“What are you hearing about how much to tip at a restaurant?” a reader of this newsletter asks. Not much, to be honest. Tipping was a big topic a few years ago as we worked through pandemic lockdowns and the reopening of the economy, but not so much lately. Are we happy with the tipping status quo? This reader said he thought a 15 per cent tip before taxes was OK. “But when I go out, the pre-selected minimum tip is 18 per cent, and this is on top of taxes. I know you can always customize and change the tip when presented with the options. Am I just being cheap thinking that 15 per cent is reasonable?” Your thoughts on whether a 15 per cent tip is reasonable – yes or no? As always, I’m at rcarrick@globeandmail.com. On a recent trip to France and Belgium, my wife and had a welcome vacation from Canadian-style tipping. Restaurants there give you a bill at the end of a meal and then hold out a payment terminal for you tap your card or phone. There are no tipping options to work through because a service charge is included. You can tip 5 to 10 per cent on your own, if you want. In Canada, restaurant goers have been manoeuvred into paying ever larger tips. Payment terminals do often start at 18 per cent, and the upper limit can be 25 or 30 per cent. That’s a huge amount of money to pay on top of today’s high food and booze prices. My wife and I are pretty firm on a 20 per cent tip for good service, and maybe a bit more for 10/10 meals and service. Also, we are resigned to paying a tip on tax as well as food and drink costs. But the general rule for tipping should be this: Each according to their means. If that’s 15 per cent, then so be it. Subscribe to Carrick on Money Are you reading this newsletter on the web or did someone forward the e-mail version to you? If so, you can sign up for Carrick on Money here. Rob’s personal finance reading list The Big Three in travel reward credit cards A top pick from American Express, Mastercard and Visa in high-end travel reward cards. Benefits, promotions and earning potential are weighed here. Gold is shining The proverbial safe-haven investment is having quite the 2025, and it’s not just because of global financial uncertainty. Now for a look at some data compiled by an investment company on the risks of jumping out of stocks to avoid downturns. You might end up missing the rally back. Retiree regrets Life lessons for retirement from people who have been there. One that resonated with me is not to wait until the perfect moment to enjoy your money. Millionaires say more taxes, please What we often hear from the wealthy is that lower taxes will be good for the economy. Here, two American millionaires say too much wealth is concentrated in too few hands, and that the wealthy should pay their fair share of taxes. A line that caught my eye noted how the tax system privileges income from wealth over income from work. Eye opening. Podcast fans Subscribe to Stress Test on Apple podcasts or Spotify. Ask Rob Q: With all the uncertainty in the market, I’m keeping about 40 per cent of my investments in guaranteed investment certificates and high interest savings accounts. The biggest downside is the tax I pay on interest income. My tax-free savings account is maxed and, because I’m retiring next month, I’m not putting anything else into my registered retirement savings plan. I know dividends are taxed more favourably. What would you suggest? Should I open a non-registered account and buy an exchange-traded fund? A: It sounds like you might have 60 per cent of your retirement savings in stocks – a 60-40 mix of stocks and bonds/GICs/HISAs could make sense for someone about to retire. Generally, gains from an ETF holding dividend stocks in a non-registered account would be taxed more lightly than interest from GICs and HISAs. But you could also lose money in the near term as a result of market volatility. Might that be why you have a lot of your investments in safe havens right now? If we’re talking about the long term, say five to 10 years or more, the after-tax returns from a dividend ETF will almost certainly beat GICs and high interest savings accounts. Do you have a question for me? Send it my way. Sorry I can’t answer every one personally. Questions and answers are edited for length and clarity. Tools and guides The Canadian Foundation for Economic Education has a vast inventory of resources for helping people understand money. Here’s a list: In the social sphere Social media: Housing price growth under prime ministers Stephen Harper and Justin Trudeau. Listen: Thoughts on how millennials and Gen Zs can save smarter. I really like how this podcast starts: “The fear of getting it wrong stops people from starting … the biggest wrong is not to invest.” Money-Free Zone: Why did this obvious song for the moment not come to me sooner? Ball of Confusion by The Temptations. Released in 1970, dead right in 2025. You’ll be singing this in your head for days. Also try the cover of this song by the British band Love and Rockets. More PF from The Globe – Canada’s housing market was poised for a comeback. Then trade war jitters set in – Homeowners looking to avoid sale fees eye DIY company billing itself as the Wealthsimple of real estate – As Canadians ditch travel to the U.S., restaurants get a boost – Zero bucks given: Angry consumers are increasingly using boycotts to wield power, but do they actually work?