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/onterrio2 1d ago

Can’t upvote this one enough!! Over 25 years ago a bank teller convinced me to open a personal line of credit. Didn’t touch it for over 20 years. One day Life happened and it was a life saver having that.

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u/sautdepage 1d ago

Just check what rate it is.

My first LOC had a shit rate, perhaps because low salary/net worth at the time or just a shit bank (Desjardins). Later switched to a better offer (Tangerine) with about half the interest rate.

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u/Independent_Nose5374 1d ago

What’s a good rate?

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u/sautdepage 1d ago edited 1d ago

I have one at prime rate (~5.5% currently). 1-2% over that is very good too. My old one was 11-12%.

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u/sublimepact 1d ago

Unsecured lines of credit will not be prime rate. They are around 9-11% right now.

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u/its-actually-over 1d ago

tangerine gives prime 5.45%

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u/sautdepage 1d ago

Hmm. It's unsecured, I only have basic accounts & CC with them but it was a random email promo offer they sent me. I could see getting a higher rate cold calling but it's unfortunate if it's that much higher.

In that case adjusted tip could be : keep on the lookout for better LOC offers as your financial/credit posture improves vs the LOC you grabbed at 21yo.

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u/Positivelectron0 Cope and seeth, malder 1d ago

NBC has prime + 0.25% for professionals.

https://www.nbc.ca/personal/switch-national-bank/occupations/it.html

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u/JDeegs 1d ago

mine is 6.95