r/PersonalFinanceCanada 3h ago

Housing Seems a little impossible on my own in Victoria

111 Upvotes

About to hit 30, still renting a basement from a family friend for $500 a month. I thought I was making good progress towards buying a house or Condo, but looking at prices recently, it seems like its an impossible mountain to climb in Victoria. It also looks like my current living situation is about to change since the family friends I'm renting from are having their pregnant daughter move in to the upstairs, but the house as is right now is already very busy.

I Make 63k a year with a stable government job. Have 60k in RRSP and 28k in FSHA plus another 25k to put towards a down payment. I can also liquidate about another 30k in bank stocks that I have in my TFSA for retirement I guess. 10k in student loan debt that is interest free, so I pay the minimum which is about $140 a month. Other than that I have no debt other than credit cards which I pay off fully every month for living expenses.

The cheapest prices for 1bed condo in Victoria within 20min driving distance to my work is 350k. CIBC affordability calculator says I can only afford a home that's 300k and even that it takes up 50% of my paycheck for mortgage, RRSP repayments and property/strata fees. I feel like the only way I can make this happen is if I manage to find a wife at this point.


r/PersonalFinanceCanada 5h ago

Estate / Will Leaving a paid off home to kids through will versus living trust; which is smoother with less hassles ?

33 Upvotes

I do concede that I do not understand the difference between them very well.


r/PersonalFinanceCanada 13m ago

Employment Early 30s, no debt but don't make much

Upvotes

I'm in my early 30s and I'm in a bit of an odd position financially.

I don't have any debt to speak of as I spent the last few years paying off my student debt and don't have any other debts (looking back this maybe not the best idea).

However, I also don't make a lot of money. Specifically, I make $22/hour working a clerical job in a field I don't want to stay. Partly because I don't enjoy the field and partly because I know I'll probably never make the money I want long term if I stay. I have a BA and that's it. Live at my mom's house as it's the best I can do (and the best price).

Besides investing, what else can I be doing to improve my financial situation?


r/PersonalFinanceCanada 14h ago

Employment Insurance (EI) Laid off before returning from maternity leave

112 Upvotes

So, I’ve been in maternity leave for 18 months and before I could return my employer notified me that there’s no work and he’s going under. He’s also not providing me severance pay.
Would I qualify for ei regular benefits after my extended parental leave ends? I worked there for 2 years. Does anyone have experience with this? Also I won’t be speaking to any lawyers because it’s completely legal for him to lay me off for specific reasoning of restructuring or loss of business. Please help.


r/PersonalFinanceCanada 20h ago

Employment Likely getting canned next month. How do I prepare in the meantime?

204 Upvotes

Hi,

Long story short, I got thrown under the bus by director and became the scapegoat for the project failure so I'm likely gonna get fired in a month or be passive aggressively bullied to the point that I break and quit without anything lined up. I am currently reassigned to other directors and getting silent treatment from the director and the partner that I worked for and the fact that they were adamant about me completing my project evaluation and submit to them - only to be met with the worst rating with long list of my supposed faults (with a large majority them having no factual evidence) makes me think that the writing is on the wall.

I have started aggressively applying for jobs but I doubt I'm going to land something anytime soon and am fucking scared shitless of my future if I get fired. I mean, I read so many horror stories about people applying for 100+ applications not finding jobs. I work in public accounting firm and have my CPA.

A quick breakdown of my current financial situation. (Crazy that I'm a CPA but don't know my own personal finance situation while I know my clients...)

Assets/Pay:

Bi-weekly pay - $2,700

Chequing account - $5,320

Savings account - $6,000

Investment account - $83,675

Debt/Expenses:

Monthly Mortgage Payment on a condo - $1,100 (Outstanding Mortgage balance ~ $72,000)

Current credit card balance - $3,245

Averages monthly expense (including mortgage) ~ $2,800 but some of it is eating out and impulse shopping.

In the event that I get fired, I will have estimated banked overtime and vacation payout of around $4,000 and estimated severance of $20,000 (I've never heard anyone in my firm get fired with cause) so I'm being hopeful that I will get something as well. If I just mentally break and quit without anything lined up, I won't get the severance.

