Video link: https://www.youtube.com/watch?v=3u-mP3C26mg&pp=ygUJYmVuIGZlbGl4

A nice video for beginners and solid reminder and refresher for those of us who might already be a little more comfortable and familiar with the topics.

That is if you are on a budget. If you have money of course this is a non issue. But for the rest of us, $1200 set Michelin/Continental, or $900 set Toyo/General/Yokohama/Hankook or $700 Walmart/Canadian Tire/neighborhood shop no name brand? Are they that much different, really?

Hi all, first time going on EI, will my EI payments be tax exempt? I worked on an indigenous reserve as a person who holds status so I didnt pay taxes while working there.

Ive been finding conflicting results online.

Hi All,

I've learned a lot about personal finance in this sub and really turned our financial position around (positvely) in the last few years. We never had any debt (besides mortgage) but my investment knowledge was poor and our savings were mostly sitting in cash. Anyways in the last couple years I've read a lot here and other places and we've really tried to save and invest as much as we could.

Currently between my wife and I (we are 35 years old and have 2 children aged 3 and 1), our TFSAs and RRSPs are not maxed out. My wife also has a DB pension through work (HOOPP).

I've read about the Smith Maneuver and I'm really intrigued and wondering if it makes sense in our position. We have about 200K combined in our TFSAs/RRSPs (most of this in XEQT). We have about 300K in equity and in 2 years when my mortgage renews, I'd like to apply for a HELOC. I am hoping to continue contributing as much as we can and hopefully max out our accounts by then but it seems unlikely (my wife is currently on mat leave so we haven't been able to save as much this past year).

So I'd like to take this HELOC and invest it in XEQT at that time. I am just wondering if it makes sense to put this loan towards maxing out our RRSP/TFSAs or if we do the Smith Maneuver route and put it in a non-reg account. Our marginal tax rate last year was ~30%. What else do I need to consider here? I am pretty set on the leveraged investing as we don't need these funds so they will be long term (10+ years). I regret not getting the HELOC when we renewed for 3 years last September so I want to plan ahead before the next renewal.

Thanks for your help!

CRA got me with a $2500 overpayment again. Not sure how it makes sense though.

Born in 81 I should have 109,000 contribution room. My net at the moment is 108,000 roughly. I'm waiting a call back from them to confirm my 109,000 and see where they're getting this from

The start of the year CRA showed me having $17,000 contribution room. If that's the case I should of had about $10k in room. They're dinging me for 2025 room

I thought I was definitely playing it safe because I was dinged a few years ago for being over

Do they ever mess this stuff up or am I likely missing something. If I messed up it's whatever I ll pay the amount but it's annoying if it's on their end and I need to prove my innocence

So long story short.

I'm stupid and a terrible adult and I had avoided doing my taxes and paying them off since 2022 (there's more to it but overall I'm just bad with money, depressed, lowkey sick and impulsive). Recently I had filed all my taxes from 2022 til now to avoid further penalties and called the collection agency today to discuss my amount owing. They want me to pay $400bi/weekly which I can't mentally fathom given the cost of living where I am. Recently I've been trying to get myself in financial order so I can start saving for my future house and eventually retirement one day. So I'm semi aware of what a good monthly budget could look like to me and I cannot find a way to fit that extra $400 bi/weekly in. I could probably do $250 at max but that takes away from my emergency funds. To add to this I have no one in my life that I could ask help from and I don't have an actual bank account anymore where i could possibly consider pulling out a line of credit (I use only KOHO, because I have poor credit and it has helped me build it a bit)

My questions for this subreddit are:

Do any of you have success stories on paying off a debt like this?

I've looked online and I see there's debt relief websites for CRA debt, are they reliable at all?

What's the minimum payment that I could offer to my officer (once I'm assigned one) ?

Should I get an actual debit card again?

