Good afternoon! Doing everything right doesn’t always protect your money when the rules were written with someone else in mind. Once you know where those rules bite, there’s usually a smarter move you can still make.
On The Money Today:
The Florida tax break written for everyone except Canadian snowbirds
Why Ontario’s fault rules can stick you with the bill when the other driver flees
Why a paid-off house may not carry your retirement as Canada slips to 21st
Let's dive in.
TAXES
Florida just cut property taxes, but not for Canadian snowbirds. Here’s the silver lining
Florida voters just approved the biggest homestead tax break in nearly 20 years, and Gov. Ron DeSantis has been clear about who he wants paying the bills. If your winter condo isn’t your primary residence, the larger exemption won’t touch your tax bill. But one smaller change in Amendment 3 could still work in your favour if you plan to keep your Florida home.
Why it matters
Florida’s local governments stand to lose about US$11.8 billion a year once the cut is fully phased in, and non-homestead properties are an obvious place to recover some of it. The moves you make before the fall 2027 tax notices arrive could shape what your winter home costs for years.
IN PARTNERSHIP WITH CIBC Investor's Edge
Trading fees chip away at your returns, but a new account could help you keep more
Every commission and account fee you pay is money that never gets the chance to grow, and over a decade of investing those small charges can take a real bite out of your retirement savings.
New CIBC Investor’s Edge clients can get 100 free trades with promo code EDGE2627, plus $150 or more cash back.† If you manage your own portfolio, it’s a lower-cost way to get started, but the offer ends March 31, 2027.
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INSURANCE
She was hit by a getaway driver, and still got a $40,000 bill. Why Ontario’s fault rules left her on the hook
A Toronto nurse practitioner was turning left on a yellow light when a speeding getaway car slammed into her and fled. Almost two years later, the city mailed her an invoice to replace a pole knocked down in the crash. The rule that put her on the hook applies to every Ontario driver, no matter what the other car was doing.
Why it matters
Since July 1, 2026, income replacement has been optional on new Ontario auto policies, so an at-fault finding can now hit you from more than one direction. A quick check of your liability limit and accident benefits today could decide whether a surprise bill lands on your insurer or on you.
MUST READ
Canadians say they need $1.7M to retire as Canada slides in global ranking. What’s at risk and how to protect your retirement
Canada has dropped from 10th to 21st in a global ranking of retirement security, even though near-retirees hold more wealth on paper than any generation before them. If your plan leans on a paid-off home and a couple of government cheques, the math may not stretch as far as you’re counting on. Before you lock in a retirement date, it’s worth knowing how your own numbers measure up against that $1.7 million target.
Why it matters
A Canadian woman who reaches 65 can expect to live another 22.3 years, so your savings may need to cover two decades or more, including the years when care costs climb. With 36% of Canadians already saying they won’t reach their goal, the time to adjust is while you still have options.
MONEY IQ
ALSO MAKING THE ROUNDS TODAY
Ontario’s winter hydro rates dropped Nov. 1, but a smaller rebate means running your dryer at the wrong hour could cost you twice as much this winter
The CRA just warned 735 workers their jobs are at risk weeks before tax season, so setting up your refund and benefits the right way now could spare you hours on hold
Amazon workers across the GTA are pushing to unionize, calling $24-an-hour starting pay “poverty wages” at a company earning billions
MONEY IQ: HOW'D YOU DO?
Answer: D. Ontario brought in no-fault coverage in 1990. Since then, injured drivers claim accident benefits from their own insurer, whoever caused the crash.
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