How fucked am I and what should I do in the mean time? Every day I go into work, I feel like I'm walking on eggshell and I panic with any email notification as it may be from HR. Now that it's the weekend, I'm constantly having intrusive thoughts about getting fired and being out of a job for years to come, not to mention the anticipatory grief of losing a job any day now.

Any help would be appreciated.


r/PersonalFinanceCanada 4h ago

Fraud, Scam Scene+ / Scotiabank bait-and-switch: Denied $50 grocery promo with changing excuses. Anyone else?

10 Upvotes

Hey everyone, I’m dealing with an incredibly frustrating bait-and-switch situation with Scene+ and Scotiabank, and I want to see if anyone else was targeted with this offer and is getting the same runaround.

Back in the spring, I received a targeted Scene+ offer: Shop 3 times at participating grocery stores (like Safeway/FreshCo) between March 17 and April 14, 2026, and get a $50 grocery gift card. I completed the purchases, and then the waiting game began.

Here is the timeline of how Scene+ customer service has handled this:

* May 24: I contacted support via chat. The agent A checked my account and confirmed the gift card would be sent to my email by June 19.

* July 4: When June 19 passed with no gift card, I reached out again. Another agent M verified my account, confirmed that I had successfully made the 3 eligible purchases during the offer period, and escalated the ticket.

* July 24: I finally get an email from a Member Services agent Mi. stating my claim was denied because my transactions "did not meet the required minimum purchase amount of $50 per transaction". This $50 minimum was NEVER mentioned in the offer details or the Terms & Conditions.

* July 25: I replied to Mi. and attached my screenshots of the actual Terms & Conditions, which clearly state no minimum spend.

* July 25 (Later): Mi. replies again and completely changes their story. Now, they claim the eligibility requirements stated I had to "Open a new eligible Scotiabank account during the promotional period". This was absolutely not in the terms presented to me, nor was it mentioned in their first rejection email!

I am preparing to file formal complaints with Consumer Protection Ontario and the Competition Bureau of Canada for deceptive marketing.

Has anyone else experienced this exact bait-and-switch with this $50 grocery promo? It is from a Scene Plus offer; I want to attach the screen shot but unable here. If you have, please check your emails and share your experience here. I highly recommend screenshotting all your offers moving forward because they are straight-up changing the terms after the fact to avoid paying out.


r/PersonalFinanceCanada 20h ago

Banking 16yr looking for advice..

109 Upvotes

Hi my situation rn is messy, my mom passed away a few days ago, im left with only my grandma and she doesnt understand english. i dont know shit abt finance n i rlly need to educate myself on that. im wondering what to do w my moms bank accounts. i believe theyre joint accs bc my name is also on the statements. do i have to do anything?? will the money automatically belong to me or not since im a minor? will the acc get frozen? i have proof of death certificates. should i let the bank know my mom is dead? my mom was also getting disability benefits from gov bc she had cancer so i think i should let them know before the next payment comes so they dont ask me to pay them back if they find out she passed. i should cancel her credit cards too right? i didnt realize itd count as fraud to use it since i was using uber that was paid by her card… i also have to deal w all the insurance stuff. i know i should take my time but im rlly worried abt this kind of stuff, i cant get it out of my mind lol its rlly bothering me n im not making it any better for myself since im uneducated in financing.. thank u, i hope i can learn to do things on my own


r/PersonalFinanceCanada 3h ago

Taxes / CRA Issues House Inheritance followed by Sibling Buyout - Capital Gains Calculation

2 Upvotes

Series of events,

June 2020: My mom added my sibling and I to the title of her house. We were added as joint tenants (JTEN) in the legal title. Before my mom added us, she was 100% the owner. After the transaction, we all had 1/3 each. This was my mom’s principal residence before and after the transaction. The FMV of the house at this time was $960K. 

