|  Recession odds as high as 50-50, experts say The “recession” word is floating around economic circles more and more these days, with some economists who spoke to Global News putting the odds of one happening around 50 per cent for the next year. The Atkinson Foundation’s Armine Yalnizyan said the early signs of economic downturn in the United States are the first indications that Canada could be heading down a similar path. “I think it’s very difficult for Canada to duck a recession when the United States has one quarter of contraction," she said. While not every forecaster believes the economic die has been cast — TD Bank said in its projections this past week that Canada should narrowly avoid a recession with a “thin margin for error” — some experts say prudence is a sound idea as costs rise and the threat of higher unemployment looms on the horizon. "That means cutting out unnecessary spending, frivolous spending. … Save that money for the rainy day and the thunderstorm that we think is coming,” Sprott School of Business professor Ian Lee said. Read more about what to expect from a possible recession here.  Families worried about feeding their kids Surging levels of inflation have Canadian families worried about putting food on the table for their kids, according to a recent Ipsos poll conducted exclusively for Global News. As the annual rate of inflation hit a soaring 7.7 per cent in May, the survey found Canadian households are feeling the pinch. Some 72 per cent of households with kids are worried about feeding their families, compared with 57 per cent of those without children. Some 80 per cent of households with kids are worried interest rates will also rise faster than they can adapt. As Canadians are revising what they can afford and where they need to cut back — summer travel plans are among the casualties for 69 per cent of families surveyed — Global News spoke to personal finance experts about how to keep some of the fun in the sun even as inflation clouds linger. Global News reporter Craig Lord has more here.  How many homes do we need to build to help with affordability? Canada will have to build an extra 3.5 million more housing units than the country is currently on pace to add by 2030 if we want to see affordability return to levels seen two decades ago. That lofty goal was set in a report released on Thursday from the Canada Mortgage and Housing Corp., which evaluated the country’s housing supply gap on a province-by-province basis. Ontario and British Columbia, which are already experiencing the greatest degree of housing unaffordability in the country, will have to make up two-thirds of the gap, the CMHC report said. But at least one expert says the ambitions outlined in the report, while important, are not realistic. "I don't think we'll be able to do this, just to put it bluntly," Mike Moffatt, senior policy director at the Smart Prosperity Institute, told Global News. He went on to say that despite barriers posed by inflexible zoning policies in Canadian cities and a labour shortage in the construction sector, the report lays bare the need to ramp up home building in the country in hopes of making housing more affordable for the country’s newcomers and younger generations. Read more here. ________________________ – THE QUESTION – “I’ve been asking for a raise for the past few months and have been told management is working on it, but I’m tempted to look elsewhere. I have good benefits here and like my co-workers, but my salary has not kept pace with inflation. What can I say to get my current employer to take me seriously, or is it even worth sticking it out?“ — A Money123 reader “A common mistake when asking for a raise is leaving the ball in your employer’s court. They say they’ll look into it and then you’re left waiting…for way longer than you had hoped. I’m sorry that’s happened to you, and you’re right to see it as a red flag that they’re not taking you seriously. Here’s what to do when you raise (see what I did there?) the issue again: 1. Make the request about your performance, not inflation. It’s your job to make a compelling case for why your performance and value has increased. This is easier to do if you can quantify your impact in a couple of ways. How have you helped the company make more money or save money? Have you increased engagement with customers or clients? Served more clients or stakeholders? Do you have more direct reports? Taken on bigger projects? Quantify your impact. 2. Research what salaries companies offer for jobs comparable to yours. Do a job search and see what range you come up with. Share it with your boss when you make your request again. Simply say you’ve done some research and this is what the current market rate is. (This may also give you the confidence you need to leave if they can’t offer something competitive). 3. Tell them you’ll follow up. (ball in your court this time) Ask when they’d like you to do that. If they don’t give you a firm time, suggest a time yourself. Two weeks will usually give them enough time if it’s a genuine priority for them.“ -Sarah Vermunt, Toronto career coach, founder, Careergasm ___________________________ Want your money question answered by an expert? Get in touch! | 
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