r/PersonalFinanceCanada

My current mortgage provider offers a no-questions no-fee monthly "skip payment" once every calendar year for mortgage payments. Essentially you can opt to not pay for a month, principal doesn't get paid down, interest continues to accrue, and you are not flagged for non-payment.

While it's mostly there for emergencies, what would be the downside if I used it simply to just redirect cashflow to ETF investments in TFSA? Mortgage is currently 3.7%. If I redirect into ETF investments in registered accounts, it would make 7-9% over the long-term horizon.

My idea would be to opt into it every December, which lets me immediately fill a portion of TFSA again once limit increases come January. But it also keeps the option open for the entire next year in case of true emergency.

I am currently pregnant and want to start putting money aside for my child’s RESP as well as toward a future down payment for their home one day. What is the best way to invest the money for their down payment? I plan on maxing my TFSA’s every year so that isn’t a great option. Is there another good strategy that I’m not aware of?

Hi everyone!

Just looking for recommendations for the most optimal credit card. I spend roughly 10-15k a month and fly pretty frequently with air Canada.

I currently have an infinite privilege but was wondering if there are better options for me (I already get lounge access from status)

Thank you!

Hi all!

Hope you're having a fine (said like Matt macaoughahey) Sunday!

I (30f) will be receiving an inheritance in the next little while and I don't want to be a dummy about it, so I thought I might ask for your opinion if you're willing? It will likely be in the realm of 20k.

Some info. We currently rent, my husband has returned to school and is working part time. I work full time clearing about 52k. We have not been wise with our money and don't want to continue this pattern. You can call me out for this, I will not be offended.

Debt

Husband CC - 12K

My CC -7K

Vehicle - 26k (would be upside down if we sold)

Savings

Not a lot (especially for our ages)

Emergency fund 1k

I have an RRSP, he has a TFSA

My gut is to throw it all at debt.. but knowing that my husband has another two years of school, I wonder if we would be wise to tuck away a portion for rent etc as it'll be awhile before he is done school.

Would love to hear your thoughts. :)

Looking for advice. $395k mortgage. 145 months remaining. Conventional. Owner occupied house. GTA. Have negotiated with RBC and they're coming in at 4.04% fixed 3 yr or variable 3.55% prime minus .9% 5 yr variable. TD told me they're willing to pay my transfer costs. Want me to come-in and create a profile with them to begin negotiations.

The offer from RBC seems decent. Thoughts on if it'd be beneficial dealing with TD? Have lots going on with family life and not sure it's worth the hassle for .01% or .02% savings. Is there more room to negotiate? Thanks!

I have started credit card shopping and am trying to find the best one for us. We currently have a Master Card Airmiles... obviously not the best now that Airmiles are gone.
Minimal spending, pay off monthly, looking for some rewards with a 0 or low annual fee.

For simplicity, my hobby has been buying X item for $10, and altering it for 30 min, it's worth $40, and I have a bit of left over of X item.

Its simple.

But its starting to transition into more of a business than a hobby and I'm considering scaling up. I would not hire employees. But I might buy equipment that would allow me to make more product per hour. Before doing that, I'm interested in learning about what counts as a legit tax write off, whether it's worth it to incorporate for liability purposes, etc.

But j don't need advice on FINDING a profitable business model. Just resources about requirements from a legal and administrative side.

Hello, I was wondering what the best credit cards to get for the occasional flight (1-2 times a year)within North America from Toronto. I know you get more value flying long haul but don’t go on those trips at all.

I'm at the 2 year mark where the change of definition occurs and my insurance is canceling my LTD benefits. Due to a physical injury and upcoming surgery, I can't go back to my old job and am very limited in what I can do because of my skills, as well as not being able to be on my feet for long.

I'm going through the process of applying for CPP-D but when my LTD benefits end, I will have no income source. I'm appealing but I don't know if it will be approved.

What do people do in this situation? I'm very nervous and not sure what to do about being able to pay bills or live.

I started my first job, it's minimum wage but better then nothing, I am 18 years old and this is my plan.

After taxes I should be getting at least $1000 bi-weekly.

I don't have any expenses or rent.

I plan to keep 30% for fun (party, food & weed etc)

40% investing in buying ETF's (VEQT & FIE and maybe Nvidia) with every paycheck I get

20% for short term goals (PC, car etc)

10% in TFSA as Emergency Funds

Should I also get a Credit Card to improve my credit score so maybe I can finance a car in the future (my plan is to buy a cheap car but I'd like to have a Backup plan if things don't go the way I want)

Is that good, any suggestions?

Thank you for your attention to this matter xd

Hi smart people,

we will be getting a windfall of ~$350K from rental property sale. I am looking for an advise from the community as to where should I invest this money? I have been a DIY investor for our other finance portfolio.