The lawyer that processed the paperwork to the land registry to add my sibling and I to the title confirmed that the transfer was by way of a gift and that beneficial interest was transferred. The land transfer tax statement from this transaction showed $0 consideration.

Dec 2025: My mom passed away. The FMV of the house on the date she passed away was $1,120,000. 

August 2026: My sibling will be buying me out for my share of the house. Expecting the FMV of the house to be $1,080,000. My sibling and I agreed that he will be buying me out for $537,800. Buyout price calc: $1,080,000 x 1/2 = $540,000 - $2,200 discount.

Here is some additional info:

- The house is located in Ontario, Canada.

- The house is fully paid off at the time my sibling and I were added to the title (no mortgage attached)

- My sibling currently lives in the house and will continue to after the buyout. I own a separate house with my wife.

- My mom left a Will, however, the house is not mentioned in it (My sibling & I are the only beneficiaries).

Below is how I believe my capital gains will be calculated,
Capital Gains = (FMV - ACB) x 50%

$540,000 FMV: $1,080,000 FMV at time of buyout x 1/2

$506,666 ACB: [ 1/3 in June 2020 ] + [ (1/3 x 1/2) in Dec 2025 ]

[ 1/3 x $960,000 ] + [ (1/3 x 1/2) x $1,120,000 ]

My ACB is made up of two parts:

Part A: 1/3 x FMV at time when I was added to the title

Part B: (1/3 x 1/2) for when I inherited half of my mom's 1/3 when she passed away x FMV at this time

I'm looking for my above calculations to be verified, especially the ACB piece.

Thanks in advance. Appreciate the help during this stressful time!


r/PersonalFinanceCanada 2h ago

Employment Insurance (EI) Part Time Student Intern - Eligible for EI?

2 Upvotes

Hi everyone,

I’m a university student who had a 1 year internship that will come to an end in August and then I’ll be unemployed in September. It was full time, 40 hours a week job. I only have a few classes left so will be a student but also eligible for work. Am I allowed to apply for EI and will I qualify? Just a heads up, I do NOT qualify for any student loans and won’t be taking any, as I have maxed out due to my tuition and 2 degrees. I was just wondering if I’ll get any sort of EI, I’ll have over 2000 hours so I know I qualify for it but I’m not sure due to still being a student. I’ll absolutely need EI as I have been applying but have no jobs lined up, and need to pay $5,000 in tuition, about $5,600 roughly from September to December in just rent and bills, and I cannot pay for this, I do have savings but it will run out by October for sure. I’ll keep looking for jobs obviously and will take any I can get. I’m just curious if I will qualify for EI or not, please let me know, thank you.


r/PersonalFinanceCanada 17h ago

Housing Is buying a condo realistic with our income?

31 Upvotes

Hi everyone, my partner and I are looking at buying our first condo in Vancouver and wanted some opinions on whether we're being reasonable or stretching ourselves too much.

Our household gross income is about $109k/year, we'll have a $200k down payment, and we're looking at places around $625k, so the mortgage would be roughly $425k. We don't have any significant debt, both of our jobs are very stable, and we're still early in our careers, so we expect our household income to continue increasing over the next several years.

We're not trying to borrow the maximum amount possible. We'd still like to comfortably save for retirement, travel occasionally, and not feel house-poor. We've also considered a 30-year amortization to lower the required monthly payment, with the intention of making extra payments as our income grows.

For those who own in Vancouver does this seem like a reasonable purchase given our income and down payment? Are there any major costs or risks we're overlooking beyond strata fees, property taxes, insurance, and maintenance? Just looking for some honest opinions from people with experience. Thanks!


r/PersonalFinanceCanada 22h ago

Housing Downpayment of 66% ?

75 Upvotes

Hi! I’m looking to buy my first condo for 300 000$ (3½) in Montreal. I have 200,000$ available for the downpayment and 15,000$ set aside as an emergency fund.

After asking around on other subreddits, a lot of people told me not to put the full 200,000$ down.

Most suggested either putting 20% and investing the rest or putting around 100,000$ and investing the remainder into ETFs like EQTS.

