Good afternoon! Three numbers are working against you today: the tax rate on interest you didn't know applied, the tariff deadline that's closer than it looks, and the retirement assumptions that don't hold up once you actually run the math. None of them are dramatic on their own. Together, they're a good reminder to check the fine print before it costs you.
On The Money Today:
Why your savings account might be handing the CRA more than you realize
What Canada's looming tariff deadline could mean for your next grocery run
The retirement assumptions that fall apart once you're living them
Let's dive in.
TAXES
A TFSA and a regular savings account can pay the exact same interest rate, but taxes decide how much of it you actually keep. If you're in a higher tax bracket, close to half your interest could go straight to the CRA — and with new TFSA room open for 2026, there's a good chance you're sitting on unused space right now.
IN PARTNERSHIP WITH Fetch
Between food, grooming and toys, pet costs add up fast — and vet visits are the real budget-breaker. Routine dog care alone runs $4,100 to $5,200 a year, according to the Ontario Veterinary Medical Association, before you factor in an emergency. Fetch Pet Canada covers up to 90% of vet bills for unexpected sickness and injury, at any licensed vet in Canada, including specialists and emergency clinics.
Exam fees covered too (typically $50 to $250)
Dental injury and disease covered for every tooth — some competitors limit or exclude this
Claims reimbursed within a couple of days of approval
Optional Fetch Wellness coverage reimburses up to $1,200/year for routine care, no deductible or waiting period
NEWS
Ottawa is weighing concessions on alcohol, autos and dairy to avoid the new U.S. tariff before it lands August 19. Whether or not a deal gets done in time could decide what you pay at the grocery store, the liquor store and the dealership in the weeks ahead.
FEATURE
From CPP timing to the emotional shift from saver to spender, these are the realities that catch even careful planners off guard. If you're still years from retiring, this is worth reading now — while you can still do something about it.
MONEY IQ
About what share of Canadian retirees leave work earlier than they originally planned?
ALSO MAKING THE ROUNDS TODAY
RETIREMENT: She's 65 and her husband lost their $700K nest egg. Dave Ramsey's advice, and the lesson for Canadians
BANKING: Suze Orman's $1K challenge shows your savings rate matters just as much as the habit itself
MONEY IQ: HOW'D YOU DO?
Answer: B) Nearly half of Canadian retirees retire earlier than expected, often due to health, layoffs or caregiving. It's one of the "hard truths" that catches even careful planners off guard.
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.
