Good morning. Your retirement may be quietly eroding — through money you're leaving on the table, savings you're tapping too soon and a retirement date you may be misjudging. Today's stories help you course correct before it's too late.
On The Money Today:
Up to $533 is coming from the CRA this spring — here's who gets it and how
Canadians are draining their RRSPs during their prime earning years — and it's costing them
Hit $1 million by 50? Retiring too early could still set you back hundreds of thousands
Let's get into it.
The federal government has confirmed a one-time grocery benefit top-up for 12 million Canadians who receive the GST/HST credit — but the money won't find you on its own. You need a filed tax return, and the deadline is April 30.
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A new report shows Canadians are withdrawing $1 for every $3 saved in their RRSP — and the biggest culprits are those aged 45 to 59, the very people who should be in peak savings mode. With contribution rates already declining, tapping your RRSP early could seriously undermine the retirement you've been building toward.
The size of your nest egg is only part of the picture. CPP timing, RRSP tax traps and the difference between retiring at 55 versus 65 can mean the gap between a $1.47M portfolio and a $3M one. Here's what every early retirement plan needs to account for before you hand in your notice.
MORE FROM MONEY.CA
MORTGAGES: Retirees renewing their mortgage in 2026 face a 15% to 20% payment jump —here's the strategy experts recommend when you're on a fixed income
BANKING: Switching your bank or insurer can feel like more trouble than it's worth. A federal report just confirmed why. The system is set up to keep you where you are, and it's costing you
RETIREMENT: I Will Teach You To Be Rich author Ramit Sethi says multigenerational living is one of the smartest ways to build wealth. Here's how Canadians can actually finance it
REAL ESTATE: Ottawa is moving to temporarily eliminate GST on new home purchases nationwide — and for some buyers, that could mean up to $130,000 in savings
TAXES: Millions of low-income Canadians are missing out on benefits — and the CRA's free SimpleFile tool can help before April 30
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That’s it for today. See you soon with another quick roundup of the financial news that matters.