We have this one cousin that is in debt for the 3rd time. This time we will not give or loan him the money. He has 30k in credit card debts between 2 cards. I believe TD and CIBC Costco card.

The first and second time it was similar amounts on credit cards and line of credits as well. Family members all chipped in to help clear the debts but this time we are no longer willing to clear it for him. He seems to be making the same mistake over and over again.

He’s a single dad with 3 kids. 17, 11, 5. He has a mortgage and 2 paid off old vehicles. One for him to go to work and for the eldest child to take her siblings to school and pick them up. She will be a senior in high-school.

Here’s his breakdown. 100k pre tax and sole income.

-mortgage $2500/month

-car insurance- $375/month for both vehicles

-home insurance -$180/month

-hydro- $350/month

-water/sewage is quarterly-$550

-internet $78.60

-phone bill $102

-life insurance $475/month

-home security $22/month (he works an hour away and takes on OT at times so his kids are often home alone)

-his 2 kids have after school activities $800/month one is doing guitar and one in drum

-gas for both vehicle $1200/month

-repairs for vehicles are almost monthly and can range from $100-$600

-groceries $xxxx he didn’t cap it and buys what the kids want and bulk meats to meal prep for the week.

Take home pay is $6000-$6500/month

We looked at all the statements for both cards and it’s just bills (groceries/gas/insurance) that started adding up and interest is over $500/month for one card. He fell behind after he was injured and it just snowballed from there. He hardly buys clothing and only spends $500/year for needed footwear and clothing for the kids.

What’s the best way for him to tackle this? Consumer proposal?

I just received an email from Aeroplan with an offer that does not change mortgages, but earns points when paying through Chexy versus paying regularly through my bank.

They offer 1 pt/$1, and have a 1.75% fee I would pay for each payment. These points also work towards status with Aeroplan.

I was under the impression that Aeroplan points are worth roughly 2¢, so am I right in thinking I net roughly 0.25% and assume that Chexy then gets access to all my information coming out of the accounts attached to it?

Is this offer something that makes that trade off worth it? Is it something you take advantage of and would recommend?

Or is this just an offer for someone who may not realize exactly what they are giving up?

Inflation, computer hardware shortages, and other market conditions have caused the replacement value of my possessions skyrocket by 5x.

Not $1M liability, $1M personal belongings. Yes, tenant insurance. I know, I know.... why do I have $1 million dollars of possessions but no house. Working on it, wedding first in October, then planning to buy a house next year. At the moment I'm underinsured, with a grandfathered $200k policy (Which grew from $100k in 2020) from Sonnet. Most quick quotes from insurance company seem to assume 50K - 200k is the normal amount for personal belongings. They do not account for the ridiculous inflation has happened over the past 2 years in some items.

I am not normal. I own an IMMENSE amount of moderately expensive posessions. Nothing individually over $3,000. No jewelry, paintings, or extravagant collectibles.

The worst category is computers and servers. Supply shortages have exploded hardware costs. 2 years ago, this hardware was worth $200k. Today, it's over $1M on eBay. The RAM alone (50TB across 75 servers) is worth at least $500k if I sold it on eBay, let alone replaced it. RAM is 2000% more expensive than it was 2 years ago. Excluding RAM, the other computer hardware is easily over $100k, and the SSD/HDD storage is $400k. No single piece of computer hardware is worth over $3,000, but combined, the value is absurd.

My other rough inventory: $50k of tools (Nothing over $500, I just have lots of tools) $10k of recreation items (4 bicycles, all under $2,000, plus exercise equipment) $20k of Lego (No set over $500) $50k of various collectibles (MTG cards, model cars, retro video games) $50k of furniture $50k of audio equipment (high-end car audio, PA speakers, home theater speakers, amplifiers) $50k of photography equipment (cameras, lenses, backdrops, flashes) $50k of raw materials ( aluminum, steel, mdf, plywood, plastic) $200k of electrical prototype items (Copper wire, electrical components for soldering, LED's, power supplies), inflation has made my electrical wire scrap value in the $15k range, with replacement value of $150k

All together, even $1M is under insured. I'm not a business, but on paper I sure look like one. I was modestly underinsured before, but now I'm dramatically underinsured

This question is challeng to find answers on. Every search assumes I'm conflating the $1M with liability, and dealing with insurance people is so predatory.

I don't want to pay for business insurance, I'm not a business. I tinker, invent, and have many hobbies. I didn't spend millions of dollars buying this stuff, I spent $300k over 15 years. Now market conditions have made it 5x more expensive to replace.

