Ready to invest first time. Please correct my plan/strategy.
I have almost finished reading Millionaire Teacher, and am ready to invest. Will keep funds in for at least 10-15 years. I need to figure out my risk tolerance. I'm approaching age 40, thinking of keeping 35% bonds. At this point, I need to have my account on a brokerage ready ASAP as I learnt that it could take a few days to set up. For now, I am looking to purchase ETFs regularly. I'm looking at putting $100 per month. Hopefully cash flow will be disciplined enough to continue without breaks. Currently, I have the following:
TFSA at Meridian CU
RRSP at Scotiabank
RRSP at Tangerine
Regular Savings at TD Bank (Got this only to view my mortgage account online)
Please help me understand the following:
How much cheaper is Norbert's Gambit than using a ForEx company to do a conversion from CAD to USD? I've never done either. I have done USD to CAD before, which basically takes 2-3 business days for the draft from the ForEx company to clear.
I am considering either Questrade, TD Direct Investing or Scotia iTrade. Based on the reviews Questrade seems to be the best option. Which one would you recommended for a beginner like me? (Would be great feedback if you have used Questrade and TD/iTrade.)
I mostly bank with Scotia. My investments will be 50K+ to start. Should I be considering iTrade over the other two for convenience? Or will the fees not make sense in my case?
Is Norbert's Gambit possible to do with Scotiabank?
Say I select Questrade, what is the most efficient (time/cost) process to move forward? Is the below correct?
Transfer TFSA from Meridian to TD.
Do Norbert's Gambit to convert to USD
Transfer USD TFSA to Questrade.
Transfer RRSP to TD
Do Norbert's Gambit to covert to USD
Transfer USD RRSP to Questrade.
What steps above will incur least fees? I understand Questrade covers upto $150 transfer fee? But if I transfer my registered accounts to TD for Norbert's Gambit first, those fees won't be covered?
Lastly, I'm not very knowledgable on RESPs. I understand gov't matches some part of the contribution? We have two kids, ages 10 and 8. No RESP yet. Can investments be made in RESPs? Any tips on this would be very much appreciated.
How do I find ETFs pegged to CAD on Questrade? I've got a good grasp of the basics of investing, I'm primarily interested in indexes, but want some tweaks to the standard CCP "total index" approach - low carbon and higher tech. It seems like every time I find an ETF following an index I'm interested in, it's only traded in USD on Questrade. Some examples that I've tried to buy: SPYX, PZD, ETHO Is it supposed to be this hard to buy funds in CAD? Am I just missing something incredibly obvious? I can find indices and the ETFs tracking them easily enough... but can't figure out how to find ETFs that I can buy in CAD. Is everyone just buying the USD funds and running Norbert's gambit/eating the forex fee/hedging their gains on currency speculation?
Welcome to /CanadianInvestor! This is the expanded version of the sidebar to further explain some of the features of these links >Resources - Standard websites used for investment products besides Mutual Funds
TMX Money - Used for stock ticker quotes. has news on the front page as well as index performances. contains top market movers by volume and currency/commodity prices. this website is good for looking up tickers and viewing their valuations, graphs, news, location of headquarters and the tickers home website.
Currency Exchange - This is the Canadian Forex website where we can check out performance of currency for day to day reference
Stockchase - Could give you good or bad reasons to buy a specific stock from an educated perspective. like anything on the internet, it cant be taken seriously but it might shine light on something you may have not known about
>DefinitionsFinance - Common Terms - This has every term you need to know about finance >Couch PotatoBeginner Fundamental Index Investing - the go to strategy for setting up a starting portfolio to gain the average market performance >DRIPDividend Reinvestment Explained - dripprimer.ca which explains dividend investing. whole shares are only able to be reinvested unless you are enrolled privately through a company agreement to have partial shares reinvested >Risk in StocksUnderstanding your risk - common question in market exposure is sometimes how exposed do you want to be and what is comfortable for your situation. your tolerance level. www.getsmarteraboutmoney.ca has other investment ideas for planning purposes >TFSA InfoCanada Revenue Agency - common Q/A on TFSA's answered which should provide the information you need on withdrawing and contribution limits >Foreign TaxWithholding Tax - US listed companies or investment products (etfs) are subject to withholding tax unless they are held in an RRSP. this explains foreign withholding tax and what it means for your investments. >SEDARLegal Financial Statements submitted mandatory by companies
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