,” University of Ottawa economist and housing researcher Mike Moffatt says the test is simple: If the government buys the condos at or near market price, it’s a bailout, case closed. Get a discount, and that’s something else. It’ll all come down to how big that discount turns out to be. What this means… For developers: Congrats on the windfall! This is likely the best outcome for developers barring a complete market reversal, and they’ll be gunning to give the government as small a discount as possible, which would kind of ruin the good vibes Carney’s trying to foster here. As UBC economist Tsur Somerville told Canada’s National Observer: “If all you're going to do is buy a lot of stuff at a list price that people can't sell, that looks very lousy." For housing: We’re sorta in “wait and see” territory right now, though some warn Carney’s plan could have the opposite effect than intended: The Globe and Mail’s Robyn Urback argued that if the only reliable purchaser of condos is the government, developers could decide it’s not worth the hassle and new construction projects could continue to wither. For any condo neighbours: As urban planner Andy Yan told CBC, "What happens to the pricing of that unit for the government, but also for that particular owner who bought into that building?" If the feds buy the condo next to yours for way less, what’ll that do to your sell price when you’re looking to move? Nothing good. Also: Meta copies Polymarket’s homework. The New York Times reports that Mark Zuckerberg’s company has built its own betting platform called Arena, essentially hoping to steal some of Polymarket and Kalshi’s lunch. At the moment, successful wagers win users points, not literal dollars, but “at the moment” is doing a lot of heavy lifting there, as Zuckerberg didn’t rule out monetary betting down the line. We bet you won’t even notice when Arena enters full enshittification. Canada’s inflation hits 3.2%. Ouch. This one hurts. That’s from May’s numbers, the highest since December 2023, and driven ever higher by a 4.3% increase in grocery costs and a 33.2% spike in gas prices. Yeesh. No wonder two-thirds of Canadians cite cost of living as their biggest concern, way ahead of even the economy (39%), healthcare (35%), and housing (34%). The vibes aren’t just off; they’ve curdled. RIP to “the Maestro.” Legendary economist Alan Greenspan died this week at age 100. He spent nearly 20 years as Fed chair and even longer arguing that banks needed less regulation, not more… a belief he held all the way up to the 2008 global financial crisis (and a while after, too). You either die a hero or live long enough to admit that maybe a few regulations would have been a good idea. Then again, maybe everything we've told you is wrong. Canada's facing a "data quality crisis" – at least, that's the warning from Desjardins economists this week. Economists had predicted 1.5% GDP growth for the first quarter of 2026, but Statistics Canada's data showed a 0.1% decrease instead. Economist Randall Bartlett calls it an "open secret" that Canada's data may not be accurate, but StatsCan chalks it up to the economy itself being a hot mess, which, fair. Plus, they got all their info from their sister's friend's boyfriend who knows a guy, so you know it's legit. Source: Statistics Canada 🤿 ROLLING IN THE DEEP Photo credit: @bobby.yanagawa via Instagram / The Margin Staff Why this surgeon chose to stay in Canada over a bigger paycheque in the US by Dr. Bobby Yanagawa, head of cardiac surgery at St. Michael’s hospital in Toronto. As told to Teagan Sliz. This is an excerpt of an article originally run in full on The Margin. If you ask most people who earns more, American doctors or Canadian doctors, they'll almost certainly say Americans – by a landslide. And by some measures, they’d be right. Doctors in the US are some of the highest paid physicians in the world; on the high end, specialized doctors like neurosurgeons can earn around C$1 million a year, depending on where they live and how many years of experience they’ve got. That’s nothing to scoff at, and for Canadian-trained doctors like myself, the move to the US can look very tempting on paper – lower debt coming out of school, and then a higher salary if you head south. But the calculations change quickly once you factor in what American doctors have to spend in order to earn that salary, and Canadian doctors like myself aren’t as far behind as you might think. When you take things into account like malpractice insurance, business overhead, student debt, and other related costs, the pay gap between American and Canadian doctors actually shrinks, and in some cases, nearly closes. A common misconception posits that most American doctors earn 50% more than, or even double, what their Canadian counterparts make. But the real-life gap is only about 10% to 20%. Canadian neurosurgeons, for example, earn C$850,000 or more on the high end, just 16% shy of a million. Experienced cardiac surgeons like me earn around C$650,000 in Canada, while a comparable American cardiologist would bring in a little over C$850,000. All things considered, we Canadian physicians average around 22% less than American ones. Of course, Canadian doctors can also pay much higher income taxes, especially compared to doctors operating in states with no income tax, like Texas or Florida. But most of us are incorporated, meaning we’re taxed at the small business rate, which ranges from a more palatable 9% to 12.2%, depending on the province. Read more The Teapot Scalding Hackers attack Vancouver software platform Klue, whose whole job is gathering intel on their clients’ competitors. Not so fun when someone does it to you, is it? TechCrunch 🔥 Hot Merlín the duck is Mexico’s surprise star of the 2026 World Cup, and we’re just hoping and praying he doesn’t turn out to be a milkshake duck. WAND TV 😳 Lukewarm Paleontologists identify the 120 million-year-old feathered dinosaur responsible for all the crushed bird fossils they found. If only they’d nabbed the culprit in time. CNN 🤔 Iced Robin Hood’s men aren’t feeling so merry: A 1,200-year-old oak tree in Sherwood Forest died. Smithsonian Magazine 🧊 👀 UNSOLICITED OPINIONS Photo credit: The Game Bakers A love letter to Cairn, the most 'boring' game of the year Kat Angus, Deputy Editor: A few weeks ago, I started playing a video game called Cairn, one of those frustrating games whose description won’t come close to doing it justice. I keep explaining it to people as "meditative,” which makes it sound like you’ll be running a spa, and that’s not remotely accurate. You play as Aava, a professional climber attempting to be the first to reach the top of Mount Kami, a peak that’s killed every other person who made the same attempt. The game’s mechanics are built around moving one limb at a time: left hand here, right foot there, over and over, for as long as it takes you to conquer the wall or fall off a ledge and start again. See what I mean? That sounds like the most boring game in history. If we were still in school, you’d bully me for recommending it (hey, I get it). But against all odds, Cairn is one of the best games I've played this year. The actual climbing is legitimately challenging – I’m not denying a few rage quits on my part, but the satisfaction of finally clearing a section where I’ve died 10 times is sublime, on par with cancelling plans at the last minute. But what sticks with me long after I’ve stopped playing is the mountain itself. As you climb, you slowly discover the remains of a civilization that once inhabited Mount Kami, and you start to understand its history and what the mountain has cost those who loved it, climbed it, and lost people to it. Aava is unhealthily obsessed with reaching a summit no one’s ever reached, and the magic of Cairn is that it makes you just as obsessed as she is. I’m still working on making it to the top. Whenever I get there, I’m pretty sure that’ll be the least important part. 🧾 INSIDER TRADING From The Margin group chat: If you liked this newsletter, hated this newsletter, or are totally indifferent to it, hit the reply button and tell us why! We’re so lonely. This week’s contributors: Dr. Bobby Yanagawa (contributor), Teagan Sliz (writer), Tyler Haw (audience engagement), Jenna Zaitchik (senior creative designer), Shazia Khan (social media strategy manager), Kat Angus (deputy editor), and Eric Wainwright (editor in chief). Important Legal Disclosures "The Margin" is a financial news and media platform published by QuestMedia Inc. and is a member of the Questrade Group of Companies. Questrade Group of Companies means Questrade Financial Group and its affiliates that provide deposit, investment, loan, securities, mortgages and other products or services. Our editorial team operates independently, though "The Margin" may promote Questrade services and receive promotional benefits when users click provided links or open accounts. Not Investment Advice & Risk Warning: All content is for informational and educational purposes only. "The Margin" is not a registered investment adviser or broker-dealer. Nothing published constitutes a recommendation, solicitation, or offer to buy or sell any security, or to engage in any investment strategy. Trading securities—especially on margin—involves significant risk and can result in the loss of your entire investment. Please consult a qualified financial or tax professional before making any investment decisions. Limitation of Liability: Content and market data are provided "as is" without warranties of any kind. "The Margin" and its affiliates assume no liability for your trading results or data inaccuracies. Contributors to "The Margin" may hold positions in the securities discussed. Your personal information is handled in accordance with the Questrade Financial Group Privacy Policy. You may withdraw your consent to receive these emails at any time by clicking "unsubscribe." --- ### 👋 CUL8R, CUSMA **Published:** June 24, 2026 | **Author:** The Margin Editorial Staff | **Section:** Newsletter Archive **URL:** https://themargin.news/newsletter-06-19-2026-cul8r-cusma.md 👋 CUL8R, CUSMA Plus: An activation fee by any other name... Jun 19, 2026 📩 THE OPENING POSITION Earlier this week, Snap CEO Evan Spiegel showed off the company’s new AI ‘Specs’, a pair of smart sunglasses that make their users look dumb for wearing them. Following the debut, Snap’s stock price sank 5%. No one could have seen this coming – definitely not Google or Meta. Beyond the egregious price point (US$2,200!!!) and comically large fit, Snap also introduced the EyeConnect feature, which triggers a ‘shared augmented reality experience’ the moment two users make eye contact. Once upon a time, you could lock eyes with a stranger and fall passionately in love at first sight; today, you can involve a tech company in the process – and play Tetris at the same time. – Eric Wainwright, Editor in Chief 🔔 BEFORE THE BELL Index Week (June 15-18, 2026) TSX ▼ -148.21 (-0.42%) S&P 500 ▼ -18.73 (-0.25%) Nasdaq ▲ +106.48 (0.4%) Dow ▲ +194.27 (1.19%) The takeaway: Kind of a messy week, to be honest. Markets began rallying last Friday on the US-Iran peace deal and falling oil prices, but those gains were short-lived once Kevin Warsh's first meeting as chair of the US Federal Reserve turned out more hawkish than expected. Stock prices dropped across the board, and now fully half of the Fed's officials are projecting at least one rate hike in 2026. If you had a tough first week at a new job, take some comfort that it went better than Warsh's did. 🔎 THE CONTEXT CUSMA? CUS-NAH! Photo credit: Getty Images / The Margin Staff Donald Trump told reporters in France on Wednesday that he'd rather not have the Canada-US-Mexico Agreement (CUSMA) at all. "We do better without that agreement," he said – then spent two minutes arguing with himself. First he'd rather "have it terminated," except "I may sign it," but then he also "view it as possibly expiring immediately." In other words, as clear as the mud in the Rio Grande. The vibes are more fear-mongery than they should be. All three CUSMA countries have until July 1 to declare whether they want to keep the deal alive, and the internet is acting like it’s a countdown to a football in the groin. It’s not! If the date’s missed, the deal isn’t kaput: the countries can still extend it 16 more years, or they can transition into annual reviews of the agreement until it expires on its own in 2036. It’s not like pulling a lever, and actually withdrawing from the deal would require six months’ written notice. Even Janice Charette, Canada’s chief negotiator, says July 1 is “kind of a checkpoint – it's not a cliff.” So don’t panic (yet), because CUSMA isn’t dying on July 1. The actual threat is almost worse, just because it’s so boring: the deal stays technically in effect, but is stuck doing annual reviews indefinitely, which means businesses can't plan around anything since it could all change again in 12 months. So… see you back here next June, we guess. What this means… For manufacturers and exporters: A survey from Canadian Manufacturers & Exporters released this month found more than nine in 10 respondents support extending CUSMA, and nearly three-quarters say failing to agree to the 16-year renewal would hurt their business. A whopping 43% are already less confident in their Canadian operations than a year ago – and they’re not wrong to brace for the worst, even if it doesn’t end up happening. For investors: If your portfolio leans heavily into manufacturing, auto, or metals stocks, there's a catch: even renewing CUSMA won’t make the tariffs disappear. The US is still applying tariffs on Canadian steel, aluminum, and autos without a CUSMA exemption, and Canada’s keeping its own 25% counter-tariffs on the same sectors while negotiations continue. That’s a whole different thing from the CUSMA debate, with no resolution in sight. For the federal government: Canada-US Trade Minister Dominic LeBlanc formally requested a 16-year renewal on June 2, calling CUSMA “highly beneficial to each of our countries." But the White House has indicated it wants major changes to the agreement, including new rules around vehicles. And then they ghosted our “u up?” text. Also: Last week, the CRTC put the kibosh on activation and switching fees to make it easier to shop around for better phone plans. Try to contain your shock: Rogers, Bell, and Telus immediately introduced new fees for things like “device handling" and "SIM charges" – fees that happen to look a lot like what they charged for activation and switching. The CRTC says these fees appear to violate its ruling, and gave all three carriers until this week to explain themselves. As of this writing on Thursday evening, no word on a resolution – maybe they're hoping the CRTC won't actually pick up the call on this one. Four days after its historic IPO that minted Elon Musk as the world's first trillionaire, SpaceX bought AI coding startup Cursor's parent company for US$60 billion in stock. SpaceX stands to gain Cursor’s AI infrastructure, along with its US$4 billion in annual recurring revenue. Retail investors continued to buy, with the stock briefly overtaking Amazon as the world's fifth most valuable company, before dropping back down following Fed chair Kevin Warsh’s first press conference (see Before the Bell above). Gas prices in America actually dropped below US$4 a gallon this week (the first time since March!) after the US and Iran signed a deal Wednesday to end their conflict and reopen the Strait of Hormuz. The oil markets breathed a palpable sigh of relief. However, Canadians are still paying $1.73 a litre on average, only slightly down from last week and still about 32 cents above the eight-year norm. If more relief is coming at the gas pump, it’s going to take a while longer. Source: The Numbers, Box Office Mojo, Encyclopaedia Britannica, Rotten Tomatoes box office desk, Box Office Mojo, Box Office Mojo, Variety, Box Office Mojo, Associated Press via MSN 🤿 ROLLING IN THE DEEP Photo credit: John Packman / The Margin Staff Behind the scenes at a World Cup base camp in small-town Ontario by Alf De Blasis This is an excerpt of an article originally run in full on The Margin. Months before the German National Soccer Team would begin defence of its title at the 1994 FIFA World Cup in the US, the team's head coach, Berti Vogts, scouted locations that would closely mimic the conditions they would find in the city of Chicago, where they would be based during the group stage of the tournament. Vogts came upon a small south central Ontario resort that happened to have a soccer pitch on the property; reaching out to the owners, he asked if they could install a second soccer field in time for his team's pre-tournament training camp. Drawing on their origins as a sod business, the innkeepers agreed and laid down a second pitch – and the Nottawasaga Inn has been hosting international soccer organizations ever since. In the town of Alliston, about a 90-minute drive north from Toronto, the Nottawasaga Inn Resort & Conference Centre has 269 hotel rooms, 34 meeting rooms, two NHL-sized hockey rinks, and two FIFA-regulation soccer pitches. Over the past 32 years, ever since that first visit of the German National Team, Nottawasaga has hosted a slew of soccer organizations, including Canadian National Men's and Women's teams, representative squads from Portugal, Australia, and the US, as well as Italian club teams Parma and Frosinone. This year, ahead of the 2026 FIFA World Cup (jointly hosted by Canada, the US, and Mexico), the National Team of Panama secured the resort as their base camp for a three-week period before and during the tournament. Panama's set to play two of its three group stage games at Toronto's BMO Field (it will be known simply as Toronto Stadium throughout the World Cup as per FIFA’s requirement that all World Cup host venues drop corporate sponsor names during the tournament). That one decision in 1994, laying sod for a German soccer coach, has shaped Nottawasaga's business in ways nobody planned for. Read more The Teapot Scalding Scottish World Cup fans put Boston to shame by drinking multiple bars dry. St. Patrick’s Day could never. ESPN 🔥 Hot A cat wandered onto the stage during a Türkiye production of Romeo and Juliet. It missed its cue, but the Prince of Cats stole the show anyway. UPI 😳 Lukewarm A German man used 65,000 bricks to build the world's largest Lego sausage. Lego sauerkraut sold separately. Guinness 🤔 Iced A kangaroo was in Montreal after four days on the loose. Even worse, it spoke Quebecois French with an Australian accent. Montreal Gazette 🧊 👀 UNSOLICITED OPINIONS Photo credit: Pexels Citizen of the world Eric Wainwright, Editor in Chief: At least a couple of my grandparents are from England. One from Germany. There might be some Scandinavian connections in the distant past. In my early twenties I lived in the south of Spain, writing bad poetry while sipping café con leches seaside. A few years later I spent 24 months teaching small Korean children how to speak English on an island in South Korea. I’ve been to Portugal more than once. Love France. Spent a single night in Japan eating shabu shabu before nearly finding myself at the bottom of the East China Sea during a ferry crossing that included sudden stormforce winds. Above all, I am Canadian – born and raised. All of this to say that, at any given moment this month, I am cheering for no fewer than seven teams to succeed in the World Cup. If you’re not doing this, you’re making a once-every-four-years-level mistake. Pick a memory, a future travel destination, a past life – hell, a favourite street food, even, and just get a goddamn jersey on. Bonus points if you do so in public, beer in hand, while making a new friend. ‘Cause for all the f*ckery that is FIFA, the beautiful game still remains beautiful – even more so when you’re cheering for your ‘home’ team(s). 