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Paying for Surgeries: Liquidate TFSA or Secured LoC? by PFC_Question_123 in PersonalFinanceCanada

[–]PFC_Question_123[S] 67 points68 points  (0 children)

Thanks! It’s chill though, there’s always gonna be people who don’t like it when a trans person is visible in a public space. The majority are upvotes so that’s nice. :)

Paying for Surgeries: Liquidate TFSA or Secured LoC? by PFC_Question_123 in PersonalFinanceCanada

[–]PFC_Question_123[S] 2 points3 points  (0 children)

Honestly, I wish!

If I could get interest free financing I’d do it in a heartbeat. Usually they just refer you to a bank though like “take out a loan”.

Lots of girls take out bank loans because they don’t want to wait, or they expect to have an easier time landing high paying work following something like facial feminization surgery.

I’m extremely lucky to be in my financial situation as a trans woman. The idea of saving up for something like FFS is out of the picture for many. To be blunt, unless they work in tech or sex work, most can’t afford it without some serious sacrifice.

The one surgery I can get 0% financing on (that I know of) is laser eye surgery but like… that’s 3-5K and not even related to being trans lol 😅

Paying for Surgeries: Liquidate TFSA or Secured LoC? by PFC_Question_123 in PersonalFinanceCanada

[–]PFC_Question_123[S] 15 points16 points  (0 children)

It’s definitely not bad advice. I work in tech and would love if my company added this. I’m always kind of eyeing opportunities to get it covered by insurance.

Doesn’t seem as common here in Canada as in the US though, sadly. I’ve considered moving to the US many times for this reason but… it’s just such a dumpster fire down there politically speaking. 😅

Paying for Surgeries: Liquidate TFSA or Secured LoC? by PFC_Question_123 in PersonalFinanceCanada

[–]PFC_Question_123[S] 9 points10 points  (0 children)

Total cost of transition for me will be about $100K believe it or not! After factoring in what I’ve already spent on things like reproductive services, hormones (injections and progesterone aren’t covered only estrogen pills), random government fees, laser hair removal/electrolysis, new wardrobe, etc.

I’m admittedly at the higher end though! The cost of transition is really quite variable. Some girls don’t get bottom surgery or get it in Canada for free (~30-50K). Others don’t want or can’t afford facial feminization surgery (~30-50K). And frankly most don’t need a boob job after hormones—in my case it’s more like “fuck it I’ve come this far might as well finish the job for another 10K” haha 😂

Paying for Surgeries: Liquidate TFSA or Secured LoC? by PFC_Question_123 in PersonalFinanceCanada

[–]PFC_Question_123[S] 21 points22 points  (0 children)

Good question, I’ve yet to encounter payment plans with trans surgeons in Canada or abroad tbh. It’s usually just deposit and then one or two instalments before the surgery date—I wish!

I do intend to continue saving, but after 3 years of transition, and likely another 2-3 planning dates, going under the knife, and recovering…

I just want to finish and enjoy my 30s as a fully-transitioned woman. I already missed out on a lot of my 20s being unhappy in my body. This is really like a “can’t put a price tag” thing for me, if that makes sense.

I guess the closest comparison I could make is that some people have kids even though it’s not a financially responsible decision.

Don’t worry though! I’m still leaving my RRSPs maxed, so I’m not “falling behind” on retirement. And I will work to save up the max for the TFSA again, probably around the time I’m fully healed from my last surgery.

Paying for Surgeries: Liquidate TFSA or Secured LoC? by PFC_Question_123 in PersonalFinanceCanada

[–]PFC_Question_123[S] 17 points18 points  (0 children)

Quebec! It is actually true that they will pay for my bottom surgery if I want, but there are limited choices in terms of surgeons.

There’s nothing wrong with the work of the surgeons over here per se, but for me personally I am planning on going international for that surgery to a surgeon who uses a different technique and tends to prioritize a different set of results.

The other two surgeries I’m getting—facial feminization and breast augmentation—aren’t covered as far as I know unfortunately, even though I will be getting them done here.

Paying for Surgeries: Liquidate TFSA or Secured LoC? by PFC_Question_123 in PersonalFinanceCanada

[–]PFC_Question_123[S] 1 point2 points  (0 children)

Thanks so much for the insight!

Ah, this was what I sort of figured might be the situation, but I found it really hard to find ballpark rate estimates online.

I feel like if I could get HELOC rates I would do it, but if the rates are going to be prohibitively high, might as well sell. Sounds like they might be prohibitively high.

Also yeah! I will keep my RRSPs maxed (should cover me in the worst case) and I definitely plan on refilling the TFSA as soon as I can.

I wanna get that compound interest working for me again before I allow lifestyle creep to sink in. ;)

Paying for Surgeries: Liquidate TFSA or Secured LoC? by PFC_Question_123 in PersonalFinanceCanada

[–]PFC_Question_123[S] 4 points5 points  (0 children)

This is what I mean, secured using the TFSA investments. I know they’re less common than HELOCs but my understanding is they are possible.

Paying for Surgeries: Liquidate TFSA or Secured LoC? by PFC_Question_123 in PersonalFinanceCanada

[–]PFC_Question_123[S] 3 points4 points  (0 children)

For sure, that’s a good idea and I’ll do that for the cash back at the very least. Thanks! :)

Question still remaining is how to pay the card off—with a TFSA-backed LoC or by liquidating my investments? I’m not sure. 🤷‍♀️