c/canadian-finance-chat

First RRSP auto withdrawal hit my account on the same day as my car insurance

Back in 2019 I set up a monthly RRSP pull for $150 on the 3rd, but my ICBC payment also lands on the 3rd, so last February in Vancouver I woke up to an overdraft fee of $38 plus a declined coffee purchase at the corner shop. I panicked, called my bank, and moved the RRSP date to the 15th, then set a reminder on my phone to check both dates before signing anything new. Has anyone else had two big bills crash into each other like that and what did you do to fix the overlap without losing sleep?

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emmaclark•3d ago

My remote work tax surprise after moving to Nova Scotia

I moved from Toronto to Halifax for a remote job in March, and thought my taxes would be simple since my employer is still based in Ontario. Last week I filed my provincial return and found out I owe over $1,100 because of how Nova Scotia's brackets work on top of my federal amount. Nobody at my new company mentioned that my tax code needed to change, so my payroll deductions were all wrong for the last 9 months. I spent two evenings digging through the CRA's website and realized I should have filed a T1213 to reduce the withholding mess. It feels like a rookie mistake, but I know plenty of people move provinces for remote work these days. Has anyone else gotten caught by this kind of cross-province tax issue, or does your employer usually handle it? I'm just wondering if I should push my HR to update things or if this is always on the employee to figure out.

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cole_baker•3d ago

The TFSA catch-up rule is easier to miss than people think

I kept reading about contribution limits and assumed my unused room from past years just disappeared. Turns out the CRA tracks it automatically and you can see your exact number on My Account, mine was over $12,000 as of last March. A buddy in Calgary lost a year of growth because he never checked and maxed out his RRSP instead. Did anyone else find this confusing when they first started investing, or was I just slow to catch on?

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jana309•5d ago

Tripped over my RRSP contribution at the last minute and it worked out

I was at my desk in Toronto on March 1st, 11pm, just about to close my browser when I realized I hadn't put $2000 into my RRSP for the tax break. I scrambled through Wealthsimple's app on my phone while my cat sat on the keyboard, managed to get the transfer done at 11:47pm. Anyone else cut it that close or am I the only procrastinator here?

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keith900•5d ago

The accountant who made me quit spreadsheets cold turkey

Last fall I was stuck on a client's mess, 40 tabs open, formulas breaking left and right. This old accountant at a coffee shop on Yonge St saw my screen and laughed. He said 'you're not tracking money, you're fighting Excel.' Then he showed me his one-page ledger, pencil and paper. Handed it over, walked me through his system in 10 minutes. I switched that week, and my tax prep time dropped from 6 months of stress to 3 days. Anyone else ditch software for something simpler and never looked back?

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michaeld48•8d ago

The $47 annual fee on my old MasterCard finally pushed me over the edge

So last month I was going through my statements and noticed I've been paying $47 a year on this card I've had since like 2015. It was fine when I was using it for points but now my other card gives me cash back and no fee. Called them up to ask about waiving it, they said no unless I spend more. Told them I'd cancel and they didn't even try to keep me. Cancelled it right there. Has anyone else had banks just let you walk like that? I thought they'd at least offer something.

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betty_kelly9•8d ago

Comparing TD's app to my local credit union app was a shocker

I been with TD for like 8 years and always assumed their app was top notch. Then my buddy at work kept bragging about his credit union app so I finally downloaded mine to check the difference. TD app takes 3 tries to load my balance and hides the e-transfer button behind two menus. The credit union app shows everything on one screen and my buddy paid me back in like 10 seconds flat. Switched my everyday account over last month and honestly the only thing I miss is the branch at Yonge and Bloor. Has anyone else made the jump from a big bank to a credit union just because of the app? What did you give up besides the fancy logo?

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lilya76•9d ago

TIL I was calculating RRSP contributions wrong for 6 years

Honestly, I thought I was maxing out my RRSP every year until my accountant in Calgary pointed out my contribution limit was way higher than I thought. I kept using my tax refund as the baseline instead of my earned income, so I was leaving like $4,000 on the table each year. What tipped me off was seeing my Notice of Assessment after I switched jobs and the unused room just sitting there. Has anyone else made this mistake with their own limit numbers?

