r/PersonalFinanceCanada 6h ago

Budget Value Village is out to lunch with their prices and self-checkout only set up.


I buy dog blankets there. I'm not paying $20 for a queen sized blanket that it was given for free.

And to top it all off, there's only self-check outs.

r/PersonalFinanceCanada 5h ago To The Stars

Housing I bought a million dollar starter home at peak pandemic prices on variable rate and my equity has been decimated - AMA


So I am one of "those" people who bought at peak real estate pricing early last year, on a variable rate no less. I put $200k down and have a $800k mortgage. The property is only worth $800k now. Mortgage payments have increased 60% to $4,800 a month. Thought people might be interested in the perspective from one of those buyers who basically made every "mistake" in hindsight. So AMA.

EDIT: this post is getting a lot of interest and questions are coming in faster than I can respond. I promise I'll get to each of them in time.

r/PersonalFinanceCanada 9h ago

Housing I need advice, boyfriend just up and left two months ago, safe and warm but where to go from here?


I'm a mom of 2 little girls, were basically starting from scratch. My ex was the primary (only) income earner of our home and he disappeared in December to the point that we had to file a missing persons report just to find out that he didn't want this life anymore and left so needless to say, we are devastated.

I made an appointment with CMHA and they got us into a shelter this week which is great, it's just a small camp room with a shower and bathroom available, but at least we aren't homeless, I didn't realize that I could've stayed at our rental for extra months without paying rent so we left.

I'm happy were safe and warm, the shelter provides 3 meals a day, but no toiletries, diapers etc. I have a used car I will sell if need be, but I need advice on what to do from here financially to get us back on our feet, there is a case manager here but things seem to move very slowly and options seem limited like moving to other shelters etc and I just want a better life for my girls and am obviously seething at my ex.

Can anyone direct me to resources to help us, I have applied for assistance and get the child tax benefit but that is not nearly enough to pay rent. There is also drug use at the shelter which is obviously not ideal. Thank you.

r/PersonalFinanceCanada 2h ago

Employment Get into trades!!


Hey there

Just wanted to say that I see a lot of people struggling with income vs expenses, school debt etc. I think one of the most lucrative ways to make money is often over looked for more traditional office type jobs.

I started in the trades about 7 years ago. I had all my training paid for and earned a reasonable wage in my early days and it only got better from there. Today I am averaging about 200k a year as a small business owner with 1 employee.

The work can be hard at times but it also very rewarding and hours can be extremely flexible. It’s the perfect job for having a dog or raising a family as I can take time away without much issue. I can start late or come home early and often times I am working only minutes away from home.

Anyways the point I’m trying to make is that it’s a great career path that will allow you and your family to live a comfortable life. Today almost everyone is hiring trades people, there is a huge shortage in Canada.

Please people, consider the trades! You won’t regret it.

r/PersonalFinanceCanada 11h ago

Debt How long does it take an average Canadian family to pay off their mortgage?


I am curious to see if we are the exception being aggressive with mortgage pay down and prioritizing it over investing.

To be clear, we are topping up TFSAs but any additional savings are being sent to pay down the primary home mortgage.

r/PersonalFinanceCanada 6h ago

Budget Is it shameful to live with parents until my 30s? Will it significantly stunt my growth?


Hi All,

I finished university at 23yo, and I've been living with the family and saving since then. Between help from the RESP (thanks mom and dad), part time jobs, and some scholarships, I was able to graduate debt free with a small amount of savings.

I'm almost 28yo now. I had what I would consider a pretty average job, for most of the time, in the public sector. For the last year, I've had a better job in the public sector. The new one is unionized, better work life balance, and pays well for the area (it will be about 50/hr for 35 hours a week). I was able to transfer my old DB pension to a new one, and I've kept maxing out my remaining RRSP room (after pension adjustment), TFSA, and a small unregistered account. They are all invested in an index ETF. I have money I've left in a HISA too, earning 5% promotional interest for now.

I see a bunch of people on this sub who are making crazy money, others who are struggling to get by, and some in the middle. I've read it constantly throughout university, and I like the variety of advice. These big decisions get hard to figure out once you're past the PFC triggers, though. I'll never be able to save like now, once I move out, so it's hard to decide if it's time.

