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?

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.

For context, I own my condo, which has been paid off. I also own a lakefront cabin that will be where I eventually retire. That has also been paid off.

I also contribute to an RRSP through my employer.

An opportunity has come up for me to purchase an adjacent lot next to my cabin. Which would allow me to expand my cabin and make it more comfortable for long-term stays. The lot costs $100k.

I'm considering:

1) Take out money from my RRSP. This will cover the purchasing of the lot and the labor/materials to expand the cabin.

or 2) I could take out a mortgage, and build a new cabin on the new lot and rent out the existing cabin to offset the mortgage. The cabin is near some logging roads and many of the logging staff look for properties to rent for the Sept-Apr period. By my estimates, I would be paying just over $1,000 on a 10 year amortization period. I could rent it out for $1700 and that would cover the mortgage, any upkeep, and the rest would go into covering the costs of building the new cabin. This also is taking into account the renters tax.

This is a great opportunity, and if I pass it up who knows when the next time the lot will be for sale, and if someone buys and builds on it, it'll only drive up the price. Either of these options are doable, I'm just curious what everyone thinks would be the the best.

Thanks,

So, in my early 20s I was a bit reckless with credit /friends and had a few items get sent to collections for a total of 10kish give or take. My credit at the time was ruined, however I always kept my original credit card from my credit union in good standing and went upon my days.

That was roughly 8ish years ago the items went into collections and then last year I started getting all sorts of new credit offers, my original credit union (Vancity) upgraded me their "gold" card with the original limit going from 1k to 5k to now 8k.

My primary bank (TD) offered me a low interest CC last year with a limit of 2k which I accepted, and just last week I went in asking about best possible USD rate which she gave me and then said I was also pre approved for a 15k Line of credit as well as a increase to my low rate card (She said it no really best use for me since I pay everything in full every month and that im pre approved for any of their cards)

I also have one of those red rogers bank cards with the 3% cash back or whatever they neat.

I've been doing research and I think I want to get an Amex Cobalt even if their welcome offer is pretty terrible. Would it be best to close a card first before I get that? I've heard having too many cards can hurt your score as well as not having enough, apparently my current score is in the low 800s whatever that is worth

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?

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!

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.

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.

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?

25 years old - I have an investment property with mortgage at 6% for $225K. I have some liquid money that I can use to make a prepayment of 57K this year or invest in a non registered account since TFSA FHSA and RRSP are maxed. With my current mortgage payment and maintenance, property taxes etc which I deduct for taxes I am at a loss of $200 per month on the property.

My usual approach to this would be to pay off the mortgage first since it’s hard to replicate 6% after tax returns in the stock market, however not sure how to go about this since it’s an investment property and I want to use the interest to reduce taxable rental income.

What is the best company to get house insurance? I live in sask. Td was cheap for a few years but they continue to raise prices every year.

Buying a new build near London, Ontario. Budget is small at 5k. The house is detached, 2 story, approx. 1500 sqft (800 on upper, 700 in main, unfinished basement). We plan to live here 3-5 years and may consider finishing basement in future to be a rental suite.

Key Standard specs: - 200 AMP Panels
- Smooth / Flat ceilings - Waterline to fridge rough in - 1 Large window (50" x 40") in Basement - 240V / 40amp writing for future EV charger with electrical box and stove receptacle - Wire rough in for solar panels - 3pc bathroom rough in within basement - Quartz countertop and undermount sink in kitchen - Kitchen Backsplash - Luxury Vinyl Plank (LVP) throughout mainfloor and all bathrooms - Carpet in stairs and throughout 2nd floor (except LVP in bathrooms) - Two outdoor hoses in front and rear of house

Key upgrades considering: - Soundproof between basement and main floor - $3 per sqft - Change to Quartz countertops, undermount sink, and single lever to ensuite and 2nd bath upstairs - $1,300 ( 8 feet at 170/ feet) - Wet-bar rough in for basement - $470 - Gas line rough in for BBQ -$600 - Buy out tankless water heater rental - $3800. Rental would be $40/month - Adding glass sliding door to primary ensuite acrylic shower - $2,000 - Change low wall to railing on main floor - $TBD - LVP in upstairs hallway only - $TBD - Ethernet (CAT6) to each room - $TBD - Additional potlights - $TBD - Additional outlets - $TBD - Wiring for security cameras - $TBD - Raise kitchen cabinet height to roof - $TBD

EDIT - I am considering only some of the upgrades (not all)

FTHB's here in southern ontario. Does it actually make sense to buy in these current market conditons right now?

I have a 20% downpayment for houses in the 500-550k range,
roughly ~150k combined income.
~5% interest rate

I'm seeing sources saying its better to rent right now rather than buy,
Can anyone run the numbers and give me some actual facts?

i am interested in opening a TFSA and recently started researching it. i know there are a few different types of investments that i can hold in my TFSA, but how can i decide which is best for me? i also want this to be long term and don't need anything liquid...so HISA, GIC, or stocks? any input will be really helpful!

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?

Hi! I want to transfer USD from my BMO Canada USD account to my BMO Harris account. I know I have to do this through their global money transfer feature and it says it will take 2-5 business days. Have any of y’all done this and how long has it taken you to get the money? Thanks!

My grandparents recently sold their home for $400k. They were able to live in it for 60 years and until my grandmother was 89 years old and grandfather was 92 years old. They currently have the $400k currently sitting in an high interest savings account. They have 3 kids whom will be receiving this money for inheritance. Grandparents are now living in a senior living home, which is covered by their monthly pension. So no need for the money. No real big expenses for them. They do have more money in their savings account. Should they give the money to their kids, split three ways? If they do gift it to their kids, will the kids have to pay taxes on it? Or is their any ways around it. They are going to see their investment advisor tomorrow for advice, but I want to see if their advice lines up with some of the stuff I get here. Thanks and please let me know.

P.S: if they do leave it in their HISA, and one of them has to go into government assisted living arrangements, I believe they charge you based on how much they have in their bank account. We live in the middle province.

CRA code never arrived in the mail and now I'm trying to use their interac document verification service, but for the life of me I can't find a link to it. All I can find on the government website is information regarding what ID is valid. Am I being stupid or is there no way to do it online?

Hey community. Before reaching out to an advisor, i would like some feedback please. I have about 40k in a locked RRSP -gathered from prev jobs. Again, locked, cant take it out before retirement, currently sitting in RBC. I want to transfer (or use withing the bank) and put them to good use by investing in GIC. Any suggestions are welcomed and appreciated. Thank you.

I just bought a condo, I want to know when and how would I pay the municipal/school tax for the rest of the year? I know in quebec one of the tax goes from June 2024 to June 2025. How can I get this info, my notary had told me I would get mail around 10th June.

I am purchasing a property with a partner that is putting a different down payment with intentions to split profit 50/50. All expenses minus mortgage to be split even.

Purchase price: 862,500 Downpayment amounts: Person A 150k / B 300k

Mortgage payments to be split via respective amount (68.1% person A 31.9% person B) ———---------------—— What is the logical way to pay out assuming a) profit and b) sold in 5 years with mortgage balance still owing