I filed a consumer proposal after falling behind on many bills. The most stupid thing i did was take a high interest loan from money mart of 13,000.

The CP went through as per my insolvency trustee but the only entity that didnt file was moneymart.

Its been 6 months since the CP was accepted and they still haven’t accepted even though my trustee is contacting them.

At one point down the line, will they still come for me for the original loan amount plus interest?

All of my credit cards have a zero balance for 3 months now Both of my line of credits have a zero balance for 3 months now.

My last two credit reports from September and October are showing a $48 balance on my line of credit from Scotiabank and a $56 balance on my Visa from Scotiabank.

Both of these accounts have been at zero balance since August. Should I be concerned that it’s not reporting to the credit bureaus? The amounts are minuscule however I would like it to be up-to-date at the credit bureaus.

Ty

Hi,

I'm[39M] expecting a second kid with my wife and wondering if we could afford a bigger car.
I bought a new Honda Civic in 2021 for cash. I want to trade it in, add 25k-30k cash, and get something bigger, something that is more comfortable for big trips that we like to do.
My wife is a stay-at-home mom and will return to work in 3 years, generating probably ~30k income. We live in mainland BC, Canada.

assets:
house: equity: 150k, mortgage left:540k
TFSA: 39k
RRSP:79k
checking: 10k
=278k

no debt except mortgage

yearly salary 165k+5%RRSP match + 10k = 183k
take-home monthly pay ~10k

cost of living:
mortgage:3k
bills:~1.2k
food:~2k
=~6.5k

everything that is left at the end of the month I put in my TFSA, and transfer part of it to RRSP at the end of the year

Thank you !

Born raised and educated in Canada. I left after the great economic crash of 2009. Looking to bring back about 150K Canadian. I simply don't know what I can do with my money. No bank is allowing me to start investing and saving since I am a non resident. I want to invest about 100k in a set and forget type account so I can pay for my retirement in 25 years. I work in education and it is most likely that China is the top paying country. While I don't really want to work there, I can't afford not to. I want to regularly send money home.

Can I set up ANY type of saving account as a non resident from abroad?

Working on a DTV visa from Thailand for the next 6 months

I only have 10k TFSA limit that I can't even access as a non resident.

Any advice would be so helpful.

Hello everyone, The CRA requested a review to confirm employment expenses and to confirm my deductions for spousal support back in early May, and i needed until aug 9th to submit my documents. It is now almost november with no response and I have called the CRA 3x now and they just told me “please wait 90 working days and then follow up” which is the last week of November.

Im worried the cra has forgotten about my case and isnt even looking at it. Im due a $44K tax return, which i badly need to pay off debt. Any suggestions? I am getting frustrated as my last cra review took just 30 days 6 years ago

just turned 18 a few weeks ago and realized I probably need to file taxes next year.

MY current situation: Full time uni student. I do side hustles, mainly buying and reselling things for a profit but I realized I made way too much this year. I am on set to make ~60-70k in profit this year, not revenue and all of this is coming into my student debit account. I track all of my sales in a spreadsheet but it's probably missing a lot of stuff.

I'm not entirely sure what to do at this point, some advice would be great. I'm probably going to talk to a CPA or smth. If anyone knows any CPA in Toronto I can ask for advice please leave them in the comments or dm me.

Hi everyone,

I’m looking for advice on how to best prepare for my departure from Canada, particularly regarding any tax implications and necessary steps to make the process smooth. Here’s some context on my situation:

Me and my husband landed in Canada in November 2021. I entered Canada as a citizen (but was never a Canadian resident before 2021) and my husband is on a PR. My husband is planning to apply for citizenship beginning of 2025. However, we plan to leave Canada before reaching the 60-month mark (late 2025/early 2026).

We’ll be returning to our home country, where I own a property, and one of the reasons I’m planning to leave before the 5-year mark is to be exempt from the deemed disposal tax on my overseas home.

I have a few questions:

1. Exit Prep: What should I prepare for before I leave Canada, specifically for tax and financial purposes?

2. Banking & RRSP: Should I keep a Canadian bank account open? It may be necessary for paying any taxes? I also plan to keep my RRSP but would love any insights on managing it from abroad. If anyone has experience maintaining a Canadian bank account or RRSP from outside Canada, are there any specific banks or providers that are easier to work with internationally?

3. Exit Timing: Is there anything else I should consider to ensure I meet the exit timing to avoid deemed disposal on my overseas property? For what reasons could I not be exempt from deemed disposal if I depart before 60 months?

4. Residency Status: Are there any specific steps to ensure I’m properly considered a non-resident for tax purposes when I leave Canada? I’d like to avoid any misunderstandings about my residency status.

5. Filing Final Tax Return: What’s the best approach for filing my final tax return? Should I plan to work with a tax professional familiar with exit requirements, or is it fairly straightforward? I normally file my own tax return myself.

