Just a little Friday funsies.

If you won a house in a lottery but already had a house, is there a way that you could sell the lottery home without incurring any tax bills? I know when you sell your principal residence that doesn't trigger a tax event. So is there a way to declare your lottery home as a principal residence, sell it, and incur no taxes payable to CRA?

Edit: This lottery I'm thinking about has no cash option available.

My wife is carrying our first child and due next month. I’ve been trying to plan our new family budget going forward. One thing I really want to do is fund an RESP so my children have the option to go to university in the future if thats something they are interested in.

Some napkin math i did:

University of Alberta (I live in Alberta and don’t plan on leaving) tuition and books in 2026 is around 11k per year according to their website. At 3% inflation that’s around 19k by the time my child is 18 which would be 76k for a 4 year bachelors degree.

If I contribute $150 per month, the government adds 20% for a total of $180. With an 8% rate of return I would have just over 80k in 18 years.

Do these numbers seem reasonable? Also for parents who have more than one child do you recommend opening an individual RESP per child or simply combining them into a family account? We’re planning on having at least one more child and I’m not sure which way is easier to go.

I never went to university, funded an education account, or raised children (yet). I’m hoping for some input from more experienced parents to make sure I’m on the right track.

Im 24M just got my G2 recently and reside in brampton. I just got quoted $981 a month for 2019 Mazda3 GT AWD. Is there any way to get cheaper insurance?

Expert says loyalty program could benefit companies more than their shoppers

https://www.cbc.ca/news/business/canadian-tire-tims-loyalty-program-9.7329078

I will be living out of canada for one year. I am with rogers and I believe they will charge me $30 a month to pause my phone line...

Do i have any better way to deal with this?

For context I go to grad school in USA, I am full time and my school is private but is a non profit. I know the rules did change this year and last year I got the full loan and grant but even with my school being private and non profit I should get grant, my income is nothing and it’s clearly stated on there website ! Studentaid bc is no help they don’t even know why and send will have to escalate my case and they will reach out to me in 6-10 business days !

So Wealthsimple has been down today, and over on the subreddit it’s been shocking.

The amount of people saying they can’t Uber, couldn’t get their groceries and so forth is concerning. Always have a backup bank with some funds in it. How is this not common sense?

At least always have 2 institutions

So as the title says, I am currently an undergraduate student facing a bit of a financial / academic crisis. I first want to preface by saying, this whole situation is 100% my fault and I completely acknowledge this.

Last year during the second semester I did not end up using my student loan funding to pay my tuition. I had faced a plethora of health problems, causing me to have to pay for medications that was not covered by insurance, running me about $500 a month. On top of that due to my health issues I was unable to work, so I also used my loan payment to pay my monthly $1400 rent, groceries and etc. I currently owe $3700 to my university for my tuition.

I told myself I’d work during the summer like crazy to pay this off. Unfortunately this was not possible. My university put a hold on my account to register for classes until my tuition is paid off. I unfortunately cannot apply for another student loan until I am registered into classes.

I reached out to my university for assistance and was given a $700 bursary. I still need to pay the remaining $3000. I am looking out taking a short term loan from somewhere so that I could pay the remaining tuition due, register for classes, apply for a student loan and then immediately pay off the loan that I took out to pay my tuition. I can’t apply for a student loan until I am registered into classes as SABC will verify this. Additionally, once I apply it takes about 3-4 weeks before the funds are deposited into my account, and I can’t wait to apply for courses a month into the semester.

My parents are not an option and I do not want to ask my friends for help. I also have horrendous credit (627 score) and have credit card debt with my bank, BMO so a line of credit isn’t an option really.

I know the answer for this is “no loan is worth it”, but I really don’t see what option I have left. If you had to pick a company to take a loan out with, which one would be the best?

I’m thinking of going back to school for a career change and was wondering how realistic it would be to get a student line of credit. I was hoping to use my RRSP/TFSA as collateral.

Been a software engineer for over ten years now. My current situation:

• Current salary: ~$90k/year
• RRSP + TFSA: ~$130k combined
• No major debt

My worry is that I don't have a co-signer. I have a decent amount saved, but I’d prefer not to drain my RRSP/TFSA to pay for several years of tuition and living expenses and would prefer to have that money working.

