Question 1

Are ATM fees in Canada refundable?

Accepted Answer

Usually no. ATM fees are generally valid if the machine showed the fee before you accepted it. Ask your bank to review it only if the fee was not disclosed, was charged twice, or does not match your account package.

Question 2

Are crypto investments taxed in Canada?

Accepted Answer

Yes. Selling, swapping, spending, or otherwise disposing of crypto can be taxable in Canada. The tax result may be a capital gain, capital loss, or business income, so keep complete transaction records in Canadian dollars.

Question 3

Are financial advisors worth paying for?

Accepted Answer

Sometimes. An advisor is worth paying for when the advice is clear, fairly priced, and changes what you do. Ask how they are paid, what conflicts exist, what products they can sell, and whether the plan still makes sense after fees.

Question 4

Are bank drafts safer than e-Transfers?

Accepted Answer

Usually yes for large formal payments, but not scam-proof. A bank draft is issued by a bank after funds leave your account, while an e-Transfer is faster and easier for smaller payments. Verify the recipient and amount before using either.

Question 5

Are GICs a good place for my emergency fund?

Accepted Answer

Usually only if it is cashable or part of the fund you do not need immediately. Emergency money should be accessible quickly.

Question 6

Are secured credit cards actually useful?

Accepted Answer

Yes, if the issuer reports to credit bureaus and the fees are reasonable. Use it lightly, pay on time, and keep the balance low.

Question 7

Are condo fees included when a lender checks my mortgage budget?

Accepted Answer

Yes. Condo fees are part of your housing cost and lenders usually consider them when checking affordability.

Question 8

Are credit card rewards worth the annual fee?

Accepted Answer

Only if the rewards and benefits you actually use are worth more than the fee. Ignore headline earn rates if you carry a balance, because interest can erase the value quickly.

Question 9

Are moving expenses tax deductible if I move for work?

Accepted Answer

Maybe. Moving expenses are deductible only in specific situations, such as moving for work, business, or full-time school and meeting distance and income rules. Keep receipts and check the CRA rules before claiming anything.

Question 10

Are student loans interest-free in Canada?

Accepted Answer

Often, federal student loans have interest relief, but rules can differ by province and loan type. Check your loan details before assuming every part is interest-free.

Question 11

Are wage deductions for uniforms allowed?

Accepted Answer

Maybe. Whether wage deductions for uniforms are allowed depends on employment standards, your province or federal rules, and the agreement. Ask for the rule in writing before accepting the deduction.

Question 12

Are wire transfers safer than e-Transfers?

Accepted Answer

Usually yes for large formal payments, but not scam-proof. A bank draft is issued by a bank after funds leave your account, while an e-Transfer is faster and easier for smaller payments. Verify the recipient and amount before using either.

Question 13

Before I invest, should I pay off my line of credit?

Accepted Answer

Usually yes if the line of credit rate is high or variable. If the rate is low, you can compare it with your goals, but do not invest money needed for minimum payments or basic bills.

Question 14

Besides rent, what should I budget for when I move out?

Accepted Answer

Budget for more than rent: utilities, tenant insurance, internet, laundry, furniture, moving costs, deposits, transit, groceries, and a small emergency buffer.

Question 15

Can I open a TFSA if I just moved to Canada?

Accepted Answer

Maybe. You generally need to be a Canadian resident, at least 18, with a valid SIN to build TFSA room. Non-residents can face tax on new contributions, so confirm residency before adding money.

Question 16

Can I take money out of my TFSA and put it back?

Accepted Answer

Yes, you can withdraw tax-free, but you usually get that withdrawal room back on January 1 of the next year. If you put it back in the same year without unused room, you can overcontribute.

Question 17

Can I use my FHSA if I buy with my partner?

Accepted Answer

Maybe. Your FHSA eligibility depends on your own first-home status and whether you lived in a qualifying home owned by you or a spouse or common-law partner. Check before contributing.

Question 18

Can I transfer money from an FHSA to an RRSP?

Accepted Answer

Yes, FHSA transfers can be allowed, but use a direct transfer handled by the institutions. Do not withdraw and re-deposit unless you understand the tax reporting and room consequences.

Question 19

Can I use my RRSP for a down payment?

Accepted Answer

Yes, eligible first-time buyers may be able to use RRSP money through the Home Buyers' Plan. Follow the forms, limits, timing, and repayment schedule carefully.

Question 20

Can I claim rent on my taxes?

Accepted Answer

Not federally for most renters. Some provinces or territories use rent for credits or benefits, so keep receipts and check your local tax rules.

Question 21

Can I change my name on my bank account?

