# data[].attributes.headline
Personal Financing: A Guide to Evaluating Saving Plans By Anushree Shirke

# data[].attributes.subject
Personal Financing: A Guide to Evaluating Saving Plans By Anushree Shirke

# data[].attributes.body
The guide that would save you money in the future!

# data[].attributes.body
This guide is designed to provide information about personal finance and evaluating the factors to consider when choosing the right saving plans. However, this is guide is not meant to tell which saving plans to choose but just to provide the information or options available for the individual to make an informed decision

# data[].attributes.body
This video outlines the importance and reason on why everyone should save. The idea of savings is it gives people a sense of security and control for when there is an emergency or a big turning point in their life. The video also mentions the 4 steps to savings: build an emergency fund, pay yourself first, automate your savings, and grow your savings. The most important thing about this video is they guide you on which investment you should choose based on your risk tolerance, investment goals, and when you will need your investments.

One piece of information that I learned from this video is the “3 knows” before choosing my savings or investment plan, I should first know myself by understanding my risk tolerance, goals, and timelines. I should know the type of saving plans or investments that is right for me. Lastly, I should know my financial advisor and communicate with them about my financial goals and risk tolerance.

# data[].attributes.headline
Saving Plans & Payment Accounts (Video 2)

# data[].attributes.subject
Saving Plans & Payment Accounts (Video 2)

# data[].attributes.body
This video goes over the factors that affects the selection and use of financial services. They mention financial services such as banks, savings and loan companies, credit unions, and various financial institutions. Most importantly, they covered the cost and benefits of different types of saving plans and how to evaluate them. They briefly mention what to consider such as the rate of return, compounding, inflation, and tax considerations.

One piece of information that I found useful in this website is being able to calculate the after-tax savings rate of return

# data[].attributes.body
This video teaches Canadian on the pros and cons of TFSA (Tax-Free Savings Account) and RRSP (Registered Retirement Savings Plan). It highlights that both TFSA and RRSP are not taxable and you get taxable when you withdraw from your RRSP. The most important thing about this video is it mentions the plan that is best is based on where you are in your life.

One piece of information I learned from this video is If you need to save money of short time frame, like planning a trip soon, then it's advisable to contribute into your TFSA. However, RRSP are great for long-term savings.

# data[].attributes.headline
Canadian Immigrant: Choosing a Bank (Website 1)

# data[].attributes.subject
Canadian Immigrant: Choosing a Bank (Website 1)

# data[].attributes.body
This website outlines the importance of choosing the right bank for you in Canada. This is more geared towards immigrants who must choose a bank based on their situation. It mentions how banks should be convenient, user-friendly, and reputable. They also go over chequing vs. savings account and advises to star t a chequing account first then make a saving accounts. It goes in detail about how fees from each bank varies from one another.

One piece of information I learned from this website is to only withdraw money on the ATM from the banks you are connected to or else you will be charge twice, one from the ATM company and the other from the other bank institution.

