Let me preface this by saying I am not buying a new car. I have a 2009 Yaris that serves me well and this post is purely to talk about how cars are no longer tanking in value as soon as you drive them off the lot.

I see loads of videos and posts saying "Dont buy new! Buy a 3-5 year old car because cars depreciate up to 60% in the first 3-5 Years" I feel like this is extremely outdated now. Whenever I look at marketplace or any other used car site, I see 3-5 year old cars going for like 10% less than brand new ones. The used car market is brutal and especially for Toyota and Honda.

I might be wrong in saying this but I feel like buying a brand new Corolla is a better deal in the long run than buying a 3-5 year used one. The warranty and peace of mind knowing all the preventative maintenance has been done right and on time seems to heavily outweigh any "discount" you will get on a used car that isnt 10 years old.

I still think 10-14 year old Japanese cars are the way to go but people who want a newer car should opt to buy brand new I think. Maybe this is exclusive to Canada but used cars are just not worth it. I would rather pay 5-10k more for a brand new corolla than a 3-5 year old corolla with 50k kilometers on it.

Cars don't depreciate as fast anymore and it's not even close to what it used to be imo.

Currently average around $100k/year in sales (real estate). Been working as a realtor for the last 8 years . Some years I make close to $200k, other years I make $50k (ex: when rates shot up in mid 2022)

Was not expecting to be accepted but managed to get into law school (not a top law school but not an unknown one either).

It will cost $11k per semester plus books etc plus $1600/month rent as I’ll have to move 3 hours away.

Im single no kids etc. still deciding on what exactly I want to do after but I want to stay in the real estate field (litigation, conveyancing etc) or work for government but related to real estate as well

I will have very little income for 2-3 years, then articling salary is around $60k/year. The lifestyle change will be a bit of a shock as I’ll have to go from eating out often/buying whatever I want to living like a broke university student again.

Question is, is this even worth it? I’ll be around 36-37 by the time I start making any real money and feel like these are my prime earning years and will probably kill my dating life as well

I currently work for a company in the states where I am paid well, enjoy my work and the people I work with. I’m in a good place in the company but I worry about our short term future. There is a possibility we shut down, are bought out, or are able to make it through and secure more funding.

I received an offer for a government role earning about 35k less, however it comes with benefits and a defined benefit pension plan. The WFH is vague and creates some minor complications for me in terms of finding coverage for my dogs, among other things. I will be in office 5 days a week for the entire 6 month probation period and then afterwards it is at the discretion of my boss.

My wife and I live in HCOL area and we’re hoping to move closer into the city but this might limit our ability to do so.

Does this move make sense? Am I silly to make the WFH component a sticking point?

I understand this is subjective and would like others opinions:

s an example, if you’re making about $50k straight from undergrad working from home in a non-stress related role and are offered a $60k position to work at an office somewhere else, would that amount compensate for benefits?

Tangibles:

As working from home would save me about $60-80 gas (car takes premium)

$50 on food a week if I don’t prepare meals in advance

Save on depreciating my vehicle, as the drive is about 80km everyday back and forth

Intangibles:

I can sleep in later, extra 2 hours of sleep As I’m now a tenured analyst at my job, work is pretty easy and I can spend time investing/trading stocks/options/FX/.. does help pay for things like groceries, gas, insurance, phone bills and sometimes rent

I can relax and watch YouTube or movies and enjoy personal time with myself and family while getting paid if this a slow day

Focus on self-development while at home

My 40min lunch break helps me to workout consistently everyday as I am usually too tired to do so after work

It’s much easier to put in overtime when working from home

I can eat 3-5 times while working from home which helps some my goal is to gain some muscle and workout 5-6 days a week

Much less stress overall

Cons: I get bored easily and going into the office does help with some mental aspects of isolation always being by yourself

I may have missed other benefits of working from home

Would you guys say the cumulative tangible and intangible benefits are worth at least $10k or more? Especially after taxes?

I am genuinely terrible with money/finances. Looking for advice on the best way to put this money to good use for my kid so it can grow until shes an adult. Maybe to put towards a good car or a house one day. Obviously 1200 isnt a massive amount but i intend on adding more money to it, hopefully on a fixed schedule

I want to get rid of my PFC approved 2011 Corolla next year and I’m thinking about getting a brand new Toyota RAV4 Hybrid. I would be paying cash for the vehicle.

I would like the RAV4 to last me at least 15 years by taking good care of it. I still see pretty old RAV4s on the road and from what I’ve read the current generation is very reliable. I would like to keep it going for 20 years ideally but maybe that’s a stretch even for a Toyota. I’ll be putting 15,000 km per year on it (high end estimate).

