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How to Get Approved for a Truck Lease in Canada – Tips from Equipment Finance Canada

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Retail Insider
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What is a truck lease and why consider one?

Understanding how truck leasing works in Canada

Truck leasing in Canada is a flexible financial option that allows drivers and fleet owners to acquire new or used trucks without the burden of a massive upfront cost. Instead of purchasing the vehicle outright, the lessee agrees to pay fixed monthly payments over a set term. Once the lease term wraps up, there’s usually a choice to either return the truck, renew the lease, or buy the truck at a significantly reduced cost—sometimes for as little as ten dollars. That kind of flexibility means truckers can adapt quickly to changes in demand, job types, or even new routes.

Equipment Leasing appeals to those who need to hit the road quickly but want to keep their capital free for fuel, maintenance, or family obligations. It’s especially handy for those wanting newer models with better fuel efficiency and fewer maintenance surprises. Whether hauling across provinces or working local construction contracts, truckers don’t want to be stuck with something that eats into every paycheck. Leasing creates an easier path to ownership without risking it all upfront. It’s like keeping one foot on the gas while the other stays grounded just in case life throws a curveball.

Why leasing a truck may be better than buying upfront

Owning a truck might feel like the dream, but buying one outright can put a serious dent in savings, especially if you’re still building your client base. Leasing lowers that barrier. Instead of shelling out $100,000 or more, you’re making smaller, predictable payments that don’t crush your monthly budget. That way, you still get the rig you need to land jobs and keep working, but without emptying your bank account. The truck works for you, not the other way around.

Leasing also tends to mean you’re getting something newer, more reliable, and under warranty. That reduces downtime and repairs, both of which can be major headaches when you’re out on the road. When it’s time to upgrade, you’re not stuck trying to sell a worn-out truck. Just finish the term and move on to the next. So, if you’re looking for something that lets you earn more, stress less, and keep options open, leasing might just be the smarter way forward.

Common goals for truckers who choose leasing

Most truckers who choose to lease aren’t just looking for a set of wheels—they’re chasing better contracts, more mileage, or a fresh start. Maybe they want to haul cross-country freight and need something dependable for long hauls. Others might be expanding their business and need a second or third truck to handle more clients. Leasing gives them the room to grow without putting everything on the line. With predictable monthly payments and low initial investment, it’s a way to scale up without sinking.

For some, it’s about peace of mind. Leasing lets you avoid the unpredictability that comes with owning an older vehicle. If something breaks, you’re not left scrambling for cash to fix it. And for those who’ve had a few bumps in their financial history, leasing can be a way to rebuild while staying productive. Whether it’s a single unit or the first in a fleet, the goal is usually the same: more freedom, more control, and more time spent on the road doing what you love.

What are the basic requirements to get approved?

What lenders typically look for before approving a lease

Lenders aren’t just tossing out approvals to anyone who walks through the door. They want to know that you’re serious, reliable, and capable of making regular payments. So they’ll check a few things: your credit history, proof of income, time in business, and the type of truck you want. It’s not about being perfect—it’s about showing you’ve got a handle on your finances and a plan to keep working. Even if you’ve had some rocky credit in the past, many lenders are open to listening if the rest of the application is strong.

They’ll also want to see stability. Are you running under your own authority? Do you have regular loads? If you’re just starting out, having a solid business plan or signed contracts can help tip the scales in your favor. Leasing companies like Equipment Finance Canada often work with applicants across a wide range of backgrounds, helping them find lenders that fit. So even if you’re not sure where you stand, it’s worth exploring what options are available.

How your credit score impacts your application

Credit score plays a role, no doubt about it. But it’s not the only thing. A mid-range score, say in the 600s, might not land you top-tier rates, but it won’t necessarily shut the door either. Lenders look at the full picture: your payment history, any outstanding loans, and whether you’ve defaulted in the past. Even if your score isn’t where you want it to be, there are steps you can take to make your case stronger.

If you’ve been paying off bills steadily, avoiding overdrafts, and managing credit responsibly, that helps build trust. You can also offer a larger down payment or bring in a co-signer to sweeten the deal. Don’t assume that a less-than-perfect score is the end of the road. Leasing companies like EFC are often more flexible than traditional banks and can work with a variety of financial profiles to help you get rolling.

Why proof of income and business stability matter

Let’s face it—leasing companies want to know they’ll get paid. That’s where proof of income comes in. They need to see you’re making enough to comfortably handle the monthly lease, and that your work is steady. Recent pay stubs, bank statements, or signed contracts with freight brokers can all do the trick. The more consistent your income looks on paper, the better.

If you’re running a business, they might ask for business registration documents, GST numbers, or tax returns. This helps paint a picture of your reliability. Leasing isn’t just about the truck—it’s about trust. Showing lenders that you’re not only working but thriving, even modestly, builds their confidence and puts you closer to that approval.

When should you consider leasing instead of buying?

Leasing as a smart first step for new owner-operators

Getting into trucking on your own is no small feat. For new owner-operators, leasing offers a low-barrier path to building momentum without taking on massive risk. When you’re just starting out, every dollar counts. You might not have the capital for a full truck purchase, and taking out a hefty loan could stretch things too thin. Leasing helps you avoid that crunch. Instead of draining your savings, you keep money in your pocket while still hitting the road with a dependable rig.

Not only does this reduce financial pressure, but it also gives you the chance to build your business slowly and smartly. If you land regular contracts or prove consistent mileage, you’ll be better positioned to upgrade or even buy down the road. Think of leasing as a stepping stone. It’s about giving yourself time to learn the ropes, gain credibility, and grow into the role without being buried in debt from day one.

Why growing companies often turn to leasing during expansion

Once a trucking company starts gaining momentum, opportunities can flood in fast. That’s when leasing really shines. Adding new trucks to your fleet without tying up cash lets you take on more contracts and increase revenue without skipping a beat. Business owners often use leasing as a tool for quick scaling, especially when they’re dealing with repeat clients or have lanes that need filling yesterday. Instead of slowing growth to save up, they lease and stay ahead of demand.

