This is NOT a humblebrag, I am legitimately curious: is there any point to an 800+ credit score? Or is it just a number?

Mine is 880 and I see no real benefit. Bank doesn't care when it comes to negotiating my mortgage. Been approved or denied for credit cards at random. Does not impact my bills with any providers or improve access to any services.

Am I missing something? How should I leverage this?

I bought $80k car so got $30k debt with 7.1% interest. I paid off $10k recently from my savings account. I have couple of months of emergency fund. By end of month, I maximize my RRSP , employee purchase plan, etc.

I have over $200k in high performing tech stocks like MSFT and NVIDIA.

Should I sell these stocks to pay off car?

I will not buy home so not saving for any big downpayment.

I wonder if this is one of those super obvious things where I’m just missing something.

My elderly aunt is not doing well and wants to send my brother and I a sort of inheritance while she’s still alive to see us enjoy the money a bit. The thing is, she lives in Europe.

Is there an easy way for her to send us money? We went to Scotiabank and they told us we had to create a European bank account.

Thanks for any help!

Hi guys,

Hypothetically, if I were to make 70k pre tax and my RRSP,FHSA, other deductions were to total 70k but I've already paid 10k in tax, would I get the full 10k back?

I know that if you make under 15kish, you essentially pay no tax because of the basic personal tax credit so hypothetically, I would only need to deduct 55k from 70k to pay no tax and get the 10k tax withheld back. If I deducted the full 70k, would I get a bigger refund? Or should I just stick to deducting up to 15k?

Anyone have a good source for the Smith Maneuver?

I’ve got a teeny tiny bit of equity and would like to start. Not sure how exactly to proceed.

Primary home, slightly over 20% in equity, TD bank flexline. My line of credit grows with every payment by a tiny bit.

Biweekly payments.

I have around 76k debt including my car and parents home loan which I'm helping paying off. Car is around 45k at 6.57% and home loan is around 10.99%. I earn around 55k/yr gross. And have 9k in bank account and 2k in stocks. My rent is around 750$/month

So should I first save around 25k for bad times or use all money to remove current debt?

My father and mother ate old so they barely make for themselves.

I'm 25 yrs what should be my strategy?

I got an email today that my 2023 taxes had been reassessed. I logged in to my CRA account on my phone because I was at work and they said I owe $1300 because they adjusted my income to match what was on my T4 submitted by my employer. Mind you at the same time I am logged into my work payroll account and I am looking at the T4 provided by my employer and it is $11,000 less than the CRA is saying I made and is on my T4, and they're telling me I have until Jan 2nd to pay it without accruing additional interest. Thankfully, when I got home and checked my CRA account again, my step dad informed me I could see my T4 on my CRA account, I had no idea that was an option, so I went and looked and lo and behold, there's a second T4 for 2023, with an income of $11,000 that I certainly did not make. I can't see the company or the person's name or anything, I can only see dollar amounts. I'll be calling Thursday when I have some time during business hours, but what should I expect? Will they correct it then and there? Will I have to pay the $1300 and then they'll reimburse me when they figure out the mistake like 6 months down the line? Will they make me somehow prove I didn't have this second job??? I'm not broke but $1300, especially right before Christmas, especially when I'm still waiting on a $600 insurance claim to go through, is nothing to flinch at.

I'm really stressed and could use some words of wisdom <3

I have accounts with both TD Canada and TD Bank US and have some cash that I already deposited in Canada.

My question is how do I transfer the funds to my us account without using TD global transfer because I've seen other people have their funds be in limbo for a month.

From what I understand, I can either send it through visa in the TD app or call the cross border banking line.

Anyone that's done this before please lmk.

I had a DCPP with Sunlife through my previous company. Now that I have left, I am looking to move my Sunlife funds to a reliable, RRSP account with the lowest fees and most flexibility. Most have cautioned me against the big 5 and recommended IA Financial or Equitable but I am not really sure if that'd be the best option. Where have you invested and what are your thoughts about opening a new account?

Thank you!

Is it worth having an amex card ? Currently with scotia bnk with a credit limit of 6k. Earning 55k & no debt My credit score is more than 800 I am looking to apply for an additional credit card but not sure if im eligible to even apply for that. Any thoughts?

I'm turning 18 in January and trying to get my finances in check. I want to know how to open a (TFSA) and connecting to like Questrade or wealth simple and what the best high-interest savings accounts are. Also, what should I consider before getting my first credit card? I’m curious about investing in ETFs too—what’s the best way to start? Lastly, how do I divide my paycheck for savings and spending? Any tips or advice would be greatly appreciated!

I currently own a 2024 Toyota SUV (hybrid, not plugin) out right. No payments. It’s probably worth around 40-45k.

