Hi everyone, I’m a home daycare provider who has been paying into the self employed EI program for almost 3 years. I’m pregnant now and am doing some research on what maternity and parental leave will look like for my family. I understand that EI will pay out 55% of my net earnings from the prior tax year. However, I took out some money from an old RRSP and RPP account that has affected my net income. Is the 55% calculated based on my net self-employment income (line 27) or my net income (line 56)? Thank you. submitted by /u/pale_punk [visit reddit] [comments ..read more

hello everyone, i am 30 and live in canada for last 2.5 years. for last few days i have started to think about my future and managing my savings. so shortly, i have $40k Cad, $20k Usd here in Canada till today i have always kept that money in CIBC chequing and saving accounts. my only debt is my car payment which is $450 monthly, $26k in total. my TFSA room is $25.500. also my wife has same amount of room. but we do not have that much knowledge about what really Tfsa is, so we did not use before. lastly i have just opened a Wealthsimple acc and i enjoy the %4 interest rate in cash account. Al ..read more

Hello PFC, I’m proud to say that I have maxed out my TFSA’s and RRSP’s. My next goal is to save money for a lump sum payment on my house once my next mortgage renewal comes in. My current mortgage rate is 2.3%. My renewal is in 2 years, and I was trying to come up with the best way to hold/grow this money in the meantime. So far I see a few options: 1. CASH.TO in an unregistered account - Simple with moderate growth. Laddered GIC’s Higher rate of return, but could be complicated with contributing each pay check. HISA Lowest rate of return, but very simple. XBAL Highest rate of retur ..read more

Can you poke holes in my budget to see if I'm spreading myself too thin here (or if I'm too conservative). - 28 year old engineer at a consulting company. Wage has been increasing by ~5% year and should hopefully continue getting annual raises in the 3-5% range with inflation & experience. - Vancouver Island, BC - Gross Income: $97k/yr - Employer matching contributions to Group RRSP: 3% - Estimated income after tax and contributions: $71.5k/yr ($5,950/mo) - Downpayment: $305k ($255k my savings + $50k 10yr zero interest loan from parents) - Mortgage: $235k (if I include the $50k interest f ..read more

Me and My partner are looking to be married in the next year. We are currently living on my partners parents small farm. I have been putting a lot of work and time into upkeep and improvements to the property. The in-laws also live on the property in a mobile home. I think I want to own the property with my partner so my time and efforts are beneficial to me as well. Should we be purchasing the property from my partners parents? Alternatively I could invest what would be my half of the mortgage into personal investments. but I would rather own the property with my partner as owning a small pa ..read more

I see everywhere that housing expenses should not be more than 30% of your salary and that a house should not be more than 4 times your yearly salary income. I make 110k a year and my take home after pension deduction and all is 5000 a month. I am looking at an apartment that is 350000 and would cost me after all the expenses close 2400$ a month. I did the math on other properties around the same price and that would be the expense including all utilities. That is obviously more than thirty percent. What are your guy’s thoughts? I will be putting 130k down. I don’t have any debt and will have ..read more

Wondering if anyone know the answer to this, I just put an offer on a house with conditions of me being able to obtain financing for the house. They have accepted my offer and I have untill April 30th to get the approval for financing. My question is what happens if I don’t get that approval in time? Do I get my deposit back and my offer is now voided? Or do I loose my deposit along with the offer being voided? I submitted everything that the mortgage broker asked for as quick as possible and they said I should hear back in time but I’m very curious as to what would happen if I don’t hear bac ..read more

So I think I'm pretty good at picking up on scams but this guy got me. Sharing so others are aware. Got a call from 1-800-983-8472 -- guy sounded very legit, said he was calling from TD loss prevention and that there was suspicious activity on my account. He wanted to walk through a few transactions (some amazon charges, a flight to Dubai, etc.). I told him no, did not use the card for that. He put me on hold and said they were going to reverse the charges, and in order to do that needed to confirm some things for security purposes -- my address to start. Then he wanted to confirm the credit ..read more

I'm 55, with @ 10 years to retirement. Looking for 'I play a doctor on tv' opinions. @ 1/2M in RRSP @ 1.6M in property Getting laid off gave me a kick in the ass. Up until then I was doing RRSP matching on the company plan. It was returning 6-8% annually, which seems decent. I started a quest trade self-directed RRSP to put part of my severance in. @ 40k. I'm new to the ETF and self-directed world. What should I be investing in give my timeline? Should I move my managed RRSP's to self-directed? Other advice? submitted by /u/redcoat_pilot [visit reddit] [comments ..read more

Hi, I file my own taxes, and have a book of clients that I do basic taxes for. I am now a realtor on the side and I made around $50K in 2023. However, I have eligible business expenses for about 30K total being discounts, referrals, and things related to having the persona of a luxury realtor. I am scared if I write off 30K worth of stuff, CRA will be flagged and review my receipts. I know how long they take already (months) in order to sort through the stuff and can't handle the stress of waiting and providing so many documents to them. Has anyone on here every expensed this much making 50K ..read more