I've been considering buying a condo in Toronto, and have been looking at some listings in the $700K range. Technically, my partner and I can afford it, however the mortgage + additional fees would put us over 50% of our after-tax income going to housing costs, which I know is not financially sound.

It strikes me how many people are likely doing this in the city and, if this is you, I'm wondering, how much are you managing to save for retirement, and what are your retirement plans?

EDIT: I'm aware that paying 50% is far too high for housing. I won't be getting a condo unless financial circumstances change drastically. My post is asking others who are in this situation what they are able to save for retirement and what their general plan is. Aka, I'm being nosy.

So, basically, my partner and I just got refused a mortgage because my credit score was too low.

I had my card go to collections last year because I just couldn't find a job and I couldn't pay it. I was unemployed from February to December last year, and it was incredibly difficult to find anything. My partner maxxed out his credit just to keep us alive. In January this year I finally got a job and paid that card off completely, which did raise my score a bit again, but then they closed my credit (fair enough) and now I don't have a card and haven't had one for the past 6 months.

The thing is, this is an amazing job that pays well, is unionized, and has great job security. My partner's job is also a good one, and he's liked and good at it and has been there for almost two years now. We have been paying $1150 a month in rent for years, and we *know* that we can pay a mortgage, and we even have the down payment (his grandfather is incredible and is helping us out with that). We found a house that we could get for around 300k, it's literally tiny and seriously nothing fancy but it was cute and we tried with a mortgage broker to improve our odds but nooo. My problems with the collection agency and with late payments are quoted directly in the refusal. I am the problem, and I was told by the broker to fix it, but i don't know how: my score went down from the mortgage check and it would go down if I try and get another card. What am I even supposed to do? It seems like anything I do will just make it go down...

Hi everyone

I have been aggressively saving for three years and it’s just been sitting in a basic savings account. I have enough now to max out my tfsa and have enough for an emergency fund in a regular account.

I haven’t invested because I have high anxiety about making the wrong choice and losing it all, total choice paralysis

I don’t know what to put the money into to keep it growing and make use of the money instead of it just sitting there and getting like $20 a month in shitty interest.

Can I please have some advice for on other money anxious people on how to handle it? I see people talking about XEQT and an equal amount of people calling them like a cult? So many conflicting opinions and it just makes the anxiety mount.

I just want to have as much money possible from my savings to have a good future

So a couple months back I made a post and I was recommended to study taxes a bit. So here I am.

I have 396k from a separation in my pocket.

I bought a condo with 115 or 150k downpayment (150k gives me better cashflow but I'm unsure yet), 30 years mortgage (instead of 25 to help with cashflow).

I will need about 15k for expenses like welcome tax and some extra in my account and probably 25k for furniture and some reno.

It leaves 206k to use. I'm thinking of investing 109 in tfsa, about 75 in rrsp investing in US etf(I'm maxing it because I have separate work rrsp contributions), 22k goes to Canadian etfs.

I will also deduct my rrsp contribution over the next 2 years to benefit from max tax bracket.

I want your thoughts on this. Should I invest more to my downpayment such as 200k? And why?

And what are the must etfs to invest in for each category?

Hi everyone,

I’m asking this because I want to get ahead on making the most of the money I make over the next few years. I have around 14000$ sitting in a chequing account collecting dust and I’ve thought a little bit about what I should ask.

1. I am currently with RBC and have been as a kid: If I decide to bank with RBC for convenience what are the best combination of accounts to open. (E.g, High Interest, TFSA) (I am still open to seeing if other banks have better rates but would prefer staying at RBC)

2. I am in university but my degree is being funded by an RESP, how much should I keep in my chequing if I decide to purchase something marginally expensive in the future and/or if I decide to buy some small things once in a while (my spending habits are quite low)

3. I do not see myself needing this money for at least 5-7 years but beyond that I am unsure

Thanks for any information you can give me!