Good afternoon! Three of today's stories share the same warning: the plan you're leaning on — a court judgment, a part-time job, a government pension — doesn't always show up the way you'd expect. None of it is a scam or a mistake on your part. It's just a gap between what's promised and what actually lands, and it's worth knowing where before you're the one caught short.
On The Money Today:
Why a court order to get your money back doesn't guarantee you'll ever see it
Working through retirement may not be the safety net you're counting on
Why your CPP cheque may cover a third of what you're picturing
Let's dive in.
MANAGING MONEY
A court ordered her fraudster to repay $55,000 after a backyard pool project fell apart. A year later, she's still waiting
More than a year after a Windsor-area contractor pleaded guilty to fraud, Althea Di Gregorio still hasn't seen a cent of the $55,000 in restitution a court ordered him to pay. Her case shows a gap most people don't know exists: a restitution order isn't a cheque in the mail — it's the first step in a separate, often years-long collection process the victim has to chase down alone.
If you've ever paid a deposit to a contractor, mover or other service provider, here's what actually happens when a judge orders someone to repay you, why so many of those orders go uncollected, and the habits that protect your deposit before you're the one waiting.
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RETIREMENT
Working part-time in retirement may not save your finances. Here's why the backup plan so many Canadians count on tends to fall apart
Nearly a third of Canadians who haven't retired yet are counting on working through retirement to cover the gap between what CPP and OAS pay and what they'll actually need. New data suggests that backup plan looks a lot better on paper than it does in practice.
One in 10 Canadians aged 55 and up who'd already retired went back to work in 2023, up from 7% in 2019 — often not by choice. Health issues, caregiving and layoffs push people out of the workforce earlier than planned, and once someone over 55 loses a job, it takes an average of five months to find another one. Let’s talk about what to build into your plan instead of hoping a future paycheque fills the gap.
MUST READ
The average CPP payment is $925 a month, not the $1,507 number you've heard: here's the real gap it leaves in your retirement
The figure that gets quoted everywhere is $1,507.65 — the maximum CPP payment at 65. It's also nearly meaningless for most retirees, since reaching it takes close to 39 years of maximum contributions, something few workers manage once career gaps or lower-earning years are factored in.
Most new retirees land closer to $925 a month. Add the maximum OAS and you're still around $1,629 before tax — an income that doesn't stretch far in Toronto or Vancouver. For one retired Ontario couple, CPP, OAS and a small pension add up to about $30,000 a year, comparable to a full-time minimum-wage income. CPP was never built to replace a paycheque on its own; here's what it was designed to cover, and the moves that close the gap before retirement, not after.
MONEY IQ
The maximum CPP payment at 65 is $1,507.65 a month. Roughly how many years of maximum contributions does it take to actually qualify for that amount?
ALSO MAKING THE ROUNDS TODAY
HOMEBUYING: If you have a mortgage, your bank's optional insurance could pay your lender before it pays your family
ECONOMY: Canada's EU 'associate member' pitch made headlines, but a trade scholar says it won't move the needle on your wallet
NEWS: If you or someone you love travels with a wheelchair, a new class action could change how airlines treat you on your next flight
NEWS: She lost $800,000 to a fake bank fraud alert. Here's how the scam worked
MONEY IQ: HOW'D YOU DO?
Answer: C) — Close to 39 years of maximum contributions, which is why most retirees land closer to the $925 average instead.
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.
