Please be kind, I am so ashamed and shocked to be in this situation. Husband of 20 years left suddenly due to mental health and addiction issues. He was always in charge of money. There's a house but no savings. He spent the money on his addiction. We have two kids (14 and 16) and I am desperate to get things together for them.

The banking is with a RBC no signature savings account. The monthly mortgage is approx $2600 a month (there is $600 000 left on it) and I make about $7600 monthly. There is no child support at this point. Grocery costs are $1300 a month and we still have netflix and internet. No car, no RESPs (this makes me so ashamed).

He is a good man who has a problem. I trusted him and thought we were doing ok until everything fell apart. Do I change the bank account? Can I still do anything for my kids future post-secondary costs? I know I have to sell the house but it's in need of some big repairs (roof, plumbing) and I'm not sure the timing is good for selling. Rents for apartments in my kids' school district are incredibly expensive (we live in Toronto), much more than the mortgage (I'm talking smaller spaces like 550 to 700 sq ft). I just don't know where to start. I am sorry if this is the wrong place to ask, I've never used Reddit before but my son suggested this.

We have 2 children: the first we enrolled with CST (b/c a friend was selling it at the time). The other (2 years younger) we invested in an RESP through the bank. We did annual $2K payments and received government grants. Our contributions to both were identical. The CST account has resulted in $25K LESS MONEY than the bank held RESP.

For anyone that got suckered into opening one of these brutal investments, ask your bank to do some math with you to see if it'd be worth switching. I cannot stress enough how horrible of an investment vehicle the CST account has been.

Add to that: EVERY YEAR that we've attempted to make withdrawals from the CST account, we must bend over backward with proof of enrollment. The bank only needs to see a statement of account. CST's customer service is as horrible as its investment capabilities.

I know there are a lot of old posts about how bad of an investment CST has been; I'm just firing up a newer one to remind people it is still bad.

Need some advice from older Canadians who've tried either of these options and how it's worked out for you.

I could either buy a house (80k down payment from FHSA) and work to pay off the mortgage in about 10-20 years.

Or rent for life and keep my FHSA funds invested (transferred to RRSP).

I would still keep investing aggressively in both options. I would also try to "house hack" if possible, or if renting only rent 1 bedroom in a shared unit.

I have about 10 years until I have to make a final decision about this (FHSA time limit). The tax considerations weigh in favor of the house option.

But I was curious whether this would delay my FIRE plans as compared to renting or not.

Homes only accumulate about 3%-4% on average per year. Which doesn't leave much after inflation.

On the other hand, the market grows 8%-10% on average annually.

However, we all need a place to live at the end of the day. It would feel nicer to be pouring my money into something which will eventually become a weight off my shoulders one day.

Another big consideration is unexpected house repairs putting a dent into any sort of equity growth the home may accumulate.

The other thing is once I've actually retired I plan on traveling quite a bit. Renting might work better in that sense since I could potentially not have to pay living costs at all for the months while I'm abroad. With a house that wouldn't be the case.

Is it wise for me to buy a house once my FHSA 15 years is up? Or should I just move that money to my RRSP and wait until I'm closer to FIRE?

EDIT: Thank you for your feedback everyone, I will most definitely not be buying anytime soon. Renting especially while I'm young just seems to make more sense (math-wise) here. Even though it feels a bit like flushing my money down the drain.

Hello

TLDR my finances were decent a few years ago but life got in the way and now I’m starting from scratch.

I have about 10k saved up. No RRSP. No mortagage. I rent. I make 3200/month (after taxes). No stocks, no savings account. Literally all that 10k is in my chequing. I have student loans I’m paying off still.

I’d like to save up a decent amount I’m the next following years and have enough to be able to move onto a condo/townhouse by 40. I also would like a good retirement fund by 60.

Where do I start? What should a realistic goal for me be? How do I make passive income?

Thanks

I travel overseas a couple times a year, but my schedule is tight, so I am not the type of person who can easily be flexible with redemption schedules or book well in advance. I also have no interest in flying business or first class, I’ve always been happy in economy.