It’s not just about speed. Leasing also gives business owners access to newer vehicles that come with warranties and lower maintenance costs. That adds stability and predictability to the bottom line. And when you’re growing, those two things are gold. It’s one less thing to worry about while managing dispatch, clients, drivers, and logistics.

How seasonal income or cash flow concerns make leasing attractive

Seasonal shifts are a fact of life in trucking. Some routes boom in the summer, others in the winter. For those navigating these ups and downs, leasing offers a way to manage fleet needs without straining the budget during slow periods. With structured payments and lower upfront costs, it’s easier to plan ahead—even when the workload fluctuates. And when you’re not locked into long-term ownership, you’ve got more room to adjust when seasons change or markets shift.

Cash flow is the lifeblood of any trucking business. If you’re waiting 30 or 60 days to get paid for a haul, a big equipment payment can hit hard. Leasing softens that blow. You can set predictable, affordable payments and avoid massive spikes in spending. It keeps things smooth, and when you’re running tight margins, that consistency matters.

How can Equipment Finance Canada help you qualify?

What makes Equipment Finance Canada different from banks

Traditional banks tend to be rigid. They want spotless credit, big down payments, and a stack of paperwork. Equipment Finance Canada doesn’t work that way. Their process is built for people who actually work for a living—not just those with perfect financial records. They partner with a range of lenders who understand the trucking world and are willing to work with applicants from all kinds of backgrounds. Whether you’re just starting out or running a growing fleet, there’s likely a program that fits your situation.

The big difference? They listen. You’re not just a number on a screen. Their team takes the time to understand what you need, why you need it, and how best to get you there. They know that credit isn’t the full story and that every applicant brings something different to the table. That kind of support makes the process less intimidating—and way more human.

How the EFC 3-step approval process makes it simple

Equipment Finance Canada breaks it down into three clear steps: apply, get approved, and pick up your truck. That’s it. The application takes less than five minutes online. No mountains of forms. Just straightforward questions about your business, your needs, and your history. From there, their team gets to work reviewing your info and connecting you with the best-fit lenders in their network.

Once you’re approved, you’re not left wondering what to do next. They walk you through the options, finalize the terms, and help you get the truck you need fast. No confusing contracts. No long waits. Just a clean, efficient process that respects your time and understands what’s at stake.

Why their lender network gives you more chances to qualify

One of the biggest advantages of working with EFC is their vast lender network. Instead of applying to one place and hoping for the best, you’re essentially applying to dozens at once. That increases your odds, especially if you’ve got unique needs or some bumps in your credit history. Whether you’re looking for a lease-to-own setup or something more flexible, having multiple lenders to choose from means there’s likely a solution that fits.

And here’s the best part—they do the shopping around for you. Instead of spending days making phone calls or submitting endless applications, EFC acts as your advocate. They negotiate on your behalf, find the most competitive rates, and help tailor a plan that fits your budget. That saves you time, stress, and money, all while keeping your wheels turning.

What documents should you prepare before applying?

Gathering your financials, IDs, and business info

Before you hit “submit” on any lease application, it’s smart to have your documents in order. Most lenders will ask for a copy of your driver’s license, proof of address, and some form of business ID if you’re incorporated or registered. You’ll also want to have recent bank statements, tax returns, or pay stubs handy. These give lenders a quick snapshot of your financial stability and help speed up the approval process.

It’s not about having a perfect folder—it’s about being ready. When you’ve got your paperwork tight, it sends a message that you’re serious and professional. That first impression matters, especially when a lender is weighing whether to extend credit. If you’re missing something, it doesn’t mean you’re out. But having it all upfront can make things move a lot smoother.

What to include if you’re a new trucking business

New to the industry? No problem—but you’ll want to bring a bit more to the table. Since you don’t have years of hauling under your belt, consider adding a short business plan or outline of your work strategy. What kind of loads will you haul? Who are your customers? How do you plan to generate revenue? Lenders want to see that you’ve thought it through. Even a simple roadmap helps.

Also helpful? Any signed contracts, letters of intent, or proof of upcoming work. These show that you’re not just dreaming, you’re doing. They build confidence and make you look like less of a risk. If you’re organized and upfront, many lenders will give you a shot—even without years of experience behind the wheel.

Why honesty and clarity improve your chances of success

It’s tempting to paint a rosier picture when applying for financing, but honesty is your best friend in this process. Lenders aren’t expecting perfection—they’re looking for real people with real potential. If you’re clear about your credit, income, or business history, it makes it easier for companies like Equipment Finance Canada to match you with the right lender. Trying to hide something or gloss over a rough patch can backfire and cause delays or denials.

Clarity also helps speed things up. When your documents are clear, your application is complete, and your story makes sense, lenders can act fast. That means less time waiting and more time on the road with the truck you need. Transparency builds trust, and trust gets you closer to approval.

How to improve your chances of approval

Managing your credit before applying

Taking a little time to tidy up your credit before applying can make a noticeable difference. That doesn’t mean you need a perfect score—but even a small bump can open more doors or reduce your rates. Start by reviewing your credit report for any errors. Dispute anything that’s outdated or incorrect. Then, try to pay off small balances, avoid opening new lines of credit, and make consistent payments on what you already owe. Even a few months of responsible behavior can boost your profile in the eyes of a lender.

If you’ve had past trouble with credit, don’t let that discourage you. Many applicants come from similar situations. Equipment Finance Canada works with lenders that consider more than just your score. They’ll also look at your income, your plan, and your commitment. So while it’s worth improving your credit if you can, know that there’s still hope if it’s not perfect yet. What matters most is showing that you’re working toward stability.

Working with a leasing expert to choose the right structure

Choosing the right lease structure isn’t just about monthly payments—it’s about aligning the terms with your workflow, income pattern, and business goals. Some truckers prefer lease-to-own options with a low buyout at the end. Others might want shorter leases so they can regularly upgrade equipment. There are also seasonal structures or skip-payment plans for those with variable income. Navigating all of this alone can get confusing, especially with so many terms and conditions in the mix.

