Quote:
Originally Posted by Regorium
Are there any services out there that will allow me to contribute automatically to an RRSP every month and also perform purchases of a distribution of ETF's that I select?
For example, I want to contribute $500 a month, but I want to put 20% into VEE, 15% into VCN, 50% into VFV, and 10% into ZEB. Buying those as standard stock transactions themselves would require me to spend $40 in transaction fees every month.
I know a lot of places will do automatic contributions into mutual funds but I'm curious whether there's something like this for self-directed RRSP's.
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It's very difficult for a lot of reasons, but most notably because you can't buy fractional units of an ETF. You can with mutual funds, which is why you can set that $500 (or whatever figure) and it works.
As an aside, Vanguard (I see you have a few of their products in your mix) was rumoured to be bringing an option to take care of that to Canada a couple years ago, but it hasn't materialized yet.