🧾 INSIDER TRADING From The Margin group chat: If you liked this newsletter, hated this newsletter, or are totally indifferent to it, hit the reply button and tell us why! We’re so lonely. This week’s contributors: Alf De Blasis (writer), Tyler Haw (audience engagement), Jenna Zaitchik (senior creative designer), Shazia Khan (social media strategy manager), Kat Angus (deputy editor), and Eric Wainwright (editor in chief). Movie poster credits: The BFG: BLT Communications and Gravillis; Disclosure Day: Ethan Pro; ET: John Alvin; Indiana Jones and the Raiders of the Lost Ark: Richard Amsel; Jaws: Roger Kastel; Jurassic Park: John Alvin; Ready Player One: Paul Shipper; War of the Worlds: Drew Struzan; West Side Story: Gravillis. Important Legal Disclosures "The Margin" is a financial news and media platform published by QuestMedia Inc. and is a member of the Questrade Group of Companies. Questrade Group of Companies means Questrade Financial Group and its affiliates that provide deposit, investment, loan, securities, mortgages and other products or services. Our editorial team operates independently, though "The Margin" may promote Questrade services and receive promotional benefits when users click provided links or open accounts. Not Investment Advice & Risk Warning: All content is for informational and educational purposes only. "The Margin" is not a registered investment adviser or broker-dealer. Nothing published constitutes a recommendation, solicitation, or offer to buy or sell any security, or to engage in any investment strategy. Trading securities—especially on margin—involves significant risk and can result in the loss of your entire investment. Please consult a qualified financial or tax professional before making any investment decisions. Limitation of Liability: Content and market data are provided "as is" without warranties of any kind. "The Margin" and its affiliates assume no liability for your trading results or data inaccuracies. Contributors to "The Margin" may hold positions in the securities discussed. Your personal information is handled in accordance with the Questrade Financial Group Privacy Policy. You may withdraw your consent to receive these emails at any time by clicking "unsubscribe." --- ### What is a stock, and why doesn't everyone get a vote? **Published:** June 22, 2026 | **Author:** The Margin Editorial Staff | **Section:** Intel **URL:** https://themargin.news/what-is-stock-explained.md --- ### What does it cost to watch the World Cup in Canada? **Published:** June 19, 2026 | **Author:** Louisa Eunice | **Section:** Culture **URL:** https://themargin.news/world-cup-canada-cost.md --- ### ⚽️ Our Cup runneth over **Published:** June 18, 2026 | **Author:** The Margin Editorial Staff | **Section:** Newsletter Archive **URL:** https://themargin.news/newsletter-06-12-2026-our-cup-runneth-over.md ⚽️ Our Cup runneth over Plus: Oil is still expensive – again, some more Jun 12, 2026 📩 THE OPENING POSITION Vamos! FIFA World Cup officially kicks off on Canadian soil today, so by the time you read this, I will be hiding in a bunker as far as possible from whatever chaos is descending upon Toronto Stadium and the surrounding area. Say a prayer for the citizens of the Liberty Village neighbourhood, now fighting for survival against packs of coyotes AND soccer fans. Footy aside, this has still been an unusually wild sports week. Both the NHL and NBA playoffs are currently a) happening, b) bananas, and c) historically expensive. NBA Finals seats at Madison Square Garden were apparently going for US$7,000+ at some point – even Knicks player Josh Hart was like, that ain’t right. If you were fretting about those World Cup ticket prices, some New Yorkers would very much like you to hold their beer. (At least we haven’t been priced out of witnessing Timothee Chalamet courtside drips. Now THOSE are priceless.) – Shazia Khan, Social Media Strategy Manager 🔔 BEFORE THE BELL Index Week (June 4–8, 2026) TSX ▲ +166.22 (+0.48%) S&P 500 ▼ -48.72 (-0.65%) Nasdaq ▼ -263.61 (-1.01%) Dow ▼ -165.88 (-0.33%) The takeaway: It was a rough week for the markets, especially in the US. The Dow, S&P 500, and Nasdaq were all down at Thursday close after days of volatility – thank the Iran war for that. Thursday afternoon, Trump announced that he was cancelling planned evening strikes, which did move the needle, but not enough to fully recover. Comparatively, the TSX held up well, but that’s due to those pesky oil prices. Will next week be better? It depends on whether the ‘peace deal’ Trump mentioned yesterday actually comes through. 🔎 THE CONTEXT Good news for Alberta, bad news for your gas tank Photo credit: Lance McMillan/Getty Images We’re into the fourth month of the Iran war, and you’ll surely be shocked that the ceasefire agreement from April has turned out to be more like ceasefire guidelines. After Iran downed an American helicopter near the Strait of Hormuz this week, the US launched multiple days of strikes in retaliation and peace talks stalled. Now Trump is threatening to take “total control” of Iran’s oil industry and saying that they’ll “pay the price” for holding up the talks. Brent crude spiked 1.8% on Wednesday, hitting US$91.10 a barrel, and Canadian gas prices have already gone up more than 25% since the war began. For Canada’s energy sector, it’s an almost obscene time to be in the oil business. Gulf supply is still disrupted, so buyers are shopping around, and this week India's High Commissioner told the Global Energy Show in Calgary that India is considering Canadian oil – its newer refineries are built to handle heavy grades, and that’s exactly what Alberta produces. Canadian governments and the energy industry have spent years saying Canada needs customers beyond its neighbour to the south – someone finally made that wish on a monkey’s paw. What this means… For investors: Duh. Of course it’s looking good for y’all. If prices hold, Canadian oil producers could see gains of as much as C$90 billion. With a b. And analysts estimate that for every US$10 increase above the pre-war price of US$70 a barrel, Canadian oil could see an extra C$25–$30 billion in revenue. Enjoy diving into your swimming pool of money, à la Scrooge McDuck. For consumers: The news is less good. Granted, the federal government suspended the excise tax on gas and diesel in April, which did cut prices by about 10 cents a litre, but that only goes until Labour Day. Higher energy costs will affect anything and everything that gets transported, manufactured, or heated, so prices at the pump and in the grocery store are likely to get worse before they get better. For Alberta: Canadian energy companies came into 2026 expecting crude oil prices of around US$60 a barrel. Prices are now in the US$90-100 range, which should put a good dent in the province's projected C$9.4 billion deficit. The Alberta Federation of Labour has already called for a windfall profits tax to make sure some of that cash actually stays in the province. Also: SpaceX makes its Nasdaq debut this morning after setting the price at US$135 a share on Thursday under the ticker SPCX. It’s a US$75 billion raise at a US$1.77 trillion valuation, which you could just scrounge up from your couch cushions. Elon Musk will retain more than 82% voting control after the offering, but he’ll probably be super humble and chill about it. For the fifth time in a row, the Bank of Canada held its overnight rate at 2.25%, still stuck between Canada’s weak economy and the oil-driven inflation. Governor Tiff Macklem essentially said: a cut is possible, a hike is possible, anything is possible, just leave me alone to watch my stories. The Carney government introduced a bill this week aimed at restricting social media for kids under 16. Culture Minister Marc Miller presented Bill C-34, the Safe Social Media Act, which would grant exemptions for social media that implements "adequate safeguards” that have yet to be determined. Realistically, the bill probably wouldn’t come into effect until later in 2027, so there’s still plenty of time to yell at your surly teen for spending too much time on their phone. Dollarama (TSX:DOL) had an excellent Q1, reporting C$1.85 billion in sales – that’s a honkin’ 21% jump from 2025, with sales at existing stores up 5.6%, well above what analysts predicted. Is the store doing better, or are the rest of us doing worse? Don’t answer that. Source: Statistics Canada 🤿 ROLLING IN THE DEEP Photo credit: Getty Images How much could Team Canada actually win at the World Cup? by Ali Amad This is an excerpt of an article originally run in full on The Margin. When Team Canada takes the field for its opening World Cup game in Toronto on June 12, the stakes really will be higher than ever. The men's national squad will be chasing history on home soil while competing in a tournament featuring the largest prize pool in World Cup history. FIFA will distribute a record US$655 million to the 48 countries competing at the 2026 FIFA World Cup, a 50% increase over the US$440 million awarded at the 2022 tournament in Qatar. Teams eliminated in the group stage will each receive US$12 million (which includes the prize pool money and additional payments). Prize money increases with each round, culminating in US$33 million for the runner-up and US$50 million for the champion. Under a collective bargaining agreement with Canada Soccer, the sport's national governing body, every player selected to Canada's 2026 World Cup roster will receive a base payment of CAD$25,000 per group-stage match in the first round. With three group-stage games, each roster player would earn at least CAD$75,000. Those financial rewards are a significantly bigger than Canada's first-ever World Cup appearance in 1986, when members of that squad reportedly received just $1,000 per game. Canada Soccer and the players on both the men's and women's national teams also share a portion of World Cup prize money through a tiered formula tied to the men's 2026 World Cup and the women's 2027 World Cup. Canada Soccer retains the first US$12 million in combined group-stage prize money from both tournaments. Of the next US$2 million, 50% is allocated to player compensation pools. The share falls to 25% on the following US$1 million and 15% on any amount above US$15 million. If Canada’s men’s team advances beyond the group stage this summer, the players stand to earn substantially more. Under the agreement, 50% of any additional FIFA prize money generated through advancement in the knockout rounds will be split evenly between the men's and women's team players, with the remaining 50% retained by Canada Soccer. Read more The Teapot Scalding A seven-year-old in Pennsylvania breaks a world record by wearing 50 sweaters at once. So hot right now. UPI 🔥 Hot Louise Arbour becomes Canada’s 31st Governor General. Still no word on who’ll be the first Governor Specific. CTV 😳 Lukewarm Officials seize more than 100,000 illegal cockroaches worth nearly $140,000. Yes, of course this is Australia. VICE 🤔 Iced An Air Canada pilot allegedly flew for years with a fake pilot's license. It worked every time at the liquor store, too. CNN 🧊 👀 UNSOLICITED OPINIONS Photo credit: Getty Images/The Margin Staff I hope you like feminist rants, because that’s kind of my thing Shazia Khan, Social Media Strategy Manager: Popheads, rejoice: Olivia Rodrigo’s third album, you seem pretty sad for a girl so in love, drops today. What SHOULD have simply been some light and drama-free music news has instead been mired in a weird online controversy about her outfits. A few loud corners of the internet accused her of "dressing like a baby," apparently without any knowledge of fashion history, or regular history, or, like, the basic concept of a reference. Sure, we all love to play Fashion Cop occasionally (I personally logged a formal complaint about my boss’s short-sleeved dress shirt just this morning), but the “outrage” over Rodrigo’s style is just ignorant. This isn't mysterious: Rodrigo has long sung the praises of Courtney Love, Kathleen Hanna, and other ‘90s female-alt-rock heroes as her influences. Those gals famously pioneered the “kinderwhore” trend of babydoll dresses and Peter Pan collars with smeared lipstick and combat boots in order to subvert the male gaze, not invite it. The babydoll is also just a brilliant socioeconomics lesson itself. It was invented in 1942 in response to World War II fabric rationing. It went mainstream in the late ‘60s as the counterculture, fuelled by a postwar economic boom, fought to reject conservative norms. And when those riot grrrl/grunge icons brought it back in the ‘90s, they did so by dumpster diving for cheap, vintage pieces amidst a recession, inflation, an oil shock, and a volatile job market. Which, hmm… sounds familiar? Maybe there’s a reason it’s making a comeback. Maybe Rodrigo’s homage is a bit harder to clock without the tattoos, torn fishnets, and disheveled blonde hair that typically accessorized the babydoll way back when. But hey, fashion doesn’t just repeat; it evolves. Even then, all it takes is listening to literally one of her interviews (or maybe, y’know, her songs?) to get what she’s referencing. So, to anyone who forms strong opinions about women’s clothes without bothering to absorb the actual history behind them, well… you might be part of why we invent these looks in the first place. For more information, consult your local library, or listen to this Spotify playlist I made in a fit of feminist rage the other night. I’ll get off my “old lady yells at the patriarchy” soapbox now. 🧾 INSIDER TRADING From The Margin group chat: If you liked this newsletter, hated this newsletter, or are totally indifferent to it, hit the reply button and tell us why! We’re so lonely. This week’s contributors: Ali Amad (writer), Tyler Haw (audience engagement), Jenna Zaitchik (senior creative designer), Shazia Khan (social media strategy manager), Kat Angus (deputy editor), and Eric Wainwright (editor in chief). Important Legal Disclosures "The Margin" is a financial news and media platform published by QuestMedia Inc. and is a member of the Questrade Group of Companies. Questrade Group of Companies means Questrade Financial Group and its affiliates that provide deposit, investment, loan, securities, mortgages and other products or services. Our editorial team operates independently, though "The Margin" may promote Questrade services and receive promotional benefits when users click provided links or open accounts. Not Investment Advice & Risk Warning: All content is for informational and educational purposes only. "The Margin" is not a registered investment adviser or broker-dealer. Nothing published constitutes a recommendation, solicitation, or offer to buy or sell any security, or to engage in any investment strategy. Trading securities—especially on margin—involves significant risk and can result in the loss of your entire investment. Please consult a qualified financial or tax professional before making any investment decisions. Limitation of Liability: Content and market data are provided "as is" without warranties of any kind. "The Margin" and its affiliates assume no liability for your trading results or data inaccuracies. Contributors to "The Margin" may hold positions in the securities discussed. Your personal information is handled in accordance with the Questrade Financial Group Privacy Policy. You may withdraw your consent to receive these emails at any time by clicking "unsubscribe." --- ### Why this surgeon chose Canada over a bigger paycheque **Published:** June 17, 2026 | **Author:** Dr. Bobby Yanagawa, Teagan Sliz | **Section:** Culture **URL:** https://themargin.news/doctor-salary-canada.md As told to Teagan Sliz. --- ### Behind the scenes at a World Cup basecamp in small-town Ontario **Published:** June 12, 2026 | **Author:** Alf De Blasis | **Section:** Culture **URL:** https://themargin.news/world-cup-ontario-resort-nottawasaga.md Months before the German National Soccer Team would begin defense of its title at the 1994 FIFA World Cup in the US, the team's head coach, Berti Vogts, scouted locations that would closely mimic the conditions they would find in the city of Chicago, where they would be based during the group stage of the tournament. Vogts came upon a small south central Ontario resort that happened to have a soccer pitch on the property; reaching out to the owners, he asked if they could install a second soccer field in time for his team's pre-tournament training camp. Drawing on their origins as a sod business, the innkeepers agreed and laid down a second pitch – and the Nottawasaga Inn has been hosting international soccer organizations ever since. In the town of Alliston, about a 90-minute drive north from Toronto, the Nottawasaga Inn Resort & Conference Centre has 269 hotel rooms, 34 meeting rooms, two NHL-sized hockey rinks, and two FIFA-regulation soccer pitches. Over the past 32 years, ever since that first visit of the German National Team, Nottawasaga has hosted a slew of soccer organizations, including Canadian National Men's and Women's teams, representative squads from Portugal, Australia, and the US, as well as Italian club teams Parma and Frosinone. "The players are so accustomed to planes and buses. The more relaxed they can be here, the better it is for them." This year, ahead of the 2026 FIFA World Cup (jointly hosted by Canada, the US, and Mexico), the National Team of Panama secured the resort as their base camp for a three-week period before and during the tournament. Panama's set to play two of its three group stage games at Toronto's BMO Field (it will be known simply as Toronto Stadium throughout the World Cup as per FIFA’s requirement that all World Cup host venues drop corporate sponsor names during the tournament). That one decision in 1994, laying sod for a German soccer coach, has shaped Nottawasaga's business in ways nobody planned for. Nottawasaga has hosted a slew of sports teams over the last three decades.Nottawasaga Inn & Resort "If you look at all 48 base camps between Canada, the US, and Mexico, I think there's only one other, besides us, where you can stay in the hotel and walk onto the field," says Dino Biffis, Nottawasaga's Vice President. "The players are so accustomed to planes and buses. The more relaxed they can be here, the better it is for them. There are fewer distractions. We hear the same message from every international team that comes in." Sylvia Biffis, the resort's Director of Sales (and, yes, Dino's sister), sees it the same way. "We're a conference centre, but we've become known as a sports training facility," she says. "We have amenities for hockey and soccer, but we also host dance competitions, Skate Canada, the Canadian junior golf association comes in every year. We're a full-service resort that happens to have a soccer field on site." Only one other facility in the world – a training centre in Valencia, Spain – has a similar profile. "We're very unique in Ontario because there's no other resort that has arenas and soccer fields on site," Sylvia says. "A lot have golf, but they don't have the additional amenities. We've become a sports training resort and, at the same time, we do corporate during the week, so we're pretty versatile." According to Sport Tourism Canada, sport tourism is the fastest growing segment of the tourism industry in Canada, with approximately $7.4 billion in annual spending by domestic and international visitors. While word of mouth drove international soccer teams to Nottawasaga in the mid to late '90s, the resort now actively recruits organizations and relies on the sport's national governing body to help with that recruitment. "Canada Soccer has been a fantastic partner," says Sylvia. "We've had many teams come just to scout the pitch. Manchester United came twice when they were touring across the United States and Canada. We're always top of mind if any pro team comes into the city." Dino credits the resort's geography as much as its amenities. "There are limited facilities that have what we have," he says. "Generally speaking, it depends on how long teams will stay in Toronto. If they're staying for more than a couple of days, they're looking at coming this way." Hosting 60-plus elite athletes alongside regular guests for three weeks sounds complicated, but at this point, it's old hat. "We have a system," says Sylvia. "We'll dedicate one or two private floors to them. One of our configurations allows them to go from their rooms to private meeting and dining spaces. They would only come down to the lobby to go to the fields." Her brother's equally unfazed by the challenge. "We put them in an area that keeps them isolated from regular guests and our business goes on," says Dino. "There might be a time when they're making their way on and off the field that we'll see more security. After those movements, it's pretty much business as usual." Siblings Sylvia and Dino Biffis have a well-organized system for hosting sports teams at the resort.John Packman FIFA required all 48 base camps to use the same grass as the 16 host city stadiums, so Nottawasaga basically overhauled their field. "We ripped out the old field, put in new sod, regraded our field, and improved the drainage. We did all this over the winter," says Dino. "We put down FIFA-approved sod, a proprietary mix of Kentucky bluegrass, the same grass being used throughout all the northern cities in the US. Outside of our normal course of business, that was the biggest thing we've had to do with any other international team." "The extra dollars and cents you put into your infrastructure and your facility comes back in the long term." Sports tourism has now woven itself into every part of Nottawasaga's calendar, with a whole slew of sport organizations and their guests coming in for golf or hockey tournaments, soccer events, dance competitions, and what-have-you. "We've become known for sports tourism," Sylvia says. "That is something most resorts don't delve into. You realize over time what the revenue is to host those type of groups, especially if you can get them during your off season. It makes a difference." Says Dino: "The extra dollars and cents you put into your infrastructure and your facility comes back in the long term." Thirty-two years ago, a German soccer coach asked for a favour, and an Ontario family agreed. Because of that one decision, Panama is now just the latest in a long line of teams that have found their way to Alliston. The Nottawasaga Inn may not have set out to build a business around international sports tourism, but by continuing to say yes, the business has followed. --- ### 💸 A recession? In this economy? **Published:** June 12, 2026 | **Author:** The Margin Editorial Staff | **Section:** Newsletter Archive **URL:** https://themargin.news/newsletter-06-05-2026-a-recession-in-this-economy.md 💸 A recession? In this economy? Plus: Maybe rethink the whole 'digital nomad' idea Jun 5, 2026 📩 THE OPENING POSITION Patio season is finally here, and Canadians are apparently very eager to leave the dark depths of this past winter behind: a survey by OpenTable found that outdoor dining in Canada is up 24% from last year, and 74% of respondents said they plan to eat outdoors at least once a month this summer. What is it about being outside that makes beer taste better? Pass the SPF 50. – Kat Angus, Deputy Editor 🔔 BEFORE THE BELL Index Week (June 1–4, 2026) TSX ▲ +468.83 (1.35%) S&P 500 ▲ +2.4 (0.03%) Nasdaq ▼ -118.32 (-0.44%) Dow ▲ +428.47 (0.84%) The takeaway: A strong week for the markets – all four indices hit record highs at some point since Monday, with the Dow actually doing it twice during the week. Energy and financials helped boost the TSX while banking and industrials did the work in the US, although the Nasdaq ceded some of those gains by close Thursday. Still, it’s a sign that this rally is more spread out, rather than being concentrated in just one sector. 