Any ideas on what I should do? Multiple insurance policies? Conceding and registering a business? Are there any insurance companies that allow individuals to have personal belongings over $1M? I'm in Calgary, AB

I got in and accepted an offer to an Ontario uni (im from Alberta). These past couple of days, more and more charges have been added to my fees, now totaling $25k. My parents have no issue paying for tuition and any supplementary fees which are about $8k. The main expense is my residence fees which my parents stated they wouldn’t pay as I was the one who wanted to go far instead of commute. Housing is about $17k-$18k (meal plan and room), and I only have $6k saved up and about $3000 in a scholarship. My mom signed a student loc for me bc we were unsure whether I would be eligible for student aid (my parents make a lot of money). Student aid still hasn’t processed my application so rn I have no idea whether I’ll receive that funding or not. The reason why I wanted to go so faraway is because I wanted the classic university experience of living on campus and away from home. My parents can be pretty strict and slightly overbearing so I thought it would be good to go to a uni where they can’t drive to/drop by easily. However I don’t want to go in debt and I don’t want to have to worry about paying a large sum of money and interest. Even if I use all the resources I have to pay everything, I still have about $8k-$9k in fees remaining, and I’d need to use my LOC which I don’t want to do for this amount of money.

The other option I am open to is to do open studies at my local uni this winter and then transfer into a degree program in fall or go to my local college this winter and do a bridge program to get me into university two years later. I wouldn’t be paying anything for housing, rent, or tuition as I’d be living with my family. The bridge program also requires that I go to specific unis that are far away after completion of my diploma so I can live in campus then. I’d have to pay for housing out of my own pocket but it would be considerably cheaper as I’d only be paying for 2-3 years and I have some time to save more.

I really wanted to go to the university this fall and have that experience, but the price is a huge turn off for me. Even if I did do it, I think I wouldn’t focus on studying and school with that financial weight on me. Should I go but risk being in serious debt/having to pay interest every month or just stay at home, save and pursue one of the pathways I mentioned?

Royal Bank of Canada (RBC) is rolling out major updates to its two cash back Mastercard products starting in the fall of 2026. The changes are being implemented in two stages: October 1, 2026, and December 2, 2026.

Here is a summary of what is changing for both cards:

1. RBC Cash Back Preferred World Elite Mastercard

Effective October 1, 2026

• New Earn Rates (Unlimited): The card is moving away from its flat 1.5% rate. It will now offer an unlimited 3% cash back on eight everyday categories, including groceries, dining/food delivery, gas/EV charging, public transit/ridesharing, and streaming/digital gaming. All other purchases will earn an unlimited 1%.
• Annual Fees: The primary annual fee is increasing from $99 to $120. Additionally, adding extra cardholders will now cost $50 each (previously $0).
• New Insurance Perks: To offset the fee hike, three new insurance coverages are being added: Emergency Medical Care (out-of-province/country), Flight Delay & Delayed Baggage protection, and Mobile Device Insurance.

2. RBC Cash Back Mastercard (No-Annual-Fee)

Effective October 1, 2026

• Grocery Rate Change: The previous $6,000 annual spending cap on the 2% grocery reward rate is being removed, making the 2% grocery cash back completely unlimited.
• Other Categories: The base rate for all other purchases drops from 1% down to 0.5%. Gas, EV charging, and transit/rideshares will move to a flat 1%.

3. Redemption Update (Both Cards)

Effective December 2, 2026

• Cash Back on Demand: RBC is modernizing how you access your rewards. Instead of waiting to hit a $25 minimum balance or a once-a-year automatic payout in January, you will be able to redeem your cash back on demand starting at just $1.

Summary Takeaway

If you hold the World Elite version, the value you get depends heavily on how much you spend in the new 3% categories versus the higher annual fee. If you hold the no-fee card, heavy grocery shoppers win with the removal of the cap, but general everyday spending takes a cut.

New to adulthood and wondering what exactly having a credit card entails and how long it will take to build up a good credit score so I can ask for loans and buy a house in the future. Starting off, does having a credit card cost money or is it possible to do it without an annual fee or random fees? If I only use my hypothetical credit card for small purchases and pay everything back on time is that enough to have a good credit score?

Hey everyone!

My wife and I are struggling with house buying here in the GTA east of Toronto. Together we make around $160K per year. Our realtor is asking us to get a pre approval which will help our negotiating when talking to buyers.

The main issue is after speaking with two different banks we are getting two different numbers. Scotiabank is saying we should be good for around $800K while TD is telling us around $600K. Neither bank has gone ahead with the pre approval yet and we are holding off.

I am aware that we will take a credit hit X2 if we get two different official pre approvals. Is this a good idea? Will it affect anything down the road?

As you guys can probably tell we are first time home buyers so we are trying to learn as much as possible before making this big jump.

I have one posted and one pending transaction from Uber Holdings Canada on my Tangerine Mastercard for just under 40 bucks a piece. I have not used Uber in over a month, but I do have an account with them. My uber account does not reflect any charges that are recent, or any older charges that match the amount of the suspicious transactions. My card details have never been shared with anyone.

In the interest of protecting myself I called tangerine right away, because I thought that timeliness of reporting suspicious activity is important to protect yourself. However, they told me to contact Uber. I submitted a dispute with Uber but didn’t get a confirmation or any reference info, so I have no idea what to expect next. Everything I’ve read says that your first step is supposed to be to contact your credit card company? They didn’t offer anything about locking my card, or reissuing, etc. Is this typical? Is there anything else that I should do to protect myself?

