Good morning. Canada's financial safety net is more complicated than it looks — and the gap between what most people assume and what's actually true can cost you. Today's stories are a reminder that knowing the rules is half the battle.
On The Money Today:
The average Canadian retiree takes home $2,617 a month. CPP and OAS only cover part of that
Thinking of retiring abroad? Here's what happens to your CPP, OAS and taxes when you go
Lost money to a scam? The CRA may let you claim it as a tax deduction
Let's get into it.
The average Canadian senior takes home about $2,617 a month after tax, but CPP and OAS only cover part of that. The article breaks down where the rest comes from — and what you should be doing now if your retirement plan has gaps.
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The short answer is yes — but the rules around taxes, health coverage and your savings accounts are more complicated than most people expect. Here's what you need to sort out before you book that one-way ticket.
If you've lost money to a scam, the CRA may let you claim some of it back as a tax deduction — and most victims have no idea this option exists. Here's who qualifies, what counts, and how to document your claim before you file.
MONEY IQ:
Roughly how many Canadians reported being a victim of fraud in a single year, according to Statistics Canada?
ALSO MAKING THE ROUNDS TODAY
RETIREMENT: Your dental benefit could be quietly triggering a GIS clawback — here's what low-income seniors need to check
ALTERNATIVE INVESTING: A forgotten basement painting just sold for $217,250. What the HBC auction reveals about adding art to your portfolio
MANAGING MONEY: Barbara Corcoran says she's never saved a dime — and she's worth $100M. Why her strategy works for her but not most Canadians
RETIREMENT: 84% of Canadians say estate planning is a priority. Only 41% actually have one
DEBT: Her income dropped, an $18K repair bill arrived and her emergency fund wasn't enough. What Canadian homeowners should do before the same thing happens to them
MONEY IQ ANSWER: HOW DID YOU DO?
Answer: D) 1 in 13 Statistics Canada found that 2.5 million Canadians — about 1 in 13 people aged 15 and older — reported being a fraud victim in the previous 12 months. And that's only what gets reported; experts estimate fewer than 1 in 10 victims ever come forward.
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.