🔎 THE CONTEXT Define “recession,” exactly Photo credit: Annie Spratt/Unsplash Statistics Canada’s GDP numbers from last Friday immediately sent people googling the definition of “technical recession” – for the record, that’s when a country’s GDP shrinks for two consecutive quarters. Nobody disputes that Q4 of 2025 was rough for Canada, as GDP shrank 1% on an annualized basis. But for Q1 of 2026, GDP only dipped by 0.1% – and yes, that’s two consecutive negative quarters, but if you actually measure quarter-over-quarter, the GDP was basically flat. So you could say that we’re in a technically technical recession, but the matter is technically up for debate. It’s hard to argue with the data underneath that, though. Business investment fell for a fifth consecutive quarter, with businesses apparently taking one look at rising energy costs and the never-ending tariff saga and deciding to sit out for a while. Exports are down, housing is weak, and even if you don’t think we’re in a technical recession right now, GDP growth has gone down for three of the last four quarters. Consumer spending is up, which seems like a bright spot, but there’s a difference between spending because you feel good about the economy and spending because everything is hella expensive. Which one is it? Too soon to tell! Fun! What this means… For investors: As mentioned higher up, the American markets are having a very different time, as the S&P 500 closed above 7,600 for the first time ever this week, representing nine straight weeks of gains. If your portfolio is doing relatively okay despite Canada’s headlines, your US exposure is probably why. If it’s struggling, well, there’s never a bad time to look into diversification. For mortgage holders: The Bank of Canada announces its next rate decision on June 10, and markets are expecting rates to almost certainly hold at 2.25%. The weak GDP numbers would normally make a rate cut more likely, but with oil prices what they are and tariff uncertainty still unresolved, the BoC indicated it’s still in “wait and see” mode. So relief is unlikely to come next week, and what comes after that is anyone’s guess. Also: More tariffs! MORE! The US proposed an additional 10% tariff on Canada this week, alleging that we failed to enforce a ban on goods made with forced or slave labour. It’s a hard accusation to deny, as Canadian authorities intercepted only 50 suspicious shipments on those grounds between 2020 and 2026. This proposed tariff will still require a period of public comment before going into effect, but regardless, Prime Minister Carney has promised stronger legislation aimed at keeping forced-labour goods out of Canada. Alphabet (NASDAQ: GOOGL) raised $84.75 billion in a stock sale this week to fund even more AI expansion; the price promptly fell 4%. For years, the company spent more on stock buybacks than on actual infrastructure, but the AI arms race has changed all that, and the big four tech companies are expected to pour $700 billion combined into AI this year alone. Investors are starting to get spooked – they’re wondering if the returns will ever justify the exorbitant price tag. Stay tuned: StatsCan’s May job numbers are due out today, so keep an eye out. The April report saw 18,000 jobs lost, with unemployment around 6.9%, but things look slightly rosier this time: RBC predicts about 25,000 jobs added in May, with unemployment dropping a degree to 6.8%. Source: Office of the Parliamentary Budget Officer, Department of Finance Canada, CBC News, Government of Canada, CBC Lite, Tim Hortons Menu 🤿 ROLLING IN THE DEEP Photo credit: Unsplash Social media says digital nomad life adds up – but it doesn’t by Jessica Aftimus Rosa This is an excerpt of an article originally run in full on The Margin. I thought I could cut my monthly rent in half by trading my place in downtown Toronto for an apartment in São Paulo, Brazil. The savings are possible, in theory. The problem is that short-term residents rarely gain access to local prices, so the way people determine affordability is often wrong. My Brazilian husband and I are remote workers who can do our jobs from anywhere with an internet connection. We saw the opportunity to spend the winter in his home country while taking advantage of the Canadian dollar’s strength against the Brazilian real (1 CAD = 3.80 BRL at the time). According to Numbeo, the average apartment rental price was 56.2% lower in São Paulo than Toronto, with Brazilians paying about the equivalent of $1,000 CAD per month for a one-bedroom apartment in the city. We haven’t seen prices like those in Toronto since 2012. I began apartment-hunting on local Brazilian rental platforms like Quinto Andar and Imovelweb and quickly had a harsh reality check. Leases under 12 months in São Paulo were basically nonexistent. Even if I had found one – and had a local family member co-sign as a guarantor, since foreigners without one typically have to pay double the rent upfront as a security deposit – the Brazilian definition of ‘furnished’ was vastly different from mine. It’s not uncommon to require renters to supply their own appliances in Brazil; I was not prepared to outfit a full kitchen for a four-month stay. It was clear that São Paulo, despite its coworking spaces and digital nomad visa, didn’t have options for medium-duration stays like ours. Read more The Teapot Scalding Zellers is opening a new Toronto store, 13 years after the franchise closed down and nearly 100 years after it was first founded. Suck it, Hudson’s Bay. CP24 🔥 Hot At age 44, Serena Williams is returning to compete in professional tennis. I threw out my back emptying the dishwasher. CBC 😳 Lukewarm Woo hoo! “Song 2” by Blur came out 29 years ago this week, and if that matters to you at all, you’re officially old. Stereogum 🤔 Iced Tim Hortons is shutting down their credit card program – too many people defaulting on Iced Capps. CTV News 🧊 👀 UNSOLICITED OPINIONS Photo credit: Peacock Time for the best six weeks of the year Kat Angus, Deputy Editor: The World Cup literally kicks off next week, and who cares? For all my sports-averse people out there, our World Cup has already begun: the new season of Love Island USA premiered on Crave last Wednesday and I am P-U-M-P-E-D. In my opinion, this is the actually exciting stretch of 2026, as a cast of unbelievably attractive, painfully heterosexual twenty-somethings try to flirt, smooch, and even smash their way to love, fame, and a big cash prize. Getting your kicks on the grass just doesn’t measure up. What I appreciate most about Love Island USA is that, like me, the show’s producers are messy bitches who live for drama. They’re constantly sending in new hotties to stir up conflict, and they won’t hesitate to expose secrets like a coupled-up cast member secretly kissing someone else. And the cast members get possessive and jealous so fast – within days, sometimes even hours, multiple people will break out in tears because someone they just met chose a different partner. Whether I mean to or not, I always pick my favourites and root against the villains. It’s all very heightened and stupid and I love it more than I love some of my actual family members. Enjoy your fútbol. I’ll be making Love Island my whole personality for the next six weeks. 🧾 INSIDER TRADING Behold, an AI summary of our intellectually stimulating Slack conversations: If you liked this newsletter, hated this newsletter, or are totally indifferent to it, hit the reply button and tell us why! We’re so lonely. This week’s contributors: Jessica Aftimus Rosa (writer), Tyler Haw (audience engagement), Jenna Zaitchik (senior creative designer), Shazia Khan (social media strategy manager), Kat Angus (deputy editor), and Eric Wainwright (editor in chief). Important Legal Disclosures "The Margin" is a financial news and media platform published by QuestMedia Inc. and is a member of the Questrade Group of Companies. Questrade Group of Companies means Questrade Financial Group and its affiliates that provide deposit, investment, loan, securities, mortgages and other products or services. Our editorial team operates independently, though "The Margin" may promote Questrade services and receive promotional benefits when users click provided links or open accounts. Not Investment Advice & Risk Warning: All content is for informational and educational purposes only. "The Margin" is not a registered investment adviser or broker-dealer. Nothing published constitutes a recommendation, solicitation, or offer to buy or sell any security, or to engage in any investment strategy. Trading securities—especially on margin—involves significant risk and can result in the loss of your entire investment. Please consult a qualified financial or tax professional before making any investment decisions. Limitation of Liability: Content and market data are provided "as is" without warranties of any kind. "The Margin" and its affiliates assume no liability for your trading results or data inaccuracies. Contributors to "The Margin" may hold positions in the securities discussed. Your personal information is handled in accordance with the Questrade Financial Group Privacy Policy. You may withdraw your consent to receive these emails at any time by clicking "unsubscribe." --- ### Trailing stop orders: protect your investments from losses **Published:** June 10, 2026 | **Author:** The Margin Editorial Staff | **Section:** Intel **URL:** https://themargin.news/trailing-stop-order-guide.md If you want to make sure you don't hang on to an ailing stock too long, a trailing stop order might be for you. These orders automatically sell a security if it ever falls in value by a certain amount. Unlike a standard stop order, where you set a specific price, a trailing stop order uses an offset amount instead. As the stock price rises, the trailing stop order follows behind by that offset amount. Once the stock price starts to decline, the trailing stop order freezes. If the price falls to the trailing stop price or below, it triggers a market order to sell. The result: you capture profits in a rising stock while protecting yourself if it starts to decline. --- ### Here's how much Team Canada could win at the World Cup **Published:** June 8, 2026 | **Author:** Ali Amad | **Section:** Money **URL:** https://themargin.news/world-cup-team-canada-prize.md When Team Canada takes the field for its opening World Cup game in Toronto on June 12, the stakes really will be higher than ever. The men's national squad will be chasing history on home soil while competing in a tournament featuring the largest prize pool in World Cup history. FIFA will distribute a record US$655 million to the 48 countries competing at the 2026 FIFA World Cup, a 50% increase over the US$440 million awarded at the 2022 tournament in Qatar. Teams eliminated in the group stage will each receive US$12 million (which includes the prize pool money and additional payments). Prize money increases with each round, culminating in US$33 million for the runner-up and US$50 million for the champion. Under a collective bargaining agreement with Canada Soccer, the sport's national governing body, every player selected to Canada's 2026 World Cup roster will receive a base payment of CAD$25,000 per group-stage match in the first round. With three group-stage games, each roster player would earn at least CAD$75,000. Those financial rewards are a far cry from Canada's first-ever World Cup appearance in 1986, when members of that squad reportedly received just $1,000 per game. Canada Soccer and the players on both the men's and women's national teams also share a portion of World Cup prize money through a tiered formula tied to the men's 2026 World Cup and the women's 2027 World Cup. Canada Soccer retains the first US$12 million in combined group-stage prize money from both tournaments. Of the next US$2 million, 50% is allocated to player compensation pools. The share falls to 25% on the following US$1 million and 15% on any amount above US$15 million. If Canada’s men’s team advances beyond the group stage this summer, the players stand to earn substantially more. Under the agreement, 50% of any additional FIFA prize money generated through advancement in the knockout rounds will be split evenly between the men's and women's team players, with the remaining 50% retained by Canada Soccer. Preparation looks the same whether you're Alphonso Davies or a depth midfielder – at least until payday.Steve Russell/Getty Images Assuming FIFA follows through on its commitment to equalize men's and women's World Cup prize money, each player on Canada's men's and women's participating national team squads would stand to receive an approximate minimum of US$34,700 (beyond their base pay) if both teams were eliminated in the group stage. At the other extreme, if both teams were to improbably win their respective World Cups, each player would receive that group stage minimum plus an additional US$836,735. The arrangement reflects years of negotiations over how tournament revenues should be shared. In the lead-up to the 2022 World Cup, public disputes between players and Canada Soccer highlighted conflicts over compensation and prize money. The current agreement provides a clearer framework while also directing funds toward the broader development of the sport and ensuring equity between the men's and women's national teams. Here's how that compensation and prize money compares with the club salaries* of the players expected** to start Canada's opening match against Bosnia and Herzegovina on June 12. For most players, the prize money probably won't be the motivating factor – rather, they really will be playing for god and country! Maxime Crépeau Position: Goalkeeper Club: Orlando City (MLS) Salary per week: US$11,538 Salary per year: US$600,000 Derek Cornelius Position: Defender Club: Glasgow Rangers (Scotland - Premiership) on loan from Marseille (France - Ligue 1) Salary per week: US$13,400 Salary per year: US$696,800 Luc de Fougerolles Position: Defender Club: Dender (Belgium - Pro League) on loan from Fulham (England - Premier League) Salary: Not publicly disclosed Alistair Johnston Position: Defender Club: Celtic (Scotland - Premiership) Salary per week: US$33,600 Salary per year: US$1,747,200 Richie Laryea Position: Defender Club: Toronto FC (MLS) Salary per week: US$23,355 Salary per year: US$1,214,438 Tajon Buchanan Position: Midfielder Club: Villarreal (Spain - La Liga) Salary per week: US$87,177 Salary per year: US$4,533,229 Stephen Eustáquio Position: Midfielder Club: Los Angeles FC (MLS) on loan from Porto (Portugal - Primeira Liga) Salary per week: US$34,615 Salary per year: US$1,800,000 Ismaël Koné Position: Midfielder Club: Sassuolo (Italy - Serie A) Salary per week: US$38,895 Salary per year: US$2,022,518 Liam Millar Position: Midfielder Club: Hull City (England – Championship) Salary per week: US$25,163 Salary per year: US$1,308,481 Jonathan David Position: Forward Club: Juventus (Italy - Serie A) Salary per week: US$234,000 Salary per year: US$12,168,000 Cyle Larin Position: Forward Club: Southampton (England - Championship) Salary per week: US$20,969 Salary per year: US$1,090,401 It's also worth noting that team captain – and highest-paid player – Alphonso Davies will miss the opening game due to injury. But just for the record: Alphonso Davies Position: Defender Club: Bayern Munich (Germany – Bundesliga) Salary per week: US$447,064 Salary per year: US$23,247,329 For Canada Soccer itself, a successful World Cup could provide a meaningful financial boost. The organization has projected revenue of $62 million and expenses of $55.4 million for 2026. Additional FIFA prize money would strengthen its ability to fund its national team programs, youth development, and grassroots soccer initiatives. Of course, all of those projections depend on results on the field. Canada enters the tournament ranked 30th in the world and with perhaps the strongest men's squad in its history. Drawn into a group with Bosnia and Herzegovina (ranked 64th), Qatar (57th), and Switzerland (19th), the team will be aiming to accomplish two things no Canadian men's side has achieved before: win a World Cup match and advance to the second round. If they do, the rewards won't only be measured in goals and headlines. They'll be counted in millions of dollars as well. *Salary sources via: https://www.capology.com/ https://www.spotrac.com/ https://www.salaryleaks.com/ https://www.transferfeed.com/ **Players listed are the same who started Canada's June 5th exhibition game against Ireland and that many expect will to be the starting lineup in the World Cup opener. --- ### Eligible but stuck: Inside Canada's disability paradox **Published:** June 5, 2026 | **Author:** Louisa Eunice | **Section:** Culture **URL:** https://themargin.news/disability-tax-credit-canada-problem.md --- ### Stop-limit orders, explained: more control, but with a catch **Published:** June 3, 2026 | **Author:** The Margin Editorial Staff | **Section:** Intel **URL:** https://themargin.news/stop-limit-order-guide.md A stop-limit order combines two order types: a stop order and a limit order. Once the stop price is triggered, instead of sending a market order to sell, it sets a floor on what price you'll accept. The result is more control over your exit price, at the cost of some execution certainty. If the price drops past your limit before the order fills, it won't execute at all. --- ### How to understand options trading before you start **Published:** June 3, 2026 | **Author:** The Margin Editorial Staff | **Section:** Intel **URL:** https://themargin.news/option-trading-guide.md Investing in options is an advanced form of investing. Instead of purchasing shares of a company, an option is a contract that gives the buyer the right to buy or sell shares at a specific price before a set date. It's a timed investment, and unlike most investments, there's someone on the other side of your trade betting that you're wrong. Instead of paying the share price, each option contract has a price called the premium, which is paid upfront from the buyer to the seller. The premium isn't fixed – it fluctuates based on market conditions and can be bought or sold before the contract expires. Like most contracts, there are agreed-upon terms and a date at which the contract expires. The appeal is leverage: you can control a large position for a fraction of what it would cost to buy the shares outright. Each contract gives you the right to buy or sell 100 shares at a predetermined price, so when the underlying moves by a dollar, your potential payout moves by $100 – without having paid for 100 shares upfront. The most prominent risk with options trading is that the position is on a timer. If the option doesn't move in the desired direction before the expiry date, it's possible that the entire investment – the premium – will be permanently lost. --- ### Why you won't save as much as expected with geoarbitrage **Published:** June 2, 2026 | **Author:** Jessica Aftimus Rosa | **Section:** Culture **URL:** https://themargin.news/digital-nomad-cost.md --- ### The Great Wealth Transfer is coming – just not for everyone **Published:** May 29, 2026 | **Author:** Prasanthi Vasanthakumar | **Section:** Money **URL:** https://themargin.news/canadian-wealth-transfer-missing-out.md * A pseudonym she requested due to the personal nature of her story. --- ### 💔 Separation anxiety **Published:** May 29, 2026 | **Author:** The Margin Editorial Staff | **Section:** Newsletter Archive **URL:** https://themargin.news/newsletter-05-29-2026-separation-anxiety.md 💔 Separation anxiety Plus: Bathrooms have had it too good for too long May 29, 2026 📩 THE OPENING POSITION Happy National Paperclip Day to all who observe. In honour of this important occasion, I want to recall one of Canada’s best paperclip-related stories: that of Kyle MacDonald who, way back in 2005, made a series of increasing trades that began with single red paperclip and ended with an actual, honest-to-goshness house. It only took him 14 trades to accomplish! A truly inspiring tale, unless you’re still struggling to save up that down payment, in which case you’ll agree that everyone involved, other than Kyle, was an idiot. – Kat Angus, Deputy Editor 🔔 BEFORE THE BELL Index Week (May 25-28, 2026) TSX ▼ -119.29 (-0.34%) S&P 500 ▲ +52.07 (0.69%) Nasdaq ▲ +326.41 (1.23%) Dow ▼ +583.09 (1.19%) The takeaway: North American indices had a mixed week. The TSX slipped as Iran ceasefire talks brought oil prices down and hit Canadian energy stocks, while US indices mostly rose. The standout story was Micron (NASDAQ: MU), which crossed US$1 trillion in market cap for the first time on Tuesday – the share price jumped 19% and is up more than 70% in May alone, all because the AI industry needs more chips. Micron is now one of only 14 companies ever to hit that threshold, joining a club that didn’t even exist a decade ago. 