Daughter just turned 18. I have $2000 for her. I opened a TFSA and a RRSP in her name with trading functionality
She made $5k at a PT job in 2020 paid $6 in taxes.
QUESTION: Where should we put the $2000?
I was thinking to put the $2k in the TFSA for now, and then pull out and put in the RRSP when her paid taxes are higher in a few years and she could benefit from a RRSP tax break?
Also, she will be going to University for the next 4-5 years.
EDIT : Her RESP has enough to cover her University and expenses for the next 5 years.