Reddit Personal Finance Canada Review 2023: R/PersonalFinanceCanada

The subreddit r/PersonalFinanceCanada was created in January 2012 to provide a community platform for Canadians looking to participate in a Q&A forum regarding personal finance.

The group has over a million members, is 100% free to use, and is a great place to start your research, ask questions, or even help out other members by sharing your own knowledge.

Below, I’ll give you my full Reddit Personal Finance Canada review, explain what I like about the subreddit, outline the limitations of using Reddit, and show you how it works.

Our Verdict
Reddit Personal Finance Canada Review
9/10Our Score

Reddit Personal Finance Canada

Online Community

Participate in an online community of over a million members where you can post your personal finance questions and respond to others. 

Pros
  • Ask any question relating to personal finance in Canada
  • It’s a free-to-use platform and you’ll never have to pay for anything
  • You may receive free responses from financial professionals who you’d have to pay expensive fees to in-person
  • There are over a million members and the community is very active
  • Reddit offers an easy-to-use mobile app so you can interact on-the-go
  • Promotional content is moderated, so you don’t have to worry about getting spammed
Cons
  • Not all of the information on r/PersonalFinanceCanada is accurate
  • You may not always receive a friendly response
  • Reddit should never be your only source of financial information

What Is Reddit Personal Finance Canada?

Reddit is the ultimate platform for those who enjoy reading, writing, asking questions, and sharing knowledge with others.

Reddit consists of subreddits, which are forums dedicated to various topics. Topics can be wide (i.e., r/Finance) or more specific (i.e., r/PersonalFinanceCanada).

Subreddits are indicated using the following format: r/[insert subreddit name]

Anybody can create an account on Reddit for free and join subreddits to receive notifications and begin interacting within the group.

r/PersonalFinanceCanada is a subreddit that’s dedicated to topics related to personal finance in Canada. Most (if not all) of the members are from Canada, live in Canada, or are currently visiting the country and trying to learn more about how the economics in the country work.

Common Topics On r/PersonalFinanceCanada

Common Topics On r/PersonalFinanceCanada

When it comes to posting question threads within this subreddit, the main rule is that your question must relate in some way to personal finances in Canada. Some of the most common topics you’ll find within the group include:

  • Budgeting
  • Saving
  • Investing
  • Growing your income
  • Saving for/buying a house
  • Financial support programs in Canada
  • Filing your taxes
  • Side hustles
  • … and more

Many of the same topics that I write about on Wealth Awesome are actively discussed within the r/PersonalFinanceCanada group. Sometimes I even get inspiration on topics to write about based on the questions being asked within the group, and I’ve interacted in the subreddit from time to time.

Given that it’s such a large group, I recommend searching through past questions and answers before posting a new question. There’s a fairly good chance that somebody else within the subreddit asked a similar question and received in-depth replies from members.

Scraping knowledge from previous posts is a great way to research and learn about new topics.

If you still can’t find the answer to your question, then make a new post and wait for the replies to start rolling in. On a busy day, you might start receiving responses within the hour!

Is r/PersonalFinanceCanada A Reliable Source Of Information?

Is r/PersonalFinanceCanada A Reliable Source Of Information?

The most pertinent question I get about r/PersonalFinanceCanada (and other similar subreddits) is whether or not it’s a reliable source of information.

For the most part, r/PersonalFinanceCanada can be a very useful source of information, but it is not always completely reliable. There are no official editors (other than the moderators who are volunteers), so the top-voted answers won’t always be factually correct.

In the past, I’ve fact-checked many of the top answers, and they were mostly correct but can contain some misleading or inaccurate information.

That being said, the group has a number of financial experts who regularly answer questions, and the subreddit’s rules encourage users to support their answers and statements by linking to original sources such as Statistics Canada or other reputable websites.

It’s also full of regular Canadians who’ve had personal experience dealing with the same issue that you’re facing and who can provide real-life insight and perspective.

That being said, you should never rely on any single financial group or forum (including Wealth Awesome).

At the end of the day, you’re the only one who’s accountable for your money, and you can’t blame your mistakes on the “advice” you got from anybody else (even professionals).

This is especially true when it comes to making a major financial decision in your life, such as starting a business, buying a home, or investing your money. Even if you’re working directly with a chartered accountant, investment banker, or another professional, it’s always worth getting a second opinion.

