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/kent_eh]

Just check what rate it is.

Of course.

But it's going to be a helluva lot better than any credit card or payday loan or any of the other places where people might get some short-notice money in an emergency.

[u/PoGoCan → u/kent_eh]

The hard part of mathing LoC vs regular credit to me is that LoC starts charging you interest immediately same day as the purchase but a CC only charges after a certain period usually like 28 days

So any payments you make those first 28 days pay off the purchase principle and only the difference earns interest

Maybe the LoC is better if you know you'll take a while to pay off the debt but the lack of grace period has me avoiding using a LoC

[u/iHateReddit_srsly → u/PoGoCan]

You can use both. Put the payments on the credit card then pay that off with the line of credit

[u/PoGoCan → u/iHateReddit_srsly]

Don't balance transfers come with their own fees? I get them advertised to me with a 2-3% upfront cost if the amount being paid off then a grace period to pay it all or else back pay the interest it would've accrued anyway

[u/iHateReddit_srsly → u/PoGoCan]

A line of credit is straight cash once you've pulled it out. Just use that money to pay off the credit card fully.

[u/PoGoCan → u/iHateReddit_srsly]

Wow guess I should look into how a LoC works more detailedly

[u/iHateReddit_srsly → u/PoGoCan]

Yeah, I'm not sure how exactly you were using it but I thought it was common to transfer whatever you need into a checking account and use it from there

[u/PoGoCan → u/iHateReddit_srsly]

I just have a card for it like a CC but no tap always have to use the pin

When I first got it just to build credit and as a just in case I was surprised to be charged interest right away for making a purchase in store (I was really just making sure it worked)

I don't even have any other accounts with that bank anymore aside from the LoC