Robots make lattes now. What will they do next? Canada’s tight labour market is giving way to more automation in sectors you might not have expected. The growth of RC Coffee Robo Cafe, which sees a robotic barista makes drinks ready to order, from one location in Toronto to five in the past two years shows both consumers and businesses developed a taste for automation over the pandemic. With Canada’s unemployment rate holding at a record-low 4.9 per cent in July and the United States sinking even lower to 3.5 per cent, demand has been fervent for RC Coffee’s tech to offset labour shortages. "People have been knocking at our door trying to buy the equipment from us, especially in the U.S., where they just cannot get the staff to open up the locations," says Brad Ford, the company’s head of sales in Canada. But don’t expect robots to stop at lattes. Nursing, legal services and more are rife for disruption, according to labour and automation expert Dan Ciuriak, and we haven’t collectively grasped yet how the coming revolution will change our economy, he argues. "We're at the dawn of a new era, and that's going to have massive implications for the labour market." Read more on how automation is changing the future of work in this Global News story.  Condo construction hits snags Rising interest rates are creating headwinds for many major Canadian housing markets, both in terms of sales activity and prices. But those forces, alongside rising construction costs, are also putting a damper on new home construction, specifically in the condo sector, experts tell Global News. A new report from Urbanation out this week showed an estimated 10,000 units that had been planned for prelaunch in the Greater Toronto Area this year will end up being shelved before 2023. Builders are unable to cut costs as materials remain expensive and buyers are left with less purchasing power thanks to the rising rates, so developers are slashing their building plans until demand recovers and their condo units become viable again, according to Urbanation president Shaun Hildebrand. While demand may be easing for now, these delays will only “exacerbate” existing supply crunches, said Ron Rapp, head of the Homebuilders Association Vancouver. Read more from Global News reporter Craig Lord.  The rising cost of loving As costs for dining out or even cooking a romantic dinner at home continue to rise, some singles are starting to wonder: is dating even worth it? "I've scaled back on dating a lot, especially in the past couple of months," 30-year-old Kasi Johnston told The Canadian Press. "It really does add up." With inflation up 8.1 per cent year-over-year in July, here’s a quick run-down of how those higher costs have translated to the dating scene: Drinks at a bar: up 5.5 per cent; Dinner at a restaurant: up 7.1 per cent; Weekend getaway accommodations: up nearly 50 per cent. Those numbers can be heartbreaking for many Canadians who spent months or years in the pandemic isolating and cautious about putting themselves out there. But love’s labour might not yet be lost. Here are some expert tips from dating coaches on how to make a connection on a budget. ________________________ – THE QUESTION – “At 67 years old, I will be applying for CPP and OAP. What percentage of tax should I have taken off? I do have a small pension and some investments.” — A Money123 reader “When you apply for your Canada Pension Plan (CPP) and Old Age Security (OAS) pensions, there is a voluntary income tax deduction section on the application. This is because, by default, there is no income tax withheld unless you elect to have tax taken off at source. When you file your tax return, your total income and total tax will be calculated for the year. If you owe tax, it will be payable at that time, or if you are owed tax that you overpaid, you will receive a refund. Retirees with untaxed income like CPP, OAS, and minimum withdrawals from their RRIF often have a tax liability when they file their tax return. If they consistently owe tax of more than $3,000 ($1,800 for Quebec residents), they will be asked to pay quarterly income tax instalments to prepay their tax for the coming year. There is a benefit to electing to have voluntary tax withheld if you expect to owe that tax anyway. It also helps ensure you are not spending money that is not really yours if you will have a tax liability at year-end. If your income is relatively high, and exceeds $81,761 in 2022, there may also be an OAS recovery tax payable of 15 per cent above that threshold. It bears mentioning that CPP and OAS can be deferred as late as age 70. Approximately 11 per cent of applicants did so in 2021. For a retiree with good health and a long life expectancy, deferring CPP and OAS and drawing down investments in the meantime is a retirement income strategy worth considering.“ -Jason Heath, CFP, managing director, Objective Financial Partners ___________________________ Want your money question answered by an expert? Get in touch! | 
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