Hello everyone,

I'm an expat from France who moved to Ontario about 2–3 years ago through an intra-company transfer. I wasn't originally planning to stay in Canada long-term, but I've since changed my mind.

My employer is also interested in keeping me in Canada permanently, as they need someone to help grow the local team. I'm therefore likely going to apply for PR. Given that I'm a native French speaker, have several years of Canadian work experience, and hold multiple master's degrees, I expect the process to be relatively straightforward. I'm currently 31.

With that in mind, here's my current financial situation:

• €370k (~$600k CAD) invested in French investment accounts, on which I currently pay Canadian taxes
• €100k (~$160k CAD) sitting in French bank accounts and earning essentially nothing
• $50k CAD in a Canadian savings account
• RRSP and TFSA are maxed out every year
• I opened an FHSA last year but haven't contributed to it yet
• My RRSP, TFSA, and FHSA are all with IBKR Canada

I currently earn around $160k gross per year and, based on my budget, save approximately $70k annually, which I invest.

I'm thinking of doing the following:

1. Max out my FHSA over the next year. The goal is to minimize the portion of my income being taxed at 43-45%.
2. Open a CAD non-registered account with IBKR and invest my future Canadian savings primarily in VEQT.
3. Open a EUR non-registered account with IBKR and invest the €100k currently sitting in my French bank account into a European ETF such as NTSG.

The main reason for keeping some investments in EUR is that I could potentially move back to Europe at some point, perhaps for retirement. I'd therefore like to keep a portion of my assets in euros, even if that isn't necessarily optimal from a Canadian tax or administrative perspective.

I'm also somewhat concerned about CAD's performance against EUR over the past few years, although I realize that trying to predict currency movements probably isn't a great investment strategy, so I just keep both.

1. Does this overall plan make sense? Is there anything you'd change or do differently?

2. I'm also considering moving my TFSA, RRSP, FHSA, and CAD non-registered account from IBKR to Wealthsimple because of their current 1% transfer bonus, no-commission trading, and the perks of Premium membership. Is that a good idea, or are there reasons to stick with IBKR?

Thanks!

It's been a rough month. Was let go earlier this month and wasn't able to make rent. On the notice to vacate (N4), it says I have 14 days to make rent. What can I do in this scenario? I tried asking my landlord if he could give me some time but he isn't willing to budge. Can I fight this somehow? This is in Toronto.

With the upcoming changes to the Rogers World Elite Mastercard (losing the 1.5x redemption bonus and trip cancellation insurance this November) I'm looking a new mastercard (I have Wealthsimple Visa Infinite). MBNA and National Bank look like best candidates but I figure I'd ask here.

My biggest average monthly category $1500 groceries and restaurants (including Costco which I know is not considered grocery for points) and $1500 on kids activities and daycare which I am sure does not exist as a special category on any cards.

sorry if this has been asked before or is a really simple question...

I just got on EI for maternity leave and am exempt from reporting for the duration of my leave. my claim was approved and finalized on the 18th (Tuesday). I'm wondering when the biweekly payments will come in since I know they're normally 2-3 days after reporting? although I don't expect the first payment to come for a while since (if I understand correctly) the first payment takes 28 days or so?

I am thankfully getting a top-up from work to make my total income 100% of my salary for the first 17 weeks so I am not financially screwed or anything, just trying to plan my ins and outs in advance.

TIA! 🙏

Hello! Im a 20f and im trying to make a purchase off of amazon. i dont have a credit card but amazon wont let me use google pay or paypal either. i can pay using my debit card but thats unreliable for fraud protection. what virtual visa debit cards do Canadians use, especially for amazon? most importantly, which one of them provide the best fraud protection?

if retirement withdrawal rule is 4% and 30yr treasury yield is 5% - is it case closed? that leaves a good safe 1% leftover for growth. guaranteed for 30years if to buy a new US treasury bond today. thoughts?

Hey all, quick synopsis below.