That’s where a leasing expert from Equipment Finance Canada makes all the difference. Their team helps you break down what each structure means and how it fits your needs. They’ll walk you through the pros and cons, help you crunch the numbers, and make sure you’re not locking yourself into something that could cause headaches later. It’s not just about approval—it’s about choosing a lease you’ll feel good about every mile of the way.

Using pre-approval to plan your next move

Getting pre-approved is like knowing how far your dollar stretches before stepping onto the lot. It gives you clarity. You’ll know your budget, what type of truck you qualify for, and what lenders expect from you. That saves time and keeps you focused. No more looking at rigs that are out of reach or wasting days chasing quotes that won’t work out. With a pre-approval in hand, you’re not guessing—you’re shopping with confidence.

It also shows sellers that you’re serious. If you’re working with a dealer or private seller, having that financing lined up can speed up negotiations. And if something changes—like an increase in your income or a better truck becoming available—you can go back and adjust the terms. It’s flexible, fast, and smart. Think of it as doing your homework before taking the leap. You’ve got enough on your plate as a driver—let the paperwork work for you, not against you.

Getting Behind the Wheel Starts with a Plan

The road to truck leasing doesn’t have to be confusing or overwhelming. With the right support, clear steps, and a bit of preparation, getting approved becomes far more attainable than most drivers expect. Whether you’re hauling your first load or expanding your operation, Equipment Finance Canada is built to meet you where you are and help you move forward. By understanding what lenders want, preparing your documents, and choosing a lease that truly fits your workflow, you’re not just getting a truck—you’re investing in your future. And with the right rig beneath you, the miles ahead suddenly start to feel full of promise.

Value Village Opens New Thrift Store in North York

By
Lee Rivett
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New Value Village store on Weston Road in Toronto. Photo: Value Village

Value Village has officially opened the doors to its newest location in the western part of Toronto’s North York today, May 8, offering Toronto residents a fresh destination for sustainable, secondhand shopping. Located at 2549 Weston Road in the Pelmo Park–Humberlea neighbourhood, the store is now welcoming customers eager to browse thousands of pre-loved items in a large, purpose-driven retail space.

Value Village has been part of the Canadian retail landscape for over four decades, operating 165 stores across all 10 provinces and employing more than 11,000 Canadians. The chain, owned by Bellevue, Washington-based Savers Value Village Inc., is the largest for-profit thrift retailer in North America and has been expanding steadily in urban centres like Toronto.

Nicole McPherson, Vice President of Canada Field Operations at Value Village, emphasized the importance of expanding access to sustainable shopping: “The store will offer shoppers more than just great deals and unique finds—it will provide a space to make mindful choices, shop with purpose, and give pre-loved items a new lease on life.”

A Commitment to Reuse and Sustainability

The new North York store contributes to Value Village’s broader sustainability mission. Between 2020 and 2024, the company helped divert more than 1.5 billion pounds of reusable goods from Canadian landfills. Each week, the new store will introduce approximately 34,000 items to its sales floor, ranging from fashion and accessories to housewares, electronics, and books.

As part of its unique business model, Value Village purchases donated goods from nonprofit organizations, paying them by volume regardless of resale outcomes. This model ensures a consistent revenue stream for partners while driving a reuse economy.

From fiscal 2020 through 2024, Value Village paid over $347 million to its Canadian nonprofit partners for secondhand goods—supporting charitable programming in communities across the country.

Partnership with The Kidney Foundation of Canada

Today’s store opening also marks the beginning of a new partnership between Value Village and The Kidney Foundation of Canada through the Kidney Clothes program. Donations made at the new location will help fund kidney research, patient care, and community outreach programs.

“The new partnership will help fund important programs and resources that strengthen The Kidney Foundation of 

Canada’s mission,” said Sylvia Krampelj, Managing Director of Kidney Clothes. “The funds raised through contributions and donations at this Toronto store will help drive progress with groundbreaking research, enhance patient support programs and bring hope to individuals affected by kidney disease.”

Founded in 1964, The Kidney Foundation remains one of Canada’s leading charitable organizations in kidney-related research and advocacy.

The Rise of Thrifting in Toronto

The opening comes at a time when secondhand shopping is increasingly popular across Canada. According to the 2024 Thrift Report, more than 40% of Gen Z Canadians are engaging in thrifting, and 90% of Canadians have either donated to or shopped at a thrift store in the past year.

This growing interest in secondhand retail is driven by a blend of environmental awareness, rising cost-of-living pressures, and a search for unique, personal style. In a city like Toronto, where fast fashion once dominated, thrift stores like Value Village are becoming essential to both individual wardrobes and sustainable consumer habits.

The North York opening is part of Value Village’s mission to make secondhand shopping second nature. With more than 165 stores in Canada and an expanding footprint in Toronto, the brand is helping reshape consumer behaviour and spark community involvement—one donated item and one conscious purchase at a time.

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Leon’s Furniture reports record Q1 Revenue and strong EPS growth

By
Mario Toneguzzi
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Leon's Furniture Coquitlam (Image: Leon's Furniture Limited)

Leon’s Furniture Limited announced Thursday financial results for the quarter ended March 31, 2025.

Financial Highlights – Q1-2025
These comparisons are with Q1-2024 unless stated otherwise.

  • System-wide sales for the quarter were $696.1 million, an increase of 2.7%.
  • Record Q1 Revenue was recorded at $579.5 million, an increase of 3.1%, driven by strong performance in the furniture category and commercial appliance business.
  • Same store sales increase of 3.0% following a 9.0% increase in the first quarter of the prior year.
  • Gross profit margin was 44.59%, a 72-basis point improvement driven by a favourable retail category sales mix, improved furniture margin rate as well as supply chain related cost savings.
  • Adjusted net income for the quarter totaled $24.1 million, an increase of 47.0%.
  • Adjusted Diluted EPS for the quarter was $0.35, an increase of 45.8%.
  • On March 31, 2025, unrestricted liquidity was $469.7 million, comprised of cash, cash equivalents, debt and equity instruments and the undrawn revolving credit facility.

