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?
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?
I’m not a financial professional but it depends on the purpose of your savings.
If you plan on buying a house then maxxing your FHSA contributions is a good place to start, probably before a TFSA.
After this, it depends on your work and income status. If you’re making decent money, I’d invest in an RRSP before a TFSA since you get both a tax credit and can borrow from your RRSP as a first-time home buyer (I think 15 years to repay). If you don’t need the tax break or aren’t really thinking of buying a home in the mid-term future, then a TFSA.
ETFs are a good choice for the inexperienced, buy-and-hold investor. You can either pick a few sectors you know something about, or buy a broad fund like a TSX 60 fund. ETFs are low cost and you can buy yourself with a discount online broker like Wealthsimple or Questrade.