Good morning. The decisions that hurt your finances most aren't usually the big, dramatic ones. They're the ones that seemed fine at the time. Three of them are in your inbox today.
On The Money Today:
The door-to-door contractor who vanished with $3,000 — and how to spot the next one
Why naming your kids as RRSP beneficiary could cost your estate thousands
The retirement regrets that hit even when you have $1 million saved
Let's get into it.
Heidi Aprile hired a contractor who pulled up her interlocking stones, took $3,000 upfront and disappeared. She never saw them again. Door-to-door service scams are the third most-reported fraud type in Canada — and they're most common in warmer months, when the pitches are hardest to turn down. Knowing the red flags before someone rings your bell could save you thousands.
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Naming your adult children as your RRSP beneficiary instead of your spouse sounds generous — but it can trigger an immediate tax hit worth tens of thousands of dollars. The rules around who qualifies for a tax-free rollover are stricter than most people realize, and one wrong move could cost your family dearly.
Most Canadians want to retire before 65, but surveys of actual retirees tell a different story. Even with seven figures saved, early retirement comes with risks that don't show up on a balance sheet — debt that compounds on a fixed income, cognitive decline without mental stimulation, and isolation that affects your physical health as much as your social life. Here's what to think through before you hand in your notice.
MONEY IQ
Which type of fraud is the most-reported in Canada, according to the Canadian Anti-Fraud Centre?
ALSO MAKING THE ROUNDS TODAY
INVESTING: Jim Cramer says the S&P 500 ETF most Canadians trust for retirement may be hiding a concentration risk few people see coming
RETIREMENT: Almost no Canadians retire with $1 million saved, but there are 3 steps that meaningfully improve your odds
NEWS: New research shows point-of-sale tip prompts are making customers less likely to return — and there's a simple way to push back without the guilt
INVESTING: Robert Kiyosaki is predicting the worst crash in history and says gold, silver and bitcoin are the 3 assets that could protect your RRSP and TFSA
RETIREMENT: Saving for retirement is only half the job — without a withdrawal plan, you could end up paying far more tax than you need to
MONEY IQ: HOW’D YOU DO?
Answer: D) Identity fraud/phishing tops the CAFC's 2025 most-reported list, followed by investment fraud. Together they account for a significant share of the $704 million Canadians lost to fraud in 2025 — and since only 5% to 10% of fraud is ever reported, the real figure is likely far higher.
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.
