Vanguard Conservative Income ETF (VCIP.TO)

He likes Vanguard and this is a good product. But if you're going to conservative in a low interest-rate environment, you won't make (or lose) much money. That's a caveat.

A fixed-income Canadian ETF for seniors? This is 80% fixed income + 20% stocks. This is a good way to start for the average retail investors, but you can do better by looking outside Canada for more income (higher yields).