10 Money Mistakes Canadians Keep Making (And What To Do Instead)

Video Description

10 Money Mistakes Canadians Keep Making (And What To Do Instead) Do you actually know your savings rate? Not “I try to save.” The real number. Are you sure you’re using your TFSA, RRSP, FHSA, and RESP in the right order — or are you just copying advice from TikTok, Reddit, or coworkers? And if something happened to you tomorrow, would anyone in your family actually know what to do with your money? If any of that made you pause, this video is for you. In this Groundhog Day bonus episode, I walk through the 10 biggest money mistakes I keep seeing Canadians make, from people earning $40,000 a year to well into six figures. These are not “stop buying coffee” mistakes. These are structural money errors that quietly cost tens — sometimes hundreds — of thousands of dollars over a lifetime if they’re not fixed. I’m Yudhvir Kabuli, CPA, CFA, and like you, I’m navigating the same Canadian tax rules, housing market, and CRA systems. This video is education, not personalized advice — your situation is unique — but the principles here apply to almost every Canadian household. In this video, we cover: Mistake #1 – No real savings system Why “saving what’s left” doesn’t work, and how to build an automated savings rate that actually moves your life forward. Mistake #2 – Misusing TFSA, RRSP, FHSA, and RESP How using the wrong account at the wrong time hands unnecessary money to the CRA — and how to think in simple “buckets” instead. Mistake #3 – Investing while carrying toxic debt Why credit cards at 20% quietly destroy wealth, and the correct sequence for debt, saving, and investing. Mistake #4 – No real emergency buffer Why hope is not a safety net, and how many months of expenses Canadians actually need. Mistake #5 – Buying too much house, too soon Why qualifying for a mortgage doesn’t mean you should take it — and how to stress-test housing decisions properly. Mistake #6 – Overpaying for underwhelming investing How fees compound against you, and how to know if what you’re paying is actually worth it. Mistake #7 – Calling fear or gambling a “strategy” Why sitting in cash forever or chasing hot investments both hurt long-term wealth — and what to do instead. Mistake #8 – Neglecting credit health and debt structure How small credit issues quietly raise borrowing costs across your entire life. Mistake #9 – Skipping insurance and estate basics Why ignoring protection can undo years of good financial behaviour. Mistake #10 – No integrated big-picture plan How Canadians end up busy with money but not actually in control — and how to build a simple one-page plan. The goal of this video is not to overwhelm you. It’s to give you a diagnosis and a roadmap. Don’t fix all ten at once. Pick the one that hit the hardest and take one clear action this month. By the other side of 2026, you can be playing a completely different money game — with the same income you have today. If you want more Canadian-specific, no-fluff personal finance, subscribe and join us every Saturday at 10 a.m. Drop a comment and tell me which mistake hit closest to home and which one you want a deeper video on next. Welcome to Your Canadian Money Playbook 🇨🇦. #CanadianPersonalFinance #MoneyMistakes #FinanceCanada #CanadaMoney #MoneyPlaybook #FinancialLiteracy #WealthBuilding #SmartMoney #TFSA #RRSP #InvestingCanada #DebtFree #MoneyHabits #PersonalFinanceCanada #CanadianFinance #FinancialEducation #MoneyMindset #CPA #CFA #CanadaFinance