🔎 THE CONTEXT Alberta is (maybe) leaving Canada Photo credit: NurPhoto/Getty Images/The Margin Staff Welp, Alberta will hold a vote this fall on whether to remain in Canada, following a citizen-led petition that collected more than 300,000 signatures, nearly double the 178,000 required. Premier Danielle Smith announced the referendum last week, though her official stance is that she wants Alberta to stay, just with a lot more autonomy. (You mean this is all political theatre?! You don't say.) It’s worth noting that the October 19 vote isn't a direct separation vote. It’ll ask whether Alberta should begin the legal process to hold an actually binding vote later – so, the beginnings of a concept of a plan. Prime Minister Carney called it undemocratic and insisted Alberta is "essential" to Canada. Messaging from the UCP is muddled, too – this week, party president Rob Smith (no relation) told The Globe and Mail that most members would likely vote to leave and the party wouldn't pick sides. Premier Smith publicly overruled him Wednesday, with the party issuing a statement that it has always supported remaining in Canada. And we've always been at war with Eurasia! On the bright side, if Alberta does end up leaving Canada, at least the drive from Saskatchewan to British Columbia will get a lot shorter. What this means… For investors: Alberta's energy sector accounts for a significant chunk of TSX market cap, so if separation becomes a serious possibility, energy stocks will probably take a hit while investors try to figure out what happens with the pipelines, resource revenues, and interprovincial trade. The loonie would probably experience some ripple effects, too: currency markets hate uncertainty, and 'maybe one of our provinces is leaving' definitely qualifies. For First Nations: The referendum is partly a workaround for a mid-May court ruling that rejected the original petition, finding the government failed to consult First Nations. Premier Smith’s argument is that because this vote doesn’t directly cause Alberta to separate, the court’s ruling doesn’t apply. But the bigger legal challenge – that separation would violate treaty rights – is still before the courts. If that challenge succeeds, this referendum doesn’t happen. For all Canadians: Alberta’s been pushing to withdraw from the Canada Pension Plan and create its own provincial pension since at least 2023. It’s a higher-earning province that currently pays more into the CPP than it takes out – if Alberta separates and takes its share of assets, contribution rates for the remaining 21 million Canadians are likely to go up to keep the pension solvent. Also: Apotex, Canada's largest generic drugmaker, filed for an IPO on the TSX this week under ticker APTX. You’ve gotta appreciate the timing: Apotex also just became the first company to launch a generic version of Ozempic. It’s not quite at the level of SpaceX’s $2 trillion IPO filing from last week, but Apotex would still be Canada's largest public offering since 2021. Salesforce(NYSE: CRM) beat earnings expectations by 24% on Wednesday and posted record revenue of $11.1 billion — and yet, the stock is still down 32% for the year so far. Like most things lately, you can probably blame AI. The markets are wondering: if AI agents replace the human software seats Salesforce built its whole business on, what exactly are investors buying? Kevin Warsh was sworn in as US Fed chair last week, replacing Jerome Powell and facing an unenviable starting position: inflation is running hot, Trump is demanding rate cuts, and Warsh has promised independence. His first policy meeting is in June, and whatever he decides, somebody will inevitably be unhappy – and given that Canadian mortgage rates tend to follow the Fed's lead, that somebody could be you! Source: Statistics Canada 🤿 ROLLING IN THE DEEP Photo credit: The Margin staff What happens when tomatoes become a luxury food? by Shilpashree Jagannathan This is an excerpt of an article originally run in full on The Margin. I don’t really know how to cook without tomatoes. They used to be a routine purchase – usually around the $1.50 to $2 a pound range, never expensive enough to make me hesitate or even notice. One of my staple dishes is South Indian tomato rasam, a spicy, tangy, soup-like dish made with tomatoes, lentils, herbs, and Indian spices – my kids love it. So when I saw tomatoes at Food Basics had reached $3.99 a pound, it didn’t feel like the price of just one vegetable had gone up. It felt like my entire way of cooking was suddenly out of reach. My mom and grandma advised me to compare prices, change stores, swap ingredients, and be flexible when an ingredient becomes expensive. But in the produce aisle, I realized the advice didn't work, because tomatoes are the soul of rasam. It assumes that I have time, transportation, and access to multiple stores, plus a way to cook with different ingredients, for a dish that's as comforting as rasam. It also assumes that just any tomato will do. So I gave in and started comparing prices with other stores, but the more I looked, the less useful the comparison felt. Online, I found Food Basics listing hothouse red tomatoes at $3.99/lb, No Frills with Roma at $2.99/lb and beefsteak at $3.99/lb, and Walmart with Roma at roughly $1.90/lb. Prices can change quickly and differ by location, delivery platform, and store, but the exercise didn't make me feel like a smarter shopper. It just made me realize how much grocery advice depends on having options. The cheapest tomato was technically a solution to my problem, but it wasn't always the right tomato for what I was cooking. For rasam, I usually use hothouse tomatoes; if those are not available, I use tomatoes on the vine. That preference isn't fancy – it's taste, texture, and what I know works for rasam. It's the kind of cooking logic that has nothing to do with finding the lowest price. Read more The Teapot Scalding Canada knocks the US out of the hockey Worlds quarterfinal, a belated “puck you” for the Winter Olympics. Global News🔥 Hot Anonymous donor pays more than US$9 million to charity to have lunch with Warren Buffett and Steph Curry. But they’re allowed to bring seven guests – that’s only $1.1 million each! AP News😳 Lukewarm 30 Seconds to Mars will require fans to scan their eyes to prove they're human to receive tickets to their 2027 tour. Yeah, handing Jared Leto your biometric data sounds like a great idea. Gizmodo🤔 Iced Only one athlete at the Enhanced Games, where athletes compete on performance-enhancing drugs, actually broke any records. Now it’s the stock price that needs enhancing. Yahoo🧊 👀 UNSOLICITED OPINIONS Photo credit: Pexels/The Margin Staff A short rant about bathroom light switches Kat Angus, Deputy Editor: Tell me, dear reader, how often has this happened to you? You enter a bathroom and fumble for the light switch, except that the first light switch your hand finds, the one closest to the door, actually turns on the loud, annoying bathroom fan. Turns out it’s the NEXT light switch that turns on the lights, ya dummy! Or maybe that first switch does turn on the light. Because there’s no way for you to know for sure beforehand, is there? Our society lacks standardization when it comes to the assignment of bathroom switches, so it’s just up to the whims of the electrician which one will actually illuminate the room. Every time you try to turn on the lights, you risk the jump scare of the fan. It’s chaos. “But what about the switches in bathrooms you use all the time?” you may be asking. Irrelevant! I’m still never able to remember the proper switch order, even in my own house. It’s like when we had to insert USBs the correct way – somehow, whatever I choose is always wrong. And, at least to me, it’s obvious that the switch closest to the door should always turn on the light. I need to see what’s in the room before I know which other switches are necessary, right? I know this seems like a momentary setback with a quick solution, but this affliction has followed me for decades, and it’s death by a thousand cuts. Well, I say NO MORE! It’s time for the government to stop ignoring this national nightmare and finally enact laws requiring the light switch closest to the bathroom door to control the lights. No exceptions. Don’t even get me started on those “vertical light switch panel” people. Freaks, the lot of ‘em. 🧾 INSIDER TRADING (Shazia ran the Ottawa Half-Marathon last Sunday and we are all very proud of her.) If you liked this newsletter, hated this newsletter, or are totally indifferent to it, hit the reply button and tell us why! We’re so lonely. This week’s contributors: Shilpashree Jagannathan (writer), Tyler Haw (audience engagement), Jenna Zaitchik (senior creative designer), Shazia Khan (social media strategy manager), Kat Angus (deputy editor), and Eric Wainwright (editor in chief). Important Legal Disclosures "The Margin" is a financial news and media platform published by QuestMedia Inc. and is a member of the Questrade Group of Companies. Questrade Group of Companies means Questrade Financial Group and its affiliates that provide deposit, investment, loan, securities, mortgages and other products or services. Our editorial team operates independently, though "The Margin" may promote Questrade services and receive promotional benefits when users click provided links or open accounts. Not Investment Advice & Risk Warning: All content is for informational and educational purposes only. "The Margin" is not a registered investment adviser or broker-dealer. Nothing published constitutes a recommendation, solicitation, or offer to buy or sell any security, or to engage in any investment strategy. Trading securities—especially on margin—involves significant risk and can result in the loss of your entire investment. Please consult a qualified financial or tax professional before making any investment decisions. Limitation of Liability: Content and market data are provided "as is" without warranties of any kind. "The Margin" and its affiliates assume no liability for your trading results or data inaccuracies. Contributors to "The Margin" may hold positions in the securities discussed. Your personal information is handled in accordance with the Questrade Financial Group Privacy Policy. You may withdraw your consent to receive these emails at any time by clicking "unsubscribe." --- ### 👀 The search party's over **Published:** May 29, 2026 | **Author:** The Margin Editorial Staff | **Section:** Newsletter Archive **URL:** https://themargin.news/newsletter-05-22-2026-the-search-partys-over.md 👀 The search party's over Plus: Why Gen Z would rather look interesting than rich May 22, 2026 📩 THE OPENING POSITION If you're reading this, it's too late… Drake released three albums last week and you've already opened this newsletter. As The Margin's creative designer, here's what's currently living rent-free in my head this week: the "quiet luxury" aesthetic is finally on its way out after years of everyone dressing like an off-duty hedge fund manager. Spotify swapping their logo for a disco ball and turning everyone and their mom into an art direction critic (and they’re reverting to the old logo anyway). AI slop imagery is becoming so normal that nobody clocks it anymore. All of which is to say: aesthetics and economics are basically the same thing. Trends are just markets with better moodboards, aesthetics are consumer behaviour with a colour palette, and your FYP is a portfolio of your subconscious spending habits. (Coincidentally, so is your credit card.) Or maybe I've just been staring at visual culture for so long that everything's starting to look like an overpriced design decision. The real finance stuff is below (written by people who are good at words). – Jenna Zaitchik, Senior Creative Designer 🔔 BEFORE THE BELL Index Week (May 19-21, 2026) TSX ▲ +535.71 (1.58%) S&P 500 ▲ +30.22 (0.41%) Nasdaq ▲ +6.69 (0.03%) Dow ▲ +807.22 (1.63%) The takeaway: A shorter trading week in Canada due to the Victoria Day weekend saw the “old economy” take the reins, with the Dow and TSX both climbing more than 1.5%. Meanwhile, the Nasdaq barely moved and the S&P 500 crawled forward with 0.41%. Tech took a breather, which is a flip from the past few weeks, when tech was propping up the indices – now, you get Nvidia (NASDAQ: NVDA) dropping -1.75% even though it beat earnings expectations. Wall Street’s bar for success is on Neptune, apparently. Traditional value sectors got their turn, which is why the TSX outperformed: it's heavy in energy and financials. 🔎 THE CONTEXT Did Google just kill search (and maybe the rest of the internet, too)? Photo credit: picture alliance/Getty Images At its annual I/O developer conference this week, Google announced it's replacing search as you know it with AI – basically, they said a lot of stuff that meant "we want to keep you inside Google instead of sending you to other websites." AI Mode, where Gemini answers your questions instead of linking to sources, now has over a billion monthly users, and Google says queries are doubling every quarter. Understandably, a lot of people are freaked out, especially publishers who rely on search results for traffic and attention (omg hi). This is what many have been calling “Google Zero” – the point where Google just stops referring traffic to websites entirely. The company did clarify that people have to opt in to AI Mode in search, but honestly, a lot of damage was already done before the I/O announcement. When an AI summary appears at the top of search results, users click through to other websites only 8% of the time, compared to 15% without one, and from November 2024 to November 2025, traffic from Google Search to publishers dropped by 33%. Publishers are expecting traffic to decline another 43% over the next three years. This is more than just a problem for publishers. For 30 years, search engines were the solution to the internet’s most pressing issue: how to find stuff. Now Google is replacing that with a chatbot that scrapes other people’s work, summarizes it, and keeps readers inside its own infrastructure. Social media already filters what you see based on engagement; AI Mode adds another layer, giving Google the power to choose what information surfaces in its summaries and what gets buried. The company's always influenced what people find online, but at least with blue links you could click through and check the source yourself. Now everyone's internet will get filtered through the same AI model. What this means… For advertisers: Google has decided winning the AI race is its paramount priority, and it’s willing to mess with its own ad revenue model to do it. The entire digital advertising ecosystem currently depends on people clicking through to content, but if users stop leaving Google, ad placements become worthless. Not to mention advertisers will lose a valuable way to reach new audiences. For the ad-supported internet: A lot of blogs, news sites, and niche forums run on a free-content model – create content, monetize it with ads, and rely on search to bring readers. Businesses also pay Google for search ad placement to reach those readers. But if users never leave Google's ecosystem, both sides lose, and when that model’s gone, a lot of the free internet will go with it. For digital media: The usual advice is "just build a direct audience" with things like newsletters (omg hiiiii), subscriptions, online courses, etc. And that’s still a good move! But Google Search is how people discover you exist and how you grow that audience in the first place. When search results don’t send people to other sites anymore, publishers lose the main driver to convert casual readers into loyal subscribers. Even publications with direct audiences need new people to find them. (Unrelated: Please tell your friends to sign up for this newsletter.) Also: Welp, we knew it was coming and now it’s here: Canada's inflation rate rose to 2.8% in April, StatsCan announced Tuesday, driven almost entirely by soaring gas prices. Energy costs increased 19.2% year-over-year, with gasoline up 28.6% due to supply issues caused by the Iran war. At least your car will make a cool lawn ornament. Less than six months after taking office, Bolivia's President Rodrigo Paz is facing widespread protests and blockades that have left the capital under siege. The country's economic instability has spiralled into a full-blown political crisis, with demonstrators blocking roads and demanding his resignation. The guy probably hasn’t even learned where all the bathrooms are yet. The WHO declared a public health emergency over an Ebola outbreak in Congo that, as of this writing, has resulted in more than 600 cases and 139 deaths. The outbreak involves the Bundibugyo strain, which has no approved vaccine or treatment. Health experts say it won't become another pandemic, but given the recent hantavirus outbreak that killed three on a cruise ship, we’ll understand if you choose to pack some extra N95 masks in your suitcase. Source: The Daily, Statistics Canada 🤿 ROLLING IN THE DEEP Photo credit: Mark Yuen Visuals The Business Of: Ethical fashion in Canada by Sara Harowitz The Business Of is a series that breaks down the financial realities of specific jobs and industries in Canada – what comes in, what goes out, and what most people get wrong. This is an excerpt of the first instalment, originally run in full on The Margin. Free Label, a Vancouver-based ethical fashion brand, charges nearly $100 for a T-shirt, and nearly $170 for a pair of shorts. At those prices, you’d likely assume the company turns quite a healthy profit, but that isn’t the case – on a single shirt, for example, the label actually nets nothing. Ethical fashion brands, also called slow fashion brands, adhere to an array of values, including ethical production (paying craftspeople a fair wage at every stage of the supply chain), sustainable production (using eco-friendly fabrics and making pieces in small batches to minimize waste), and inclusive sizing (offering more than just extra-small to extra-large in order to better serve a range of bodies). These values come at a cost, as Free Label founder Jess Sternberg knows well. Sternberg, who now produces her clothing in Vancouver, started Free Label in 2015 in Toronto. “Nobody was making things in Canada,” she says of the time period. “And I found especially, there weren’t a lot of people making anything that was geared towards my body shape, which is a little bit more curvy, and in a way that really celebrates and honours the female body. I thought I could fill that gap.” She had no entrepreneurship or design experience, instead learning as she went, working with Canadian textile manufacturers, pattern-makers, and sewing factories to produce an array of clothing, available in sizes XS to 5X, that fits all kinds of shapes, including bras that go up to cup size K. By comparison, fast fashion is typically made overseas, where production costs are much cheaper and workers are paid incredibly low wages to sew poorly-made items in unsafe conditions. Because the fast fashion business model is about volume rather than quality, it’s also bad for the environment: the fashion industry is the second-biggest consumer of water, and fast fashion in particular leads to increased carbon emissions, the production of non-biodegradable microplastics, and toxic chemical run-off in waterways, particularly in countries like Bangladesh, where these clothes are often made. Read more The Teapot Scalding Spencer Pratt, erstwhile villain of The Hills and unofficial Patrick Bateman impersonator, is running for mayor of Los Angeles. Sure. Might as well. Why not? Makes as much sense as anything else going on lately. NPR🔥 Hot Canadians are finally receiving payouts from the bread price-fixing settlement. Loblaw says they’ve learned their lessons and will never sell overpriced food again. Pinky promise. No takebacks. For realsies this time. Global News😳 Lukewarm A fox in Alberta was photographed with a mouth full of hot dogs. Aw, you guys think I’m a fox? CNN🤔 Iced It’s a Barbie World, but Aqua’s not living in it anymore: the Danish-Norwegian pop group broke up. Exclaim!