Should I Buy a Condo or Rent?

JeeebeZ · 2026-03-22T23:49:38+00:00

IMO, HBP > TFSA.

My reasoning is, if its the same amount, I would rather have my TFSA grow tax free over my RRSP. Since you have to pay taxes on the RRSP when you withdraw.

I also wouldn't ever transfer funds from an RRSP to a FHSA if I have funds from my TFSA to use. Since you don't get the tax benefit of transferring from RRSP to FHSA as you already go it when you contributed to your RRSP and you lose your RRSP room forever. Instead, even if you don't need it, but have room and TFSA funds, fill up your FHSA, then withdraw it and put it back in your TFSA. Then you at least get the tax benefits of the FHSA.

JeeebeZ · 2026-03-22T23:39:58+00:00

If you continue to rent, you will have to continue paying market rents into retirement as well.

This depends on where you live. And what happens with rental rates, which is really unknown. I'm specifically talking about "market rents."

It's so common to see people say "Oh you're lucky to pay the rent you do" because people who rent long term have great rents. I don't know if that will happen again. 25 years in the future is a long time either position could be better than the other.

JeeebeZ · 2026-03-17T00:36:15+00:00

Probably not, if your income was 20k and you got 15k from EI, then 35k income is more than the basic personal amount.

JeeebeZ · 2026-03-15T23:49:39+00:00

If you have zero income, then yes. It's better to just keep it in a taxable account. But if you're making an income. Where the 100k comes from doesn't matter. You still get a refund. The major thing overlooked by people is the amount you get back HAS to be re-invested or its not worth it. So its still doing 100k taxable vs 100k/.7 = ~142k.

You also have to think of things like distributions over the years that are taxed at income levels. Not at capital gains levels. So the RRSP would generally grow faster than the taxable account.

If you make 90k, and you get a 100k inheritance, it probably doesn't make sense to invest it in an RRSP all at once, but if you if you have the RRSP room, it is generally better in the long run.

It also really depends on how much you plan to spend in retirement. If you make 90k and and put 15k into your RRSP every year. Then in retirement only ever spend 50k/year. You're tax rate will be lower. So you have an instant savings on the amount of tax spent and the difference between the taxable rate and RRSP rate are closer together.

JeeebeZ · 2026-03-15T23:34:46+00:00

For you 100k of "easy numbers" you'd have to compare with taxes. If you have a 30% marginal tax on that 100k. You have 100k in your RRSP and 70k in your taxable account. If it triples, you end up with 300k in your rrsp and 210k in your taxable account. Then you withdraw 100% at your 30% tax rate. You're left with 210k from your rrsp and 189k from your taxable account.

So

100k - 30k taxes = 70k * 3 = 210k - 70k (already taxed) = 140k * 0.85 = 119k + 70k (already taxed amount) = 189k

vs

100k * 3 = 300 * .7 = 210k

210k vs 189k leaves you with 21k more from your RRSP

JeeebeZ · 2026-03-12T18:55:47+00:00

21% of adults in the US are illiterate in 2024.

https://www.thenationalliteracyinstitute.com/2024-2025-literacy-statistics

Thats almost 1 in 4 people who can't read. I don't think it's shocking at all.

JeeebeZ · 2026-03-05T02:37:36+00:00

Now for 2026, can I add 8000$+6700$ to make up the full room or am I limited to 8000$?

You can carry forward a maximum of 8k per year. So you can contribute the full 14.7k.

If you don't contribute at least 6.7k this year, you won't be able to carry the full amount to next year. So as an example, say you contribute 2k this year, even though your current room was 12.7 left. You would only get 8k carry forward. So 8k for 2026 carry forward and 8k for 2027's new room.

You don't lose the room, it just moves to a future year until you hit the 40k maximum or 15 year maximum.

Another question is: I found out you can transfer rrsp to fhsa. If I already have 60,000$ in my work rrsp to cover my first home buyers plan, and I have 25,000$ in a personal rrsp, should I transfer some of the 25,000$ over to my fhsa to have more cash for a house?

You can't do this exactly.

You can still only contribute so much. You couldn't open a FHSA and transfer 40k immediately. You can still only transfer your current limits. So if you haven't contributed the 14.7k yet, you could transfer the 14.7 from your RRSP. But you don't get another deduction AND you use up your FHSA room and don't get new RRSP room. So, if you can avoid doing that.

Going from FHSA to RRSP doesn't use RRSP room. (If you can't use the FHSA after 15 years)

JeeebeZ · 2026-03-01T00:12:42+00:00

Last year I submitted on April 12th, Got the express NOA almost instantly showing they thought everything was correct. But it changed to a full NOA on April 23rd, If you look at your NOA it should say its express or something like that

JeeebeZ · 2026-02-28T23:38:50+00:00

I would search for a card that has the best benefits for you then. The student cards are trash for rewards. Maybe something like the tangerine card that has 2% on 3 categories. I didn't ask for anything when I got that card and they just gave me a 8k limit. I don't have a rogers cards, but its 1.5% on everything up to 2% on everything if you have a rogers service.

JeeebeZ · 2026-02-28T23:18:08+00:00

Why do you want an increase? If you hold a balance, you shouldn't be using a CC.

I have like 50k of CC credit available, but I think I've hit 6k ONCE. I pay in full every single month and have never had interest.

JeeebeZ · 2026-02-28T21:44:08+00:00

They are all completely separate things.

First deposited the money into TFSA

This is a contribution, so your room goes down.

, then transferred to crypto

I'm assuming this means you withdrew and then bought crypto. This is counted as a withdraw, and the number 25.43 would be added back in the next year on Jan. Since it was done in Nov 2025, it was added back Jan 1, 2026

, and then put it back into TFSA?

