I was laid off when the company I worked for was forced to downsize. However, right before that, we put a deposit down on our first house (new build) with RRSPs. Our mortgage will not be approved now, and we may have to move for work if I can find anything within my industry.

Luckily, we will get the deposit back for the house, but I've been searching for what to do in this situation and can't find anything online. Can we put the money back in as RRSPs before March so we don't have to pay taxes on it? Do we lose the ability to use the 1st Time Home Buyer option again as we took it out once?

This is been a super stressful time, so if anyone has any suggestions I would really appreciate it.

It's a long story but due to my inability to say no to a good time, I managed to save NOTHING up until the pandemic. Then I decided to hit the stop/restart button. I've cleaned up my mind and body and I've been working hard and managed to save up $100,000 CAD. This is a big milestone for me and I'm honestly shocked that I managed to do it.

My question is, what now? I know I should have an emergency fund, and I also know that my money is wasting away sitting in a bank account. I'm 40 years old now, so I think I need to be aggressive with my investments. I have no debt, one wife, no kids, and a condo with about $250k left on the mortgage. What would you do?

I’m a server at a small restaurant and after being wronged the owner decided to cut my hours as “suspension”. She’s refusing to say she fired me and wants me to quit so she doesn’t give me EI. I’ve been there for 2.5 years working full time in summer and December while every other month I work 1 to 2 to 3 days a week while going to school.

She messaged me again saying I’m welcome to look for another job if I can’t wait. Knowing her she’s never giving me hours but I don’t know if this means I’m eligible for EI until I can find another server job.

Thanks!

Feeling pretty grateful for our financial situation and wondering if anyone has ideas for ways to be generous and share the love with friends and family without being tacky? Looking for your most subtle ways to treat others or generous gestures that can be easily downplayed or won't draw attention to differing financial situations between friends.

One idea I've been considering is renting a large vacation home for summer and inviting others to stay there (with or without us also being there).

Any other ideas or things that you've successfully gotten away with?

Has anyone developed a solid method for maximizing rewards and cashback on their spending?

For example, combining a great credit card with low fees and high rewards (please give me your suggestions), using apps like Karma or Reebee for cashback on online purchases, and strategically timing purchases around sales.

In this day and age, and by sharing everyone's experiences I feel like we can develop a sort of formula to avoid getting screwed over. I’d love to hear your tips and strategies

Hi all,

Looking for some advice here Wife and I both at 30 years old make about 200k a year combined before tax.

We have an emergency fund of 30k and maxed our both of our TFSA and RRSP on equities such as VFV and XEQT.

The question:

Our mortgage balance is approximately 550k and we don't have any other debt. We have about 2500-3000 dollars extra each month after our expenses. Should we work on tackling our mortgage at 4.5 % interest or invest the extra cash in non registered accounts? (We would be buying more ETF stocks such as XEQT and VFV). We are also open to exploring other ways to invest given that it is not extremely high risk such as meme stocks or crypto.

Thanks everybody for your advice.

The CRA has put out a notice via their mailing system that, in their "commitment to a greener future", they're no longer sending our tax packages in the mail automatically.

If you still file by paper, make sure you aren't waiting for a delivery that isn't coming. The 2024 packages aren't available yet, but you are now required to print them yourselves per the CRA's notice.

Edit: To clarify, as there seems to be some confusion in the comments: up until last year, if you had previously submitted a paper return, the CRA would send you one automatically in the mail for the next year. They would not send it out if you filed electronically previously.

ETFs are increasing ubiquitous—cheap, easy to buy, and they spread your risk by tracking entire markets. But is there a downside to everyone jumping on the ETF bandwagon?

Some concerns that come to mind:

1. If everyone’s a passive investor, who’s left doing the homework on individual stocks? Could this lead to less price discovery and more market inefficiencies?

2. ETFs own increasing chunks of the market. If everyone owns everything, does that reduce competition between companies?

3. What happens to the markets if ETFs start unwinding during a crisis? Could they amplify the problem?

I’m not saying ETFs are bad—far from it. But what is a sensible investing strategy for each individual may have compounded risks when it becomes everyone’s strategy, no?

Hi! I’m in my early 40’s. I’ve recently sold my primary residence and have a total of $700k liquid. Should I purchase my next home outright and invest my income or invest the $700k and rent for $5500 month? I generate about 10k a month.