“In Q1, our team’s efforts to ensure optimal inventory availability enabled us to drive growth including a catch up on delivering sales booked during the fourth quarter of last year, leading to strong top-line results against an already robust comparable quarter. We continued to grow key categories during Q1, with particular strength in higher-margin furniture sales. The diversity of our business model was further demonstrated by another strong period of commercial, warranty and insurance sales growth. Our relentless commitment to cost control and operational efficiencies, combined with lower interest rates and sales growth, delivered exceptional profitability despite a challenging operating environment,” said Mike Walsh, President and CEO of LFL.

“While macroeconomic challenges persist related to tariff uncertainty across the retail sector, we are well-positioned, with an excellent in-stock inventory position, to continue delivering value to Canadian consumers. Our unmatched scale and rock-solid balance sheet, with $469.7 million in unrestricted liquidity, positions us to navigate market headwinds while delivering reliable returns to shareholders through our unwavering commitment to customer satisfaction.”

For the three months ended March 31, 2025, revenue was $579.5 million compared to $562.3 million in the first quarter of 2024 an increase of $17.2 million or 3.1%. The improvement was primarily driven by a 5.2% increase in furniture sales as a stronger inventory position enabled a catch-up of delivery on written sales from the fourth quarter and continued sales momentum in the first quarter. Additionally, the Company saw strong growth in the commercial appliance, warranty and insurance businesses. The strong overall performance was partially offset by softness in the mattress category, explained LFL.

“Given the Company’s strong and continuously improving financial position, our principal objective is to increase our market share and profitability. We remain focused on our commitment to effectively manage our costs but to also continuously invest in the business with growth initiatives that we expect will lead to increased traffic to both our online eCommerce sites and our 298 store locations across Canada,” it said.

“The Company is working towards creating the previously announced real estate investment trust in respect of some of its real estate holdings and will provide further information at the appropriate time.”

Leon’s Furniture Limited is the largest retailer of furniture, appliances and electronics in Canada. Our retail banners include: Leon’s; The Brick; Brick Outlet; and The Brick Mattress Store. Finally, with The Brick’s Midnorthern Appliance banner alongside with Leon’s Appliance Canada banner, this makes the Company the country’s largest commercial retailer of appliances to builders, developers, hotels and property management companies. The Company has 298 retail stores from coast to coast in Canada under various banners. The Company operates six websites: leons.ca, thebrick.com, furniture.ca, midnorthern.com, transglobalservice.com and appliancecanada.com.

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Carmen Fortino Receives Top Canadian Grocery Honour

By
Lee Rivett
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The Retail Council of Canada (RCC) will present one of its most prestigious honours next month to Carmen Fortino, a longtime industry leader whose influence in Canadian grocery retail spans more than three decades. 

Fortino, Executive Vice President, National Supply Chain and Procurement at METRO Inc., will be awarded the Canadian Grand Prix Lifetime Achievement Award at the RCC’s annual awards gala, recognizing his extensive contributions to the sector and his leadership in shaping one of Canada’s most vital industries.

Recognizing a Career of Commitment

The Canadian Grand Prix Lifetime Achievement Award is given to individuals who have demonstrated exceptional service and dedication to the Canadian retail and grocery industries. The recognition highlights individuals who exemplify a deep sense of responsibility to their organizations, communities, and the evolution of the industry at large.

Fortino’s career trajectory reflects this commitment. Since joining METRO Inc. in 2014 as Senior Vice President and Metro Ontario Division Head, he has steadily taken on greater responsibilities within the organization. His leadership expanded significantly in 2019 when he assumed oversight of METRO’s national supply chain operations. By 2022, Fortino’s portfolio encompassed both national supply chain and procurement—roles that directly influence how goods move across the country and how METRO collaborates with vendors and suppliers.

Fortino’s impact has been characterized by an integrative approach to operations, connecting logistics with merchandising and procurement in ways that have streamlined METRO’s national capabilities.

From Family Roots to National Strategy

Fortino’s deep understanding of the grocery sector is rooted in personal experience. His career began in the 1980s in his family’s grocery business in Ontario, where he developed a hands-on appreciation for the nuances of customer service, community engagement, and operational discipline.

Before joining METRO, he held senior leadership positions with another major Canadian grocery retailer, further solidifying his reputation as a leader with both strategic vision and operational depth.

This career path—starting in a local business and rising to national executive leadership—mirrors a trajectory that resonates deeply with the values celebrated by the Canadian Grand Prix Lifetime Achievement Award.

Industry Recognition

Fortino’s recognition by the RCC is the latest in a series of accolades reflecting his influence within the industry. In 2022, he received the Golden Pencil Award, one of the grocery industry’s most respected honours, and was also named one of Canada’s Best Executives by Report on Business. These acknowledgements reinforce his status as a transformative figure in Canadian food retail.

The RCC praised Fortino for his adaptability and ability to lead amid change, describing him as a constant presence in an evolving sector. His leadership has helped METRO navigate shifting consumer preferences, supply chain disruptions, and heightened demand for operational efficiency.

Diane J. Brisebois. Image: Retail Council of Canada

“Carmen Fortino has been a constant in a rapidly changing industry. What sets him apart is his ability to evolve—bringing decades of experience, starting in a family business in 1985, into bold, forward-thinking leadership,” said Diane J. Brisebois, President and CEO of RCC. “This Lifetime Achievement award is a tribute to the vision and the impact he’s had across every level of grocery retail in Canada.”

Honouring Industry Leaders

Fortino joins a distinguished group of past Lifetime Achievement Award recipients whose work has helped shape Canadian retail and grocery. Previous honourees include Anthony Longo and the Longo Family of Longo’s, Cindy and Tina Lee of T&T Supermarkets, Margaret Hudson of Burnbrae Farms, Darrell Jones of Pattison Food Group, John Pigott of Morrison Lamothe Inc. and Club Coffee L.P., Serge Boulanger of METRO Inc., Dino Bianco of Kruger Products, and Michael Medline of Sobeys Inc.

The award ceremony will take place on June 4, 2025, during the Canadian Grand Prix Awards Gala at the Toronto Congress Centre. The gala marks the culmination of RCCSTORE25, Canada’s leading retail conference, held June 3–4. The annual event draws more than 2,000 attendees from across North America and features presentations from more than 75 experts across the retail spectrum.