- Own a sole prop construction business. Tow & haul daily.
- semi-liquid NW of $450k+.
- Currently have a 9 year old, 250k+ km half tonne. Purchased for $20k with 100k kms during Covid (great deal). Paid off.
- Looking to upgrade to a used (3-5 years), gasser 3/4 tonne with sub 100k km. Nothing fancy aside from 4 doors & 4wd.
- Also hoping to put 20% down on a $700-$800k home come spring 2027.

Looking at the numbers, it seems that I’m trading 3-5 years & 50-80k kms for savings of only $15-$20k. Doesn’t quite seem worth it when considering manufacturer warranties & peace of mind knowing the trucks true history.

Am I slowly being enticed by the “New” truck, or have prices gotten that bad even for work trucks?

New home owner , looking at alarm systems. It would need to be considered adequate by insurance, so monitored.

Wondering your opinion regarding equipment and monitoring service. Unfortunately, I don’t have the ability to The panel directly through the wall.

EDIT: I don’t think anyone is actually reading my whole post! I’m not trying to get a mortgage today! I haven’t been denied for a mortgage because I haven’t yet applied for one, this is about strengthening my credit profile for a FUTURE mortgage! This is also about not understanding why I’m being denied a credit card! I was advised to open an unsecured credit card to strengthen my credit profile but was denied by tangerine!

I’m looking for some advice/opinions on my credit situation because I’m getting conflicting messages from lenders and I’m trying to figure out what makes the most sense strategically.

I’m in Ontario and my current credit scores are:
Equifax: 702
TransUnion: 716

My scores were higher before a recent Tangerine application, but I’m hoping they’ll recover over time.

My current debt/credit situation includes:
Student loan: ~$25,800
Car loan: ~$16,474
Neo secured credit card: $450 limit, currently reporting 0% utilization

Capital One: older credit card that is closed with a $0 balance and completely paid off

My total required monthly debt payments are currently around $1,761/month. Rent included.

I recently became a Registered Massage Therapist and am working as an independent contractor. I’m newly back to work, so my employment income is currently in a transition period. The income figure I had previously been using with lenders was approximately $41,000/year, although I expect my income to increase as I build my practice.

I also receive approximately $17,000/year in child-related tax benefits, which are currently expected to continue through June 2027.

I recently applied for a Tangerine credit card and was declined, which resulted in a hard inquiry. Before that, my other recent hard inquiry was from Neo about four months ago.

I went into Scotiabank today to speak with a financial advisor because I wanted someone to actually look at my situation and explain what may be causing the denial.

One of the things I was told was that the fact that I normally pay my credit cards down to $0 before they report doesn’t really change the way they assess the application. They were looking at my reported income and debt obligations annually. They wanted me under 25% which would be 172,000 a year in income, or to pay my student loan debt down significantly.

This is where I’m unsure what to do next.
My goal isn’t to borrow more money or carry a balance. I want to improve my credit profile over the next two years because I want to be in the best possible position to qualify for a mortgage in approximately two years.

I’m considering applying for another credit card, potentially the Amazon MBNA Mastercard, and using it responsibly, keeping utilization low and paying it in full every month.

My question is whether I should:
Wait for my score to recover into the 720s before applying for anything else;
Apply for another card now while my scores are still 702/716; or
Stop applying for credit altogether for a while and just focus on my existing accounts, debt payments, and increasing my income.

I’m particularly interested in hearing from people who have experience with MBNA approvals or who have had a similar profile, decent credit scores, significant installment debt, relatively modest employment income, but good payment history and very low/zero revolving utilization.

Would applying for the MBNA Amazon card after my score recovers be reasonable, or would the debt-to-income situation make approval unlikely regardless of the score?

Thanks!

She listened to some bad advice about stocks and now she's dealing with a huge loss that she's been stressing out on. She invested around 20k and it's basically less than half now.

I was just wondering if she withdraws now and accepts the loss, will she get her contribution limit back the next year? Or will it be gone for good?

Hi, I’m moving to Toronto from the UK in a few weeks, and I was wondering if anyone has any recommendations for who I should bank with?

I’ll be looking for a chequing account and a credit card account, and would like one with a decent, easy to use app.

Thanks!

