Hello PFC,

I am in the process of purchasing my first car. I spent the last couple of weeks doing research on what to check when purchasing a used vehicle, and how to get a good financing deal. I thought I was making the right choice - going for a reliable used car (2023 Toyota Corolla hatchback with 22,000km on it) and saving up my money beforehand. I am trying to follow the 20/4/10 rule.

In order to minimize the amount paid in interest, I was trying to put $15,000 down (out of the total of $29,000) and finance the rest. I have a strong credit score (700s to 800s). However, the finance manager at the dealership told me that my interest rate will be high since I am financing a relatively small amount. Also all the salespeople so far have been telling me that since auto loans are open I can pay them off early at any time, but the sales manager said that in the future banks might punish me for that by charging a higher rate on my mortgage etc. She is trying to convince me to go for a 5 year loan instead.

Is there any truth to what they are saying, or is this all just a way for them to push me in a direction that will bring them a greater profit at my detriment? I told them I will give it some more thought and let them know.

Like, don't courier your bank cards to anyone. That should go without saying. If someone is saying something's going on with your account. Maybe log into your account and check first? Hang up and call your bank? Why are people still getting scammed like this? https://youtu.be/ID-rxAA-58Y?si=1rAmc3o3jkdt6vcW

I will be hosting at least one information session with my friends and families before the year runs out.

I have just two credit cards - the WS Infinite Privilege Visa (free, given my WS holdings) and the Amex Cobolt (~$175 a year). I'm finding that points dont really do much for me any more. Most of my travel is with work and so I only take maybe 1 personal vacation a year (something simple like an all inclusive or a city break to one mid range hotel) so playing the points game doesn't seem to do it for me and I think I prefer more tangible rewards like direct cash back where I can see the impact more directly. The cost of Amex has also gone up this year.

I'm thinking of converting the Amex points to Aeroplan and then closing down the card - do you think this is a good idea or is the Amex card still considered the best general spending card? For context I probably spend about $400 a month on groceries, maybe about the same on dining out, I dont drive (for gas points) or spend a ton on other higher point categories like subscriptions. I'm not sure the Amex is really worth it any more?

I’m really confused and frustrated with this whole credit limit situation, and I’m wondering if anyone else has experienced something similar.
I’ve been with CIBC since I was 18. I got my first student credit card with a $1,000 limit, no annual fee. I’ve always paid my bills on time, never missed a payment, and I don’t carry a balance. I’m now 21, and despite requesting a credit limit increase several times over the years, my limit has never changed.
About a year and a half ago, I opened an account with BMO and got the cashback credit card with a $1,500 limit. I eventually moved my banking over to BMO, and my paycheques now go directly into my BMO account. I no longer use CIBC for anything other than keeping that original credit card open.
The issue is that I’ve now graduated, have a full-time job, and earn a regular income, but my credit limits are still ridiculously low. I can’t comfortably make larger purchases on my credit cards because the limits are so restrictive. I recently had to buy a plane ticket that cost $2200 with my debit card.
I always pay on time with BMO as well, so I genuinely don’t understand what the issue is.
I recently requested a credit limit increase from BMO, and they wouldn’t approve it either. Their explanation was essentially that I haven’t been at my current job long enough

For context, my credit score is above 788
What makes this even more frustrating is that most of my friends who got credit cards around the same time I did have significantly higher limits now. I understand that everyone’s financial situation is different, but I’m trying to understand what I need to do differently.
Am I missing something? Is this just because I’m young and don’t have enough credit history or income history yet? Or is it because the credit cards have no annual fee is it’s low priority?Should I apply for a different credit card with another bank, or would that potentially hurt my credit score without solving the problem?
I’d appreciate any advice from people who’ve been in a similar situation, especially those who started with student credit cards and eventually got higher limits.
I’m just tired of having to work around such low limits when I’m doing everything I thought I was supposed to do to build good credit.

Thank you

Edit: thank you everyone for your suggestions. I’ll definitely look into them.
And also just a side note, my credit utilization is usually between 30 -35 %. My credit limit is usually a problem when I want to make huge purchases.

Thanks again!!

Hey everyone!

I'm newish at this so my apologies if there's any stupid questions or comments. I'm looking for advice on optimizing our credit cards to maximize cashback and Aeroplan points

We currently have a CIBC Costco Mastercard (3% cashback on restaurants and Costco gas, 2% on Costco.ca purchases and other gas stations, and 1% on everything else), and a TD Cash Back Visa (1% cashback on groceries, gas, recurring bills etc. and 0.5% on everything else). I have this card mainly because my chequing account is with TD. I'll be switching to a better cashback credit card then potentially switch to another bank once I've figure out what make the most sense.

