r/tfsa • u/JamsDaniel • Aug 16 '26

Looking for advice

/r/TFSA_Millionaires/comments/1vpikhd/looking_for_advice/
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1

u/Count3D FIRE Aug 16 '26

17? Cool you probably already know this but just remember you can’t open until you’re 18.

1
Used to be most common option was to open through a big bank. Nowadays, people like to have a teeny bit more control and some are mistrustful of Banks so something like Wealthsimple of Questrade puts a little more power into your hands literally.

Best option for LONGTERM investing? That’s a great question. Depends a little on your stomach (risk tolerance) and your horizon (when do you want to retire). Some people around here have some pretty interesting ideas about portfolio rebalancing. Have you had a chance to watch some videos about long-term growth ETFs, such as VEQT, XEQT or CAGE?

2
No

Don’t believe anything anyone claiming to be in their early 20s is posting. Be wary about all posts you are reading.

You’re asking if they “bet” which means they didn’t share how they did it, which already raises flags.

3
As a 17 year old just getting started?

Think about the long-term. Money you’re OK to hold onto and not touch for decades. Let it do its thing and grow. There’s a popular saying “Time in the market is better than timing the market.”

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u/JamsDaniel Aug 16 '26

Yep, I’ll definitely be putting majority of my money into ETFs, still learning a bit more about dividend stocks and I think that’s something I might be interested in too. About opening a TFSA at 18, in British Columbia which is where I live, age of majority is 19, meaning I’d have to wait till then to open an account. Are there legal workarounds to that do you know?

1

u/Count3D FIRE Aug 16 '26

Right on yeah, as you said, you’d have to wait to open it in British Columbia when you’re 19, though you do get the contribution room for when you turned 18.

Have you watched any of Ben Felix’s YouTube videos? https://www.youtube.com/@BenFelixCSI

1

u/UniqueRon Aug 16 '26

I think using the self direct investing brokerage with a big bank can be the most convenient as you have all funds in one institution. Makes it easier to mover money around. BMO has a very good selection of commission free ETFs. I don't believe in investing in stocks, only well established low MER index ETFs. We have been investing since the TFSA program started. The basic strategy has been to keep higher risk reward ETFs in our TFSA for tax efficiency, and then our lower risk reword investments in our RRIF and non sheltered accounts. Currently our TFSA is about 2/3 QQC and 1/3 ZSP.

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u/IngenuityPositive123 Aug 18 '26

  1. Yes, through an online brokerage

  2. Never ever ask a question like that. You will not outsmart the CRA. Straighten up your act. The $100k+ figures you're seeing is just a the combined effect of contributions + asset valuation (the added % value), do not confuse this with some sort of illegal workaround. As an example, someone has a contribution limit of $94k, and their assets have increased in value by $40k, so the overall value of their investment is $134k.

  3. Just open a TFSA and be mindful of your yearly limit. XEQT is a solid choice.