Accepted Answer

Yes. Banks can update your name, but they usually need government ID and proof of the legal change, such as a marriage certificate, divorce document, or legal name-change certificate. Ask the bank what they accept before going in.

Question 22

Can I get a credit card with no Canadian credit history?

Accepted Answer

Yes, a secured or newcomer credit card is often one of the easiest starts. Confirm bureau reporting and avoid cards with high fees.

Question 23

Can my phone plan affect my credit score?

Accepted Answer

Yes, it can. A phone plan may involve a credit check, and unpaid bills can hurt credit if sent to collections. Prepaid plans are simpler if you are starting out.

Question 24

Can I refuse to give my SIN?

Accepted Answer

Yes, you can refuse when there is no valid reason for the request. Employers, tax reporting, and some financial accounts may need it. Do not use your SIN as everyday ID.

Question 25

Can I deduct expenses from my side hustle?

Accepted Answer

Yes, you can deduct reasonable expenses that directly help earn business income. Keep receipts and separate personal use from business use.

Question 26

Can I have a TFSA and an RRSP at the same time?

Accepted Answer

Yes. You can have both a TFSA and an RRSP. The better place for new money depends on your tax rate now, expected tax rate later, need for flexibility, and whether you are saving for a home.

Question 27

Can I get the GST credit if I did not earn much?

Accepted Answer

Yes, low income can make you more likely to qualify, but you still need to file a tax return and meet the age, residency, and family-status rules.

Question 28

Can I negotiate a salary offer in Canada?

Accepted Answer

Yes. Salary offers can often be negotiated politely, especially if you can point to experience, market pay, or competing offers.

Question 29

Can a landlord ask for several months of rent up front?

Accepted Answer

Maybe, but rules vary by province and the request may not be allowed. Check local tenancy rules before paying, and never send money before verifying the landlord and unit.

Question 30

Can I buy ETFs inside my TFSA?

Accepted Answer

Yes, many TFSAs can hold ETFs if your financial institution offers them. Choose investments that match your timeline and risk, not just what is popular.

Question 31

Can I use a line of credit to pay off my credit card?

Accepted Answer

Yes, it can help if the line of credit has a much lower rate and you stop adding to the card. It is not a fix if you keep spending on the paid-off card.

Question 32

Can I cancel a pre-authorized debit?

Accepted Answer

Yes, but do it in two places. Cancel with the company and ask your bank about stop-payment or reimbursement options. Keep the date, confirmation, and copy of the cancellation request.

Question 33

Can a bank close my account?

Accepted Answer

Yes. A bank can close an account under its agreement, usually with notice unless there is fraud, misuse, or legal risk. Move direct deposits and bill payments quickly if this happens.

Question 34

Can a collections account be removed from my credit report?

Accepted Answer

Sometimes. Accurate collections are hard to remove early, but errors can be disputed. Get the report, verify the debt, and keep proof of payment or settlement.

Question 35

Can a credit card company lower my limit?

Accepted Answer

Yes. A credit card issuer can lower your limit, especially if your risk profile changes or the account terms allow it. A lower limit can raise utilization if your balance stays the same.

Question 36

Can a GIC lose money?

Accepted Answer

Usually no, not if it is a standard eligible GIC held to maturity. Early withdrawal, inflation, issuer limits, and non-standard products can still change the real risk.

Question 37

Can a landlord keep my deposit for cleaning?

Accepted Answer

Maybe. Whether a landlord can keep money depends on local rules, the lease, inspection evidence, and damage beyond normal wear. Keep photos, move-in reports, receipts, and messages.

Question 38

Can a newcomer get a mortgage?

Accepted Answer

Yes, a newcomer can get a mortgage, but the lender may ask for Canadian income, down payment, immigration documents, credit history, or alternative proof. Requirements vary.

Question 39

Can a part-time job affect my student loans?

Accepted Answer

Yes, work income can affect aid calculations or future need, depending on the program and timing. It can still be worth working if it reduces borrowing and fits your school schedule.

Question 40

Can an RESP be used for college or trades?

Accepted Answer

Yes, RESPs can be used for many eligible post-secondary programs, not only university. Confirm the program qualifies before withdrawing.

Question 41

Can bank fees make my account go negative?

Accepted Answer

Yes. Bank fees can push an account negative if there is not enough money, especially with overdraft or returned-payment fees. Set alerts and keep a small buffer.

Question 42

Can I ask CRA for more time to pay?

Accepted Answer

Yes, you can ask about payment arrangements, but interest can still apply. File on time, pay what you can, and contact CRA before ignoring the balance.

Question 43

Can I buy a home with less than 20 percent down?

