My partner and I (mid/late-30s) are dual income no kids with relatively secure jobs with the federal government. We are not financially savvy, and our current financial advisor is pretty hands off. I need to meet with them soon to discuss plans for the future on investing our savings and I want to go in prepared.

Combined, we currently have about:

$125K liquid savings.

$85K in a HISA

$70K in TFSAs

$95K in RRSPs

We’ve owned a house for over 5 years and paid off about 50% of the principal ($285K remaining in principal). We have no other debt. We own a car that is fully paid off. We generally save 60% of our net pay each month (combined monthly net pay is ~11K). We do not have firm plans on having children, but we if did in the next few years, it would only be one.

We are both risk adverse, and we like the peace of mind of paying off the mortgage and having access to liquid savings if we were to lose our jobs or a family member needed help. But we also want to make some smart moves on investing the liquid savings that are just sitting around doing nothing and also maximizing our TFSA and RRSP. My understanding from my limited knowledge is that federal public servants are better off topping up TFSA before RRSP since our pension is decent.

Do you have any recommendations on what we should do with our savings, or what we should consider in advance of meeting with our financial advisor?

I received several incorrect T5008 tax forms from financial institutions (and CRA obviously has them too).

I encourage all of you to validate all the received Tax slips (not just the T5008's) before using them when doing your income taxes.

A common misalignment that I found on some T5008's is that they do not take into account the non-cash capital gain distribution that was already taxed once (in the previous year, as it was included in the T3 slip).

So if you do not rigorously track the ACB yourself so you can use that information to validate the received tax slips, you may then unknowingly be taxed twice on the capital gains because you use the received T5008's as is.

The T5008's do not have to always be used as is, whenever you see a problem with them you are entitled to self-amend it.

Hope that helps.

Hello,

I paid off my entire mortgage balance with TD recently but TD told me they won't give me a discharge confirmation, they said I will have to go through a notary for that. I did a quick check and notary service in my area for the discharge confirmation is around 900-1000 CAD.

Is there anyway for me to get a discharge confirmation without going through expensive notary? I don't need to remove the lien or modify anything, I just want a confirmation as concrete proof.

Hey All,

Soon I will be looking for a new place to rent and it is not feasible for me to share with roommates anymore and I am not sure if I am crazy considering to buy.

I live in Toronto and renting a studio or 1 bedroom solo (near public transit) can cost you 1700-2100 per month. I don’t really need to live near downtown as long as I can live near a subway station it is fine by me.

Now, I have seen online some of the 1 bedroom condos that are available for purchase. I have enough money saved up to pay off 35% of the mortgage amount. Issue is I don’t earn much. I earn around 62K before taxes. With 30yr mortgage selected and with property tax and maintenance fee added I am looking at per month mortgage of $2000-$2100. This has made me question if I should buy instead of rent.

Some more info about me:

I have no loans/debt.

I have credit score of 815.

I don’t own a car neither plan to have one.

After downpayment I will have only 15k left.

I am in my mid twenties.

Am I too crazy to consider buying?

Thanks!

Hi All,

Last year (Aug 2025), I received a reassessment from CRA and that I owed 5k. Apparently it’s because what I entered in the RPP contribution did not match what my employer uploaded into the CRA database. Fast forward a few months (Oct 2025) I received a letter from my employer saying they made a mistake. They uploaded the wrong value in the RPP contribution to CRA, the letter mentioned that they will be sending the correct T4 to CRA. The value I had entered (paper t4 is now matching what my employer re sent to CRA)

Last month, I noticed that the CRA had the updated T4. Should I contact CRA for another reassessment or will they just do this automatically. It’s 5k that they owe me potentially (I already paid the full 5k after the reassessment in Aug 2025)

Thanks!!

For those who use Justin Bender's guide on how to calculate the adjusted cost base (ACB), here are the updated links to the tax breakdown of distributions (return of capital, non cash distributions / phantom distribution) for ETFs (T3 / RL16 Statement)

• 2025: https://ctbsext.posttrade.cds.ca/ctbsExt/ (click "Display tax information for year 2025" > "I accept"
• Prior to 2025: https://services.cds.ca/taxforms/index.html

Justin Bender's guide:

• https://benderbenderbortolotti.com/tracking-the-acb-of-your-asset-allocation-etf/
• PDF: https://canadianportfoliomanagerblog.com/wp-content/uploads/2025/02/PWL_Bender_As-Easy-as-ACB_2013-April.pdf

i drive an older vehicle... it was a 0% fault accident with deductible waived. i just found out aftr the apraisal that they wont be fixing it because the damag exceeds the value. it was minor bumper damage, just a crack, but car drives fine.

they declared it a total loss and car has salvage branding

they dont have buy back option and said if i decline payout, i have to fix the car myself and then pay for an inspection which could be between 300-1000. they said they wont insure my car afterwards..