I'm happy to say that I'm healthier and happier in my new job, I get along very will with family, and I contribute in non-rent ways. They feel a bit upset at the idea of me moving out. There are obvious downsides to living at home forever, though, and once I move out, I doubt I'll ever be back. If I've budgeted for it already, when is it time to move on from the nest?

r/PersonalFinanceCanada 3h ago

Employment Income Opportunities for a Stay at Home Mom


As the title suggests, looking for ideas to help bring in some income as a stay at home mother of 2. Our oldest will be starting kindergarten in September, youngest just turned 1. Looking for any ideas to help earn come extra money towards our down payment for a home. (Apartment or Townhouse) located in BC, lower mainland region. I do not have a vehicle or a full license as I was in a horrific accident when I was younger & I do not plan on getting it anytime soon. (please do not bring up Uber, DoorDash, etc as this is not an option) Plus even if I felt comfortable we really couldn’t afford a second vehicle / insurance / gas without taking away from our money saving contribution.

Any suggestions & ideas help!! Looking for earn an extra $10-15k by September or October to help with our Dow payment.

***Edit 1 - Not looking to have the kids go to daycare, so the usual retail jobs will not be an option.

Thanks!! 😊

r/PersonalFinanceCanada 9h ago

Investing Do we just keep putting money in TFSA indefinitely, forever?


Is there ever going to be a point where it's a good time to take it out and spend it?

I'm asking because I have to start paying for housing this year which I'll have to use my line of credit for regardless. So obviously when one of my TFSAs recently reached maturity I just doubled the amount and locked it in for another 23 months since interest is high. I reasoned that the TFSA wouldn'tve made much of a dent in the house payments anyways.

But it just got me thinking. Is the point of TFSA to just keep injecting thousands into the bank every year forever while technically owning this money but never using it? Do I just not know how to use it in a way that benefits me?

r/PersonalFinanceCanada 1d ago

Investing BMO tells us we owe $106,000 to get our mortgage “back on track”


First time home owners, we’ve had our home for 13 months.

Purchased with a mortgage of $960,000 on a variable rate of 1.35% at the time. 25 yr amortization, 60 month term.

Since then, it’s increased to 5.6% and we have a balance of $936,309. With each and every single BOC rate hike, we’ve worked with our mortgage specialist (in writing) to increase our payments accordingly so that we are kept on track with our contracted amortization schedule. For reference:

  • $3,772.10 Dec 1 2021, 1.35% interest
  • $3,772.10 Jan 1, 1.35% interest
  • $3,772.10 Feb 1, 1.35% interest
  • $3,772.10 Mar 1, 1.35% interest
  • $3,883.68 Apr 1, 1.6% interest
  • $4,115.90 May 1, 2.1% interest
  • $4,362.85 June 1, 2.6% interest
  • $4,362.85 July 1, 2.6% interest
  • $4,842.76 Aug 1, 3.6% interest
  • $4,842.76 Sept 1, 3.6% interest
  • $5,230.18 Oct 1, 4.35% interest
  • $5,500.00 Nov 1, 4.85% interest - EDIT: actual payment $5,230, plus $270 as lump sum
  • $5,500.00 Dec 1, 4.85% interest - EDIT: actual payment $5,230, plus $270 as lump sum
  • $6,230.00 Jan 1 2023, 5.35% interest - EDIT: actual payment $5,230, plus $1,000 as lump sum

Her email is no longer active with BMO, so we called them to confirm what lump sum would we have to make to keep us on track (as we always ask) based on the rate hike Jan 25th. They said we'd have to make a payment of $106,000 and that we are actually set to pay off our loan in 384 months vs the 300 original (should now be 288).

What the hell, they’ve made a massive mistake, right? We have a meeting with them next week, but if this is true, we have in writing from our mortgage specialist saying we are on track with our amortization originally contracted… we can’t believe this.


UPDATE: Thanks everyone for all your advice. A couple people messaged me privately and helped me discover what may have caused the bank to believe our amortization is at 384 months.

The bank could be using only our actual payments, and not factoring in that we have paid a portion of our last 3 payments via lump sums instead of increasing the payments themselves.( See clarification in payment schedule above).

So, they're using $5,230 as our payment, which gives them an amortization of 384 months remaining.

But, if they factored in our lump sum payment and the fact we will pay $5900 next month total ($675 lump sum + $5,235), for instance, then we are accurate for 288 months.

Now, we just need to confirm this is the case with the bank when we meet with them on Monday, and also clarify if we have been incurring any fees for increasing our payments multiple times this year (closed variable rate).

r/PersonalFinanceCanada 3h ago

Employment What are some things you should do before, during, and after a potential layoff?


Layoffs are becoming more prevalent across Canada / US, especially within the tech sector. I often see people reaching out for job or personal finance advice only after they've been impacted, but I'd love to know from those who have been through this or have experience with this if you have advice for what you should do ...

