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Old 02-21-2021, 03:23 PM
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Austin Austin is offline
 
Join Date: Jun 2007
Location: Edmonton SW
Posts: 1,565
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Open a TFSA or a trade TFSA. Buy and hold stock in a TFSA and reinvest the dividends directly back into your TFSA. Kills both of your needs at one time. Fill the TFSA first and get it to max contribution first.

Then open a RRSP account. Can be an investment RRsP account or it can be a RRsP Trading account like the trading TFSA. RRSP allows you to leverage a tax reduction on the income you earn per year.

I use Wealthsimple app for my trading / stocks in a TFSA account (buy and hold and re-invest dividends into the stock within my TFSA). Growth and earnings are tax free... but you can not treat your trading TFSA like a business and buy sell buy sell buy sell like a swing trader would.

I use Edward Jones and Canaccord Genuity for majority of my RRSP (accumulated over the years from employment matching plans and transferred out to them to manage). I must admit that I also have some money invested in my other Wealthsimple account that is a trading RRSP account. This one I use for doing swing trades quick buys and sells when stock goes up fast.
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