Good afternoon! A few things this week made it clear how much can cost you before you even notice: a passport stolen years ago, a political jab nobody asked for, and a bank fee most customers never questioned. None of them showed up on your radar until the bill did.
On The Money Today:
Why a document you lost years ago could still be racking up debt in your name
What a widening trade fight could mean for your next grocery run
The bank fee 148,000 Canadians didn't know to question, until now
Let's dive in.
DEBT
A stolen passport left this BC resident $13,000 in debt: here's what the RCMP says you should check
A passport stolen three years ago quietly turned into a $13,000 loan taken out in someone else's name, and the victim only found out when a credit card application flagged it, since the fraudster had redirected all the collection agency's mail. Police say a name and birthdate are often all it takes. If you've ever lost an ID, even years back, here's how to check whether someone's borrowing against your name right now.
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NEWS
'Your entire nation has a lower GDP than Texas': US tariffs hit Canadian dairy, cement and liquor
A US congressman's jab at Canada's economy landed the same week Washington's new 50% tariffs took effect on Canadian dairy, cement and liquor, and Canada's countermeasures start September 8. Ottawa has vowed to match the tariffs dollar-for-dollar once that deadline hits, which means both sides of the fight could show up on your receipt at once. This is what the widening trade fight could mean for prices at the grocery store and the LCBO before the retaliation even lands.
MUST READ
Scotiabank is sending $42.82 to 148,000 customers, do you qualify?
A court-approved $10.45 million settlement resolves claims that Scotiabank charged customers twice for the same failed payment — once when it bounced, then again if the merchant tried a second time. If you held a Scotiabank account between 2020 and 2024, you don't need to file anything; eligible customers are getting paid automatically. How to tell if you're one of them.
MONEY IQ
How much did Canadians lose to fraud in 2025, according to the Competition Bureau?
ALSO MAKING THE ROUNDS TODAY
NEWS: Trump's 50% tariffs hit $20B in Canadian exports as a Harvard economist warns the trade war is a 'bar fight'
TAXES: CRA fines a Vancouver realtor $103,785 for pretending a rental property was her home
RETIREMENT: Canada's $11.3B icebreaker deal reignites a pension fight, why funds invest just 12 cents per dollar at home
RETIREMENT: Ontario pension plans just hit a record 127% funding level, but don't expect a bigger payout
MONEY IQ: HOW'D YOU DO?
Answer: B) $704 million — and identity fraud was the most commonly reported type, which is exactly how a passport stolen years ago can still come back to bite you.
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.
