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Investment
Management
Investment management is the art of making your money work for you.
To truly build your legacy, it's not just about how much you save, but where you save it and when you start. In Canada, you have a range of options for holding your investments, each with unique benefits.
Account Options
Understanding Your Account Options
TFSA
Tax-Free Savings Account
RRSP
Registered Retirement Savings Plan
LIRA
Locked-in Retirement Account
FHSA
First Home Savings Account
RESP
Registered Education Savings Plan
HISA
High-Interest Savings Account
Other
Non-Registered Accounts
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TFSA
Tax-Free Savings Account
A versatile account where your contributions are made with after-tax dollars, but all investment growth (interest, dividends, and capital gains) is completely tax-free—even when you withdraw the money. It's ideal for a wide range of goals, from a down payment on a house to a long-term retirement savings plan. This is usually the first place to start saving.
RRSP
Registered Retirement Savings Plan
An account designed for retirement savings. Contributions are tax-deductible, which can lower your taxable income in the year you contribute. Your investments grow tax-deferred, meaning you don't pay taxes until you withdraw the funds, typically in retirement when you may be in a lower tax bracket.
LIRA
Locked-in Retirement Account
A LIRA is a special type of RRSP that holds funds transferred from a company pension plan. The key difference is that the money in a LIRA cannot be withdrawn until a certain retirement age, as it is "locked in" to ensure it's used for retirement income.
FHSA
First Home Savings Account
A hybrid account that combines the benefits of a TFSA and an RRSP. Contributions are tax-deductible (like an RRSP) and withdrawals for a qualifying first-home purchase are tax-free (like a TFSA). It's a powerful tool for building your legacy as a homeowner.
RESP
Registered Education Savings Plan
A savings plan designed to help you save for a child's post-secondary education. While your contributions are not tax-deductible, the government provides grants ($500/year up to $7200 lifetime per child) to boost your savings. The investment earnings grow tax-free and are taxed in the hands of the student upon withdrawal, who is typically in a low tax bracket.
HISA
High-Interest Savings Account
This is a traditional bank account that offers a higher interest rate than a standard savings account. It’s perfect for short-term savings goals or an emergency fund, as your money is secure and easily accessible.
Non-Registered Accounts
These are general investment accounts that do not have the same tax advantages as registered plans. However, they offer a high degree of flexibility, with no contribution limits or restrictions on withdrawals. Any investment gains are taxable, but they can be a great option once you have maximized your contributions to your registered accounts.
Products
Understanding Your Account Options
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Mutual
Funds
Think of a mutual fund as a large basket of different investments, like stocks and bonds, managed by a professional. When you invest in a mutual fund, your money is pooled with that of many other investors. This provides instant diversification, spreading your risk and giving you access to a wide range of assets you might not be able to afford on your own. It's a great way to start building a long-term legacy of growth.
Segregated Funds
Segregated funds, sometimes referred to as 'wealth transfer funds', are similar to mutual funds but offer a unique layer of protection. They are considered an insurance product, which means they come with built-in guarantees, such as principal protection (your investment is protected from market downturns) and potential creditor protection. Segregated funds are also an excellent tool for efficient wealth transfer as they bypass the estate and avoid probate, allowing the funds to be paid out quickly and directly to your beneficiaries. This ability to settle quickly is a key feature in ensuring a smooth, private and rapid transfer of your wealth.
Fact
Both mutual funds and segregated funds are professionally managed, saving you time and giving you confidence that your investments are being overseen by experts. The unique nature of segregated funds means they can be a crucial part of your estate plan, ensuring a smooth and rapid transfer of your wealth to your loved ones.
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