A wish list for Carney’s fall budget + MORE Oct 22nd

Statistics Canada’s midsummer report on Canadians’ disposable income showed an increase across all income quintiles in the first quarter of 2025, by a healthy average of 6% to 7% for the highest earners and 3.2% for the lowest. That was good news; the increases were above the inflation rate of 2.3% during that time.

But things changed in the second quarter as Canada’s economy weakened. This has put the spotlight on the weakness of Canadians’ income and savings in the face of change. It also provides an important opportunity for the November 4 federal budget to protect financial well-being in the months ahead.  

The income gap reaches a new high

The income gap, which is the difference in the share of disposable income between households in the top 40% and the bottom 40% of income distribution, is a common measure that makes the news. It was at a record high of 49% in the first quarter, with a slight reduction in Q2, and has been increasing every year since the pandemic…

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…

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…