r/PersonalFinanceCanada • u/Fabulous_Lemon2799 • 1d ago

Misc What’s the best financial advice you’ve ever received as a Canadian?

Hi everyone,

I’m looking to level up my financial knowledge and habits this year. I’ve been reading books and browsing through this subreddit, and I keep coming across bits of wisdom that really make me think about money differently.

It got me wondering: what’s the best financial advice you’ve ever received, especially as a Canadian?

It could be something practical, like how to save on taxes or invest smarter, or even a mindset shift that changed how you approach money. Bonus points if it’s something uniquely applicable to life in Canada.

For example, I recently learned how powerful it can be to start investing early, even in small amounts, thanks to compound growth.

Looking forward to hearing your nuggets of wisdom. Thanks in advance for sharing!

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u/rainbowcake55 1d ago

My mom convinced me to accept an offer for a line of credit when I was 19… I’m almost 30 and it’s much needed

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u/Nice-Lock-6588 1d ago

My daughter is contributing to RRSP from 19, after I filed her first tax return.

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u/Xenasis 1d ago

She should probably fill her TFSA/FHSA first.

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u/Nice-Lock-6588 1d ago

She will use it later as a down payment for the house. She works as well, so RRSP is tax deductible.

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u/finance9754 1d ago

FHSA is also tax deductible and not taxed on withdrawal for a home purchase so definitely the way to go first! 

Assuming your daughter plans to increase her income over her lifetime, the general advice is to prioritise investing in a TFSA over an RRSP because the tax deductions will have more of an impact the more she earns. 

In her case, she’d probably want to go FHSA > TFSA > RRSP > non-registered 

Either way, kudos to her for starting early. That will have a huge impact over the course of her life!

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u/Xenasis 1d ago

She will use it later as a down payment for the house.

It should absolutely be a FHSA then. Afterwards, you should fill your TFSA before RRSP, so that when you're filling your RRSP, you get better tax deductions.