I also work at Costco, and a large portion of our grocery spending is done there. We spend most of our money on Costco groceries, dining out, and gas since I commute a bit farther for work.

I've done some research and am considering getting the Amex Cobalt and TD Aeroplan Visa Infinite - thinking of switching over from TD visa cash back to the Aeroplan visa to take advantage of the welcome bonus and start accumulating Aeroplan points then cancel a few years later.

I'm thinking of keeping my CIBC Costco Mastercard, applying for the Amex cobalt and the TD Aeroplan Visa infinite and potentially one more card that's good for cashback?

I've heard the Rogers Mastercard, American Express Simply Cash, Wealth Simple credit card (no charge for using your credit card outside Canada), and Tangerine were also good credit cards.

What I'm wondering is - is the Amex cobalt and the td Aeroplan visa the best for Aeroplan points? What card is best for cashback? It looks like it's the Amex Simplycash but not everywhere takes Amex. How many credit cards are ideal?

Our main goals are to maximize cashback and earn Aeroplan points - I want my parents to experience a business class flight and eventually...hopefully my husband and I too :)

Thanks in advance :)

I'll be inheriting a family cottage in Quebec from my mother at some point. There almost certainly won't be any money left in her estate to pay the resulting capital gains, so I'm sure I'll be on the hook for that. I'm trying to plan ahead and save up the money for it, but I have no idea how to calculate the adjusted cost base. The cottage wasn't purchased, my dad built it himself in the 70s out of whatever cheap/free materials he could get his hands on. So how does that work?

I've recently gone through the trouble of setting up auto-pay for all my credit cards from my Wealthsimple checking account. I don't need to remember paying each of them every month, and if I don't have the funds, the overdraft protection will give me until end of day to fund my account without paying interest.

I wanted to share the steps for the lenders I use, in case it can help others:

• Amex : Easiest of all, just fill the form on their website (Payments > Manage Pre-Authorized Payment). However, they will charge the chosen amount (minimum amount of full balance) regardless of any manual payment before the due date. Consider this if you want to pay early to get some credit back.
• CIBC : Mostly easy. It can be done online (Manage my card > Manage Auto Pay), but Wealthsimple isn't in the list of institutions. You have to either modify the request before it's sent to the server and manually set the institution number to 703, or call them to do it for you.
• Desjardins : It has to be done on the phone, but they were very helpful. They did ask multiple times if the institution number was really 703 because it wasn't on their list, but eventually they were able to set it up anyway.
• RBC : Using the in-app chat, they said it's impossible and I have to setup a bill payment from Wealthsimple. When I called them, the agent initially said it was impossible, but when I insisted twice and asked for a written proof that they don't offer it, he changed his mind and was able to set it up.
• Scotia : On their website, it says you must visit a Scotiabank branch to set it up (link). Using the in-app chat, they confirmed it cannot be done using the chat or on the phone, and I really have to visit a branch to "sign some documents". When I went in-person, the employee initially told me to use bill payments from Wealthsimple. When I insisted, he said he doesn't know how to do it, and the counselors don't know either, so I should come back the day after when his supervisor is available. I went the next day, and the supervisor told me the same thing : I have to use bill payments, they only support auto-pay from Scotia checking accounts. But when I showed the website, she said "Oh, now I understand what you want", and they were able to set it up. They did ask me to sign a form authorizing the direct debit from my Wealthsimple account.

Edit : additional instructions from comments:

• Triangle Mastercard: easy online entry.
• MBNA: easy online entry.
• Rogers Mastercard: print off a form, manually fill it out, email it to them to be entered.
• BMO and Tangerine: will only draw autopayments from their own accounts.
• TD: by submitting a form in branch or by postal mail.

It's very frustrating how some financial institutions make it very difficult to setup something that they offer and are completely able to do. It feels like they even train their employees to say that it's impossible unless a customer really insists. It's like they're all competing to offer the worst customer experience thinking we don't have a choice and will stay with them. I might be dreaming, but I hope that with Wealthsimple bringing some serious competition, some of them will think about how good customer service can be a long-term strategy to keep clients.

Anyway, this was my half guide, half rant about the state of our banking sector, I hope you enjoy!

I've tried to look up recent posts but I feel like they mostly focus on the benefits for families, whereas I'm a big of a different situation.

I've had a WestJet RBC card for over a decade but with their constant drop in quality and rise in qualifying spend and with my travel being mostly international for work, I'm ditching WestJet.

What would be the best credit card for someone making $140k+ but with no kids and an EV (low grocery/gas bill).

I used to get around $1000+ a year in WestJet dollars but I've not really flown WestJet the last few trips because their prices were uncompetitive or they didn't fly where I was going.

