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Originally Posted by schteve_d
Oh, I didn't realize that about TFSAs. Thanks.
She talks about it but in all honesty I can't see her going to post secondary.
I suppose the ultimate goal is retirement as I wish I started saving a lot earlier than I did, but I suppose if she used it, one day, to buy a house or something along those lines that would be great too.
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Overall then some kind of non-sheltered investment account or high interest savings account would make sense. As to what to invest in I think it depends on her tolerance to lose money. Can she handle putting in the 300 and it only being worth $240 next year? If she can’t or you think that would teach the wrong lesson then don’t put it in equities. If you think that’s okay then an index based etf like Xeqt or any of the others mentioned above is an easy way to get started.
If you want it guaranteed to grow then the GIC route would show its value growing every month. The drawback / benefit is it’s locked in for a year. If access to it is important then just a high interest savings account is okay but only earns about 2.5%
Any of the options is good depending on need as I think you are right that just getting in the habit of saving something is a good one to get into.