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n THE BRANDON SUN TUESDAY, FEBRUARY 10, 2026
FinancialPlanning 2026
Survey highlights retirement concerns Residents across Manitoba and Saskatchewan need to start re- tirement planning earlier, review their savings strategies and seek professional advice, a BMO Private Wealth official told the Sun. savings if left unchecked. “If you’re borrowing more than you’re saving, or spending more than you’re earning, that’s when you need to reassess,” Maros said. He said lines of credit and cred- it cards are typically intended for short-term use. BY ABIOLA ODUTOLA
The bank’s senior private bank- er, Anthony Maros, who is based in Winnipeg, said a new BMO retirement survey found many Canadians believe their “golden years” may be becoming harder to achieve. The survey found that two-thirds of Canadians — 67 per cent — be- lieve saving for retirement is more difficult for them than it was for their parents. It also found 77 per cent worry that retirement will be even harder for the next genera- tion. At the same time, nearly half said they plan to financially sup- port their adult children, even if it negatively affects their own retire- ment plans. Maros said the concerns raised in the survey are reflected in the Prairie provinces, where rising liv- ing costs, housing pressures and economic uncertainty are reshap- ing how people approach retire- ment savings. He said that while investment opportunities are broadly similar across the country, residents in Manitoba and Saskatchewan may need to focus more on starting ear- ly and contributing consistently to retirement savings plans. “I would say that people men- tioning that saving for retirement is harder is impacted by many factors in our economy,” Maros said. “For those in Manitoba and Saskatche- wan, contributing earlier to retire- ment funds helps make up for what people perceive as a harder gap when it comes to saving.” He said tools such as Registered Retirement Savings Plans (RRSPs), Tax-Free Savings Accounts (TF- SAs) and First Home Savings Ac- counts can help individuals build long-term savings, especially when contributions begin early and are made regularly. Maros said that retirement plan- ning challenges are especially rel- evant for newcomers and mid-ca- reer workers who may only begin saving in their 40s or later, a grow- ing demographic in Manitoba. “It’s never too late,” he said. “But expectations need to be managed,
Residents should review work- place retirement benefits as well, including employer matching pro- grams that can significantly boost savings, he said. “Sometimes people don’t real- ize that if they contribute a certain percentage, their employer will match it. That’s an easy way to in- crease retirement savings,” he said. Maros said retirement investing does not always require large con- tributions at once. “People think they need to put away hundreds or thousands of dollars, but even smaller amounts, like $50 per paycheque, can grow over time through compounding,” he said. The survey and industry obser- vations also point to a growing trend toward more holistic finan- cial planning, including co-ordina- tion between financial advisers, ac- countants and legal professionals. Maros said this approach could benefit Manitoba clients in partic- ular by simplifying complex deci- sions and ensuring retirement, tax and estate planning strategies work together. In communities like Brandon, he said, residents can benefit from combining strong local relation- ships with the broader expertise and resources available through national organizations. “Brandon punches well above its weight class when it comes to wealth,” he said. “Leveraging both local knowledge and national ex- pertise can help clients make more informed decisions.” The survey was conducted by Pollara Strategic Insights with an online sample of 1,500 adult Cana- dians between Nov. 4 and Nov. 10, 2025. Results from a random sam- ple of this size can be considered accurate to within plus or minus 2.5 per cent, 19 times out of 20. Re- sults have been weighted by gen- der, age and region, using the most recent census data, to be represen- tative of the Canadian population.
