It’s still only September, but it’s never too early to begin planning for the holiday shopping season, especially since Canadians are expected to collectively carry $6.1 billion in post-holiday debt this year, amounting to about $187 per person, according to a recent survey by Omnisend UAB, an e-commerce and marketing firm.

To help mitigate their debt loads this holiday season, 76 per cent of Canadians intend to spend less than last year, while 61 per cent plan to spend less than $500 on the holidays.

This comes in contrast to last season, when Deloitte Canada estimated Canadians would spend an average of $1,400 during the holiday season, a 10 per cent increase from 2023.

“Households are on a tighter budget in 2025,” Marty Bauer, an e-commerce expert at Omnisend, said in a release. “Inflation has ticked back up and trade instability is pushing some prices higher.”

Among those looking to spend less this year, 56 per cent pointed to rising prices and inflation, 18 per cent were concerned about increasing their debt load and 14 per cent were concerned about reduced income and a precarious employment situation.

Several strategies have emerged to keep costs down over the holidays, including the “buy now, pay later” (BNPL) option, which offers the ability to pay for an item in instalments, often interest-free.

The plans have become a popular way to finance a big purchase, but have spread everywhere from Uber Eats to weight-loss medications. This holiday season, 37 per cent of Canadians are considering a BNPL program for gifts.

“BNPL isn’t niche anymore; last holiday set records for instalment spending online,” Bauer said.

But there are several risks associated with BNPL plans to be wary of.

For example, late fees for missed payments can add up and hurt your credit score, according to a

recent report by Charles Schwab Corp. On-time payments don’t help your credit score, but they can make returning the product difficult and there are sometimes interest payments associated with the plan.

“While these plans could be helpful in the right circumstances, consider how you use them,” the report said. “The best-sounding deal can come with some hidden risks.”

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Canada’s retail sales remained resilient in August after a tough start to the quarter. 

An advance estimate shows sales grew one per cent in the month, erasing a 0.8 per cent decline in July, according to Statistics Canada. 

Still, the Bank of Canada is predicting slow retail sales in the months ahead, as stagnant population growth and a weak job market weigh down sales. 

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Read more here.  Splitting inheritance with loved ones can be messy and in those tough situations it can be prudent to hire outside counsel to find out who might be in the wrong when it comes to divvying up assets. Still, it’s important to understand that not all things are worth fighting for, especially when fragile family dynamics are at play.

Find out more. Are you worried about having enough for retirement? Do you need to adjust your portfolio? Are you starting out or making a change and wondering how to build wealth? Are you trying to make ends meet? Drop us a line at

wealth@postmedia.com with your contact info and the gist of your problem and we’ll find some experts to help you out while writing a Family Finance story about it (we’ll keep your name out of it, of course).

McLister on mortgages

Want to learn more about mortgages? Mortgage strategist Robert McLister’s

Financial Post column can help navigate the complex sector, from the latest trends to financing opportunities you won’t want to miss. Plus, check out his

Financial Post on YouTube

mortgage rate page for Canada’s lowest national mortgage rates, updated daily. Visit the Financial Post’s YouTube channel for interviews with Canada’s leading experts in business, economics, housing, the energy sector and more.

Today’s Posthaste was written by Ben Cousins, with additional reporting from Financial Post staff, Canadian Press and Bloomberg.

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