I am very grateful for all the replies re RESP. RRSP and mutualfunds ets. and as suggested by several replies I’ve have gone online and find Questrade seem the best bet - low fees and good conditions generally. I,ve also since read that instead of investing in mutual funds a good alternative is investing in index funds I.e tracking the global index or the S and P 500. One well known platform, again with low charges seem to be Vanguard.
Can I ask one other thing. - The Canadian Pension plan. Have read up on how it works but if an Expat arrives at age 47 with family, obtains residency at and at age 50 and starts payments to the CPP. - is he able to make additional supplementary payments? Equally important, is that a good investment?
I read that in due course the max CPP pension will increase to 33.3% if average earnings, with appropriate increase in employee/ employer contributions.
I am asking this really for the benefit of my son, wife and family who immigrated to BC just over 3 yrs ago. My son,s wife is a nurse working for the state but my son is a somewhat poorly paid self employed physiotherapist who only gets paid when the clinic where he works, gives him clients. He therefore gets no pension, paid hols or sickness benefits. Re the CPP scheme it s not like the much better UK scheme which gives a fairly high min pension even if say only 15 yrs NI contributed. Any advice will be much appreciated. I,ll try also to post a separate message on the subject. Thanks so much.