I Want to Save
A small habit with big results
Saving is more than putting money aside;
it involves knowing your relationship with money, your consumer habits
and budget management.
A financial advisor can help you start saving strategically so that each contribution counts and takes you closer to your goals.
Why Saving Matters | Give Purpose to Your Money
From the down payment to buy a house to an emergency fund or family trip, saving gives you security and clarity in your life.
The key is to be consistent, have clear goals, and use the right tools.
How to Start Saving
Define your financial goal
Calculate how much you can save monthly
Automate your contributions
Use registered accounts with tax advantages
Review your progress with a financial advisor
Three options to protect and grow your savings
Select the account that meet your financial goals
TFSA | Tax-Free Savings Account
The go-to account to make your money grow tax free. An excellent way for short and mid-term needs and projetcts.
FHSA | First Home Savings Account
An account with a lifetime of 15 years and maximum contribution room of $40 000 to purchase your first home.
RRSP | Retirement Savings Account
The key account to constitute your source of income at retirement with tax advantages for capital accumulation during your most productive years.
Benefits of Strategic Saving
Builds strong financial habits
Protects your future against unexpected events
Generates returns with tax advantages
Brings you closer to goals like home ownership and education
Combines saving and investing with TFSA, FHSA and RRSP
You can program your savings
Frequent Asked Qquestions
Registered savings accounts
What’s the best account to start saving?
The TFSA is always a good start to get into the habit of regular saving.
How much should I save each month?
Experts advise to save at least 10% of your monthly income to create a 6-month emergency fund in case an unforeseen event prevents you from working. If you find this amount a bit too much, start with a sum you feel comfortable with, for example $25, as long as you can keep it up.
What if I already have a regular savings account?
That’s great! Keep up and don’t lose the habit.
Now might be a good time to look into the details of your savings account to confirm if it is the best option for you and decide whether or not you want to explore other options. Your financial advisor can help you with this choice.
Can I withdraw my money whenever I need?
Yes. The TFSA invested in a High Interest Savings Account (HISA) allows withdrawals at any time.
FHSA and RRSP accounts have strict rules regarding withdrawals. Talk to an advisor for more information.
What is the difference between saving and investing?
Saving is to put money aside to constitute a fund with quick access to cash.
Investing is to place your money in a specific economic sector with the goal of getting a return (interest).
In both cases, your financial advisor can help you navigate the different options to make the one that works best for you.
Take the First Step Towards a More Stable Financial Future
Saving is always a responsible decision
and a key element of a sensible financial strategy
Ideas to make your money grow
Practical tips to strengthen your saving habits.
- Financial security
- The 3 mistakes that keep you from achieving financial stability (and how to avoid them)
- Saving and investing
- TFSA, RRSP or FHSA: Choose the best account to grow your money in Canada
- Financial security
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