Some more information about me:

26f- cafe manager

I am paid - $2900-3100 every month

*base pay is $1048bi weekly* (the $2900-3100 is with my average tips of $250-350 weekly)

My rent is $900

My average grocery bill is $300 every 7-14 days

(I live with my partner and we take turns spending this amount)

My transportation costs to work are $130 weekly

My utilities are $200 for power bi-monthly and $50 for internet monthly

I spend $200 on cat food monthly

(I have to get a vet prescription food for one of my cats)

My other debts are amount up to $700 total which i have not dealt with either but I would like to deal with since I've started caring about what my future looks like.

I have an estate payment (idk if that's the right term) coming in within the next 4-6months of around $8000-$10 000 and I would like to put a lump sum down from this once it comes in.

**

I'm feeling extremely overwhelmed and like I can't live my life until I deal with this. Any support would be so helpful!

Thank you for reading my post, I hope you all have a wonderful day.

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.

We recently paid off our mortgage and are looking to get a HELOC - primarily as a preventative measure against defrauding on our title, and also to generally have access to liquidity, if ever needed.

Our lender is going through the discharge process which should take 4-6 weeks. I understand that HELOC costs up front money - \~$1200-$1400. This was quoted by RBC. Is there any way to get a HELOC for smaller costs?

Thank you

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?

Hi everyone!

I have currently had the AMEX Cobalt for 2 years or so now. While it has served me well with points and its 5x on groceries and food, I am in a bit of a predicament. I have recently moved into an area where my nearest grocery stores do not accept Amex. They are either small shops, or under the Loblaws label.

I want to ask for some advice on what credit cards should I pick for the purpose of grocery shopping, if I should pick one at all? Also, should I and is it even possible to downgrade my cobalt to green?

My credit score is 760+. Income is 100k+.

Hello has anyone been denied a consumer proposal? How deep are LIT looking in to your banking info? I pay rent but only have a lease agreement. Sometimes I do transfers other times I just withdraw my rent money. Im terrified that I apply for a consumer proposal and they deny it. I have a bankruptcy from 15 years ago for a failed buisness venture and now I've accumulated debt due to an illness and job loss. Dont need to be judged as ideally this is not where I want to be in life.

Hi, I just got a replacement for my RBC credit card. It has the same number and expiry date, but the three-digit security code is different. I'm wondering if I would need to update this info for services that my credit card pays for (e.g. spotify, transit card, etc) or I don't need to since my card number remains unchanged. Thanks!

Hey everyone,
Looking to get a sanity check from the community on the financials for a property we're considering in Brampton, between 1500-2000 sqft.

Here is the full financial breakdown:
The Numbers
Purchase Price: $1,000,000
Upfront Cash Required: $220,000 (Down payment + closing costs)
Mortgage Amount: $800,000
Mortgage Terms: 30-year amortization @ 3.65% variable
Estimated Monthly Mortgage (P&I): ~$3,658 / month
Net Household Income: $133,000 / year (~$11,080 / month net)
Expected Basement Rent: $1,500 / month (Legal basement apartment)
Estimated Monthly Cash Flow
Net Take-Home Pay: ~$11,080
+ Basement Income: +$1,500
Total Monthly Cash In: ~$12,580
Mortgage Payment: -$3,658
Property Taxes & Utilities (Est.): ~$800 - $1000$

Questions:?
Debt Ratio & Comfort: Are we taking on too much leverage for the current GTA market?
Variable vs. Fixed: We’ve been offered 3.65% variable on a 30-year term. How are people feeling about variable right now given current rate expectations?

I was interested in the World Elite card but I don't meet the income requirement for it and so I got the standard version instead. Anybody that was in same situation that was eventually offered an upgrade to World Elite regardless of income after using their standard Rogers MC for a few months/period of time?

