>The results for the year by CPP Investments fell short of its benchmark portfolio which returned 13.2 per cent for the same period, as it was boosted by relatively heavier exposure to the large technology companies that outpaced the broader market for the year.
Long story short i want out. The reps i know are all in their 20s and dont know a thing other than what theyre fed and even worse theyre all inconsistent and absolutely impossible to get a hold of through the company itself (ivari). Ive been ghosted by 4 of them including the one that signed me up in the first place, and the last 2 i met through instagram... Im only paying 40 a month yes, but part of me just wants to take the 4k (after surrender charge) and go spend that on my credit card balance and get insurance somewhere else. I dont know what im doing in this realm - which is the exact situation i was in when i signed up during my 3rd yr of university. Would love some perspective
CPP, EI and any other taxes is still there. But income tax specifically is removed.
Do prices just move up proportionally? Or does purchasing power improve? Do we just shift the conversation to complaining about what’s still taxing us?
Hello PFC - I’m starting a business on my own for the first time, going for a sole proprietorship.
I have been thinking about it for a while, registered yesterday and got my BIN with Ontario.
I set it up as Management Consulting, Business & Tech Advisory.
I’ve 10 years of public sector experience and know the ins and outs, how to cut through the red tape & have certifications under my belt.
Question: What type of bank account do I start with? Any recommendations currently of which bank/type of account to start with?
TIA
Hey everyone,
For those who experience with life insurance any suggestions or advice here will be greatly appreciated.
For context:
My father is ill in a sense he had a few strokes and is diabetic. Bed ridden to but stable. He is 64 and he got insurance back on the day but it’s shitty it took some time to do POA for it my family come to find it out the coverage is poor. Thai is through Canada life and I have been waiting for weeks for a new advisor as the original one is long gone unfortunately.
His coverage is 50k and he wants to increase to help cover my expenses and future. I have been looking into it as confusing at is seems like I’m getting much for his current situation.
My only think is do short term life insurance, get multiple no medical life insurance or some sort of critical illness.
Any advice would be great, my pops want higher payout but not sure how much he would even get for his age
Need help to navigate this situation
Mom holds the assets like the house as soon as he got sick to be safe.
I’m back after my last post about upgrading from an ICE vehicle to a EV, y’all convinced me.
Anyways leaning towards a Tesla model 3- long range. I’m seeing 2021/2023s on clutch for around $30k with decent mileage(under 80k km).
Is buying a semi reasonably priced pre owned EV stupid when the government has rebates for new ones?
Or is it not as stupid as spending $20k more to save $5k?
New results from the Canadian Income Survey found that in 2024, the poverty rate for Canada remained relatively stable at 11.0%, compared with the previous year (11.1%). This means that approximately 4.5 million Canadians lived below the Official Poverty Line. The data also showed that
➡️Canada’s First Poverty Reduction Strategy introduced the Official Poverty Line and a dashboard of 12 indicators to track progress on poverty reduction for Canadians and their households. To find out more, check out this infographic.
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De nouveaux résultats tirés de l’Enquête canadienne sur le revenu montrent qu’en 2024, le taux de pauvreté au Canada s’est établi à 11 %, et est resté relativement stable, comparativement à celui de l’année précédente (11,1 %). Cela signifie qu’environ 4,5 millions de Canadiens et Canadiennes vivaient sous le seuil officiel de la pauvreté. Les données ont aussi montré ce qui suit :
➡️La première stratégie canadienne de réduction de la pauvreté établit le seuil officiel de la pauvreté et propose un tableau de bord de 12 indicateurs permettant de suivre les progrès réalisés sur le plan de la réduction de la pauvreté, dans l’intérêt des Canadiennes et Canadiens et de leurs ménages. Pour en savoir plus, consultez l’infographie.
Just hit 40. I'm burnt out from my career and I'm winding down my business. I'm resigned to the fact that this chapter (software) of my life is coming to an end. I may look for another serious line of work or resign even further and look for lighter part-time opportunities that keep me occupied and pay for the day-to-day, hopefully keeping my savings in tact.
