Good morning. Most of us don't question the things that have always worked — the credit card, the rate we stopped worrying about, the checked bag. This weekend gives you three reasons to look again.
On The Money Today:
The credit trap that catches widows off guard
The mortgage move to make before July 15
The luggage scheme targeting Canadian travellers
Let's get into it.
June did everything right. No missed payments, no debt, a credit card paid in full every month. But the card was in her husband's name — and when he died, so did her credit history. It's a trap that catches thousands of Canadian widows off guard, and the fix takes less than an hour if you act before it's too late.
IN PARTNERSHIP WITH PolicyMe
With global life insurance premiums set to rise 3% annually through 2026, now is a good time to review whether your existing coverage still makes financial sense — especially if you're heading into retirement and want healthcare costs locked in. If you have a term policy, you can typically cancel without penalties, making it worth comparison-shopping for a better rate.
PolicyMe makes that easy: answer four questions and get an instant, no-obligation quote valid for 90 days. No medical exams, no hidden fees, and coverage from $100K to $5 million starting at around $21/month. Couples get 10% off in the first year.
The Bank of Canada held rates at 2.25% for the fifth time, but Governor Tiff Macklem issued an explicit warning: if oil-driven inflation spreads into wages and services, consecutive rate hikes are coming. On a $500,000 variable mortgage, two hikes of 25 basis points each adds roughly $130 to $150 a month. The July 15 announcement is the next key date. Here's how to stress-test your debt before it arrives.
Your checked bag could be used in a drug smuggling scheme and you may never know until it's too late
You hand over your suitcase at check-in and never think about it again. But a new CTV investigation reveals organized criminals may be switching luggage tags at Canadian airports, placing your name on bags headed for countries where drug trafficking carries the death penalty. It has already happened to innocent travellers. There are a few simple steps you can take before your next trip.
ALSO MAKING THE ROUNDS TODAY
STOCKS: The SpaceX IPO has everyone buzzing — but analysts say it's overvalued at US$1.77T, and there are already ways for Canadians to invest in the space economy without waiting in line
REAL ESTATE: Rodents nesting in your HVAC system over winter can spread hantavirus, spark electrical fires and leave you with a repair bill your home insurance won't cover
NEWS: AI's insatiable appetite for RAM chips is driving up memory costs — and Apple's outgoing CEO has already warned that your next device will cost significantly more
BANKING: A Canadian traveller landed in the Philippines and woke up locked out of their bank account — here's what to do before your next trip to prevent it
RETIREMENT: Nearly half of Canadians say retirement savings is a priority — but only 12% feel financially fulfilled, and the gap reveals a lot
HAVE YOUR SAY
What precautions do you currently take to keep your checked bags safe?
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.