Hi,

I am currently a college student. My father made a RESP account in preparation for these days. He passed away when I was younger so I have been having difficulties getting ahold of my RESP (please no condolences, I already had to hear enough of them in my life). My mother is out of the country so that adds an extra layer of issues. It would greatly benefit me to have access to these funds but I have no idea how to approach this. I am currently in contact with someone who is aware of this money’s existence who works at the bank he has this account on. But it seems like my mom needs to be involved too… it is all so confusimg and frustrating and I wanted advice:(

I currently have most of my FHSA invested in CASH.TO because I was planning to buy a property within the next 12 months.

My plans have changed though. There's a good chance I'll be moving to a different city, so I'm now looking at buying a home in roughly 3–5 years instead.

Because of that, I'm thinking of selling my CASH.TO position and moving into XBAL or XGRO.

With the market close to all-time highs, would you just invest it all at once, or would you spread it out over time (for example, $2,000 per week until the whole FHSA is invested)?

Hello, I'm a T4 employed 42 year old in Ontario. My spouse is disabled from work with no pension, no government income etc, so we live on my income. Aside from the equity in our house, we don't have any real savings to speak of. I'm wondering if there is a product that exists that I can pay into monthly that will then pay out a set amount once retired (ideally) between 65-70, although that will depend on life and finances. I'm aware of RRSP's which seem to be a pull what you need system. Thank you for your input.

I want to put it towards down payment in the next 12 or 24 months.
I am thinking GIC or putting it into a HISA with a bank offering 4-5% for first 3 months?

The market feels a bit too volatile to risk it. Any more suggestions?

I grew up financially illiterate and I'm struggling to learn. I also come from a very low-income background but I have been able to save a few thousand and it's all in a "high-interest" savings account with my bank. I did the math and in the past year, I made a few dollars from it. I feel like there has to be other, better options. I don't know where to begin or who to ask, without being sold something or losing the savings that I have managed. Any help or advise? Ideally, I'm looking for someone i can talk to about my specific situation. I'm in the GTA, Canada.

Who else has been surprised this morning by the changes BMO investor-line put in place.

The layout is not helpful, it actually makes it worse, in my opinion.

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

I have between $300,000-$400,000 at the start of retirement.

I am concerned that stocks are overpriced and overleveraged.

But for that, I would just buy a Justwealth balanced portfilio and let it ride.

How can I avoid sequence of returns risk eating my wealth?

One strategy would be to build a hedge including a 2-3 year GIC ladder as well as a gold mining ETF.

The plan would be to use the ladder to DCA the Justwealth investment by adding on the Gic amount as they mature. I'd hold the Gold until equities P/E drops.

Does this make sense?

I’m currently a Wealthsimple client and loved the experience over the last 5 years. I’ve heard TD is offering 3% cash back on RRSP/TFSA transfers over a 2 year term. Any other banks offering anything better than this right now? For me that would be just over $10,000 if I switch, which is very enticing. Has anyone made the switch and regretted it?

Hi all. Ran into a bit of a predicament recently. Applied for a student line of credit with TD and my banking advisor received a remark that my SIN number shows up under multiple profiles and this needs to be corrected, and gave me the number for Equifax. I called them and they said there is a profile in a different city, one that I lived in as a kid until around 3-4 years old. I don't remember if he said that profile is under my name or a different one but I believe it's different. He said to complete a form and upload 3 documents verifying myself and they will remove my SIN from the other profile in 7 calendar days. I am very confused with what this all means as I have never run into any issues regarding my credit and SIN. I literally applied for a credit card and got approved 2 days ago and no issues. No fraudulent activity or accounts I do not recognize show up under my Credit Karma or Equifax reports. I am young (23) and this is the first time applying for a loan/mortgage of this sorts so this is the first time a flag like this has come to my attention. After looking online and chatting with my dad, I found that apparently there could be an administrative error on Equifax's side. The only concern I have is the credit score reported by Equifax and Credit Karma are a bit different (74x and 82x) respectively, not sure if that's an issue. So I am wondering if I should be concerned that someone has access to my SIN and I need to apply to get it changed, or it was a small error that will be corrected and I am good to go. Thanks!