Out of curiosity why did you decide to invest in a TFSA over a RRSP?
Both are tax advantaged and I get that the TFSA is a quick tax free withdrawal but if you're planning on going with long term savings you get a tax break from the RRSPS and 13k is a pretty good one.
Seems to me like you're looking to make a quick buck by betting mostly on stocks and that you dumped into your TFSA unless of course you've maxed your RRSP first. Like others have said betting on stocks is playing with fire. For long term saving ETFs are where it's at.
Good question - yeah I should elaborate on my situation a bit further.
I selected TFSA for a couple reasons. First, I am not contributing much at all to RRSPs right now because I am a full-time PhD student and I pay next to nothing in income taxes. This year I will contribute 1k to RRSP. I currently have 9k in my RRSP account (also in itrade, mostly bank stocks).
The 13k in TFSA will, for the most part, be there for the long term - hence the ETF. However, I do hope to make some faster earnings off medical marijuana. The weed stocks being more of a gamble, and one I'm willing to take. With that said, I also want to be able to access some of these funds in emergency situations (ie when I complete my PhD and potentially out of work in the job hunt, and I'm also planning a fairly modest kitchen renovation within a year so I may need to grab some extra $$).
I'm 31, single, and willing to take a bit of a risk for a learning opportunity. My father has done very well in the stock market so he has also given me a bit of advice.
Appreciate all of your insights. This has been really helpful. I am definitely going to do Canadian Couch Potato style for my next investment - which probably won't be for a while. It's so hard for me to save due to my modest PhD stipends, contract teaching and research work, and costs to run my house in Toronto.