RCCSTORE25 and the Canadian Grand Prix Awards Gala

RCCSTORE25 serves as a platform for innovation, collaboration, and celebration across Canada’s retail ecosystem. The conference and gala recognize excellence in food, non-food, consumer packaged goods, and private-label product categories. The Lifetime Achievement Award stands as a highlight, spotlighting individuals who have left a permanent mark on the industry.

This year’s gala will also honour additional industry trailblazers, with Canadian entrepreneur Jenn Harper named among the award recipients.

The Retail Council of Canada’s Role

As the not-for-profit voice of retail in Canada, RCC represents more than two-thirds of the country’s core retail sales and 95 per cent of the grocery market. With over 2.3 million Canadians working in retail and more than 54,000 storefronts across the nation, the industry is the country’s largest private-sector employer. RCC supports a diverse membership ranging from independent retailers to national chains, online merchants, department stores, and quick-service restaurants.

In 2024, core retail sales in Canada—excluding motor vehicles and gasoline—exceeded $507 billion. The grocery segment, where Fortino’s work has had an outsized impact, continues to be a cornerstone of both consumer spending and national economic performance.

By recognizing leaders like Fortino, RCC underscores the importance of strong leadership, long-term vision, and community-centred values in maintaining a resilient and evolving retail industry in Canada.

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Restaurant Brands International reports system wide sales growth

By
Mario Toneguzzi
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Tim Hortons in CF Market Mall (Image: Mario Toneguzzi)

Restaurant Brands International Inc. reported Thursday financial results for the first quarter ended March 31, 2025, with system wide sales growth of 2.8% year-over-year.

Josh Kobza
Josh Kobza

“We are making solid progress executing the fundamentals of our business, despite a slower start to the year. We have clear growth plans across each of our brands and strong alignment with our franchisees. We’re seeing encouraging momentum in Q2 and combined with responsible cost management, are on track to deliver stronger results through the balance of the year and achieve at least 8 percent organic adjusted operating income growth in 2025,” said Josh Kobza, Chief Executive Officer of RBI.

Restaurant Brands International Inc. is one of the world’s largest quick service restaurant companies with nearly $45 billion in annual system-wide sales and over 32,000 restaurants in more than 120 countries and territories. RBI owns four of the world’s most prominent and iconic quick service restaurant brands – TIM HORTONS®, BURGER KING®, POPEYES®, and FIREHOUSE SUBS®. RBI’s principal executive offices are in Miami, Florida. In North America, RBI’s brands are headquartered in their home markets where they were founded decades ago: Canada for Tim Hortons and the U.S. for Burger King, Popeyes and Firehouse Subs.

The company reported for its first quarter:

  • System wide sales of $10.496 billion US compared to $10.512 billion in Q1 last year;
  • Net restaurant growth of 3.3%;
  • Total revenues of $2.109 billion compared to 1.739 billion last year;
  • Income from operations of $435 million compared to $544 million last year; and
  • Net income from continuing operations of $223 million compared to $328 last year.

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Square Launches Unified Point-of-Sale App for Sellers

By
Mario Toneguzzi
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Source- Square
Source- Square

Square has released the new Square Point of Sale app in Canada.

This is the company’s next-generation software that brings Square’s deep vertical-specific commerce and payments functionality into a single, unified app that sellers can personalize to meet the complex needs of their business today, while supporting their growth and evolution into the future, said the company in a news release.

Steve Aldred
Steve Aldred

“A few years ago, our legacy POS couldn’t even accept debit cards, so our switch to Square in 2021 was already a huge leap forward. But with this new single app, we now have an incredible system that allows us to manage multiple business streams simply and seamlessly,” said Steve Aldred, Manager of Food and Beverage Data Insights & Controls for Calgary Sports and Entertainment Corporation.

“The new Square Point of Sale app makes it easy to manage everything—from concessions to restaurants to merchandise—and to switch between different modes with ease. When you have 19,000 fans at a Calgary Flames game, there’s a lot to manage. Square saves us time and money, and it just works, simplifying our operations on every level.”

Square launched its first mobile card reader and point of sale app 16 years to enable any seller to accept digital payments and never miss out on a sale.

“Through the years, Square partnered with sellers and offered industry-specific software products that allow them to operate from anywhere, while eliminating the many points of friction that come with managing and expanding a business,” said the company.

“Today, Square’s sellers continue to evolve. Hundreds of thousands of Canadian sellers now trust Square to run every aspect of their business, enabling them to grow while keeping their focus on their craft. They’re diversifying their businesses to reach new customers, create new revenue streams, and connect to their communities in entirely new ways. With the new Square Point of Sale, all the functionality is now consolidated into one single app, making it easier for sellers to discover the tools that are right for their business and expand their features as they grow. From our testing, we found that new sellers discovering and using industry-specific features grew nearly 80% from the rate on the previous Square POS experience.”

The company said the power and ease of Square Point of Sale resides in its modes – easy-to-understand feature sets, purpose-built for each industry, to give sellers a personalized POS experience that instantly sets them up with the right tools for their business. Sellers can easily add modes to expand their sales capabilities with no limitations on growth, while Square can now ship new features to more sellers at a faster rate.

There are currently seven modes available on Square’s platform, offering unique technology and feature needs even within verticals:

  • Three Food & Beverage modes let sellers choose highly tailored solutions for their needs:
    • Quick Service mode: Accelerates counter-service operations through intuitive modifier workflows and multi-channel menu management, ensuring swift and accurate order fulfillment at high-volume establishments.
    • Full Service mode: Streamlines complex dining operations with intelligent bill management, sophisticated coursing capabilities, and customizable floor plans.
    • Bar mode: Optimizes bar operations with real-time inventory tracking and conversational modifier inputs, ensuring fast and efficient service during peak hours.
  • Retail mode: Handles complex inventory management, varied pricing structures, and multi-location operations to power modern retail businesses.
  • Appointments mode: Seamlessly integrates scheduling, client management, and payment processing into one intuitive system for beauty and wellness businesses.
  • Services mode: Simplifies invoice management, estimates, and on-the-go payments for businesses that operate beyond traditional storefronts, like catering and home repair.
  • Standard mode: Square’s classic point-of-sale experience offers ultimate flexibility through its personalizable interface and versatile features.
Willem Ave
Willem Ave

“Square Point of Sale is an all-in-one product that recognizes sellers’ needs are not one-size-fits all,” said Willem Ave, Head of Product for Square. “Businesses today have to be resilient, and able to adapt when new challenges – and opportunities – present themselves. With our new app, sellers can do just that – they don’t have to choose between breadth or depth; they can have both with Square.