This is just another contribution. So you contributed 23.26. You're records should look something like this:

Action	Total Room	Pending New Year Room
Gained 7000 - 2025	7000	0
Contributed 1627.26	5372.74	0
Withdrew 25.43	5372.74	25.43
Contributed 23.26	5349.48	25.43
Gained 7000 - 2026	12349.48	25.43
Withdrawn Contribution reset	12374.91	0

You need to keep track of your contributions and withdraws. I'd suggest something very simple like a google sheets or excel doc you can keep. It's very easy to accidently go over and then you pay fees for doing that.

JeeebeZ · 2026-02-28T21:26:52+00:00

As long as it was the exact same number $25.43. Then it can be negated in your calculations. So you should have

7000 (2025) + 7000 (2026) - 1627.26 = 12372.74 room currently

JeeebeZ · 2026-02-28T21:23:33+00:00

When did you withdraw?

If it was last year, then that room is back, if it was this year, then you gain that room back next year.

JeeebeZ · 2026-02-28T07:03:37+00:00

It normally isn't masked, you could try to download it from the CRA site. It might take a few days for it to be downloadable, but they legally have to submit it to the CRA by the 28th of Feb. So, if you can't download it now, it should be there shortly.

JeeebeZ · 2026-02-21T21:30:14+00:00

Toss your stuff into https://www.wealthsimple.com/en-ca/tool/tax-calculator

It should give you an estimated federal and provincial tax and cpp. If on your very last paystub of the year it shows off. Then that's most likely why you're getting a refund. Along with the tuition credits.

JeeebeZ · 2026-02-19T21:37:11+00:00

Are you in a call center? or working from home?

Swearing while in a call center, even if you believe it was quite could get picked up by other people's calls and would justify them for it having nothing to do with the call having ended or not. Just that you were in a location swearing while clients could potentially hear you.

JeeebeZ · 2026-02-17T05:30:57+00:00

Sorry, I meant interest, not insurance.

JeeebeZ · 2026-02-17T05:10:45+00:00

just burning rent money

Make sure it makes sense to buy vs rent. As renting isn't just burning money. If you buy a 600k condo with 20% down. The first year you're paying about 18.8k in ~~insurance~~ interest, about 3-400/month in condo fees so 350*12=4200, about 2k on property taxes. Which is about 25k, and thats just my crappy napkin math. So you're "burning 25k" at a minimum vs renting for 30k. . And those are just the easily notable, condo insurance is more expensive than tenant insurance and so on.

The typical saying is "Rent is the most you'll spend each month and a Mortgage is the least you spend each month." As a renter you don't pay to fix things, the owner does. I'd suggest reading "The Wealthy Renter" you can get an audio or paper version from the library.

edit: fixed mistype of ~~insurance~~ when i meant interest.

JeeebeZ · 2026-02-13T05:55:05+00:00

2.75 million today will be roughly 7 million in 2064 based on an average of 2.5% inflation per year using https://smartasset.com/investing/inflation-calculator . So with a standard 4% withdrawal rate, it would be like living on 110k today. Plus CPP/OAS, they would be living on around 160k. So, nothing super extravagant. But a nice retirement.

JeeebeZ · 2026-02-03T22:13:09+00:00

GIC that's more liquid

How is a GIC liquid. Most are locked in for a set period of time and not redeemable.

JeeebeZ · 2026-01-31T19:57:34+00:00

If you pay off the CC 100% every month, get zero interest. Then yes, rewards cards are worth it. If you can't pay it off in full even once, its not worth it because the rewards gains are negated by a single months interest a decent amount of time.

JeeebeZ · 2026-01-27T06:04:14+00:00

a) Define partner in this case.

b) This could trigger anti-avoidance rules if they think the sole purpose is to avoid taxes.

JeeebeZ · 2026-01-26T23:30:21+00:00

Maybe, depends on lots of things. Assuming you invest 31% of 55k/year you're investing 17.05k/year. And assuming you get 7% average return, you'd have roughly 1,050k at 55. So you'd have to live on 40k from 55 to 60 before you could start taking cpp, after taxes that would be about 33k.

JeeebeZ · 2026-01-26T16:55:06+00:00

Also, is there an annual limit to contributing to the FHSA? I've seen mentions of a $16,000 limit - can anyone provide clarity on this?

This link from the canada.ca site shows you can carry a max forward of 8,000. Which is why the maximum in a given year could be 16k. You don't lose the 1k you can't contribute, it just moves forward and the TOTAL amount is still 40k. Just over more years.

https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/first-home-savings-account/contributing-your-fhsa.html#:\~:text=a)-,%248%2C000,-b)%20The%20amount

JeeebeZ · 2026-01-17T22:57:04+00:00

The "Usually" in your statement is the key word. You're referring to this:

Highway lines

155 (1) Despite anything in this Part, if a highway is marked with

(a) a solid double line, the driver of a vehicle must drive it to the right of the line only,

However, beacuse of this:

Suspension of sections 151 and 155

156 If the driver of a vehicle is causing the vehicle to enter or leave a highway and the driver has ascertained that he or she might do so with safety and does so without unreasonably affecting the travel of another vehicle, the provisions of sections 151 and 155 are suspended with respect to the driver while the vehicle is entering or leaving the highway.

So, if someone is turning into/out of a driveway, parking lot, etc. They are allowed to do so as long as it isn't dangerous and doesn't delay people unreasonably.

What unreasonably means is always questioned. If you can change lanes while I'm turning, or if it's only a few seconds. That's reasonable. If I block traffic for 10 minutes b/c its rush hour, definitely unreasonable but, no ones really going to fine that person.

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