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Investment Account Types: Background

Most Canadians accumulate their savings and investments in more than just one type of account. Registered Retirement Savings Plans (RRSPs), Registered Retirement Income Funds (RRIFs), Tax-Free Savings Accounts (TFSAs), Registered Education Savings Plans (RESPs) and Taxable accounts may all play a role in an individual’s financial activities. But not all of these account types have the same features, characteristics, benefits, or purpose.

 

The use of multiple account types often complicates our ability to manage our finances and make big-picture investment decisions. Often we make savings and investment decisions for each account in isolation of our other account types. The management of our savings and investments is further complicated by the fact that our account statements are often produced separately for each account, which then provides a fragmented view of our savings and investment portfolio.

This fragmentation makes it difficult to coordinate our investments for the best income tax treatment, estate-planning outcome, and overall investment success. Changing this fragmented view is key to coordinating your savings and investing habits with your overall financial success. As your partner, InvestingForMe helps to keep you focused on your family’s savings, investing, and financial goals as a whole, not as individual pieces.

The InvestingForMe investment process views all accounts and investments held as a single portfolio first, then we allocate the individual investments to each account to receive the best income tax treatment to ensure our estate planning is supported and our investment goals are achieved. However, before your savings and investments can be allocated and managed properly, you must first understand the features and characteristics for each type of investment account. This knowledge will help you to allocate the individual investments for the best overall outcome. In the following section of our website we provide you with an outline of those features and characteristics for each investment account type to help you make your investment decisions.

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