In about 6 months, I’ll be relocating and commuting approximately 150 kms round trip for work 3-4 times a week. I figure on average, it’ll be about 30,000km a year just for my job. This would be for just outside the GTA.

Does it make sense for me to look into switching to an EV? Depending where I move, I may have access for a place to charge my vehicle, that’ll be something that will heavily impact my decision. No charger = no EV. I’m just thinking of my options.

When I bought this car, my work situation was different where an EV didn’t make sense at all due to infrastructure and temperature.

I’m open to keeping my car of course, and that’ll probably be what I end up doing. Just curious if I should consider an EV instead.

Hi all, I am very new to DIY investing and have started my journey via CIBC Investor’s edge with a TFSA.

I am very confused about the pricing of shares. I always hear people online investing 10% of their monthly income into their portfolio. My goal is to invest maybe 500 a month in investments, however, I went to go purchase a share in the S&P500 (SPX) and one share is $6,047. Am I misunderstanding or is this not an incredibly high price?

How do people really invest? If you’re using 500 for investments each month and want to purchase a share in the S&P500, does that mean that you save up those 500s every month until you can afford one share of the S&P500, which you then purchase, or am I missing something?

Due to this high price, I bought a share in VFV instead which was reasonably priced. Anyway I would appreciate insight about this

Hi there, I have three credit cards

1. Scotiabank Scene Visa Card (Limit :1.5k)
2. RBC avion platinum ( annual fee: 120$) and limit : 5k
3. CIBC dividend Infinite ( Limit: 13k)

Scotiabank card is the oldest history while I got Cibc with my company privileges.

I came as an international student in 2020, and banks never preapproved for credit increase nor did I try for scotiabank and rbc.

Now the rebate period is getting over, I am thinking of doing product switches and/Or closing a credit card

Also, I am thinking of owning a place sometime next year, will these recent credit checks hurt my mortgage rates?

Can you also suggest zero fees credit cards( for new credit cards)

Thank you for any advice.

I have a job now I have been at for 5 years, I make $40/hr. I have potentially a new job, the same thing as my current job, but at $50/hr. We bought an empty lot a few years ago with the intent to build a house and now we're probably going to sell in the spring and buy instead. We don't have to buy right away and can stay with my parents short term. I tried googling this but got mixed answers that went either way.

As far as mortgage lenders are concerned is it better, if I am staying within the same job title, to make more but at a new employer or is it better to stick it out where I am for the history even though I make less?

Looking for some advice/education on what is probably a silly question!

I earned a decent amount of interest this year (a few thousand) through my high interest savings account at my bank and a cash account at Wealthsimple. I also have quite a bit of unused RRSP room. I was thinking I should put more money into my RRSP, enough that I won’t end up owing income tax due to the interest earned in my savings/cash accounts. My husband would like to do the same with his RRSP. I don’t anticipate we’d owe income tax for any other reason, as both of us are regularly taxed on each paycheque from work.

How do we calculate how much we need to put into our RRSPs to “cancel out” the income tax we would otherwise owe? Particularly since the accounts that earned interest are joint accounts.

Thanks for any help!

Edit: I should mention that we’ve both already maxed out our TFSA contribution limits.

Let’s start off with I grew up very poor and I was homeless as a teenager. Fast forward I’m a 25M and my fiancé 24F. I’ve had a career change early thus year into Crane Operating (In a union as an apprentice) and my fiancé is a ParaLegal just started her career around the same time January coming out of school. I make 42 dollars an hour and my fiancé makes 47,000. Next year I’ll be making Journeyman rate at 60 dollars an hour. And She is due for a raise after asking for a year in review. I have really good benefits and pension while she’s under my benefits but she doesn’t have any pension or retirement.

Right now hours are hit and miss at my job so it’s safe to say we make 6,894 net from both incomes. Right now our bills are 4100. Including fixed and non fixed expenses. We try to save minimum 2500 a month. I pick up side jobs when I can and if I make extra hours it goes right to the savings.

Our goal is we want a house in the next 2 years as I’ll be making over 150000 a year next year and we’ll be able to save more. We don’t have much debt besides me owing 1000 dollars. But my credit isn’t so good so I’m trying to rebuild. Plus she has no debt. And her credit is average but she doesn’t have much history. I want to have good retirement and build some good savings for the future. It seems there’s so many things and options to put my money towards but often I feel overwhelmed. Any help is appreciated

I’d like to start off by apologizing for writing another one of these gullible victim posts. I honestly never thought I’d have to.

