So my kid turned 18 and the banking institution set up an appointment on her 18th birthday to set up her finances. Now, I had her read the book "Beat the Bank" so she should have had some financial literacy.
The banker tried to set her up with a TFSA that would hold a GIC and a "high-interest" savings account. This on top of her existing savings account and chequing account. He also wanted to set her up with a credit card.
She is going to University in the fall, most of that is covered with academic scholarship and RESPs.
She has about 20k to play with and no expenses.
I am suggesting an ETF that tracks the S&P in a TFSA through Qtrade or Questrade. Max out the TFSA, but some in a non registered account or maybe an RRSP with autonreinvestments.
Thoughts?