“We’re also able to build innovative new features for sellers of all types and sizes even faster, with less overhead than required for maintaining many separate tools. We can deliver specialized software experiences for unique use cases and complex industries, while maintaining the ease-of-use sellers, their employees, and their customers expect from Square. Running a business is complex, and we make it streamlined and simple, so sellers can spend more time focused on their craft, customers, and communities.”

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Shopify reports 27% Q1 revenue growth, 15% free cash flow margin

By
Mario Toneguzzi
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Shopify. Photo: smithandandersen.com

Shopify Inc., announced Thursday financial results for the quarter ended March 31, 2025, saying the company achieved 27% revenue growth and 15% free cash flow margin.

Shopify has now delivered double-digit free cash flow margins for seven consecutive quarters, it said in a news release.

Harley  Finkelstein
Harley  Finkelstein

“Our Q1 results confirm two clear facts. First, we are delivering both growth and profitability at scale. Second, businesses perform better on Shopify, regardless of market conditions,” said Harley  Finkelstein, President of Shopify. “We built Shopify for times like these. We handle the complexity so merchants can focus on their customers. We ship products faster than anyone else, giving merchants the edge they need to succeed.” 

Jeff Hoffmeister
Jeff Hoffmeister

Jeff Hoffmeister, Chief Financial Officer of Shopify, added, “Q1 marked another very strong set of financial results for Shopify, with 27% revenue growth and 15% free cash flow margin. We have now achieved eight consecutive quarters of pro forma revenue growth of 25% or more and seven consecutive quarters of GMV growth greater than 20%, all while increasing our free cash flow. These metrics highlight our strong performance and dedication to supporting our merchants’ success.” 

For the second quarter of 2025, Shopify said it expects:

  • Revenue to grow at a mid-twenties percentage rate on a year-over-year basis; 
  • Gross profit dollars to grow at a high-teens percentage rate on a year-over-year basis;
  • Operating expense as a percentage of revenue to be 39% to 40%; 
  • Stock-based compensation to be $120 million; and
  • Free cash flow margin to be in the mid-teens, similar to the first quarter of 2025. 

Shopify is a leading global commerce company that provides essential internet infrastructure for commerce, offering trusted tools to start, scale, market, and run a business of any size. Shopify makes commerce better for everyone with a platform and services that are engineered for speed, customization, reliability, and security, while delivering a better shopping experience for consumers online, in store, and everywhere in between. Shopify powers millions of businesses in more than 175 countries and is trusted by brands such as BarkBox, Vuori, BevMo, Carrier, JB Hi-Fi, Meta, ButcherBox, SKIMS, Supreme, and many more. 

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Canadian Tire reports Q1 2025 sales growth and launches $2B ‘True North’ strategy with new loyalty and store Investments

By
Mario Toneguzzi
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Image: Canadian Tire

Canadian Tire Corporation, Limited announced Thursday financial results for its first quarter ended March 29, 2025.

  • Consolidated comparable sales growth was 4.7%; Retail Revenue was up 4.0%.
  • Q1 saw essential and discretionary purchasing up, with increased customer traffic.
  • Q1 Normalized Diluted Earnings Per Share (EPS) was $2.18, up $0.80; Diluted EPS was $0.67, down $0.71 compared to the prior year.

“We had a strong quarter of sales and earnings growth, as we controlled the controllables, elevated customer loyalty, and delivered the great value and seasonal products customers were seeking. It’s clear Canadians are choosing CTC,” said Greg Hicks, President and CEO, Canadian Tire Corporation.

Greg Hicks
Greg Hicks

“Since March, we also announced our new transformative growth strategy – True North – and have hit the ground running with investments in new store concepts, dramatic expansion of Triangle Rewards including new RBC and WestJet loyalty partnerships, and a new company structure that maximizes our world-class customer insights and our ability to go to market in more efficient and modern ways.”

Canadian Tire Corporation, Limited has been a Canadian business since 1922. Its banners include Party City and PartSource; Mark’s; SportChek, Hockey Experts, Sports Experts and Atmosphere; and Pro Hockey Life. CTC’s banners, brand partners and credit card offerings are unified through its Triangle Rewards loyalty program. With nearly 12 million members, Triangle integrates first-party data to deliver valuable rewards and personalized experiences across nearly 1,700 retail and gasoline outlets. CTC also operates a retail petroleum business and a Financial Services business and holds a majority interest in CT REIT, a TSX-listed Canadian real estate investment trust.

“During the first quarter, CTC launched True North, its new four-year transformative growth strategy, designed to drive core retail growth through four strategic cornerstones: disciplined capital investments to build exceptional digital and store experiences; an expanded Triangle Rewards loyalty system; creating more personalized and data-driven customer relationships; and a more agile, tech-driven and efficient operating company. The strategy is designed to increase shareholder value above the Company’s historic levels. True North includes more than $2 billion in capital investment over the four years starting in 2025 across a series of value creating initiatives in each focus area, which will be overseen by a newly established transformation management office,” said the company.

“As part of True North‘s focus on expanding the Triangle Rewards system, the Company announced today a new partnership with WestJet Rewards, in addition to its March 27th announcement of the addition of RBC as a strategic Triangle partner. Both partnerships are expected to launch in 2026 and will be key building blocks for the strategy, creating more value for Triangle members, increasing member acquisition and engagement, and contributing to retail sales growth by expanding the reach and issuance of Canadian Tire Money beyond CTC’s retail banners and Canadian Tire Bank.”

