|  No sign of relief at the pump As most motorists might’ve noticed, the cost of fuel continues to skyrocket nationwide. The Canadian Automobile Association says the national average sat at $1.55 per litre this past week. Newfoundland, British Columbia and Quebec currently have the highest prices across Canada, with prices in Vancouver reaching over $1.80 per litre on the weekend. Experts tell Global News the immense uncertainty surrounding geopolitical tensions means there's no end in sight to high gas prices. The possibility of Russia, a major supplier of oil, curtailing shipments in response to imposed sanctions because of its ongoing clash with Ukraine doesn't make things any better. "It does look like the pain will get worse," said Patrick De Haan, head of petroleum analysis at GasBuddy. For tips on how to fill up the tank without breaking the bank, read more here from Global News reporter Irelyne Lavery.  Not coffee and pizza too! If gas prices weren’t enough of a hit, the cost of your next latte or pizza could be driven higher thanks to rising dairy prices. Cafe and restaurant owners are warning about the impending impact of the Canadian Dairy Commission’s move to increase the price farmers are paid for the milk they produce. Restaurant Brands International, the parent company of Tim Hortons, this week warned that menu price hikes were also coming this year due to soaring inflation, which Statistics Canada says reached 5.1 per cent in January, its highest level since 1991. Rising prices across the board are compounding on businesses relying on dairy inputs like cheese and milk, experts tell Global News. "We are seeing milk prices growing at almost twice the rate of inflation as dairies and retailers also pass along their own increases on top of the farm gate increase," says Field Agent Canada general manager Jeff Doucette. Read more here about where dairy prices are rising the most across Canada from reporter Ashleigh Stewart.  Beware of scams as tax season starts Online tax filing opens on Feb. 21, and watchdogs are warning Canadians to be careful of the links they’re clicking as scammers target financial data. Better Business Bureaus (BBB) across Canada this week are reminding the public to be wary of tax scams that may target their identities and savings. While online filing is generally considered faster and more convenient, according to the BBB, it also "widens the net of opportunity for scam artists." Canadians should watch out for phishing emails with "malicious links," and fake Canada Revenue Agency (CRA) websites or calls asking for personal information, the BBB wrote in a news release. Taxpayers should also beware of any non-traditional methods of communication such as texts or social media messages. Read more here from Global News’s Elizabeth McSheffrey. ________________________ – THE QUESTION – “Ideally, I like to contribute to both my RRSP and my TFSA every year. But money has been a bit tight lately. If I have to choose one over the other, what’s my best option? I’m 34 and my income is $58,000.” — A Money123 reader “You can still do both! Just at slightly different times. Assuming you are not a member of a pension plan, the sweet spot for RRSP contribution is about $8,000. Again, assuming you are an employee and have tax withheld at source, there should be a refund of $2,250. Target the refund into your TFSA. Do not borrow to fund the RRSP unless you can commit to paying off the loan over the next 12 months. If you don't do the loan, set up a monthly contribution plan (around $600, perhaps) so you are ready to take action again next year!“ -Lenore Davis, RFP, CFP and founding partner, Dixon Davis & Company
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