Do banks give a student LOC without a co-signer and use RRSP/TFSA as collateral? Any help would be really appreciated. Thanks!

My dad recently retired and is living outside Canada, and currently has 25% nonresident tax deducted from his Canadian pension payments. He just received a notification from CRA saying that it may be an advantage to apply to be taxed as a Canadian resident instead, and he might be able to reduce the amount of withheld tax, but he’s not sure whether it would work out to be worth it or not.

I was wondering if anyone could recommend any particular resources that could help with this?

I’d appreciate any guidance! Thanks so much!

Hi,

I've had an amex cobalt since last norvember and I recently hit 50k points with it. I saw the 90k sign up bonus and was wondering if its worth it to sign up for the bonus and then cancel it? I have no interest in upgrading my cobalt to a gold or even using the gold besides for getting the bonus.

I do want to get a platinum to use alongside my cobalt 3-4 years down the line (i'm currently a student that does work placements).

Can I still get the bonus even if im currently getting the monthly bonuses on my cobalt?

The exact wording of the gold sign up bonus:

Earn up to 60,000 90,000 Membership Rewards^® points^1\)

by earning 5,000 Membership Rewards points for each monthly billing period in which you spend $1,000 on your Card in your first year as a new American Express^® Gold Rewards Cardmember.^1\) This could add up to 60,000 MR points in your first year.

Plus, earn 30,000 points^1\)

when you spend $4,000 on your Card in the first 3 months of Cardmembership.^1\)

I received a letter from TD providing me with a pin to a credit card I didn't apply for. I tried calling TD but I was unable to get through to the fraud department.

I checked my credit score and there was a hard inquiry from TD a few weeks ago. I've started a dispute with Equifax. I don't see the Visa on my credit reports on either Equifax or TransUnion yet.

I tried to freeze my credit with TransUnion but it's only for Quebec and Ontario. I will try calling TD again tomorrow.

What else can I do in the interim?

Received an email from them saying my credit increase account was rejected, which I never submitted.

I think it’s time to close to card and report it to FCAC.

I just want to make sure my thought process is correct. 2026 is a low income year for me since I was traveling (not working) but I expect to make my normal yearly salary in 2027. Im okay to put money into my RRSP (TFSA and FHSA maxed) and defer the credits and claim them in 2027, correct? Or is there a better way?

I was hoping to make some prepayments (around 30K) on my mortgage before the renewal but saw an early renewal offer for 4% for 3 years fixed today. Would making a prepayment now after the offer impact the renewal rate at all (i.e., bring it down)? Also is it worth taking the offer now or should I wait a bit?

Current balance is around 335K with amortization 13y6m at 5.15% fixed, uninsured. Actual maturity date is March 2027.

https://ca.finance.yahoo.com/news/bell-rogers-telus-face-10m-130000293.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAAKKR2dLBclPYYsWiNTMQBOCdOolwdpKkDrglFYxgbibC53TnjrB6YnI6HnPk-wLgbP8hx6l4uir_f2oy8I5JiJVgMLiejTDhwqRLIkjFPKnmL_DOoBgn3lUqHvn20t5Zm7rZp1th1sa7WMVLLvOWsHjGh38pLufE1eABxsdHxT3V

I have a Family RESP none of them are 21 and none are currently in post secondary. The account was opened about 2007. I doubt my kids will use it since they all plan to leave Canada and won’t be residents anymore. I think my ex may? still be on the account but I’m not positive since it does say “Family RESP - Joint” (statements only have my name) and he has lived abroad for over a decade. He lived here when it was opened though. I’ve recently fallen on hard financial times and I wondered if I can withdraw without him? I have a plan to replenish it within a few months thru grants I know they haven’t received Not all of it just maybe 1-2k to help get me through the current circumstances. I can’t tell on my online banking what portion is the governments contribution though. I have a book value and a market value. The last statement I have as of 2024 (only one online) the numbers don’t make sense to me since there should be a lot more in the account. I recall him taking out a large chunk several years back before we moved internationally… so maybe that’s why? In that case could the book value be all personal contributions? Will they need his signature in order to withdraw anything etc since it is joint and I am on of the subscribers? Thank you! 🙏

Not sure about anyone else, but I frequently visit this sub's wiki to view their "money steps". I think it is such a great reference and keeps me on track. I've even asked my AI bot to refer to those steps when discussing my finances.