Canadian Tire said True North‘s store enhancement program will invest in modern new store formats, expected to improve sales, margin and customer experience. Planned investments in 2025 include more than 30 Canadian Tire store projects and 18 Mark’s store projects, including seven new Bigger, Better, Bolder stores, capitalizing on Mark’s record of accretive returns and emerging market share opportunities in the casual apparel sector. In addition, SportChek is optimizing its portfolio, and opened with the second of its two new concept “Destination Sport” stores, located in Toronto, Ontario, in April of 2025.

“Since announcing the True North strategy, the Company has begun restructuring into a more agile operating company under a new senior leadership team,” it said.

“CTC is making progress towards the completion of its previously announced divestiture of the Helly Hansen business. The transaction is expected to close before the end of the second quarter, unlocking capital for shareholders and strategic capital investments.”

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Cottonwood Centre in Chilliwack Sold to Finix Holdings

By
Lee Rivett
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Cottonwood Centre in Chilliwack, British Columbia. Image: Cottonwood Centre

The Cottonwood Centre, a longstanding retail hub in Chilliwack, British Columbia, has been sold by its Vancouver-based owners — PCI Developments, Northland Properties, and Nicola Wealth — in a deal that marks a significant shift in Fraser Valley retail real estate. The new owner, Finix Holdings, now takes the reins of the 22-acre property at 45585 Luckakuck Way.

The transaction, finalized in April 2025, underscores ongoing investor interest in stable retail assets, particularly in rapidly growing suburban and exurban communities across Canada.

A Key Fraser Valley Retail Node

Established in 1974, the Cottonwood Centre has been a central gathering point for Chilliwack residents for over 50 years. With approximately 255,000 square feet of enclosed retail space and more than 60 stores, the property remains one of the largest enclosed shopping centres in the Fraser Valley.

Prominent anchor tenants include Save-On-Foods, London Drugs, Dollarama, Old Navy, and TD Canada Trust, with additional services offered by Club 16 Fitness and financial institutions such as Vancity. Adjacent to the west is a Canadian Tire store located at 45495 Luckakuck Way, occupying a separate legal parcel owned by Concord Pacific since its acquisition from Sears Canada in 2015.

The mall is positioned directly north of SmartCentres Chilliwack — a large-format retail centre owned by Ontario-based SmartCentres REIT — and benefits from high visibility and accessibility via the Trans-Canada Highway and Vedder Road.

A New Chapter: Sale to Finix Holdings

Finix Holdings, a private real estate investment firm with growing interests in Western Canadian retail and mixed-use properties, has now added the Cottonwood Centre to its expanding portfolio. The sale follows several years of capital improvements under the stewardship of PCI Developments and Nicola Wealth, who acquired the property from Morguard Corporation in 2019 for $73 million.

Nicola Wealth’s website confirms it held a 45% stake in the property via its Nicola Value Add Real Estate LP. PCI Developments acted as both co-owner and property manager through its Warrington PCI Management division. It remains unclear when Northland Properties joined the ownership structure or what the final stake distributions were at the time of sale.

Cottonwood Centre in Chilliwack, British Columbia. Image: Cottonwood Centre

Upgrades and Redevelopment Efforts

Since its 2019 acquisition, the Cottonwood Centre has undergone numerous upgrades aimed at modernizing the mall and improving the overall consumer experience. These efforts were particularly important in helping the centre adapt to shifting retail expectations in a post-pandemic environment.

Recent renovations have included enhanced wayfinding, updated interior finishes, and improved public amenities. A diversified mix of tenants — including both national retailers and local operators — has further solidified the mall’s position in the regional market. New foodservice additions, such as OPA! of Greece and Boardwalk Burgers, opened in late 2024.

Standalone Pads Drive Added Value

In addition to the enclosed mall footprint, the Cottonwood Centre site includes several standalone pad buildings that contribute meaningful value to the property’s long-term cash flow. These include an Earls Kitchen + Bar, Burger King, and Quesada Burritos & Tacos, each fronting major roadways for maximum visibility and accessibility.

These outparcel tenants, along with Canadian Tire next door, help to ensure steady foot traffic throughout the site and bolster the mall’s appeal to a broad demographic, from everyday errand shoppers to dine-in patrons.

Focus on Sustainability and Efficiency

In keeping with broader environmental goals, the Cottonwood Centre has implemented several sustainability initiatives over the past five years. Among the most notable: the introduction of energy-efficient lighting systems, comprehensive recycling programs, and the installation of 21 electric vehicle charging stations throughout the parking lot.

These efforts were recognized in 2023 when the property earned BOMA BEST Gold certification, a benchmark in Canada for environmental excellence in commercial buildings.

Cottonwood Centre in Chilliwack, British Columbia. Image: Cottonwood Centre

Community-Focused Retail Experience

The Cottonwood Centre has continued to engage with Chilliwack’s growing community through regular seasonal events, promotions, and family-friendly programming. Holiday-themed activations, sidewalk sales, and in-store events have long been a draw for residents across the Fraser Valley, encouraging repeat visits and positioning the mall as more than just a shopping destination.

Its mix of services and entertainment offerings — from fitness and beauty to banking and healthcare — makes the centre a one-stop destination for everyday life.

Regional Growth Fuels Retail Investment

Chilliwack, located approximately 100 kilometres east of Vancouver, has witnessed significant population growth in recent years. With rising real estate prices across the Lower Mainland, many families and retirees have relocated to Chilliwack for its relative affordability, natural surroundings, and expanding local economy.

Retail real estate has followed suit. The Cottonwood Centre’s latest sale is part of a larger trend where investors target assets in high-growth secondary markets. The acquisition by Finix Holdings signals confidence in Chilliwack’s continued evolution and the viability of regional shopping centres.

The Road Ahead

While Finix Holdings has not yet made public any redevelopment or repositioning plans, industry observers suggest that the property’s size and location present future intensification potential. With 22 acres of land, a prominent highway-adjacent location, and rising land values in the region, the site could support mixed-use development or further enhancements to the retail mix.

For now, Cottonwood Centre continues to serve as a key retail anchor in Chilliwack, combining legacy tenants with evolving consumer expectations.

