Thanks Ben and Prairie stash. I will definitely look into Questrade and watch the videos you mentioned and remember you when I open my account. As for ccb Iam already receiving the maximum. Let's say once I move everything to questede what do you recommend I look into? A unregistered account for dividend investing? (Not even sure what that is, but will study it if that's the case)
My partner invest completely different, he likes to stock pick and we don't agree so he does his own thing and I do mine. Any advice on this?
That is seriously badass to get max CCB. That's a family net income of $30K (combined with spouse) to get $6,400/child ($533/month/child), which means a household net of $42,800. From that you are able to max out $11,000 in TFSA, RESP of $5000 and live off the rest (ignoring the RESP, most people would struggle with that income). Then you have extra to invest, well done! I'm looking at the budget here and realizing something very important, this isn't just random praise.
Even low income Canadians need some RRSP money to do the FIRE plan optimally. Lets say you and your husband want to retire on $30k annually (getting max CCB implies you currently spend under this). You would each pull $5k tax free from the RRSP then pull $10k from the taxable account (total of $30k). In retirement some of that (for me) will be capital gains, which is taxed weird, you multiply $10k x 50% and pay tax on the $5000, so your net income will be $10k ($5k from RRSP and $5k from the taxable account); below the basic deduction! Thats the $30k plan for spouses, the quick version.
A low income Canadian with $100,000 in RRSP can avoid paying all taxes on it upon withdrawal. If they don't need the money to live on they can transfer the money into their TFSA in FIRE, to avoid OAS/GIS clawbacks in older age (always withdraw the most you can and transfer any leftovers to TFSA). They can still get the RRSP deduction now and get an extra $10-20K in money as refunds, which they can use to increase the stash.
You can still set up the RRSP in Questrade, just do it the same time as the TFSA and taxable accounts to get it all done at once (easier to do all 3).