Canadian Financial Advice Hub

Pass the mortgage stress test

You must qualify at your contract rate + 2% or 5.25%, whichever is higher.

Save 20% down to avoid CMHC insurance

Below 20% down, mortgage default insurance adds up to 4% to your loan.

Use the FHSA for your first home

Save $8,000/year (lifetime $40,000) tax-deductible AND withdraw tax-free.

The Home Buyers' Plan lets you borrow from your RRSP

Withdraw up to $60,000 tax-free for a first home — repay over 15 years.

Max your RRSP to cut this year's tax bill

Contributions are deductible — 18% of earned income up to the annual limit.

Claim the Canada Workers Benefit if eligible

A refundable credit worth up to $1,500+ for lower-income workers.

File even with no income

GST/HST credit, Canada Child Benefit, and carbon rebates all require filing.

Only 50% of capital gains are taxable

Plan sales across tax years to manage which bracket the gain lands in.

TFSA room carries forward — check yours on CRA My Account

Anyone 18+ since 2009 could have $100,000+ in cumulative room.

TFSA first if you earn under ~$55,000

RRSP deductions are worth less in low brackets — tax-free TFSA growth wins.

Watch TFSA over-contribution penalties

CRA charges 1% per month on excess amounts — track your room carefully.

Low-cost index ETFs like XEQT or VGRO

All-in-one ETFs give global diversification for ~0.20% fees.

Avalanche method saves the most interest

Pay minimums everywhere, attack the highest-rate debt first.

Canadian credit card rates average 20%+

A low-rate card or line of credit at 9-12% can halve your interest.

A HELOC can consolidate high-interest debt

Secured rates are far lower — but only if you stop re-borrowing.

Check your credit report free via Equifax & TransUnion

Errors are common and can cost you on every borrowing rate.

Take the full employer RRSP match

It's an instant 100% return — always contribute enough to get it all.

Delaying CPP to 70 boosts it by 42%

Each year past 65 adds 8.4% to your CPP payment permanently.

Watch the OAS clawback threshold

Income above ~$91,000 reduces Old Age Security by 15 cents per dollar.

RRSP converts to a RRIF by age 71

Plan withdrawals early to smooth taxes across retirement years.

Build 3-6 months of essential expenses

Keep it in a high-interest savings account — several pay 3-4%+.

Use the 50/30/20 rule as a starting point

50% needs, 30% wants, 20% savings and debt repayment.

Grocery costs are up — plan and price-match

Flyer apps and loyalty points can cut a Canadian grocery bill by 20%+.

Audit subscriptions and bank fees quarterly

Switching to a no-fee chequing account alone saves $200+/year.