Good morning. Some of the biggest financial lessons aren't the ones you plan for. They're the ones you almost missed — or almost fell for. Today's newsletter is about paying closer attention.
On The Money Today:
The SMS scam that hijacked thousands of Canadian phones
Why the Bank of Canada's 4th straight hold matters more than the first three
The retirement money your employer is waiting for you to claim
Let's get into it.
A portable fake cell tower, driven through Toronto neighbourhoods, silently hijacked tens of thousands of phones — your phone automatically connects to the strongest signal nearby, and that's exactly what scammers exploited. The texts looked exactly like they came from your bank. Canada's first SMS blaster arrest just exposed how sophisticated these scams have become, and why the standard advice to "just check the sender" no longer cuts it. Here's what to watch for — and what to do if you already clicked.
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If your employer offers an RRSP match and you're not taking full advantage, you're leaving free money on the table. Contributing $1,000 today could grow to $45,000 by retirement, and that's before your employer adds a single dollar. With roughly 9.1 million Canadian employees having no workplace retirement plan at all, knowing what's available to you and how to maximize it could be one of the most valuable financial moves you make this year.
The Bank of Canada held rates at 2.25% again — the fourth consecutive hold — and 80% of economists now predict no changes for the rest of 2026. Meanwhile, 1 million Canadian mortgages are set to renew this year, and payments could jump 20% to 25% for anyone coming off 2021 rates. If you've been waiting for a rate announcement to make your mortgage move, a top broker says that's exactly the wrong approach.
MONEY IQ
How much did one Canadian senior lose in what CBC described as one of the largest bank investigator scams ever reported in Canada?
ALSO MAKING THE ROUNDS TODAY
HOMEBUYING: Some Canadian parents are buying homes for kids who haven't hit high school yet. Here's what the CRA needs you to know first
RETIREMENT: Your SIN is on the dark web and your RRSP could be at risk. Take these steps now
NEWS: He lost US$1 million to romance scammers, then they came back posing as recovery lawyers. Why Canadians need to know about this two-strike fraud tactic
INVESTING: Canada just capped a hidden fee charged on every stock trade. Find out what it means for your portfolio
HOW TO EARN MONEY: A tradesperson earns US$10K a month reviewing Amazon products in 20 hours. Here's how Canadians can do it too
MONEY IQ ANSWER
D) $1.7 million. In 2024, scammers posing as bank fraud investigators spent six months convincing an 89-year-old Victoria man to withdraw his entire life savings and hand it to couriers, all while he believed he was helping with a money-laundering investigation. Two major banks allowed the withdrawals despite red flags. Most of the money was never recovered.
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.
