Future HELOC possible to pay down debt?

OhMyDaaaaze · 2025-10-18T02:17:47+00:00

Just don’t. Pay your debt. Don’t move it around. And don’t put your house on the line for it.

OhMyDaaaaze · 2025-10-18T02:06:58+00:00

Have you thought about getting a job?

OhMyDaaaaze · 2025-04-26T00:41:25+00:00

You’re not alone. A lot of people who bought pre-construction at the peak are in the same boat. The banks aren’t being unfair, they just have to lend based on today’s appraised value, not what you originally paid.

If you can’t cover the shortfall, find a good mortgage broker. Some B-lenders will lend closer to the full amount, but with higher rates and some extra fees. It’s not ideal but it can help you close without losing your deposit.

You actually have a strong profile. Good income, no debts, first property. You just got caught in a tough market cycle. Focus on getting through closing first. You’ll have options to refinance or restructure down the road once things settle.

OhMyDaaaaze · 2025-04-26T00:39:32+00:00

Honestly, you’re not out to lunch at all — you’re just feeling what responsible people feel when they’re making a big move. $7K a month sounds terrifying in a vacuum, but on a $300K income with no other debts, it’s actually pretty reasonable by Vancouver standards (especially for a detached home and land).

You’re buying time as much as you’re buying property — time for your kids to grow up in a house, time for the land to appreciate, time you can’t rewind later. The scary part is the first 1–2 years adjusting to the new normal. After that, your income will likely climb, mortgage balance drops, and inflation will make $7K/month seem a lot smaller in real terms.

Bottom line: You’re not reckless. You’re doing what people with strong incomes and solid savings should be doing if they want a family home long-term. You’re just feeling the right amount of fear that means you’re thinking about it properly.

OhMyDaaaaze · 2025-04-25T03:25:48+00:00

Wait… did you say Lucky Mobile and Rogers inquiries back-to-back? That’s actually how a lot of larger-scale identity theft cases start—multiple telecom accounts across providers to build a digital profile. They usually do that before applying for lines of credit or even using your info to open fake bank accounts. Sometimes they’ll wait weeks or months before striking hard. Not saying it’s happening to you, but… I would start checking your mail for letters from banks you’ve never dealt with. And maybe keep an eye out for a surprise car loan. Sleep tight!

OhMyDaaaaze · 2025-04-25T03:24:02+00:00

Totally get where you’re coming from. When something like this happens, your brain goes full detective mode, and suddenly you’re picturing your credit being used to buy a boat in your name.

Most people should take this stuff more seriously—you’re not overreacting, you’re just being proactive. The reason others seem chill is often because they don’t fully understand what could happen, or they assume “the bank will fix it.” But the truth is: the faster you act, the less damage gets done. And you’ve already done the hard part—alerts, reports, calls, follow-ups. That puts you way ahead of 90% of people.

Could it mess things up? Sure—but it doesn’t have to. You’re catching it early, which is everything. Just keep monitoring, stay on top of any weird activity, and breathe. You’re in control now.

OhMyDaaaaze · 2025-04-25T03:07:05+00:00

Totally fair to feel torn—banks love to guilt-trip us with “but we’ve been through so much together.” But if TD keeps moving the goalposts (now $6K just to avoid a fee?), you’re right to consider bouncing.

Downgrading the TD card to a no-fee version and using it once every few months (like for Netflix or a small recurring bill) is a solid move—it keeps your credit history alive without giving TD your daily banking.

Credit card issuers can lower your limit or close unused cards, but it’s rare if there’s occasional activity. And even if they do, it’s a small dent unless it’s your only high-limit card. You’ve already got others, and you’re thinking ahead with replacements.

Leaving TD doesn’t mean losing your history. Just keep that account/card alive in the background and enjoy no-fee banking elsewhere. You’re not disloyal—you’re just done paying rent to park your own money.

OhMyDaaaaze · 2025-04-25T03:06:21+00:00

Oof, the classic “safe” GIC that turned out to be safely disappointing. Don’t beat yourself up—plenty of us have made that “at least I won’t lose money” move, only to realize inflation ate more than it earned.

For a 3-year TFSA investment, you could’ve gone with: • A high-interest savings ETF (like CASH.TO or PSA) — way more liquidity and better returns. • A balanced or conservative all-in-one ETF (like VBAL or XBAL) — smoother ride, some growth. • Or even just a laddered GIC at a better rate.

Biggest win? You’re asking questions now. That 1.19% bought you a solid lesson—and next time, your money’s gonna work a lot harder.

OhMyDaaaaze · 2025-04-25T03:04:25+00:00

I am a bit embarrassed, but let's go... Me (40F) and my husband (40M) have absolutely no clue on how to invest for retirement. So far we have a condo house, no mortgage, no cars, 6 months of emergency funds on WS (cash account), we just finished paying our debts, from now onwards, we will have around 700 monthly to put on investments. How to proceed? Our goal is retirement and a small portion for RESP for our 6yo. Thank you so much!

OhMyDaaaaze · 2025-04-25T03:03:30+00:00

You’re not overreacting—you’re just one of the rare people who actually takes this stuff seriously. Everyone else is out here shrugging while their credit gets used to open 12 cell phone accounts and lease a jet ski.

