You’ve surely noticed it by now… AI tools like ChatGPT are everywhere. You can ask it how to meal plan, write a résumé, or even figure out your tax bracket. And to be honest, it’s a pretty good place to start. But when it comes to something as personal and high-stakes as your finances, the way you use these tools matters just as much as the answers they give.

Over the past few months, I’ve been testing ChatGPT with the same questions Canadians are asking about money… everything from “How do I transfer my RRSP to Wealthsimple?” to “Should I pay off my mortgage or invest?”

Want more? Here’s what we’ve explored:

• Asking ChatGPT: Should I Pay Off My Mortgage or Invest?
• Asking ChatGPT: How do I budget better and save more?
• The number one question Canadians are asking ChatGPT about their finances is…
• So you’re taking financial advice from ChatGPT…

And while some of its answers sounded smart (even reassuring), there were some real risks hiding in the gaps. So as we wrap up this series, I want to share a few lessons learned and how to tread lightly if you’re using AI to guide your financial decisions.

Lesson 1: ChatGPT is confident, not correct

One of the biggest misconceptions about AI is that its confidence equals accuracy. ChatGPT doesn’t actually know things. It predicts words based on patterns from the internet.

That means the quality of its answers depends entirely on the quality of what it’s read, and when it was last updated. In Canada, that’s a problem. We don’t have nearly as much high-quality, up-to-date financial content floating around online as the U.S. does, and regulators here (for good reason) prevent licensed planners from giving specific, individualized advice publicly.

So even when ChatGPT sounds right, its answers often mix good information with outdated or incomplete details. That mix can cost you money.

For context, a 2024 CPA Canada survey found that only 28% of Canadians aged 18-34 feel confident managing their finances, and 47% said they now use online or AI tools for financial information. That combination (low confidence plus heavy reliance on unverified sources) is where trouble can start.

Lesson 2: The devil’s in the (missing) details

When I asked ChatGPT how to transfer an RRSP from a bank to Wealthsimple, its instructions were clear and friendly, but it skipped a few small details that could have led to big mistakes.

It didn’t mention deferred sales charges (still lingering on some older mutual funds). It didn’t explain that you need to transfer your RRSP directly to avoid triggering taxes. And it didn’t clarify that the process looks different for non-registered investments.

Each of those omissions could have cost someone hundreds (or even thousands) of dollars in unnecessary tax or penalties.

That’s the danger of relying on surface-level advice: it’s not that the answer is wrong, it’s that it’s not complete.

And with nearly 60% of Canadians saying they don’t fully understand their investment fees (Investor Office, Ontario Securities Commission, 2024), missing those fine points can have real financial consequences.

Lesson 3: AI doesn’t know your life

When I asked ChatGPT whether it’s better to pay off your mortgage or invest, it did what it always does: summarized the math. Compare your interest rate to potential investment returns, it said.

That sounds logical… until you remember that money decisions aren’t just math problems.

It didn’t ask about cash flow, risk tolerance, or job stability. It didn’t know if you were nearing retirement or carrying other high-interest debt. And it didn’t consider how locking up your cash in a home might leave you “house-rich but cash-poor” later on.

Good financial planning requires context, trade-offs, and an understanding of your full picture, none of which an algorithm can see.

Lesson 4: Use AI to learn, not to decide

ChatGPT can be an amazing learning companion if you use it the right way. Think of it as your research assistant, not your advisor.

Here are a few ways to make it work for you, safely:

• Ask for definitions, not directions. “What is a TFSA?” or “What counts as taxable income?” are great questions.
• Double-check any numbers (like limits or tax brackets) directly with the CRA or your provincial government site.
• Use it to brainstorm, not to execute. For example: “Give me five strategies for saving more as a freelancer” can spark ideas you later vet with a planner.
• Run your plan by a human. AI can outline options, but only a qualified planner can tell you which ones make sense for your goals and risks.

Lesson 5: The best plan is still the one that fits your real life

AI can make personal finance feel more accessible, which is great. But at the end of the day, technology doesn’t replace experience, or empathy.

A solid financial plan isn’t just a list of tasks. It’s a reflection of your values, your priorities, and your capacity to handle change. And that’s something no chatbot can replicate.

If you’ve been experimenting with tools like ChatGPT and want help turning generic advice into a real-world plan that fits your life, our Starter Plan is designed exactly for that. It’s practical, personalized, and rooted in your reality (not an algorithm’s).

The takeaway?

ChatGPT is a great place to start learning about money. Just don’t stop there.

Use it to build awareness, ask smarter questions, and get comfortable with the language of finance. Then, when it’s time to make a real decision with real dollars, make sure you have a real human in your corner!

(This post is for educational purposes only and isn’t personalized financial advice. Always consult a qualified professional before making financial decisions.)

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