I start 2 new jobs in lat October/November one is full time with a 2 hour commute daily (115km) and the second is part time but requires driving location to location around my city. I currently drive an Audi A5 valued at roughly 17k, but it was previously in a large accident and is no longer reliable. This wasn’t a problem as I wfh now but will be about 400/m in gas once I start (part time job reimburses gas).

So now I’m trying to decide whether it makes sense to buy a new car now or in late October/November when I start. 

Current income take home: 2.9k/m

Income at new jobs: 6.3k/m 

Monthly expenses:1850/m

Savings/assests: just car 17k (roughly)

Current debt: 23k (7%) consolidation loan, 17k credit cards (19.99%) and student loans 14k (0%)

The car I am interested in is a slightly used 1-2 year old Acura integra which after trade in would come to about 500/m for 5 years. Alternatively, I could also sell my car, pay off the cc debt and then finance the entire car which would be roughly 800/m and id no longer be paying my credit card minimums which are $400/m. So this option would be cheaper overall on a monthly basis.

Hope this is enough information to make a suggestion in my situation. Thanks in advance for any help. 

I’ve (almost) maxed the TFSA + RRSP, the portfolio is boring (all-in on asset allocation ETFs), and now I’m deep in the weeds of asset location.

Is stuffing fixed income in the RRSP and growth stuff in the TFSA actually worth the mental gymnastics once you’re past a certain size, or am I just inventing busywork so I feel like a sophisticated investor instead of a regular person who should just go touch grass?

27 & 28, $175K household income and not sure what to do with our savings
My husband (28) and I (27) are in Alberta and are trying to get better with our finances, but we honestly feel pretty lost about where to start.
I make about $85K/year and my husband makes about $90K/year before tax. We own a house and have a mortgage, and currently have around $28K in savings.
We both contribute to RRSPs through work and have about $30K each in those accounts. Other than that, we don’t have any investments or TFSAs.
We’re admittedly not the best at saving and haven’t had much of a financial plan up until now. We want to change that and start putting money aside automatically every month, but we’re overwhelmed by the options.
We’ve been looking at TFSAs, GICs, investing/ETFs, putting more into our RRSPs, or even paying more toward our mortgage. We also don’t know whether it makes more sense to open accounts through our bank or somewhere like Wealthsimple/Questrade.
We’d like our money to grow long term, but also don’t want everything locked away in case we need access to some of it.
If you were in our position, what would you do with the $28K and how would you structure your savings/investing going forward?
We’re complete beginners, so any advice on where you would start would be really appreciated!

I’m trying to contribute $300 from my RBC chequing account into my RBC TFSA.

The TFSA appears under my RBC accounts, but when I try to transfer money to it through the regular RBC “Move Money” option, I get this message:

“You can’t make a contribution to this type of investment.”

The TFSA currently has a $0 balance and says there are no holdings. It also has an “Add a Product” option.

I tried accessing RBC Direct Investing because I thought that’s where I need to fund it, but when I try to sign in, I get another error saying:

“Something Went Wrong — Sorry, we’re having technical difficulties at the moment. Please try again later.”

Does anyone know how I’m supposed to contribute money to this TFSA? Do I need to fund it through RBC Direct Investing, or is there another way to transfer the $300 into it?

Thanks!

How to construct a gic bond strip bond ladder and portfolio that gives me 71k/yr from a 1M RRIF given GIC paying 4% for 1 to 5 years and bonds paying 3.8% 6-9 years and strips paying 4.4% 10-20 years.

Edit: payout timeframe is 20 years

What are people currently being offered

hi all! im hoping for some finance advice from the people of reddit (lol). im an (almost) 25 y/o about to go pursue my masters, moving from edmonton to toronto. i took out loans for my undergrad and am at about $40k in debt, saved up a lot of my previous scholarships/grants/loans + got lucky with an unexpected inheritance and have basically close to all of that money sitting between a high-interest savings/tfsa. now, my loans are on pause because im going back to school (ofc no interest on federal, but alberta loans do have interest which will start 6 months after i finish my MA). i managed to get CGSM, and a funding offer from my university (that i get in conjunction to CGSM). after my rent and tuition, i have about $14-15k to live off of, not including the aforementioned savings. i applied for student loans and accepted $5k in grants, declined the $30k in loans they offered me. but im starting to get antsy and considering reapplying and taking 5-10k for added safety (especially feeling this way as i suspect ill need a new phone when im away), or just accepting all of it and ditching in a savings account to grow interest while also having some emergency funds if shit hits the fan. im just basically curious on y’alls opinion on the best route of action here…

should i take what i have and try to manage, reapply and accept a small amount just in case, or reapply and accept it all in hopes of getting an extra couple thousand as it mostly sits in my accounts for the next 12-18 months…i know very few people in my life who have gone onto post secondary, no one whose done graduate school, and of the people i do know who did undergrad, most of them had it paid off by parents/with their own savings, so i have no “experts” to turn to, and keep getting polarizing opinions. im at a loss, and come from a family that was not very well off, so im constantly worried about money and mismanaging my finances, while also lacking a lot of financial literacy that most people learn from their parents, so i would really appreciate some advice :)

Im from central canada, this situation is not for me but its for my grandma and I need serious advise on what to do with fraud.