I've got $50,000+ in qualifying spend each year on my card, but it's rarely ever groceries or gas. This is mostly reimbursed stuff for work and general day to day nonsense like parts/materials to hobby restore vintage sports cars.

Hi, I’ve been reading through some of the posts here about parental leave/maternity leave. I’m confused by the rules on the federal site. Hoping someone can help me out. Husband and I both work full time.

-I am due in Feb, I was planning on taking six weeks of maternity leave only. Then I’ll return back to work.
-My husband was going to do a year of parental leave. So returning back to work in Feb 2028.

Questions - Can we both be off at the same time, or would his leave start after my maternity six weeks is up? And is he allowed to take a full 52 weeks off? I’m seeing cases of 40 weeks only, and it’s confusing.

Thanks very much for your help.

EDIT: Thanks everyone for the kind advice on taking more than six weeks off. Your perspectives are making me think about extending that for sure!

Hello all,

I am in BC dealing with ~$10k in debt. I am still a student. I was very stupid and let my mom have my credit card when she was struggling because she promised to pay it back. Long story short I now have 10k in debt that has been sent to MJR and they have been nonstop calling me.

I finally answered today and they were pretty aggressive with me and told me a good option would be to take out a loan with one of their associate companies called LM (i can’t remember well). I told them I would like anything they suggest to me to be sent in writing and they got even more aggressive and rude to me, they were asking me why I haven’t made any payments if my credit score is good and other credit cards are in good standing etc.

The agent I was talking to escalated to a manager who once again tried to sell me on getting a loan which would be paid in less than an hour and I told him again that I want everything in writing. He asked if he could refer me to their partner company and I said no. He then told me okay your account will be getting escalated and hung up on me.

I regret even answering their call in the first place. Now I’m extremely anxious and scared for the future. So far they haven’t mentioned anything about pursuing this in court. I have made an appointment with an LIT.

What are the best options for me? I have seen people say just leave it for 2 years…

I’m currently holding a TD Aeroplan Visa Infinite which I’ve had since June 2025. Looking to apply for the TD Aeroplan Visa Infinite Privilege but had a couple questions:

1. Any issues with holding both cards? I booked some flights for next Feb on the VI so need to keep it for insurance.
   
   1. Will I be eligible for the VIP signup bonus?

I know I can apply for the CIBC version of the VIP but bank with TD.

Thanks in advance.

Trying to get a self-directed RDSP set up for my child and would really like to avoid the big 5 banks if possible.

The self-directed RDSP options for kids (where a parent/ primary caregiver is the designated holder, and the child is the beneficiary) seem very limited. Justwealth looks promising but I have to research that one a little more and would love to hear from someone who's used them.

Because of unused grant entitlements going back to 2016, I have a short timeline to get the RDSP paperwork to the feds for approval. Accuracy is extremely important to timing, and given some recent experiences with the big banks, I've kind of lost confidence in their ability to get this done on accurately and on time.

Would love to hear from anyone who has used Justwealth to open an RDSP for a child, or if there's another provider offering self-directed RDSPs for minors.

Thanks!

I have question in regard to the transfer of FSHA funds.

Currently I have a potential move to the UK and my understanding is that capital gains, interest and dividends recognized in the FSHA are taxable per the HMRS; while certain ETFs held in RRSP are not taxable per tax treaty law. As such I am considering whether it may be worth it to transfer my funds to an RRSP as I have contributed to every year since it has was introduced.

However, I am uncertain if I will stay in the UK and may be return to Canada. My question is if I make this transfer of a FSHA funds to the RRSP would I be permanently unable to reopen a FSHA? I find it unclear what would happen though I still theoretically have another $8,000 in the lifetime contribution limit in the next taxation year and it would suck to permanently lose that.

FTHB here. I have a home closing coming up in 3rd week of January 2027. My downpayment is currently in TFSA and FHSA both of which are with RBC Investease. I’m skeptical on the timeline of the withdrawal, whether I should withdraw the funds in November 2026 or wait until first week of January 2027, as I’ll be out of the country for 3-4 weeks in December 2026. Anyone who has withdrawn funds from FHSA with RBC Investease before, how long did it take for the funds to get deposited into your account ?

I’ve been dealing with unemployment for about a year and a half now. Because of that my already bad financial situation turned worse and all my various debt went to collections.

I was recently approved for the DTC and 10 years of back payments. (Ive already opened an rdsp too) I’m currently waiting for the back payments to be processed (hopefully before the end of the year) I’m am expecting $15,000-$20,000 in back pay.

I want to use this money to help get a chunk of my debt out of collections to not only to clear it but improve my basically 0 credit score.

I know I owe the debts but I also know that most of the collectors may accept a settlement vs never getting anything.