I've been employed a few times in my life but I've mostly gotten by working as an independent contractor. This means that the concept of a pension is foreign to me. My contributions to CPP would've been minimal as well.
Here are my stats:
Condo: 670k
Liquid assets: 960k.
Debt: 0
If I commit to full retirement around 65, what would my retirement look like with these numbers?
Thanks in advance.
Got a call from TD and they said rates are going up tomorrow and they are urging clients to lock in a rate today. Ours is due for renewal is September but we wanted to renew early anyway. Thoughts on this? What’s considered a good rate these days
I currently invest using wealthsimple and I have really liked the platform for the most part but I saw that questrade is doing a $300 promo for switching to them. Is there any reason I shouldn’t switch? I would qualify for the full promo so it’s basically a free $300. Is questrade a better or worse platform than ws? Is there any negatives to switching?
Edit: Thanks for the replies everyone. it seems the general consensus is that it isn’t worth switching over unless there is a better promo so I’ll hold off for now
For context i’m a 21F (almost 22) Canadian. I’m working 20-30 hours a week and my biweekly pays out any where between $500-900 depending on my hours since my hours are not guaranteed. Right now I have absolutely no debt and I live with my parents so i want to take advantage of this opportunity to save and invest my money as much as possible. This is also my first time making a post on reddit so bare with my lingo.
For a long time, i’ve been awful with my money, spending money left and right without any consequence but as I grow older I regret doing that and I am looking forward in becoming a more reliable adult for myself and making smarter and wiser decisions.
I’ve been scrolling on Fican subreddit for some time and i’ve been inspired to start investing and putting money away. I’ve seen lots of people buy stocks and other assets as well and they’re making over 100,000 (i understand it takes time to accumulate) but i honestly have no idea how to start or what to do. I don’t want to hire a financial advisor either. Right now I’ve just opened up a TFSA with Wealth simple and so far only put $200 in it. How do I get to the point where many people my age are at, making 100,000 and so forth. I’m not the greatest at math either and all these stocks and so forth make me so confused. Can somebody help me?
Is it wrong for my spouse & I to consider the (roughly calculated) commuted values of our DB pensions (about 1.33 careers' worth between us) in establishing asset allocations for our remaining retirement funds? To be clear, we're not cashing them in, we just wonder about the accumulated career totals for calculation purposes.
We're both retiring this year (65 & 67), and our monthly expenses will be largely covered by the DBs + our OAS & CPP.
The CVs seem like a relatively large 'conservative, bond-like' component already accounted for. So, besides a HISA/laddered GICs for cash and downturn reserves, our thinking was TFSAs in equity-heavy ETFs like VEQT and RRSPs/RRIFs as more 50/50 ETFs. We can draw down the RRIFs beyond the gov't % minimums for odd expenditures and stuff any surplus into the TFSAs to avoid large registered fund tax hits in later years.
Thoughts?
I purchased my house about seven months ago in Ontario and absorbed the tankless water heater rental with Reliance. The water heater is original to the home and about 20 years old.
When registering with Reliance, I never received any contract or written terms of my agreement. But they told me several times over the phone that my rental comes with free service and maintenance of the water heater. My realtor also told us this when we were in the process of the purchase.
In fact, we had the water heater looked at by them about three months ago due to our complaint that water took too long to heat up. The phone representative assured us the service was free due to our rental agreement. The technician advised us that the age of the unit was the problem and the best thing to do would be to replace it. We didn't take any action at the time, it still worked, but we told ourselves we would replace it when the weather warmed up.
Fast forward to two days ago, we can't get hot water out of the taps and discover the water heater is leaking badly. I called Reliance to schedule a maintenance call and was told it would be $99 for just a diagnostic.
They are now stating that I do not have any service or maintenance coverage, that it expired 10 years ago under a previous owner. When I asked them about our service call three months ago, they stated that it was a mistake and I should have been charged!
