When you look at a list of registered accounts when setting up a new account at a discount brokerage you’ll see a long list of acronyms, including RRSP, RRIF, TFSA, RESP, LIF and LIRA. What exactly is a Locked In Retirement Account or LIRA?
As I mentioned, if your minimum balance drops below $50,000 in market value at RBC Direct Investing, you will no longer qualify for $9.95 trades. That’s making me nervous about investing all of my money into an ETF or stocks quickly. While I’m dithering, I decided to park some of the money in a high interest savings account fund within my RBC Direct Investing RSP account. Continue reading