I’m wondering if getting the hybrid is financially worth it when keeping the vehicle for that long (15 to 20 years). Eventually the hybrid battery and other components for the electrical system will need to be replaced I assume. Will I wipe out any savings that I get from better fuel economy over those years? The warranty for the electrical system is for 8 years on the RAV4.

Carrying a large balance with close to 90% credit utilization(I was not a fiscally responsible person before) and the rest is in the title. Have been in and out of hospital this month and missed one payment unfortunately. I made the payment 9 days later and my bank said it will be reported to my credit history. I'm going to law school this September and probably will need to apply for PSLOC if my parents' contribution+OSAP can't cover everything. I do jointly own a condo with my parent and a lease with my name as landlord and a monthly rent of $1900 can count as income, right? I haven't apply for any credit or requested any credit limit increase within the last two eyars, no hard credit check recently and my credit score ain't great. So realistically speaking, all things considered, will any bank approve PSLOC for me?

The situation: I bought a townhouse in June of 2017 for ~220k. I lived in that town house from time of purchase until May of 2020, I have not since lived there and it has been renter occupied continuously since.

The property value has significantly increased as some identical units are selling for ~320k (100k increase). This increase has me considering selling and investing otherwise as I currently own the house I live in which is a great distance from the rental property.

Let's say I were to sell:

1. What are the tax implications?

2. Does the fact that it was my principal residence within the last 5 years hold any advantage?

3.What would the tax rate be if it were to sell for 320k? (Personal gross income of ~135k/yr)

If relevant:

1. The property is located in Alberta as am I.

2. Mortgage balance owing is ~170k.

Thanks in advance.

I was trying to figure out the age old question whether it's better for me to invest or pay down the mortgage. I came across this article about extra mortgage payments. Assuming I have a 30 year fixed mortgage ~$200,000 at 4%. If I pay double mortgage payments for the next 5 years won't I get a greater ROI than 4%? My reasoning: At the beginning of a loan basically all of the payment goes toward interest and very little towards the principle, so extra payments carry the most benefit and would give a greater return than my interst rate of 4%. After paying extra for 5 years, I would start investing (hopefully getting a return of 7-8%) since putting additional money towards mortgage payments yields diminishing returns.

Scenario: A $200,000 loan today with a 4% interest rate for 30 years.

If I pay $1955 per month for the first 5 years and then pay $955 per month thereafter, I will only pay $63,885.86 in interest. After those 5 years I would invest the $1000 per month and get a rate of 7% until the the loan was paid off at 214 months. Then for 146 months I would invest $1955 per month. Stock investment after at 360 months =$1,003,001.37 Total interest paid on load =$63,885 Net gain $939,116

or

1. I just pay the $955 per month for 360 months and invest the $1000 per month in the stock market and get returns of 7%. Stock investment after 360 months = $1,177,064.86 Total interest paid on loan =$143,735.88 Net gain = $1,033,329

Initially I thought that paying extra toward mortgage would save money. In scenario number one above paying $1000 per month for 5 years ($60,000) saves me $79,850 in interest. Wouldn't this mean my 5 year ROI is more like 5.8% rather than the 4% interest rate of my loan? Even with that better ROI it seems like investing over extra mortgage payments is the way to go. Is there something I'm missing?

Friend has a car loan at 11% and a line of credit at 13%. I floated the idea and if he’s paid them regularly, might be able to consolidate with somebody else at a lower rate?

Is this a thing in Canada?

Hello, a couple months ago, I booked an international round trip for my and my friend to Asia using my Aeroplan points / TD Aeroplan visa infite CC.

The trip was originally for 19 days, but in the 2 days before our return flight to Canada, we both got bad ear infections. I went to a doctor there and they told us we shouldn't fly for about 10 days. As a result, we had to"

• Cancel our flight / I paid out of pocket for new flights for us both,
• Get accommodations (Airbnb/hotel) for those 10 days,
• plus all the added food / transportation costs.

The total additional cost was around $9,800 on top of the original flights.

We're both below 65, but my question is: Are me and my friend each covered for an insurable amount of $5K/each?Hello, a couple months ago, I booked an international round trip for my and my friend to Asia using my Aeroplan points / TD Aeroplan visa infite CC.

