Step 2 – Make a plan
With the help of your Financial Advisor, you will put together a personal investment plan that will enable you to meet both your investment and retirement goals – and linking your financial plan with your life priorities.
Based on the information that you provided, your Financial Advisor will develop a personal financial plan to help achieve your investment and retirement goals.
Depending on your needs, your Financial Advisor may recommend one or more of the following investment vehicles – some of which may be part of your company’s program:
- Group RRSP – a Registered Retirement Saving Plan in your name
- Spousal RRSP – a Registered Retirement Saving Plan that you contribute to in your spouse’s name
- Locked-In Retirement Account – this is for employees transferring into a Group RRSP from a pension plan. You cannot contribute additional money to a LIRA
- Group RESPs – a Registered Education Savings Plan that you contribute to (could be for yourself, your spouse or your children)
- Group TFSAs – a Tax-Free Savings Account that you can use to accumulate tax-sheltered gain for any goal, such as a vacation, house, new car
- Group Non-Registered Savings Accounts – also known as cash accounts, this is similar to a TFSA, but because it’s not registered, the money in the account does not grow tax-free
Your Financial Advisor will also:
- Determine which investment products are best suited to your risk tolerance and timeline
- Decide if you want to transfer your other registered savings to your group account