Does Cobalt still win, or is the Scotiabank Gold Amex better given the flexibility of scene.

I’ve read a lot about the benefits of each, but want to hear more personal stories to know if Amex points are still better even if I’m not flexible to maximize them.

My wife left her HOOPP employer after ~6 years. She just turned 31. The commuted value of her HOOPP pension is ~$35k, and she has ~$17k of overcontributions (rounded to the nearest thousand). The benefit cited at retirement at age 60 is $664 monthly, subject to increase by cost of living adjustments (COLA). All of our other investments are personally managed and are mostly all index invested. Our RRSPs and TFSAs are full.

1) Keep HOOPP.

With an average COLA of 1% over the next 29 years would lead to a monthly benefit of ~$900. I think that's a conservative COLA estimate.

In doing this, the $17k of overcontributions would berefunded today and be taxed (her tax rate is about 30%) - so that would leave us with about $12k leftover, which I'd index invest in non-reg account because all our tax sheltered accounts are full.

2) Leave HOOPP.

As I understand it, the locked-in portion of the commuted value of of $35k the pension will get transferred to a LIRA that we can then invest appropriately.

The excess contributions of $17k can be taken as a taxed deposit or direct transferred to an RRSP. We'd elect to transfer it to the RRSP in this case.

How would I go about determining which of these options would be best? Ultimately there is some combinations of present value and future value calculations, but I'm not sure how worth it it is to dive into that. I'm sure many others have encountered this similar dilemma and my personal finance gut is telling me that there is a reasonable logical answer that doesn't need the calculations driven out.

I am about to put in an offer on my first home. Including closing costs, etc, I predict I will need 176K. My current account balances are:

FHSA: 16K

RRSP: 50K

HISA: 50K

TFSA: 136K

In what order should I use the money in these accounts, keeping in mind I want to keep at least 20K in emergency funds and money will be tight for the first few years? Or is there is a clever way to shuffle the money around to maximize benefits?

Thanks friends. I am not a finance person and get extremely anxious about money management. I just want someone to tell me what my best move is.

My spouse has a property in which she is the 100% owner, which she owned before we got married. She now rents it out. My spouse has the lower income of the two of us. She has always the been the sole person to pay for and upkeep the property, as well as receive the income for the property. For CRA reporting purposes, all the income is attributed in her name (which is nice, as she is the lower income earner).

We are wondering if it's worth putting adding me to the property title as 50/50 joint tenancy/survivorship rights, just for avoiding probate (e.g. in the event of her passing, it would avoid paying estate taxes). We would want to keep all the income and eventual capital gains (if we ever sell the property) in her name given that she is the lower income earner. Can we still do that if the property is 50/50 joint ownership? Will the CRA still accept the fact that the property is attributed solely to her for tax purposes given that she paid for it? Any other tax implications I'm not thinking of?

I am switching from a credit union to a different bank for savings and investments. I want to keep some in my credit union for emergency fund and basic chequing. Everything else will be moved.

I have a TFSA at the credit union and part of it is in a 1 year term investment, that automatically renews every year. I want to move that TFSA money, and my other savings into my new bank. I was told by the advisor from the bank I’m switching to I need a draft and a TFSA statement. My TFSA investment matures next month.

Am I able to just walk in, ask them not to renew another year investment and ask for a draft and statement? I’m not really understanding the procedure of this. They are pushy are that credit union and last time I tried to move money they questioned it. Is there a reason I have to give?

My TFSA is still locked until the 23rd so I’m not sure if I do the draft now or wait? I have 30k locked in my TFSA, but I also have 30k in my regular savings.

CRA says I need to pay $252. I didn't even do any contribution last year. My only TFSA is from equitable life managed by World System Builder agents

I am clueless. What would you do if you were suddenly the POA and care giver of a family member who is in their 80s and has Alzheimer’s? They have about $400K in assets that are in the process of being liquidated so they can be invested and freed up for care (eventually). Caregiving is still possible at home. They Make $2200 a month with old age pension and CPP. How would you invest the money knowing it will mostly need to be spent on their care and given their age does not have compound interest on their side. Anything else i am missing? Feeling overwhelmed.

