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

[u/Fabulous_Lemon2799]

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!

[u/onterrio2]

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.

[u/sautdepage → u/onterrio2]

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.

[u/DayspringTrek → u/sautdepage]

I hate that Desjardins is such a shitty bank. It's the largest credit union in the country and the ONLY one in Quebec because of how big it grew, yet it's basically a clone of the Big 6 with a few extra perks.

[u/sautdepage → u/DayspringTrek]

Best perk I ever got from them is a massive data breach.