r/CanadaFinance

I got a mortgage with td, my first one, just purchased a house and I make around 80k a year. I’m young, early 20s, and with the lawyer fees along with paying for my whole year of home insurance outta pocket I realized I stretched myself thin. My mortgage is closing in 2 days with the first payment going out on the first of next month, and I won’t get paid in time to make that payment. I am financially stable but I feel like I made a bad call paying for my years insurance in one payment which ended up being $6k, and also paying my lawyer for the closing who charged me roughly 3k. With no one to borrow money from, I thought what about a line of credit, I’d be able to pay it off quick. But my issue is would I get approved, apparently I barely got approved for the mortgage, and would it affect my mortgage after closing? What do you guys think is best for me to do?

I’m 32M, single, and living in Toronto. I’ve been living with a buddy since 2021 and things have gone well, but I’m starting to feel the need for my own space and also more space.

Current situation:
-$110k salary + bonus (~$15k)
-paying $1850 in rent (includes everything and a parking spot)
-$375k in investments ($235k TFSA, $100k RRSP, $35k FHSA, $2k LIRA, $5K cash)
-no debt, car paid for

Looking at ~$2500 a month for a 1 bed condo in Toronto, plus parking and utilities which would drop my monthly savings to ~$500 per month. I’d still be saving a little but obviously a lot less.

A part of me wants to continue saving but another part just wants to live in my own and not have to deal with stuff with comes with having a roommate.

Anyone made this move? Was the quality of life upgrade worth it or do you wish you stayed longer with a roommate?

Been thinking about this a lot lately and curious what the rest of Ontario's experience is.

I'm 25, live in K-W, drive a Tesla, and pay $6,029/year. That feels high but I genuinely can't tell if it's "high because Tesla" or "high because I'm getting fleeced." A friend of mine in Kitchener pays $1,769 on a 2014 Prius and that feels reasonable. Two people in the same city, more than 3x difference in premium. Some of that is the car. How much of it is something else, though?

What I keep running into in the published Ontario insurance data is that drivers who look basically identical on paper can have premiums that vary by 30-50%, depending on carrier and broker and rating quirks that nobody really explains to you.

So I'm curious — when you look at what you pay, does it actually feel reasonable for your situation, or have you just accepted it because shopping insurance is annoying? And if you have shopped recently, how different were the quotes you got?

Not looking for specific dollar amounts unless you want to share. More curious how people feel about what they're paying and whether they've ever actually checked.

If you’re considering helping out your kids financially it’s a lot easier when you’re not worrying and hospital bills, unlike our Americans neighbours down south. When you think about it, if you leave assets to your children and grandchildren in a will, they get what’s left after taxes and creditors. You can avoid this problem for them if you give them the money BEFORE you pass on and watch them enjoy it while you’re still here. You don’t have to give everything away but just some so you still have money to enjoy yourself.

Hello , I’m new to investing and I currently invest in xeqt and vfv. I’m wondering if I’m doing the right thing. What ETFs would you suggest I invest in please. I’m very open to learning please.

They say "money doesn't buy happiness," but it definitely buys sleep.

I’m curious to hear from people who have "made it" to a stable place. Was there a specific number in your bank account where the physical anxiety of daily spending finally went away?

• Was it your first $10k?
• Was it when your passive income covered one utility bill?
• Or do you still feel the "scarcity mindset" even with a high net worth?

I feel like the goalposts keep moving, and I'd love to hear some perspective from people further along the path.

I’m 26 am making the most money I have ever made after all my bills are paid I have roughly $1600 biweekly and this is a normal paycheque, from here on out, what should I do with it, what should I make a constant investment in I’m willing to do a little here and there on penny stocks, but mostly want long term investments, I have putting $1400 into a tfsa but I want to put roughly $200 into something biweekly

In the very near future I will be inheriting 103k from my grandmother who passed away last year. I am not so good with my finances and would like some advice for what to do with it.

I am 30F with a stable job (65k yearly after taxes) and plan on never having kids. I have no debt except to my boyfriend (4.2k) and my father (5k), which I will pay off with this money. I have zero savings (currently $200 in my savings account and about 2k in my checking). I do not have a TFSA or RSP. I have a good credit score (around 800) and just the plain cash back TD credit card as well as my debit card. I have zero investments currently and rent my apartment. I own no car but do have a motorcycle.

