Canadians expect summer to come with a higher price tag this year: survey

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Will you be splurging on a summer time trip this 12 months?

A brand new survey from the Chartered Skilled Accountants (CPA) of Canada has discovered that greater than half of Canadians (56 per cent) count on to spend extra this summer time than in earlier years.

LISTEN: Are you spending extra this summer time in comparison with final?

However CPA Canada director of company citizenship Doretta Thompson mentioned the additional spending isn’t essentially as a result of individuals imply to have high-rolling adventures.

In actual fact, she mentioned, in lots of instances it’s due to the rising value of fundamental requirements.

Breaking down the numbers: Can dad and mom afford summertime care prices?

“Particularly transportation prices, residence vitality prices and meals prices,” she advised CKNW’s The Jill Bennett Present.

In actual fact, 62 per cent mentioned they’re spending extra on gas, half mentioned they’re paying extra for meals and 37 per cent mentioned they’re spending extra on residence vitality prices.

A 3rd of respondents mentioned they anticipated to spend between $500 and $2,000 extra this summer time.

Goodbye snow … hi there debt? Learn how to handle your spending instincts because the climate will get hotter

Two-thirds of those that took the survey mentioned they had been planning a summer time trip, with one in 5 planning to spend lower than $1,000 and an analogous quantity planning to drop greater than $three,000.

WATCH: Summer time spending may go away your finances burned

However amid rising prices, practically half (46 per cent) mentioned they deliberate to remain inside their residence province or territory.

“We’re seeing that most individuals are staying inside their province or staying inside Canada,” Thompson mentioned.

“By way of individuals leaving the nation on trip, the U.S. stays the highest vacation spot, with about somewhat over 1 / 4 of Canadians who will likely be taking holidays saying that they are going to be going to the States.”

READ MORE: 7 methods to save cash this summer time whereas nonetheless having enjoyable

Simply over half mentioned they’ll use financial savings to pay for his or her holidays, whereas 20 per cent mentioned they deliberate to borrow cash to fund their getaway.

Doretta mentioned the variety of individuals taking over debt to finance holidays had doubled for the reason that CPA Canada did the identical survey three years in the past.

The survey additionally discovered the excessive value of summer time is having an affect on Canadians’ stress ranges, with 40 per cent saying summer time bills had been stressing them out.

The survey was performed by phone between June four and June eight, with a random pattern of 1,000 Canadian adults. It’s thought-about correct inside +/- three.1 per cent, 19 instances out of 20.

© 2018 International Information, a division of Corus Leisure Inc.

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