u/OkConference874

Hello,

I'm 7 months away from renewing, so I'm about to start shopping. It's going to be the first time I renew and I'm trying to understand what to expect/what impacts your rate, as I see such big variations.

For context, we have 500k left on a 650k mortgage (I believe the value of the house has stayed the same). Our mortgage was insured (10% downpayment). Our HHI went from 145k when we bought it, almost 5 years ago, to 260k now. We have no other debt, no lease, no finance, nothing. My credit score is 871 and my SO's 865. Our combined investiments (TFSA, RRSP, RESP) is about 300k. We're early 30s.

My question is: does any of these information help reduce (or increase) our rates? What DOES come into play when getting a rate? Why does some people get 3.99% and others 5% for the same length and type of rate?

Hi.

I'm 34F, married with kids. I never really thought about getting life insurance for me or my partner (34M). We have the insurance from work (up to 65 or 70 years old, I don't remember) that would be enough for the survivor to sort out debts, but yes, of course life would be a bit tighter with only 1 adult, even without debt, but I also could see the survivor moving back with family to help with the kids. I don't feel like it makes sense in my family situation, but I'm afraid I'm missing something.

I'm wondering: are people out there getting private life insurances? From watch age? For how much? And what motivates them to get it?

Hi,

I've been trying to plan my FIRE plan but with income tax being so high and TFSA being tax free, I'm having a hard time estimating how much will I really need in to have when considering TFSA, RRSP and non registered/OAS/CPP.

I mean, if I say I calculate that I need 5k/month net, that's 60k from TFSA yearly or 85k from taxable income, which is a non-negligible 40% difference.

Also, there's a whole lot of small things such as not being allowed to have a RRSP after 72 years/old, having a OAS clawback above a taxable income threshold and having some more benefits if I'm "low income" (ex: receive CPP and OAS and everything else coming from TFSA).

Does anyone know of a calculator where you tell the source of all your incomes and it gives you the net income?

And what is the suggested retirement income plan? Empty RRSP before 71 while TFSA grows and then go full TFSA? RRSP until a certain $$ and complete with TFSA to optimize taxes?

edit: I'm an immigrant and don't know anyone who's retired yet so I'm sorry if some of my questions seem dumb. I am really trying to understand it as much as I can and it confuses me a bit.

I've been working fully remote at a very small industry where everyone knows everyone. It's extremely flexible and the work has been so easy the past few years that I rarely do 20h/week. My job is great and pays well, which means I'm not the willing to risk it. But at the same time, I feel like if I could find a J2 that's more of a side hustle, even if it's only part time and pays not a lot, it would still help me a lot to have the extra income for investment.

Do you all have any tips or what I could get that would fit this? As long as it's remote so I'm available whenever they have a question and need to call me...

My plan has been to CoastFIRE within the next 9 years so I have more time to spend with my kids (3M and currently pregnant).

I just got offered an amazing job with an amazing salary that would make me CoastFIRE within 4 years.

HOWEVER, that would mean me never being home during this time. Lots of travels, long hours in the office, weekends and late nights. I'd essentially lose their early childhood.

I'm really split whether I should take it or not.

Edit: reading and replying made it pretty clear to me that there is no doubt in my mind. My children are the most important thing for me, even if I have to work till 65, I won't miss the years they'll be living with me. Thanks to everyone.

I'm 34F, I have one kid (3M) and I'm pregnant from my second. My dream in life always was to have like 4 under 5, but my husband wants to take it slow (HELLOOOO. You waited 10 years to impregnate me!!!), have bigger age gaps and only 2, MAAAYBEEE 3

The thing is: ever since I had my first, my goal of 4 kids went to "I could have a dozen". Whenever I go on the internet and I see someone posting their family of 3+ kids, I literally want to cry out of envy.

And right now even if my husband does agree to give me 4 kids, I'd still feel sad. I feel like whenever it happens to be the last one, I'll be just DEVASTATED. Beyond words.

So, to my fellow moms who love a big family with as many kids as possible: did you ever just hit a number where suddenly you feel "that's it"? Because I swear, it has to be something to do with hormones. Before I got pregnant, I would CRY every month when I didn't get pregnant, EVEN THOUGH WE WERE NOT TRYING

Edit: I did not expect that many comments! I just can't keep up but for what I saw: there's a good chance I'll feel done at some point. Bur I might not so it would be good to just learn to deal with it. And a lot of you made me laugh with your comments about "I can't relate" 😆

To give context, my pregnancy was medically great (no healthy issues) but physically demanding (extreme first trimester fatigue, pelvic pain that made me unable to walk all the ailes of the grocery store from week 20 and insane sciatica pain from week 16). But I also loved knowing there as a kid inside me and feeling the kicks. It made me sad to know it was over.