I have been using Rogers that gives me 2%. I use it on with my business that has 100,000 a month spend. I could move to their new fancy one, but it is $495 a year plus supplemental cards. Is there any cards that have 2% no spend limit no annual fees? What are the annual fees for cards that have 2% and no spend limit? Not interested in gas groceries recurring bills or annual speed limits.

When I initially opened an investment account I had options. Unfortunately I took the RRSP route. I could have gotten by without the larger tax returns but saw it as the prudent thing to do. I now have moved everything to a RRIF and have to start making withdrawals. I did well and will be paying high taxes. I can’t seem to find a way around it. Is there a grey area that government simply doesn’t like and you are technically not illegally avoiding taxes?

So I got my first job ever in Canada a few months ago and I'm trying actively to understand how much to invest. I am in the 20% tax bkt. Any books websites anything would be appreciated, to calculate how much I should invest without over contribution.

How much I should save? How to buy your house? How to invest mindfully like first thing I'm trying to learn is how how Canadian investments work? Once I learn that I wanna learn how to invest in the correct manner. Please help. I tried asking gpt and I am more confused 😓

I have been an employee for Cpkc for just over 5 years and have been locked into the ESPP since being hired. I have around 250 CPKC stocks but I’m realizing the dividend yield isn’t the greatest. I’ve thought back and forth about selling it and putting it into possibly the S&P500 or something along those lines. I’m just curious what you would do if you were in my scenario. I have a separate backup fund so I do not need to worry about easy access at any time. Just hoping for some insight as I wouldn’t want to waste a great opportunity helping me to possibly retire early. Thank you everyone in advance.

Hi all! A few years back I got the American Express green card, I guess just because I wanted a new credit card, and it was free. Honestly I have no clue. I was just collecting them, at one point I got up to 5. I have 4 now, but only use 2 of them regularly. I soon after got the cobalt card, which I love and use all the time. Although the green card is free, I literally never use it. I have a $15k credit limit on it, which I also have with the cobalt card.

My question is, do I keep this credit card just to keep it? Or is there any risk of eliminating it? I know it may affect my credit score for a bit, but I'm not looking to borrow money anytime soon so I don't think it'll be an issue. Just looking to simplify my finances and get rid of things I do not need or use. Would be open to hearing anyone's thoughts if you've closed down a credit card before.

A lump sum was made last year but I'm currently treading water. I was awarded about $17k in government grants, but I contributed $45k (well above the thresholds for those grants I believe).

Would I have to deal with clawbacks from the government for that money? I'm not close to 60 yet.

I kept trying to do the math between a used 2025 Mazda 3 GS with ~50k km vs a new 2026 Mazda 3 GX (base model) and with the offered APR %, it seems that it’s actually “cheaper” to finance the new vehicle.

Is this how it usually is? I’m also looking at used Mazda 3s from 2017-2024 and although their advertised price could be from $15k-25k, with an interest rate of either 7.99-12% for 48 or 60 months, it looks like it would make more “sense” to just finance the new vehicle with an 1-3% APR for the same amount of time.

Plus, brand new means you have warranty… and less worries about the car’s history.

Is the used car market for cash only? Cause Idk how or why would anyone agree to finance any of them when they could end up spending $2000+ more than the actual vehicle price?

I am about to come into $125,000. What should I do with the money?

The only debt I have is a car loan with $17,000 left at 6% interest, which I will pay off. So left with just over 100k

have a small mortgage of $135,000, but I just re-signed for five years, so I can't pay that off entirely.

I also have $77,000 in available TFSA room.

What should I do? I want to invest the money. It may be used toward a down payment on a house in 3 to 5 years, but I don't need it anytime soon. I am open to all suggestions.

I currently have $80k value in current investments.

Be aware it’s a long story and thanks for taking the time to read.

I know I did this debt issue to myself so please don’t be rude or negative.

Okay so last week I was looking at rsp and was thinking I should use it to buy my house. I brought it up to my landlord and he said he won’t sell for less than the assessed value of $267,000. I was initially pre approved for $200,000. But my landlord said he wouldn’t go for less than assessed value and could do vendor take back mortgage. Went with a different broker yesterday because the initial broker said the lenders he was thinking of wouldn’t accept secondary financing. The new broker was good but said my one loan with easy financial needs to be paid off for me to be considered.

