Hey guys and girls of PFC,

I have been thinking of getting a new car. As part of that process I thought it'd be wise to compare insurance prices for all of my options. And good thing I did because while every other car I have been eying I was quoted under 350 to insure (Comprehensive with a 500 deductible) for a new Tesla Model 3 apparently I gotta pay 685 dollars a month to insure it!

I have no claims, 5 year driving history, no points. I know from an insurance point of view I am a new driver, and as such I don't mind paying the 350~ insurance premium but almost SEVEN HUNDRED DOLLARS?

Is there a reason for that? I know it can't be just cause its an electric as as new Bolt EUV is 310 to insure. So what is up here? I see Teslas EVERYWHERE in BC; is this what everyone is paying? Is everyone only using basic (no collision/third party only) insurance? (I was quoted 124 for this one) or what?

Are there any options I have to lower this cost? I was thinking basic + Optiom but I am all ears to any ideas or explanations.

Thanks!

So, we had a whole situation where I needed to call the CRA because my brother (who is in China) decided to speedrun making his account and forgot his security questions, the email he made it on, and essentially everything else other than his SIN.

I helped him call the CRA, only knowing his SIN number, and when they asked me if I knew his Account and password I accidentally said yes(I thought they said SIN) and the person attending said this is now fraud. When I said what I said was an accident he just said “well you said it”.

The thing is, he can’t call in China because the police will literally raid him if he calls a Canadian government number and there was an issue with his taxes that couldn’t be resolved in China. The tax date is passed and he can’t login to his account, nor can he file them.

How screwed am I, and how screwed is he?

SOMEONE E TRANSFER PLEASE

I ALREADY ASKED FOR AN ADVANCED PAYMENT FROM WORK (getting it tomorrow).

BUT I NEED THE MONEY WITHIN 5HRS PLEASE I AM BEGGING

Hello,

I paid a huge debt in last two years and now come down to main two items.

I owe $16,485 to CRA after filing 2024 return. I owe about $48,000 in LOC which is at 8.2%.

I pay down about $4000 a month. Which one I should prioritize first?

I can’t get my head around the CRA interest calculation. Please help.

Thanks

Still a new business and about to pay perosnal income tax for last year and wondering if it would be catagorized as a tax expense or owner's draw?

Hi there,

I have been recently contacted by the CRA to provide them with the form GST370. https://www.canada.ca/en/revenue-agency/services/forms-publications/forms/gst370.html

I have a few questions regarding this form and would appreciate any and all help provided!

First off, I work for the federal government and am unsure as to where I can find a business number to fill this form out?

Secondly, for the Work Space in Home chart there doesn't seem to be a section where i can specify my other expenses (it would be internet bills in this case). So how would I clarify as they are requesting?

• Household Income: 170,000 (pre tax)
• Debt: 10-12K student loans (interest free)
• Emergency Fund: 35 000
• Down Payment: 100,000 (open to not using full amount)

Considering condos in the mid 500, low 600 range. Ideally would prefer a townhome in the 700 range, but think that’s pretty unrealistic.

Thoughts? Opinions? Advice?

I'm one of the 4800 to be laidoff by Bell recently. My severance package is about 9 months salary. Should I just leave it in an HISA? Cash.TO? Where's the best place to store some funds that I'll be living off of while I search for a job. Appreciate any and all help. Thanks!

Does the date that you sign the TD1 form have to match the date beside the signature. My new employer said that the dates are fixed on the form and that their system has a record of when it’s sent... Not sure how I feel about it.

Hello

I just got to know that my tenants boyfriend who lives in a different place has been using my address for his car insurance policy.

I am not sure how this will affect my insurance rate and my policy.

I’m sure if the insurance finds out that he’s been using wrong address he is at the risk of not getting his claim processed, but would this affect me as well?

I have some stock in my TFSA that was delisted from the NASDAQ (42 shares of DMK Pharmaceuticals) and is now non-qualified to be held in a registered account. The current value isn't enough to cover the transaction fee to sell it, but the tax penalty to hold it would be about $1300.

The other option BMO gave me was to do a deed of gift and give the shares to Investorline. Is there any other alternative?

i havent made my mortgage yet and wonder how best to approach how much we put down on lets say a 450k condo at 5.05% interest rate with the goal of minimising monthly payments whilst trying to pay it off as fast possible.

were not big spenders and no debt. with a little less than 250k without dipping into other savings

Hi,

I'm moving from Toronto to Seattle.

I'm not moving any furniture, but I'll have 3-4 boxes worth of misc "stuff" (clothing, books, etc) + a bike + snowboard + (some other medium sized things: Tennis racket, monitor, game console, etc).

One route would be to ship my boxes individually through UPS and find a specific bike shipping service. But having had experiences shipping boxes cross border with UPS, I know that can get quite expensive, especially after collect on delivery + brokerage fees.

Curious what are some easy + affordable options people here (e.g snowbirds) have used before? Would a moving service make sense for this amount of stuff? Should I drive a uhaul with all my things to buffalo and ship from there?

