Saving
Start saving for tomorrow, today
Whether you’re just starting or have been saving for a while, a little today can go a long way tomorrow.
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.
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.
Starting a family
Building a sound savings plan will allow you to be prepared for the additional expenses a family brings.
Learn more
Nearing 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.
Make your savings work for you
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.
RRSP
- Pay less tax now
- Growth sheltered from taxes
- Keep more of your investments
- Generally for saving for retirement
TFSA
- Flexible
- Versatile
- Access your money tax-free
- Usually for short-term goals
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.
Why should you save?
Achieve your goals
Achieving your financial goals can be very satisfying and will continue to motivate you to save.
More security
Saving can give you a financial cushion to give you time to adapt to life’s changing circumstances.
Options
Look past paying off your next bill to spend your money on what matters to you.
Saves you money
You can avoid making high monthly interest rate payments by saving your own money to use.
Basic rules for saving
Don’t know where to start? Here are some basic guidelines to follow when saving:
-
Pay high interest debt first
If you’ll be paying more in interest than you’ll earn with a savings plan it makes sense to pay the debt before you start saving. The habit of regularly paying down debt can then be used to once the debt is cleared to contribute to a savings plan.
-
You come first
Pay yourself first by setting up regular contributions to your savings plan. The amount you save and the frequency is totally dependent on your circumstances, but even small contributions made each month will grow.
-
Start early
Nothing helps your savings grow quite like time. The earlier your start saving, the more time your money as to grow and benefit from compound growth and interest.
-
Take free money when it’s there
There’s not much that’s free in life so when the government matches a portion of your contributions in an RESP or your employer will pay into your retirement savings plan we should take advantage.
-
Use tax advantages
Take advantage of the tax benefits the government offers to encourage saving. An RRSP allows you to defer paying your income taxes on your contributions until you withdraw your money, usually at a lower tax rate. A TFSA lets you invest and withdraw it your money tax-free.
-
Work with an expert
Working with an advisor is proven to help saveyou more money over time and they’ll help build a plan that fits your needs.