I am some 15 years away from retirement.

Not looking to invest in real estate anymore

One option I have been considering is invest in typical low cost index ETFs such as VFV, XEQT, XIC, ZLU etc (similar to majority of my other portfolio)

or should I look for a financial Advisor? I would look to get FA only if they invest in stocks and confidently beat the index funds - I wouldn't want to pay them management fees if they are going to invest in similar low cost ETFs. I have stopped investing in individual stocks as I can't manage on daily basis, but I would think there must be FAs out there who are smart to know the market trends and get great returns from stocks (e.g know how to cash in on AI, energy, defense stock boom recently etc.) then"boring" ETF investing. I sort of hate that even being in the tech sector I have missed AI stock rally, Micron or Palantir rally other chip stocks boom by not investing in individual stocks!

Happy to hear different thoughts!

looking to sell my current vehicle and purchasing a larger l vehicle (highlander or pilot). I’m thinking 2020 or earlier - something reliable with low mileage. I have never sold / trade in a car before.

Currently have a 2018 Honda civic in great condition - under 100k and worth around 16k per clutch. I have 20k saved - I should be close to being able to purchase the new car in cash but I’m not sure the best way to sell my civic.

Should I trade in or am I better off selling privately? Anything i should be aware of?

Thanks in advance.

My car had rusted brake lines that leaked. It's not covered by a recall. I went to a repair shop to ask for a general estimate I was told $1500

I had the car towed on Monday June 29 to the repair shops parking lot. On July 1, we had rain flooding areas of the city. The repair shop were closed on July 1 and 2.

I called on Friday July 3 to ask about the flooding, she said the water didn't touch the underside of the cars. They will work on my car on Monday July 6.

Saturday evening I went to the repair shop to look at my car. It was no longer in the parking lot. I could see through the garage door window that it was now inside their garage with the car doors open and with 2 fans blowing.

I suspect they will not tell me my car got wet inside during the flood. I don't know the damage to the interior of my car, should I still report it to the insurance company?

I don't want to spend $1500 for repairs only to have the car have electrical failures later.

vmr canada.com says my car is worth wholesale $4125 and resale $6075. Which amount does the insurance company pay out?

I am a first time home buyer and am about to put down a deposit from my RRSP. I had a question on repayment.

I know for the RRSP HBP loans, between 2022 and 2025, the initial grace period was extended to 5 years, after which it became 2 years in 2026.

But with the spring economic update, and it passing on June 19, 2026, I wanted to clarify if this grace period has been extended to 5 years for HBP loans incurred between 2026 and 2028?

Essentially, if I take money out of my RRSP in August 2026, then my repayment will not start until 2031? Appreciate your help!

Alright so I am about to start transferring my registered accounts over to TD for that spring promotion of 2% for 1 year.

Thing is, is there a reason to do these promotions when with wealth simple you can get 2.25% for having more than 100k with them (1.75%) and then also having my pay cheques direct deposited into wealth simple (extra 0.5%) ?

I’ve been doing my investing through RBC just to keep it simple and have everything under one roof but I was gonna start jumping around on these promotions but I feel like for the most part you’ll get more just holding >100k through wealth simple, or am I missing something?

EDIT: Alright I’ve definitely mixed up everything and not truly understood the difference, thanks everyone for making it make more sense. I blame it on me being on a night shift tonight 🙃

These limits have never really been an issue for me but I ran into some issues that trying to make larger purchases as well as paying bills via e-transfer today due to these limits. Some reps say it can't be done while a teller told me that I need to call bmo ahead of time for larger transactions. I have no idea when to anticipate these events sometimes so a quick fix some how would be great?

Hello I was wondering if anyone has a recommendation of where I should move my investments from my work (roughly 55k). Currently have most of my investments at CIBC. Wondering if there are any promotions currently available for moving a sum of money to any financial institution.

Thanks in advance. Long time lurker first time posting.

I’ve tried to look for information that’s easily understood on how to make contributions to my registered disability savings plan (the one associated with the disability tax credit) if anyone can explain it to me like I am 5 I would be forever grateful

There’s a ton of popular finance books out there.

I know the basic “quotes” you could say. Invest early, invest often. 10-15% of your income. Diversify, etfs blah blah. Set and forget.

I’m not interested in things like options trading. And I basically max out my tfsa and rrsp with etfs.

Would I gain anything substantial from reading things like wealthy barber or rich dad poor dad? Is there a book you’d recommend ? Or am I at a point where these books aren’t going to offer anything ground breaking and I can just stay on course.

No account details are loading at all since the morning..

Note 1 - Its back up now! My 0.62 cents is good..

Note 2 - here we go again, it's down

Note 3 - Its fixed!