6. Departure Tax Exemptions: Are there any other specific exemptions or deductions I might qualify for, based on my situation (leaving before 60 months, already owning property abroad)?

7. Citizenship: Are there any issues related to my husband applying for citizenship?

Any insights or tips would be really appreciated. Thanks in advance!

Please do NOT dm me. I am not hiring anyone via Reddit.

I am a content creator based in Ontario and I'm in the market to hire a CPA for the first time to help prepare and file my taxes in the new year. In addition to my content creation business, I also run an additional unrelated sole proprietorship. I am looking for advice on how to hire the best person for my needs.

Should I be looking for someone locally, or is it reasonable to do everything fully remotely with someone who is potentially out of my area?

What questions should I be asking to vet whether or not someone is a good fit for my needs?

Do I need someone specifically versed in the content creation industry, or can anyone experienced in self employment taxes do the job? I have income coming from many different sources and countries, being deposited into various accounts- some in USD and some in CAD.

I currently track all my income and expenses in a well organized Excel doc. Other than this, what would I be expected to give to my accountant? Basically, what is required on my end when working with a CPA?

Approximately what should I expect to pay for this service? Even a range would be helpful.

I'd like to setup a few consultations and I truly don't know where to begin.

Any advice is appreciated.

Hey ppl. Me and my partner bought a house 3 years ago for 650K by paying 10% down so it was a high ratio mortgage. In last 3 years we both got better jobs and can afford a lot more now. We now own around 30% of our current house and our plan is to buy a new place for ourselves and rent our current place. We have been looking at some places which are around 900k. So the catch is that we can only put 100K down. This means our new place will also be high ratio mortgage. Is this possible? As we own >20% of our current house will it still mean that we have 2 high ratio mortgages?

Why don't I know the exact number? I'm currently unable to login to the Investor Centre for my Holdings because I need to change the address to mine (the Holdings are already in my name), and then verify with the code sent to my actual address. (fun Computershare stuff)

100 shares of WMT (US Stock) were purchased in my name in December 2017. Dividends have been auto reinvested ever since.

It's my understanding that WMT split earlier this year in a 3 for 1 split. It's also my understanding (possibly incorrect), that that means I now have 300+ shares of WMT.

As I said, I currently don't know how much I hold, but I have no idea what to do. I have poor spending habits, no financial literacy, budgeting skills, or anything. I have a son, with an RESP I haven't effectively utilized in a couple of years as I've been out of work (I believe I can double contribute when it's feasible for me (ie. make up a year, 2500 x 2) per anum)

I'm effectively poor and borderline destitute. I utilize local food banks and Church Outreach (whilst also volunteering to give back) and it's barely enough. Not receiving child support (not even half of extracurricular costs that are supposed to be paid, why was I nice and said we didn't have to do proportionate??), on Ontario Works, and I have some debts. (largest line item being ~5k, and then some small payday loan places, maybe totalling 2k themselves, on my credit file) - I literally lost a life changing job opportunity last month due to my poor Credit file, as per my Background Check. Sucks to suck. Anyway.

I don't think I want to even think about this money, like at all. I don't want any temptation sinking in that I can spend, and then having it slowly dwindle over time instead of building my financial future. I would have much preferred becoming responsible for these Holdings when I was financially secure myself, but alas.

I have been talking with a friend about wanting to learn financial literacy and budgeting skills, like yesterday. Then this fell into my lap today.

Would simply pretending it doesn't exist and toughing out life as I've been, be the best option for me?

TIA for your input.

I moved my daughters RESP to wealth simple And I've noticed it doesn't seem to be permforming particularly well. The return is 4% and I feel like maybe it should be higher, but I'm completely financially illiterate and don't know how to go about improving the return. I don't have savings or investments for myself because I don't understand them and I feel stupid and like im failing both myself and now her. Who can I go to see to invest her funds More wisely (she's 8, so there's still time) who won't take a huge percentage from me for helping. Who can I go to see to help me in general. Or am I wrong and 4% is what I should expect- it just seems so low.

I know frequent option trading isn’t allowed in TFSAs, but say I just make a single option play and it moons and I gain a ton. Is that more “dangerous” to make my account taxable than making a losing option play?

Also does anyone have any idea what the restrictions are even a little bit? Like could I just make one play a day?

Thanks

By that, I mean for centuries, with a sake of fullfilling a specific purpose / purposes. If some of it needs to be spent for this to work or some corp needs to happen or something then that could work too. But what's a way to make it work and last for centuries or more?

TFSA and FHSA are maxed out, but there is $100k of room in RRSP account.

Buying a house in the next 1-2 years and will use the money from TFSA and FHSA+ 100k Currently in GIC (non-registered account) for downpayment.

