What is a financial institution you would recommend for managing finances/investments? New grad here interested in getting some professional advice

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I would recommend setting up accounts across the big 5 banks of Canada (shop around for the best joining offer, lowest monthly fees)

As a new Grad, I would suggest building the following setup:

Banking Accounts
1. Checking account #1: Earn Account
for your salary deposits. Let's call this your earn account. Archive the debit card and never use it anywhere.

2. Checking account #2: Spend Account
Transfer money from your earn account and use this to pay your bills (rent, credit card, mortgage, utilities etc).

3. High yield Savings account: Emergency liquid funds account
Your safety net account, aim to shore upto 3-6 months of expenses over time from the earn account.

Investments Accounts: you could sign up with an existing big 5 bank or sign up with services like wealthsimple. Use these accounts to buy stocks, ETFs, GICs etc for short and long run.

1. RRSP: Money set aside for retirement. Can borrow upto 35k from this account for your first house. money is deducted pre-tax from your paycheck. has the ability to move you to a lower tax bracket. Can only contribute upto 18% of your last taxable salary. Max contribution amount is set by the CRA each year. Withdrawals at retirement will be taxed

2. TFSA: Your main investment account, money can be deposited from your earn account (i.e post tax). There are no captial gains taxes for investments held in this account. There is a yearly contribution limit set by the CRA.

3. FHSA (launching in 2023, for upto 5years): will allow contributing 8k/year, towards the purchase of your first home. Contribution will be made pre-tax from your income and withdrawal will also be allowed tax free.

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RRSP = high risk equities when you’re young (think Vanguard ETFs tracking the S&P500 or specific industries). Moving to lower volatility as you get closer to withdrawals.

TSFA depends on when you intend to withdraw. If it’s sooner you’ll want lower risk products. If it’s to buy a house in 10 years you can go higher risk.

Either of the above can be self-directed or you use a Roboadvisor to pick based on your risk tolerance.

TLDR: They're all clueless, do your own research and investing

Most firms package and sell the same strategies and ETFs so there isn't really a difference between them. Use some online tools to gauge your risk tolerance and use a low cost investment broker to construct a portfolio that matches

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Managing finances? Do it yourself. S&P 500 ETF.

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TD for everyday banking, if that’s what you mean.

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Wealthsimple...dont @ at me

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