I scheduled the maintenance anyway (maintenance confirmed the water heater is done for and performed no other labour), in hopes I could work this out afterward with a different representative. But after speaking to several different call centre lackeys, they are not budging. They all maintain that I never had coverage and this is a "valid charge." They have absolutely no comment to the fact that I was previously told otherwise. One of them even cited the service appointment from three months ago, where our water heater was recommended for replacement, as if that changed the terms of our contract? But no one has said that outright. Is it possible they discontinued our coverage as a result of that? And if so, shouldn't I have been notified? Though, they maintain that I never had this coverage to begin with, and I have no way to prove that I did at one time.
I told them I wouldn't be paying for the diagnostic until I could speak to a manager, which they had refused to accommodate up until this point. They assured me I would get a call back from a manager. I won't hold my breath.
After getting the run around, I called a different line and informed them I was cancelling our contract. (It's a month-to-month rental, so no cancellation fees.) The representative I got asked if I was sure, and reminded me that my rental agreement entitled me to free service and maintenance calls. (??!?!!) I was shocked and asked her to repeat that so my husband could hear. She immediately apologized and said she was mistaken, that I do not have that service. Surely!! There is something shady going on there!!
Do I have any recourse against this bogus diagnostic fee? Without any written terms or conditions of my contract, I can't prove that they're lying. But it just feels way too convenient that they have changed their tune now that my water heater is broken. What can I do?
I know $99+tax is a small price to pay to be rid of them. But I also know from reading others' posts that this usually isn't their last attempt at gouging you. I don't want to set a precedent with them that I'm to be f***ed with.
TLDR: Reliance previously said I had free service and maintenance of my rental water heater. Now that it's broken, they're saying I never had that coverage. I have no written proof either way.
ETA: I'm seeking advice on avoiding the $99+tax fee that they are charging me for having diagnosed my broken water heater. I am buying my own water heater this week and not continuing with Reliance.
53 years old. Just got divorced. No support payments, but I‘m losing half of 20 years of CPP and 17 years of a teacher union pension.
I’ll be debt free with about 8,000 in the bank. No other assets than my pension.
I’ve applied and been shortlisted for a job that pays $75k per year, working from home coordinating digital learning. My father is transitioning to a nursing home. I’d assume the old family home and live rent and mortgage free and cover bills for Dad until he’s moved. This job has a clear ceiling. There’s no progression. There’s also no car required. I won’t need much of a vehicle. I’ll be able to invest about $1000/mth until retirement.
Option B. Remain in my current job which pays $93k per year, but pay rent, and still pay some of Dads utilities. This job has significant room to grow. I was a name hire, recruited to this role and am exceeding expectations after one year. They want to invest in education and develop me for more leadership roles.
In option B, I will try to rent and maintain the family home until I retire to it in 12-13 years. I will be able to invest about $800/mth in this role, but I’ll be making higher pension contributions at work. I believe CPP is maxed out in both.
Which one would you pick and why?
EDIT: from a personal standpoint I love my dad, but he does have support from other kids and family. He’s 400km away in a very rural area. Moving WILL cap my career, but simplify it. Staying, I have a much higher ceiling, advancing to $100k in 2028 without switching roles.
I'm currently 26, I have a life insurance policy through my financial advisor (wfg... i know, got suckered into investments and insurance, got my money out of there and now I'm rethinking my insurance options, was young and dumb when I signed up for all of this, they dont teach personal finace worth a crap in school and I've been learning this all myself through the years)
My situation is as follows:
house - worth roughly 340k, 170k left on mortgage (pounded out extra payments the first year before I started taking investing really seriously)
side by side - roughly 23k left on a 1% loan (defintely not making extra payments on that one to rid myself of it)
truck, holiday trailer, quad trailer and a garage full of tools and stuff that I'll call a total really low ball value of 40k
no CC debt or other debts
RRSP - roughly 27k
TFSA - roughly 81k
Emergency/vacation/chequing accounts total just over 20k
My current policy he convinced me to get costs $31/mo for $250k coverage, billed at $250/mo into an investment portfolio through the insurer (industrial alliance if that makes any difference), ive only been doing the extra money part for just under a year. the site is showing a total 21% return on the extra funds.
also have 80k in disability coverage that he says will get paid out at a certain age (70 if i remember correctly) if not used thats costing me $78/mo.
