How to Start Investing in Canada with Just $100?

Introduction

Investing can feel overwhelming, but you don’t need thousands of dollars to start. If you’re in Canada, you can begin with just $100 using a Tax-Free Savings Account (TFSA) and Wealthsimple Trade. This guide will walk you through the steps to open a TFSA, deposit funds, and invest in ETFs for long-term growth.

Step 1: Open a TFSA with Wealthsimple Trade

A TFSA (Tax-Free Savings Account) lets you invest tax-free, meaning you keep all your profits! Follow these steps:

1. Go to Wealthsimple and sign up.

2. Choose “Wealthsimple Trade” (to buy your own stocks/ETFs).

3. Select TFSA as your account type and enter your SIN (Social Insurance Number).

4. Link your bank account to deposit money.

Step 2: Deposit Your First $100

1. Open Wealthsimple Trade (app or website).

2. Click “Add Funds” → Select your TFSA.

3. Transfer $100 from your bank (it takes 1-2 days).

Step 3: Buy ETFs (The Best $100 Investment)

ETFs (Exchange-Traded Funds) are the best option for beginners because they spread your money across multiple companies.

✅ Best ETFs for Beginners:

• VFV (S&P 500 Index ETF) – Invests in the top 500 U.S. companies (Apple, Tesla, etc.).

• XEQT (All-Equity ETF) – A mix of global stocks for diversification.

How to Buy:

1. In Wealthsimple Trade, click “Search” and type VFV or XEQT.

2. Click “Buy” → Enter the amount (e.g., $100).

3. Select “Market Order” → Click “Confirm”.

Why This Works (Even with a Low Income)

• No Taxes on Growth (TFSA benefits).

• Low Fees (Wealthsimple has $0 commissions).

• Easy to Start (Just $100 is enough!).

🔹 Bonus Tip: Try to add $25-$50/month to your investments to grow your wealth over time.

📌 Would you like more beginner-friendly investing tips? Let me know in the comments!