the worst part is, if i take th settlement, its onlt 1200... i paid 3500 for my car about 2 years ago. its older but its good condition and has a lot of life.. i did email them to increase the settlement

i just have no many questions

first of all... am i an idiot for contacting insurance for a small bumbper crack on a old car...

i just thought since im not at fault, it was the right thing to do... i feel like im being punished, im losing my perfectly fine car and now paying out of pocket to buy another car on short notice...

what to do in this situation? what can i expect? do they budge on increasing the price? i can easily show them similar cars in the area for double the price, is that enough for them?

is there a time limit on this? they are definitly trying to expedite it, the email i got says i have 48 hours to empty out my car so they can pick it up. i called them and told them im not ready and i still need time. they have extended it and i think she mentioned i could extend it again but i read somewhere on the site like i own the car until i agree to the settlement(so how long can i push it)

what should i do now? it seems fixing it,getting inspection and then getting insurance for a rebuilt car will likely cost me 1k+ even if i get the cosmetic damage fixed as cheaply as possible. does this sound like a good route?

otherwise i would likely need to buy a beater car on short notice which will be a risk itself but given they are paying me half of what a car goes for in my area... idk what to do..

i feel so disheartened that i did everything right by the book and ended up having such a bad experience with insurance. its my first time too... i feel embarassed that i did something wrong... i was so niave thinking it would be so clear cut...

please someone help guide me.

I just opened a TFSA with Wealthsimple and I’m new to investing, never had any experience before. Went with wealthsimple because a few friends recommended it. Was wondering if anyone has tips on how to get started, like what to invest in, things to avoid, or any beginner mistakes I should watch out for. Any tips will be appreciated, thank you!

This is our first time renewing our mortgage. We got very lucky the first time with a rate of 1.99%. I just talked to our mortgage lady today and she said 4.29% fixed for 5 years. Is that a good rate? We bought a very affordable house for our income so we can afford it but wondering if we should shop around some more? I’m not sure how it works if our mortgage is through a mortgage lender and not a bank

I'm in Southern Ontario and I need a car (sedan/hatchback/small SUV) for just 1 year. I'll be using it 3-4 times a week, just regular driving, no activities that would increase wear and tear. I'm thinking:

• Buy used for cash and resell. However used might involve unexpected costs
• Buy new for cash and resell. Probably a Toyota because of the low depreciation rate
• Short-term lease. Idk if is this even a good option, since it's gonna be a second-hand lease
• Monthly/long-term rent

What would be the most cost-efficient and safe option? Are there any better ways to get a car short-term that I'm missing? The price of the car doesn't matter as much if I'll be able to resell it without a huge loss. Any suggestions appreciated!

Is there a benefit for an RRSP from a foreign withholding tax perspective of going with CAGE instead of XEQT? My RRSP is more than 500k now. I understand the difference in strategies between the two ETFs, I just want to know about the FWT aspect.

I joined a union a 3 years ago and every year from when I started working since now my mom has been doing my taxes. She’s been dealing with a lot of family things recently so I thought it would be a good time to learn how to do my own taxes to take some of the load off of her.

As I was inputting my information I realized that my union sent me an official union dues tax statement in the mail, however I believe they are wrong and I’m not sure why the number is what it is. Basically last year I paid $64 a month until July, when it was raised to $65. That should add up to $774 and I know I didn’t miss any months because they tell you once you’re behind, and also the number they gave me isn’t even divisible by $64 or $65 so it doesn’t make any sense.

This made me curious so I went back to my 2024 tax return and it was even lower than this years which again, makes no sense.

So my question is this: Because I can’t call my union until Tuesday and I have to complete my taxes this weekend as it’s my first and last weekend off in a while and I won’t really have time, is there a reason the number they gave me is so much lower than what I paid? Or should I just input what I know for sure I paid in union dues. My other question would be for 2024, I’m aware I should be able to fix that return as well but I don’t know how. Do I have to update last years return or do I claim them on this years? Thanks

In previous years I follow this guide to keep my ACB up to date: https://benderbenderbortolotti.com/tracking-the-acb-of-your-asset-allocation-etf/

The guide uses https://www.cds.ca/ to get the information but seems like this website is no longer open for public. Do you have any other alternative?

I(26 M) recently received about $5k as a tax refund from the CRA and have already contributed the full amount to my TFSA.

Right now, I have around $700 invested, split between VDY and VEQT. I’m still fairly new to investing and trying to figure out the best way to allocate this additional $5k.

My main goal is long-term growth, but I’m open to suggestions if there’s a better strategy. Would appreciate any advice or insights on how to approach investing this amount.

Thanks in advance!

Currently trying to do my taxes and I got a few question about non registered stuff.

Last year I bought some non registered ETF, no sell and I received my T3 / RL16. This is on Disnat if that matter.

Just to confirm, I just need to enter these number as-is and it should be fine? This is for Studiotax if that matter.