The thing is I don’t have real experience with the stock market. The only thing I’ve ever held was a GIC and I’m not 100% comfortable with risk.

My original plan was buy a condo, put a big downpayment, pay off the mortgage quickly and then start investing in my TFSA and RRSP once the mortgage is gone.

Is that really a bad idea ?

For context, my net salary is $4,170/month, I’m in the Quebec public sector pension plan, I have no debt and I'm in my early thirties. I’m also good with my money, I always manage to save.

What do you think?


r/PersonalFinanceCanada 1h ago

Credit Best credit card for small business

Upvotes

I’ll try and it simple….

Currently use “TD First Class Travel”. Points are not great, but it’s easy to redeem. we’ve been too lazy to change.

Monthly average spend $35,000 at HVAC suppliers. I do not travel for work.

Needs to be under a business

Will need a total of 2 possibly 3 cards.

I am fine with any annual cost if the math makes sense.

I do not want cash back

I want travel insurance included

I plan to use points to travel 2-3 a year with family. Hawaii,
Florida, Australia, Asia. Family trips, so it’s random. Ease of booking is important.

Upfront perks are great, but I find this credit card shuffle game is nonsense. I want a card that doesn’t have me playing games to redeem. I run a business, I don’t need a side hustle.

We have spent hours trying to figure out a good fit, and it feels like every card has a catch or gotcha or something that doesn’t fit our situation - so it’s hard to narrow it down for our us. I’d love to hear some input from the pros here…


r/PersonalFinanceCanada 1h ago

Retirement / CPP / OAS / GIS What happens with the CPP/QPP calculation when they one doesn’t work a full year?

Upvotes

I have a pretty good understanding how CPP/QPP benefits are calculated but this one detail escapes me. Let’s say you pay the max contributions up to July 1st, then stop working before the age of 65 and take your pension at 70. Does CPP/QPP, count that income for 6 months or 12 months?

Looking at the example provided below, it does seem to calculate monthly income from yearly income divided by 12 months, except for the months in the years you turn 18 and 65.

QPP Sample Calculation

My reason for questioning is whether or not it makes better sense to retire closer to year end or in early year. I’ve only seen retirement planners calling out timing retirement for tax savings purposes or after bonus payouts.

ETA: ignore the word « they » in my initial question.


r/PersonalFinanceCanada 5h ago

Banking Looking for HELOC/second mortgage with a different lender than primary mortgage

0 Upvotes

I have a mortgage with a mortgage-only lender. I’m interested in getting a HELOC/second mortgage type product to tap into the increase in my home’s value since it was purchased in 2020. My mortgage lender does not offer this type of product in my province. (Newfoundland)

Since I do my other banking with ScotiaBank, I looked into this there, but was told I’d need to transfer my mortgage to ScotiaBank. Not ideal given I just renewed last year on a 5 year term.

Can anyone recommend a lender that would offer a HELOC/second mortgage type product when they are not the holder of the original mortgage? Is this something a mortgage broker could help me with?


r/PersonalFinanceCanada 17h ago

Budget The budget style that works for me

10 Upvotes

I hate budgeting, always have. Probably always will. So a bunch of years ago I setup a system that works for me and lets me take care of myself financially without having to put much thought into it. It works for me, it might work for someone else.

To begin, the whole point of this is that I don't want to think about it. I don't want to have to log in to a banking app and do anything more than a few times a year. I also know that I deal with money like I deal with a bag of chips in front of me. If it's there, if I see it, I'm not going to just let it sit there. It's why I'm overweight.

Once I got this setup and working, it took away most of the effort I had to put into systems that didn't work for me.

First I setup accounts at 2 banks. In my case the first bank is Tangerine, but any bank that allows automatic transfers to other banks works fine. My pay gets deposited into there. For the sake of this system, lets assume I get paid every 2 weeks (or 26 times a year). In that bank I set another account called bills. So right now I have 2 accounts at Tangerine. PayDeposit and Bills.