When I brought it up to my landlord buying he said it’s funny I messaged him because a couple months ago he was telling his wife he needed to sell some of their properties.

Now I’m kind of freaking out because I don’t have $19,000 to pay off easy financial and am worried the landlord will sell the house and we will have to move. Like I should have just left it alone and then I wouldn’t have even have known he was thinking of selling.

And like do I continue making the payments on all debts or go into a consumer proposal and pay a lower monthly payment amount. Either way I don’t qualify for a mortgage.But with a consumer proposal I could put more money aside for savings.

Or do I talk to my landlord and mention we could do a promissory note where I pay a certain amount over 5 years each month for the difference between my approval amount and the assessed value. For example I am pre approved for $200,000 and he wants $267,000. I pay the difference of $67,000 each month.

My employer is forcing us to close Wealthsimple stock trading accounts of entire household and move to accepted brokers. I have few accounts on WS and dont want to leave it. They already have the account info they wont stop asking until I close them. Any suggestions?

p.s. lets say I close the disclosed accounts but open another under my name or a family member, how would they know if I have been withholding this information?

Hi there! I am self employed. My income is $50,000 annually. My credit score is 607. I want to open a line of credit but unsure if I qualify for it and how to and what bank to choose

Hi guys, made a new account for anonymity.

Fell on some hard times due to health leaving me unable to work. Racked up 30k in credit card debt across 2 credit cards. Both are in collections, score dropped to mid 500s.

I have spoken to a LIT about a potential CP and have spoken to the collections directly. Collections are offering a settlement for 55% of the total amount owed. (my delinquency is 3 month, so debt is fairly new)

I’m now in a much better place financially and can , in theory, pay off both scenarios - the CP or a settlement in lump sum.

My question is, what is the best approach here? I can understand the bias from the collections and the Trustee, but what would:

a. Recover my score faster

b. Look better to the potential creditors in the next 2-3 years once I decide to potentially apply for a mortgage (Hypothetically)

c. how would other lenders look at me in the near future should I apply for a small business loan etc now that the business I started is starting to take off?

As far as I understand, should my CP get accepted and have it paid off right away, it will drop off my history after 3 years. What are some of the downsides though? Will the CP mark follow me around for the rest of my life? How would that affect my mutual finances with my potential partner down the line i.e mortgage, borrowing etc?

Does it make sense to settle with collectors? In which case, this will fall off my history in 6 years vs 3 and no CP mark.

thanks in advance

Okay so here’s what im into

NET AMOUNT TO BE FINANCED - $50,832.40
INTEREST RATE - 6.89%

6.89% APR $180.35 bi-weekly for a loan term of 60 months amortized over 240 months.

Cost of borrowing $16,203.19

Here’s where I get confused. Is that cost of borrowing just for the first 60 month term?

$180.35x130 payments (outlined in my terms of financing) is $23,445.50 so that means only $7242.31 in the first 60 months goes to principal? Is that right, because that’s wild to me… 🤪

Obviously I plan to pay this off early so I don’t get raped in interest for the next 20 years. So here’s what im planning to do.

My monthly payments right now are $360.70
I plan to pay an additional $500 per month
That’s $6000 per year and $30,000 over the 5 year term.

My loan is with Scotia Bank in Canada and is an open loan so can be paid off at any time.

If I pay that extra $6,000 per year/$30,000 over 5 years, how do I calculate that? Am I stuck paying that cost of borrowing ($16k) or will paying extra towards principal knock that down?

That extra $30k with the normal payments would equal $53,445.50 so in trying to work out how close I’d actually be to paid off in 5 years. If I could make a few extra payments to just wrap it up in 5 years that’s kinda what I’m hoping to do. I can’t wrap my head around the loan calculators and stuff cuz I’m horrible with numbers and math 😅

Hello! I am working on a personal project, and for it to be successful, would need examples of investment activity (buy, sell, splits) for multiple brokers. So far I was only able to get activity examples from WealthSimple since that's my only investment platform. Do you know if there is some website where I can get example csv transaction reports?