Does it make sense to move the $100k from a non-registered investment account into RRSP account?

So, I finally got a job (Data Engineer) and the TC is ~90-95k (few more details I don't know yet). and I think I can come to Toronto since I want to leave my current town (in lower mainland BC, I hate it here, full of religious people).

I am looking for a studio place since I am a mid-20s guy, who likes to be outside mostly (gym, social events etc) and I just want to come to a nice apartment to sleep and prep meals. The job is also remote, so having a cozy studio or one-bedroom apt seems great.

I am using Scotiabank Momentum visa to pay my utility bills, does wyse meter auto pay count as a recurring bill so I can get 4% cashback?

My husband went back to school this year for an additional 2 year program and I got an email from questrade reminding me that grants exist for RESP'S. My question is this; if I open one in the next month with him as beneficiary would we be able to remove the money with grants in time for the winter/spring semester? I know these are usually used to build equity in long term but if I can make 500 in grants by spending 2-3 hours on paperwork I am happy to make that trade.

I'm with Questrade.

If I sell my US stocks, I know I'll have to pay QT some conversion fee but I'm wondering do I need to pay US tax since it's a US stock despite it being in a Canadian TFSA? If so, any "tax efficient' way of dealing with this? What's the %?

Interested to hear what you would do re: an FHSA in my situation.

• 47 yo, single by choice.
• Currently renting 10+ years by choice (flexibility, predictable housing expenses and no maintenance).
• Previously owned a home 10+ years ago.
• My understanding is I am eligible for an FHSA.
• Unsure on whether I will purchase again (for renting reasons above + settled in an expensive housing area).
• Making $150k+.
• No debt.
• Saving 30% of my take home monthly plus annual lump sum contributions. I’ll have my RRSP, TFSA maxed out next year. Also have a pension.
• I feel my remaining options to invest are non registered.
• My understanding is if I do not buy, when I withdrawal from a FSHA it is treated as taxable income.
• If I can set myself up for retirement in the next ten years, I may choose to take a lower pay until I am 65 (and would be in a lower tax bracket).

To FSHA or not to FSHA, that is the question.

Please dont judge, I've made bad decisions, especially of late and got myself heavily into those online installment loans with no credit checks. I'm at the point of no return and I'm drowning. If I file for bankruptcy or consumer proposal, will they sue me? I'm afraid because when I signed up, it said if I was considering filing bankruptcy or consumer proposal within the next 6 months , I said no and that it could be fraud if I did. This was the truth until recently when I now have to supplement my partner's income. I'm worried about getting sued. Anyone ever had this?

Recently came into some money and am a complete n00bie on investing

I have just over $100K available. Unsure if to put it into a TFSA and invest within that or to purchase Index funds or ETF's

Current financial situation is okay. The mortgage is $350K at 4.5%. We just put a 15% payment on it and can't pay any more until next year. The plan is to put 15% on it every every until we knock it down as much as possible before the renewal in 2027.

We have very little debt. no credit card debt, no line of credit debt. One car has less than $5K owing at 0% interest, the other car is paid off. Kids university is covered. RRSP's are maxed out for one person. Mine could be topped up but this money isn't for that. It's only to be put towards the mortgage eventually

I'm just looking for short term (two year investment) to get maximum return with minimum risk.

I've had good luck with Vanguard Index Funds and was thinking of putting the whole $100K on it

Or, I'm open to suggestions. The main plan is to pay off the mortgage as quickly as possible without any penalties.

Suggestions?

I've been dealing with identify theft issues for the last few weeks, specifically someone opened a chequing account under my name at a bank which I am not a customer of, and then ran up thousands of dollars in overdraft and other fees. This happened earlier in 2024 (for reference my SIN number was stolen, don't ask me how, the card has been in a safe deposit box for decades, so apart from hacking/data breach I don't know what happened).

I contacted the bank a few weeks ago after finding this out through a credit report, and filled out a formal report for them, including a police report, earlier this week.

A few days before I filed the report with the bank, I started getting calls from a collection agency regarding this matter. I haven't spoken to them yet but the voicemails are indicating it is about this bank, which I have no actual business with, so I can only assume it is about this fraud issue.

Should I talk to the collection agency and explain what's going on or let the bank process the identify theft report? If this gets resolved can I assume they will call off the collections folks or do I need to be more involved?

I also find it ridiculous that this collection agency is able to track me down from the made up info provided by the individual that committed fraud (fake phone number, fake address, fake ID), but the bank can't run a thorough check to prevent this from happening in the first place.

Any advice would be appreciated, thanks.

I'm looking at a future move, that will be a positive move with regards to homelife, and the possibility to own my own home with my wife.