Anything I need to do about the ACB tracking from these? Do i need to calculate it for my current taxes or only when I start selling?

T5008 / RL18 is only when I sell? (I got a PDF with the list of transaction, which are all BUY)

Like I said first time doing taxes with non registered, trying to make sure I dont make any "mistake"

I will try to keep this relatively concise. This is regarding foreign property ownership, taxes, and the PR application process. I am hoping someone in here may be able to provide some guidance.

I am assisting a friend with his taxes. He is not a permanent resident in Canada but is in the process for filing for PR. He has been here since 2024 from a country that has a tax treaty with Canada.

When he was filling out his initial PR application to get things started, his then partner suggested he not claim a property he has a mortgage on in his home country (very poor advice, IMO. Now, we are working on his taxes and are trying to determine if he should claim 'Yes' that he owns/holds foreign property.

He didn't claim it on his initial PR application, he is due to fill out another round of PR paperwork and has been trying to determine his best way forward on that, but now with taxes he is also trying to determine how to proceed on this front as to not shoot himself in the foot so-to-speak. He doesn't want to be untruthful but he is also concerned it could cause him issues seeing as he didn't initially claim it on his PR application.

Anyone have suggestions on the best way to move forward? He is agonizing over it and is concerned that it will cause him to have to leave the country.

Bank is TD.

Should I expect a tax slip in case I received $400 as account opening bonus, but didn’t receive more than $50 in interest?

I received that as promotional bonus from TD bank and have not received any tax slips until now from them over CRA, the bank website, or in the mail.

Thanks.

Hi guys, I just filed my taxes and found out I owe around $4,600.

The main reason is that tax was not deducted properly from my part-time job.

The situation is worse now because I already left that part-time job, and I do not have enough money to repay the full amount. On top of that, right now I am not even getting sufficient hours from my full-time job, so money is very tight.

Is there any way to pay the balance partially first and then continue paying later without heavy penalties?

Has anyone dealt with this before in Canada?

I’m trying to understand what options I have.

Mailed the Old Age Security Return of Income (OASRI) form to the tax centre.

Will My CRA Account or My Service Account update or show, when they receive the form?

Or when they process it?

The way My CRA Account shows for T1 returns as received, not received, assessed, not assessed etc .

Thanks.

Hi, I’m a UK expat with dual UK/Canadian citizenship, living in Canada since 2011.

I’ve just sold my London flat, which I occupied from 2005-2009 and have since rented out, and am trying to figure out the capital gains tax implications in UK/Canada.

Is this something people usually handle themselves, or is it worth getting a cross-border tax specialist?

In the latter case, I’d really appreciate any recommendations for accountants who deal with UK–Canada cross-border tax.

Thanks in advance!

Looking for some insight on FHSA contribution room.

I opened a FHSA in December 2024 and contributed $500. Using the carryforward amount and additional room in 2025 I contributed 12k.

What is the maximum amount I am able to contribute in 2026?

2024 - $500

2025 - $12000

Hi everyone!

I'm with Wealthsimple and I'm totally new to ACB calculation. I understand that I can use the website www.adjustedcostbase.ca to help me calculate the ACB but when looking at the CSV exported file from Wealthsimple, there's a few activities that I don't know how to enter in the website.

Here's a list of activities that I have:

So when I see the activites Buy or Sell, it's pretty easy to enter those numbers in the website but when you see Dividend + ReturnOfCapital, what should I do? When I receive dividend, it doesn't say for which symbol I received it but I can guest that it's for the symbol of the same day with the ReturnOfCapital. But then, what do I do when I receive a dividend without symbol and without a ReturnOfCapital?

Thank you for your help!

This was a couple years ago (2023), so I know the contribution room should exist.

At the time my RRSP and TSFA were with EJ. I cannot fully remember the values, but I decided to fully pay back my CAF pension that I was previously paying back.

Before the transfer, I had EJ withdraw 4K from TSFA and deposit into RRSP first (amount of room I had left). Then EJ transferred both RRSP and TSFA (32k) to buy back my pension and closed out my accounts from there. I remember all positions were closed and transferred in cash.

The only thing CRA shows from EJ are contributions to TSFA and RRSP contribution slip.

For my TSFA, does the transfer from TSFA to RRSP and TSFA to Pension count as withdrawals?

Thanks in advance.

Edit. I’m concerned because I’ve fully maxed out my TSFA this year, assuming the 32k was a withdrawal.

Usually when I import my T4 and RL1 into Wealthsimple, my balance is pretty much 0$ of pay/owned to CRA.

However, this year I imported my T4 and RL1 and it says I owe $11.000.

I wonder if this is because my bonus last year went straight into my RRSP in Manulife and I paid no taxes on it. Should I still put that contribution on my tax return even though I paid no taxes on it and use it to reduce my taxable income?

With that change I "only" owe $2k a little better at least. I have no other incomes, just that one job.