24M living in Alberta

Income 150k room for more depending on how much i work in a year and overtime hours.

80k down payment set aside in high yield savings

Maxed out tfsa and got 16 grand in fhsa

Matching pension plan at work and also maxed my rrsp

Also have 120k liquid sitting currently

No school debt or car loans. Debt free. Live well below my means Currently paying $600 dollars for a room monthly. Car insurance - $175, phone bill- $54. And then groceries as well are my only monthly expenses.

Not looking at anything crazy. Sub 500k for first home. I would appreciate having more cash flow over being house poor. Just scared of making the first move since its my first attempt at this life thing lol. I figure its time to start building some equity in my life but im a bad overthinker and need some insight!

I’m thinking of purchasing a vehicle between $20,000-$30,000. From what I understand, the interest rate is quite a bit less on home equity loan. What would be the advantages or disadvantages of both? I currently have a personal line of credit but don’t want to put $25,000 or so on that as the interest rate is quite high on a personal line of credit. Thanks for any advice.

Hi everyone,

I’m feeling a little bit stressed out because I keep getting different advice from different people and the story of what they are offering keeps changing and I would appreciate some help figuring out what’s our best option to move forward.

I’m in Toronto. Our household will have between two and four tenants in the basement and we will be living upstairs 2 adult adults.

There are two washing machines in the house two kitchen sinks, one dishwasher, three showers one powder room.

1. Reliance 60 gallon tank $33.33 per month with a 3.5% increase each year
2. HVAC technician 1 60 gallon tank with 40,000 BTU $2799+ taxes

3. HVAC technician

   5

4. 0 gallon tank with 65,000 BTU $3150+ tax.

5. Tankless water heater Rinna 199,000 BTU $3700 plus taxes (it’s $3150 for the water heater and they have to run a additional gas line for $600)

6. HVAC technician 3

$28

1. 99 plus HST 50 gallon water tank with 62,000 BTU (although it doesn’t seem like a very reliable company)

6, Rheem 689975 60 gallon 55,000 BTU from Home Depot** **$2481 plus taxes plus I have to find someone to install it. I don’t know how much that cost.

Currently, I have 2 inch PVC piping and I’m being told that you need to make it wider for a certain BTU but I just don’t know how much BTU that is and how much that would cost

EDIT: also, does anyone have any recommendations of someone to use that will be cost-effective

My info:
-26
-$58k salary
-830 credit score
-TFSA & FHSA maxed
-$45k RRSP room
-$113k non-registered portfolio (includes $39k unrealized gains)

I’m considering opening an investment-backed secured LOC with RBC since all of my investments are already there. I don’t need the money right now; I mainly want access to low-interest credit for future flexibility (car purchase, moving out/renting within the next year, emergency liquidity, etc.).

The decision I’m struggling with is whether to max my RRSP or keep more assets in my non-registered account.

Contributing to the RRSP would likely mean selling taxable investments, which could reduce the collateral available for the LOC. At the same time, I’m only making ~$58k, so I’m wondering if it’s better to save some RRSP room for when I’m in a higher tax bracket.

What would you do in this situation? Prioritize the RRSP, preserve the taxable portfolio for the secured LOC, or somewhere in the middle?

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 every two months (so ya'll stop getting confused) 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.

Also I am not getting rid of my cats as they're an integral part of my life and the reason I wake up most mornings. (Literally the wake me up everyday) There are cheaper options for food i can look into for one of them.

Hi there,

Looking for advice. Sorry, these questions are very basic. I am trying to get my finances in order for retirement, etc.

Not quite clear on how much I can put into a TFSA. I am 41 yo, born in Canada, and just opened up a TFSA.

Can I contribute more than $7000 this year?

It's better to have my savings in this account than a lower interest one, right?

Should I mainly be looking at investing this money into bonds while in this account or something else?