# data[].attributes.attachment_link.readable_text
Setting up a bank account may sound like a simple task, but with so many financial institutions to choose from, it can be difficult to know which is best for you. Adam Fair, Director of Social and Enterprise Development Innovations (SEDI), a charitable organization that works with communities to provide financial literacy education, provides his tips on narrowing the selection.
Make Your Bank Work For You
Your bank should be convenient and user-friendly. Research the hours of operation of prospective banks, where the branch is located relative to where you live, the languages spoken, and the number of bank machines around town to make transactions convenient. The Financial Consumer Agency of Canada (http://www.fcac-acfc.gc.ca/eng/resources/toolcalculator/banking/bankingpackage/banstep1-eng.asp ) is a great resource to compare banking institutions based on the services you require. Not all banks provide the same services, so Fair recommends taking the time to think about how you want to bank and make a list of the services you will need. Will you mostly deposit and withdraw money? Do you want to write cheques? Do you need to take out a loan or apply for credit? Do you need to transfer money to international banking institutions? Knowing the answers to these questions will help narrow the field and make finding the right bank easier.
Chequing vs Savings Accounts
A chequing account allows for frequent transactions such as ATM cash withdrawals, bill payments and cheques. Little or no interest is offered. Savings accounts offer higher interest on their balances, but typically charge fees for withdrawals. Start with a chequing account and only get a savings account for funds you don't need access to on a regular basis.
Research Bank Fees
Fees vary from bank to bank. Chequing accounts typically come with a limited number of free transactions. After that there are fees for using your debit card, making a withdrawal and paying bills. Ask about restrictions on the amount of transactions you can make and whether you need to maintain a minimum balance to avoid fees. "At some financial institutions, chequing accounts are free or low-cost for certain groups, such as youth, students, seniors or people with disabilities," says Fair.
No-Fee Banking Isn't For Everyone
Some banking institutions such as PC Financial and ING offer no-fee banking to all customers, regardless of age or income. "One of the reasons that these institutions are able to provide no fees is because they do not have many physical bank branches and often have only a limited number of financial products that they provide," says Fair. These options are great for newcomers who only need basic financial products and are comfortable doing online banking rather than going into a branch. For those who require additional products and tailored advice, a larger financial institution such as the "Big Five" (CIBC, TD, Scotia, BMO and RBC) may be a better option.
Only Use Your Bank's ATM
Using ATMs that aren't connected to your bank can be costly. "There are often two fees that will be charged to your account when using an ATM from another company, one to the company that typically ranges from one to two dollars and another similar charge [from your banking institution]," says Fair.
Sending Money Abroad
In addition to banks, other financial institutions such as Western Union offer this service, although the transaction can be quite costly. To reduce costs, Fair recommends considering the banking institutions available in the country you wish to send money to. "For some newcomers, their family abroad may have access to a bank that is also available in Canada. This can make transferring money a lot easier because it's being transferred within the same company," says Fair.
Open a Bank Account
To open a bank account, you will need two pieces of identification such as a permanent resident card or citizenship and immigration form (IMM 1000, IMM 1442 or IMM 5292. Some banks will allow you to set up your Canadian account before you arrive in Canada. Check the "Big Five" banks websites on newcomer banking for more information:

CIBC: https://www.cibc.com/ca/chequing-savings/newcomers.html

TD: http://www.tdcanadatrust.com/newtocanada/

BMO: http://www.bmo.com/home/personal/banking/everyday/newcomers-to-canada

RBC: http://www.rbc.com/canada/

Scotia: http://www.scotiabank.com/ca/en/0,,2468,00.html

# data[].attributes.attachment_link.description
Setting up a bank account may sound like a simple task, but with so many financial institutions to choose from, it can be difficult to know which is best for you. Adam Fair, Director of Social and Enterprise Development Innovations (SEDI), a charitable organization that works with communities to provide financial literacy education, provides his tips on narrowing the selection.

# data[].attributes.headline
National Bank: How to Make Your Money Grow in Canada (Website 2)

# data[].attributes.subject
National Bank: How to Make Your Money Grow in Canada (Website 2)

# data[].attributes.body
This website talks about how to make your investment grow in Canada. It goes over from your very first savings account all the way to your retirement options. They mention that the most important thing is to protect your investments. Some principal-protected investments is a GIC (Guaranteed Investment) that protects you from the fluctuations of the stock market. They also go in-depth on what is a mutual fund and ETF (Exchange Traded Fund).

One piece of information I learned from this website is to consider talking to a financial planner because they will help you understand your investments and provide solutions based on your financial goals.

# data[].attributes.attachment_link.readable_text
From your first savings account to the disbursement of your retirement income, choose the investment vehicles that best suit your needs and your investor profile. Here are the different options available to help you invest intelligently.

