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Hit the books
Informed investing starts with knowledge. Beginner and experienced investors alike can benefit from staying up to date on the latest investing topics, news and trends.
Investing may sometimes feel complex, especially if complicated language or unfamiliar terms are used. Keep a list of unbiased and independent financial resources to help you along the way.
Bookmark these websites
GetSmarterAboutMoney.ca has hundreds of articles, tools and calculators to help you with investing and managing your finances. If you want to share information with others to teach them about investing.
InvestingIntroduction.ca helps newcomers to Canada understand their financial and investment options. It is available in 23 different languages.
Develop good habits
Successful investors have good investing habits, just like how successful students have good study habits.
- Invest early. You don’t need a lot of money to start investing. The earlier you start, the more you can benefit from the power of compounding: reinvesting returns to generate more returns.
- Have a financial plan. A plan can guide your investing decisions to help you stay on track. It can also instill financial discipline.
- Read disclosure statements and other fine print. Before investing, make sure you to read and understand how the investment product or service works.
- Check registration. Always check the registration of any person or business trying to sell you an investment or give you investment advice. Visit CheckBeforeYouInvest.ca.
Review fees and investment performance
While grades and report cards evaluate your progress at school, account statements provide details about investment performance and fees.
As part of the cost and performance reporting rules, you should receive an annual performance report that explains how your investments have performed over time. Review your investments to see if you’re on track to meet your financial goals, including your personal rate of return and changes to the market value of investments.
You should also receive details of the charges and fees that you have paid to your investment firm at least once a year.
What is total cost reporting and how it will work?
Save for post-secondary education
A Registered Education Savings Plan (RESP) can help you or your child save for post-secondary education. The account can stay open for up to 36 years.
Tuition, residence, books and transportation costs can be significant. An RESP has certain tax advantages as well as help qualify you for certain government grants, such as the Canada Education Savings Grant.
Ask questions
If you have questions about your investments or their performance, ask your advisor. A good advisor will want you to be informed and will welcome your input.
When your advisor recommends an investment, don’t forget to ask questions about how the investment works, the level of risk, why you should buy it and how will it help you reach your goals.
You can also ask questions at Investing Questions and get clear, unbiased answers from experts.
