Good afternoon! The safety nets around your money all come with fine print, and most of us don't read it until something has already gone wrong. Today is about reading it first, while there's still time to act.
On The Money Today:
What your bank's fraud promises actually cover when a senior is targeted
The CRA fine print that could make next tax season far easier
The rules that follow your savings when you retire somewhere sunnier
Let's dive in.
BANKING
A senior lost his $1.7M life savings. Why didn't his banks step in?
A B.C. man lost his entire $1.7 million in life savings at age 89, and his family says two of Canada's biggest banks should have stopped it. Both banks have made public commitments to protect clients from financial fraud. Their fight raises a question every Canadian with aging parents, or a nest egg of their own, needs answered.
Why It Matters:
The Canadian Anti-Fraud Centre estimates only 5% to 10% of fraud is ever reported, so cases like this likely represent a fraction of what older Canadians are losing. Knowing what your bank will and won't do before something goes wrong could be what protects your savings.
IN PARTNERSHIP WITH National Bank
150+ professions qualify for banking perks most Canadians never check
Most Canadians choose a bank based on convenience and then stay forever, absorbing monthly fees that add up. But if you work in one of more than 150 eligible professions — healthcare, IT, finance, engineering, law, education, public service and beyond — there may be a better deal at the bank than the one you're on.
National Bank's offer for professionals includes up to 3 bank accounts with no fixed monthly fees (with an eligible Mastercard rewards credit card; certain fees apply), preferred lending terms, legal assistance, identity theft protection and access to a financial advisor. Eligible professionals could potentially unlock up to $1,313 in annual savings, with higher amounts available in select fields.
TAXES
The Oct. 31 step that could get you a pre-filled tax return next spring
Starting in March 2027, the CRA will invite 1 million Canadians to file using a return it has already filled in for them. You simply review it, fix anything that's missing and submit, which could take most of the paperwork off your plate. Whether you're even in the running depends on a few things you need to have in place by Oct. 31.
Why It Matters:
The Parliamentary Budget Officer estimates that eligible non-filers could collect an average of $2,212 in benefits once their returns are filed automatically, a sign of how much money goes unclaimed when a return never gets submitted. With fewer than four weeks left to get ready, waiting until spring means missing this window entirely.
MUST READ
Uruguay tops 2026's best places to retire, but Canadians face a catch before moving
A new index ranking 46 countries puts Uruguay, Mauritius and Spain at the top of the list for retirees in 2026. If you've ever pictured stretching your nest egg somewhere warmer and cheaper, the rankings make a tempting case. For Canadians, though, the move comes with rules that could follow your pension and your savings across the border.
Why It Matters:
Canada's departure tax treats most of your assets as sold the day you leave, which can trigger a tax bill before you've even unpacked. OAS only keeps flowing abroad if you've lived in Canada for at least 20 years after turning 18, so the wrong timing could cost you income for life.
MONEY IQ
How many years must you live in Canada after age 18 to qualify for the full Old Age Security pension?
ALSO MAKING THE ROUNDS TODAY
Nearly half of Canadians oppose handing Pearson and three other major airports to private investors, and the fees travellers could end up paying still haven't been decided
The TSX heads into October on a record-breaking run, and 25 years of market data suggest the month's crash reputation is overblown for long-term investors
A lawyer for more than 350 StubHub customers says the company keeps paying arbitration fees late, but there are ways to push for your refund while the fight drags on
Hockey Night in Canada is back without the NHL this season, and catching your team on TV now starts at $270 unless you switch to the free PWHL lineup
MONEY IQ: HOW'D YOU DO?
Answer: D) Full OAS requires 40 years of Canadian residence after age 18. If you have fewer years, you get a partial pension calculated in 40ths.
That's a wrap for today! Before you go, we'd love to know what you thought of today's newsletter. Hit REPLY if you have more to share — we read every reply.
