Setting Up For My Niece To Succeed

So I’m posting to understand how to go about this and asking for guidance because I’ve seen how knowledgeable this sub is and generally it’s good advice.

I have my niece, she’s the light in my world for the whole 18 months she’s been in it. She’s always happy and she lights up the room. Her mom, my youngest sister, and her partner right now are very tight on money and they make bad money choices. I love my sister and her partner, but there are times where I’ll just buy them pampers and baby supplies or buy dinner for them because it’s just the safer responsible choice over giving them cash in hand.

My parents struggled to be financially literate. They didn’t think about investing until late, my mom saved every dollar she could before she passed away and my dad took it and through it all in our family business without really weighing in on it. My dad makes horrible investment decisions and that’s why I went about trying to be financially literate. When I was still living at home, I didn’t pay rent but I paid for the groceries, gas, cable/internet…I spent money that I would never ask back for because I knew what my parents had done as much as they could to make ends meet.

So I want to set my niece up to be financially secure. I make a decent living now after years of trying to move up. A month I put aside 800 in my work rrsp and share plan, work throws in another 650.In my tfsa, emergency savings and general savings is another 2000 plus a month I’ve been redistributing some of my investments so that I can focus on what’s been working. Have just over $650k in investments with quite a bit of liquid cash.

My plan at least the idea is either 1) DCA into XEQT 2) invest in the big Canadian banks via DCA 3) dive a little deeper in supply chains of what is going to be the next wave (power/electrical, networking/telecom) via DCA and leave it for her. She will be the primary on my will as I’m single, no kids and I rent because of convenience and condos in Toronto are not worth it. Is there a proper way to go about this? A non reg could work but the taxes and withdrawal by her when she’s of age would be my concern. I asked my sister to let me setup an RESP for but her and her partner chose to do things their way.

Anyone been in this situation and can share some guidance? Grateful for any information, I just want to get this done sooner for her. I don’t know if I’ll see generational wealth in my time but hoping I can set her up for something better than what my parents and myself had.