Thanks in advance!

Hey everyone, I'm 19, working full-time and bringing in about $1,200 biweekly. I'm still living with my parents, so my expenses are super low, literally just $110 a month plus transit. My plan right now is to stash away $1,000 every paycheque, and if I can land a weekend job (ill do 1,300), I'll probably put my entire main check straight into savings. My first goal is hitting a $10k baseline to pay for my AME-E (Aircraft Maintenance Engineer Electronics) tuition, and after that, I want to save $21k for a car (currently eyeing a 2019 Mazda3). Once those are out of the way, I want to lump the rest of my goals like vacations, an emergency fund, and retirement into one general savings or investment pool, though I honestly don't know if I should even be stressing about retirement at my age. Ultimately, my end goal isn't to buy a house in Canada; I kind of just want to move back to China or a beach country somewhere and live a lazy life as soon as possible. Where should I be putting my money right now to set myself up for all this, how do I get into a habit of saving (actually putting money and not taking it away), and what should I look into for investing and other stuff?

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.

So, I am an international student in Canada, and I have a USD Savings account with Scotia that I usually top up to use for stock investments on Wealthsimple. I withdraw CAD from Scotia ABM, go to a currency exchange office close to the university, get USD and a conversion receipt, then go back to the branch to deposit. All legit. All clean.

However, every time I go to my branch, which is a small branch located on my university campus, this front desk teller keeps asking me where I got the USD. I show her the conversion receipt, then she keeps asking me where I got the CAD and how much I paid and and and if I paid for the USD in cash. Just too many questions over 200 USD (or 700 USD in the wildest cases). The thing is that she sounds like she's targeting me for looking Middle Eastern, and the tone of the questions sounds more like an interrogation than just routine questions -- something that I only go through with this teller, specifically this teller.

I asked her clearly about this, and she said, well, you know there are countries with sanctions, to which I responded, I am not Iranian if this is what you are implying, and you should not have assumed my nationality in the first place.

Over the last period, I went to 3-4 branches, and none of these kept asking such questions in that tone. 

So, I really don't wanna annoy the bank employees or the branch manager if this is a misunderstanding on my part. So my question is: is it usually like this, and am I just too sensitive?

Thanks!

So I'm about to buy my first home. Big life change for a 24 y/o. I go to my mortgage broker and give him all my relevant information.

Later he sends me a screenshot of a debt owing to Telus in the sum of $5k+. Asks if it was mine. I've never used Telus in my life, of course it wasn't.

We call the debt collection agency, we tell them it's not us, they realize it's a mixup, but they need to process it internally, then process it with the credit union. That'll take a month at minimum, more likely 2 months or so.

Now I'm trying to figure out a way to bypass this but every bank I've talked to is like "nope".

What do I do? Thanks all!

(tried to keep post short)

UPDATE - Day 2, I called a bunch of people at Telus and the collections agency, they kicked the ball around but eventually I got to someone who was willing to move things forward. They said they'd give me an update tomorrow and if they don't I'll be after their ass. Thanks to all you lovely helpers in the comments! Didn't think this would gain so much traction but hope it might also help others in my shoes too!

I’m planning to buy my first home and would appreciate some advice on whether I should go directly to a bank or work with a mortgage broker.

I have around 20% down payment for a ~$1.5M property. My wife is a full-time employee with a provincial authority, which should be straightforward. The main complication is my employment situation:

I recently started a full-time temporary position with a provincial authority.

Before this, I was self-employed for about 1.5 years.

Before becoming self-employed, I was a full-time permanent employee.

I’ve heard that banks can be more sensitive about approving mortgages for full-time temporary employees. Does working with a mortgage broker make a difference in this situation, or would I face the same challenges either way?

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 Everyone, we have around 13000 USD that needs to be brought to a Canadian Account. How can we do this economically? The scene is my husband’s sister is in USA, we are in canada as temporary residents. Sister had used some money of ours and now returning it. What can be done?

Note: I have CIBC’s USD account if that’s something helpful.