First TFSA advise / new investor

[frosty_bread]

Hi All, new to investing and opening my first TFSA either with TD or Wealthsimple. Need advise on where to park 5000 in Canadian dividend stocks.

1. Chose Canadian stocks to avoid cad to usd conversion
2. Religious restrictions so can’t invest in bank, alcoholic beverage or adult entertainment stocks
3. Would appreciate if you can guide me on good etfs that fall under Halal category.

Currently thinking of buying the below keeping 25% in oil/gas, 50% mix of ATD, Metro, CT and rest telecom (telus, etc):

1. ATD
2. Suncor
3. Cenovus
4. CNRL
5. Telus
6. Enbridge
7. Metro
8. Canadian tire

 

[theocrooks]

@frosty_bread As you can guess this has been asked millions of times. If you search beginner or new you’ll find all the threads with your answers. Lots of info on here that can help.

 

[jongault]

@frosty_bread I use Wealthsimple. I have an ETF called ENCC that's a bunch of Canadian Oil and Gas companies - including most or perhaps maybe even all of those you've listed. Pays pretty solid dividends, yield is 15%+.

 

[jadeemol]

@frosty_bread I would advise you to look at ETFs that track the S&P 500 or similar so that you have exposure to multiple stocks in different industries instead of individual stocks. OR find ETFs thst include your desired stocks.

I don't encourage individual stock trading for beginners because you are not a day trader, you are an investor.

 

[jadeemol]

@frosty_bread Other advice, Wealthsimple is great in the sense that they don't have trading fees for certain investments so you need to look into all the fees associated with the type of investments you want. The cons is that Wealthsimple only has roboadvisors so they cannot help you as well as a human if there are platform issues.

TD costs $10 per trade (buy/sell). They have lots of helpful resources on their website and you have human resources available.

I think you should do your due diligence to google search best platform to use for different investments or to compare these specific investment platforms. There are sites that summarize fee costs etc for different platforms and foreign exchange fees, etc.