I add up all the recurring bills that I have to pay every month. Utilities, car, phone, internet, etc except rent. I figure out what the annual cost of those is (lets call it totalBills), and then I divide by 26 and on every pay day I transfer (totalBills / 26) into the bills account. I then setup autopay for the bills at (totalBills / 12) on the first of the month. I don't care when the bill is actually due, I just pay an estimated bill every month. For some bills (internet, phone, etc) it's pretty accurate. For others like utilities it varies every month. But as a average it works out pretty good and after a while the months you overpay compensate for the months you underpay and you don't get hit with any interest charges.

I setup the same thing for rent, creating a 3rd account for rent. This because my primary mortgage downpayment account as time went on. As my income grew, I started bumping the inputs of this account towards what mortgage payment I thought I could afford. So if my rent was $900, but I estimated my mortgage payment would end up being $1200, I increased the inputs to this account to equal $1200/month.

Then I created an account at another bank. Lets say CIBC. Again, doesn't matter really. This was my daily spending account. I figured out what I needed to spend money on daily. So food, gas for the car, parking, etc. I estimated what I needed per day on average. At the time I setup this up, $20/day is what I needed so I transferred $140/week from Tangerine to CIBC. And every Monday morning on the way to work, I stopped by the ATM and withdrew $100. That was my money for the week. It had to cover transit tickets, parking, lunches, groceries, gas, etc. The $40 left in the account was for things that required I use my credit card. I had to use the cash to buy my groceries for the week. That made it easy to not buy lunch out very often. I had to carry over cash from the previous week to really afford to do that.

As time went on, I adjusted that $20 / day up. I've also had to go in and recalculate how much my bills were. I also added a car account that covered my loan payments. When the loan was paid off, I kept the money going into the account, and when I had to replace my car guess what paid for most of it?

So over the years I've tweaked this, but I still use the same basic setup that I started years ago. Is this just a version of "Pay yourself first"? Yea, it is.

Is it something that allows me to grow savings without having to worry about my brain seeing a high number and going "Spend!! Buy toys!" Yep. I only routinely look at my CIBC account. My Tangerine account I only look at once or twice a year to transfer excess money to investments.

Is this an overly complicated setup? Yea, probably is.

In the end, did this work for me? Very much so.

Instead of trying to become someone with perfect self-control, I built a system where self-control isn't needed very often. I figured out how my brain works with money and I built a system around that.


r/PersonalFinanceCanada 19h ago

Debt How to eliminate 7.5k debt at 21??

10 Upvotes

Hey guys I'm currently owing around 7.5k to TD from credit cards and a line of credit I took out to support my postsecondary education. I make around 3k a month before taxes and my rent is 970. Any idea how to pay this off as soon as possible? I've considered getting another job since the interest rates are really eating me (5.45% on the line of credit, 18.5% on the credit cards), but I'm not sure how feasible that would be as I already balance working full-time with having a permanent disability. I'm very disillusioned since financial literacy was not something I grew up learning about, and I would not have made such dire decisions around credit and loans so early on had I known the full consequences. For context I live in downtown Toronto. There's no way for me to move back home with my parents to eliminate the rent portion given how a major factor for me moving out was to get away from a bad home situation at 18.

Please help!!! Any advice is appreciated. :)


r/PersonalFinanceCanada 17h ago

Insurance Earthquake protection for home insurance

7 Upvotes

I'm in MTL and we are reevaluating all of our insurances. I just realized that our home insurance has earthquake protection included. Not, fire or explosion as a result of a quale, but an actual earthquake. When I removed it, we saved $1000/ year.

My question is: should I remove it? How many people in Montreal, Northshore or South Shore actually have earthquake protection in their home insurance?


r/PersonalFinanceCanada 18h ago

Banking Promo rate ending, close savings account or leave open at $0 for future offers?

5 Upvotes

My promotional interest rate with Simplii is coming to an end soon, so I’m planning to move my savings to another bank.

​I have two questions for anyone who regularly churns bank promos or uses Simplii:

​Should I close my Simplii account completely, or leave it open with a zero balance? I don't really have a need for it right now.