I got a relocation bonus from my new job; I'm comfortable spending 1K on moving these things, but ideally under 2K (USD).

I paid last night and it says to allow 3 business days. I check this morning on Mycra and no payment is showing. Will I be charged interest?

If a property is sold during the year, would vacancy tax still apply?

For example if we sold the place in July 2023, and the place was empty from Jan-July 2023. Would we need to pay vacancy tax for 2023?

My husband, toddler and I live in a 2 bed and 3 bath townhome that is 1500 sqft. We live in the lower mainland in BC. We made a part of our garage into a den space that my husband uses as an office space, so we have an additional den space.

We bought for 650,000 in 2021 and now we see units selling for around 850,000 in our complex.

We made the bad decision of going with a variable mortgage. We have 570,000 left on the mortgage. Our renewal date is early 2025. We consolidated our debt (student loans that I had from school) with a heloc and took 70,000. I have government loans (no interest), 10,000, and we have around 12,000 in loans remaining that we are paying off as well (our priority in paying this off as it has the highest interest). Yes, I know.. we have a lot of debt.

Our net monthly income is around 9,000. We are not able to save much as everything is pretty much going into paying off debt.

I feel like the best thing would be to stay where we are and try to pay off as much on the mortgage and other debt as possible... but on the other hand I wonder if we downsized and had room in our budget we could save for travel and other things. If we sold our place and decided to rent, rent isn't cheap these days either and I would be worried it would be harder to re enter the real estate market down the road.

In the long run (long long run) do want to move into a row home or detached home.

Any suggestions/advice?

I do arbitrage betting and some of the offshore bookies only allow free withdraws using crypto. If I withdraw $10k CAD of crypto and sell immediately on Coinbase, how do taxes work? Do I still have to pay taxes and report to CRA? I deposited into the bookies using crypto and cash?

Hi! As the title suggests, I plan on closing my RRSP account with tangerine and transferring the funds to WS RRSP account. Since we’re already in the 2024 tax season, will I get my RRSP slip from tangerine next year to file my taxes despite the account being closed?

Ik this is a stupid question but I wasn’t able to get an answer on the web.

We are interested in building a home in the next 5 years but want to buy the land soon. I have a professional corporation and have some excess funds in there. Could I buy the land as an investment now through my corp and sell it to myself personally for fair market value when I’m ready to build?

I’m a dual US Canadian citizen married to a Canadian citizen. Due to US tax complexities, I do not have or contribute to a TFSA.

My question is, is there anything wrong with giving money to my spouse to contribute to her TFSA? Outside of my RRSP, I’m stuck investing in unregistered accounts and I get stressed out long term thinking about the capital gains situation.

On their site they claim they are a 3rd party collector and does not buy debt. Is that true? Have an old bill for Telus that they are messaging me about but they “assigned” me to veritas alliance If they are indeed a 3rd party collector and doesn’t own the debt would it make more sense to go through Telus?

I would like to pay the debt before it’s on my credit file to avoid it from being listed, in the past other collection agencies agreed to such but the person I’m assigned to doesn’t even check his email regularly and I can’t call during their office hours Any advice would be appreciated thanks

I was recently laid off and I am quite speechless at the moment.. i worked for the organization for 18 years and they are giving me around 200k cad as severance. I already have earned 60k this year and if I add this to my annual salary, it would be a major tax burden I would have. I am trying to understand if there is a way to delay this payment to next year so that I can minimize taxes. I don't think I will get any job soon as my technology stack was quite old and I am already 46. I need help.

The 200k is generous, so if I take time to sign off, would it be reduced or I must sign the docs and face the tax burden. Trying to get a perspective. I will be paying some of my mortgage from the money. I came to Canada in 2017 and recently became citizen.. May go back to my country if things don't work out as the job market is quite bad at the moment it seems. My rrsp contribution is very less due to RPP.

28M. Home closing May 16th with partner. 350K mortgage. 1-2 kids expected in the next 5-7 years. 150K household income.

I am fighting my inner demons right now. I would love to be mortgage free in my 40s. But my ultimate goal is early retirement. We both have defined benefit pension plans with employers we expect to be at our whole lives. We both qualify for full pension at 56.

Currently, I can afford to put $400 a month into XEQT in my TFSA, assuming we follow through and do accelerated bi weekly payments for the mortgage. If we do regular bi-weekly, the additional savings would go into XEQT. The difference is only $80 a month for me as my partner and I split the payment 50/50. But $80 in addition to my $400 in other terms is 20% more. That would make a huge difference while compounding.

My mortgage rate is 4.84. So technically I think I know investing more into XEQT is right…. But I would just looooove to be mortgage free. Am I overthinking this?

