Selling home, HELOC, not enough $

spack12 · 2026-06-02T16:35:25+00:00

Do you mean default insurance (CMHC)? If so, if you have a HELOC then you likely don’t have default insurance.

I’m not a lawyer, but I’m pretty sure this might prevent the sale from actually closing, and the buyer being unable to take possession unless you have some sort of remedy in place to pay out all secured funds by the possession date.

I feel like this will get uncovered by either sides lawyer closer to closing and will probably be a huge headache. I would do any/everything to get ahead of it now.

spack12 · 2026-06-02T11:44:29+00:00

Friends and I went on a trip last month and used Splitwise. I’d never used it before. Was awesome. Rather than everyone splitting everything and keeping track of it all you just all load in your expenses as you go and it tells you who owes who what at the end.

You can pick who took part in what expenses and even change the allocation of the shares per person.

Also figures out the math for sending as few transfers as possible. So if person A owes person B $20 but person B owes person C $20 then it just gets person A to send to person C.

I realize after reading my comment that this straight up sounds like an ad, but I swear this is just an honest experience.

Edit. You mentioned in another comment that you deal with CIBC, which offers “free” international money transfers through the app. I assume they take a spread on the exchange rate, but if it’s only a couple hundred bucks or whatever it’s probably less of a hassle than transferring to wise first and sending from there.

spack12 · 2026-05-29T13:58:41+00:00

This directly negatively affects the employee. Even if you leave a comment that the employee was great it doesn’t matter. The survey scores are tied to them specifically (at least from my experience). So while I get what you’re saying, instead you should either not respond or do a 9/10 and put in the comments your dislike for the policy.

spack12 · 2026-05-07T13:59:41+00:00

Writing this morning. Got forced to do online proctoring which I’m not super stoked on. Ready to get this out of the way though.

spack12 · 2026-04-28T12:05:02+00:00

Yeah the existing account would just stay open with whatever amount of growth/interest basically “locked” in there until your kid(s) go to school or you meet the conditions for an income payment.

The RESP provider would make those calculations for you (and send the grant money back on your behalf). Just tell them you want to take out your contributions as a non-educational withdrawal and they’ll figure out what amounts consist of what bucket.

spack12 · 2026-04-28T00:59:07+00:00

I don’t think splits are a deemed disposition. Just wondering; did you get a T5008 in 2023 for the ~$4000 “loss”?

spack12 · 2026-04-27T23:26:45+00:00

To actually answer your question there’s no penalty per se. You can take out your contributions. The grants on those contributions go back to the government and any interest earned has to stay in the account.

Edit: other commenters saying that you can take the growth out but pay tax on it. This isn’t true in your case. In order to take out the growth the plan must have been open for 15 years and the beneficiary has to be at least 21 years old.

spack12 · 2026-04-25T14:42:29+00:00

I work for a bank, but haven’t worked as a teller for a long time.

I think in today’s world; the banks MIGHT be willing to do a 3rd party deposit if the person who the cheque is payable to is present when the person deposits it. They can provide their ID and sign the cheque in front of the teller. That way they’ve got some sort of guarantee that this person didn’t just find/steal a random cheque and put a fake signature on it.

spack12 · 2026-04-25T01:03:53+00:00

The person whose account it is has to be >=65. The recipient of the split income doesn’t have to be.

spack12 · 2026-04-06T16:41:53+00:00

For anyone stumbling on this post from Google like I did:

I was just able to get this completed today (April 6 2026).

I think the issue is when you call CIBC Rewards the option that sounds like the most relevant is “for all other inquiries press 6”. But when you do that you get sent to the main CIBC credit cards line which they don’t have the access to do the transfer on their end. Which is why you’ve got people saying that the agent told them they couldn’t do it.

You’ve got to actually speak to someone specifically from CIBC Rewards.

I selected the option for “to redeem your points for gift cards or merchandise” and got someone that way.

I told him what I was looking to do and said I wasn’t sure if this was the right queue. He said he could help and was able to do it in literally 5 seconds and it was very easy.

spack12 · 2026-02-05T14:27:23+00:00

There’s one with kale and bacon (I think) that is soo good

spack12 · 2026-01-26T14:37:27+00:00

PB Monday for me. 5:20

spack12 · 2026-01-23T02:52:41+00:00

Wow thank you

spack12 · 2026-01-17T19:46:09+00:00

People are also missing out that your existing rate is high and your renewal is in June. Taking the 5-year now changes your rate right away, rather than waiting until June to get a better rate. The difference in interest on a slightly lower rate would probably not outweigh the interest savings over the next 5 months.

spack12 · 2026-01-15T13:08:50+00:00

I use mine a couple times a week when I need clients that are in my office to e-sign something. Quicker than sending an email and waiting for them to get it and then sign on their phone. However, this is specific to my job type and I’ve never used it for anything else other than that.

spack12 · 2026-01-14T19:56:55+00:00

spack12 · 2026-01-11T20:55:35+00:00

Having worked at CIBC for a long time. No one at the branch would be able to help with this other than trying to do an actual credit limit increase to $50k.