Perks Of Using The Personal Finance Canada Subreddit

Perks Of Using The Personal Finance Canada Subreddit

Now that you have more background on how r/PersonalFinanceCanada works, let’s go over some of the key benefits of the group. Overall, the subreddit is great because it offers the following:

  • A 100% free platform
  • Allows you to interact with financial experts
  • Provides a reading list for members
  • Allows you to share your own resources
  • Moderated threads and responses
  • A mobile app

100% Free To Use

The best part about Reddit is that it’s 100% free. You’ll never have to pay to join any subreddit group, including r/PersonalFinanceCanada.

Reddit does offer a premium membership for $5.99 per month, but this just removes the ads on the platform and doesn’t affect the content and subreddits that you have access to.

Q&A With Financial Experts

The best part about the subreddit is that you’ll be able to receive responses from real financial experts.

Chartered accountants, financial analysts, lawyers, bankers, realtors, investment bankers and more regularly interact with users, help them answer questions, and provide valuable resources that users can utilize for further research.

In some cases, you’ll get more information in a free interaction with one of these financial experts than you’d get by paying for an in-person appointment.

Regularly Updated Reading List

One of the best ways to improve your financial literacy is to read books. I really appreciate that r/PersonalFinanceCanada provides a reading list to its members.

The list is regularly updated by the group’s moderators, and it’s a great place to find further information that can help you on your financial journey.

Share Resources & Experiences

Almost everybody has valuable experiences and knowledge that they can share. Even if you’re not an expert, you may have gone through a particular problem, found a solution, or made mistakes that you can share with others, so they don’t do the same.

The great thing about Reddit is that anybody can share their knowledge, resources, and experiences, provided that they follow the subreddit’s posting rules.

Moderated Threads & Responses

Although all members can post questions and respond to threads, r/PersonalFinanceCanada isn’t a free-for-all. The subreddit does have rules. Threads, responses, and other content are closely monitored by moderators (many of whom are real financial experts).

When moderators find inaccurate, misleading, or otherwise harmful content, they do their best to remove the information so that the group’s users aren’t being misled.

Easy-To-Use Reddit Mobile App

I’ll be honest, I don’t spend much time on social media. However, I do really enjoy reading through my various subreddits when I’m sitting at the airport, in the back of an Uber, or otherwise unable to access my laptop.

The mobile app is super-easy to use, provides me with updates on the groups I’m interacting with and isn’t overly spammy like other apps on my phone.

Drawbacks Of Reddit Personal Finance Canada

Drawbacks Of Reddit Personal Finance Canada

For the most part, my experience with r/PersonalFinanceCanada has been positive. However, there are some drawbacks that everybody should be aware of before they start interacting within the group.

You May Receive Inaccurate Information

While moderators do their best to remove inaccurate or misleading information, there are always going to be comments that slip through the cracks. As a result, you may not always receive the most accurate information when posting a question or researching previous threads.

Additionally, if you’re browsing through older threads, some of the information within the threads may be outdated or may have changed. /

Before you take action on a comment or response, always do yourself a favour and double-check the data by performing your own research.

You May Receive Negative Comments

Although spam, hate speech, and other negative/rude comments go against the rules of the subreddit, you may encounter some bad apples from time to time (just like any social media platform). If you receive a negative or hateful comment, your best bet is to report the comment to a moderator so that it can be removed.

r/PersonalFinanceCanada Rules

Some important rules to be aware of before making posts or interacting within the group are:

  1. All posts must relate to personal finance topics in Canada
  2. You aren’t allowed to make self-promotional posts
  3. Your posts and comments should be respectful and helpful
  4. Posts regarding cryptocurrency must relate to personal finance somehow
  5. No posting about specific investment recommendation (i.e., invest in this stock or buy that crypto token)
  6. If you claim to be a financial expert, you must verify the claim to a moderator to prevent misinformation from spreading

These rules provide an excellent structure and framework for the subreddit by limiting false information and ensuring that everybody has a positive experience.

The Verdict – Is Reddit Personal Finance Canada Worth My Time?

Reddit Personal Finance Canada Review

If you’re researching personal finance topics or trying to get an answer to a pressing question relating to the topic, then r/PersonalFinanceCanada is a great place to start. Browse through previous threads or post a question directly and wait to see what answers come your way.

However, you shouldn’t rely on the group exclusively for information.

While much of the information you’ll find is accurate, it may not give you the full picture. Also, there’s always the risk that you’ll come across overt misinformation.

Always do your own research and trust the advice certified professionals give over responses you find on the internet.

Are you looking for a better way of managing your money? Keep on reading to check out my list of the best personal finance apps in Canada next!

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Author Bio - Christopher Liew is a CFA Charterholder with 11 years of finance experience and the creator of Wealthawesome.com. Read about how he quit his 6-figure salary career to travel the world here.

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