Is the CRA just able to constantly harass you with reassessments with no provided reasoning? My grandfather who is in his nineties has had his 2021 taxes reassessed no less than 5 times. Every time they ask for ridiculously large amounts of money for a pensioner or suddenly decided to reimburse some of the excess money he paid. It’s like a cycle of paying and repayment only to repay again. Why are they allowed to do this? We have gone up the chain of command and they say all the right things but never fix the problem. For example two of the reassessments asked for sums between 60-100 grand when these turned out to be errors.

I’m really frustrated with the CRA it so disorganized and the website is terrible. Why is a no one overseeing their failure to operate in an efficient manner?

I feel like they have all the power to harass tax paying citizens with no reasoning or answers for why they reassess over and ver.

The original cause of this issue was my grandmother died so my grandparents accounts got combined together. Apparently early on a mistake was made at the CRA when looking at this and they believed my grandma was still alive at the time even though we had already provided her official death certificate twice!

How can I get them to leave my poor grandpa alone? He is a veteran, double- amputee and never missed paying a year of taxes and there is no reason for them to pester him with endless letters that turn out to be mistakes.

I have a wellbeing account with about $1000 that I can use for gym memberships and cellphones and various other things. I can also contribute this to an RRSP.

My question, am I better off contributing to an rrsp and reduce my total taxable income and pay for a gym membership out of pocket?. Or is it better to use the wellbeing account to pay for the gym membership and not contribute to an rrsp?

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I'm planning to keep my credit card with them.

I'm considering paying off a 78 month term car loan early by approximately 36 months.

Would I be receiving any refund by doing this?

I financed with BMO, and the total cost of borrowing at the beginning of the contract was calculated to be $7013.39, with the total obligation showing as $40279.98 (financed amount + cost of borrowing).

I was reading the fine print of the contract and it stated that if I were to repay the loan in full prior to the maturity date (78 months), then I would be entitled to a potential refund of any additional bank charges.

I tried getting an explanation via BMO, but still am a bit confused (I'm not very knowledgable on this stuff).

Anyone else have experience with this?

Context: When my grandparents passed, they left their home to my mother and her siblings. My mother has since sold her share to her sister. That money is sitting in a foreign bank, invested.

My mother, her siblings, the house, and the bank, none of them are in Canada. They are all foreign (and only foreign) nationals, and they are all foreign tax residents, and have always been. By foreign, I mean Mexican, if that matters.

The money is in Mexican Pesos, currently worth about CAD$290k, and all taxes have been paid on it. Currently, it is invested in the Mexican equivalent of a T-bill earning roughly 11% interest/year. It has also benefitted from a favourable exchange rate as, when the sale went through, FX was at CAD$1 to MXN$16, and, due mostly to a strengthening peso (hooray nearshoring!) that rate is now 1 to 12.

I moved to Canada with my wife at the beginning of 2022. We have been Tax-residents of Canada ever since, but we have not yet become Permanent Residents and that is still at least 2 years off.

Between my wife and I, we currently have roughly 40k in RRSP contribution room and 40k in TFSA contribution room, though we have not yet opened any accounts. We also have not yet opened FHSAs, so if we were to do so, there would be $16k in contribution room for us (8 k each) there as well.

Issue: The entirety of that money will be made available to us by my mother to be used as down payment on a home in Vancouver. That is at least 2 years off, as we are not yet legally allowed to do so (remember, we’re not yet PRs and there is a ban of foreigners buying residential properties). But it is probably more like 5 years off before we find something we like/can afford and have built enough credit to qualify for a decent mortgage.

It is all the same to my mother, fiscally, if she donates, gifts or formally loans the money to us.

Question: As far as tax and/or investment planning, what is your advise as to the best strategy to “take possession” of that money? Bring as much as possible in now (and invest it in Canadian instruments) by maxing out our contribution room and continuing to do so until we’ve either brought it all in or are ready to buy the house (at which point we’d bring the remainder in lump sum)? Take advantage of the guaranteed 11% return in Mexico for as long as possible, hope FX rates don’t go the other way and eat up the gains, or even the principal, and only bring the money in once were ready to actually buy the house? Or am I not being imaginative enough ? AFAIK monetary gifts don't count as income in the Canadian fiscal context, and would therefore not add to my tax bill come filing time, is that right? Happy to hear all suggestions/ideas!

I feel dumb for not realizing for two years that I was charged interest for not paying on time. I’d always paid the full amount before the deadline so not penalties, but yeah I’m sorry I didn’t realize.

My question is can I open a dispute and ask for grace/adjustment on past years? Is it worth trying?

Apologies if this has been asked, I didn’t find anything answers searching.

Hey everyone! I’m here just to have a second opinion on the credit cards I’ve right now. About me, I’m in my early twenties, I do not carry any debt except for my car loan and all my credit cards are paid in full every month.

Currently I’ve -

1. Amex Cobalt (apparently called the best credit card in Canada)
2. TD Aeroplan Visa Infinite
3. CIBC Costco Mastercard
4. Scotiabank Scene+ Card

What would you say about these cards? Do you think they are good for a young person like me or should I be looking at some other options?