cross-posted from: https://programming.dev/post/28035609

From my reading so far I’m looking at ETFs with WS, and that I should start with the TFSA. Am I on the right track and what do you recommend?

  • wise_pancake@lemmy.ca
    6·
    2 days ago

    First you need to ask what your goals and timelines are. I assume you’re asking because you’ve already decided you’re looking to invest, but short vs long term investing is still very important to ask.

    TFSA is usually the best account to invest in first. Do not day trade in your TFSA, it has the following risks:

    1. If you buy and sell short term investments, the CRA will still tax you on them as income
    2. If you lose money in your TFSA your contribution room is gone forever.

    So it’s best to hold ETFs and longer term stable investments in your registered accounts.

    WS does offer packages but they don’t have a Canadian fund in their robo accounts. If you want Canadian companies you’ll have to find either specific stocks or ETFs directly.

    Purpose has a lot of different ETF options you can choose from, but I don’t have a lot of knowledge about Canada specific funds.

    Wealthsimple and QuestTrade both offer free trades, but with WS they’ll get you on exchange fees for non CAD investments.