r/PersonalFinanceCanada

The issue with delays isn't your bank, it seems interac is having issues with etransfer (since 9am or so)

I currently have a 2 year old and another one due in a few months and I have been maxing out their RESP contributions each year in order to get the 20% match from the government. This is through Wealthsimple in a managed account.

I've also recently been learning about ETFs and started to buy XEQT which I have in my self-directed TFSA, however I'm currently contributing very little every month.

I'm not sure if I'm making the right decision by prioritizing maxing out my children's RESP vs. investing through my TFSA. Regardless, the money will be spent on my children. I did not come from a supportive background and just want to give my children the best opportunities possible. My fear is that my children may not want to pursue post secondary education and that I would have to return the money, or that I'll face tax complications when trying to withdraw the money.

Would just like to hear some opinions and you can give it to me straight, I'd just like to know the better option for my kids future.

TIA.

When I turned 18 my parents got me a credit card with my credit union where I did all my finances at the time. I’m now 20 and switched everything over to Wealthsimple/Scotia and no longer use any of the credit unions services and have no intention of using the card for anything. Will closing it harm my credit score?

I'm wondering if there are some stable dividend paying ETFs for long term portfolio. l'm open to stocks as well.

Also, I saw some high yield ETFs. How is the yield so high?

I've had the TD Visa Cash Back card since I was 19, I'm 26 now and I figure that I should take a look at what other credit cards could offer me. I'm a PhD student so I don't have a ton of disposable income (my annual income is around 50k including scholarships); I spent about $550 on groceries in the last month which is my biggest expenditure by far. I shop at Loblaws so I think this means the various Amex cards won't be too great for me. I have an Amex Cobalt coming in the mail for me but I don't think I'll activate it.

I'm ideally looking for something with travel rewards but that might not be possible given my circumstances. Some of my friends have talked about Wealthsimple cards with good cash back.

Does anyone have any recommendations for what credit card to get in my situation? I was looking at the TD Platinum Travel Visa, which seems alright, but I don't foresee ever booking trips with Expedia so I wouldn't be maximizing the point gain from that.

Sorry for all the questions lately. Posting on behalf of sibling again

Does the Small Business Deduction limit of 500K mean 500K in income or 500K in profit for the person?

The person in this situation is a physician with a professional corporation. Which of these 3 understandings is correct?

Situation: Physician makes 800K income in their medical professional corporation. They pay themselves 200K in salary/income. Their corporation has 100K in expenses.

Understanding 1: They lose the SBD since their income was 800K (over 500K). Their SBD income is considered 800K.

Understanding 2: They keep their SBD and for purpose of SBD their income is considered 400K (due to 100K in expenses)

Understanding 3: They keep the SBD and for purpose of SBD their income is considered 400K (the 100K expenses is not counted).

Or maybe all of these options are wrong.

A HCSA is not taxable for the federal income, and I can't deduct from my taxes medical expenses reimbursed by a HCSA. That's very clear from the CRA point of view.

Bit it's not clear from Quebec point of view.

I'm allowed to claim medical expenses in my income tax, but a HCSA is treated as a benefit for Revenue Quebec.

So does that mean I can claim those medical expenses for Quebec even though they were reimbursed by a HCSA?

Hello,

Just did Taxes for this year and found i have to pay 200$ again to CRA, last year i had to pay 800$.

I have no other income other than my full time job which is roughly 85k this year.

I made sure i did extra contribution which is 7000$ RRSP this year.

My bring home every month is roughly 4500$, so a total bring home is close to 54000$

that mean my employer paid roughly 30000$ in taxes. Along with 2000$+matching are RRSP from that (i also contributed 3000$ extra on top from outside)

So roughly 28000$ in tax Include CPP/EI

My question is since my total tax bracket is 29.65%, Since i did contribute 7000 and have 22k contribution room. My expectation should (85000-7000$) x 29.65% = 23127 actual taxed right?

With CPP + EI around 5000$.

My expectation is tax is actually around 28127$ then?

so overall I need to pay 100-200$ tax per year?

Is this assumption correct?

What i don't understand is, if my employer already paid every tax for me, and if i don't contribute RRSP, shouldn't i be at 0 and not owning tax? assuming my employer paid everything already right? They specifically paid everything as far i can tell since that's how much bring home i got. I have no 2nd job, no other income, no investment income, did nothing else but only a FT income.

anyone with similar tax range as me can give me a good example?

I'm doing a large renovation this year. I'm applying for a HELOC that likely won't cover the full amount of the renovation so wondering where I should be drawing money from: my TFSA or the funds in my unregistered cash investment account.

I've been anticipating this reno for a while so have been putting money into cash.to ETF to avoid risk.

I know dividends from cash.to are taxed, but when I transfer funds out of the account into my personal chequing account is it taxed as income? Capital gains? none of the above?

As the title says, I have successfully maxed out all of my tax-sheltered accounts (TFSA, FHSA, RRSP). I'm 21M and looking for different avenues of investment as I eventually want to buy my own property. Albeit, I do live in a HCOL area, which is why I'm looking to explore different areas of investment. I don't spend much, but perfectly happy with my current lifestyle.

