Good afternoon! Plenty of the money arrangements we live with were set up years ago, often with a handshake and the best of intentions, and then left to run on autopilot. Today is about popping the hood on those setups while you still have time to change course.
On The Money Today:
Why helping a parent with banking years ago could mean new CRA paperwork for 2026
The inherited advisor relationship that deserves a fresh look before you sign on
Where your retirement income could stretch furthest if you rethink your winters
Let's dive in.
TAXES
Your name on a parent’s account could trigger a CRA filing for 2026
If you added your name to a parent’s bank account or helped a child get on a home title, you may have created a trust without signing a single document. After three years of delays, the CRA’s bare trust filing rules finally take effect for the 2026 tax year. Most families will be in the clear, but one number decides whether yours is one of them.
Why It Matters
Missing a required return costs $25 a day, up to $2,500, and the test uses the account’s peak balance during the year rather than what it shows on Dec. 31. For families managing an aging parent’s savings, one large deposit, like the proceeds from selling the family home, can change the answer.
IN PARTNERSHIP WITH National Bank
One chequing account with a credit line, legal support and up to $600 cashback
Most chequing accounts are just a starting point. National Bank’s The Total is closer to a financial hub, bundling unlimited transactions, a personal line of credit up to $5,000, and legal and estate planning support into a single monthly fee. Eligible customers can currently earn up to $600 cashback when they open one, with the promotion running until November 3, 2026.
Unlimited digital and in-person transactions
Unlimited Interac e-Transfer transactions (after completing certain steps within 120 days)
An integrated line of credit up to $5,000 (subject to credit approval)
Legal and estate planning assistance via phone or video conference
100 free cheques per year
An eligible Mastercard with $150 applied as credit and $10/month off your fixed monthly fee
$0 monthly fee with a balance of $6,000 or more
INVESTING
Inheriting your parents’ advisor? What a 1.75% fee really costs you
Your parents trusted the same advisor for decades, and now that relationship comes to you along with the portfolio. Walking away can feel like a betrayal, but staying means paying a fee you never got to negotiate. One comparison will tell you whether that loyalty is costing you.
Why It Matters
Advisory fees come out every year whether markets rise or fall, so a gap that looks small on paper compounds over the decades you’ll hold this money. On $680K, the difference between 1.75% and the Canadian average fee is nearly $5,000 a year that stays out of your portfolio.
MUST READ
Trading snow for sand? The Caribbean islands where your pension goes furthest
Swapping snow shovels for sandals sounds like the dream, but the island you choose decides whether your savings stretch or shrink. Monthly costs on the 11 top-rated islands range from $1,400 to $3,500, a gap worth more than $25,000 a year. A few even offer retirement visas you could qualify for on a modest pension.
Why It Matters
Canadian visits to Las Vegas alone have fallen 17.4% as the trade war pushes snowbirds to rethink U.S. winters. For retirees still chasing the sun, picking the right island now could shape both this winter’s budget and where you spend the next decade.
MONEY IQ
How many years must you have lived in Canada after age 18 to keep receiving Old Age Security indefinitely while living abroad?
ALSO MAKING THE ROUNDS TODAY
An Ontario retiree was charged $274 more than the seat price he saw on Air Canada’s site, and one simple habit helped him get his money back when the airline’s explanation kept changing
Rob Carrick says to clear your mortgage before you retire, but a mortgage broker warns draining your savings to get there can leave you cash-poor in the years you need it most
One Canadian’s $4,000 personal loan ended up costing $12,000, and the borrower points to loan insurance they don’t remember agreeing to as the culprit
MONEY IQ: HOW'D YOU DO?
Answer: C. Retirees who lived in Canada for at least 20 years after turning 18 can keep collecting OAS no matter where they move. Those with less time in Canada see payments stop after six months outside the country.
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.