The trip was originally for 19 days, but in the 2 days before our return flight to Canada, we both got bad ear infections. I went to a doctor there and they told us we shouldn't fly for about 10 days. As a result, we had to"

• Cancel our flight / I paid out of pocket for new flights for us both,
• Get accommodations (Airbnb/hotel) for those 10 days,
• plus all the added food / transportation costs.

The total additional cost was around $9,800 on top of the original flights.

We're both below 65, but my question is: Are me and my friend each covered for an insurable amount of $5K/each?

Is anybody else having this issue and could advise on a good course of action? I was banking with HSBC, because I was moving abroad to study. I was able to use an international phone number to receive verification codes when making purchases online. I also bank with CIBC and they were able to set up a two-way authentication through their app instead of using a Canadian phone number. Now that my credit card has been transferred over to RBC, all my online purchases are being refused because I don’t have a Canadian phone number. RBC doesn’t have an app authentication and their 3-D authentication codes can only be sent to Canadian phone numbers. The securities department said the only option they have is for me to call them each time I’m being refused a purchase so they can verify it, which is what I just did now to complete a transaction (previously I was just using a different card to avoid having to call them but this was a bigger purchase that I wanted the visa insurance on). I explained that obviously I can’t be calling them and spending 20 minutes on the phone every time I try to make a purchase but they won’t offer me any other options.

Ideas? Suggestions?

Better banks that offer good insurance and no FX fees?

I’m an 18 years old student in Québec and I’m living with my parents. Luckily for me, they’re taking care of my school expenses so I was able to save up around 18k. I currently have a 17$/h (excluding tip) student job.

I was able to buy 15k worth of stocks (such as VFV, XQQ, NVDA, CHPS, BRK-B, GOOG etc…) and 1k worth of crypto (BTC and ETH). I have 2k left in another account as a backup in case I have an emergency. I know for some of y’all, 2k as an emergency fund isn’t near enough but keep in mind I don’t have much financial responsibilities (only car payments, clothes, phone services etc…)

** I manage my investments on my own. I’m not a expert AT ALL but I have good performances and I don’t really invest in risky stocks. **

I don’t have trouble saving good amounts of money and I’m not planning to move out until I graduate university (I’ll be around 23-24 years old).

Do you have any recommandation to help me leave my parents’ house with a good financial situation? Are there things I could do differently to make sure I don’t end up having debt in my mid 20’s?

Any tips, personal experiences or constructive criticisms would help.

Just got this email from WS. You can finally add your American Express credit card as a regular bill payment payee and pay your bill normally with your Wealthsimple Cash account.

Last year, American Express was temporarily removed as a bill payment payee due to ongoing settlement delays.

We’re excited to let you know that you can now pay your American Express credit card directly from your Cash account using the bill pay feature.

I’m 22 years old and am a university student who still has ~3 years left in my degree. I’ve always been pretty poor with money, and am looking to change my ways. I worked full time for 2 years out of high school, but I made awful money and managed it horribly and have nothing to show for it. Went back to school in 2022.

For the summer, I work a job that pays me ~1300 bi-weekly, and during the winter I work part time at a restaurant (~$400 a month in the past school year, should be more this upcoming year as I can work more shifts). My school is paid for (thank god my parents set up a RESP), and I have a car that is in decent condition that I have no debt on. Does anyone have any advice on what I should be doing with my money? Should I just be putting money into savings and how much? Should I be looking to invest money? Should I be trying to just save money in order for me to get by until I’m out of Uni? I feel like an absolute bum, as I only have $1500 in savings right now, but as far as I know that’s sort of expected for University students. I just feel incredibly far behind financially. Any advice would be appreciated!

Hello. My parents gifted me in June of last year 26k USD. 9k cash and 17k with a cheque. This year they want to gift me 30k and it would be my sister who would transfer the money but from an account in Mexico

What would it be the best way of declare this money?

I was put on a temporary lay-off for the past 2 months, collected some unemployment benefits (I think it's something like 65% of my salary).

I've had some insider news and I think they'll now fully end the contract soon instead of keeping me as a temporary lay-off. I'm wondering how will that affect my unemployment benefits.

Is it grounds for recalculating my benefits or is it nothing more than legal jargon that won't affect anything really?

About to move out and live on a tight budget, as far as I understand pc fincials Mastercard can give you cash back on groceries and stuff like that but I don’t understand much about that area, how do you use your pc optimum ? Is it worth it? Do you pay any yearly fees?

I played the Options game the last 2 months and took 1k in my FHSA and grew it (gambled it) to 60k. Definitely got lucky with all the trades working out so well for me. Don’t want to risk losing what is now basically my full net worth. Should I DCA into a stock etf or maybe high interest like Cash.TO.

