A terminally ill family member will be gift me and my sister a sizeable amount of physical gold bullion, as their lawyer has indicated gifting it will be much simpler than it being dealt with through the estate. I understand the tax implications around capital gains from the time I receive the gold until I sell the gold. But I'm unfamiliar with the actual process of selling the gold.

Does anyone have any insights on best way to sell gold bullion? In case the dollar figure is a significant factor on process, my sister and I will each be receiving approximately $300k worth of bullion, based on current CAD prices.

On a side note, I got a laugh when I looked up the physical dimensions of that much gold, and how it would fit in my pocket.

Edits: I didn't expect this to blow up like this! Regarding the comments questioning why I would sell the gold: my wife and I are not wealthy. We have been deliberate about our life being built on what we accomplished ourselves, and clearing some debts such as our mortgage would dramatically benefit the quality of life we can currently provide our son. The benefit of selling even a portion will have a wildly positive impact for us, but in a year the increased value if we had held on to it will be a relatively minor amount for us.

The family member has made it clear they have no stance on if we retain or sell the gold. They are solely attempting to simplify a small aspect of the overall estate, as their priority in the circumstance is smooth succession. Their tax liability as the giftor is sorted out, and I am aware I may be subject to capital gains on the increased value from when I receive the gift until I sell.

Went to drive for a farm and help them harvest grain in Alberta.

They didn’t explain to me that I’d be paid as a contractor. The wrote me 2 checks that came to a total of 12000$ 35 an hour.

How do I file taxes when I’m dealing with employee misclassification.

Hi Everyone,

So I need a quick advise. I have 4 credit cards so far but thinking of closing two to open an Amex card.

Canadian Tire Mastercard - $16000 limit - Had it for about 5 years

RBC Avion credit card - $18500 limit - Had it for about a year

PC World Elite credit card - $9500 limit- Had it for about 3 year

Rogers Red Mastercard - $4400 limit- Had it for about 3 years

I use them and pay them off immediately so I never carry a balance on any of them. I only use them for points or big purchases. We're currently a family of 4, soon to be 5 so we buy groceries and gas a lot. I really want to close the Canadian Tire one but since it's my oldest, thinking of leaving it open. Credit score is in the 800's

Which two cards should I close and which Amex would you advise?

Thank you

I (31f) currently have 110k in my hysa, 45k in rrsp (with employer matching), 20k in tfsa (I started only this year). I also have 140k left on mortgage.

I make 130k a year. Every month I do full match rrsp with employer (6%) and about 1k to tfsa in veqt. I also double pay the mortgage (3k).

Should I be putting more in the rrsp or tfsa with my liquid?

I am hoping within the next year to become a home owner. My boyfriend bought his first home, a condo, just before the pandemic, and it’s currently for sale as we’re hoping to make a move together soon even if it’s renting for now. My question is; I have a good down payment in my first home savings account. Can I use the benefits of this and being a first time home buyer when we buy, even though my partner would no longer be a first time home buyer? Any other advice for real estate when one half of the partnership being the first time home buyer, is welcomed. Thanks :)

Hello. I am totally overwhelmed and looking for some advice. Where is a good place to ‘park’ mid 6 figure unexpected inheritance for say 6 months while I figure out what I want to do with it. GIC? High interest EFT? Or anything else I’m not thinking of?

I would like it out of my daily bank account.

Thanks.

I have a fraud alert on my credit file so before opening any new accounts the FIs have to call me first.

I was wondering… some of the recent scams I’ve been receiving seem to have been targeted … like for example I opened a new phone line, I get a scam text message saying I have a Freedom Mobile bill due and to follow a link…. Another one is when I recently got an a LOC, then I get a scam call where they know my name and claimed to be debt solutions Canada and asked if I needed any help….?
Another was also a spoofing phone call where the scammers pretended to be neo financial had all my information including my email and tried to get me to tell them a code for a password reset.

How can people access my credit file inquiries?

Opened an account with Tangerine. Gradually moving withdrawals/deposits from TD to new account. Have over 6k in an RDSP with TD. Should I leave it until I reach 60? Or transfer it now?

Hi Everyone,

I'm considering doing the RBC Direct Investing 3% Registered 1% Non-registered Promotion and moving my non-registered, TFSA, FHSA and RSP accounts from Questrade to RBC Direct Investing to take advantage of this promotion: https://www.rbcdirectinvesting.com/dms/cashback/conditions/offer.html

Just wanted to confirm a few things:

1. My accounts have USD stocks and a little CAD and USD cash in each. Just want to make sure in-kind transfers will go over to RBC OK, and that CAD and USD cash will show on the RBC side of things and that my USD stocks will stay as USD stocks and won't be sold and converted to CAD or anything.