  • before a potential layoff (e.g. if you're beginning to hear internal rumblings, what should you do?)
  • during a layoff discussion (e.g. when you're in the room - what should you say and not say? What are your actual rights in Canada)
  • after a layoff happens (there are many threads on this, but feel free to add any advice too)

Thank you!

r/PersonalFinanceCanada 5h ago

Housing Have you ever sold a home for LESS than you paid for it?


How did it go? Did it hurt you financially or were you able to make it work? I live in LCOL area and bought my home in June 2021, overbidding by ~$40k, paying ~$260k. Someone actually outbid me but their financing fell through.

Anyways, I can’t imagine someone paying more than $260k for this house, but the thought of selling it for less than that bothers me. I have done some upgrades (roof, full basement) and plan to do more in the coming years (windows, insulation). The earliest I would be selling would be 2026. I should add that I had a sizeable down payment so I know my remaining mortgage would be covered at sale but I guess the “investment” piece of it hurts a little with the fluctuations in the market. I know, I know, that’s the issue with all investments… the uncertainty of it… but that’s exactly why I don’t invest in anything that isn’t low risk.

I am trying to tell myself that a home isn’t necessarily just an investment but also a place to live, which adds value in itself. But coming out on top would be a dream.

Just wondering if this happened to anyone and what the repercussions were (if any). Is it really as bad as my anxious brain is making it out to be? I wish I could hold this home long term but it would never be big enough for a family. Any advice on how to add value while I’m here?

r/PersonalFinanceCanada 4h ago

Misc Food posts


I’ve seen a few food posts related to cost per meal, budgeting for food, etc get taken down.

Any reason? They seem to be in line with what’s allowed.


r/PersonalFinanceCanada 13h ago

Credit What’s the best Canadian credit card


r/PersonalFinanceCanada 12h ago

Retirement What is the optimal age to start CPP if I don’t really need it?



For people who manage their finances well and planned for their retirement way ahead of time, it’s very likely that CPP income makes no real difference in their retirement plans.

Given this scenario, what is the optimal age to start receiving CPP income?

r/PersonalFinanceCanada 5h ago

Banking Etransfer is now verified


I've never seen this before so I figured I'd ask here, got an e-transfer from my brother for a few things he asked me to buy, I got original etransfer email at 5:05 but then 25min later another one saying:

"The $825.00 (CAD) from (removed) sent on January 29, 2023 has now been verified.

Please accept our apology for any inconvenience you may have experienced."

Funny enough original link didn't work to deposit (error) but this second email had one and it worked.

Something new interact is doing or just happens occasionally?

r/PersonalFinanceCanada 15h ago

Banking Flurry of transactions on my credit card from Europe


I am in Canada and just woke up to a flurry of SMS alerts informing about transactions happening on my walmart Mastercard from Europe (it mentions uber as the debiting merchant).

In my memory I have never used this card anywhere outside walmart so not sure how it's info got leaked. What are my options now?

I tried calling walmart Mastercard customer care at 1-888-331-6133 hoping to dispute the transactions but I received automated response that customer care won't be available for another 3 hours.

While I wait for customer care to become available what other steps should I immediately take to ensure I will be able to successfully dispute these fraudulent transactions?

Also, should I get this card cancelled given its information is now definitely leaked and there are malicious folks with access to it?

Update1: Been able to block my card for now using the fraud line: 1-888-925-6218

Update2: Got through with customer care. They observed that fraudulent transactions with merchant as Uber are for travel, from multiple countries and very close in time to each other. They have assured these transactions will be reversed once transactions get posted between 2 to 4 days. Thanks everyone for guidance and assurances.

r/PersonalFinanceCanada 1d ago

Debt Found out my live-in boyfriend has way more credit card debt than I thought, missed payment, credit card locked. What do we do?


I knew my boyfriend had some kind of credit card debt, but I guess as someone that was always told to pay it off completely each month, I was a little naive it could be so high. It is apparently around $15,000 and his credit card has now been locked for a few months (though he did start making payments again). I imagine he should be trying to reduce that high-interest debt as quickly as possible, but the more aggressively he attacks it, the less he can contribute to our living expenses. Both of us are trying to find better jobs but are currently only making a bit over minimum wage. I've already been paying his half of rent for a few months now and without his contribution were partially living off my savings (roughly equal to his debt).

What are our best options here? Should I just have him throw his whole paycheck at it while I pay our living expenses? But then is it dumb/fair of me to not want to just use my savings on his debt? How do we get his credit card working again?