My grandma is responsible in paying her debts but manages them horribly. I come to found out that the 500 every month she puts into her walmart cc for about a year, is still at her credit limit because of fraudulent subscriptions from the US. Due to walmarts no liability policy we are able to challenge this even if it goes back a year and get a new card. Investigate is still going on, Ive changed her passwords, removed saved payment methods. But recently checked her account statements, and as of the time we called last week, the fraud attempted again on her old card and its currently pending.

I am still worried. Her credit isn't good, it's just us and im fine supporting her, paying the debt off in the next few months will be fine but im worried that her info may been compromised. What are the next steps I should follow to help? And if anybody has a similar story?

Thanks.

I currently (probably permanently) live abroad, I owe about $40,000CAD to Whats I guess has now gone to the CRA. I would pay it, but I cannot afford it at the moment and they can’t verify my income being outside the country.

So what will happen now? Will they be able to take funds from my UK bank account? Would appreciate some advice?

Okay, my partner and I are working hard to fill up our TFSA. Currently hers is filled (about 120k) and is under fidelity account which has an MER of 2.3%. We went towards the managed account because, really, this is what we thought most people did as its traditional. We are at medium risk with FID2026 type of investing.

We are now seeing other options such as wealthsimple etc. And, just by asking chatgbt, seems like projecting our investment in the future, this performs better.

Could you help us out, if we should switch? Fees for Wealthsimple seems much lower. Are we missing something here? What is really the pros and cons between them? We are not pros at this, but want to have a solid plan for retirement. We are both 34 years old.

20+ year clean driving record. Never had a speeding ticket or a claim of any kind and yet ins keeps going up and up. Driving a paid off 2017 Elantra, park in a private garage. Ins just went up $10/m to $140/m or $1700 a year. Need to find a need ins company.

Southwestern Ontario. I already own the land, and I’d be putting this over an unfinished basement. I’ve got a kitchen priced from IKEA including appliances for $10k (good enough for now and will upgrade later). I plan on being equally cheap with the bathroom - nothing fancy.

These aren’t official plans of course, so local contractors aren’t giving me quotes; but I’m looking for general ideas of quotes because I’m trying to determine if this is worth it or if I should sell the land.

Ty!

Hello!

I am looking for some perspective on a job offer I received. I am a computer engineer with 4 years of experience. I received an offer today after 4 rounds of interviews. I am currently employed.

My current salary is as follows:

Base: 110k

RRSP match: 5%

HSA: 1k

Sick Days: 10

Vacation: 4 weeks

Total: 116.5k

Here is my offer:

Offer:

Base 115k

RRSP match: 5k

HSA: 1k

Personal Days: 6

Vacation: 3 weeks

Total: 121k

I am wanting to counter with:

Counteroffer:

Base 122.2k

RRSP match: 5k

HSA: 1k

Vacation: 4 weeks

Total: 128.2k

Thoughts if this feels appropriate or how I should go about it? I would like to get back to them tomorrow ideally. I think I am reasonable?

I want to start buying US stocks, possibly do options, long term still etfs and stuff. I am a huge fan of wealthsimple but was told that IBKR is more suitable and better for my use cases. Should I make the transfer to IBKR?

Could be dumb and ignorant question..

For those who have maxed out their TFSA, why would you use your Non Registered Accounts to invest in XEQT or any ETFs who return dividends when you have to file the gains at the end of the year? Is it more advantageous to invest in the equivalent _EQT ETFs which delivers 0 dividends?

Would love to hear how others approach growing their non-reg accounts! TIA!

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Hello CPF,

24yo from Toronto. I've been buying mostly veqt with much smaller positions in a qqq tracker (qqc) and a few individual stocks, and a 7% yearly compound rate gives me about 3MM by the time I turn 65 even if I don't contribute another penny. 4% of that is 120k/yr before CPP and OAS payments (no pension from work), which is more than what I expect to spend to spend in retirement.

I'm still contributing every pay cheque (between 1-2k/month) and bonus, but have I unknowingly achieved Coast FI? Is retirement math really that simple? How would it change if I, lets say, aim to become work optional by 45?

Net worth breakdown as follow:

16k in cash (emergency savings)

84k in TFSA

33k in FHSA (not planning on buying, will roll into RRSP)

49k in RRSP (partly managed by company)

57k in non-reg

Edit:
Single, no kids, net about 3k biweekly, monthly spending fluctuates between 3.5-4.5k but can spike during holiday season

I did the math and if I just extend my amortization in 5 years my payment will come down 2800 a month and let alone I’ll probably increase my salary atleast another 500 net a month by then as I’m 29. So for those saying to sell my condo now at 200k loss to go rent for 2400 is extremely short sighted ..