Financial infidelity hurts, but there are ways to get past it + MORE Oct 22nd

The down payment for your home purchase is topped up, and it’s finally the day you and your partner meet with a mortgage adviser. But something isn’t clicking. When the adviser runs a credit check, your joint report comes back in shambles with unexpected outstanding debt. The adviser can no longer help you find a mortgage—and your partner is acting shifty. “That meant their dreams of buying this house cratered immediately,” said Bruce Sellery, CEO of Credit Canada. “It was a massive transgression in terms of trust.”

Spotting signs of financial infidelity

Finding out your partner has been keeping financial secrets from you—whether it’s hiding debt, concealing big-ticket purchases, or an undisclosed bank account—can be hurtful, and even a deal breaker for many couples. While it can be hard to trust your spouse again, experts say there are ways to navigate financial infidelity.

Often, people find out about financial betrayal the hard way. It’s either when a spouse feelstheir back is up against the wall and they decide to come clean, or the other half starts picking up on red flags, said Jeri Bittorf, a financial wellness co-ordinator with Resolve Counselling Services Canada…

Home Trust enters Canada’s reverse mortgage market with a new broker-exclusive product launched at MPC’s National Mortgage Conference.

Ask MoneySense
I am 64 and retirement is coming up soon. Not sure exactly when. I took my CPP at 60, and will take my OAS June of 2026. I have no private pension plan and limited RRSP ($50,000). My dilemma is do I sell my condo (no mortgage) as I will not be able to live off the pension but nor do I want to work forever. I would like to travel while somewhat young and able-bodied. My mom is still alive and one day I will receive a substantial inheritance, which then could perhaps buy a small condo or continue to rent. I was brought up to buy and not rent, but times are changing.

—Esther

There are a few factors to consider in your case, Esther, so I will touch briefly on several of them.

CPP/OAS strategy without other pensions

You can begin your Canada Pension Plan (CPP) retirement pension as early as age 60 or defer it as late as age 70. For each month you defer it after age 60, the pension rises.

If you start your pension at 60 and continue to work, you must continue to contribute to the pension until at least age 65…

This week, members of Canada’s mortgage industry united to celebrate the inspiring accomplishments of this year’s Mortgage Hall of Fame inductees.