So my question is how do I prioritize what debts to pay and how do I go about negotiating a settlement to pay a smaller amount than the owing debt but have it marked as paid? Like how do I approach the conversation/what do I ask? Is there a difference between paid in full and a settlement?

Do we reach a verbal agreement and then have them email or mail written agreement before I make the payment? To ensure they cant change the terms?

How long after clearing the debts will it take for my credit score to start improving? Its low 400s right now.

My approx debts owing, not including government student loans. Everything except TD is with a collections agency

TD Visa
$8000 - account is marked as “open” (still held at TD, but they didnt renew the card/cancelled it due to my poor external score even though payments were being made monthly)

Captial One
$1400

Pc mastercard
$3700

Rogers
$2000

Canadian tire
$1000

Easy financial
$12000

Teppermans
$11000
Not sure why this one is $11000. The items and original loans were only for no more than $3500. Maybe its interest? Idk

Any one lock in a good rate recently for 3 year fixed?

Hey all,

My insurance bundle is up for renewal for my 2 autos and home in a little over a month and I'm tired of the price slowly creeping up. I used to switch between companies based on what was cheaper but never used a broker before.

When people say to look into brokers, are they referring to actual agents like mortgage brokers or online brokers like rate aggregators like rates.ca? If so, any recommendations for one that is easy to deal with and genuinely gives good rates? Or should I stick to just those online tools that look at every provider?

I always get this error. I can use Apple Pay at a vendor in person though?

It always says “not enabled for payments on the web”

I thought I would be smart and save Tax returns on a drive but have discovered that went kaput. Will the CRA be able to provide copies of T776 Statement of Real Estate rentals for the period 2003 - 12? I looked on My CRA and didn't see that information available. I would like to know the amounts claimed thoughout those years CCA and would like to sell the property soon but want to know how much the recapture will be.

I guess I really only need to know what the original balance was for the UCC and then deduct the balance showing now so I will be able to know how much the recapture will be, but don't have the numbers for that either.

Voila ma situation . Je n'avais jamais eu de credit jusqu'a il y a environ 3 ans . Jai commencer avec des chose comme sezzle et Borrowel rent advantage qui ont beaucoup aider ma cote mais qu'avec equifax . Depuis 11mois jai une nouvelle voiture et jai ete approuvé rapidement . Aujourdui mon equifax a une cote de 796 mais mon transunion est a 678 et ne semble pas vouloir monter plus haut pour le moment mais je n'ai que mon prêt auto dessus .

Je suis sur la CNESST a vie donc je suis payé jusqu'a mes 67ans 27k par année, cest pas extreme mais bon jai eu un accident et je ne peux plus travailler .

Jaimerais avoir une carte de credit pour ameliorer mon score avec mon transunion aussi car je ne crois pas que seulement qu'un pret auto va la faire monter tant que ca .

Je sait qu'il y a exemple capital one mais j'aimerais eviter d'avoir a donner un depot de securité de 500$ ou dequoi du genre.

Je suis avec tangerine pour mon compte de banque mais jai vu beaucoup de commentaire negatif sur ceux qui reussissent a avoir une carte vs des gens qui sont refusé .que c'etait tres aléatoire comme selection 🤷🏻‍♂️🤷🏻‍♂️

Pensez vous que je vais etre refusé avec un equifax de 796 et un transunion de 678 ?

Je n'ai pas de paiement en retard , jai que mon auto a payé .

Je ne veux pas une carte de 10000$ non plus 😅

Jai besoin de conseil .

Hi there, I have a 4 month internship starting in January and plan on opening an RBC cross border account since I’m already with them with no plans of returning to the US. I’m currently fully allocated into XEQT and was wondering whether I should be converting my usd to cad to reinvest in Wealthsimple, or if there’s a better way to invest it to avoid fees and utilize the US currency.

Any experience/help would be appreciated.

Hi, I used my RBC WestJet credit card to pay for a flight on Expedia 6 months ago but since then I have switched my credit card to a no fee one since I didn’t find value with the card. Due to plan changes, I had to cancel part of my trip. The refund is going to back onto the original form of payment. With the card switch, my card number has also changed. Will the refund still show up on this card or will it be stuck in limbo with RBC?

If I need to state my net income on a gov form…is that before or after I claim RRSP’s? I don’t want my income to be over a certain amount.

Thank you!

Was starting to look at places at the beginning of the year, but then unfortunately dealt with some pretty heavy personal loss and now am just feeling like getting back into it. But of course fixed rates went up a month ago, and now it looks like BoC is raising rates on Wednesday.

At this point what's the best option here? My rent is too high and I want to stop feeling like I'm wasting my money, but I don't want to lock into too high of a rate and regret it.

Any advice is appreciated.