Principal-Protected Investments

Above all, these aim to protect your money from the ups and downs of the stock markets, but can in some cases provide you access to their growth potential. Some examples of different principal-protected investments are guaranteed investment certificates (GIC) at a fixed or variable rate of return and deposit notes.

Mutual Funds

Although the return is not guaranteed as with principal-protected investments, mutual funds are interesting if you are looking to get even more out of your savings over the long term while accepting part of the risk. With that said, investing in such a fund is still less risky than directly buying company shares on the stock market. With a mutual fund, a manager undertakes the selection of the companies that will be in his or her fund. Therefore, your money is invested in hundreds of companies (sometimes residing in the same sector or geographical market). This is a good way to diversify your portfolio and avoid putting all your eggs in one basket.

Exchange Traded Funds (ETF)

ETFs are comprised of various securities of companies traded on the stock market. They usually aim to replicate a particular index or follow a currency or another financial asset. Two characteristics, however, differentiate them from mutual fund investments. First, their low management fees are attractive to many investors. Secondly, they are traded the same way as a stock. You can quite simply buy or sell them when the stock markets are open.

> Read about the 6 tactics to use in order to maximize the benefits offered by ETFs

Save for your retirement with an RRSP

A Registered Retirement Savings Plan (RRSP) is a government-registered savings plan with features that appeal to many Canadians. Its purpose is to help you build your savings for retirement by reducing the amount of income taxes you are required to pay.

You can contribute up to 18% of the income you earned in the previous year, subject to an annual cap.

You can make RRSP contributions until December 31 of the year you turn 71. After that date, your RRSP must be converted into a Registered Retirement Income Fund (RRIF).

Contributions are deducted from your income for tax purposes.

The investment income from an RRSP is not taxable until withdrawal (ideally after retirement when your tax rate will be lower).

You can withdraw up to $25,000 tax-free to buy or build your first home, via the Home Buyers' Plan (HBP).

You can also withdraw funds from your RRSP to finance training/?p=14626 or education, under the Lifelong Learning Plan (LLP).

Learn to Take Advantage of the TFSA

Created in 2009, the Tax-Free Savings Account (TFSA) enables you to save and shelter your investment revenue from taxes, regardless of your annual income. Each year, you can make contributions within an annual limit (contribution room) established by the Government of Canada. This limit is set at $5,500 in 2018. These limits carry over each year. Thus, in 2018, a person who has never contributed to a TFSA could invest a maximum of $57,500 (or the sum of contribution limits since the TFSA was introduced).

Source: Canada Revenue Agency

To be eligible for the TFSA, you must be at least 18 years old, be a resident of Canada and have a valid Social Insurance Number. The investment income earned in your TFSA is not taxable, even if withdrawn from the account. However, it does not provide any tax benefits (unlike an RRSP).

The funds in a TFSA can be invested in a number of vehicles, from GICs to mutual funds.

Your financial planner can help!

A financial planner can help you understand Canadian investment products and solutions. Your financial planner will advise and support you in managing your finances, address your questions and concerns, and find the best solutions to power your ideas.

In addition to analyzing your financial situation, your advisor can offer you various services or direct you to the appropriate experts, as needed.

Choosing an advisor is a big decision; you want to be sure your finances are in good hands. Review the tips provided by the Autorité des marchés financiers to help you select a competent advisor.

Saving, A Basic Due Diligence

There are many reasons to put money aside: saving up for a trip, purchasing a home or preparing for retirement. Yet, even beyond these specific goals, saving is a means of being prepared. Saving allows us to shelter ourselves from the setbacks in life, to become more capable of helping those we love and to leave an inheritance to the next generation...

Find more tips and advice about integrating and immigrating to Canada by signing up for the National Bank's newsletter.

# data[].attributes.attachment_link.title
Tips to Help You Make Your Money Grow in Canada

# data[].attributes.attachment_link.description
From your first savings account to the disbursement of your retirement income, choose the investment vehicles that best suit your needs and your investor profile. Here are the different options available to help you invest intelligently.

