Read. Learn. Act.

1. Max your TFSA before anything else

Your TFSA is the most flexible tax shelter in Canada. Any growth inside is 100% tax-free forever. Max it ($7,000/year in 2024) before contributing to RRSP unless you're in a very high tax bracket.

2. Get life insurance before 35

A healthy 32-year-old male can get $500,000 of 20-year term insurance for ~$35/month. Wait until 40 and it's $70+. Health issues can make you uninsurable. Lock in rates now.

3. Buy your home — or have a plan to

Use the FHSA ($40K tax-free) and RRSP Home Buyer's Plan ($35K) together. That's $75K in down payment savings with tax benefits. Compound equity growth in real estate is powerful in your 30s.

4. Increase income, not just cut expenses

There is a limit to how much you can cut. There's no limit to how much you can earn. Negotiate salary every 2 years. Add a side income. Invest in skills that pay.

5. Build an emergency fund of 6 months

Your 30s bring bigger responsibilities. Job loss hits harder. A 6-month emergency fund in a HISA keeps you from going into debt when life happens.

6. Stop timing the market — automate investing

Set up automatic bi-weekly ETF contributions on payday. Dollar-cost averaging removes emotion. Time in the market beats timing the market 99% of the time.

7. Protect your income with disability insurance

Your biggest asset is your ability to earn. 1 in 3 Canadians will be disabled for 90+ days at some point in their career. Employer coverage often isn't enough.

8. Write a will — seriously

If you have a partner, kids, or a house, you need a will. Dying without one (intestate) means the government decides who gets what — and it may not be what you wanted.

9. Invest in yourself — courses, skills, network

The ROI on a well-chosen course or certification can be 1000%. Spend 5-10% of income on education and skills. Your income is your biggest investment.

10. Track net worth every 6 months

What gets measured gets managed. Take 30 minutes every 6 months to add up your assets and liabilities. Seeing net worth grow (or shrink) keeps you accountable.

BONUS: Open RESP within 90 days of birth

The government gives 20% on first $2,500/year = $500 free per child per year. Over 18 years that's up to $7,200 in free grant money. Every month you wait is free money left on the table.

BONUS: Negotiate salary every 2 years minimum

Most employers budget for 2-3% raises. Negotiating a new job can jump income 15-25% in one move. Loyalty is admirable but underpaid loyalty is a financial mistake.

Term vs. Whole Life — Always Choose Term (Usually)

Term is 5-10x cheaper and provides pure protection. Whole life bundles insurance + savings — but the returns are mediocre and the costs are high. Buy term, invest the difference in ETFs.

How Much Life Insurance Do You Actually Need?

Use the DIME formula: Debt + Income (10x) + Mortgage + Education. A 35-year-old earning $90K with a $600K mortgage and 2 kids likely needs $1.2M–$1.5M in coverage.

Super Visa Insurance — Shop Around Every Year

Prices vary by up to 40% between providers. Always compare at least 3 quotes. Check deductible options — a $1,000 deductible vs $0 can save $400+/year. Make sure the policy is from a Canadian company.

Critical Illness — The Insurance People Forget

1 in 2 Canadians will get cancer in their lifetime. Critical illness pays a lump sum tax-free if diagnosed — so you can focus on recovery, not bills. Get this in your 30s when it's affordable.

Group Benefits Through Work — Read the Fine Print

Group life is usually 2x salary — not nearly enough. Group disability is often 60-70% of income but ends at 2 years for own-occupation. You likely need personal coverage on top.

Mortgage Insurance vs. Term Life Insurance

Bank mortgage insurance: premium stays the same, coverage decreases. Personal term: coverage stays fixed, you choose the beneficiary. Term life wins almost every time. Don't let the bank sell you overpriced mortgage insurance.

How to Read an Insurance Policy

Focus on: the definition of disability/illness, exclusions list, waiting periods, and renewal terms. Don't sign anything you don't understand. Ask your advisor to explain every exclusion.

What Happens When You Make a Claim?

Contact your insurer immediately. Document everything. Don't sign anything from the insurer without reviewing it. For large claims, consider a public adjuster. Insurers have teams — you should too.

✅ Get term life insurance equal to your mortgage balance

Personal term life insurance is almost always cheaper and better than bank mortgage insurance. You choose the beneficiary — not the bank. Coverage doesn't decrease as your mortgage is paid down.

✅ Have disability insurance covering at least 70% of income

If you can't work, how do you pay the mortgage? Disability is the leading cause of mortgage default in Canada. Your mortgage payment doesn't stop if your income does.

✅ Review insurance annually at mortgage renewal

Mortgage amounts change. Your insurance should match. Use every renewal as an opportunity to shop around — both for mortgage rates AND insurance.

✅ Set up a Home Equity Line of Credit (HELOC)

A HELOC gives you access to equity for emergencies. Having it available (even if unused) prevents you from defaulting due to a temporary cash crunch.

✅ Build 3 months of mortgage payments in a separate account

Knowing you have a 3-month buffer removes enormous financial stress. Job loss is manageable with 3 months to find new income.

✅ Make accelerated bi-weekly payments instead of monthly

Bi-weekly accelerated = 26 payments = 13 monthly payments per year. On a $600K 5% 25-year mortgage, this cuts 3+ years off your amortization and saves $40,000+ in interest.

✅ Put any lump sums toward principal annually

Most mortgages allow 10-20% lump sum prepayment annually without penalty. Use tax refunds, bonuses, or inheritance to attack the principal.

✅ Review title insurance on your property

Title insurance protects against fraud, unknown liens, and survey issues. One-time premium paid at closing. Essential for every homeowner.

✅ Know your mortgage renewal date — act 4 months early

Banks count on you auto-renewing. Start shopping 4 months before renewal. A 0.5% rate difference on a $500K mortgage = $2,500/year in savings.

✅ Consider critical illness insurance for key earner

A cancer diagnosis, heart attack, or stroke shouldn't mean losing your home. Critical illness pays a lump sum you can use to cover mortgage payments during recovery.

Open RESP within 90 days of birth

The CESG (Canada Education Savings Grant) gives 20% on the first $2,500 contributed per year. That's $500/year in free money per child. Max lifetime grant = $7,200. You can't get back missed years easily.

The $2,500 Magic Number

Contribute exactly $2,500/year to maximize the 20% government grant. If you can't afford $2,500, contribute whatever you can — even $100/month = $1,200/year with a $240 government top-up.

Catch-Up Contributions — Up to $5,000/Year

If you missed years, you can contribute up to $5,000/year ($2,500 current + $2,500 catch-up) to get $1,000 in grants. But lifetime catch-up is limited — don't let years pile up.

Family vs. Individual RESP

Family RESPs let you share funds between siblings. If one child doesn't go to school, the other can use the full amount. More flexible than individual plans for families with multiple children.

What RESP Can Be Used For

Tuition, books, room and board, tools, equipment for eligible programs. Trade school, college, and university all count. Your child's full-time enrollment is required.

What Happens if Your Child Doesn't Go to School?

Grants must be repaid. You can transfer growth to your RRSP (up to $50K) if room is available. Or collapse the RESP and pay tax + 20% penalty on growth only. The original contributions come back tax-free.

Invest RESP in ETFs, Not GICs

Most bank RESPs put money in expensive mutual funds. Use a self-directed RESP at Questrade or Wealthsimple to buy low-cost index ETFs. On $50,000 over 18 years, lower fees can add $15,000+ to the final balance.