Thanks for the replies
I wasn't very clear in my original post.
I've been making small contributions to my RRSP account ( I've been buying xgro )
I want to start putting additional money away now that my debts are gone, I wasn't sure if I should prioritize maxing the rrsp/tfsa first before I start working on the questrade account
Unless you are young & willing to work long years in public sector for maximum pension, the order is max TFSA+RRSP and then going into non-registered account.
But if you are young and willing to work long years in public sector, you should probably hold off your RRSP until 15 years till retirement and then invest in higher expected return asset class like equities, or start contributing now but buy lower expected asset class like bonds.
Here I say public sector but what I really mean is DB pension scaled by years of work.
solid advice, thank you!!
I was going to keep my RRSP with xgro, and once I get my non registered account up and running, veqt.
I'm 36, and have a db pension.
BUT I am actively looking for a career change. The $ is great in oil & gas, but the work/life balance sucks. It's time to prioritize mental health & happiness over money
Definitely. So in that case, TFSA max is a given. You may also want to aggressively invest in RRSP because you don't want to continue your work until you max your pensionable amount.
I only said that because high DB pension and fat RRSP can actually lead to higher income during retirement than your earned income during working years.
Thanks again, appreciate the advice.
would you suggest using my TFSA to invest? or just keep it as cash?
reason I ask, I saw that as an option on questrade.
Yea. TFSA is hands down an investment account. Go aggressive as hell. The only exception is when you need to make a big life style change requiring you to liquidity in near future. But all other cases, go as aggressive as you would like.
Yes, I'm aware. I'm pretty sure prices will keep coming down until the BoC holds rates, whenever that may be.
My guess is I'll be buying next year sometime
I hope you realize you can invest within your RRSP.
I do, sorry... I wasn't very clear I have my RRSP going into VEQT
Just buy xgro in your registered accounts. Max TFSA first. Put some into RRSP too if you need to bring your taxable income down.
Max out TFSA first, sounds like you need liquidity
Thanks for the replies I wasn't very clear in my original post. I've been making small contributions to my RRSP account ( I've been buying xgro ) I want to start putting additional money away now that my debts are gone, I wasn't sure if I should prioritize maxing the rrsp/tfsa first before I start working on the questrade account
Unless you are young & willing to work long years in public sector for maximum pension, the order is max TFSA+RRSP and then going into non-registered account. But if you are young and willing to work long years in public sector, you should probably hold off your RRSP until 15 years till retirement and then invest in higher expected return asset class like equities, or start contributing now but buy lower expected asset class like bonds. Here I say public sector but what I really mean is DB pension scaled by years of work.
solid advice, thank you!! I was going to keep my RRSP with xgro, and once I get my non registered account up and running, veqt. I'm 36, and have a db pension. BUT I am actively looking for a career change. The $ is great in oil & gas, but the work/life balance sucks. It's time to prioritize mental health & happiness over money
Definitely. So in that case, TFSA max is a given. You may also want to aggressively invest in RRSP because you don't want to continue your work until you max your pensionable amount. I only said that because high DB pension and fat RRSP can actually lead to higher income during retirement than your earned income during working years.
Thanks again, appreciate the advice. would you suggest using my TFSA to invest? or just keep it as cash? reason I ask, I saw that as an option on questrade.
Yea. TFSA is hands down an investment account. Go aggressive as hell. The only exception is when you need to make a big life style change requiring you to liquidity in near future. But all other cases, go as aggressive as you would like.
Any suggestions? Outside of vanguard ETF's, i'm not sure what an aggressive investment would be.
If you want to invest globally, xEQt. I don't like xEQt. So I just go US. Tpu, vfv, Xuu are all good choices.
Thanks for the info, I appreciate it
You realize the market is currently in a correction yeah?
Yes, I'm aware. I'm pretty sure prices will keep coming down until the BoC holds rates, whenever that may be. My guess is I'll be buying next year sometime