Hey everyone,

I purchased my home a few years ago and was in much better financial standing. My HHI was around 210k. My wife lost her job around a year ago and has been suffering from major depression and hasn't been able to work. She hasn't been able to qualify for disability so everything financial has fallen on my lap. I am working 60-hour weeks while trying to care for my wife, and I can not see a way out.

Our home is worth around 750k, and we have basically no assets of value. We love our neighbourhood and would like to stay. The more I run the numbers, the more I don't see how bankruptcy can be avoided. My wife is in a fragile state, and I don't know how to tell her we have to leave.

Any help is appreciated.

Edit: Thanks for all the responses. I sat down with my beautiful wife, and we've decided she needs to be closer to family in BC. With 150k of negative equity on the house and close to 50k in consumer debt, I think bankruptcy is our only way out. We have cut back on all purchases so much, and it's not sustainable. I'm paying $6500/month in home related expenses and taking home around $7,300. If anyone has any information on bankruptcy in Ontario, please leave a comment.

I always pay off my balance, but when is it too much credit?

Amex just offered to increase my limit to almost $50k. When I travel for work, I might use $6k more than usual, which is reimbursed. Otherwise maybe $2-3k/mo across my cards. I have a $35k limit on the Amex now. I also have ~$20k in limit on other cards.

I know the general guidance is to accept credit limit increases, but this just feels wrong. I'll never need this much credit on a credit card.

It feels wrong to accept.

Looking for some advice. Marked fraud/scam as it seemed the most fitting but idk.

I made a friend who immigrated here from Europe. She only lived and worked in Canada for about 8 months before her partner got a job offer that returned them home overseas. A couple months ago, she asked if I could give her a mailing address so that she could get a letter sent within Canada. I provided this and didn't think much of it. Finally the letter arrived, and it is actually a new credit card from RBC. It's in her name, but my address is listed as if she lives here. She is asking me to send her the credit card numbers/info. I feel iffy about this because why would she need a Canadian credit card if she does not live here? She is my friend, but I don't know her THAT well of course since she wasn't here all that long.

Would there be any risk in me sending her this credit card info? I don't want to be involved in anything sketchy. Should I dispose of this card? Return it to an RBC branch?

Thanks for any advice. Maybe I'm overthinking it, but this seems strange.

I'm in Manitoba and just received the buyout from my portion of the divorce

I am going to end up talking to an advisor at my bank but beyond that I don't really know what to do.

I have about 100,000 to put away in savings. I don't know if some type of savings account is better than investing. I'm really not okay with a loss, which I understand is always possible when investing.

I guess I am just scared of what might be a volatile market with everything in the world so I want to do whats best for my boys right now. Eventually use this money as a downpayment so I don't have to rent hopefully.

Any advice, even some very basic stuff would be helpful.

Be careful out there. I usually consider myself pretty savvy and alert when it comes to spotting scams, but I received a call today that was surprisingly convincing at first.

I got a call supposedly from Visa, and the number appeared legitimate, but it turned out to be spoofed. The caller said there had been suspicious activity on my credit card and that they had flagged two relatively modest transactions.

They started asking about my recent purchases and where they had been made. I didn't tell them where the supposedly suspicious transactions occurred, but I did mention that my last posted transactions were from Friday. I had my TD app open during the call and asked why the suspicious transactions weren't showing up. They claimed the transactions had been flagged and therefore hadn't gone through.

Eventually, they asked for the current balance on my Visa account. That was red flag #1. I provided the balance because I was still trying to determine whether the call was legitimate and didn't believe that information alone would give them much to work with. They also asked for only the first four digits of my credit card number, which I suspect was intended to make the call seem more legitimate. Then they asked for the balance of my savings account, which I don't even have. That was a massive red flag. I immediately asked why they would need that information?

At that point, they changed direction and said that, because of the suspicious activity, they wanted to suspend and lock my account. I told them to hold off because I needed to make a transaction shortly and wanted to clear everything up directly with the bank. I told them I would go to a TD branch. They seemed hesitant and insisted that it would have to be handled through a specific appointment. I mentioned that made absolutely no sense and disconnected the call.

I then contacted TD directly through the app, and they confirmed that it was a scam. I also asked what the scammers' end goal might have been. From that conversation, my understanding was that the scam would eventually involve telling you that your card has been compromised and arranging for someone to collect or replace it, potentially allowing the scammers to obtain the physical card. One of the strangest parts was that the callers described the supposedly flagged transactions as being relatively close to where I live, even though I hadn't given them that location information. That helped make the call seem more convincing at first or otherwise i would have disconnected immediately. I'm posting this simply to raise awareness. Even if you're normally very cautious about scams, some of these calls can sound surprisingly legitimate. If something doesn't feel right, stop the conversation and contact your bank directly through the trusted number through the app.

I’m 24, just started working in engineering 4 months ago in my first job on 70k a year. I have lots of OSAP, and my home situation is very toxic and dysfunctional. I really want to move out. I currently have $5k in my Tfsa, I really want to move out in 2027, how do I save up for moving out, while also contributing to investments?