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wade871•15d ago

The TD branch manager's comment at Queen and Bay changed my whole RRSP plan

I was at the TD on Queen and Bay in Toronto last month to transfer money and the manager said 'you're losing 4% a year with that mutual fund, just buy the index'. I laughed it off but ran the numbers after, he was right, my fees were killing me for 12 years. Anyone else get better advice from a random bank manager than their financial advisor?

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kelly638•19d ago

Beware those instant e-transfer 'loan' apps, I got burned for $350

Signed up for one of those cash advance apps last month in Toronto, thought it was a quick fix, but the fees and hidden interest stacked to $350 by the time I paid it back. Has anyone else dealt with these predatory apps or found a legit alternative for small gaps?

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joel884•20d ago

The $7 withdrawal receipt that caught a double charge at a gas pump in Saskatoon

Stopped for fuel on the way out of Saskatoon last Tuesday. Pump showed $54.20, but my bank app pinged $108.40 the next morning. Called the card company, they said it was a pending hold. I waited 4 days, still there. So I went back to the same pump, printed a $0.00 receipt just to see the terminal ID, and handed that to the fraud line. They reversed it in 20 minutes. Anyone else had a hold that stuck around way longer than it should? Try grabbing a receipt from the exact pump, even if you don't buy anything.

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laura_schmidt82•20d ago

The EQ Bank vs. Tangerine rate chase finally ended for me

I spent 4 months bouncing my emergency fund between promo rates in Toronto, then just parked it at EQ for the flat 2.5% and stopped checking every week. Has anyone else just given up on the teaser rate game and gone boring?

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milam48•20d ago

The teller at TD in Moncton who spotted a mistake in my RRSP transfer

Last month I was moving my RRSP from one bank to another, nothing crazy, just a simple transfer. I sat down with this teller, young guy, maybe 22, at the TD branch on Main Street in Moncton. He looks at my paperwork and goes "uh, this form says you're taking out a loan, not transferring. If you sign this, you'll get hit with a 30% withholding tax." I nearly signed it too, I was in a hurry because my break was ending. He caught it, fixed the form, and saved me about $4,800 in taxes on a $16,000 transfer. I've been driving trucks for 20 years, I've seen some paperwork messes, but a bank teller? That was a first. Have any of you ever had a bank employee catch a costly mistake that would've wrecked your whole month?

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taylor.reese•23d ago

The TD branch teller changed my mind about ETFs

I always thought ETFs were just for rich people with fancy brokers, but last week I overheard a teller at the TD on Yonge and Eglinton explain to a retiree how a simple VGRO setup beats the mutual fund they were paying 2% on. She showed the fee difference on a $50,000 account, worked out to like $700 a year saved. That math finally clicked for me, so I moved my RRSP over and set up a monthly buy. Has anyone else switched from mutual funds to ETFs after a random conversation like that?

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vera_lewis2•23d ago

Paid $220 upfront for a tax filing service that ghosted me in March

Had a guy in Scarborough promise to e-file my small business return and take care of a CRA notice I got in February. Sent him the $220 via e-transfer, dropped off my receipts at his office, then he stopped answering calls and texts after two weeks. The CRA notice deadline came and went, and I ended up paying late penalties I could have avoided if I'd just sat down with the online software like usual. Anyone else get burned by a preparer who disappeared mid-season, or do you have a way to verify these folks before handing over cash?

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vera_robinson36•23d ago

Used to write every cheque by hand, now I can't remember the last time I did

Back in 2013 I'd sit down every Sunday with my chequebook and pay rent, hydro, all of it. Now I just tap my phone and the money's gone before I even blink, and honestly I kind of miss the ritual of seeing the balance drop on paper. Anyone else feel like they've got less control over their money since everything went automatic?

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hugoj12•23d ago

Old school paper budget vs. tracking every cent in an app, which one actually sticks for you?

