If your investment accounts are taxable, you should learn about investing and tax.

before you start

Your robo-advisor account can be opened as a registered (TFSA / RRSP) or taxable account.

Sign up for an DRIP (automatic distribution reinvestment program). When you open an investment account and fill it with securities, you'll regularly earn investment income. Every month / quarter a cash distribution will be deposited in your account. This money isn't automatically reinvested - it just sits in your account. A DRIP makes your distributions work for you. Instead of depositing cash in your account, your provider will automatically buy additional units of your portfolio index mutual fund.

Once you've chosen a provider...

open a robo-Advisor

Are you a conservative or aggressive investor?

What will be the asset mix of your robo-advisor ETF portfolio?

The benefit of robo-advisors is their guidance through the investment process, including account opening. Nevertheless, it's smart to prepare.

Prepare your IDs. Financial institutions need two IDs to open investment accounts: a government-issued photo ID and proof of address. Try to bring your driver's license and passport. What if you don't have those?

You'll need to provide your SIN (social insurance number). You will be earning investment income which must be reported to the CRA (Canada Revenue Agency). They identify us by SIN.

Prepare your chequing account's banking information - so you can connect your chequing and investment accounts and make transfers between them.

What kind of personal questions will you be asked when completing the application?

You'll be asked to complete a risk-appetite questionnaire. Based on your answers, the robo-advisor will recommend an ETF portfolio. You can follow their recommendation or choose another portfolio.