Before you jump in, make a plan and understand your options
I would start in these two places and read everything linked from there if you plan to go at it as on your own.
Before you jump in, make a plan and understand your options
I would start in these two places and read everything linked from there if you plan to go at it as on your own.
Most important is to understand your risk tolerance. Youve discovered your risk tolerance is more than barely keeping up with inflation.
What about losing half of your equity over the course of 2008? Are you willing to keep buying stocks while they crash hard?
What about when interest rates start rising and the value of your bond fund drops 4%? Do you know enough to hold that fund and not panic sell? After the bond funds duration is up, the higher interest rate will recover your lost capital. That might be ten years out if you buy med/long term bond fund.
As to your immediate quedtion, moneysense allows only 3? unpaid views of thier articles per month. Copy/paste it for reference.
http://www.moneysense.ca/canadian-online-brokers-at-a-glance/
Read the overcontributions and transfers section below carefully. Dont withdraw your TFSA. Have your new account transfer funds from the old one with no impact. If you stick with your current bank, the transfer will likely be free. If not, ask your new brokerage if they cover transfer fees from the old bank.
The favourite broker on most forums is Questrade because they allow free ETF purchases. I decided to stick with my big bank broker who charges $9.95 per trade. This was due to personal reasons, mostly knowing my big bank will most likely still be in business 50 years from now.
What you plan to buy and how much/often you plan to save plays a big role in where you're best to set up shop. Think long term. Automate contributions for best longevity.
Ok now we're talking.
- Any recommendations for the best brokerage firm to set one up?
- Simple as transferring from one TFSA to another?
Adding to Heckler:
Two 'big' ways to do this.
A) Do as you said, and setup with a company. They will assist with everything.
Or
B) Do it yourself.
Details on A)
Details on B)
Whatever you do, don't over worry and dont over think - doing almost anything TFSA or savings related is 90% of the battle. Ignore the ups and downs, check on them whenever you've saved enough to buy again, and ask a lot questions. BAM! You're now doing great!
If that doesn't sound like you, then maybe a firm is the way to go. I first started that way myself - I didn't even know self managing existed. The more I learned tho the more I said "I want to do this myself" and Bam! I don't regret the fees, it was just one step in a long learning process. Either way, welcome to your first step.
EFT = emotional freedom techniques??
Or ETF = exchange traded fund??
EFT = emotional freedom techniques??
Or ETF = exchange traded fund??
Morning plus lack of coffee = Typos
:P
(but thanks for catching that)
i just shove everything into ING Streetwise. but i know little about this stuff nor am i interested enough to learn, and i'm sure someone here can tell me why it is bad. but it seems to do well compared to the amount of effort i put into it. key point for me though is the amount i don't spend on it and can do other things i'd rather do
i just shove everything into ING Streetwise. key point for me though is the amount i don't spend on it and can do other things i'd rather do
Theres nothing wrong with simple, as long as you understand your options. Just understand the fees please. Say no to 4% DSC (deferred service charge) and 6% FEL (front end load) mutual funds.
http://canadiancouchpotato.com/2012/04/09/ings-streetwise-fund-v-td-e-series/
the ING streewise stuff is quite low cost and seems popular with the index low fee pundits. simple and similar to the TD e-series stuff.
I used ING for a mortgage and they are good to deal with Did it all over the phone
ING is no longer a thing in Canada, eh?
When one person suffers from a delusion, it is called insanity.
When many people suffer from a delusion, it is called religion.
I got a mortgage 6 years ago when they were part of ING
I think BNS bought them
I haven't noticed any difference
It used to be great using any Credit Union ATM for free with ING, but with Tangerine now it's only ScotiaBank ATMs. That's the only diff I've seen. This was a more noticeable difference out in the sticks I guess
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