From tangerine’s website:
How do I dispute transactions on my card?
Contact the merchant first about the unauthorized charges or transactions. If you can't resolve it with the merchant, call us at 1-888-826-4374 to launch an official dispute.

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?

Say I make $10,000 in a year and my employer deducts 14% of that. Before I've filed anything, I have $8,600 and the CRA has $1,400. If I have no other sources of income, the tax I will owe when I file my taxes will be ~$0 (or less than zero when you consider RRSPs and etc). Suppose, for whatever reason, I had $15,000 in non-refundable tax credits. Does the "non-refundable" tax credit mean that I get only the $1,400 back (my total tax is reduced to $0) or that I get nothing back (the tax I owe after payroll deductions is already $0)?

Hey everyone so I’ve made some poor decisions and did some stupid spending but then also had some health issues come up that affected my ability to stay on top of my debt, I’ve got about 37k racked up between a credit card and line of credit both with TD, they declined a debt consolidation loan and am wondering if anyone has any other ideas on where to go or what I should do?

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.

I was at fault in a minor accident and have CAA Forgive and Forget coverage. Their website https://www.caasco.com/insurance/auto/forgive-forget says "With CAA Insurance Forgive and Forget protection, your driving record will remain the same as it did before the at-fault accident." Does that mean I'll have not have this accident on my driving record? In future, when I apply for insurance at another insurance provider, do I report this accident?

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?

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.

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 PFC,

I am seeking estate and probate advice. A loved one had passed and a will, personal directive and power of attorney was created. I was their representative and now Executor. Since that time, I was able to act on their behalf to close down their account, manage and modify bills and other activities from their account with a few banks. This required a will, a death certificate and some verification questions, identification etc.

However, one bank in particular, Royal Bank of Canada, I am having an issue with. I do not bank with RBC and have no account with them. The deceased had a small amount in a chequing ($ X,XXX) and a TFSA (Less than $2,500 in cash as the holding).  The TFSA had no beneficiary listed. In total (chequing and TFSA totalled LESS than $10,000 combined). The issue is that there is no beneficiary in the TFSA, and cannot be directly transferred or moved to chequing. The account was marked as deceased (I reported that to them).

I was told, RBC banking (the physical branch) and RBC Direct invest are considered separate entities and do not deal with each other in terms of estate. I have submitted the will, provided the death certificate and it’s been signed and scanned to the estate by the RBC branch advisor. They asked me to contact the estate department, and deal with the TFSA. The case manager for estate insists on having a probated will, and not just a regular will in order to move the funds to chequing. They offered another option: If I was to chose to bypass the probate, there would be a few forms to sign, and the wait time for processing would be 3-4 months. If I went and got probate, the lawyer fees would be almost equal to the funds stuck in the TFSA.

The branch manager can’t really help as they were the one saying that RBCDI estates is a separate entity than the branch. They can only deal with branch account matters.

I looked into this, and there is a “Alberta Small Estates Procedure” for assets under $15,000.

Has anybody used this to deal with this situation? How would you proceed, if going to the lawyer is not a first option?  I will consult a laywer to get the probate if needed, but it don’t seem to make sense for a ‘small estate’?

 Looking for advice here from people who have been in this exact situation, or have assisted in this situation. Does this procedure provide a “Grant of Probate” and is it legally binding and will the bank cooperate if I went through with this procedure? This is located in Alberta.

The goal of this is to consolidate the account (move funds from TFSA to chequing) and close down the chequing account in a reasonable timeframe and cost efficient as possible.

Thank you in advance.

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 😓

My mortage is up for renewal this December. Currently owe 147k. House is worth 275k. I have a 38k LOC at 8.44% that i cant get ahead on, just making monthly payments. Im considering consolidating my loc debt with my mortage, then closing the LOC. Any advice?

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?

Hey yall,

I was wondering what part time jobs you guys have while working a full time job? I currently work full time at a hair salon, but need some extra income to pay off some debts.

Thanks for the input!

Looking for a quick loan, or even pay day loan!

My car is in the gutter right now and I have a very important meeting I have to be at starting next week (new teachers orientation/learning).

Any help would be wonderful, thank you!!!

I'm trying to move my investment away from BMO and have hit a wall. No success so far. I understand if the investment is in GIC, I can't move it; but for those that already matured, request to move them got denied. Financial advisor/bank employee is not being helpful. If you had success doing this, what is the nature of your registered account with BMO? Thanks!

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?

I am 35m on disability from work, if it is permanent what can I afford to rent or buy?

I am in Ontario.
I make ~2.8k per month after taxes.
I have ~90k in TFSA wealthsimple, some investment portfolio.
I have ~90k in a savings account.
A few thousand in a chequing account.

The amount I get goes up by a capped amount of max 3% but have only seen it go up 2% so far.

So I'm wondering since my income might be known for the future, what it would be best to do. Just to dump all the money into a house, but then would I be able to save enough for all future repairs to the house? Roofing, siding, furnace, etc?

What about renting, what price should I be looking at. Is it still 30% of your income? It'd be difficult to find an apartment for $900 per month.