Unfortunately due to a divorce a few years ago and some bad planning and lousy financial advice I've not managed to save up a lot. However... I have a LIRA and an RPP. The LIRA is obviously locked so not of use to me until I retire, however if possible I want to move the RPP I'm currently feeding into, to an RRSP, so I can use part of that money for a down-payment on a house.

Financial gurus, how do I ensure this happens? For added info, my RPP is with Manulife and the LIRA with CanadaLife.

Thanks in advance!

Hello

New parents here and looking how to best invest. We have 2 piles of funds for our newborn child, one which will be from gifts overtime and another is the CCB.

For example as a 3 month old the child has already received approx $4000 in monetary gifts, while CCB will be around 240 monthly. Over the years he will get more funds as gifts.

I was thinking to open a TFSA under my wife's name which will hold the child's monetary gifts and invest in a VEQT/ VFV etc. etc., while placing all CCB on a monthly basis into an RESP on questrade.

Is this a good plan or should it be vice versa or any other recommendations?

Now the issue is they are not releasing funds stating protection from scam although i gave them all my details and proof and have been with them for last 8 years. Cheque has been processed from Canadian triangle and funds have been recieved by scotia bank since day 1. Its been 4 mnths and canadian tire says they cannot reverse cheque since its already been processed and scotia bank says they cannot return it from their side and i should ask canadian tire to reverse it but they say they dont even have an option and they are soon doing to start charging interest as deadline to payback the money is coming Just want to ask what can i do to sort because they are both pieces of shit and offering no help already used all options available with scotia and CT

Simply put: Can I start parental leave as the father a few months after my baby is born or do the benefits have to start the date of birth.

To explain my situation:

I have a child due in April 2025. My plan was to take my annual allotted vacation from my employer during the month of April. My partner will start her 15 weeks of maternity leave effective the DOB.

I then intend to return to work for May and June (my partner will have lots of other family supports around during this time).

It is my intent to start my parental benefits in July, using the 5 weeks slotted to me in addition to 5 weeks from the shared parental leave. This would leave my partner with her 15 weeks of maternity and 30 weeks of (standard) parental leave.

TLDR: Do I have to start taking parental benefits at the date of birth or can I take them 2 months following the birth, while my partner starts their benefits at date of birth.

Any specific source provided would be useful. I am confused by the wording from GOC stating,

"Although you don't have to take weeks of parental benefits consecutively, you must take them within specific periods starting the week of your child's date of birth or the week your child is placed with you for the purpose of adoption.".

As I am unsure if it means the weeks must be within the period or must start at birth or both.

Okay so I'm not super new to investing but have recently started trading options within my tfsa account with wealthsimple. Before WS I used BMO investor line and since transferred over. How do I work out contribution room limits when I've technically made and withdrawn more money than I've contributed over the last 7 years.

For example I've withdrawn over 12k this year and grown the account substantially so I'm looking to obviously withdraw even More before years end (about 20k) just to have the contribution room back again for next year. Also back in 2016 I withdrew money for a house down payment after a huge gain in weed stocks about 30k estimated.

Am I in for a fisting by the CRA or am I actually playing within the rules here? Id say an estimated total contribution of about 20k lifetime but lifetime withdrawals would be sitting at over 55k if I do the 20k before years end. Just for some basic numbers. Also I'm 29 years old.

Still have about 40k in the tfsa with wealthsimple how does the contribution room work?? Never had an issue with taxes before but I'm definitely abit more worried about it this year just because of the big gains I've been lucky enough to make.

Tldr: theoretically I'd have over the regular contribution room , roughly 95k, available. since the inception of the tfsa account if I did this before years end. is this allowable?

I know this has been asked a bunch but privileged enough to have caught up and maxed my contribution for both TFSA and FHSA during 2024.

I’ve also saved enough now I could technically fill both my TFSA and FHSA in January 2025. Does it make a difference to contribute monthly versus lump sum? I ask this because there were days this year with tremendous gains, in which I would have missed out on if I didn’t have my money in the market.

In the long run does it make a material difference?

Hey everyone,

I just turned 18 and my first thought is to start saving for a down payment for my first house, preferably 5 years time. Is it safer putting all the money in cash and contributing every month? Or invest in EFT’s. I have a portfolio made for my by wealth simple for a FHSA and I’ve only seen negative gains. Stuck and hoping someone can help. Thanks in advance

Okay, so for people who do not care about resale value or do not plan to resell, financing is universally agreed as the best option. For proof, our family still owns a 2003 Sentra and we drive that thing daily. We want it to finally croak but it’s going strong.

The ONLY remaining question about leasing is that rates for financing (unless promotion) are above 4% right now. Does the BOC rate cut mean future finance rates could come down? Is it significant enough to say lease for 3 years and then finance the full purchase in 2027?

Also what’s wrong with financing for 6 years? You pay more interest but it brings the biweekly payments in line with your budget. I see a lot of people comment nothing over 4 is worth it.