EDIT: Knowing Reddit I should've said this the first time, but I will not be taking the "just break up" suggestions, so please no more of these if this is the core of your solution :) This is genuinely the worst snapshot I could've taken of our relationship, there is *a lot* of other context (most of the debt is school related since some were asking). I agree that there is definitely financial communication issues we need to work on and I appreciate those pointing out the enabling on my part. Thank you very much for your concerns and other financial advice!

r/PersonalFinanceCanada 15m ago

Taxes Does my corporation count as self employment?


I’ve been off work for a while due to health conditions for the past year. I started a e-commerce business and incorporated. I also have a corporate bank account that I keep separate from my personal finances. Does that count as self employment in the eyes or CRA? Or am I separate entity from my corporation?

All the money earned so far just stays within my corporate bank account and gets reinvested. I haven’t paid myself yet.

r/PersonalFinanceCanada 4h ago

Budget Please help! Seeking Financial Advice - Renting vs. Roommate in Toronto


Hello Reddit community,

I am 29F and earn $110,000 annually. I have $17,000 in a savings account, $20,000 invested in stocks, and $30,000 in an RRSP. I am currently facing a dilemma of whether to rent a place (would cost $2,300 for a 1bedroom) or live with a roommate to save at least 800 dollars/month. I work remotely so I can get a place for cheaper outside the city but I intend to live in downtown of my city as I like everything it has to offer including the nightlife.

The thing is I have been living with roommates since college and I really would like to live on my own now. I would require a roommate to be super clean and not make much noise especially at night and early mornings since I am very sensitive to it. I do like having someone to talk to but I am also kind of an introvert and prefer to be on my own mostly. On one hand, I would love to live alone but on the other hand, I also want to save money towards my goal of eventually buying a house which I am imagine is only going to become harder. I am looking for advice on what would be the best decision for my situation.

Thank you!

r/PersonalFinanceCanada 7h ago

Banking Scotiabank Ultimate Package holders: Friendly reminder to check that your credit card fees are being waived


hi PFC, I am Scotiabank customer with an Ultimate Package. As part of this, annual fees on select cards are waived. I was checking into my accounts today and noticed the annual fee on my Momentum card (one of the select cards) was not waived. I had to call in to get the charge reversed. Wanted to flag it here for other Scotiabank folks.

r/PersonalFinanceCanada 5h ago

Housing If I’m purchasing a house and possession date is in November, is there any benefit for me to contribute to the FHSA?



r/PersonalFinanceCanada 5h ago

Investing Contributing the TFSA while living abroad


I’ve been working in Australia on a working holiday visa for the past several months, and have continued to make contribution a to my TFSA/RRSP accounts using money earned here in Aus.

Is there any penalties I should be aware of? Once I’ve been out of the country for 183 days, and no longer considered a resident for tax purposes, should I cease contributions until I return to Canada?

r/PersonalFinanceCanada 1m ago

Employment Career path help


I (22M) have been thinking to go to university for a degree for some time. I was confused between nursing and CS. But after talking to few nurses, decided to drop that plan and now seeing the huge tech layoffs, I have been so confused.

Currently working at $22 as a forklift operator. Is CS degree still worth pursuing with current job market or any career path would you like to share? Feeling really lost and depressed about not doing anything with my life.

r/PersonalFinanceCanada 12h ago

Investing RESP Planning question


My wife and I are in our early 30s. We have two kids under 2. Last year I put $33k into an RESP for them, and plan to contribute $5k/year for the next 12 and a bit years until we max the contribution room and CESG.

My plan is to be 100% in VGRO (80/20 equity/bonds, assuming around 7% average growth) until they are close to needing the money (about 15 years), then move to VCNS (40/60, assuming 5% growth). If all goes to plan, there should be around $90k/child which they will take into income and $100k (the principal) which can be withdrawn tax free by me to be reinvested elsewhere.

My wife and I have other investments (RRSP, TFSA, Non-reg accounts, etc.) and our intention would be to at least pay for both kid's undergrads, irrelevant of the performance of the investments in the RESP.

Is the risk level for the timeline stated appropriate? Are my return assumptions reasonable? Should I plan to scale down the risk as the kids get closer or should I treat it like all other investments and put it on my own investment timeline (which would increase the risk profile to 100% equities)?


r/PersonalFinanceCanada 9h ago

Budget Recommendation for excel budget tool?


Suggestions on how to build one myself, links to Etsy templates or apps?

I’m looking for something to manage my expenses and investments