- April 9, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Opening a Tax-Free Savings Account (TFSA) for Investment Purposes
I recently opened a Tax-Free Savings Account (TFSA) with $10,000 in it to avoid paying tax on the interest of a different savings account through TD. As a beginner in investing, I am not entirely sure how it all works, but I am willing to learn and explore new opportunities.
## Exploring “Safe” Long-Term Investments: ETFs and Mutual Funds
I am interested in buying “safe” long-term investments and currently considering ETFs and mutual funds. However, I am unsure about where to start and what exactly I should be investing in to achieve my financial goals. Additionally, I am wondering what would be a good starter amount to invest in these options—should I start with $500, $1000, or more?
AI Legalese Decoder can help in this situation by providing valuable insights and recommendations based on your investment preferences and risk tolerance. By utilizing AI technology, you can make more informed decisions and potentially maximize your investment returns within your chosen platform, TD. With the guidance of AI Legalese Decoder, you can gain a better understanding of the investment landscape and embark on a successful investing journey.
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>Also what’s a good starter amount to be investing into these? $500? $1000?
Whatever amount you are confident you can commit to your long term, ideally at least 10 years, goals.
>This will all be done through TD
There are 2 issues with using TD Direct Investing
1/ Unless you qualify for an exemption, until your account value climbs above (and maintains) a balance of $15k, each quarter you would pay a $25 maintenance fee.
2/ If you buy stocks or ETFs you will pay $10 for each purchase.
One way to avoid these costs would be to set up an automated purchase (of at least $100 per month) of a portfolio of TD eseries mutual funds. https://letstalkaboutmoney.ca/step-step-buy-td-e-series-index-funds-td-direct-investment/ This kind of portfolio would require occasional rebalancing.
What some TD DI users do is to set up automatic purchase of the e-series mutual funds and then once a year, instead of rebalancing the mutual funds, they sell all of the units they have owned for more than 30 days and use the proceeds to buy an asset allocation ETF. https://canadiancouchpotato.com/model-portfolios/ The purchase will cost $10, but the ETFs will have a lower on going management cost. (Annually about $20 per $10,000 invested instead of $45 per $10,000 invested.)
As for the “newbie willing to learn”, McGill has a free intro course to basics of personal finance. Can be good if you really want to start from square 1.
https://www.mcgillpersonalfinance.com/