Yesterday (Dec 1st) I received a text alerting me I had to pay customs and fees for a package from Canada Post. As if the signs could not have been bigger, Canada Post is literally on strike but I still clicked the link and added my information (name, address, and my debit card info). The site was horrifyingly accurate, but truly looking back the text itself shouldve been a dead giveaway. A few minutes after, I recieved an email my online banking account’s password has been changed. Panic hits in immediately, i knew I’ve been scammed. I instantly dial the phone number on the back of my card, but it was a Sunday and I was in queue for atleast 10minutes. That was enough time for them to transfer my savings into my chequing and etransfer the amount out roughly 2.5 thousand Canadian. Something else twisted happens as I waited in queue, I receive a call with from a phone number thats similar to the number BMO calls me with when a verification code is required. I answered and it was apparently a BMO rep calling me asking about my transfers. He alerted me large amount of money was going out of my account and it was out of the ordinary so they decided to give me a call. I was super hesitant, I knew this could potentially be a scammer aswell, but I was panicking so bad and decided to stay on the line. I only let him do the talking and he didn’t ask for any informations from me. But I belive his goal was to stall me until the transfers went through. He informed me they would be intercepting the transfer and cancel it. It sounded believable, something a bank would do. So I was on the phone with this guy for 20 minutes, he told me to go to my local branch the next day to pick up a new debit card. I was still suspicious so after that call I redialed the number on the back of my card, I was connected to a rep I was certain is from BMO so I was more open, she told me the previous call was also a fraud and we did the whole opening an investigation thing with both BMO and Interac.

Fast forward today, I went to my local branch, picked up a new debit card spoke with the manager and he predicts it wont be a good outcome on my end. As I gave up the information myself, but what Im still questioning is how they were able to change my mobile banking account and literally take all the money out of my account without any text/calls to my end. Even when I myself add a new interac destination they require a verification code via a phone call. How does this happen with me only giving up informations other than my card numbers and no other passwords, codes, nothing. This is my fault at the end of the day and I’ve been beating myself all of yesterday and today. It is alot of money to me and I really depend on it till my next semester ends. Im just really scared and dont know what to expect or do from here. It feels like nothing is left is within my control, the investigation has started, the police report has been filed, should i change my phone number? Should i check for malware? If anyone has anything tips to add or experiences to share, please do.

EDIT: Property will not be held in corp, but rather privately in my wife name

I make 80k per year and my wife runs her own incorporated company which has little to no income and is likely to stay that way for a few years.

We are purchasing an investment condo in February and have a mortgage approved (based on my salary), that we might use not use (considering paying cash) Since my wife has little to no income my plan is to put it in her name so that the rental income goes on her tax filing.

So the question: Can I apply my mortgage to a property where I will not be on the deed? and if yes, will the CRA still only see the income as flowing to my wife? Expenses and income will exclusively be to and from an account in her name.

Tips, comments, admonitions appreciated :)

I have had a Scotiabank Momentum Visa Infinite card for about 6 years now. We pay a significant annual fee ($170 between me and my spouse) but with the cashback and the great insurance coverage it has always seemed a good deal.

This past summer we had our family trip ended abruptly due to a medical emergency for one of my kids. Everything turned out fine eventually, but we had to pay about $4000 in airline change fees and hotel/airbnb cancellations. Luckily this was all on our Visa, and after calling, I was told his qualifies under the trip interruption coverage. We just had to follow the process and we would get reimbursed.

Anyhoo I did everything at the end of August and Manulife (the coverage carrier) is STILL thinking about it. I reached out to them for an update but they just say “still deciding”.

Does anyone have experience with this? Is this normal? If not, is there any way to escalate it?

As the title. I’ve tried to call the Equifax and Transunion to report the phone number listed in my account - They advised that they will remove it but if another person other than myself open an account (Roger, Bell) under my name it will take three months to show in my account which is frustrating. It was added today which was weird. Has anyone had the same/similar experience? Badly needed help. Thank you!

Brand new to GICs so bare with me.

Just purchased some short term Gics (90 days). I'm planning on laddering a few. After making the purchase, RBC tells me that when it comes up for renewal I must request a new 90 day or it will autorenew into a 1 year, EVERY SINGLE TIME. I must phone in or go online every single maturity date. I purchased 90 days specifically. Not a year, so why do I need to continually update them back to 90 days? Do all banks work this way or is this an RBC thing? Am I missing something obvious? Why can't I set a 90 day renewal indefinitely?

Before anyone says it, yes you should speak to multiple brokers..

Salary: $137,000 - Debt: $110,000 (school) - Credit Score: 750 and 800 - Down Payment: $65,000 - Payment for debt is: $1000.00/month - Amortization: 30 years - Mortgage payments schedule: Monthly

Looking to purchase a home in Alberta for about $600,000. I've used online calculators and I'm getting vastly different numbers than this broker and he wouldn't tell me how he reached his numbers. I'm waiting for an appointment with another broker. In the meantime is anyone an experienced broker that could give me a rough estimate for the max mortgage amount we would be approved for based on the stress test.