I tracked everything in a spreadsheet for 4 years in Toronto and never lasted past February, but since switching to a simple envelope system in June I've actually kept to my grocery budget of $400 a month, so is it the method or just the change that makes people stay consistent?

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ryan_barnes•24d ago

Appreciation post: that time my e-transfer went to the wrong person and bounced back 3 days later

It was last February, freezing cold in Ottawa, and I was trying to send my landlord $1,100 for rent through my bank app. I typed the email wrong, one letter off, and hit send without double checking because I was rushing to get to work. The money left my account, I got a confirmation, and I thought everything was fine. Then on the 3rd day, the tenant in the next building over got a notification about a deposit they didn't expect, and they actually rejected it and sent it back. My landlord was texting me asking where the payment was, and I felt like a total idiot explaining the whole mess. I re-sent it right after with the exact email copied from the lease this time, and the landlord laughed saying they've seen way worse, like someone sending rent to a dead account. Has anyone else had a near miss like that, or am I the only one who screws up a 30 second transfer?

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karen_sanchez49•26d ago

Overheard a guy at Tim Hortons talking about his HELOC strategy

I was grabbing a coffee in Calgary yesterday and this dude was telling his buddy he took out a $50k HELOC to put into a GIC ladder because the spread was 'free money'. He said he'd done it twice and it paid for his kids' hockey. Is that actually a thing people do, or was he just blowing smoke?

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michaeltorres•27d ago

Hit 40k in my RRSP last week and it felt weirdly small

I've been putting $300 a month into my RRSP for about 6 years, plus a lump sum from a side gig last spring. When the balance finally crossed $40k on the app, I expected some kind of rush but instead I just thought about how far behind that actually puts me for retirement. Anyone else hit a number milestone and feel more pressure than excitement?

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the_linda•28d ago

Warning: The TFSA overcontribution fix took me 6 calls to CRA

I went $1,200 over my TFSA limit in March because I forgot about a transfer from my old bank that took 3 weeks to post. Called the CRA and got bounced between the general line and the TFSA department four times before someone could even explain the form. They wanted me to send a letter with a certified cheque for the 1% monthly penalty, but then the form they linked on the website was the 2022 version. It took 6 calls, 2 emails, and a fax (who faxes in 2025?) to get a clear answer on whether I needed to file the RC243 or just write to my tax centre. Has anyone else dealt with this penalty mess, and did you find a faster way to sort it out with the CRA?

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corablack•28d ago

Wealthsimple vs. my old bank, one transfer fee changed my mind forever

I finally moved my TFSA from RBC to Wealthsimple last month after 3 years of saying I would. RBC hit me with a $75 transfer fee that Wealthsimple reimbursed within a week, no questions asked. The app alone makes me feel way more in control of my portfolio, but honestly it was the fee thing that sold me. Anyone else switch and get stuck with some random charge from their old bank?

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charlescraig•28d ago

My uncle's RRSP comment at Thanksgiving made me look at my own plan

We were sitting around after dinner in Calgary and he asked what I was doing with my savings. I said I was just dumping cash into a TFSA. He told me he's been putting 300 bucks a month into his RRSP since 1998 and it's now over 180 grand. Hit me that I never bothered to check if my TFSA route was actually better for my tax bracket. Anyone else ignore the RRSP vs TFSA math until someone older called it out?

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hollyl25•29d ago

The $2,100 prepaid card I loaded for a contractor upfront totally backfired on me in Hamilton

I paid a basement waterproofing crew half the job cost before they even started, and then they went silent for 3 weeks after one day of work. The card was non-refundable through my bank, so I had to chase them through small claims and still only got half back. Anyone else ever hand over prepayment for home repairs and get burned, or do you always hold back till the final inspection?

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miles_hall•29d ago

The CRA call wait music made me look up a stat and now I'm spiraling

Sat on hold for 47 minutes last Tuesday and during some elevator jazz I googled how much time Canadians spend on hold with the CRA each year, turns out it's over 2 million hours combined. That number hit me harder than any tax bill I've ever opened, like we're literally burning lifetimes just to ask about a reassessment. Has anyone else found a wild government stat that changed how you see the whole system?

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