Sunday, 14 February 2016

Starting the savings

In 2016, I started to dream about getting financially independent.
So, started putting some money in TFSA. A small sum of $5000 and started a low cost trading account.
I bought few shares of Bank of Nova Scotia, Bell Canada and Algonquin Power.
I heard about ETF only recently. So, as a beginner, I got few shares of XIU.
I am reading some personal finance blogs starting in February. They mentioned about DRIP. That is dividend re-investment program. So, I called and asked my trading firm to  start that program to me as well.
Since my employer is not deducting my income tax, I really have to start RRSP . Otherwise I have to pay to the government when i do tax.
I got a loan of $8000 and started another trading account with that.
I bought two ETFs win that one.
1. ZRE
2. VCN
Still there is cash in it. I am going to DRIP the earning in that too.
To start investing in US$, i need to fill up some forms too.
Since the markets are down, my investments are down too.
I love to buy few shares of the Canadian banks too. May be Royal bank? May be CIBC?

2 comments:

  1. Good start. For DRIPs you might want to check CST (AST in the US) or Computershare. Here in the states they allow fractional shares which increases the compounding effect.

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    Replies
    1. Thanks for visiting. Will check that one.

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