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Oh, hi again. Last week I asked when you’re planning to file your taxes, and you all painted a very clear picture of the current state of filing.
Before we get into what you told me, a quick heads-up: There won’t be a Retire Rich newsletter next week (boo!) because of the holiday (yay!). We’ll be back in your inbox on April 10.
Death and taxes
As a quick recap, we talked last week about how tax season can feel like peak procrastination. A 2024 H&R Block survey found nearly a quarter of Canadians hadn’t filed with less than a week to go before the deadline (which, reminder, is April 30). So naturally, I had to ask: When are you actually filing?
Of the 600 readers who participated in the survey, about 30 per cent, said they file their taxes between April 1 and 15. That makes sense: many of you mentioned waiting on slips from employers or other sources that don’t arrive until late March. And once April hits, the pressure is on.
That said, we’ve got some keeners in this crowd. Roughly a quarter of you file between mid- and late March, and a small but mighty 3 per cent get it done in February. (Shoutout to Dan from Edmonton, who said he files early to get his refund ASAP.)
On the flip side, plenty of you are embracing the on-deadline energy. Nearly a quarter file between April 16 and 29, and about 3 per cent leave it right to April 30 (no judgment). Richard from Toronto said he’s filing on deadline day this year because some of his documents won’t be ready until the end of March, and, for the first time in a while, he expects to owe.
Richard isn’t alone: Many of you said you’re ready to file pretty early, but delay if you know you’ll have a balance owing.
The bottom line is whether you’re an early bird or a last-minute filer, what matters is getting it done. And the good news: April hasn’t even started yet, so you’ve still got a month to go.
The Calculator
What’s happening: Canadians are increasingly skipping trips to the U.S. and travelling overseas instead, with January marking the first time in decades (outside of the pandemic) that more people returned from abroad than from U.S. road trips. The shift comes amid a sustained boycott tied to trade tensions, with travel to the U.S. down sharply for more than a year.
Why it matters: Travel patterns are shifting in a way that’s already hitting the U.S. economy, particularly in tourism-heavy regions that rely on Canadian visitors. If the trend continues, it could reshape cross-border travel habits, redirect billions in spending and deepen the economic ripple effects of geopolitical tensions.
The Retirement Receipt
Tripti, 59, is hoping to retire soon from her job with a municipal government and her husband Trevor, 65, is semi-retired and works as a self-employed contractor.Todd Korol/The Globe and Mail
Can Tripti retire at 63, travel and still leave something for her children and grandchildren?
The situation: Tripti, 59, hopes to retire at 63 from her municipal government job, while her husband Trevor, 65, is semi-retired and earns a small income from self-employment. They live simply, want to travel more in retirement and hope to leave something to their five children and five grandchildren. One complication is Trevor’s $20,000 tax debt to the CRA.
The numbers: The couple has about $1.7-million in assets. Tripti also has a defined-benefit pension with an estimated present value of $550,000. They currently bring in $7,670 a month after tax and spend about that much, though the planner’s projection assumes $70,000 a year for living costs plus $15,000 a year for travel.
The advice from a financial planner: Tripti can afford to retire at 63, and could even retire sooner if she wanted. The couple’s plan works, and projections show they are on track to leave about $1.7-million to their family in today’s dollars. He recommends paying off Trevor’s CRA debt, splitting pension income to reduce tax, gradually shifting Tripti’s investments to a lower-risk mix and keeping the plan updated over time.
Best of the Rest
💸 More Canadians are stockpiling cash, but planners say it’s a double-edged sword. While cutting spending and building a cushion can strengthen finances in the short term, holding too much cash without a plan can quietly erode wealth. People could miss out on market gains, delay major life decisions and weaken long-term outcomes.
🔄 A second-act career is becoming part of the financial plan. More Canadians in their 30s to 50s are building backup careers, not just to follow their passion, but as a hedge against layoffs, AI disruption and industry shifts. But there is a catch.
📈 Canada is inching closer to prediction markets. Wealthsimple received regulatory approval to offer “forecast contracts,” a type of bet on real-world events that has largely been restricted here. The move opens the door for everyday investors, but also raises continuing questions about whether this looks more like investing or gambling.
🎰 One writer’s experiment shows how easy it is to get pulled into online betting. What started as a reporting assignment – gambling with a funded account – quickly became a window into the thrill, normalization, and sheer scale of the industry, where millions of people are now placing bets from their phones. (Paywalled)
Try This
💰 Hunting for the best savings account and GIC rates? The Globe’s weekly roundup breaks down the top offers so you can see where to earn the most, without doing all the digging yourself.