Hey everyone!

I have about $20,000 saved right now in a personal RRSP with my bank. I'm making minimal interest on it, I believe less than 0.5%. The only reason why I have this is because my parents always say it will help come tax season.

I want to move these RRSPs into a higher interest rate account to accumulate more money. What are my options? I don't want to be penalized for moving the funds or pay taxes. What's recommended? I don't really care for high risk investments. I basically want to contribute to this account monthly, have a tax break come season and have better interest return (between 3-6%). I just dont know what to ask my bank. Thoughts?

TL:DR at bottom

I recently leased a new vehicle from Mazda and was hoping to crowd source some clarification on the overlap/difference between these two services, and if other Redditors think they're good options.

During our initial chat at the Mazda dealership, the sales person we first spoke to insured under scrutiny that GAP protection (Guaranteed Asset Protection insurance) was built into every lease that they hand out from Mazda. We were skeptical immediately as I don't believe nor understand the motivation to include it by default.

The second dealership, where we eventually purchased our car, the finance employee who nearly gave me a coronary insisting on various different insurances that we turned down, mentioned one that made note of the depreciation factor, and suggested in contrary to the sales agent, that GAP protection technically would not be part of our lease agreement without it.

Sales agent we bought from contradicted this, saying it's in all of them.

I have been reading through our lease agreement (the lessor is Toyota Credit Canada Inc) and although I know the lessor does offer such a thing in circumstances, cannot find any definitive language in our agreement.

Simultaneously, our insurance through TD is requiring we get an approved tracking device/immobilizer in order to qualify for a) the anti-theft discount, but more importantly b) the limited waiver of depreciation. As we were explained to on the phone by the agent, you can't get "b" without first qualifying for "a". She also was adamant that GAP insurance is NOT the same thing, although had difficulty explaining the difference between the two.

TL:DR

Can someone explain the difference between GAP insurance from a lessor and the waiver of depreciation offered by home and auto insurance companies? Are they the same thing? Is there one or the other you'd suggest for a first time lease?

I need a better system to budget with my wife. What tool do you guys use? We need one that automatically pulls transactions like Mint used to. Do you check in together on the balances once a week? Every day? I’d appreciate any advice you have to keeping spending down together, when you’re both sharing everything

I am 23 and recently graduated with a Bachelor of Social Work in Ontario and have been working full-time at a paid internship for the past six months, earning $21/hour. It’s not ideal, but it’s a starting point!

I recently switched financial advisors and currently have about $15,000 in a mutual fund/TFSA portfolio, with an additional $5,000 in cash savings. I save half of every paycheck and aim to maintain a minimalist lifestyle while still finding ways to enjoy life in this challenging economy.

I have fixed expenses but no debt, and I live at home to save on rent. While this helps financially, it does come at the cost of my mental health, as rent prices make moving out unrealistic even with savings. My goal is to own a house (lol).

My question is: Am I doing enough to set myself up for future success? Every day, I worry that I’m falling behind. I’d appreciate any advice or insights!

Hi, I'm almost $15,000 in debt and I need help finding the least expensive way to pay it off.

Here's my situation:

1. Modulo Visa Desjardins: $9,225.95 at 12.9%
2. Personal loan 1: $1,325.62 at 10.74%
3. Personal loan 2: $660.71 at 18.59%
4. Personal loan 3: $178.16 at 18.44%
5. Personal loan 4: $177.03 at 18.44%
6. Personal loan 5: $760.46 at 18.59%
7. Personal loan 6: $924.88 at 18.59%
8. Personal loan 7: $980.26 at 18.34%

For a total of $14,233.07

Scotia Bank sent me an email offering a line of credit with $17,500 at 8.40%. Should I accept and pay my debt with this line of credit?

Thanks for your time and feel free to roast me.

Hello y'all, sold our house recently and in an apartment while our new house is being built. I've already put my down payment towards the builder but the bank still needs 80k later on when the house is completed by next year in November.

I hate seeing that money sit and would like to put it somewhere to grow for the next year and pull it out when the bank needs it.

Where would be the best place to invest this money?

Im in my late 20s and make between $40-60 an hour with over $200k invested.

I want to get a newish truck because my old vehicle is starting to show its age and I don't want to keep dumping money into repairs.

I hate spending money and the thought of putting $45k into a newish truck makes me sick.

I'm frugal and my rent is only $600 a month. I work as a subcontractor in trades so the truck would be a business expense. Can I afford it?