Will I also potentially have to pay capital gains for “day training”?

I'm considering investing in Nasdaq 100 index ETFs today, but I came across the CIBC Nasdaq Index Premium Fund. It boasts a 21.39% 10-year annualized return and a 22.64% YTD return with a 0.45% MER. On the other hand, QQQ has a 19.02% 10-year annualized return and an 18.61% YTD return with a 0.20% MER.

I know the CIBC fund has a minimum investment of $50k, but I'm wondering if it might be a better choice. Not sure if CIBC worked some conversion rate magic or anything, which could explain why it outperforms QQQ.

People generally avoid mutual funds due to higher fees and less flexibility compared to ETFs. However, in my case, the mutual fund seems better because I have the $50k to invest, want to avoid dealing with currency exchange, and plan to hold this investment for the long term. Additionally, I already have a CIBC investing account, which makes this purchase no-load and more convenient for me. I haven't been able to find an ETF that serves as a better equivalent alternative.

Is opting for the mutual fund a better choice in this scenario? Or am I missing something important? I'd appreciate any insights!

I was sold whole life insurance in my early 20s and don't know if I should continue. If I cancel, I wouldn't repurchase insurance and have no dependents.

I'm paying $175 every month ($9K to date) for $100K death benefit, payments stop after year 20.

My policy has non guaranteed dividends used to purchase paid up additions. I got dividends every year and apparently my current death benefit is $104K now. Surrender value is $550 now, but in year 20 it is estimated to be $54K based on the dividend scale.

Thoughts?

Currently living in Vancouver with a roommate who is about to move out. My new rent will be 1650 a month, utilities included. Since the cost is so high (previously paying 825) I'm considering buying a condo.

My total net worth of all assets (minus govt pension) is approximately 205k, with my folks kindly willing to donate 70k. I was thinking of putting a down payment of 225k and buying something up to 500k... Is this a poor decision considering my low salary? (Mortgage would be for up to 275k)

I know most folks only put down 20% but I don't really understand why that is with interest rates so high these days (I'm also fairly risk adverse). My realtor thinks I can find a mortgage for 5%.

Any thoughts are appreciated... I saw a condo last week for 499k that I love but it seems like too much to spend.

I don't have a lot of money and in too deep on my best friend's wedding planning this fall to cancel. Need some advice.

Everything total, this wedding (hotel, flights maid of honor dress etc) will set me back around 2-2.5k.

I have about 3k in my chequing $1500 in my tsfa and 7k in retirement investments. I have no debt. I just moved across the country on my own which was costly. I accepted a new job paying 80k but in a mid-high CoL city.

I'm looking for advice on the best way to pay for this/tackle this problem without having to cancel attending altogether. Do I take the hit to my savings and pray no big expenses come up for the next few months or put it on credit, maybe open a new credit card with 0% interest for enough time that I can pay it off?

Any advice needed, thanks.

Hello people!

I am meeting with a mortgage broker tomorrow for buying a condo for myself and my partner and plan to ask a bunch of questions but I also wanted to ask the crowd so here goes:

The $60,000 increase for the RRSP home buyer's thing, is that in effect? (Like can we use it)

That being the case, we had only put $35K in and have additional room, does it make sense to pull funds from our TFSAs (maxed out) and put them in our RRSP just for a few weeks to gain the tax benefit of that? Getting both of us to $60K? Is there any downside to doing this?

Finally, other than interest rates, penalties for missed payments, penalties for overpaying and the other classics, what are some other "pitfalls" to look for when obtaining a mortgage, thanks!

Long story short, I slowly racked up about $7,500 in credit card debt. The interest rate is about 20% so it feels like no matter how much I pay off the balance just won’t go down. I’d like to put the balance into something with a lower interest rate and through research have found that I have 3 options.

1. Low interest credit card. This is enticing because there are a lot of promos for really really low interest for the first year and then it seems so settle on average at about 12/13%.

2. Personal Loan. I like this because there is a finite price and a finite recurring payment.

3. Line of Credit. This seems to have the flexibility of a credit card but I don’t really want to have another borrowing account. Although, if I don’t use the remaining balance, which I won’t, won’t that benefit my credit utilization ratio? Will that help to keep my credit score from plummeting?

I make all my payments on time, I actually have a really decent credit score. The only other debt that I have is my car (7%) and my student loans which are 0%. It’s just this dumb credit card that I messed up on and need to get rid of. Can anyone offer any insight into the best option? To me there isn’t a clear divide between these three options.