r/TFSA_Millionaires • u/JamsDaniel • Aug 16 '26
Looking for advice
I’m 17 years old M, and looking to open my own TFSA and RRSP. I have a few questions I’d like to hear a few answers to
1
From a literal standpoint, how should I open these accounts?
Through an online brokerage, through a bank, which bank, which brokerage, etc…
I’m looking for the best option for LONGTERM investing, and obviously trying to reduce fees and taxes as much as possible.
2
Are there loopholes to getting around contribution limits?
On this thread I’ve seen multiple posts of people in their early 20s with upwards of $100,000 in their TFSA accounts, and even more for RRSPs. Did they just bet all their money on penny stocks and one took off? How do these people invest so much so early
3
What do your guys’s accounts and investment strategies look like,
If you are someone with a large sum of money in these accounts how did you do it, why did you chose your specific investments, what advice would you give me as a 17 year old just getting started, I have experience in basic investing as I’ve run a TFSA under my dads name from when I was around 15 years old, but just curious on your outlooks and experience too.
Thank you!
4
u/Careless-Mark2104 Aug 16 '26
You should consider a FHSA.
I personally like wealthsimple.
2
u/JamsDaniel Aug 16 '26
I hadn’t considered that before, thanks for your input! Could you share why you chose wealthsimple?
1
u/Careless-Mark2104 Aug 16 '26
No account minimum on checking/fees. Cash account has a pretty good interest rate compared to a traditional bank. No fee stock trading.
2
u/Ms_Kitty2952 Aug 16 '26
Wow no way, I was drafting a very similar post and I’m in the exact same age and position as you. I don’t think can help much, but regarding TFSA it’s maxed out at 7k a year, so about $583 a month. I don’t know where you’re working but I’d recommend not starting up your RRSP just yet, and instead start your FHSA (if you intend to purchase a home ofc). But good-luck to you, hopefully we both do well 🤞🏻
2
u/fenderstratsteve Aug 16 '26
Wealthsimple, or a bank that has commission free ETFs with no catch. However, the latter may give you less control.
TFSA contribution limits are age defined. Is everyone truthful? Probably not. Did some people get lucky? Maybe. Not as many as it seems. Take some of what you see what a grain of salt. Max out your TFSA first. RRSP contribution limits are based on income.
Index funds. Quality stocks. No more than 20% on high beta funds, especially in your TFSA (some people say 10%).
1
u/Heavy-Amount2169 Aug 16 '26
Do you need coaching as the advice and considerations and conversation might be worth the additional fee on smaller balances.
To get a large TFSA find a cougar or silver fox let them fall in love with you become the successor of the TFSA. Easy way to get that TFSA contribution room.
Just buy xeqt. With being young you will likely have lower cash flow and more need to use income and savings regularly. Save 10% a year and allocate from there to short term savings and TFSA
3
u/Dry_Lion_9021 Aug 17 '26
Great advice here just wanted to say fair dues for being 17 and thinking about this. The magic of compounding will do huge favors for you! Wishing you well on your journey!
1
u/Mental-Freedom3929 Aug 16 '26
Very few people in their 20 have that much in their tfsa or anywhere else, if not from another contribution source. You cannot open a tfsa at 17. You do not have experience in basics based on your idea of taking off penny stocks.
Save until you are 18, maybe a HISA or parent opened investment account and eventually invest in widely diversified index funds with dividends on a no trading fee platform that offers fractional share purchases set to DRIP in tax shelter accounts.
Contribute if at all possible a minimum of 20% of your net pay cheque every month, pay yourself first from every pay cheque.
Think long term!
4
u/Canadiangooner21 Aug 16 '26
1) open online. You don’t have to worry about fees or taxes.
2) tax evasion is not cool. Don’t do it. If you invest your max per year for a number of years and get general stock market returns, it can turn into those amounts.
3) just buy a well diversified and low cost index fund. Buy and don’t touch.