Quote:
Originally Posted by andyzolik
Great info, thanks.
I don't think the house prices hit the bottom yet IMHO and feel like I have enough money stuck in my own house so I don't want to put more money in real estate, rather try to divide it into different assets.
What services are you guys using for investing? (Banks, online traders...)
Sent from my SM-G960W using Tapatalk
|
I agree with you on the house prices, but caution that investing in stocks, commodities and debt can also be volatile. There are risks in all assets. Investors can also turn into their own worst enemy if they can't control the emotional and mental side of the game. Investing is relatively simple but far from easy.
Anyway, all the big banks offer discount brokerage accounts as well as other firms like Questrade, Interactive Brokers. Fees have been declining steadily over the years where many are now offering costs of ten dollars or less per trade. Shop around on service fees etc. They also offer various tools, screens etc. as well as research. Some even offer free trades on certain ETF's.
Not sure what your situation is but you will most likely want to take advantage of the benefits of both an RRSP as well as a TFSA account and possibly a regular taxable account. If you don't understand the benefits of either then educate yourself on how they work, limits etc. (Just a quick blurb on the different types of accounts. An RRSP allows you to contribute and reduce your taxable income by the amount of the contribution thereby reducing your tax bill. Maximum allowable room is a function of a percentage of your income. Room from past years carries forward if you haven't used it up. The government gets their tax cut when you withdraw it in retirement, hopefully in a lower tax bracket. A TFSA allows you to shelter investment returns from after tax income forever. Any gains are tax free. The maximum contribution room has varied over the years, this year $6000, lifetime so far $63500 if you were 18+ when they first came out. If you have money left after using these tax vehicles fully you will also want a regular taxable account. As a side note to a taxable account, the interest on money borrowed to invest in a taxable account is deductible for certain investments, ie. income producing or expected to be at some point.)
Good luck.