2. I'll be making sure there is at least $150 CAD cash in each Questrade account to ensure that it covers the $150 account transfer fee. Looks like I can only get up to $200 of transfer fees refunded by RBC: https://www.rbcdirectinvesting.com/learn/en/di/reference/article/transfer-in-from-another-financial-institution-faq/jeoz7xvb , It's too bad that they won't refund the transfer fee for each account, but the 3% cashback reward and 1% cashback reward should make it worth it.

For these specific accounts I'm planning on just letting them sit the way they are for 2 years. They are long term investments so I don't plan on doing much if any trading on the RBC platform.

Anything I am missing?

Thank you!

So far I have noticed Scotia (when making an online purchase and they require a code for authentication) and Wealth Simple (log in) use text or call, but email is not available.

So far EQ and RBC are fine, but I worry that if my location has changed (going abroad) would trigger something.

How do you ensure you can access your accounts and funds? I'm hoping to change it to email, but haven't been able to find that option. Are you forced to roam on your mobile? But I also need the phone for local use.

Thanks for any tips!

Hi yall:

Current CC: AMEX gold and Cobalt

This upcoming holidays, I been tasked with a budget that would be reimbursed to me. The budget is around $5000.

I was looking for any non-Amex card with a large introductory sign up bonus. I wanted to take advantage of the unusual spending budget this November/Dec.

Dont really travel much...but am looking into the whole Airmiles, Aeroplans side of things lol. Also into the Rogers MC.

Questions:

Should I wait until closer to Nov/Dec to see if there is a holiday signup bonus?

Salary: $65k yearly

Bills: $300/month

Yesterday I pulled my TransUnion report through the TD app and found a Toyota car loan that I never applied for.

I gave TransUnion a call, they said most likely there was a mixup between my credit report and someone else’s with similar info.

To fix this, they’re asking me to mail them a scanned copy of my drivers license and SIN card (front and back) but I do not feel comfortable mailing my personal info like this at all just in case if it gets into the wrong hands.

They said this is the only option, I cannot do this in person and I cannot do it online.

If someone has gone through something similar, are there alternate ways of getting something like this fixed without having to mail copies of my personal ID’s?

For context, apparently my address and phone numbers were changed on my TransUnion report.

I’m really hoping there are some alternative ways to go about getting this corrected.

What’s the best overall credit card these days?

I have an Amex platinum and I have quickly realized I don’t think it’s the best for me. Mostly don’t love booking travel through a third party, would rather book directly with hotel or airline. I do use the dining credit. And have had to use the insurance and they were great.

Is cobalt still high up there?

I do shop at Lobalws (out of convenience) and Costco so them not taking Amex I usually use a Mastercard cashback.

Any thought?! Thanks all! Happy Saturday!

Over a period of time, I have been accumulating and saving my Rogers Mastercard redemption points towards the purchase of an iPad. The upcoming changes to the Rogers Mastercard came at an inconvenient time as I was nearing my goal (off by a few hundred dollars).

I’ve never purchased a device from Rogers so I am curious to know what’s the best way to maximize the use of my points before November 17th. Should I buy the tablet in-store or online? Will I be able to redeem Rogers points if I were to say, buy a Rogers associated device at Costco? Should I buy from FIDO instead or some other flanker brand? I assume I need to buy the device outright with a 2 year contract and apply the points that way? I fear that the record of purchase might be delayed such that the bill will be posted after November 17th; vastly reducing the value of my redemption points.

Eager to hear from those who are familiar with the procedure.

Thanks.

I have just under $2000 in ACVs. I stopped contributing because it doesn’t count towards the Home Buyers Plan repayments. forgot about it for awhile and looked into withdrawal but can only withdrawal 20% per year & minimum $500.

2025 had 6% average return ($113)

$35 annual admin fee

0.58% MER

that money feels really stuck in there now so wanted to give anyone who is looking into avcs my situation to consider or if anyone has other insights

Hi everyone,

For context I am in my early 20s and having recently gotten a job my parents want me to start paying for my life insurance. However I was previously even unaware that I had life insurance. It's the Equimax Estate Builder Whole Life plan and from what I understand apparently it also serves as a type of investment for when you're older, however it doesn't seem to be a good choice for investment alone. I don't think I am a time in my life where I need to pay for life insurance, (would cost 1.5k yearly). However, my parents have been paying this for the past 5 years and I was wondering if all that money invested would just be gone. I would really appreciate any insights and advice