# data[].attributes.headline
Money Sense: Build a Successful Savings Plan (Website 3)

# data[].attributes.subject
Money Sense: Build a Successful Savings Plan (Website 3)

# data[].attributes.body
This website outlines five tips to create saving plans that will help you build your savings and grow your retirement funds. The first tip is to identify what you are saving for and have a clear vision on what you want to understand how much you need to save. The 2nd tip is to determine how much you can save based on your lifestyle and income. The 3rd tip is to choose the right saving plans for you such as GIC or ETFs. The 4th tip is to make savings automated so you don’t see any money on your chequing account, it always goes to your savings account. The 5th tip is to monitor your progress, so you can tailor your savings based on your current lifestyle or goals.

One piece of information that I learned is the idea of making savings automated. If you set 5-10% of every paycheque you get put into your saving plans, you will accumulate savings of at least 1/10th of your income in the foreseeable future.

# data[].attributes.attachment_link.readable_text
It's no secret that your financial priorities change over the course of your life. In your teens you might save for a car, in your 30s you might save for your kids' education, and by your 40s and 50s you're more focused on your retirement. But to achieve any of these goals you need a solid savings plan. One that keeps you on track for your long-term goals, and one that will see you through any economic downturns that may happen along the way.

Consolidating your accounts is a simple solution, which makes it a good place to start. It'll save you money on fees and reduce the risk of losing track of accounts and incurring charges. Those savings might seem small, but they add up fast.

Of course the key to any savings plan is to start early. That way you can take full advantage of the power of compound interest. "A little bit saved each month starting at age 25 beats a lot saved every year starting at age 50," says Heather Franklin, a certified financial planner in Toronto. "Every day you wait to put a savings plan in place could affect the lifestyle you want."

Following these five essential steps will help you create a successful savings plan:

1. Identify what you are saving for

You can't get to your destination unless you have a road map. Having a clear objective of what you are saving for is the first step, whether it's for a family vacation, a TV or second family car. "People know they have to save, but if they can visualize their financial goals, it really helps," says Sheila Munch, a CFP and owner of Durham Financial in Oshawa, Ont. It also helps to write down each objective with the amount you want to save and a target date for reaching your goal. "Don't rush this part," she says. "This helps ensure you'll succeed."

2. Determine how much you can save

Whether you make $50,000 or $150,000 a year, you need a snapshot of how much you're spending. That's where a budget comes in. Once in place, you can determine how much you can allocate to savings or if you need to rein in your spending. "If 5% of income is all you can afford, start there," says Franklin. "Then increase it to 10% or 15%." If you're unsure how much you should be saving talk with an adviser who can help you build a budget and show you ways to save that you may not have considered, like consolidating or restructuring debt to lower your interest costs.

3. Choose the appropriate solutions

There are many ways to save and invest your money, including savings accounts, Guaranteed Investment Certificates (GICs), mutual funds, exchange-traded funds (ETFs)-the list goes on. The trick is picking the one that works for you. Choosing the right savings vehicle will depend on how much you can save, how frequently you plan to add to your savings, and how quickly you may need to access that money.

For short-term goals, focus on safety and liquidity rather than growth. Savings accounts (including Tax-Free Savings Accounts), GICs and high-interest savings accounts are good options. Picking the right investments for medium-term goals can be more challenging, because you need to strike a balance between protecting your assets and growing them to offset inflation. As a general rule, the more time you have to reach a financial goal, the more investment risk you can afford. More risk means more volatility, but if you have 15 years or more to meet your goals, you should be able to ride out any market downturns.