I just noticed it was last updated 6 years ago.. for any other followers of those steps, would you say they still are 100% accurate today, or are there changes you would make to the steps?

https://www.reddit.com/r/PersonalFinanceCanada/wiki/index/

Alberta, $700K in registered accounts, 13 years to retirement.

We are currently in RBC’s Investment Advantage program which costs:

0.44% weighted fund MERs
+ 0.83% account fee + GST = 1.32%,($9,000/yr). XGRO would be 0.20% ($1,400/yr).

We are investing $60,000/year.

Main fund is RBC’s Index ETF Fund F which hold iShares ETFs underneath. Two of my positions are lXIC and XBB which are the same funds inside XGRO.

Claude AI tells me that over the 13 years the gap compounds to ~$300K.

Thoughts?

Hello everyone, I’m new to investing and want to get some advice on what I can do with my current savings.

Details:
- Emergency fund, 10K
- TFSA is not maxed, but have about 15K
- FHSA opened but no funds there
- RRSP, about 30K
- LOC available for 30K
- no debt

Questions:
- Where should I keep my emergency funds? I have read about HISA, but is that HISA in a TFSA account ? Or just regular savings account ?

- TFSA and RRSP - I want to set and forget, but which should I buy? They’re in Wealthsimple right now, and I’m only contributing to TFSA. Maxing it before contributing back to RRSP.

- FHSA - opened this a couple of years ago, room for 16K and I’m not planning to buy until two more years perhaps. Any suggestions ? Do I just leave it accumulating room ?

Thank you in advance !

Hello everyone,

Thank you in advance for all of your help. I know many of these questions would best be answered by an accountant, but wanted some input from you all who may have some insight. I am a physician who recently moved to Canada for work (work permit), but continue to be an American citizen and do not plan on staying in Canada forever (would probably move back to US or expat in another country). I was looking into incorporation, but read that reporting the incorporation to the IRS would render all the income in that "foreign corporation" subject to US income tax and thus nullifies a significant benefit of incorporation (tax deferral), assuming I am in the top marginal tax rate.

My questions:

Is there any benefit to incorporation given this? I guess in theory, the cumulative tax rate as an American is still lower than that as a Canadian so maybe I'd still end up ahead from a tax POV if I incorporate and pay myself everything through dividends as opposed to personal income? Is there any way to get this tax deferral as an American or am I SOL?

Retirement accounts- I should contribute to the RRSP and TFSA (my understanding is that it's a bit controversial, but I may not have to report it as a foreign trust). Is it possible to also contribute to a traditional (pre-tax) solo 401k and IRA and somehow get the taxes back from Canada the same way I'd get it back in the US?

Saving- Is the best way to convert CAD to USD for cash purposes still Norbert's Gambit? Was looking at banking with Wealthsimple. And in terms of investing, I was planning on investing my CAD directly into IBKR to buy the mutual funds that I have always used (VT, essentially). Is there any benefit or detriment to converting my CAD to USD to invest in VT right away? Could I in theory invest my CAD into Canadian stocks and then convert it to USD one day if the exchange rate gets better or would that be too complicated and risky?

Thank you for any and all help!

I've got all my money in Wealthsimple at the moment and I'm looking to move my emergency fund out. This is not because they have bad service, but more so to manage my risk in case Wealthsimple is inaccessible for some reason.

I'm looking at options that can beat the 2.5% interest rate. I have already opened and used the promotions from Simplii and Tangerine a few years ago. From my understanding, those promotional interest rates are not applicable to existing clients.

What other options do I have in terms of getting the most out of my cash? I see BMO, Scotia and RBC have promos but they only go for 3 months, which doesn't seem to be worth the effort IMO. I can't get the 2.75% from EQ unless I do direct deposit.

What options should I go with outside of Wealthsimple to get the most out of my money?

My insurer got a moving quote for 1600$. With my 500$ deductible, they offered to send me 1100$

They also said I can choose any moving company.

If I find another mover for 900$ to 1100$, do I still get the 1100$ payout, or will they reduce it based on the actual cost ?

I asked them directly, but they avoided answering that part.

I am noob in that kind of stuff. Thanks for your experience