It’s Never Too Late to Start Saving!

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Better to Start Now Than Not at All

Most industry experts will tell you the earlier you start saving, the better. While that adage still holds true, it’s also good to remember one of our favourites – better late than never!

It doesn’t matter how old you are, by getting started now, you may accumulate more than you think whether your goal is to fund a family vacation, your child’s education or your retirement.

Here are some strategies to consider when getting started:

1. Set up a pre-authorized purchase plan. 

A pre-authorized contribution (PAC) plan is an automatic deduction from your account each week, month or other frequency. You can start to accumulate assets and let those assets grow until you need them.

If you have less time for these assets to accumulate, you may need to save a bit more on a regular basis to help meet your financial goals.


Source: AGF Investments Inc. The table above is for illustrative purposes only. All of the rates and values referenced above are hypothetical and do not reflect actual investment or past performance, nor do they guarantee future performance. Based on hypothetical returns of 3%, 5%, and 7% and monthly PAC contributions every year over the period. Every other year shown for illustrative purposes only.

2. Choose the right investment types. 

This one is a bit trickier and should be discussed with your financial advisor before you make any decisions.

3. Choose the right account types. 

Depending on when you’re getting started, and based on tax and other considerations, your advisor may recommend you set up a registered retirement savings plan (RRSP), tax-free savings account (TFSA) or a non-registered savings/investment account.

The type(s) of account(s) you choose will impact when and how you can access your savings and will have certain other restrictions and tax implications that you should consider.

Your advisor can provide the guidance you need. In the meantime, you can learn more by reading Understanding Different Types of Investment Accounts.

For more information on getting started on saving, contact your financial advisor.

If you want to know how to find the right advisor for you, visit Working With a Financial Advisor.


Commissions, trailing commissions, management fees and expenses all may be associated with investment fund investments. Please read the prospectus before investing. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.
The commentaries contained herein are provided as a general source of information based on information available as of December 31, 2021, and are not intended to be comprehensive investment advice applicable to the circumstances of the individual. Every effort has been made to ensure accuracy in these commentaries at the time of publication, however, accuracy cannot be guaranteed. Market conditions may change and AGF Investments accepts no responsibility for individual investment decisions arising from the use or reliance on the information contained here.
The contents of this website are provided for informational and educational purposes and are not intended to provide specific individual advice including, without limitation, investment, financial, legal, accounting or tax. Please consult with your own professional advisor on your particular circumstances.
AGF Investments is a group of wholly owned subsidiaries of AGF Management Limited, a Canadian reporting issuer. The subsidiaries included in AGF Investments are AGF Investments Inc. (AGFI), AGF Investments America Inc. (AGFA), AGF Investments LLC (AGFUS) and AGF International Advisors Company Limited (AGFIA). AGFA and AGFUS are registered advisors in the U.S. AGFI is a registered as a portfolio manager across Canadian securities commissions. AGFIA is regulated by the Central Bank of Ireland and registered with the Australian Securities & Investments Commission. The subsidiaries that form AGF Investments manage a variety of mandates comprised of equity, fixed income and balanced assets.
® The “AGF” logo and “Sound Choices” are registered trademarks of AGF Management Limited and used under licence.


February 3, 2022