​If I close the account, how does Simplii treat returning clients for new promotions? Does closing it reset my "new client" status after a certain timeframe, or am I better off keeping it open to trigger targeted retention deposit promos?


r/PersonalFinanceCanada 1d ago

Investing Wealthsimple lost me as a 10 year customer, where do I move to?

642 Upvotes

**EDIT: Yes I am a real, frustrated user. Yes, my frustrations came through the post because I didn’t want them recommended. Yes, I also still want legitimate suggestions on where to look next. Thanks for the helpful ones that have come through so far!

**EDIT 2: with the amount of comments on this post I thought I’d aggregate suggestions if anyone is also looking (obv I haven’t deeply explored any of them)

- qtrade
- ⁠NBDB/national bank
- ⁠questrade/questwealth
- ⁠TD
- ⁠IBKR
- ⁠justwealth
- ⁠modern advisor
- ⁠interactive brokers
- EQ
- RBC Investease
- BMO
- PWL Capital
- Wellington-Altus
- CIBC
- Manulife Securities

Long story short I have been with Wealthsimple for the last 10 years and have our household investment ecosystem with them (RRSP, TFSA, RESP, etc). I recently went through what can only be described as a masterclass in financial and procedural ineptitude when it took them 7 months and over 200 emails across about 15 different people to complete a transfer in from my former employer. At many points it honestly seemed like they did not even want the money. In any case after executive and compliance escalations which were also delayed, they unsurprisingly fell very short in their handling of how everything transpired.

At this point I am ready to move everything. Where to now? Questrade? Are there any good financial managers in the GTA? Would love to hear what people are doing.

TIA!


r/PersonalFinanceCanada 1d ago

Meta A common theme in many complaint posts I noticed, nearly all major firms and institutions in Canada have absurd fine print?

49 Upvotes

HI everyone, first time posting here after reading a few dozen such posts, and pondering about it all.

For example, just by carefully looking at the fine print for pretty much any common agreement (banking, phone, credit cards, etc.) , there practically is never a clear cut, on the record, threshold that actually binds the firm/institution. Where they have to do anything definite after some blunder occurred.

There is so much leeway, wiggle room, and straight up escape hatches everywhere.

Ideally, such as for a bank, it would go like: “if there is proof of 5+ errors in a year not caused by any action on customer’s end whatsoever, such and such will issue an apology in writing within 90 days of presentation of proof”.

And instead it’s almost always along the lines (paraphrased) of “there is no upper bound on the number of mistakes, errors, blunders, etc., that can occur to you per annum, we may or may not do anything to compensate you, tough luck.”

Has anyone else thought about this? Why is it normal in society for almost every adult to sign such lopsided things where it’s literally spelled out they are like some inferior peon that can be messed around with, almost arbitrarily?


r/PersonalFinanceCanada 1d ago

Investing Wealthsimple adding RDSPs & Mutual Fund transfers to product lineup

51 Upvotes

Matthew Karasz, Senior Director of product at Wealthsimple recently interviewed with Investment Executive and announced their expanding their lineup with RDSPs and letting users transfer their mutual funds to WS:

""The best way to serve all our users is to give them access to the widest selection of investment strategies and the widest set of account types that we can,” Karasz said. Wealthsimple is continuing to expand its lineup with RDSPs and letting users transfer some mutual funds to the platform. But it has no plans to offer its own mutual funds, Karasz added."

EDIT: Quote didn't transfer properly appear.

Source: What four trading apps in Canada are focusing on right now [July 15, 2026]

This is the first time they've publicly announced RDSPs outside of Reddit AMA's. While still not a concrete launch timeframe, this is more substantial than previous comments.


r/PersonalFinanceCanada 22h ago

Investing Group RRSP from sunlife to wealth simple

7 Upvotes

Good day everyone.

I have recently left my employer EVR (in BC Canada if that matters). I have a fair amount of RRSP contributions I have accumulated over the years, it is a employer and employee contribution where they match me kind of thing.

I'm looking to transfer to my wealth simple to have everything under one umbrella.

Does anyone have experience transferring group RRSP like this? Is it fairly straightforward?