BMO Private Wealth senior private banker Anthony Maros says while investment opportunities are broadly similar across the country, residents in Manitoba and Saskatchewan may need to focus more on starting early and con- tributing consistently to retirement savings plans. (Supplied)
and that’s where financial planning becomes more important. Under- standing where you are today and what retirement may realistically look like in five or 10 years is key.” He said mature savers often ben- efit most from sitting down with a financial planner to assess income,
assets brought from other coun- tries, and long-term goals. For families, he said, education and open conversations about money can also play a major role in improving financial outcomes for the next generation. “Families that have open con-
versations and are educational around finances tend to have more informed plans and better out- comes,” Maros said. Maros said some Prairie house- holds are turning to credit to man- age day-to-day expenses — a trend that can undermine retirement
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How to know when your money might not be taxable It could have been a lucky night at the blackjack table that netted you a surprise stack of cash last year. those exemptions can add up to significant savings. “With taxes, there’s a lot of nuances,” he said. are the main source of in- come.” BY SAMMY HUDES
For the latter, someone who likely puts additional time and training into the craft, any winnings would be classified as business in- come, therefore making it taxable. “So, same source of mon- ey, same payer, but differ- ent treatment depending on who’s receiving it,” said Le- may. The key is whether you’re attempting to bring in “re- curring” income, said Gerry Vittoratos, tax specialist at UFile. That comes into play for those working in the gig economy or managing a side hustle — like running an Etsy store or delivering Uber Eats orders. “All of that is usually con- sidered business income and the key is that it’s recurring,” he said. “You are regularly trying to earn income off of it.” Lemay pointed to other money sources that aren’t
“We have to be careful to know exactly the nature of the amounts we have re- ceived and how it has to be reported on your tax return because there are severe penalties for not declaring all your income.” Lemay said it’s import- ant to consider how certain money was earned to deter- mine whether it’s taxable. For instance, while lottery and gambling winnings for the average person in Can- ada aren’t usually taxed — something often misunder- stood due to differing rules in the United States — that’s not the case for a profession- al poker player. “If, for example, you just casually go to the casino once in a while and you earn some money during the year, that is true that this money is tax-free,” he said. “But for someone else, maybe the casino winnings
Or perhaps a more sombre life event like the passing of a relative left you with unex- pected money in your hands, having been bequeathed to you in their will. With an April 30 tax-filing deadline fast approaching, you might now be starting to wonder: How much am I go- ing to owe from all that? The answer, tax specialists say, is probably nothing. Inheritance and windfall are two examples of money streams that people in Cana- da typically don’t pay tax on. Experts say it’s important to raise awareness of those and other common tax-free in- come sources, especially giv- en how difficult it can be to navigate the ins and outs of the system during the thick of tax-filing season. H&R Block Canada tax expert Yannick Lemay said
A dealer slides chips across a blackjack table. An H&R Block Canada tax expert says it’s im- portant to consider how certain money was earned — like at the blackjack table — to deter- mine whether it’s taxable. (The Associated Press files)
That’s the case for full-time students enrolled in the cur- rent, prior or next year, said Vittoratos. However, part- time students need to re- port amounts above certain thresholds. “If you’re a full-time stu- dent … you don’t even de- clare it on the return. It’s income that you just pocket directly,” he said. “If, though, you’re a part- time student and you weren’t a full-time student in one of those three years, you only get a $500 exemption. Any- thing above that will become taxable and you have to de- clare it on the return.” Other income sources that don’t usually get taxed in- clude union strike pay meant to help cover living expenses, personal injury or wrongful death compensation and workers’ compensation ben- efits. When in doubt, Vittoratos said it’s better to report in-
come than to omit informa- tion and potentially suffer the consequences. Howev- er, he noted it’s possible to amend your tax return later on. “The biggest mistakes peo- ple make on their returns is omissions,” he said. “It’s always, ‘Oh look, I found this receipt three months later’ and then I have to amend the return.” Vittoratos added it’s im- portant to remember that although January to April is generally considered tax sea- son, it should never be “just a four-month process” for fil- ing. The more time you give yourself to plan before the filing deadline, the less likely you are to make such errors. “January to April is when you’re actually filing your re- turn, but your tax return is the year that just passed,” he said.
taxable, such as gifts. No matter the size, gifted cash you receive isn’t taxable — however, any income gener- ated from that sum of money would be. Similarly, cash or property that’s inherited isn’t consid- ered taxable income, but any income earned after you re- ceive it, like interest or rental income, is taxable. Other tax-free income sources could include child support payments, most life insurance payouts and cer- tain government payouts, such as the GST credit or Canada Child Benefit. Lemay cautioned that some non-taxable amounts still need to be reported even if no tax is actually paid on it, as it can affect eligibility for such credits and benefits. For young adults enrolled in academic programs, schol- arships and bursaries are a common source of money that may not be taxed.
... Slow Yourfutureisn’tasprint Financialwellbeingisaboutsteadyprogress.Whetherit’salittle oralot,everycontributiontoan RRSP makesadifference.
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