All of the money I had invested through him has now been transferred to wealthsimple and all i have left is the life insurance policy.
I forgot to mention I'm single with no children, the way I'm currently seeing it, with how I've set myself up thus far, a life insurance policy is sort of needless for me. If something were to happen all of my assets cover everything after a sale of the house leaving a reasonable sum of money for my mom, dad (divorced), and brother to split as they saw fit.
I work as a journeyman industrial electrician averaging roughly 140k/yr gross for the past 3 years since i switched from residential. I'm currently on a job that pays travel per shift that I bank $900 tax free dollars on every 21 days (14 on 7 off rotation) which is now going straight into my RRSP, plus a few extra bucks here and there when I feel like it.
I guess basically my question is, is my life insurance policy pointless since I could be putting that extra $360/mo into my RRSP and taking advantage of a better tax return to continue maxing out my tfsa every year?
I’m turning 55 this year and have been working since I was 15. Grew up poor so a lot of what I made went to the household. Then I racked up some credit card debt. I don’t have a university degree but did an administrative course so I’ve been able to get better jobs but started later in life saving for retirement. As I stated I feel I won’t be able retire comfortably or at all. I have only $350,000 saved. Yes it is invested. How far behind am I?
My income is 85k ( CPA ) and my soon to be wife is 110k ( RN ) so our combined income is 200k.
My mother offered to give her down payment and combine all our incomes. Essentially putting 300k of her money and 100k of my savings to buy a house with 400k down payment.
She is essentially selling her current home and buying a new home with me to move into with my soon to be wife.
Maybe looking at home in 1.5 million range and she has enough from pension to cover her pension etc. My gf and I would just pay the mortgage.
I am not sure what the "cons" of this is and if I am missing anything. We are an Asian household so my gf is happy with it and all that but financially speaking what holes could I be missing?
Hi Everyone,
I'm from Canada and I think I got scammed by someone who was trying to buy something I had posted on Kijiji.
So I got a text message on my phone number from someone saying that they wanted to buy one of the items I have posted online.
So I called the person and they offered to pay with Interac E-transfer, which I have done in the past without any problems.
But this one, I had a feeling not to click to accept something felt weird but I still went ahead and clicked on it to accept the transfer.
Then a black page opened saying something like intracetc, etc as shown in the screenshot I posted.
I took a screenshot and I shut it down right away. But I have been stressing out All Day long about this.
I have changed my email and my password on my bank account. But what about my phone number? I mean the person who did that has my phone number so should I get a new number?
And is there anything else I should do?
Please Help me figure this out I've been stressing about it all day long and can't sleep because of this. Yes I know it's my fault for not being careful enough...Any suggestions? ❤️🥺
Thank You in advance for taking the time to read and reply.
Hi all,
I've been living in Germany for nearly ten years, but as I get older (still mid 30s) I realize I'd like to be old in Canada, not in Germany. Also I miss my family and am sick of missing out on big events for my dissatisfying career.
To be clear, I'm a Canadian citizen, returning from abroad.
I'm planning to move back to Canada now over the next year, and have some investments in German banks that I'd like to shuffle over to Canada and Canadian banks. The value is not massive, but big enough I want to be sure I do the paperwork right (about 100k CAD).
What information do I need to start collecting from the German bank, to prepare to declare everything appropriately when it arrives to my Canadian bank account? I maintained my Canadian account to facilitate small spending during my visits, so the account exists and I know I can send money to it without issue (usually 500-1000 bucks a year in total, usually much less).
Also, to whom do I report these things and provide these documents? A quick trip to Google swamped me with AI slop and a thousand links that sent me anywhere but to a source with clear steps.
Any tips or recommended readings would be very warmly welcomed.
Bonus question: is there any way to just ... own the same investments, but now in Canada and not in Germany? I'm sure I have to liquidate everything, but I'd love to be wrong about that.
Just confirming if others also got the Canada Bread Settlement email.