The newborn was extremely difficult. I didn't sleep 3 hours straight for 3 months. He actually had CMPA and jaundice so I both had to change my diet and have an alarm every 2h, 24/7, for the first month of his life (he was exclusively breastfed). But even in the middle of it all, I cried because I didn't want it to be over. But it wasn't just this phase. My first was a very high needs, low sleep needs velcro baby. But (thankfully) I thought that's what all babies were so I had prepared myself for it. Only now I learnt from my mom friends that he's a "unicorn" on the opposite side.

We have no village. We're expats and we haven't found someone we trust to keep him unattended for even 30 minutes, other than daycare. We never had an evening out. We're actually trying to figure out what to do when the next baby arrive.

Financially we're good. We're both at a mid level in our careers and make combined almost 300k/yr. We can afford many more, the only difference is whether I have to work full time or can do part time (something that I want to do when their activities start demanding more time from me).

Emotionally, I know at least for now I have energy and attention to give to many more. But I know my husband has a shorter limit and he's happiness is essential to the family's well being. We can't have him burn out, lashing out on everyone. So I feel like he's the one who's going to decide when we're done, not me. But at the same time, I feel strongly that I don't want to have kids after 40 since we're well on our way to retire between 55-60 and it just feels wrong to retire while your kid is still in HS lol

Hi,

Me (34F) and my husband (34M) both have good salaries in Canada and we're on track for retiring by 55. We're in IT and our take home is about 12k CAD monthly + 20k CAD on yearly bonus. All this is after taxes.

Our monthly expenses are:

Mortgage + taxes: 3.5k

Fixed costs: 2k

Semi fixed costs: 0.5k

Investments: 4k

Now my husband has an opportunity to move to a LCOL area in the US and we're trying to define a number that would make sense for us to move.

Considerations:

- We have two young kids in daycare and we're planning a third one soon (but the oldest should be going to school by then)

- For what we've seen, we'd be able to buy our dream house with monthly payments of about 3.5k USD

- we'd need two cars. We don't care about the biggest best car (our car is 12 years old). We just want one that fits the whole family and doesn't breakdown.

- I would not be able to work at first. And becoming a SAHM would be a very good motivator to go, so we're assuming I wouldn't work for the sake of planning.

- Even without work, I'd still want my kids to go to daycare at least part time so I had time to take care of the house, food and myself.

- I still plan on retiring at some point, so I'd need to have investments done on my retirement.

I really love my city, Canada's culture and people and even my work, but the winter and the house market are starting to weigh down on us so if financially we can justify having a better quality of life (good house, SAHM, disposable income and retiring early), we'd be open to give it a shot.

How much net income are we looking for? What would be the threshold when negotiating the salary where we go from "it's not worth the trouble" to "we could try it"?

I (F) am planning my next leave and trying to decide which way to go.

I've been thinking about taking the basic plan (18 weeks maternity at 70% + 7 weeks at 70% + 25 weeks at 55%).
However, I think 50 weeks is a bit too much, but also last time I took 40 and it was hard with the first months of continuous sickess. So I've been thinking about working part time for the last 10 weeks. The thing I don't understand is:

My annual income is 130k. Weekly, that brings me to 2500$/week (62.5$/h)

Maximum insurable earning for QPIP is 103k. Weekly, that's 1980.76$. So the maximum I can be paid is 103k/52 * 70% = 1386.56.

They say you can earn the difference from your regular payment without reducing your QPIP payments.

My question is, which one is the difference I'm allowed?

1. QPIP maximum (1980.76) - my weekly payment (1386.56) = 594.2$

2. My regular payment (2500) - my weekly payment (1386.56) = 1131.44$?

That would change how many hours I can work and what to negotiate with my boss.

Edit: I have two kids with individual RESP (which I included in the "fixed monthly costs"), I'm married and both of us make 130k/yr, but I don't have RRSP match, so the 1k monthly is split between RRSP and TFSA and emergency funds. This is all on my side, not considering my husband's assets (his similar but more RRSP and less TFSA). Also, my TFSA contribution room is 51k due to immigration. The fixed monthly is my half of household and children bills. My husband pays the other half.

Hi, just wanted to hear a general opinion and suggestions, as I work with older and wealthier people who all seem to have 1M saved and work for fun...

Me: 34F

RRSP: 43k

TFSA: maxed out at 60k

Mortgage: 495k debt on a 600k property

Emergency savings: 10k (just used most of it for an emergency)

Fixed monthly costs with mortgage: 3.5k. + 1k for general things

I try to save at least 1k/month but I started to do it later, had maternity leaves and downpayment on the house. So... My question is: am I on track? Can I be on track? How much do I really need considering TFSA should be a big part of it to bring the taxes down?