Have just taken several stabs. I will type out loud to see if I can grasp anything and/or if anyone can spot major errors in my process.
Goals:
Increase money as well as possible (save, invest, minimize fees).
Prefer everything in one place, partly so my brain can grasp and partly so I can talk to someone about how it all intersects.
Have system that I can grasp, which means someone to talk to -preferably in person but at least by phone.
Background:
Currently paying 5% (or more, overall) on one investment. Aiming to move this.
Have RDSP (registered disability savings plan) in one of the big banks. I have no info on this.
Have remainder of savings in no-interest account.
Key items:
Disability agency will give us an extra $6000/yr if we lock our savings into RDSP, trust, or homeownership.
Trust agency takes 1% per year, offers no return (just "safekeeping"). Can go to other agency, pay higher fee but invest it.
RDSP receives 300% on base contribution.
RDSP can only be set up with very specific institutions. TD said they can, but eSeries can't.
Intend to follow Canadian Couch Potato presentation.
Income is extremely variable, so intend to invest $500 monthly and hang on to any difference for subsequent year's.
Questions (for me or anyone will to help me):
What do Tangerine, TD eSeries, and Questrade each charge?
What do those percentages translate to in dollars per year?
Is the dollar difference between one and another worth the sweat?
Steps
1. Opened "sample" Questrade account. Got lost in initial set up. Do not understand its website's presentation of fees. I think I cannot have RDSP with Questrade.
2. Called TD, was referred to TD Waterhouse. Guy says info I was given last year is no longer so, that I can set up eSeries, then direct that some of that contribution goes to RDSP. eSeries MER is .33%. He says the math, then, is $220,000 [changed from 160000] x .33%, so every year $726 will come out in fees. There are no maintenance fees on some accounts, and in other cases maintenance fees are waived on some balances. He says I can go into a branch to discuss and set up, and that the branch will push their "in house" funds, more conservative and 2.3% MER, but that I can assert my insistence on eSeries and have it set up in-branch as a result.
3. Tangerine website. MER is 1.07%. According to the math TD guy taught me, this would be $220,000 x 1.07% = $2354 out of my account every year. Am I calculating that right? The same thing is $726/yr at TD eSeries and $2354 at Tangerine??
While I am typing, daverobev posted! Thank goodness.