Grateful for any tips!

Sorry I think this has been asked a bunch but forgive me as I haven't seen a clear response.

I have ~$80k of unused contribution room in my RRSP. My deduction limit for the 2026 tax year will be the max of $33,810. To confirm, given my unused room that is available, can I contribute more than the $33.8k contribution limit for the year, i.e. $50k?

Would this just mean I can only use $33.8k as a deduction on my 2026 tax return, while the full $50k can be applied against my $80k unused room that is available?

Or am I unable to contribute more than the $33.8k limit for the year?

I just want to make sure I don't over contribute.

Other than the valueofsimple.ca list of fee for service CFPs, is there any other online resource of fee for service CFPs? Preferably who can deal with semi-complicated situations for millennials and aren't super finance bro vibed (lol)? I've tried the FP Canada site, but their search isn't super helpful.

A friend thinks I made a mistake. I think his opinion is a direct contravention of tax law and would lose an audit in a heartbeat.

Rental Home value: 650k

Mortgage balance:260k

HELOC balance: 180k

The HELOC was used as downpay of our new primary residence.

He claims we should have refinanced so the mortgage balance was $440k so all that interest was deductible.

To me, it’s clear as day that the amount downpayed has not paper trail other than the HELOC and whether or not it’s converted into a mortgage is irrelevant - the funds were used for personal gain.

I’m sure people get away with it. But for what would amount to around $1500 annual savings it seems ludicrous to even consider playing so fast and loose with tax rules (let alone consider the FV of refinance fees).

I believe you’d need to use that HELOC amount for a non-registered account investment. Meaning we’d have had to withdraw the downpay from such accounts and deal with the cap gains. A whole lot of fucking around for a very negligible return at best.

So, any tax law folks in here? The fact it’s remortgaged is irrelevant - the balance that has a paper trail back to our primary residence/personal gain is not a tax deduction regardless. Correct?

Honestly, at first I thought it was a joke

A friend told me he made $2,100 in a week on a new official project, I didn’t believe him and even laughed, but later I decided to test it with a small amount, and it worked for me too, currently around +$200 per day

I know it’s not huge money, but I’m not using big amounts, and for me it’s completely decent

If you’re interested, he left a guide on his profile

His username: lobsterpizzzzza

You can click it or copy and paste it into search, he’ll be the first one

I sent money from my TD account to my Neo account, and it’s not showing up. It’s been over a half hour and still I haven’t received it. I e-transfer between these two banks often, ( I like the cashback feature with Neo) so I’m sure the email/info was correct, I just picked my own contact as I normally would.

The money came out of my TD, status is sent. But nothing on my NEO end. Not even the email I usually get with it.

Just slightly panicking, as this is all the money I have to get groceries for my kids to last the entire week. I’m hoping it’s just a banking issue and it will come through soon.

Hello, we have 2 paid off cars. one is a commuter car that is 8 years old with 110000 km and is driven 70km a day to and from work. We believe we should be able to get $9k to $10,500 for that car. The reason the kms are lower is during Covid my partner worked exclusive from home for 3 years. But now they are commuting every day. The other is 10 years old with 95000 km and is not driven very much. is it a good idea to trade in one of the cars (specifically the 110km car) and get a new car to stagger car payments in case both cars start having issues at the same time? Another factor apart from the payments is to get an EV for the car my partner drives to work every day. Apart from saving on gas, they can also use the HOV lane with an EV to help with commuting time.

Accidentally overcontributed $250 to FHSA in Sept-2025. I realized it just now. Should I withdraw it now? (or)

Will it be adjusted automatically since I got new 8000 limit in 2026.

Should I report full contribution (including extra 250) when filing the 2025 tax return? Its a bit confusing. Thanks.

https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/first-home-savings-account/what-happens-contribute-transfer-too-much.html#h_2

Am I the only one that woke up early on this Easter Sunday to finish my taxes, only to find Ufile down and not being able to access ???

Hi there,

I need some guidance on whether to pursue a townhome.

Purchase price: $568,990

Down payment: $188,000

Mortgage: 4-year fixed at 3.88%, with my monthly payment of around $1800.

It's a stacked townhome with condo fees: $260 (but waived for the first two years)

My income is: $81,000 (take-home is around $4300 after taxes/rrsp matching)

The estimate for property taxes in the Richmond Hill area is $360.

I don't have any other debt. Just auto insurance, groceries, and utilities I need to account for. I will have around $20,000 leftover in my investment.

Is this too risky a purchase?

I anticipate my salary to increase every year, but not by a large margin. Maybe 1-2K every year, not including bonus.

The pros for this place are that it's a 2br, 2ba newly built, only 16 minutes by car from work. I am a FTHB, so i'm not sure if the new rebate is even going to help affordability.

Any thoughts? Let me know your experiences purchasing your first home. It's the biggest purchase I've ever made, and I worked extremely hard to save up my down payment. I'm only 29 and unmarried.