🧊 👀 UNSOLICITED OPINIONS Photo credit: @pearlmedia via Instagram Boring brands killed brand loyalty, not Gen Z Jenna Zaitchik, Senior Creative Designer: Everyone says Gen Z has no brand loyalty, but that's backwards. Gen Z is incredibly loyal – they just want a brand that looks like something. An Owala and a gas station tumbler hold the same amount of water, but Owala has fun colour combos and is stealing market share from Stanley. The minimalist brands millennials built their personalities around are struggling. Glossier's valuation has dropped from $1.8 billion to under $1 billion and just closed 9 of its 12 stores, while Everlane sold to Shein this week after years of losses. Minimalism was a good business decision for a time – cheap, easy to scale, and broad appeal. But once every brand went clean and minimal, nobody stood out anymore. Gen Z decided they prefer a little bit of character. So now we get products like Liquid Death, water in a can that looks like an energy drink. Starface makes pimple patches shaped like colourful stars. David produces protein bars that actually stand out from the competition. A good visual identity shouldn’t be an afterthought. It's why you picked that one off the shelf, why you followed that account, why you bought the thing before even checking the price. Gen Z would rather look interesting than rich, and right now, the brands that look like nothing aren't getting picked. 🧾 INSIDER TRADING From The Margin group chat: If you liked this newsletter, hated this newsletter, or are totally indifferent to it, hit the reply button and tell us why! We’re so lonely. This week’s contributors: Sara Harowitz (writer), Mark Yuen Visuals (photography), Tyler Haw (audience engagement), Jenna Zaitchik (senior creative designer), Shazia Khan (social media strategy manager), Kat Angus (deputy editor), and Eric Wainwright (editor in chief). Important Legal Disclosures "The Margin" is a financial news and media platform published by QuestMedia Inc. and is a member of the Questrade Group of Companies. Questrade Group of Companies means Questrade Financial Group and its affiliates that provide deposit, investment, loan, securities, mortgages and other products or services. Our editorial team operates independently, though "The Margin" may promote Questrade services and receive promotional benefits when users click provided links or open accounts. Not Investment Advice & Risk Warning: All content is for informational and educational purposes only. "The Margin" is not a registered investment adviser or broker-dealer. Nothing published constitutes a recommendation, solicitation, or offer to buy or sell any security, or to engage in any investment strategy. Trading securities—especially on margin—involves significant risk and can result in the loss of your entire investment. Please consult a qualified financial or tax professional before making any investment decisions. Limitation of Liability: Content and market data are provided "as is" without warranties of any kind. "The Margin" and its affiliates assume no liability for your trading results or data inaccuracies. Contributors to "The Margin" may hold positions in the securities discussed. Your personal information is handled in accordance with the Questrade Financial Group Privacy Policy. You may withdraw your consent to receive these emails at any time by clicking "unsubscribe." --- ### Short selling: Making money when the market drops **Published:** May 27, 2026 | **Author:** The Margin Editorial Staff | **Section:** Intel **URL:** https://themargin.news/shorting-stocks-guide.md Shorting has become a larger part of the cultural discussion since movies like The Big Short and market phenomenons like the Gamestop short squeeze. When someone “shorts” an investment, it means that they wish for the investment to decrease in value. If this seems counterintuitive, it’s because it is. When it comes to shorting, you don’t buy something and sell it later. Instead, an investment is sold first, and then bought back at a later time. --- ### What happens when even tomatoes are out of budget? **Published:** May 26, 2026 | **Author:** Shilpashree Jagannathan | **Section:** Culture **URL:** https://themargin.news/tomato-prices-canada-grocery-inflation.md --- ### Members only: why owning anything is becoming impossible **Published:** May 22, 2026 | **Author:** Erin Nicole Davis | **Section:** Tech **URL:** https://themargin.news/subscription-ownership-gone.md --- ### What is a stock market index, anyway? **Published:** May 22, 2026 | **Author:** The Margin Editorial Staff | **Section:** Intel **URL:** https://themargin.news/stock-index-guide.md An index is a collection of stocks that showcase the overall performance of a specific sector, or the market overall. You cannot buy shares of an index directly as they are more of a thermometer for market performance. However, you can buy an index ETF or trade index options. Even if you do not invest in an index, you can gauge the performance of your own portfolio by comparing it to a given index’s performance. These measures are often referred to when assessing the impact of significant world events – if any of the major indices drops significantly, it makes headlines. --- ### The Business Of: Ethical fashion in Canada **Published:** May 19, 2026 | **Author:** Sara Harowitz | **Section:** General **URL:** https://themargin.news/business-of-ethical-fashion-canada.md --- ### Smoking is back, baby (and it'll cost you $9,000) **Published:** May 15, 2026 | **Author:** Anne T. Donahue | **Section:** Culture **URL:** https://themargin.news/cigarettes-smoking-cool-again-costs.md --- ### 📈 Lost in inflation **Published:** May 15, 2026 | **Author:** The Margin Editorial Staff | **Section:** Newsletter Archive **URL:** https://themargin.news/newsletter-05-15-2026-lost-in-inflation.md 📈 Lost in inflation Plus: Will Canada run on Dunkin? May 15, 2026 📩 THE OPENING POSITION Hello everyone, and welcome to another edition of our newsletter! I’m Tyler, and I lead financial education at The Margin. My dream is to get you and everyone else to stop putting all of their money in a bank account. Please, I’m begging you! I get it – you want to keep at least enough in there to make your rent or mortgage payment, as well as any insurance or regular payments you make. But beyond that? Bad idea. Don’t just let your money sit idle in a regular chequing or savings account when you could invest it and have your money make money. Even if you’re an extremely risk-averse individual, you can at least put your savings in a high-interest savings account. If you don’t need that money for a few years, though, consider investing it, because the longer your money sits in a simple (chequing) account, the less valuable it gets. Whoops, I just remembered it’s pay day – time to make another transfer... – Tyler Haw, Audience Growth and Education 🔔 BEFORE THE BELL The takeaway: The Nasdaq and S&P 500 both hit all-time highs this week, while the TSX managed to eke out a 0.53% gain. American investors are unsurprisingly big on high-growth tech, while Canadian investors are stuck watching the fluctuating gold and oil prices. “Slow and steady wins the race” may be a popular adage, but for now, investors are betting on growth over stability. 🔎 THE CONTEXT American inflation is a Canadian problem Photo credit: Xinhua News Agency/Getty Images/The Margin Staff Just like an obsessed ex, US inflation came back with a vengeance this week. The Bureau of Labor Statistics reported Tuesday that April's Consumer Price Index (CPI) rose 3.8% YoY - that's up from 3.3% in March and represents its highest mark since May 2023. Then Wednesday, the Producer Price Index (PPI) rose 1.4% from last month (expectations were 0.4% – yikes). And Core PPI, which strips out volatile sectors like food and energy, spiked 1.0% instead of the 0.3% analysts predicted. We haven't seen that fast an increase since 2022. US markets reacted quickly. The 10-year Treasury yield hit 4.48% (the highest of the year so far), and 30-year bond yields hit 5% for the first time since 2007. Essentially, RIP to any potential Fed rate cuts for the rest of 2026. Unfortunately for Canada, bond yields don't care about country borders, so even though the Bank of Canada held its rate at 2.25% two weeks ago, rising US yields pull Canadian rates higher. That means higher borrowing costs across the board, no matter what Tiff Macklem says, does, or dances to. What this means… For fixed-rate mortgage shoppers: Fixed mortgage rates don't follow the Bank of Canada's policy rate; they follow bond markets. And Canadian bond markets move with US bond markets, so even though the BoC held steady a couple of weeks ago, the US inflation jump means bond yields are climbing on both sides of the border. Translation: fixed mortgage rates are going up. If you're shopping for a fixed-rate mortgage or renewing soon, that's worth factoring in now rather than waiting for the next BoC decision. For retirees and income investors: US 30-year bonds are now paying 5% - that's competitive with many Canadian dividend stocks, but without the downside of stock market volatility. When that happens, investors move their money south to take advantage of those returns. More demand for US assets means more demand for US dollars, which weakens the loonie, and a weaker Canadian dollar means more expensive imports, from groceries to gas to your winter vacation. That's not a great combination if your income is fixed in CAD. Also: US President Donald Trump was in China this week to meet Chinese President Xi Jinping and dish all about the Iran conflict, trade imbalances, Taiwan, and which boys they think are cute (we might be speculating on that last one). The two also agreed the Strait of Hormuz should remain a free and open waterway, which it already was before the war started, but Xi was diplomatic enough not to mention that part. AI chipmaker Cerebras raised an eye-watering $5.55 billion in its IPO on Wednesday. Demand was so strong that the company raised its expected price twice in nine days (first from $115-125 per share to $150-160, then ultimately up to $185), and shares jumped up 68% on their first day of trading Thursday. It's the biggest tech IPO since Uber in 2019 – though Cerebras may not hold that title for long, given that OpenAI and SpaceX listings are expected to go public later this year. Jesta Group, a Montreal real estate firm, announced this week it's planning to buy $500 million worth of unsold Toronto condos over the next 12 months, with the plan to turn them into rentals for a few years, then sell them once the market recovers at some point in the future. The firm calls it “market stabilization,” though the CEO admitted “we’re not pretending to be the affordability saviour.” Points for honesty, we guess? May 2026 National Rent Report 🤿 ROLLING IN THE DEEP Photo credit: Pexels The loyalty tax: How families drain their successful kids by Louisa Eunice This is an excerpt of an article originally run in full on The Margin. “Sarah Thompson” is a pseudonym; the subject requested anonymity to speak candidly about family financial dynamics. Inside a No Frills on Lansdowne Avenue in Toronto, Sarah Thompson stood in the dairy aisle, staring at a carton of eggs. She had just sent $400 to her cousin for quote-unquote "car repairs" (one of multiple e-transfers she’d made to family members recently) and was now doing some familiar calculations in her head: would the money left over in her account be enough to cover both her own groceries and her rising condo fees? The 34-year-old senior project manager earns a six-figure salary. “I actually started to feel sick,” Sarah says. “I’m thinking, I make over a hundred thousand dollars a year. Why am I panicking over a dozen eggs?” Sarah is paying the loyalty tax, the informal, compounding cost of being the most financially capable person in the family. In an economic climate where families are increasingly struggling and the household-debt-to-income ratio has climbed to more than 177%, the "stable child" often becomes the safety net – not by choice, but by proximity. What their family sees as mandatory or expected generosity from the stable child is, in reality, preventing that child from growing their own wealth or preparing for retirement. The process was supposed to be straightforward: work hard, climb the ladder, and secure your future. But for a specific class of high-achievers, that came with extra fees they weren’t prepared for: "loans" to family that never got paid back, a parent's mortgage that somehow turned into a shared expense, and relatives who called to say “remember where you came from.” Most stable children don’t even register paying the loyalty tax as a choice. Read more The Teapot Scalding Dunkin Donuts plans to open hundreds of Canadian locations starting this year. Tim Hortons counters by getting Ryan Reynolds to hawk yet another box of wet eggs. CBC🔥 Hot “Beware of drunk deer,” say police in France. Even French animals appreciate a good Merlot. The New York Times😳 Lukewarm Ontario is now selling 6% milk, because 7% would just be bragging. Global News🤔 Iced Scientists use environmental DNA to discover a deep sea environment of giant squid, faceless cusk eels, and more than 200 other species. They marked the location on the map with a giant "NOPE." Science Daily🧊 👀 UNSOLICITED OPINIONS Photo credit: Michael Chilsholm/Getty Images Let the Leafs cheat a little Tyler Haw, Audience Growth and Education: Last week, the Toronto Maple Leafs hired John Chayka, former general manager of the Arizona Coyotes, as their new GM. Many think this was a terrible decision. One reporter decided to speak for this cohort by calling Chayka a con artist and a liar to his face. The criticisms: He didn't offer a contract to Arizona's franchise player Shane Doan after a 20-year career. He conducted illegal pre-draft testing. He quit with three years left on his contract. And through it all, he never turned Arizona into a first-class hockey club. But I think Toronto’s outrage is overblown. He didn't sign a 40-year-old player? Big deal; that's business. He tried to gain an edge with draft picks? Honestly, I want my GM doing whatever it takes to win. And yeah, he wasn't great in Arizona, but Arizona was so bad they had to play in a college arena for an entire year and then lost the team entirely to Utah. I'll give him the benefit of the doubt that he may do better with all the resources and money Toronto has to offer. Some want their team to win with integrity. Me? It's been so long. Like, so long. Almost 60 years long. I just want to win. Toronto's already seen as the big bad cheating hockey club (even though our worst offence was summer practices), so we may as well flex that muscle a bit. So far, Chayka's won the draft lottery and fired the head coach – I’d say he’s off to a good start. Toronto finished fifth-last this year, which means there’s a lot of room to go up. 🧾 INSIDER TRADING From The Margin group chat: If you liked this newsletter, hated this newsletter, or are totally indifferent to it, hit the reply button and tell us why! We’re so lonely. This week’s contributors: Louisa Eunice (writer), Tyler Haw (audience engagement), Jenna Zaitchik (senior creative designer), Shazia Khan (social media strategy manager), Kat Angus (deputy editor), and Eric Wainwright (editor in chief). Important Legal Disclosures "The Margin" is a financial news and media platform published by QuestMedia Inc. and is a member of the Questrade Group of Companies. Questrade Group of Companies means Questrade Financial Group and its affiliates that provide deposit, investment, loan, securities, mortgages and other products or services. Our editorial team operates independently, though "The Margin" may promote Questrade services and receive promotional benefits when users click provided links or open accounts. Not Investment Advice & Risk Warning: All content is for informational and educational purposes only. "The Margin" is not a registered investment adviser or broker-dealer. Nothing published constitutes a recommendation, solicitation, or offer to buy or sell any security, or to engage in any investment strategy. Trading securities—especially on margin—involves significant risk and can result in the loss of your entire investment. Please consult a qualified financial or tax professional before making any investment decisions. Limitation of Liability: Content and market data are provided "as is" without warranties of any kind. "The Margin" and its affiliates assume no liability for your trading results or data inaccuracies. Contributors to "The Margin" may hold positions in the securities discussed. Your personal information is handled in accordance with the Questrade Financial Group Privacy Policy. You may withdraw your consent to receive these emails at any time by clicking "unsubscribe." --- ### 🏒 "No one cares, work harder" **Published:** May 14, 2026 | **Author:** The Margin Editorial Staff | **Section:** Newsletter Archive **URL:** https://themargin.news/newsletter-05-08-2026-no-one-cares-work-harder.md 🏒 "No one cares, work harder" Plus: Tiff Macklem talks consecutive rate hikes. May 8, 2026 📩 THE OPENING POSITION Howdy, Margineers! Marginheads? I haven’t figured out a nickname for you yet, but rest assured, as the resident social media manager/chaos agent around here, I’m determined to find one worthy of going viral – or at least worth a spot in the “List of fandom names” wiki. (Wait, Coldplay fans really just call themselves Coldplayers? C’mon. We can do better.) It’s been an eventful week with the start of May and the end of the Raptors’ playoff run (sigh… at least we’ll always have RJ’s buzzer-beater 🥲), but in brighter news for basketball fans, the Toronto Tempo, the city’s new WNBA team, starts their first regular season tonight. A new pro sports team brings the opportunity to crowdsource a new mascot, and thus an opportunity for ideas to go hilariously off the rails. There were many calls for a metronome (get it?!), which led the team to respond with the Metro Gnome… which they claimed was a joke, but is actually kind of incredible? As of press time, there’s still no decision, but with enough public support, maybe we can still make this happen. GnomeHive, where you at? – Shazia Khan, Social Media Strategy Manager 🔔 BEFORE THE BELL Index Week (May 4–7, 2026) TSX ▲ +4.28 (0.01%) S&P 500 ▲ +106.31 (1.47%) Nasdaq ▲ +694.46 (2.77%) Dow ▲ +180.59 (0.37%) The takeaway: A divergence in North American markets saw the Nasdaq and S&P 500 surge on the back of massive AI capital expenditure and blowout earnings from tech giants like AMD (NASDAQ: AMD), which was up 13.14%. The TSX, however, finished the period virtually flat. While hopes for a US-Iran peace deal initially eased inflation fears and boosted Canadian banks and miners, the resulting $10 slide in crude oil prices acted as an anchor on the energy-heavy index. Whereas US markets remain insulated by "hyperscaler" spending, Canada’s reliance on the energy sector (which fell nearly 4% this week) continues to cap its upside whenever geopolitical tensions cool. 