Let’s secure the future you worked for
Retirement is a whole new stage in your life, and it should be on your terms. We can help you prepare and plan every part.
Planning for retirement
Whether you’re only thinking about it or are already retired, good retirement planning is what it takes to succeed. Together with our advisors, you can create a strategy and set the stage to enjoy your golden years. We’ll tailor our solutions to fit your lifestyle, habits and aspirations.
What are you saving for?
Investing your money in the right savings options is crucial, no matter what stage of life you’re at. We’ll help you make the right choices to get the most out of your money.
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Just graduated
Even if you’re just starting your career, finding a bit of money to save will make a big difference down the line.
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Starting a family
Building a sound savings plan will allow you to be prepared for the additional expenses a family brings.
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Planning for retirement
Build your savings before retirement to make sure you have the money to do what you want after your working years.
Keep saving simple.
Reaching your saving goals takes time and perseverance. We'll be there with you every step of the way to start building the habits and strategies that will help you work towards what you're saving for.
What kind of savings options are there?
The Registered retirement savings plan (RRSP) and Tax-free savings account (TFSA) are the bedrock of most Canadians savings, investing and retirement planning. They complement each other well, but they help you achieve your goals in slightly different ways. A registered education savings plan (RESP) allows you to use tax-free savings and government contributions to help set your children up for success.
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Pay less tax now
Growth sheltered from taxes
Keep more of your investments
Generally for saving for retirement
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Flexible
Versatile
Access your money tax-free
Usually for short-term goals
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A registered education savings plan (RESP) allows you to use tax-free savings and government contributions to help set your children up for success.
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A high interest savings account offers growth through a competitive interest rate along with the convenience and security of a traditional savings account.
RRSPs
The foundation of your retirement.
An RRSP provides short and long-term tax advantages that can help fund the retirement you want. It’s an investing and retirement savings account registered with the Canada Revenue Agency (CRA) that provides Canadians benefits to save for retirement. The money you put towards an RRSP isn’t taxed as a part of your income, so you pay less income tax.
TFSAs
Let your money bring your goals closer.
Take advantage of the flexibility to access your savings for what you want, when you need it.
Despite its name, it’s not a typical savings account – it’s a place where you can put investments like mutual funds or segregated funds.
It’s versatile, so you can use it to save for a more immediate goal, like saving for a new car or a trip, but you can also use it to save for your retirement. It’s partner, the RRSP, on the other hand, is just typically used for long-term investing.
RESPs
Save for your kid’s education.
A registered education savings plan (RESP) allows you to use tax-free savings and government contributions to help set your children up for success.
An RESP is supported by the federal and some provincial governments. It helps you save money for a child’s future education, where the investments inside the investment account grow tax-free.
There is life-time limit of $50,000 per beneficiary and amounts contributed in excess of this are subject to a penalty tax of 1% per month on the excess until the over-contribution is withdrawn.
Do I need a TFSA or an RRSP?
At the end of the day a TFSA and an RRSP both help you do the same thing – allow you to save money for the future. But they do it in different ways, so depending on your circumstances, having both can help you achieve your goals.
Basic rules for saving money
Don’t know where to start? Here are some basic guidelines to follow when saving:
Pay high interest debt first
Set up regular contributions
Start as early as you can
Avail of free money (like RESPs) when you can
Use tax advantages
Work with an expert
Why should you save money?
Saving money can provide financial stability, security, and the opportunity to achieve long-term goals. It can also help in the event of an emergency and provide the flexibility to make choices that align with your values.
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Achieve your goals
Achieving your financial goals can be very satisfying and will continue to motivate you to save.
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More security
Saving can give you a financial cushion to give you time to adapt to life’s changing circumstances.
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Options
Look past paying off your next bill to spend your money on what matters to you.
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Saves you money
You can avoid making high monthly interest rate payments by saving your own money to use.
