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Pattie Lovett-Reid

Chief Financial Commentator, CTV

|Archive

The countdown is on to the Black Friday and Cyber Monday shopping bonanza. While these shopping specials originated in the U.S. on the first Friday after Thanksgiving, it is a pastime now adopted by many Canadians consumers and retailers alike.

According to a UPS survey, more Canadians plan to take advantage of U.S. Black Friday deals, both in-store and online. The survey found that 45 per cent of Canadians plan to shop American deals, up from only 29 per cent last year. As well, most are looking to make purchases online as well as crossing the border.

What’s interesting is the reason why so many more are planning on participating: It comes down to our loonie being a little stronger this year than last year. But a stronger loonie doesn’t necessarily translate into better deals when you factor in the currency conversion.

The Canadian dollar’s year-to-date volatility is a sight for sore eyes. It bottomed out just above 68 US cents on Jan. 19, and peaked at 79.81 cents US on May 2. Currently, the loonie it sits around 74 cents US today.

If you are someone considering a little Black Friday shopping, volatility like that doesn’t make for easy planning or translate into the deals you might have hoped when priced in U.S. dollars. The good news is that our weaker dollar can benefit Canadian retailers.

SHOPPING TIPS

After Black Friday comes Cyber Monday, when online retailers mark down popular items like electronics, clothes and books. A trend has also been to extend the sales blitz over several days or even a week.

After addressing the currency factor, here’s a word of warning for Cyber Monday: Your deals could wind up costing you dearly if you don’t beef up your cybersecurity before shopping online.

More than 8.5 million Canadians were victims of cyber crime in the past year, up from 7.4 million in 2015. Credit card fraud is one of the most common online offenses.

A few tips:

  1. Deal only with companies whose reputation you trust
  2. Shop using your home computer
  3. Go directly to the website to shop. Do not click on a link in the email
  4. Verify a secure connection when shopping online. If a security key or padlock is broken/open on the site, the connection is not secure
  5. Consider using only one credit card with a low limit
  6. Never give your date of birth, social insurance number or driver’s license to a vendor
  7. If you are a victim contact the Canadian Anti-Fraud Centre toll free 1-888-495-8501