Include mutual funds in your registered savings plan to take advantage of tax incentives and other government-initiated benefits.
Work with a certified financial planner to develop a savings and investment plan customized to your lifestyle and goals. Financial planners can make recommendations to maximize your tax savings and insurance to protect you and your loved ones. Financial planners can help you:
Diversifying your portfolio is an essential part of creating a strong savings and investment plan. By spreading your money over various types of investments that range from low to high risk, growth, and income, you maximize your chances for strong and healthy results.
You can further diversify your portfolio by investing in different industries and markets, and geographically, by investing in both domestic and foreign markets. Work with a financial planner to align your goals, priorities, risk tolerance, and investment style to your portfolio.
Pay yourself first by making regular contributions to your savings. Start saving early and contribute often to allow your money more time to accumulate and earn compounded interest. Take the time to review your spending monthly and set aside money for your future.
"In 2016, I inherited $15,000 from my grandpa. At 21, I really didn’t know what to do with the money, and as long as I had it in my savings account I was constantly tempted to spend it.
My parents have been going to Jennifer at ACU for financial planning and recommended I meet with her. She helped me set up a TFSA and invest in a few mutual funds.
She also helped me set up $25 per month for my investments straight from my chequing account. It’s not a lot, but it’s been adding up and I’m getting close to having a down payment for a condo."