My bank is TD, I live in Toronto. My plan was that after I pay off the debt I owe to my father and boyfriend, I meet with a financial advisor from TD who advises me in what to do with the money.

Is this a good plan? Is there something I should do differently?

I love traveling, plan on never having kids and will probably get married within the next 2-3 years to my boyfriend. I would really like to use at least part of this money to fund a van life project. My job has the option to be fully remote, so if possible id love to use some of the money towards that (maybe 20-40k?).

What would you advise if I was your friend? Please be kind :)

Someone I know is selling a $60k classic vehicle, on Autotrader. A potential buyer reached out and said it was exactly what he is looking for and says he will etransfer $2500 per month to hold it until he can come to pick it up and pay the balance.
1st etransfer has been sent, seller is waiting for the bank to confirm the payment.

Seems sketchy, for both parties.
Buyer has not looked at the vehicle.

What is the potential scam?
Seller doesn’t seem concerned…

Basically title. I can survive without extra funding, was just wondering if anyone was aware of any funding available for those in my situation. I'm newly qualified/ graduated and plan to study and pass my NCLEX (likely in August) before starting work as a new grad. I have not attempted the NCLEX yet.

I looked at the BC Nurses Union bursaries but I don't seem to qualify for any.

I wouldn't qualify for EI. I was getting money from Student Aid BC before (grants).

TIA

Hello everyone, I am currently an Ontario high school student and my end goal is to work in asset management or a related field. I need to decide on which university offer to select. Those who are working in relevant fields on Bay or Wall Street, please let me know in the comments which of the following programs are best for these careers:

- University of Waterloo Mathematics/Financial Analysis and Risk Management (CFA Curriculum)
- University of Waterloo Mathematics/Business Administration (single degree)
- University of Waterloo Accounting and Financial Management (CFA Curriculum)
- Wilfred Laurier University BBA
- Wilfred Laurier University BBA + BA in Financial Mathematics and Analytics (single degree)
- York University Schulich BBA ( CFA Curriculum)
- Western University BMOS (no Ivey)

Thank you so much in advance for the advice, I really appreciate it!!!

Hi guys,

I (25M) am looking for some thoughts/feedback on my budget as I’m new to actually… having leftover money. I really lived like I was Mr. Monopoly when I was 20-23 and I did a decent amount of damage.

I just paid off:
• $10,000 line of credit
• $8,000 credit card
• $6,000 student loan

I saved up and bought a $8500 used car (2016 Honda CRV with 120,000 km on it) and am hoping it can last me at least 10 years as I work from home full time. I also saved up a $16,000 emergency fund, which is about 6 months of expenses. I currently make $80,000/year and could probably increase my income but I get unlimited paid time off and, as I said, I work from home full time as well.

I want to be clear as I have often found some posts on this sub discouraging as it seems like some people live in a different reality… or they get help and don’t particularly want to share that. I had a ton of help. I live at home for $400/month, I buy my own groceries and supplies, but the rent alone has been an absolute god send. I also drove a VERY shitty 2002 VW Golf with 400Km on it for 2 years, and it only lasted that long because I was able to borrow my mom’s car throughout the winter. I’m very lucky to have this safety net and I’d like to acknowledge that because a lot of people do not!

I am about to move out finally at 25, it feels very late but comparison is the thief of joy or whateva. I want to submit my budget for feedback and thoughts as I don’t really know what I’m doing. I want to add that I live in Calgary, AB, which I know is not nearly as high a COL area as Vancouver or Toronto, but the days of buying a house off of one salary are non-existent. I’m really saving a down payment in the hopes that either the housing market crashes and I can scoop something (lol) or I find a partner and we become a dual income household.