🔎 THE CONTEXT Macklem warns rate hikes are back on the table Photo credit: NurPhoto/Getty Images/The Margin Staff The Bank of Canada’s overnight rate has been holding steady at 2.25% since October 2025, so nobody was very surprised when it held the rate again last week. But people did take notice when Governor Tiff Macklem testified before the House of Commons Standing Committee on Finance this past Monday and warned that if oil prices stay high and start affecting broader inflation, "there may be a need for consecutive increases in the policy rate." One increase would be newsworthy; consecutive increases would be a whole thing. The problem is that the economy is pulling in two directions at once. Gas prices spiked more than 21% from February to March, shoving the Consumer Price Index from 1.8% to 2.4%. But US tariffs are still affecting exports and business investment, and the unemployment rate is currently sitting at 6.7%. So raising rates fights inflation, but hurts growth; lowering rates does the opposite. There’s no easy way through, which is probably why Macklem testified that monetary policy may need to be “nimble.” It’s not time to panic just yet, though. Macklem didn’t say hikes are coming, just that uncertainty is “unusually elevated.” Which is basically a very central-bank way of saying that nobody knows what’s going to happen, not even the Bank of Canada. What this means… For variable-rate mortgage holders: Core inflation’s still sitting at a fairly reasonable 2.3%, which is why the Bank can argue the gas price spike is temporary and keep rates the same. If gas prices start affecting other goods, though, that could change quickly. The BoC’s next announcement comes on June 10 – it might be worth having a conversation with your broker before then. For investors: The 10-year Government of Canada yield recently rose 10 basis points, a sign that bond markets are considering inflation risk even as the BoC holds steady. That’s not great for rate-sensitive sectors like Real Estate Investment Trusts and utilities, since investors can increasingly get bond-like returns from, well, bonds. Higher energy prices will benefit energy producers (congrats, Alberta), but for everyone else, it’ll mostly show up at the gas pump. Also: Ottawa throws $1.5B at the tariff problem: This week, the federal government announced a new $1 billion Business Development Bank of Canada lending program for steel, aluminum, and copper manufacturers hit by US tariffs, plus another $500 million for SMEs through the Regional Tariff Response Initiative. It's the latest in a series of federal responses to US trade pressure, and with the CUSMA review coming up this summer, probably not the last. GameStop tries to buy eBay: Yes, really. The meme stock that wouldn’t die made an unsolicited $55.5 billion offer for eBay this week – a company nearly four times its size, which had zero prior contact with GameStop before receiving the proposal. GameStop CEO Ryan Cohen went on CNBC to explain the financing and was asked twice where the money would come from. Each time he simply replied: “I don't understand your question." Tyler broke it down for us on TikTok. Shopify exceeds expectations; stock drops anyway: Shopify had its strongest quarter in four years, reporting 34% revenue growth and GMV over $100 billion. And yet! The stock still fell 7% because the company’s outlook for the next quarter came in below what analysts were expecting. Source: The Organisation for Economic Co-operation and Development 🤿 ROLLING IN THE DEEP Photo credit: 20th Century Studios "Everybody wants this": What it actually costs to be Miranda Priestly by Samantha Emann This is an excerpt of an article originally run in full on The Margin. Miranda Priestly has never needed a sequel, and yet here we are. The Devil Wears Prada 2 hits theatres last week, and if the trailers are any indication, the editor-in-chief of Runway magazine is still terrifying, still impeccably dressed, and still the only person who can make "that's all" sound like a threat. And she's still – presumably – very well paid. So how much does Miranda's job actually pay, and how much does it cost to keep? The fantasy has always been about proximity to beauty, taste, and power, but the reality looks a lot more like a balance sheet. Anna Wintour is, by most accounts, the real-world Miranda Priestly – the longtime editor-in-chief of Vogue is the acknowledged inspiration for the character, and the closest proxy we have for what that job actually pays. At her peak, Wintour reportedly earned between US$2 million and US$4 million annually during her 37-year tenure at the magazine, not to mention a US$200,000 clothing allowance, a private car and driver, among a number of other perks. While the actual level of her net worth is little more than an educated guess, it's been estimated to be between US$30 million and US$50 million. Yes, that's a huge amount of money – on paper, that salary basically justifies the terrifying, imperious energy Miranda perfected back in 2005 when the OG movie came out. But compared to Wintour's cultural footprint, it's also surprisingly small. Thirty-seven years as the arbiter of global taste, and the salary is something a mid-level tech executive could earn in a single year. Has the job always been more about power and prestige than actual profit? Read more The Teapot Scalding Trump's White House ballroom budget has gone from US$200 million to $400 million to a proposed $1 billion in taxpayer money. On the bright side, he says it's "under budget.” Either way, it’s a steal. CNN🔥 Hot Barrie Colts coach Dylan Smoskowitz and captain Kashawn Aitcheson answered every single press conference question with "No one cares, work harder." The OHL fined them $15,000 for it. Guess someone cared... CBC😳 Lukewarm Chanel debuted “soleless sandals” that are basically just the heel. Chic fashion statement or disturbing recession indicator? CTV News🤔 Iced Satellite imagery confirmed that Mexico City is sinking nearly 10 inches per year, fast enough to see from space. The Tragically Hip wrote a song about this, but they got the city wrong. AP News🧊 👀 UNSOLICITED OPINIONS Photo credit: Unsplash/Alexander Shatov/Nano Banana Pro/The Margin Staff Tweets can be good, actually Shazia Khan, Social Media Strategy Manager: Thanks to the Musk v. Altman trial, I've been rediscovering one of my favourite niche internet experiences: the art of the live-tweeted courtroom drama. Cameras are typically banned in courts, but text-based reporting isn't, and some journalists have developed a real knack for distilling dense legal proceedings into pithy, perfectly-timed, 240-character dispatches. If the minutiae of court procedure sounds dry on paper, I hear you – I’m the type of person who’s read federal lawsuits and depositions for fun, so I may not be normal. But thankfully, the best tweeters know that what most people want isn't just the legalese, but the absurd, unscripted human moments buried inside it. Like when a judge roasts a powerful billionaire, or when everyone in the overflow room is scrambling for lunch ideas during recess. — # (#) Luckily, a handful of reporters out there – specifically Mike Isaac at The New York Times and Liz Lopatto at The Verge – are keeping the magic of courtroom live-tweets alive while covering Musk and Altman’s slap fight. They’ve had me feeling nostalgic for the golden era of Twitter, when a random thread could turn into a monoculture moment. Anyone remember the Zola story? Or when Kanye came sideways at Wiz Khalifa out of nowhere? The shift of Twitter into X (not to mention the rise of "For You" algorithms everywhere) kinda wrecked the thrill of watching something unfold one post at a time with thousands of strangers. I’m still a little sad about it – but maybe, as long as big-tech boys continue to throw spurious lawsuits at each other, we can still look forward to funny, dedicated courtroom reporters who’ll make A+ content out of it. 🧾 INSIDER TRADING From The Margin group chat: 🎲 UNHEDGED Last week, we asked for the best advice you’ve ever heard from a boss. Our favourite responses: “Modelling the good behaviour leads to better outcomes than policing the bad behaviour.” – Luca D. “Try out anything and everything you’re interested in, even just as a hobby that you don’t think will lead anywhere. You never know what skills or knowledge will come in handy down the road.” – Anne V. This week, we want you to answer: What money habit did you inherit (good or bad)? Send your responses to by next Thursday, May 14 at 12 p.m. ET – if we like it, we might feature it in next week's issue. If you liked this newsletter, hated this newsletter, or are totally indifferent to it, hit the reply button and tell us why! We’re so lonely. This week’s contributors: Samantha Emann (writer), Tyler Haw (audience engagement), Douglas Dunlop (content lead), Jenna Zaitchik (senior creative designer), Shazia Khan (social media strategy manager), Kat Angus (deputy editor), and Eric Wainwright (editor in chief). Important Legal Disclosures "The Margin" is a financial news and media platform published by QuestMedia Inc. and is a member of the Questrade Group of Companies. Questrade Group of Companies means Questrade Financial Group and its affiliates that provide deposit, investment, loan, securities, mortgages and other products or services. Our editorial team operates independently, though "The Margin" may promote Questrade services and receive promotional benefits when users click provided links or open accounts. Not Investment Advice & Risk Warning: All content is for informational and educational purposes only. "The Margin" is not a registered investment adviser or broker-dealer. Nothing published constitutes a recommendation, solicitation, or offer to buy or sell any security, or to engage in any investment strategy. Trading securities—especially on margin—involves significant risk and can result in the loss of your entire investment. Please consult a qualified financial or tax professional before making any investment decisions. Limitation of Liability: Content and market data are provided "as is" without warranties of any kind. "The Margin" and its affiliates assume no liability for your trading results or data inaccuracies. Contributors to "The Margin" may hold positions in the securities discussed. Your personal information is handled in accordance with the Questrade Financial Group Privacy Policy. You may withdraw your consent to receive these emails at any time by clicking "unsubscribe." --- ### 🍜 It's gonna be May **Published:** May 14, 2026 | **Author:** The Margin Editorial Staff | **Section:** Newsletter Archive **URL:** https://themargin.news/newsletter-05-01-2026-it-s-gonna-be-may.md 🍜 It's gonna be May Plus: Rogers goes 50/50 with its workforce May 1, 2026 📩 THE OPENING POSITION I missed the Pokémon craze when I was growing up and that’s a shame, because I missed out on an opportunity to watch this pastime evolve into a multi-billion dollar phenomenon. The trading cards alone, just a mere subsection of the Pokémon empire, are on track to become a $23.5 billion speculative market by 2030, and people are not being cool about it. The soaring values have led to a string of smash-and-grab robberies across the globe, totalling more than $500,000 in 2026 alone. With how expensive these cards can get (one recently sold for a six-figure sum), perhaps missing out on the hype was actually good for me and my wallet. – Douglas Dunlop, Content Lead 🔔 BEFORE THE BELL Index Week (April 27–30, 2026) TSX ▲ +121.58 (0.36%) S&P 500 ▲ +55.38 (0.77%) Nasdaq ▲ +93.09 (0.37%) Dow ▲ +583.09 (1.19%) The takeaway: The Dow was this week’s standout, with the rest posting modest gains, notable mainly because the old-economy index outperformed tech. On the individual stock side, Robinhood (NASDAQ:HOOD) dropped 13.5% this week after earnings showed its crypto revenue continuing to slide, a reminder that the crypto boom hangover is still very much in progress. Meanwhile, Intel (NASDAQ:INTC) jumped 12.8% — the stock had its best single day since 1987 last week, and it kept going this week. Everybody loves a comeback story. 🔎 THE CONTEXT Deal or no deal: Rogers offers buyouts to half its staff Photo credit: NurPhoto/Getty Images/The Margin Staff Rogers Communications offered voluntary buyout packages this week to about about half (!) of its workforce as the company tries to cut costs after years of heavy spending. Their offer excludes unionized workers, on-air talent, Sportsnet staff, Blue Jays employees, and MLSE workers. This comes after Rogers' announcement last week that it's cutting spending on infrastructure and network investment by 30% this year, pointing to a difficult regulatory environment and highlighting that its subscriber growth has slowed. According to The Globe and Mail, Rogers has $34.7-billion in long-term debt on its books, and they’re apparently turning the stadium seats upside down, looking for change. This may look like just a Rogers story, but it’s bigger than that. Bell and Telus have been cutting jobs for the last two years, and all three of the major telecom companies are dealing with the same problem: they borrowed against expected subscriber growth, but price competition from carriers like Freedom Mobile and cuts to immigration threw a wrench in their plans. What’ll matter more is how many of Rogers’ employees actually take the buyout – Shaw made a similar offer in 2018, and five times (!!) as many of its workers took the deal than expected. What this means… For subscribers: Uh oh. Telecom complaints to the CCTS jumped 62% in 2025, and that was before Rogers offered buyouts to half its workforce – and given who was excluded, many of the people being offered an exit are likely working in customer service. So, the companies cutting customer service costs the most are the same ones whose customers are complaining the loudest. The irony would almost be funny if there was anyone left to yell at. For telecom workers: Telecom used to be one of the more reliable sectors for job security – among the last hangers-on to the “40 years and a gold watch”-type model. That’s not the case anymore. Between the big three, telecom has shed thousands of jobs over the past two years, and they’re not done yet — Rogers still has a major MLSE acquisition to close and more debt to clear. So if you made it through this week without a buyout offer, it doesn’t necessarily mean you’re safe – sorry. If you're in a corporate or support function at one of the big three, the offer you haven't received yet probably isn't far behind. For investors: Rogers stock only rose about 1% the day the buyouts were announced, but market reaction may have been tempered by the 13.5% spike the stock saw on April 22, triggered by the company’s positive Q1 earnings call. The question to ponder is whether the cuts will actually solve anything, or if it’ll just make a shrinking business look tidier on paper while the structural problems stay exactly the same. Also: On Monday, Prime Minister Mark Carney announced the Canada Strong Fund, Canada's first sovereign wealth fund, seeded with $25 billion in federal money to invest in energy, infrastructure, and critical minerals. But it's funded by borrowed money, not surpluses — a bit of a contradiction in terms for something called a wealth fund. (Speaking of which, can you lend us $1,000,000? We want to be rich.) Canada’s version of the predictions market might be strict, but turns out, that’s likely a good thing: a Bloomberg report reveals that most of the US accounts actually making gains are run by bots. The Iran war is now in its third month, and Brent crude hit over US$114 a barrel this week — which is why the BoC held rates on Wednesday while leaving the door open to hikes. Canada hasn't escaped the economic blast radius. Source: Spurious Correlations 🤿 ROLLING IN THE DEEP Photo credit: Pexels Canada’s gambling tax rules are still a total mess by Anthony Milton This is an excerpt of an article originally run in full on The Margin. In 2021, the federal government gave provinces the green light to legalize online gambling without clarifying one basic question: when do your winnings become taxable? Five years later, the answer is still being decided case-by-case in court, as millions of Canadians now bet regularly online. Ontario was the first province to allow DraftKings, Fanduel, BetMGM, and other big gambling companies to set up shop in 2022. That created a $1.2 billion industry overnight: in the first year, 1.6 million accounts wagered $35.5 billion. It also had dire consequences: calls to help lines tripled, gambling-related bankruptcies quadrupled, and the number of Ontarians struggling with problem gambling jumped to 11% (up from just 1% in 2018). Meanwhile, courts were making another mess: deciding that some gambling winnings are taxable, while previous cases had already ruled the opposite, creating a contradiction for gamblers and legal experts alike. Parliament legalized gambling without settling on the tax rules, and it needs to fix that before more Canadians stumble into the same confusion. Take the case of Fournier-Giguère et al. v. Canada, which dealt with three professional poker players in Quebec and came to a close in 2025. The trio had done well for themselves, with each winning hundreds of thousands of dollars in poker tournaments annually – one even managed to score nearly $2 million in a single year. So it came as an unwelcome surprise when the taxman came for a significant chunk of their cash. Traditionally, a gambler’s winnings weren’t considered taxable at all; for one thing, gambling is generally considered to be a hobby, and for another, gamblers tend to lose rather than win. The three poker players fought back, arguing that the tax code specifically exempted money gained or lost from “a chance to win a prize or bet.” In the end, the court disagreed: their gambling, it said, was so professional that it constituted a business, and business income is taxable. Pay up, said The Man. Read more The Teapot Scalding Elon Musk was combative while testifying in the trial to determine OpenAI’s future, claiming “Your questions are designed to trick me.” Aw, they don’t need to design questions to do that, Elmo. BBC News🔥 Hot Ontario has banned ticket resale above face value, and Ticketmaster is on board. Yes, the same Ticketmaster a US jury just found guilty of running an illegal monopoly. Nothing like a conviction to make you care about consumer protection. Billboard Canada😳 Lukewarm The UAE is leaving OPEC as of May 1, ending nearly 60 years of membership. They want to pump oil freely once the Iran war ends, and the cartel was capping their output while oil prices skyrocket. OPEC's loss, everyone's gas bill's problem. CBC🤔 Iced LinkedIn ranked Canada's best employers to grow your career, and six of the top ten spots went to banks. But hey, at least the list doesn’t get any more interesting after that. LinkedIn🧊 👀 UNSOLICITED OPINIONS Photo credit: Pixels A YouTuber and his hole Douglas Dunlop, Content Lead: I recently became enthralled by a 40-minute video about digging holes. Let me explain: the video, by YouTuber Jacob Geller, starts with a simple observation – people love digging holes, especially guys at the beach – but he argues that the inanity of this topic reveals something deep about our human psyche. Why do we as humans do the things we do? This "silly" video about digging holes (and yes, he and his friends do go on a hole-digging trip) ended up making me feel awed – humanity’s unbridled curiosity for the unknown pushes us beyond our comfort zone, and I love it. My awed feeling isn't unusual after consuming Geller's videos – his work always makes my brain perk up in a surprising way. His Fear of Dark video, for instance, argues that darkness is not just an absence of light, but a possibility; something is there, or something is not, and that’s what trips us all up. Geller's work stays with you in the best way, no matter how deep or dark the subject matter might be. 