I am only able to log into BMO on my Samsung s22 ultra. Does not work on my PC or MacBook or Iphone.

Even after changing password only the Samsung can log in.

I've been pre-approved for and accepted a credit limit increase from $4000 to $8000, I am 21 years old and have had this credit card for about a year and a half now. I've never missed a payment in that time and have floated between 35-45% utilization, not exactly ideal but fair. I accepted it without second thought because I figured my utilization will improve because of this, but I'd like to know if there is anything I should be weary of in hindsight. Keep in mind, I keep my spending well in line with how much I make already, so the likelihood of this potentially increasing my spending habits substantially is zero. FYI, I make roughly 40k a year

Hello all,

We are due to renew our mortgage in February. For context, current rate 5Y fixed was 2.54% for a bi-weekly payment of 921$.

The remaining balance will be 208K$ with a period of 9 years 10 months.

I am unsure what our most logical option would be for renewal, should we pay down a big chunk given current rates going up? We would likely put down 50/70K before renewal.

Currently with MCAP, do you recommend any other lenders?

Let me know what you think.

Thanks!

I am purchasing a home and have a closing date of January 8th 2027. I currently have FHSA GICs maturing on January 9th 2027.

I'm wondering, would it be possible to deposit the $8000 maximum allowable for 2027 at the start of the year, then issue a withdrawal notice immediately for the January 8th closing date in order to have the $8000 liquid for the mortgage and then issue a second withdrawal notice for after the FHSA GICs have matured?

From what I understand, doing so would allow for the $8000 deposit to contribute towards the taxable benefit as it's pre-withdrawal and this would allow for my existing FHSA GICs to mature while still withdrawing within the 30-day CRA window for withdrawals.

I'm not sure if this is the ideal scenario or not, but I just want to confirm before I inform my brokerage of any plans for my funds. I'm also unsure of whether the timing is too close for comfort.

I became estate trustee recently, the process isn't really familar to me at all I have never done it before. I got some questions in regards to the banking:

A) Would there be any issues if I had to manage the moneys in/out using my own account? what if I used something like Wealthsimple and created a new separate chequing account?

B) If not possible to use my own bank accounts, what recommendations can people give for which institutions for doing estate banking what would make my life easier?

C) Even if the assets are say less than 25k, do I have to go through this process?

thanks

Recently my 2015 Volvo V60 T6 R-Design was involved in a sideswipe collision. The damage is fairly major, but purely cosmetic. The car is drivable and has no frame damage, suspension issues, etc. I've had it looked over by multiple body shops and mechanics to confirm that the damage is limited to scratches on both left doors, dent in the rear quarter, and a gouge in front fender. I made the mistake of letting TD use their own body shop for the estimate, which was 13.3k. I've since had multiple other body shops look at it and provide estimates in the range of 7.5k to 11k. Since TD's estimate is 13.3k and they valued the car at 15.6k pre-tax, they declared it a total loss.

I've tried disputing by providing comparable vehicles, however as these cars are very rare, there are only 3 in the province and they are all for sale by dealers but only listed on FB (which TD explicitly disallows). Since I had no luck, I hired a private appraiser and went through the appraisal clause. My appraiser valued the car at 19.5k, however seems like the dude gave up too easy because he came to an agreement with my insurance on a 17k value. Frustrating. For context, the cheapest R-design listed in the country is 16k, and that car has almost double the mileage of mine, a 5k carfax accident, and is missing trim pieces. The most expensive one for sale, which is STILL higher mileage than mine is 21k.

Where I'm at now: TD is offering either a 18.2K payout (17k + 13% - 1k deductible), or owner retention with the following formula:
"TD Insurance will pay you 65% of ACV (Actual Cash value) excluding tax portion - $1000 Deductible = $10,050"

I'm looking at owner retention because their payout is ridiculously low, and I know I can fix this car for fairly cheap. However, 35% seems much higher than the typical salvage value, and they are deducting the tax portion for whatever reason. I know there is no strict law governing owner retention procedures, but do I have any leverage here? Something I would consider reasonable is:
ACV(17k) + tax(13%) - salvage(20%) - deductible (1k) = $14360

I know I'm arguing over a fairly small amount of money but I bought this car 4 months ago and I hate the idea of getting shafted by an insurance company. They are the scums of the earth.

To make it hurt more, I actually had the car up for sale on FB just to see what I can get for it, and had multiple people offer me $23k on the spot. It really was one of the cleanest examples in Canada, I hunted this car for 6 months. Should've insured with Hagerty....

I was looking at getting the CapitalOne QuickSilver World Elite Credit Card, but want to first make sure it really does add value to my wallet.

About their 3% grocery cashback- does Walmart (in store), Real Canadian Superstore in store), No Frills, Chalo Freshco triggers 3% cashback?
I’m guessing Walmart (online) and Costco (both in-store and online) doesn’t give 3%, does it?

Also, I’m curious to know- whoever applied for this card recently, how much credit limit you got approved for, what was your TransUnion score and income?

Thanks all!!

With a November 17 possession date and first mortgage payment scheduled for December 17, if I choose the 1st of each month for recurring payments, will my first payment still come out December 17, or will it be January 1? Or would a payment come out both Dec 17 then Jan 1

I am about to have my third child.

