There are a number of discount brokerages who do not have a commission for VGRO, not just Wealthsimple. You might want to research each of them and then choose a brokerage that might suit her best long term (could be Wealthsimple). Questrade (I think), NBDB, BMO Investorline, and ? Scotia iTrade has XGRO commission free.

Note some will have minimum account sizes to avoid account fees.

I suggest you only supervise at a macro level. This is a good time for her to learn to fly solo with the odd check to help ensure she remains airborne without major mistakes.

Added: I might consider 100% equity for the early years. It will likely be at best 50-50 for her (most Gen Z) to be ready/able to buy a property by age 28-30.

 

My son is 19 and is using Questrade for his non registered trading, I don't know how fees work but it isn't much if anything. He has a TFSA with TDDI and a FHSA through TD. If saving for a house you might want to consider the FHSA although you can't really choose a lot of investing options through TD and I don't know about anyone else, one thing I like about the FHSA is it feels more locked in, in that you can't easily decide that I want to use this money for a new whatever and take it out in a few seconds. TFSA is also great option.

If you don't know much about the FHSA you should look into it. It has all the advantages of RRSP and TFSA. There is a time limit on how long you can have one open (15 years I think). My son has been grateful for "forcing him" (I like to say encouraging) to open the TFSA and FHSA. He took it upon himself to open the Questrade account after seeing how well he was doing on the others.

He's learned some lessons already about taking gains when they are good or at least taking out initial investments in the risky stocks. I need him to learn about diversification and speculation yet because he is in some fairly volatile stocks. Good lessons to learn while the balance isn't too high. I've of course passed down my experiences but I understand that you know everything at that age.

 

Is he taking the FHSA Deduction? These can be carried forward indefinitely right?

is he working and making a decent income? I’ve read tfsa should be the priority until the FHSA deduction makes for some sizeable tax savings?

 

The FHSA was carried over last year and I believe it is indefinite. He is making a decent amount (for his age and part time work, $30K ish). I've had the same concerns about FHSA deduction not helping with tax savings at this point but he is already maxing the TFSA. Getting into real estate takes so much now so I think the earlier he can put money in a FHSA the better.

I personally made the error in contributing and maxing out RRSPs when I was young and not making a lot and did not receive much in tax savings. I now discourage (or educate) younger people to not do the same but only if they make some meaningful savings to TFSA or non registered. Contributing early to an RRSP is definitely better then not saving for retirement at all.