Good afternoon! Some money is coming to you, some is already yours, and some is slipping out the door. Today's issue covers all three: a bigger government payment landing in Canadian accounts, the right first move after a sudden windfall and the spending habit eating into your cash flow without you noticing.
On The Money Today:
The CRA payment landing in more accounts this month, and how to check yours
What financial advisors say to do first with a sudden $400K
The everyday retirement expense draining your cash flow
Let's dive in.
TAXES
The GST/HST credit has a new name and a bigger deposit, and most Canadians haven't noticed the change yet. Here's what it means for your payment this month, who qualifies, and how to make sure you're not missing money you're already owed.
IN PARTNERSHIP WITH National Bank
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Eligible professionals can save up to approximately $1,313 a year — enough to cover a few months of groceries or a solid dent in holiday spending.
RETIREMENT
A sudden $400K in cash sounds like the answer to every retirement worry, but where you put it first can add or cost you tens of thousands over time. Here's how advisors say Canadians should weigh RRSPs, TFSAs and the market before making a move.
MUST READ
A fixed income doesn't leave much room for money leaking out in places you've stopped noticing. Here's where financial advisors say retired Canadians are quietly overspending, and the easy cuts that free up real cash each month without touching your lifestyle.
MONEY IQ
In what year was Canada's income tax introduced as a "temporary" wartime measure?
ALSO MAKING THE ROUNDS TODAY
RETIREMENT: She's 65 and her husband lost their $700K nest egg. Dave Ramsey's advice, and the Canadian lesson in it
RETIREMENT: My son's marriage is ending and he wants to move home. How do I help without sacrificing my retirement
MONEY IQ: HOW'D YOU DO?
Answer: A) 1917 — it was introduced to help fund Canada's involvement in the First World War. It was never repealed.
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.
