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Discussion Starter #1
I am looking for some advice on where i should be putting my money and if there is some things i could be doing beter I am 28. I havent bought my first home yet , probably will make this purchase next year. My expected home purchase is in the $170 000 - 180 000 range i believe. here is how i have my money placed.

- I have 54 000 RRSP invested in a mixed porfolio of stocks through manulife which i receive a discount on service fees (1%) through my local union
-I have about 45 000 in my TFSA in the same plan which is maxed out for 2016
- I receive RRSP from my employer trough a different financial institution which adds to be about 4500 for the year
- i have 50 000 in tangerine high interest savings (2.4%) for next 6 month which i can move to another online bank and make 2.2% after that exires. my purpose for this account is to save for a down payment for my house and I expect within next year if it works out i may be able to save another 10 000
- I keep about 3000 in my daily checking account

Now my big question is if there is something better i could be doing with my regular savings account. My financial advisor with manulife suggest i top up my RRSP contribution ( about 20 000) which will give me a tax deduction of 46% leaving me about 10 000 total come tax time and to add that money to my savings for my house. There thinking is where mortgage rates are so low 2.6% maybe less it is better to put the bulk of my money in these stock portfolios which make decent return.

I dont know a whole lot about the stock market and investing but wouldn't mind learning.
 

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You've done well.

By contributing every year to your rrsp and putting the tax return on your mortgage you are basically having your cake (rrsp) funded and eating it to(yearly lump some on mortgage ) .

Your financial advisor is looking after #1.

You also need to consider if you have a company pension and how much rrsp you need.

Even with a gold plate pension about every 10 years you will need some income to keep up with inflation.

In case you don't read it "Life begins when the mortgage ends" .
 

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You financial advisor is giving you'd advice I'd agree with, with one caveat; you may want to keep the contributions in a HIRSA, or money market fund until you buy your house. The reason is that you can borrow up to $20K from your RRSP, and there are always unexpected costs for closing a house. You may even want it to have a lower mortgage, or to buy a place you find more to your liking. You'd be surprised sometimes what an extra $10K-20K will buy you - unless you're in Vancouver.
 

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Discussion Starter #4
True I have all of my money in mutual funds portfolios (ex. Black rock 2050) I don't know much about investing but I've been trying to do some research and a lot of people suggest opening online broker accounts and buying etf and safe stocks (large safe company's example Apple. Pepsi. Banks) to help save on fees Ect but where I get a discount on fees just wondering if it's worth my while. I guess I'm just kinda new to investing and unsure of the pros and cons. And ins and outs of everything.
 
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