Quote:
Originally Posted by Sylvanfan
Okay, so today I want to stop putting my voluntary contributions into a RRSP and start moving that money into a TFSA. Being poor, I don't have a large sum of money lying around that's very liquid. So I'll be building it up $200 per week at a time. At $200 a week you really can't open up a online trading account and cost average your way in. Honestly, I'm happy to put it all in a S&P 500 index fund and leave it there for the next 25 years. Hopefully it will be worth something some day. What's the best way for poor people to get started.
|
Tangerine.ca (formerly ING Direct) can handle contributions like this. As well, their portfolio's are very low cost (check the couch potato links for opinions).
http://canadiancouchpotato.com/recommended-funds/
I have some Tangerine accounts as well as TD E-series and the Tangerine funds are a wonderful way to start into something like this.
Also, don't sell yourself short - $200/week is a healthy contribution, no shame in that!