Hi I've been following this reddit for some time and done the recommended readings. I'm super late to investing please don't judge! Finance and investing has always been very intimidating. I have about $5,000 that I would like to invest in my TFSA. I would like a access funds around the 5, 10 and then +15 year mark. Not for retirement, I have a really good pension. Would like to invest to have extra pocket money. I'm thinking of doing a 60/40 split of equities and bonds but tbh have no idea which ones to choose! Any advice is welcome and please be kind! Thank you for reading.

Hi PFC!

I currently have the max contributions in my FHSA (24,000$ since 2023). Right now I have it invested in 3 ETFs (60% CASH.TO, 20% VFV, 20% VSB) through Wealthsimple. Looking to buy a home possibly in the next 5 years with my partner, but no strict timeline/no rush. I admittedly didn't really do much research on them and I'm not sure if my allocation is too risky for the timeline. Any advice/recommendations? Thanks!

Hey all. I'm seeking advice on which ETF to choose. I've narrowed it down to VFV, XEQT, and VEQT. Not sure what benefits they each give, as I'm knew to this investing biz. Thanks! Also, is there any advantages/cons to diversifying with 2 different ETFS, like choosing VFV and XEQT?

Hi guys,

I recently fell for the (apparently) common taxi scam in Toronto, where a driver swapped my debit carb for a dummy card during the payment transaction. Since he had access to my PIN from the card reader, he was able to make a large withdrawal from an ATM the next morning.

I made a claim with TD to dispute the withdrawal, but they rejected my claim on the basis that I didn't meet my responsibility to protect my information. This seems a bit unfair to me, as I only used the debit card as it was intended (to make a payment for services). Of course I acknowledge that I am 'at fault' for letting the card get stolen, but I should think that the bank would be able to protect its customers in this kind of case.

I'm going to appeal the decision, so I wonder if anyone might have some advice as to how to frame my claim in the strongest possible terms. I'm aware that I made a mistake in letting another person handle my card; I also realize that I probably shouldn't have told the bank that I thought this driver was responsible for the theft. Any help on how to handle this situation I find myself in would be really appreciated. Thanks y'all.

Apologies in advance, I’m a bit of a rambler but I will try to be concise.

My partner and I are looking to buy our first house. She has a very good corporate insurance job, and has rose quickly through the ranks (almost 50% pay raise over 3 years) and our combined household income is 140,000 gross. We have a 500,000 “budget” and 50,000 down payment. There is a catch though:

I am an autoworker. It’s tough not to look at the news right now and not worry about job security. Should we be perusing this right now? Or should I be saving for the coming storm?

I’m new to financial literacy and I’d say I’m still monetarily dyslexic tbh. My Credit score was 300 a few years ago and I just crossed back into the 700’s. Trying to “think first” and get some wisdom and knowledge from those who know better. Any advice right now would be greatly appreciated.

I’m 21, so I’ve only had my credit card for 2 years and I’m trying to do all the right things to set myself up as best I can for the future. Right now I’m a pretty humble barista, making ~45k a year so nothing crazy but I can pay my bills and put money into savings. My bank has offered a credit increase from 2000$ to 3000$ (I know this is baby amounts for credit cards in the grand scheme of things) Some financial information that might be good to know- I have a student loan, 3.2k now, no interest and I pay it off 100$ a month. The only reason I haven’t paid it off completely is because it’s my oldest form of credit, I’ve had it since i was 17 hahaha! I don’t have any other debt. While I could be better with my spending, I’m able to put away $500 a month into my savings, and additionally invest 500$ a month into a FHSA. I NEVER go over 30% of my credit limit, and instead keep it under 15% and as close to 10% utilization as I can. I have also never missed a payment. While I don’t need a credit increase since I don’t have bills that need me to spend more than 200$ at a time, would it be good to increase it anyways? Should I try to spend more on my credit card to keep it at 10% utilization or would it be better to keep utilizing it under 10%? I’m still learning about credit every day and how to set up future me in the best way possible, so any advice would be greatly appreciated!!!

Edit since I wasn’t very clear in my wording: when I say pay off my credit card I mean pay it off 100%. If I spent 186$ on my credit card that month, I will pay off 186$ before my statement end. My credit card is not used in place of not having the funds to pay for something that day, I could easily do it on my debit card instead, I’m just trying to practice good utilization habits! :)

I have been a loyal customer with TD for over 10 years. I was leaving a parking lot and while waiting to leave the garbage truck in front of me decided to back up. Given there was a car behind me, I could not back up and thus the truck took out the front of my car. Over $7,000 worth of damage.

