Good morning. Today's stories are a reminder that money decisions that seem straightforward may not always be.
On The Money Today:
Couples are losing up to $55,000 in retirement savings — and a simple conversation could fix it
BoC holds at 2.25% — and Canadians renewing a $500K mortgage face an $800/month payment shock
A man accepted $40,000 to vacate his rental. Now he's unhoused and wishes he never signedLet's get into it
Let's get into it.
Most couples manage their money like roommates — separately, without coordination. But research shows that failing to align your Group RRSP contributions with your employer's match could cost you up to $55,000 in lifetime retirement wealth. The fix is simpler than you'd think. One conversation could reclaim thousands in free employer match money you're currently leaving on the table.
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Every dollar overpaid on monthly bills is a dollar not compounding in your TFSA or RRSP. Auto insurance premiums have climbed 18.9% since 2020 — if you've auto-renewed, you're likely overpaying.
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The Bank of Canada held rates at 2.25% for the third consecutive time — and for the 1.2 million Canadians renewing their mortgage this year, the news stings. Those renewing a $500,000 mortgage originally locked in at 2% could see monthly payments jump by up to $800. With rates expected to stay flat through most of 2026, here's what mortgage holders need to do right now.
Shannon Lucas in North Bay accepted a $40,000 “cash-for-keys” settlement to leave his townhouse, but he says he would give it all back if he could return home. Predatory offers like this may seem tempting, but they often cost renters more than just money — from losing below-market rent to giving up housing security. This story breaks down what happened to Shannon and what every renter should consider before signing.
TRIVIA
How much did Canadian households absorb in higher annual costs due to U.S. tariffs in 2025?
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NEWS: Sophisticated scams are getting smarter and targeting your retirement savings. Here's how to spot them before it's too late
TRIVIA ANSWER
$1,700 to $2,100
If it felt like everything got more expensive in 2025, that's because it did. Canadian households absorbed an estimated $1,700 to $2,100 in higher annual costs due to U.S. tariffs — hitting from both directions.
That’s it for today. See you soon with another quick roundup of the financial news that matters.