Income: $5000

Expenses: -$2700
• Rent: $1400
• Groceries: $500
• Car Insurance: $300
• Gas: $200
• Phone Bill: $100
• Internet: $80
• Gym Membership: $75
• Subscriptions: $50

• Chequing: $800 ($200/week “fun money”)
• Sinking Fund: $100 (Car Repairs, Vacation, New Laptop etc)
• Retirement: $800 ($9600/year)
• Down Payment: $600 ($7200/year)

Context:
• Rent includes utilities, which is why they are not on the budget!
• Retirement would be split between a private RRSP and a TFSA in the market in ETFs (20/80 split)
• Down Payment Fund will be in a FHSA
• Emergency Fund is in a HYSA, I want it liquid.
• I do have a Day-Of Wedding Coordination business as well, and it should bring in about \~$6000/year as well, but I’m not counting that as guaranteed income. I will just throw it in the down payment account as gravy.

Be kind (or not, just be honest)!!

Hey everyone,

I’m a Canadian student moving to the US for a 4-year professional program. I am not planning on working a job while I'm there, so getting a Social Security Number (SSN) is not a possibility for me.

I’m currently mapping out my US banking situation. Since I already have a lease signed, I have a valid physical US residential address. My plan is to walk into a physical TD Bank branch as soon as I land TD Complete Checking account in person (since I know they stopped letting Canadians open these over the phone/online recently).

Here is where I'm getting massive conflicting information regarding the TD Cash Credit Card (US):

When I called the dedicated TD Cross-Border banking line, the agent told me that once I open the checking account, a physical US branch would absolutely be able to manually pull my Canadian credit history and use my Canadian SIN to process a US credit card application without a US SSN.

However, when I actually called a physical TD branch in the US to confirm this, the branch advisor told me flat out that I cannot get a US credit card without a US SSN. I’m not sure if the branch advisor was just confused by a cross-border scenario, or if the phone agent gave me outdated info.

My questions for anyone who has done this:

1. Has anyone successfully opened a true US-based TD Credit Card without an SSN by leveraging their Canadian credit history at a physical branch?
2. If the branch was right and I can't get a credit card, I know I'll still at least get a US routing number and debit card to pay my rent/tuition. But how do you handle daily living transactions (groceries, food, etc.) without a US credit card if you are trying to avoid a 2.5% foreign exchange fee on Canadian cards? Do you just rely entirely on the US debit card?
3. Are there other US banks/cards who have it better for international students with a US address but no SSN?

If it matters I am a dual citizen but live and work in Canada. I have both American and Canadian banks but don’t know how I can invest in both markets or one or what is the most lucrative for me. The taxes and legality are confusing

Hi so I’m moving to the US for school and needed to convert a bunch of CAD to USD. I’ve never done it before other than through the bank, but I’ve been told that the bank will add fees. Even if it’s $0 exchange fee, they’ll add a certain percentage to convert. Like instead of giving me $0.73USD for $1CAD they’ll give me maybe $0.70 and keep the difference. I don’t often go to the US so I’d love to hear options you guys use for converting or if that’s just the standard method. I’ve heard of WISE and would love some opinions :)

Does anyone know where someone could get 100 $1 usd bills ?

using budgeting tools as a Canadian much of the advice and software is built around American accounts and tax rules. Roth IRA comparisons when you have a TFSA, 401k talk when you have an RRSP, no mention of the FHSA anywhere.

Curious if others feel like they're constantly translating foreign financial advice to fit their situation and what resources you've actually found that feel built for us.

A retired engineer and his wife recently bought identical SUVs—same model, same coverage, same address. Both have flawless driving records. So why is his insurance $649 higher?

The Star’s Consumer Affairs reporter, Diana Zlomislic, looked into why insurers are still allowed to charge men more in Ontario. Here’s the breakdown:

• A Supreme Court case from 1992 ruled that gender-based pricing is discriminatory, but "reasonable" because the industry didn't have a better way to measure risk.
• When Bernie Wasserman questioned the gap, TD told him their hands were tied because "that's what the system spits out"—despite the fact that Bernie hasn't filed a single claim in over half a century.
• Ontario is a holdout: Most provinces moved away from using gender to set rates, but the practice continues in Ontario and Alberta.
• Since 1988, Ontario’s insurance regulator has only denied one rate change application out of more than 2,500.

Read the full story here (gift link, no paywall).