🧾 INSIDER TRADING From The Margin group chat: 🎲 UNHEDGED Last week, we forgot to ask you a question at all! Oops oops oops. Here are some of our favourite responses: Brilliant stuff. This week, we’re actually remembering to ask you something, and we want to know: What’s the best piece of advice you’ve received from a boss? Send your responses to by next Thursday, May 7 at 12 p.m. ET and we might feature it in next week's issue. If you liked this newsletter, hated this newsletter, or are totally indifferent to it, hit the reply button and tell us why! We’re so lonely. This week’s contributors: Anthony Milton (writer), Tyler Haw (audience engagement), Douglas Dunlop (content lead), Jenna Zaitchik (senior creative designer), Shazia Khan (social media strategy manager), Kat Angus (deputy editor), and Eric Wainwright (editor in chief). Important Legal Disclosures "The Margin" is a financial news and media platform published by QuestMedia Inc. and is a member of the Questrade Group of Companies. Questrade Group of Companies means Questrade Financial Group and its affiliates that provide deposit, investment, loan, securities, mortgages and other products or services. Our editorial team operates independently, though "The Margin" may promote Questrade services and receive promotional benefits when users click provided links or open accounts. Not Investment Advice & Risk Warning: All content is for informational and educational purposes only. "The Margin" is not a registered investment adviser or broker-dealer. Nothing published constitutes a recommendation, solicitation, or offer to buy or sell any security, or to engage in any investment strategy. Trading securities—especially on margin—involves significant risk and can result in the loss of your entire investment. Please consult a qualified financial or tax professional before making any investment decisions. Limitation of Liability: Content and market data are provided "as is" without warranties of any kind. "The Margin" and its affiliates assume no liability for your trading results or data inaccuracies. Contributors to "The Margin" may hold positions in the securities discussed. Your personal information is handled in accordance with the Questrade Financial Group Privacy Policy. You may withdraw your consent to receive these emails at any time by clicking "unsubscribe." --- ### 🧊 De-iceman cometh **Published:** May 14, 2026 | **Author:** The Margin Editorial Staff | **Section:** Newsletter Archive **URL:** https://themargin.news/newsletter-04-24-2026-de-iceman-cometh.md 🧊 De-iceman cometh Plus: your car is a second mortgage (really) Apr 24, 2026 📩 THE OPENING POSITION Happy Friday, TGIF, everybody’s working for the weekend, Rebecca Black was right, and any other end-of-the-workweek platitudes you prefer. I’m using my space this week to demand justice for this furry criminal, who was cruelly trespassed from a grocery store in Hanna, Alta., earlier this month. What, so he can eat most things in the building, but he makes the slightest gnaw on a table leg and you call the cops?! For shame. There’s no GoFundMe or anything, but knock on wood, the lil’ guy is gonna be all right. – Kat Angus, Deputy Editor 🔔 BEFORE THE BELL Index Week (April 20–23, 2026) TSX ▼ 431.82 (-1.26%) S&P 500 ▼ 16.68 (-0.23%) Nasdaq ▼ 29.47 (-0.12%) Dow ▼ 122.95 (-0.25%) The takeaway: North American indices are slightly lower than last week, with the TSX falling just over 1% as oil prices spiked back toward US$100 a barrel. The optimism that fuelled last week's gains has curdled into uncertainty following a breakdown in U.S.-Iran ceasefire talks and the looming threat of another closure of the Strait of Hormuz. While the US markets saw more tempered declines thanks to an 8% jump in UnitedHealth, Canada’s index bore the brunt of the volatility as a sharp drop in precious metals wiped out recent gains in the heavyweight materials sector. 🔎 THE CONTEXT Trump wants concessions, not compromises Photo credit: Dan Mullin/Getty Images Washington is demanding what amounts to an “entry fee” from Canada in order to engage in the planned review of the Canada-United States-Mexico Agreement (CUSMA) scheduled to start July 1. The demand is vague on specifics, but one of the US's most consistent complaints heading into these talks has been alcohol. The provincial alcohol bans in Ontario and BC are one of the few cards Canada can still play – and it's a real one, given that the Liquor Control Board of Ontario alone is one of the largest purchasers of alcohol in the world. With Canada already making significant concessions, including dropping many of the reciprocal tariffs it invoked last year and scrapping the digital services tax, Ottawa should hold on to whatever advantages it has left. What this means… For businesses: PwC says that it’s time to stress-test your CUSMA dependency – basically, identify which parts of your supply chain, contracts, or cost structure depend on tariff-free cross-border movement, and make contingency plans in case trade deadlock continues. Separately, if your company paid tariffs on non-CUSMA goods as the importer of record, you may be eligible for a refund following the US Supreme Court's ruling in February that struck those tariffs down. For the alcohol industry: Canadian domestic producers have seen a significant boost in sales since the provincial bans on American alcohol took effect, though some provinces (including Alberta, Saskatchewan, and Quebec) have since softened their positions. If lifting the remaining bans becomes part of any concession or renegotiated CUSMA deal, the Canadian companies who benefited most from the boycotts will be the first to feel it. Read the article here 🤿 ROLLING IN THE DEEP Photo credit: Pexels Your car is a second mortgage (actually) This is an excerpt of an article originally run in full on The Margin. When Asad Chaudhary and his wife purchased their first home in 2019, they took a familiar concept in their sprawling city – drive until you qualify – and tried a different route. The couple was renting a two-bedroom 1,100-square-foot condo in downtown Calgary, close to work and their son’s daycare. They wanted more space, ideally another bedroom and a small yard. To find a home within their $400,000 to $600,000 budget, they’d have to move farther from the city core, a trade-off familiar across Canada. But Chaudhary estimates a second car would have cost them hundreds of dollars a month. As young professionals with student debt and little kids, he and his wife found that maintaining a car-light lifestyle was a big part of making their mortgage work. He points to the cost of maintenance alone: over five years, he’s spent about $1,500 total on two e-bikes, compared to the $1,400 to $1,500 Canadians typically spend maintaining a single car in just one year. Add in financing, insurance, fuel, and registration, and the savings from avoiding a second vehicle speak for themselves. According to Ratehub.ca, the average car costs about $1,373 per month, covering car payments, gas, maintenance, insurance, administrative fees, and parking. For a new car, that number climbs to $1,504. Those figures are on par with a mortgage payment in some parts of Canada, except the asset is losing value the whole time. Over nine years, which is the average period Canadians own a vehicle, those costs add up to roughly $139,716. That’s not a rounding error. Nearly $140,000, and almost no one thinks to weigh it against what they’re spending on a home. Read more While you’re here: Event contracts in Canada: What you can and can’t bet on. We might not be able to bet on elections or wars, but here’s how Canada’s version of the predictions market works. Read more How can you develop an investing strategy when working in the gig economy? If your income fluctuates month to month, you need a different investing strategy from those with regular paycheques. Read more Fixer-uppers aren’t the deal they used to be. Since 2020, renovation prices across Canada have risen by as much as 43%. Here’s what fixing up that run-down home could actually cost you. Read more The Teapot Scalding Kansas teens took the Oscar Mayer Wienermobile to prom. What magic spell did they perform to achieve this? They asked nicely. Diabolical. People🔥 Hot A Chinese carmaker patented an "in-vehicle toilet" that slides under the passenger seat. Finally, you can go #3! Yahoo Finance😳 Lukewarm Three Californians were sentenced for dressing someone in a bear costume, staging attacks on luxury vehicles, and filing fake insurance claims for the damage. How did they foil the perfect crime?! NBC News🤔 Iced Drake set up a bizarre ice block installation in downtown Toronto to announce his upcoming album Iceman. Hey, anything to make you forget about the time billions of people sang along to "Not Like Us" at the Super Bowl. CBC🧊 👀 UNSOLICITED OPINIONS Photo credit: 20th Century Fox I’m very normal about Dungeon Crawler Carl (I’m not) Kat Angus, Deputy Editor: Whenever I discover a new hyperfixation, I always try to get my friends to join in – to the point that I'm essentially the Pluribus hive mind, insisting that they'll be so much happier if they just give in and joiiiiiin ussssss. My friends have learned to ignore me (which: fair enough), so I'm now going to shoot my shot with you, lovely newsletter readers: You should read the Dungeon Crawler Carl book series. A guy named Carl and his ex-girlfriend’s cat Princess Donut are forced into a real-life video game, where they must level up, strategize, and fight to survive. Across the seven books so far in the series (with the eighth, A Parade of Horribles, due out May 12), author Matt Dinniman writes on such topics as found family, generational trauma, reality show politics, an AI with a foot fetish, the possessed head of a sex doll, and the secret genius of Gossip Girl. You know, Pulitzer-worthy stuff. Want even more? Good news! There’s almost too much. Discover the incredible voice work of the audiobooks, lose a weekend to playing the tie-in Spotify playlists on repeat, and annoy all your friends by talking about the books incessantly! When it comes to the Dungeon Crawler Carl fandom, I promise that you’ll be so much happier if you just pick up Book 1 and joiiiiiin ussssss. Disclaimer: Please note that Kat holds no investments with Matt Dinniman, Carl, or Princess Donut, and receives zero commissions outside of her own happiness levels should you choose to read these books. 🧾 INSIDER TRADING From The Margin meme chat: 🎲 UNHEDGED Last week, we asked: What's a so-called “dumb” purchase that you actually use all the time? Here are a couple of our favourite responses: “A back scratcher … it prevents me from contorting my aging back into weird shapes trying to scratch the itch.” – Luca D. “An ergonomic mouse… people make fun of me, but it’s actually really great.” – Jess P. This week, we want to know: Send your responses to by next Thursday, April 30 at 12 p.m. ET and we might feature it in next week's issue. This week’s contributors: Tyler Haw (audience engagement), Douglas Dunlop (content lead), Jenna Zaitchik (senior creative designer), Shazia Khan (social media strategy manager), Kat Angus (deputy editor), and Eric Wainwright (editor in chief). Important Legal Disclosures "The Margin" is a financial news and media platform published by QuestMedia Inc. and is a member of the Questrade Group of Companies. Questrade Group of Companies means Questrade Financial Group and its affiliates that provide deposit, investment, loan, securities, mortgages and other products or services. Our editorial team operates independently, though "The Margin" may promote Questrade services and receive promotional benefits when users click provided links or open accounts. Not Investment Advice & Risk Warning: All content is for informational and educational purposes only. "The Margin" is not a registered investment adviser or broker-dealer. Nothing published constitutes a recommendation, solicitation, or offer to buy or sell any security, or to engage in any investment strategy. Trading securities—especially on margin—involves significant risk and can result in the loss of your entire investment. Please consult a qualified financial or tax professional before making any investment decisions. Limitation of Liability: Content and market data are provided "as is" without warranties of any kind. "The Margin" and its affiliates assume no liability for your trading results or data inaccuracies. Contributors to "The Margin" may hold positions in the securities discussed. Your personal information is handled in accordance with the Questrade Financial Group Privacy Policy. You may withdraw your consent to receive these emails at any time by clicking "unsubscribe." --- ### 🗳️ Majority report **Published:** May 14, 2026 | **Author:** The Margin Editorial Staff | **Section:** Newsletter Archive **URL:** https://themargin.news/newsletter-04-17-2026-majority-report.md 🗳️ Majority report Plus: pipelines, tip rage, and your parents' money fears Apr 17, 2026 📩 THE OPENING POSITION Hello, and welcome to the first edition of The Margin newsletter! While a lot of the internet feels like a race to the bottom of the AI-slop bucket, we’re doing something different. Over the coming months, you’ll get to know the cool crew (😎) we’ve assembled here, but for now, just sit back and enjoy the premiere edition of… actually, we didn’t give this newsletter a name (not everything needs a sub-brand). Every Friday, we’ll send you the best of The Margin and the broader web, keeping you in the loop financially, culturally, and memeally. We’re here to talk about money in Canada and the messy, fascinating ways it dictates our lives. Glad you’re here. – Eric Wainwright, Editor in Chief 🔔 BEFORE THE BELL Index Week (April 13–16, 2026) TSX ▲ 356.43 (+1.06%) S&P 500 ▲ 214.39 (+3.29%) Nasdaq ▲ 1,199.81 (+5.24%) Dow ▲ 662.15 (+1.38%) The takeaway: All four major indices are in the green going into Friday, with the Nasdaq leading the way, driven by some cautious optimism around a potential US-Iran peace deal. The TSX’s comparatively smaller gain reflects the flip side of that, though: if the conflict ends, oil prices drop, which would hit the Canadian index harder (energy makes up nearly 18% of the TSX, but only about 4% of the S&P 500). 🔎 THE CONTEXT Good timing, bad pipelines Photo credit: Cindy Ord/Getty Images Mark Carney’s Liberals secured their majority this week after three key by-elections went their way. It’s an interesting time for it: the Iran war has pushed oil above $95 a barrel, allies are calling our energy companies directly asking for propane and natural gas, and Canada – the world's fourth-largest oil producer – should be cashing in. Instead, the Trans Mountain pipeline is at capacity, energy CEOs aren't changing their capital budgets because they expect prices to drop once the conflict stabilizes, and Carney just suspended the federal fuel excise tax to cushion consumers from prices that, in theory, should be good for us. The majority removes some big obstacles for the Liberals, but never underestimate Canada’s ability to fumble a sure thing. What this means… For interest rates: Higher oil prices feed inflation, which gives the Bank of Canada less room to cut. If prices stay elevated, the rate relief Canadians have been waiting for could get pushed further out. For your portfolio: Canadian energy stocks have been strong performers this year. But companies are pocketing the windfall rather than reinvesting, so don't expect production growth announcements. For your gas tank: The fuel tax suspension helps, but not evenly across the country. In Canada's North, carrier fuel surcharges are already pushing grocery prices up by dollars per item — a 10-cent discount at the pump doesn't make up for that. For Canada's energy future: Ottawa designated LNG Canada's Phase 2 as a project of national importance, which signals the federal government is serious about building capacity. But it's a years-long build, and allies need supply now. The infrastructure gap isn't closing anytime soon. 🤿 ROLLING IN THE DEEP Ketut Subiyanto/Pexels The financial fears second-gen Canadians can’t shake For Arjun Patel, the sound of financial security is the metallic clink of a heavy rice tin being dragged across a laminate counter. While his peers were probably learning about the mechanics of an RRSP, Arjun grew up watching his parents peel apart damp $20 bills tucked into such a tin for a rainy day that never seemed to end. “My mother was incredibly frugal, even when we finally had enough,” Arjun says, remembering humid summers in their Scarborough bungalow where the only breeze came from a rattling floor fan. In his household, cash was the only truth. He learned the rule of the rice tin early: if you can’t touch it, it isn’t real; if it’s in a bank, it’s out of your hands. Now 34, Arjun is a senior software developer in Toronto, a role that by 2026 standards should signal "arrival." To his father, who earned $14 an hour for 30 years at a plastic plant in Brampton, Ont., Arjun’s income sounds like the end of all worry. But to Arjun, it still feels precarious. He has the glass-walled condo overlooking the Toronto skyline, the six-figure salary, and his mother's voice in his head every time he thinks about spending it. Even after his first sizable bonus, Arjun froze in a dealership parking lot. He wanted to buy a Toyota RAV4, a symbol that he’d finally made it. But in that moment, the 'fear tax' kicked in, and his salary felt less like a reward than a liability – money earmarked for a disaster that hadn't arrived yet. Read more While you’re here: I can’t afford to quit. I can’t afford to keep working. Essayist Lyiga Navarro recounts her struggle to work through long COVID flareups so she can save money for medical care she’ll need in the future. Read more Revenge spending is real, and it's spectacular. We’re all broke, but we’re somehow still spending more than ever. Why do we keep acting like a teenager whose parents told them to turn down the music? Read more An Indecent Proposal? In this economy? Robert Redford offered $1 million to sleep with Demi Moore in the 1993 movie. How much would he need to offer in 2026? The answer’s more involved than just an inflation calculator. Read more The Teapot Scalding It took a Manhattan jury four days to find that Ticketmaster has a monopoly over big concert venues. Three days, 23 hours, and 57 minutes of that were spent trying to get Coldplay tickets. CBC News🔥 Hot AllBirds (yep, the shoe company) is pivoting from footwear to artificial intelligence and changing its name to NewBird AI. Oh, come on – "AIBirds" was RIGHT THERE. CNBC😳 Lukewarm Justin Trudeau hit Coachella with girlfriend Katy Perry and ate some noodles out of a cardboard container. Former prime ministers and world-famous pop stars: they're just like us! Jezebel🤔 Iced A new study revealed weight-loss drugs like Ozempic and Wegovy aren't effective in about 10% of people, a massive blow to drug companies that can't seem to earn that last billion dollars. Science Daily🧊 👀 UNSOLICITED OPINIONS Photo credit: 20th Century Fox / Eric Wainwright The tipping point (sorry) Eric Wainwright, Editor in Chief: Last month, H&R Block and Angus Reid released survey results about tipping culture in Canada. I don’t know what circles you spend time in, but my personal echo chamber of one has been very loud about how over-the-top tipping has become. Thankfully, more than two-thirds of Canadians agree with me. I don’t have the space or the time to go into all the egregious ways tipping has invaded crept into our daily lives since the pandemic – prompts for historically untipped services (looking at you, Subway), ever-increasing percentages being suggested, the whole thing. But I think it’s time for a reckoning that actually fits the bill. 