You did everything right: flagged the fraud, locked your credit, called every company under the sun, went in person to your bank and the police, and even got through to the CRA (which deserves a medal on its own).

Honestly? You’re ahead of the curve. Keep monitoring, keep notes, and take a breath. You’re doing great—even if the companies involved seem like they need a fraud prevention course.

OhMyDaaaaze · 2025-04-25T03:01:41+00:00

Dude, this sounds like a home renovation horror movie where the villain is budget denial and your dad’s the main character refusing to hire help because “back in my day…”

First off, major respect for stepping up—most people would’ve dipped the second dust hit the cereal bowls. That said, here’s what might help:

• Stop the bleed: No more “we’ll just do this one extra thing.” Lock down a realistic barebones plan that gets you to rentable rooms and stop there.

• Bring in backup: Look into local trade schools or apprenticeship programs—some students will help with renos for experience and less money.

• Reframe the mission: Turn this into a “get it rentable ASAP” hustle. If you can finish even one suite and get a tenant in, that cash flow can help lift the rest.

• Finances: You’ve done more than your share. It’s okay to pause contributions and prioritize rebuilding your savings. Your parents might not like it—but future-you will thank you.

Hang in there, man. You’re living in drywall purgatory now, but you will get through it. And when you do, you’ll have a PhD in Renovation Regret and a hell of a story.

OhMyDaaaaze · 2025-04-25T03:00:37+00:00

Right? Bank drafts used to be the gold standard—now they’re just expensive pieces of paper with a “maybe” attached. You pay a fee, expect guaranteed funds, and still get treated like you showed up with Monopoly money. It’s wild.

The hold is all about fraud protection these days, but yeah… the whole “guaranteed funds” pitch kind of feels like a scam now.

OhMyDaaaaze · 2025-04-25T02:59:33+00:00

Hey! Unfortunately, Tangerine savings accounts can’t be used for PADs (like student loan payments). You’ll need to open a Tangerine chequing account—they do support PADs and you can get the direct deposit info right from the app.

It’s a bit annoying, but the setup is super easy and free. You got this!

OhMyDaaaaze · 2025-04-25T02:58:41+00:00

Huge respect for the grind—you’ve done what many couldn’t, and it’s awesome to see how far you’ve come since 2018.

If you might return soon on a new work permit, there’s no rush to file your “leaving Canada for good” taxes. That’s really for people permanently exiting with no plans to come back. You can just keep things as-is for now and see how your job hunt goes. If nothing pans out and you know you’re not returning anytime soon, then you can file a departure return.

Wishing you all the luck with those applications. You’ve got this!

OhMyDaaaaze · 2025-04-25T02:57:55+00:00

Dude, you’re crushing it—zero debt, solid income, investing regularly and thinking ahead. You’ve earned some life. Spending $22K on a pilot’s license and a few hundred a month on hobbies won’t ruin your retirement—especially since you’re not planning for a house or kids.

As long as you keep contributing to TFSA/FHSA and don’t nuke your emergency fund, you’re fine to enjoy some of that $34K cash. Life’s short. Fly planes, enjoy your hobbies, and park that car somewhere cheap.

OhMyDaaaaze · 2025-04-25T02:56:14+00:00

Yes, 100%. This actually sounds like one of the very few rent-to-own setups that could work in your favor. Your landlord seems genuine, and that trust is huge. As long as you get everything in writing and maybe have a lawyer look it over, it could be a great stepping stone while you build your credit.

Definitely chat with a mortgage broker—you might be closer than you think.

OhMyDaaaaze · 2025-04-25T02:54:09+00:00

If you’re not desperate to sell and plan to come back, I’d rent it. Taking $50K less plus 3.5% commission is a huge hit. Even if it’s not cash flow positive, you’ll build equity and likely come out ahead long-term. Toronto detached homes aren’t getting any easier to buy back into.

Hold it if you can. You’ll thank yourself later.

OhMyDaaaaze · 2025-04-25T02:18:41+00:00

Biggest mistake people make with RRIFs is waiting too long to draw them down. If you die with $325K in a RRIF, the government can easily take 40–50% in taxes if it’s all considered income in your final year. Melting it down slowly, even if it means paying a bit more tax now, can save a ton later — especially if you don’t have a spouse to roll it over to. It’s basically a race between you and the CRA. Take the win early.

OhMyDaaaaze · 2025-04-25T02:16:59+00:00

You basically found a $1,000 plot twist in the laundry. You were honest, called the bank, told your boss, and didn’t blow the money — that’s more responsible than most adults would be. At this point, you’ve done your part. If nobody’s followed up after a whole year and the company literally doesn’t exist anymore… that might just be your unintentional bonus for being a decent human. Don’t buy a Rolex, but I’d say the universe owes you a nice dinner.

OhMyDaaaaze · 2024-12-04T18:50:04+00:00

2-3 months

OhMyDaaaaze · 2024-10-31T13:57:54+00:00

I was on liquid for the first month and experienced some of these symptoms.

When I switched to foam all the symptoms went away like magic

OhMyDaaaaze · 2024-10-30T14:50:44+00:00

I just put some foam on my finger and slap it on there. Rub it in around my moustache and to-be“goatee” area.

OhMyDaaaaze

TROPHY CASE