Good morning. Not every money story adds up the way it looks on the surface. A fortune can hide a cautionary tale, a scam can look like an opportunity, and a comfortable number can turn out to be smaller than you think.
On The Money Today:
A $1 million net worth sounds like plenty, but here's the real number that separates you from Canada's top 10%
An AI-generated video was convincing enough to drain an 86-year-old's life savings, and what it means for how you verify any investment opportunity going forward
One couple cashed out their retirement savings on a business idea and it paid off big — but here's what that same bet would cost a Canadian in taxes alone
Where Canadians' money plans meet reality — scams, fine print, and the true cost of security.
Canada's median family net worth is $519,700, and the real bar for the top 10% is $2 million. Here's where you stand, why $1 million doesn't cut it anymore, and how to start closing the gap.
IN PARTNERSHIP WITH National Bank
Newcomers to Canada could save on everyday banking with National Bank's newcomer offer.
Depending on eligibility, the offer can include:
A bank account with no fixed monthly fees for up to 3 years
Unlimited online transactions and Interac e-Transfer usage within Canada
Online international money transfers to select countries
Free legal assistance for 12 months through a partner
Free National Bank ABM and in-branch withdrawals, transfers and bill payments for the first year
For a limited time, eligible newcomers may also qualify for up to $600 cashback*.
*The offer is open to permanent residents, temporary workers and international students who have been in Canada for 5 years or less.
An 86-year-old Ontario retiree handed over her RRIF, her home equity and a credit card advance after seeing a fake AI video of the prime minister endorsing a crypto platform. Here's how convincing these scams have gotten, and how to keep your own investments safe.
A couple cashed out their retirement savings in their 30s to chase a business idea, and it turned into a $126 million payday with ownership stakes in pro soccer clubs. It's a story that makes an early withdrawal look tempting, but in Canada, the tax hit and lost RRSP room make that bet far more expensive than it looks. Before making a similar move, it pays to know the real cost.
ALSO MAKING THE ROUNDS TODAY
AUTO INSURANCE: New Ontario auto insurance rules take effect today, and dropping accident benefits to save money could cost you thousands
HAVE YOUR SAY
Where do you think your net worth stacks up against the $519,700 Canadian median?
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.