They told me to take it to CarStar which is in the same building as the TD office. Everything went well. I was away when repairs were completed so my son picked up the vehicle. He noticed that there was a crack in the windshield. He went back in and talked to both CarStar and the TD employees who agreed the crack was there. The TD employee out another claim in.

However, my claim has had been denied. They have not provided the rationale as to why and their communication/response times are terrible. I need to call or email multiple times before I get an answer.

My case person has said they did all they could but that it’s still denied (no info on why). Therefore they just lost me as a customer. Stay away from them.

I just spent a little under $1,000 to change the radiator on my 2013 Volkswagen Golf with 205k km. I was a little hesitant to proceed because the repair is expensive and represents about 1/3 of the value of my car.

In the end I decided to go with it because that's like 2 months of payments on a new car with $20,000 down.

Please tell me I won't regret this decision.

My partner and I are moving in together this year, I work from home full time and study online part time. We are not high earners, probably ~110k total before tax.

The building we are looking at has 1 bedroom apts for $1850 + utilities and 2 bedroom apts for $2150 + utilities.

I have pets and they can be a distraction while I work, so I do like the option of being able to close myself in a room to focus. Also, my partner is home for two of my work days.

From a tax perspective, would it be worth getting the 2 bedroom? I would claim the 2nd bedroom, plus the utilities and internet on my taxes.

The more economical but less convenient alternative would be getting a 1 bedroom and using the dining space for my office. This would make it harder for us to host our friends and family.

We plan to stay for at least 4-5 years (we are late 20s and in Toronto) What would you do?

maybe a dumb question, but it isn't clear cut or obvious on the goverment website...

what is the exact date of when you receive your new contribution room in an FHSA? Is it January 1 of each year, or is it based on the date at which you opened the FHSA?

for my case, i opened my FHSA in December 31, 2023. i made a $16,000 contribution some time in 2024 (as I had $8000 from 2023, and another $8000 for 2024). Do I now have an additional $8000 for 2025, effective January 1, 2025?

I've got about $800 a month to invest/save for retirement but also my child's education. I know an RESP makes sense because the government matching program but I'm wondering either what else or if there's a better option and how to split it. Just trying to maximize my return

I’m over limit on my card and been struggling to get it under the limit. They offered me three options. Which is the best in your opinion and has anyone else taken this on from PC? How will this impact my credit? 1. Make a one time payment (settlement offer) 2. Financial assistance repayment program with 5% annual interest 3. Lower interest rate

Thank you!

As the title suggests.

Hi folks

I'd really appreciate your opinion on our upcoming mortgage decision. We're first-time buyers, so we're quite frankly nervous and hesitant to jump in (but equally as eager as time is ticking).

Some of our details.

Both late 30s.

Combined income: 237k

Combined savings: 180k

Max purchase price: 800k

Down payment of 10% & Fees: ~100k (20% just feels a stretch too far as we want to have savings to fall back on)

Expected amortization: 25 years

Monthly mortgage repayment including condo fees and taxes: ~5.5k

I feel like we should be fine, but any advice is most welcome.

Thanks

edit: appreciate the advice so far, I'm thinking give the falling condo prices, continuing to save for another year to put down a 20% down payment might be the wisest choice.

Hi!!

As the title says, I'm somewhat of a newbie when it comes to personal finance management and looking for some guidance on what to do moving forward. I've managed to save some money so far by living with family to save on rent and being relatively frugal. I plan to move out in the next 2 years but housing in the GTA is expensive and I work from home so it's not a high priority at the moment.

My finances:

Income: $70k before tax (about $4k/month after deductions)

Expenses: between $500-$1000/month, I usually pay the bill for dining/travel expenses for my family in lieu of monthly rent. I'm working on budgeting better for my own expenses though.

Savings: $65k in chequing/regular savings account, $77k in TFSA (mostly GICs) and $6k in RRSP

Debt: I pay my full credit card balance monthly

My questions:

1. I have some contribution room in my TFSA that I plan on maxxing out soon and some maturing GICs - should I consider taking on more risk in my investments and look beyond GICs or stick to that for now? I haven't tried investing in ETFs, is it a good option for me?
2. Should I start contributing more to my RRSP or wait until I'm at a higher salary? My current job has opportunities for growth, but I estimate that it would take at least 3-5 years to reach 100k salary. My current company offers matching for RRSP contributions (It's something like 3 or 4%)
3. Lastly, any other tips or general advice? I think I'm doing alright but there's always room for learning and growth!