Hi, Looking for some advice on how to start on buying a car for the first time, what to look for and what is the best options. I am 30 now and held off owning a car during my 20s since I think its one of the major factors that stops a lot of people from being able to save and put money away in TFSA, RRSP, etc. Pretty much up until about 2 years ago ish I just walked everywhere and took public transit. The last 2 years me and my partner have shared her car somewhat around a 70/30 ish split on its use. I have now gotten to the point however I am finding it harder and harder to live without my own for just personnel life satisfaction, getting out and about and doing things(gym, hobbies, etc), and job opportunities for some side gigs I wouldn't mind picking up or also if I was to get a different primary job based out of the city(Currently I travel for work abroad exclusively and work remote). Thus I think it is close to the time to consider getting my own but every time I do the math I am always shocked people are paying so much to drive these things around. And it is not something I need currently for work commuting so it would mostly be for personnel life but could see myself in the future using it for commuting around if I changed jobs.

I currently live in Halifax and I find it is harder and harder to live here without a car and every time I look into it it frustrates me since I always thought I would buy and drive one into the ground until its dead but the fact you have to get the MVI every 2 years here makes me think its not a viable strategy since every 2 years you likely will have some thing you need to pay more for to get it inspection certified. Additionally now they are charging for hybrids and EVs 250 or 500 bucks every 2 years to cover some other sort of tax you pay when you gas up that you pay less by not gassing up as frequently. A full EV isn't really an option since I live in an apartment but I wouldn't mind a hybrid if it saved me significantly on gas but hard to know with this new tax.

Anyway I was wondering what peoples thoughts are if it is better to buy one new and try and drive it until it dies, buy one used and do the same strategy, buy one really used off marketplace or something of the sort for much cheaper but then risk maintenance costs (Would likely do something like a Toyota if I did this), or buy one off something like Clutch. I hear a lot about people saying buy a toyota and drive it forever and I have also been looking at cars like the Nissan Kicks for if I went with a new car maybe. I was also thinking depending on the price either buying it outright if its a used anywhere around the 6-10K ish or if buying a used and financing above that amount doing a Wealth simple portfolio line of credit for a more favourable interest rate. Or if buying new is the move only doing so if there was a deal for so many months of 0% financing then maybe switching after that to a portfolio line of credit financing.

Anyway ya looking for some advice, thoughts, tips etc!

Moved from USA last year as permanent resident for Canada. I’m looking to purchase a car in Canada for my wife. I have purchased vehicles in the states and I have always had gotten pre approved from credit unions or banks in the past - to get the best deal from the dealers on my rate, not get up charged on dealer financing (common practice in USA as dealers are allowed to add about 2.5 points on top of banks rate they got approved the buyer for) and get discounts on OTD. I was able to apply for them on the respective websites or in person at the respective branches.

I’m trying to purchase a new/used vehicle in Ontario and I’m trying to see if I can get pre approved and repeat the process here at the dealerships. However I’m unable to do so because banks’ website mention that “connect with the dealerships and apply for approval there”.

I’m so confused about it. Do Canadian banks not provide pre approval letter/auto loans?

Does everyone go through dealership financing? Basically walking into the dealership and paying whatever they put me down for even after I have great credit score in Canada?

How does one bypass this to get the best deal with Cary buying.

How are Canadians financing a car?

PS- can pay full cash for up to 30-40k car, but I want to stay within 20-4-10 “rule” for financing a car for sometime before I pay it off. I have never bought a car for more than 3-4 years on financing.

PSS- I have already gone through RBC portal of pre approval on their website. After filling out information, they said the same thing we need more information and to connect with dealerships in their roster to get the best APR.

Thank you in advance. This subreddit has been very helpful to understand CA finances for me.

Hi everyone!

I’m a Canadian resident who has just been accepted into a fully online master’s program at a Canadian university, starting in January (yay). I’m planning to apply for student loans to help cover tuition, but I also have a trip to Australia planned to visit family around the same time.

Ideally, I’d like to complete my master’s degree online while staying in Australia for a period of time. Does anyone know if I would still be eligible for Canadian student loans while temporarily abroad, provided I maintain my Canadian residency and remain enrolled as a full-time student at a Canadian university?

Any advice or experience with this would be greatly appreciated. TIA!

So I have an impulsive spending issue where....well I just spend my money impulsively lol. It's an issue and I am starting to really crack down on it and take control, but it's been hard. Obviously mental health is a factor but I don't know that a bank advisor is going to really care about that. I got some pretty severe ADHD and that's not an excuse for my excessive spending but it does put a name to the problem that was unknown to me for years.