I currently have individual RESPs for my 2 other children.

Is it best to open a third individual account or should I be looking to somehow consolidate under a family plan? Is that even a possibility at this point? Could I convert both to family plans and add the third child as a secondary on both?

I want to he able to take advantage of the grant as much as possible - and be able to strategically draw out the funding assuming at least 2/3 attend some sort of post secondary education. In a perfect world I would max the $36k grant room for all 3. Does that matter?

Currently have two charged off accounts from 2022. Have a secured card for about 2k that I currently use. Credit score is around 620. I understand that I have to wait 6-7 years for it to fall off. I want to pay them off in order to change credit rating/ raise score but Im unsure if paying will reset the 6-7 yrs timeline. Any advice/tips is appreciated.

has anyone heard if the MBNA smart cash card being retired as it has disappeared off the MBNA site and if you find a google result of the page, the apply button has disappeared.

So to make a long story as short as possible, some relatives of mine have inherited a large sum of money. They want to use some of it to help me by maxing out my TFSA. I'm 36 so That would be the full possible amount of $109000.00.

The issue is they want me to do different things with it. One wants me to open a TFSA at CIBC (where I already have a credit card) and deal with the financial advisor at the branch near me. This is what this person does and they have asked their advisor to recommend someone at the local branch I could deal with.

The other person wants me to use an advisor at IG wealth management, where they put their money, and that advisor will help me manage the TFSA.

I'm in a medium-high cost of living area making about 60k a year (pre tax) with no debt and about 6400$ in an emergency fund (and growing). I expect this windfall will be invested in various ETFs maybe some GICs and not touched until I retire in 30 years. at least that's the current plan.

I have heard that, for what I am doing, I could probably get a wealth simple account and manage my own money, which appeals, I'm not financially illiterate.. but it is also my first time having this much money and I wouldn't mind some professional guidance.

What would you do in my place (CIBC, IG, WealthSimple)? what questions should I be asking these advisors before putting my money with them? and what should I be looking out for to make sure I'm not being taken advantage of and my money is in good hands.

any feedback would be very helpful thank you!

Location: Toronto

My spouse and I are in our mid-40s with two kids (10 and 14). We last updated our wills before our youngest was born so it's time. However, we are having trouble figuring out who to name as our executor(s). Our current wills have our fathers as well as a recently deceased cousin. Obviously this isn't ideal.

When we look for people in our generation who might potentially serve as executors, we don't have any good options. We both come from small families, our siblings live overseas, and we aren't close with extended relatives like cousins. My closest friend is named as guardian of our children so we wouldn't want to burden her at that time. The only other friend who we could conceivably ask lives in Quebec and I understand it can be tricky to execute a will from a different province.

It was suggested that we find a lawyer to do our new wills and act as executor. This feels complicated and expensive.

What do people do when they don't have a close network of people in the same province?

ETA: My spouse and I have each other listed as primary executors. This would be in the case where we die at the same time or one of us predeceases the other and the will is not updated.

Hi, renewing mortgage in Jan. Mortgage broker says they can do 3.85 variable (3 year), monoline lender. Also says to go variable and the convert to fixed later if things go crazy. Is this sound advice? What kind of thjngs should I be doing to get lowest rate possible? Should I go to all these banks and cause a bidding war? Help (sorry very new to this)

https://www.wealthsimple.com/en-ca/credit-card

Anybody applied for their credit card and only found 5% cash back for 5 weeks only applies to invited customers?

On their homepage of credit card, it says “New clients get 5% cash back on everything for 5 weeks”, no comments or subtitle implying this is invitation only. I just knew this because I contacted their customer service. For your future reference

Excluding cases where I know I may need to return the item or keeping receipts for tax purposes, how long should I be hanging on to old receipts?

I've been using Home Bank for 3 years now to manage my finances. Up until now my system has been to have a small envelope for a month's worth of receipts. I also keep three months of envelopes, recycling the oldest one once a new month starts. Finally, I have a separate set of envelopes for any receipts that I may need for tax purposes, separated out by year.

However, I'm wondering if this is a bit overkill. How long do you keep your receipts?

Hi, I'm looking for Investing advice. 20M currently after all tax deductions I take home around 5k a month give or 100-200 due to OT but generally 5k always. My current monthly expenses is around 2100 thats Rent, Insurance Gas, Food , Essentials. Gas is what really makes it high spending almost 700-800 a month driving a run down 300k kms honda. Currently trying to lower my monthly expenses.

My concern,I have always been very bad with money. Never had a savings account and never really tried to save money before, also never tracked my finances before aswell.
Im trying to change that. So far all I have done is opened a TFSA with Wealthsimple and I try to put away around 25% of each pay (around 1600 per month). This past month had a couple things to fix on the car so wasn't really able to save as much, luckily I am mechanically inclined so I do my own repairs.
I would like to start investing some of my savings don't necessarily know where to start. So far TFSA is my only current savings and also my emergency.

Looking for some advice on some things I should look into and learn about that can grow my money long term.