Accepted Answer

Yes. You may be able to buy with less than 20% down, but mortgage default insurance is usually required when the down payment is below 20%. Approval still depends on income, debts, credit, property, and stress-test rules.

Question 44

Can I claim a home office if I work from my kitchen table?

Accepted Answer

Maybe. A kitchen-table workspace may qualify only if it meets home-office rules. Track the workspace, time, and household costs, and claim only the business-use portion.

Question 45

Can I claim tuition on my taxes?

Accepted Answer

Yes, eligible tuition can usually be reported with the proper tax slip. The credit may reduce tax payable and unused amounts may carry forward.

Question 46

Can I contribute to an RRSP after I retire?

Accepted Answer

Maybe, but only if you have RRSP room and are still within the age rules. RRSPs must eventually be converted or withdrawn, and withdrawals are taxable.

Question 47

Can I deduct car expenses for delivery work?

Accepted Answer

Maybe. Delivery work can allow vehicle expenses, but only the business-use portion. Keep a mileage log, receipts, insurance, fuel, repairs, and platform records.

Question 48

Can I get benefits if I am self-employed?

Accepted Answer

Yes, you can still qualify for some benefits when self-employed. Eligibility usually depends on net income, family situation, residency, and filing your tax return.

Question 49

Can I get EI if my hours are cut?

Accepted Answer

Maybe. EI eligibility depends on insurable hours, reason for reduced work, availability for work, and current program rules. Apply or check quickly if your income drops.

Question 50

Can I hold US stocks in a TFSA?

Accepted Answer

Yes, many TFSAs can hold US-listed stocks if the institution allows them. Canadian tax is generally sheltered, but foreign withholding tax may still apply to some dividends.

Question 51

Can I keep my old bank account after moving provinces?

Accepted Answer

Yes, you can usually keep the account. Update your address and check branch access, provincial offers, and any local credit-union membership rules.

Question 52

Can I pay rent with a credit card?

Accepted Answer

Usually no, unless the fee is lower than the rewards and you can pay the card in full. Rent payment services often charge enough to wipe out the points.

Question 53

Can I split bills fairly with different incomes?

Accepted Answer

Yes. Splitting bills by income can be fairer than splitting 50/50 when incomes are different. Agree on the formula, what counts as shared, and when to revisit it.

Question 54

Can I stop an automatic withdrawal from my bank?

Accepted Answer

Yes, but do it in two places. Cancel with the company and ask your bank about stop-payment or reimbursement options. Keep the date, confirmation, and copy of the cancellation request.

Question 55

Can I transfer an RRSP to another bank?

Accepted Answer

Yes. You can transfer an RRSP to another institution using a direct registered transfer. Do not withdraw the money yourself unless you understand the tax withholding and loss of registered status.

Question 56

Can I use a TFSA for short-term savings?

Accepted Answer

Yes, a TFSA can hold short-term savings if you have room. Keep short-term money in cash-like products, not risky investments, and remember withdrawn room usually returns next year.

Question 57

Can I use my credit card right after paying it?

Accepted Answer

Usually yes, once the payment posts and available credit updates. It may not be instant. If you were carrying a balance, new purchases can still create interest issues, so check the account before spending again.

Question 58

Can I use my emergency fund for a vacation?

Accepted Answer

Maybe. Use it for real emergencies or to avoid serious harm, not routine spending. If you use it for debt or rent, pause and rebuild it afterward.

Question 59

Can my bank reverse an e-Transfer?

Accepted Answer

Usually not after it is deposited, unless fraud or error rules apply. Contact the bank immediately and keep messages, recipient details, and confirmation numbers.

Question 60

Can my employer change my pay schedule?

Accepted Answer

Maybe. Employers can often change pay schedules with proper notice and within employment-standards rules. Ask for the effective date and how the transition pay will work.

Question 61

Can my landlord charge me a key deposit?

Accepted Answer

Maybe. Some places allow only limited key deposits and some do not. Check provincial rules and get a receipt.

Question 62

Do I need tenant insurance if my landlord has insurance?

Accepted Answer

Yes, you usually still need your own tenant insurance. The landlord's policy normally covers the building, not your belongings, liability, or extra living costs after an insured event.

Question 63

Do I have to report cash income?

Accepted Answer

Yes. Cash income and tips are still income. Keep a simple log with dates, amounts, payer, and any related expenses.

Question 64

Do I need to file taxes if I had no income?

Accepted Answer

Yes, usually file anyway. Filing can keep credits and benefits moving even when you owe no tax. Use the right address, marital status, dependants, and direct deposit.

Canadian Finance Answers A-Z

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