🧾 INSIDER TRADING From The Margin group chat 🎲 UNHEDGED We ask; you answer; we share our favourites next week. Simple! This week, we want to know: What's a so-called “dumb” purchase that you actually use all the time? Send your responses to by next Thursday, April 23 at 12 p.m. ET and we might feature it in next week's issue. This week’s contributors: Louisa Eunice (writer), Tyler Haw (audience engagement), Douglas Dunlop (content lead), Jenna Zaitchik (senior creative designer), Shazia Khan (social media strategy manager), Kat Angus (deputy editor), and Eric Wainwright (editor in chief). Important Legal Disclosures "The Margin" is a financial news and media platform published by QuestMedia Inc. and is a member of the Questrade Group of Companies. Questrade Group of Companies means Questrade Financial Group and its affiliates that provide deposit, investment, loan, securities, mortgages and other products or services. Our editorial team operates independently, though "The Margin" may promote Questrade services and receive promotional benefits when users click provided links or open accounts. Not Investment Advice & Risk Warning: All content is for informational and educational purposes only. "The Margin" is not a registered investment adviser or broker-dealer. Nothing published constitutes a recommendation, solicitation, or offer to buy or sell any security, or to engage in any investment strategy. Trading securities—especially on margin—involves significant risk and can result in the loss of your entire investment. Please consult a qualified financial or tax professional before making any investment decisions. Limitation of Liability: Content and market data are provided "as is" without warranties of any kind. "The Margin" and its affiliates assume no liability for your trading results or data inaccuracies. Contributors to "The Margin" may hold positions in the securities discussed. Your personal information is handled in accordance with the Questrade Financial Group Privacy Policy. You may withdraw your consent to receive these emails at any time by clicking "unsubscribe." --- ### Automate your trades with bracket orders **Published:** May 12, 2026 | **Author:** The Margin Editorial Staff | **Section:** Intel **URL:** https://themargin.news/bracket-order-investing.md If you suffer from decision fatigue with your investments, a bracket order can give you a break because it allows investors to simultaneously hold two orders to sell a single security. One order to sell if it decreases, the other to sell if it goes up. A bracket order essentially allows you exit from a given investment to be automated from the start. Each bracket order will have a profit scenario and a loss scenario. Profit: A limit order is used if the security becomes more valuable. Loss: A stop order is used to cut losses on a security losing money. In the event one of these orders gets executed, the other one will immediately cancel. By placing a bracket order, investors can remove their emotions from the decision making process because the rules for exiting the position are all set up in advance. By having a bracket order set, they do not need to monitor the trade as actively since their two orders will be monitoring it for them. It’s a form of analog automation in a highly digital space. --- ### The loyalty tax: How families drain their successful kids **Published:** May 11, 2026 | **Author:** Louisa Eunice | **Section:** Culture **URL:** https://themargin.news/loyalty-tax-family-cost-canada.md Inside a No Frills on Lansdowne Avenue in Toronto, Sarah Thompson* stood in the dairy aisle, staring at a carton of eggs. She had just sent $400 to her cousin for quote-unquote "car repairs" (one of multiple e-transfers she’d made to family members recently) and was now doing some familiar calculations in her head: would the money left over in her account be enough to cover both her own groceries and her rising condo fees? The 34-year-old senior project manager earns a six-figure salary. “I actually started to feel sick,” Sarah says. “I’m thinking, I make over a hundred thousand dollars a year. Why am I panicking over a dozen eggs?” *A pseudonym she requested due to the social stigma around discussing family financial dynamics in her community. --- ### Owning stock lets you have a little piece of a big company **Published:** May 8, 2026 | **Author:** The Margin Editorial Staff | **Section:** Intel **URL:** https://themargin.news/what-is-a-stock.md A stock symbolizes ownership of a company. Think of it as owning a tiny piece of a $20 bill. The bill is the company, and its value is $20. Your tiny piece? That’s one share. Shares can represent a very small fraction of a company as well, in some cases less than 0.001%. If you buy more shares, things can start looking different though. The objective of owning a stock is that the price of your shares increase in value and you sell to someone else at this higher price. While you own a stock, you do technically own part of that company and are included in most voting decisions. An owner can choose whether they wish to participate in these votes or not. Most retail investors feel like their ownership is too little to have an impact whereas others enjoy participating in the decision making. Most stocks are purchased and sold through a stock exchange – such as the Toronto Stock Exchange (TSX) and the New York Stock Exchange (NYSE). In order to access these exchanges, investors go through a brokerage. With the increased efficiency of electronic transactions, buying and selling stocks can be done very quickly. --- ### The math behind Guinness's current cultural moment **Published:** May 7, 2026 | **Author:** Erin Nicole Davis | **Section:** Culture **URL:** https://themargin.news/house-of-guinness-math.md --- ### How to use a stop loss order to protect your portfolio **Published:** May 5, 2026 | **Author:** The Margin Editorial Staff | **Section:** Intel **URL:** https://themargin.news/stop-loss-guide.md A stop loss order – also known simply as a stop order – is designed to protect your capital when an investment moves against you. Set one up and it does the work automatically, closing your position if the price drops to a level you've decided you're no longer comfortable with Knowing when to sell at a loss is difficult, and not just because the math is complicated – emotions also get in the way. A stop order takes that decision off your plate by automating the trade before things get worse. It's also the order that you hope never gets triggered. But placing one anyway means you can step away from the trading platform without second-guessing yourself or making an impulsive decision. --- ### "Everybody wants this": The real Miranda Priestly price tag **Published:** May 1, 2026 | **Author:** Samantha Emann | **Section:** Culture **URL:** https://themargin.news/miranda-priestly-devil-wears-prada.md --- ### Grow your money tax-free with a TFSA **Published:** April 30, 2026 | **Author:** The Margin Editorial Staff | **Section:** General **URL:** https://themargin.news/tfsa-tax-free-canada.md A Tax-Free Savings Account (TFSA) is one of the most popular account types for investors due to both its flexibility and tax free savings opportunity. It is the only tax-sheltered account that allows you to withdraw and contribute without penalty. Unlike other registered accounts, you do not get a tax deduction when contributing to your TFSA. However, the benefit is that any income or capital gains earned in the account are completely tax free, even when you withdraw them. The “tax-free” nature of the TFSA also means you are unlikely to have any tax filing to do for it at the end of the year, which means one less account to worry about. --- ### What is a market order and why does it matter in investing? **Published:** April 28, 2026 | **Author:** The Margin Editorial Staff | **Section:** Intel **URL:** https://themargin.news/market-order-investing.md Market orders are the standard choice for investors who prioritize immediate execution over a specific price when purchasing almost any exchange-traded asset. This includes stocks, ETFs, cryptocurrencies, options, and futures. Imagine yourself going to the grocery store to buy some bananas. Once there, you’re not going to haggle with the cashier over the price of the bananas, you’re simply going to pay the price they’re asking you to pay, or you’re not. The same goes for buying a stock – when you issue a market order, you’re agreeing to pay market price for it. If you’re selling a stock, you’re also agreeing to do so at the current market price. --- ### Canada's gambling tax rules are still a total mess **Published:** April 27, 2026 | **Author:** Anthony Milton | **Section:** Tech **URL:** https://themargin.news/gambling-canada-tax-rules.md In 2021, the federal government gave provinces the green light to legalize online gambling without clarifying one basic question: when do your winnings become taxable? Five years later, the answer is still being decided case-by-case in court, as millions of Canadians now bet regularly online. Ontario was the first province to allow DraftKings, Fanduel, BetMGM, and other big gambling companies to set up shop in 2022. That created a $1.2 billion industry overnight: in the first year, 1.6 million accounts wagered $35.5 billion. It also had dire consequences: calls to help lines tripled, gambling-related bankruptcies quadrupled, and the number of Ontarians struggling with problem gambling jumped to 11% (up from just 1% in 2018). Meanwhile, courts were making another mess: deciding that some gambling winnings are taxable, while previous cases had already ruled the opposite, creating a contradiction for gamblers and legal experts alike. Parliament legalized gambling without settling on the tax rules, and it needs to fix that before more Canadians stumble into the same confusion. --- ### ​WTF is going on with Canadian real estate? **Published:** April 24, 2026 | **Author:** Daniel Foch | **Section:** Money **URL:** https://themargin.news/canada-housing-april-2026.md One agent tells you the market is picking up; another says deals have dried up completely. The thing is, they're both right. That's the most accurate description of where Canadian housing actually is right now – prices aren’t collapsing, but they’re not meaningfully rising, either. Sales volumes are weak. New construction is both booming and stalling, depending on where you look. Policy is trying to stimulate demand at the exact same time macro conditions are suppressing it. If you've been trying to identify a single narrative about this market, bullish or bearish, that's probably why nothing seems to make sense. Demand has changed, not just declined. Higher interest rates reduced affordability and also froze the market in place. First-time buyers are hitting qualification limits, move-up buyers are locked into low-rate mortgages they don’t want to give up, and investors, who drove a significant share of activity in the last cycle, are now staring at negative cash flow in most major markets. Rate cuts have helped, but not as much as people were hoping. Instead of overall price, buyers often think in terms of what's coming out of their bank accounts each month, and those numbers are still painful. --- ### Today’s Take: Trump wants concessions, not compromises **Published:** April 22, 2026 | **Author:** Douglas Dunlop | **Section:** General **URL:** https://themargin.news/todays-take-20260422.md --- ### Your car is a second mortgage (actually) **Published:** April 20, 2026 | **Author:** Cailynn Klingbeil | **Section:** Money **URL:** https://themargin.news/car-second-mortgage.md When Asad Chaudhary and his wife purchased their first home in 2019, they took a familiar concept in their sprawling city – drive until you qualify – and tried a different route. The couple was renting a two-bedroom 1,100-square-foot condo in downtown Calgary, close to work and their son’s daycare. They wanted more space, ideally another bedroom and a small yard. To find a home within their $400,000 to $600,000 budget, they’d have to move farther from the city core, a trade-off familiar across Canada. “We decided we would do a variation of what folks normally do, which is you drive five minutes farther on the highway, and your housing price goes down,” Chaudhary says. Instead, they looked for neighbourhoods along Calgary’s LRT lines with safe cycling routes for their e-bikes. That “e-bike until you qualify” approach led them to Westgate, a southwest Calgary community, where they found a three-bedroom bungalow on a large lot. It was a bit smaller than their condo, but close enough to transit and bike routes that their one car sat mostly unused. That wasn’t an accident. Growing up, Chaudhary had seen how car dependence shaped daily life when his family moved to Westchester County, N.Y., where long commutes were just part of the deal. Later, living car-free in Edmonton, he discovered he could get around easily (and cheaply!) by bike. When it came time to buy in Calgary, those earlier experiences reframed how he thought about the decision. Chaudhary estimates a second car would have cost them hundreds of dollars a month. As young professionals with student debt and little kids, he and his wife found that maintaining a car-light lifestyle was a big part of making their mortgage work. He points to the cost of maintenance alone: over five years, he’s spent about $1,500 total on two e-bikes, compared to the $1,400 to $1,500 Canadians typically spend maintaining a single car in just one year. Add in financing, insurance, fuel, and registration, and the savings from avoiding a second vehicle speak for themselves. Chaudhary’s approach is not the norm – most Canadians leave transportation out of the affordability equation entirely. Yet transportation costs, largely driven by vehicle ownership, can rival or even exceed housing costs, creating a hidden second mortgage. The savings from avoiding a second vehicle can add up to tens of thousands of dollars over a few years.Pexels The Affordability Action Council calls this an ‘affordability paradox’: Canadians must choose between lower-cost suburban homes that require costly car ownership, or higher-cost housing in urban cores where transit can make car ownership unnecessary. Part of what makes the paradox so costly is that most people don’t have a clear picture of what car ownership is actually costing them. Canadians typically account for the obvious costs like payments, insurance, and gas, but they often overlook maintenance, financing costs and eventual replacement. “Transportation is a hugely underestimated expense,” says Shay Steacy, a Certified Financial Planner at Modern Cents, an advice-only firm in Ontario. According to Ratehub.ca, the average car costs about $1,373 per month, covering car payments, gas, maintenance, insurance, administrative fees, and parking. For a new car, that number climbs to $1,504. Those figures are on par with a mortgage payment in some parts of Canada, except the asset is losing value the whole time. Over nine years, which is the average period Canadians own a vehicle, those costs add up to roughly $139,716. That’s not a rounding error. Nearly $140,000, and almost no one thinks to weigh it against what they’re spending on a home. And that’s before accounting for inflation. The escalating conflict in the Middle East has pushed gas prices significantly higher, adding an average of $76 a month in fuel costs alone as of April 2026. There are also costs that are harder to measure, like the value of time lost to long commutes or the spending they tend to trigger, from takeout meals to convenience purchases. After about nine years, the vehicle will need to be replaced, either with an upfront purchase or a new set of monthly payments. According to the AutoTrader Price Index, a new vehicle in Canada averages $63,439 plus sales tax, while a used vehicle costs $35,201. And that’s just for one vehicle. Many Canadian households have more than one: according to Statistics Canada, 34% have two vehicles, and 14% have three or more, meaning a two-car household is paying close to $2,750 a month on transportation alone. Society acknowledges being ‘house poor’ far more than being ‘car poor,’ even though the two can look remarkably similar. “I find people get into trouble financially with two big things: overspending on a house or overspending on a car,” says Steacy. Some Canadian cities like Edmonton have set targets for their residents to spend less than 35% of their household budget on housing and transpotation.benedik / Getty Images Some regions in Canada are rethinking the math, and Metro Vancouver is leading the way. For more than a decade, the district has studied housing and transportation costs together, challenging the conventional benchmark that defines housing as affordable if it consumes less than 30% of a household’s pre-tax income. “We’re highlighting that not only is housing cost important to affordability in a region, but actually where that housing is located and the transportation options has a huge impact on how truly affordable a neighbourhood is or is not,” says Jonathan Cote, Metro Vancouver’s deputy general manager of regional planning and housing development. A 2025 study update found that the average household spends about $22,000 annually on housing and $19,000 on transportation. In several municipalities, average transportation costs exceeded housing costs. By contrast, households in urban centres and along rapid transit corridors, particularly the SkyTrain network, consistently faced lower combined costs. According to the study, delivering good public transit remains one of the best ways to improve affordability. Edmonton is also challenging the 30% guideline for housing. Its City Plan sets a target of residents spending less than 35% of average household expenditures on housing and transportation combined, and the city aims to transform its mobility system to achieve this. Of course, not every city prioritizes reliable transit networks or safe bike infrastructure, leaving millions of Canadians to see driving as the only practical choice. For those people, the lesson is that car dependency needs to be factored in from the start, not discovered after the house is already bought. Steacy says the current housing market is forcing a rethink of long-held financial norms, including the idea that homeownership is the default path to financial security. Chaudhary sees a similar unquestioned norm around transportation. “A lot of people just have the assumption, 'I’m now 16, I have a driver’s license, therefore I’m going to get a car, and I will always have a car,'” he says. “That’s held up as normal, and so it’s hard for most people to look beyond that.” But looking critically at transportation norms and costs means the “cheaper” home – usually in the suburbs – often isn’t cheaper at all. The sticker price is lower, but the bills arrive every month as car payments, insurance premiums, and multiple tanks of gas. Canadians who do the full math tend to find that access to transit is worth more than they thought, and that the home they can actually afford isn't always the one with the lowest asking price. As the saying goes, caveat emptor – and yes, that includes buyers of cars, too. --- ### Today's Take: Reed Hastings is out, but Netflix will be fine **Published:** April 17, 2026 | **Author:** Douglas Dunlop | **Section:** General **URL:** https://themargin.news/todays-take-20260417.md The story: Netflix shares were down roughly 12% on Friday morning after the company's Q2 revenue forecast came in at about $12.57 billion, just under Wall Street's expectations of $12.64 billion. The stock slump came as chair and co-founder Reed Hastings announced he won't seek re-election to the board in June, ending his 29-year run at the company. Hastings turned over CEO duties to Ted Sarandos and Greg Peters in 2023, so his upcoming departure is largely symbolic, but added to the slightly lacking Q2 forecast, it made for a rough Friday for the stock. What this means… For investors: The Q2 projections are only about 1% below expectations, and Netflix's Q1 results actually overperformed, with net income up 83% year-over-year. Several analysts called the sell-off an overreaction, since the business itself hasn't changed and the long-term forecast for the stock remains the same. For Canadians: Hastings' announcement doesn't directly affect Canada, but Netflix remains the country's most-subscribed streaming service, with about 9 million paid accounts. Canadian subscribers haven't seen a price hike since January 2025, but Americans dealt with another one last month, so we'll likely get one sooner rather than later. Bottom line: A miss of less than 1% and a graceful exit after 29 years don't mean Netflix is in trouble. The price drop today says more about how high expectations had gotten than about where Netflix is actually headed. ## Contributors & Authors - [Isabel Moura](https://themargin.news/author/isabel-moura): Isabella Moura is a journalist and academic researcher specializing in data journalism and data visu... - [Kathi Valeii](https://themargin.news/author/kathi-valeii): Kathi Valeii is a writer based in Ontario. Her work has appeared in dozens of publications, includin... - [Joshua Korngut](https://themargin.news/author/joshua-korngut): Josh Korngut is a Toronto-based arts and culture journalist, Rotten Tomatoes-approved critic, and sc... - [Lindsey King](https://themargin.news/author/lindsey-king): Lindsey King is a freelance writer, reporter and theatre critic. 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