4. Make it automatic

If you don't see the money, you're less likely to spend it. Once you know how much you want to tuck away-say 5% or 10% of your after-tax salary-set up an automatic transfer to a separate savings account or investment account as soon as you're paid. Even small amounts count. For instance, $200 a month earning 2% annually will grow to $2,426 after the first year, to $7,424 after the third year, and to $12,625 in just five years. "It will hurt for the first three months, but after that you'll get used to it," says Munch. "It's absolutely pain-free saving."

5. Monitor your progress

Take a few minutes every few months to see if you're meeting your savings goals. "If you get a salary increase, add it to your savings," says Franklin. "It shouldn't be an opportunity to spend more."

There's more to saving than cutting your spending and setting aside that money. A host of government programs, for instance, have been set up to help you through almost every stage of your life-you just have to know how to take advantage of them.

If you're saving for your child's education, make sure you're using a Registered Education Savings Plan (RESP). Your money grows tax-free and you'll get some generous government grants that will really boost your savings. The Canada Education Savings Grant, for example, can increase your saving by 20%. The Canada Learning Bond is an additional grant for those who qualify: it provides $500 when you first open an RESP. You may also be eligible to receive a $100 Universal Childcare Benefit from the federal government each month for each child under age six.

If you're saving for retirement, consider using a Registered Retirement Savings Plan. The money you contribute to an RRSP is deducted from your gross income, which may reduce the amount of income tax you pay. To get the maximum benefit, you should use your tax refund to boost your savings, either by increasing your emergency fund, paying down your mortgage or putting it back into your RRSP for next year's contribution.

If you're saving for a dream trip, or just a rainy day, consider using a Tax-Free Savings Account. Your savings will grow faster in a TFSA because you're shielded from tax on the growth generated in your account, even when you withdraw the funds. "All these plans-RESPs, RRSPs and TFSAs-are great gifts the government has given investors," says Franklin. "Use them well."

For help on how to make full use of these government programs, speak to an adviser who will help you choose the savings solutions that are right for you.

To achieve your goals faster it pays to get a second opinion

There's never been a better time to be a do-it-yourself investor, but this approach isn't for everyone. "I can look up my symptoms if I'm sick, but my doctor does it for a living," says Sheila Munch, a certified financial planner with Durham Financial. That's where advisers come in. They will tell you when you're doing things right and fill in the gaps if plans veer off track. They can also find ways to consolidate accounts, determine your risk tolerance, show you how to benefit from government incentives, and more. Don't be afraid to ask for a second opinion to achieve your needs for today and the goals you want to reach in retirement.

# data[].attributes.attachment_link.title
Build a successful savings plan - MoneySense

# data[].attributes.attachment_link.description
It's no secret that your financial priorities change over the course of your life. In your teens you might save for a car, in your 30s you might save for your kids' education, and by your 40s and 50s you're more focused on your retirement.

# data[].attributes.headline
Young and Thrifty: Canadians Guide to Online Banking (Image 1)

# data[].attributes.subject
Young and Thrifty: Canadians Guide to Online Banking (Image 1)

# data[].attributes.body
This image shows the different options available in online banking for Canada. This will help individuals choose on which online banking company they will be interest in based on their situation.

# data[].attributes.headline
Sun Life Finanacial: Canadians Sources of Retirement Income (Image 2)

# data[].attributes.subject
Sun Life Finanacial: Canadians Sources of Retirement Income (Image 2)

# data[].attributes.body
This chart outlines the sources of retirement income for Canadians. The most of the income comes from CPP (Canadian Pension Plan) and workplace pensions or RRSPS at 38%, personal savings at 15%. It shows that almost 1/5 of your retirement is based on how much you personally save.

# data[].attributes.headline
Sun Life Financial: Retirement Savings (Image 3)

# data[].attributes.subject
Sun Life Financial: Retirement Savings (Image 3)

# data[].attributes.body
This image just gives a visaul analogy of the different types of savings plan available. It shows that RRSP/TFSA means you can start and stop the flow of money whenever you want. CPP, old age security, and life annuity means once your start the income tap, you can never stop the flow of money