We have no debt, house and car paid off. We're able to save 40% of our income. We are a low income family. Iv never opened a rrsp because iv always been in the low bracket in income.
I'm looking into CCP option 1: tangerine investment plan.
Or should I just invest my money with GICs? Seems like the only thing I really understand... are gics no good? Obviously you can tell I'm very new at this investing thing.
I can help out on these factors.
In regards to your RRSP, if you are low income (no individual in your household is earning more than $46,000 in taxable income) then you can avoid the RRSP. However, make sure you fill both TFSA accounts to the max possible before going to taxable investment accounts.
With Tangerine funds, I have to say they are no longer very competitive as a lot has changed since they were rolled out years ago with ING Direct. If you are willing to learn about online brokerages and self-managing investments, you will be much better off over the long run. Questrade notably doesn't charge any commissions on purchases of ETFs. If you are looking for a simple, one ETF solution comparable to the Tangerine product, there are "Portfolio ETFs" on the market.
The iShares Balanced Growth CorePortfolio Index ETF (trades as CBN.TO) is a good example that charges about 25% less in fees than Tangerine. You would be even better off with a lazy portfolio of 3 or 4 ETFs held in a balanced format. With this method, it's easy to drop expenses 90% lower than Tangerine.
GICs are honestly horrible investments right now. They barely match inflation rates if you go with an obscure online spud growers credit union. With the big banks, you're giving them money for free. It's a guaranteed way to lose money over time after factoring in purchasing power.
It's worth your while to learn about self-directed investing! It will pay off for you big time in your savings/investing journey.