Despite the economic challenges that COVID-19 brought about, for millions of working Canadians who have remained on payroll since March 2020, the pandemic seems to have been a financial windfall — but these gains may be at risk. Those who have worked from home have been spared considerable costs. Commuting, childcare and many forms of discretionary spending – like going to the movies, attending sporting events, or eating in a restaurant – all but disappeared. As a result, many are better off financially than they were before. In fact, according to the 2021 Canadian Payroll Association Annual Survey of Working Canadians , 53 per cent have been able to put away more than a year ago and fewer (36%) are living paycheque-to-paycheque than at any time in the past 13 years.

Now, as offices prepare to re-open and the rules that have spared us many discretionary expenses start to relax, the question is whether the gains made during the pandemic will give way to a ‘new normal’ that includes a return to overspending and the overuse of credit.