Good morning. Sometimes the biggest financial decisions come down to location — where you live, where you retire and even where you stop for gas. This morning, we're looking at three stories that are a reminder that your surroundings have a bigger impact on your wallet than most people realize.
On The Money Today:
Most Canadians are stressed about getting their mortgage renewal wrong — here's how to approach it
Retiring abroad could shrink your tax bill and stretch your savings further
An Ontario gas station had water in its tanks — and some drivers paid over $1,000 to find out
Let's get into it.
If your mortgage is up for renewal in the next two years, you're not alone in feeling overwhelmed. A new CIBC poll finds 55% of holders fear making the wrong choice — and nearly half say they'll need professional help to navigate it. With pandemic-era mortgages now resetting at higher rates, here's what to consider before you sign.
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One of the biggest takeaways from Buffett's approach is that real estate works best as a long-term decision, not a short-term investment play.
If you have a mortgage renewal coming up or are shopping for a home, a quick five-minute application with Homewise can help you secure a great rate without the stress of shopping around. Their free online tool compares offers from over 30 banks and lenders — no credit check required — and a personal Homewise Advisor supports you from approval to close, potentially saving you thousands in interest.
If your retirement savings aren't stretching like they used to, your postal code might be the problem. Canadians who sever ties with Canada can reduce or even eliminate their income tax abroad — and a few of these 5 countries come with warmer weather as a bonus.
An Esso station in Ontario had water in its fuel tanks — and some drivers didn't find out until their car wouldn't start. If you filled up recently and something feels off, here's what contaminated gas can do to your vehicle and your wallet.
MONEY IQ
ALSO MAKING THE ROUNDS TODAY
NEWS: Thinking of buying or selling this spring? Canada's housing market is off to a slower start. Get the full picture
CREDIT CARDS: Buffett is sitting on $373 billion in cash — here's what that tells Canadians carrying credit card debt. Find Out If Your Debt Is Costing You More Than You Think
NEWS: Are you being charged more than other Canadians online? What surveillance pricing is and what to do about it. Find Out If It's Affecting You
AUTO: At almost $5K per year, car costs are crushing Canadians — here are 5 ways to fight back. Cut Your Car Costs Now
NEWS: Thinking of renting out your car this summer? Demand is rising ahead of the FIFA World Cup. Calculate How Much You Could Earn
MONEY IQ ANSWER
B) TSSA. The Technical Standards and Safety Authority (TSSA) regulates fuel safety at Ontario gas stations. When the Elmvale Esso received contaminated fuel complaints, TSSA inspectors confirmed water had leaked into both tanks and ordered them shut down until safety standards were met.
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.