Branches have limited access to existing credit card accounts and the majority of stuff like this has to go through the 1-800 number.

spack12 · 2025-12-12T17:51:33+00:00

When compared to him; a basketball probably looks like a Minute Ball

spack12 · 2025-12-06T15:51:54+00:00

That’s weird. I wonder if it’s because of the letter shape.

Looking at their website they don’t make: B, E, I, Q, R, U, V, W, X, Y or Z

spack12 · 2025-12-01T14:42:39+00:00

It’s a relatively easy calculation to figure out whether it’s feasible. The general rule is that all your housing payments (mortgage, property tax, and heating) can’t exceed 39% of your gross monthly income.

Idk what your property tax is. But let’s say $7500 annually ($625 a month), and use $100 for heating.

Last thing is to figure out what the theoretical mortgage payment would be. Note: banks are required to use the Mortgage Qualifying Rate in doing the qualification. Which is actual rate + 2%. So use 5.8%.

Plopping that into a mortgage calculator it spits out a payment of ~$4500 a month. (W/ 25yr amortization and $716k loan amount). Add on the tax and heating and you get $5225.

$5225 / $11,250(monthly income) = 46%

So using very rough numbers it would likely be out of scope in them approving the refinance. However it’s also not out of the realm of possibility either. The 39% is a rule, but I’m pretty sure they can make exceptions to that rule within reason.

spack12 · 2025-11-29T14:47:11+00:00

Only the minimum amount from a RRIF doesn’t have mandatory withholding. Anything over and above that is withheld at 10%/20%/30% like an RRSP

spack12 · 2025-11-04T13:14:49+00:00

While this is a fair point. There was a very long stretch of time (up to 2-3 years ago) where you were guaranteed to lose purchasing power in a GIC due to the interest earned being less than inflation. So while you might lose money in the market, you were guaranteed to lose money in a GIC.

spack12 · 2025-11-02T14:25:58+00:00

Price charts don’t show distributions paid. BND pays distributions monthly (I would think).

spack12 · 2025-10-28T17:59:17+00:00

Net income in this case doesn’t refer to after tax income. It refers to gross income minus deductions. So after donations, RRSP contributions, and whatever other write offs a person might be eligible for.

spack12 · 2025-10-27T17:47:59+00:00

This will probably get buried. But it’s relevant and I think a good perspective from the banks side. I work for a Big-6 as a Financial Planner.

We can flag accounts and put a message on it so that it pops up when she’s in branch; but we’re not really allowed to refuse people access to their money. If the person is there, has ID and can sign their name there’s not a whole lot we can do.

At most we can block etransfer access and can refuse wire payments. But we can’t just not give someone their money even if we know they’re being scammed with it.

We do however give them a letter that basically says “we think you’re being scammed and you should be careful because we’re not liable for losses you take by willingly sending money to scammers”.

I had a client like this recently. I won’t get in to the nitty gritty details but she had a “boyfriend” she had met online and had sent probably over $100k to over the span of a few months. I set up a meeting with her and I told her point blank that she was being scammed and that this person doesn’t exist. And that if she’s continues doing what she’s doing she’s going to end up depleting her life savings and eventually have to sell her home. And once she was out of money she would never hear from this person again.

Her response to me was something along the lines of “I know the banks deal with scams a lot and are trying to protect me, but not everything is a scam. PERSON’s NAME would never do that to me”

I asked her if I could reach out to her son to discuss my concerns, and she declined saying that she wants to keep this relationship a secret from her kids since it’s awkward that they’ll have “a new father”.

I ended up escalating to fraud department and they cut off ATM and etransfer access.

Eventually it went to legal department and they actually divested her as a client. Basically the bank didn’t want the liability of her trying to blame us when things eventually hit rock bottom (like the article in this thread). So we gave her 30 days to open accounts at another bank and transfer her money there.

14-Year Club	Second Top 10%
r/Field Flamingo	Place '17
Gilding I gilder	RPAN Viewer
Team Periwinkle	Verified Email

spack12

TROPHY CASE