Investment

How to get the most from your savings

Saving for the future is the cornerstone of wealth management but it can be trickier to get to grips with than it seems. There are a wealth of different types of product on the market to choose from but the first step starts with identifying what your personal reasons for saving are. We all have a different purpose or objective, be it saving for a house, your child’s future education or even for your retirement and we will be able to support you in choosing the most appropriate savings option for your own situation.

With this in mind, let’s take a look at some of the more common products available:

Products with guaranteed interest

This option is best suited to those who prefer a lower level of risk, as it offers the protection of your original investment with the opportunity to earn interest at a predetermined, albeit probably lower, rate. These products have the benefit of offering you peace of mind and security from market fluctuations that may diminish the amount of your original investment.

Many factors will influence your return, including the interest rate itself, the amount of your investment, length of the term etc.

Mutual funds

These products are ideal for those looking to invest in the longer-term as they are subject to fluctuations in the market which can vary, sometimes losing value in the short term but potentially offering higher returns in the longer term than products with guaranteed interest payments.

Take your time to research the funds available on the market which are targeted to your own investment strategy.

Segregated funds*

Similarly to mutual funds, segregated funds are market-based but offer additional benefits due to the fact that they are insurance contracts.

A big plus of this time of investment is the fact that your savings will be protected and you will be guaranteed to receive between 75% and 100% of your initial investment, less withdrawals, back upon the maturation of your contract or in the event of your death. Some segregated fuds also offer an income which is guaranteed for life.

Tax-advantaged savings plans

There are a couple of common plans, as follows:

    • An RRSP (registered retirement savings plan) offers you a personal savings and investment account which also benefits from tax benefits.
    • A TFSA (tax-free savings account) provides the opportunity to save for the future, without paying tax on any growth.

Talk to us, we can help.

Latest News

Self Owned vs. Bank Owned Mortgage Insurance

Before buying insurance from your bank to cover your mortgage, please consider your options. What does the insurance cover?

Canada Emergency Wage Subsidy expanded to include more businesses!

On July 17th, Finance Minister Bill Morneau announced proposed changes to the Canada Emergency Wage Subsidy (CEWS) that will expand the number of businesses that qualify for the program.

Canada Emergency Wage Subsidy extended into December!

On July 13th, Prime Minister Justin Trudeau announced the extension of the Canada Emergency Wage Subsidy (CEWS) until December.

Financial Planning for Incorporated Professionals

Financial planning for incorporated professionals is often two-sided- planning for the practice and personal financial planning.

CERB Extended | Business Owners who did not qualify previously - expanded CEBA starts June 19th

Great news for Canadians out of work and looking for work. The CERB will be extended another 8 weeks for a total of up to 24 weeks. The expanded CEBA will begin June 19th.

Canadians with disabilities to receive up to $600

On June 5th, Prime Minister Justin Trudeau announced supports for Canadians with disabilities to address challenges from COVID-19. This support program provides a one-time non-taxable payment of up to $600 for Canadians with disabilities.

Insurance Planning for Young Families

For young families, making sure your family is financially protected can be overwhelming, especially since there’s so much information floating online. This infographic addresses the importance of insurance- personal insurance.

Small Businesses! Applications for Canada Emergency Commercial Rent Assistance starts May 25th

The Application portal for the Canada Emergency Commercial Rent Assistance (CECRA) opens at 8:00am EST on May 25th

Expanded eligibility for CEBA $40,000 interest-free loan

The Prime Minister outlined the expanded eligibility for the Canada Emergency Business Account and highlighted companies such as hair salon owners, independent gym owners with contracted trainers and local physio businesses will now be eligible. "If you are the sole owner-operator of a business, if your business relies on contractors, or if you have a family-owned business and you pay employees through dividends, you will now qualify." - PM Justin Trudeau

*A description of the key features of the applicable individual variable annuity contract is contained in the Information Folder. Any amount that is allocated to a segregated fund is invested at the risk of the contract holder and may increase or decrease in value. Product features are subject to change.