As ownership transitions to Finix Holdings, the community will be watching closely to see what direction the centre takes in the years ahead.

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Leon’s Furniture Beats Q1 Expectations as Sales Rise: Report

By
Craig Patterson
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Leon's Furniture store. Photo: Leon's

Leon’s Furniture Limited, one of Canada’s largest home furnishings retailers, reported better-than-expected first quarter results for fiscal 2025, driven by a combination of higher same-store sales, robust furniture demand, and operational efficiencies. According to a new research note published by Stifel Canada on May 8, Leon’s Q1 results reflect a “comfortable beat” across multiple performance indicators, suggesting the company is well-positioned despite macroeconomic uncertainty.

For the three-month period ended March 31, 2025, Leon’s reported a same-store sales increase of 3% year-over-year. The gain significantly exceeded both Stifel’s forecast of -2% and the consensus estimate of -2.7%, especially notable given a strong 9% comparable growth in Q1 2024.

According to the Stifel report, “Expectations were soft given that last year, Leon’s same-store sales had increased 9% Y/Y, making for a difficult comparable.” The results point to sustained consumer interest and potential market share gains, particularly in the furniture category.

Stifel analysts Martin Landry and Bahamin Abdolpanah observed that the company’s furniture sales rose 5.2% year-over-year in Q1, supported by “stronger inventory positions” and the possible influence of the growing “Buy Canadian” sentiment among shoppers. While Leon’s did not directly attribute the sales lift to nationalistic purchasing trends, Stifel suggests the retailer’s status as an established Canadian brand could have been a contributing factor.

Revenue and Gross Margin Expand

Leon’s reported Q1 revenue of $579.5 million, representing a 3.1% increase over the same period last year and surpassing consensus estimates of $550.8 million. The gains were primarily attributed to the uptick in furniture sales, along with continued strength in warranty and insurance products, commercial appliances, and other non-merchandise categories.

Gross profit for the quarter increased to $258.4 million, with gross margin improving by 70 basis points to 44.6%. This was higher than Stifel’s forecast of 43.6%, and was driven by a favourable product mix, higher-margin furniture sales, and improved supply chain efficiencies.

General and administrative expenses as a percentage of sales decreased by 40 basis points to 38.9%, also better than Stifel’s expectation of 39.4%. Reduced advertising spend, enhanced productivity in the distribution network, and lower retail financing fees contributed to the operating leverage.

EPS Jumps 41% as EBITDA Margin Expands

Adjusted earnings per share (EPS) came in at $0.34 for the quarter, up 41% year-over-year. This was significantly above Stifel’s forecast of $0.21 and the consensus estimate of $0.23. Adjusted EBITDA for Q1 totalled $60.3 million, a 14% increase compared to the prior year, with margins expanding 100 basis points to 10.4%.

These results led Stifel to revise its full-year 2025 and 2026 forecasts upward. Adjusted EPS for 2025 is now projected at $2.19 (up from $1.97), and for 2026 at $2.28 (up from $2.07). Revenue forecasts were also increased to $2.55 billion and $2.61 billion for FY25 and FY26, respectively.

Photo: Leon’s Furniture

Market Share Gains Indicated by Sector Comparison

Leon’s performance in Q1 appears to have outpaced industry trends, suggesting market share growth. Statistics Canada data showed a 3.3% increase in overall sales for furniture, appliances, and electronics in January and February 2025. However, within that, furniture sales were reported to be flat year-over-year. Leon’s 5.2% increase, which includes March figures, indicates the company likely captured a larger portion of consumer spending in the category.

The Stifel report notes, “This suggests the company may have gained market share in the furniture category,” reinforcing Leon’s position as a dominant national player.

Positive Momentum and Cautious Optimism for Q2

Despite economic headwinds, including trade disruptions in January and harsh winter weather in February, the company saw strong sales in March that carried over into the second quarter. As a result, Stifel has increased its Q2 same-store sales assumption by 200 basis points to 2%, and raised its Q2 gross margin expectation by 10 basis points.

However, Stifel notes that management remains “cautiously optimistic” given ongoing volatility in the macroeconomic environment.

Stifel has reiterated its Hold rating and $27.00 target price for Leon’s shares. The valuation is based on a blended methodology incorporating three approaches. First, a 6.5-times multiple is applied to projected 2026 adjusted EBITDA, down slightly from a prior 6.8-times multiple. Second, a 12-times multiple is applied to 2026 forecasted EPS, compared to 13 times previously. Finally, the third input is a discounted cash flow (DCF) calculation that uses a 7.8% discount rate. At current trading levels, Leon’s is valued at approximately 11 times forward earnings—an above-average multiple for a Canadian small-cap consumer discretionary stock.

Risks Identified by Analysts

Stifel’s report outlines several risks that could affect Leon’s future performance. The company operates in a highly fragmented and competitive industry, and ongoing shifts toward e-commerce, particularly for smaller home accessories, may challenge Leon’s ability to sustain its margins. The analysts also flagged financial risk from the company’s exposure to commercial customers and franchisees, to whom Leon’s extends credit. A deterioration in the financial health of these partners could result in elevated bad debt expenses.

There is also operational risk tied to the retailer’s self-insured extended warranty programs. Failures in certain technologies or parts availability issues could drive up costs for the warranty business. Finally, the report raises the possibility that the anticipated value from spinning off real estate assets into a REIT may not materialize. Should management abandon these plans, there is a risk of downward pressure on Leon’s share price, as some investor expectations have likely been priced in already.

Company Overview

Leon’s Furniture Limited operates 298 locations across Canada under three key banners: Leon’s, The Brick, and Appliance Canada. The company is recognized for its deep national brand awareness, expansive in-house delivery infrastructure, and Canada’s largest network of service technicians. It also offers integrated financing solutions including insurance and warranties.

Conclusion

While Leon’s Furniture Limited remains in a competitive segment of Canadian retail, the company’s Q1 2025 results show strength in execution and potential for further market share gains. With management signalling confidence for Q2 and analysts raising their forward estimates, the retailer appears to be navigating a challenging environment with agility. However, investors may remain cautious until further clarity emerges on the REIT strategy and sustained margin growth.

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