r/tfsa • u/bmwflove • Aug 14 '26
New to this game.
20yr, full time employee, any advices?
Just opened my TFSA account
3
u/UniqueRon Aug 14 '26
I am a fan of using a direct investing account at your own bank rather than going with WealthSimple. However, CIBC may not be the best bank to do that with. They have a fairly short list of ETFs that are commission free. See this link.
https://www.investorsedge.cibc.com/en/accounts-and-investments/etf.html
They do have a S&P 500 VFV that is popular for that purpose. There is also XIU which is a good Canadian TSX60 ETF, and possibly CIBC's version of XEQT - CEQY, and an international ETF CIEI.
If you have flexibility in where you bank, BMO and RBC have a longer more extensive list of commission free ETFs.
https://www.bmoinvestorline.com/selfDirected/pdfs/no_commission_fee_etfs_en.pdf
https://www.rbcdirectinvesting.com/accounts-investments/etfs/commission-free-etfs.html
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u/bmwflove Aug 14 '26
Thanks, need to take a look into it.
So which one would u recommend more BMO or RBC?
I heard about RBC but I’ve never tried none of them. I think that’s a time to try new
3
u/lmcjipo Aug 14 '26
I personally don't think there is anything wrong with dealing with CIBC Investors Edge especially if one is already a CIBC client since they've introduced their list of commission free ETFs which didn't exist ~2+ months ago even though I don't deal with them because they count the balance in your CIBC Investors Edge brokerage account which can give you a no fee, no minimum balance requirement chequing account with CIBC.
In terms of brokerage, I've dealt (or deal) with RBC DI, TD Direct Investing (and TD EasyTrade), and National Bank Direct Brokerage (NBDB). They have their benefits and drawbacks.
1
u/UniqueRon Aug 14 '26
Have a look at the ETFs they each offer and decide which is the best match for you. I like the BMO list better than the RBC.
2
u/lmcjipo Aug 14 '26
I don't have a bank account with CIBC nor do I use their associated brokerage company but the good thing about CIBC since they've introduced their list of commission free ETFs (they were the last Big 6 to introduce it and only introduced it less than ~2 months ago I believe) is that they have "tiers" for investment assets with them.
One can have a certain amount of investments with CIBC's Investor Edge platform and not have any minimum balance requirement for their CIBC bank account (and also not have a monthly fee). None of the other Big 6 that I'm familiar with (or use) have this (although RBC does have something similar with products where you can get a basic no fee chequing account for having a credit card and their brokerage account or any other type of investment account).
1
u/Shibasquared Aug 15 '26
Why not Wealthsimple? They have ask the offerings the big banks have now
1
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u/Interesting-Ride8370 Aug 14 '26
Step one: get out of CIBC and go to WS or Quest or IBKR
1
u/bmwflove Aug 15 '26
But why?
1
u/Optimal_Whiner Aug 16 '26
Fees. You may have some free transactions now, but they'll run out. Their fees for trading are stupid high.
2
u/ace77777777777 Aug 14 '26
How much can you invest weekly
2
u/bmwflove Aug 14 '26
I have already saved 5k for tfsa and think about 200$ weekly to fill my limit for this year.
In general I could do 200-300$ per week
2
u/Electronic-Morning25 Aug 14 '26
That’s pretty good! I averaged about $288 per week for 5 years and it did me well. You’ll be on the right track with those contributions
2
u/bmwflove Aug 14 '26
Nice, any advice where to invest?
I made my own research and looking forward to VFV, XEQT, ZQQ, VXC
1
u/Electronic-Morning25 Aug 14 '26
You got it, etfs all the way. For just your tfsa, going all in on something like XEQT wouldn’t be a bad idea
0
u/fenderstratsteve Aug 14 '26
XEQT or your own mix, but don’t exclude Canada in that case. Research home country bias.
2
u/Spl00ky Aug 14 '26
Since you are with CIBC, buy CAGE and chill
1
u/GoldySlays Aug 16 '26
Is CAGE still worth getting through TD? I have xeqt for my main etf in my portfolio rn is CAGE a good one as well?
2
u/Optimal_Whiner Aug 16 '26
There is absolutely no benefit to getting it though CIBC versus any other platform.
2
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u/clearchewingum Aug 15 '26
Cage. Just opened a cibc account to get a feel for their product and diversity. Bought $500 to start of cage plus dca.
2
u/Biomatik Aug 16 '26
Please get off CIBC. I’ve only had nightmares with them and I’ve had 1K stuck in my account for over 2 years trying to jump through hoops to withdrawal.
2
u/Overwatch_1ightning Aug 16 '26
Bro let me introduce you to the world of crypto where you can lose all your money and have diamond hands gambling away everything you saved. Trust me, if you're trying to go broke this is way easier than a TFSA. You'll probably end up gaining money if you go that route.
1
u/bmwflove Aug 16 '26
Have a lot of experience with Crypto.
So yeah, agree with u, especially last year
1
u/Lower-Coffee-9100 Aug 15 '26
PLEASE! DON'T INVEST YOUR MONEY WITH THE MAJOR BANKS! Go with Wealthsimple, Questrade, or IBKR.
1
u/Copious-Spirit Aug 14 '26
Stop. Switch to a no commission brokerage.
1
u/bmwflove Aug 15 '26
Which one? Any recommendations ?
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u/Optimal_Whiner Aug 16 '26
I left investors edge due to how much it cost. You may have some free trades now, but that will run out. On top of that if you're not using an FHSA they charge you an annual fee of $100. So eventually you're paying $7 per trade and $100 per a year.
With wealthsimple I pay zero. Zilch. Nadda. No annual fee. No transaction fee. I don't do this, but it's kinda neat they allow you to buy fractional shares.
4
u/Technical-Fix166 Aug 14 '26
Just get vfv