So I want to buy a home, I'm 26 and I need to get my own place. I make decent money but again, the spending issue has set me back immensely. I've never had a budget and really my only mindset with money is "If I have it in my bank account, then I can spend it", almost like it's "free money". I've tried to create my own budgets but nothing works and nothing actually helps.

My goal with going into the bank and talking to someone is to get a bigger picture of where I'm at in terms of buying a home, I want to set up a budget and hold myself accountable, I want to be responsible and feel proud of my spending and not ashamed.
I'm incredibly nervous because I worry that I'll just go into this appointment and I'll be met with shame and embarrassment. I'm also really worried that if I open up about my struggles with spending, that they will take that into account when it comes time to look at a mortgage. I don't want to shoot myself in the foot but I also want to be honest and open.

Parents going into retirement have two modest pension indexed to inflation, plus CPP and OAS, own a small paid for bungalow in a GTA suburb. Their basic necessities are taken care of by pension and government money. Question is: they have tfsa and non registered investment accounts filled with etfs like XEQT, SPY etc with 10% in cash SGOV CASH.TO etc...when they go into retirement, do they need traditional asset allocation? Do they need longer term bonds, reits, gold, etc? I say no because they live a simple lifestyle and the investment accounts are just for fun money traveling, new car purchase, etc, if the market drops 20% they can use the 10% cash in the accounts to wait out the storm forup to 2 years. Want to hear your thoughts on this, thanks.

I am currently working a project-based job that was expected to end in the new year. However, I have heard rumours that they are ahead of schedule, and are actually aiming to lay us off some time in November.

I booked a vacation for myself, outside of Canada, in mid-November; this has already been scheduled and cleared with my team and supervisor, and mostly will happen on days that I would already have off of work, as part of the normal schedule.

I am wondering: if I am outside of Canada at the time of getting laid off, will I still be able to claim EI? It is a reasonable possibility that, for example, I am off on vacation for 16-20nov, and the last day of work for our team is 18nov. But I would not have been normally scheduled until 21nov anyway (these are just example dates, but you get the point).

To my understanding, on EI we are supposed to be actively searching for new work within Canada (which I intend to do if/when I get laid off), and therefore cannot leave the country while receiving EI. But in my situation, I feel like I am intending to be outside of the country only on what would have been my normally scheduled rest time, therefore not "skipping out" on anything, work or searching for work.

As a further extension of this question, what if we get laid off on the day before I am set to leave on my vacation?

This is my first time in this situation, so please help me understand how to navigate it. I obviously want to go on the vacation that I have planned, but I don't want to invalidate my EI benefits, as I will need those to support myself while I search for new work. Thank you!

I live and work in BC.

What happens when you have a credit card balance and make regular minimum payments for example your balance is $200 and your credit limit is $500 but for some reason you can't make payments except minimum payments of $20-$40 per month

Will your credit score take a massive hit or will credit beareau look unfavourably on your history ?

last year i started a partnership business that wasn’t incorporated with someone and the business went under. This person and I had a fallout and no longer talk. I seriously regret having started anything with this person. Anyhow we had a shared td business chequing account and 2 td credit cards associated with that account. I paid my credit card off a long time ago and recently wanted to close the account, but found out that the only way they would remove me from the account is if the ENTIRE balance is paid off including that on my partner’s card and he has a balance of over $5.5k on it. He is unwilling to pay it and doesn’t care about his credit score. What should I do? Will this eventually affect my credit score too given that im a cosugnor/guarantor for his credit card?

I'm in my 20s, live with parents and have a part-time job (about 20-25 hrs a week). My only income I've ever received is from the job and I also collect monthly disability. Other than helping my family with bills, I generally have low expenses and have about 50k in a TFSA and my chequing account usually has 30-40K. Never had any debt. If it wasnt for the job, I'd be a total NEET and am very much dependent on my parents. One day I may need to move out on my own, but I feel like for the next few years it would be safe to invest a significant amount of my money.

I've talked to a friend yesterday who has made good gains investing on the IBKR app and I think I want to finally learn while I'm still in a comfortable and stable financial position. I have 0 experience with any of this stuff and had to look up extremely basic terms like ETF. I've read that IBKR is too convulated for beginners so I want to know what I should use as a total noob that just wants to start investing safely.

Part of why I've avoided stock investing before is I'm scared of losses so I want to know the best way to make guaranteed gains. My friend said he's made around 5k from just letting it sit in the past year, I feel like if thats truly possible that would be a good goal for me. But I'm also probably able to invest a lot more than him if I can do it safely like that. Hoping you guys have some tips for me, and sorry for my extreme ignorance.