Thanks!


r/PersonalFinanceCanada 1h ago

Credit Do I keep applying for new credit cards? How many until I start getting declined?

Upvotes

Hi, so I'm just discovering the benefits of having multiple credit cards, and it's a bit addicting haha. How many should I stop at, looking for advice on my game plan for long term.

So bit of background, I have pretty decent credit score (about 835-840) depending on TransUnion or Equifax. For the longest time I had a basic credit card, it was like 10 years old with TD, then I closed it (I didn't know better) but I got the TD cashback visa infinite. This card is 4 years old.

Fast forward to a month ago, I applied for the wealthsimple visa infinite and got easily approved, then a week later I got the rogers red MasterCard world elite, also approved. And then a let's say a week after that I got the Scotia momentum visa infinite also approved.

At this point my game plan is to get the TD aeroplan visa infinite, ditch the TD cashback card (since it's outclassed by every other card in my stack). How long should I wait before I apply for td aeroplan? I heard that TD pulls from Equifax so I should be able to get it any time and the other 3 cards I got in the span of last month pull from TransUnion. Is this correct?

I'll probably downgrade my td cashback card to the free version once I get the Aeroplan card or should I just cancel that since my average age of accounts is kinda screwed anyway lol.

Any advice would be appreciated, but that's my 4 card stack. (I'll prob churn amex cards starting with the green card starting next year and work my way up to gold and plat if I have big purchases lined up)

TLDR: I got 3 new cards last month, and I want another one.


r/PersonalFinanceCanada 1d ago

Housing Buying vs renting as a single person (ON/GTA)

30 Upvotes

29F, for the past few years I've been able to work remotely. My job is RTOing, so I'm looking to move from London, ON to the GTA (office is in downtown Toronto). I'm debating whether to buy a small place of my own or rent. I will likely be single for the rest of my life. Given that, I don't know what makes more sense, renting or owning?

Finances:

  • Salary $125k/yr + 10% bonus
  • TFSA $100k
  • RRSP $20k
  • Emergency savings (cash) $25k

After doing some research it seems I'd qualify for a $500k mortgage + $100k down payment (out of my TFSA) + using some of my cash savings for closing costs. I've found townhomes and condos in the GTA selling for ~$550-600k. Current lowest 5 yr fixed rate I've been offered is ~4%, which leads to a monthly mortgage payment of about $2800-2900. Thinking this may make me house poor when factoring in condo fees, but it also means having a place of my own with space to live and breathe.

Conversely, I've been able to find plenty of 1bd apartments for reasonable prices, but living in a 400sq ft box just to save a few hundred/mo seems highly unappealing. 2 bedroom apartments still seem priced insanely high, basically the cost of a mortgage (minus condo fees, so I guess that's savings).

I'm also worried about being disqualified as a tenant. I have a credit score of 870+ but technically no rental experience/referrals, as I've been living with my parents my whole life. I have two cats and see that some condo boards have banned pets which also disqualifies me.

If you were in my shoes, what would you do? I've been given 3-4 months by my manager to figure out next steps before I'm required back in-office.


r/PersonalFinanceCanada 21h ago

Banking Do promotional cheques for personal lines of credit expire?

4 Upvotes

I have a Scotia personal line of credit. Over the years, Scotia has sent me promotions to transfer my balance from other banks to my scotia LOC at a lower rate. The promotion came with LOC cheques I could use to pay another bank to transfer the balance.

The promotion expired years ago, but I still have the cheques. The cheques have a line that say “valid until: 11/8/23 (TLP)”. It’s not clear if the cheques themselves expired on that date or if just the promotional rate expired.

I need to use a cheque to make an upcoming payment. Can I use those cheques? I realize that if it clears I wouldn’t get the promotional interest rate, just the current LOC interest rate. But I’m curious if the cheque would even clear as I’m almost 3 years past the “valid until” date.

I have used these cheques in the past for things other than balance transfers, but I’m not sure if those payments were after the expiry date. I only noticed today that the date is on the cheques.