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Happy retired couple taking a walk


Do you have a balanced portfolio of investments? It’s an important addition to any retirement plan, and with the right investments aligned to your financial goals and risk comfort levels you can help your money work harder for you, so you can save for big goals like a family cottage, your child’s education, or retirement! When you work with a financial advisor that understands your needs, goals, and finances, you will be surprised at just how easy it is to save, protect and grow your wealth.

Retired couple enjoying a picnic

Some top tools available to you

RRSPs: Also known as a Registered Retirement Savings Plan, your contributions will enjoy tax-deferred growth for as long as the account remains open. Your RRSP can remain open until you reach the age of 71, at which time you can withdraw the funds, purchase an annuity or roll the savings into an RRIF.

RRIFs: Also known as a Registered Retirement Income Fund, a RRIF is like a continuation of your RRSP, as it allows you to transfer your RRSP into it after the age of 71. Further, your investment is tax-sheltered, but you must make a minimum withdrawal each year.

TFSAs; also known as a Tax-Free Savings Account, this type of savings tool differs from an RRSP in the sense that any earnings or income are tax-free, even when withdrawn. However, your contributions are not tax-deductible and are limited each year ($6000 max. in 2019).

Non-Registered Investment Portfolio’s; Unlike RRSPs and TFSAs, non-registered investment portfolios are not subject to deposit maximums and portfolio growth of capital gains and dividends are tax much more favourably than interest income or tax paid when taking an income from a Registered Retirement Income Fund (RRIF).

Top 5 Tips for Smarter Investing

1. Pay off your debts

Some debt, such as a low-interest mortgage are quite normal and manageable. However, many Canadians are dealing with higher-than-average debt loads (with high interest rates) beyond a standard mortgage and are feeling the financial pinch. By paying off your debts or combining them into a lower-interest loan, you’ll save a significant amount of money and have the peace of mind you deserve. Further, the sooner your debt is under control, the sooner you can contribute the additional money you’ve freed up into solid investments and savings.

2. Plan for your future

To build a financial strategy that aligns to your current and future goals and lifestyle, you need to have a plan. By focusing on your financial plan that incorporate your work, money and life goals your money will start working for you immediately, building that nest-egg you need. A financial advisor can direct you to the best investment options to help you achieve your goals.

3. Consider your retirement goals

Do you have a specific date in mind when you’ll fully retire? Perhaps you plan on slowly transitioning into retirement by working part-time or offering your professional services in a consulting or advisory role? Either way, it’s important to have a grasp on what your retirement will look like and how your investments will support you.

4. Stay flexible

Keep in mind that investments need time to grow and the market will naturally fluctuate. In order to gain the most from your investments, stay flexible and patient and know that you’re in it for the long term.

5. Max out your contributions

One of the great things about investment and savings tools like RRSPs and TFSAs are the individual tax benefits that they offer. Take advantage of these financial tools and, if possible, max out your contributions each year into these plans. You can also have money deposited directly each pay period towards your investments; even a $50 or $100 bi-weekly contribution will add up quickly and you’ll start to see your investments grow.


With the right plan, you can retire within 10 years.

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