Learning about investing in Canada can be a big challenge for newcomers. In this video, we'll discuss 5 investment accounts that are important for new Canadians to know about.
These accounts can help you to save for your financial goals, like buying a car, purchasing a home, paying for post-secondary studies or having a comfortable retirement. We'll cover who can open these accounts and where to open them. Remember the information in this video is not financial advice. You should talk to a qualified financial advisor when making investment decisions.
The 5 accounts we'll cover are:
1. Non-Registered Investment Account
2. Tax-Free Savings Account (TFSA)
3. Registered Retirement Savings Plan (RRSP)
4. Registered Education Savings Plan (RESP)
5. Registered Disability Savings Plan (RDSP)
If you stick around until the end, we'll cover another account that is not yet available called the First Home Savings Account (FHSA). This is a very exciting account for people saving for their first home in Canada.
Contents:
00:00 - Introduction
01:11 - How Expensive Are Things in Canada?
02:25 - Disclaimer
02:56 - Types of Financial Investments You Can Hold
03:30 - Where You Can Open An Investment Account
03:57 - Basic Account Requirements
04:15 - Non-Registered Investment Accounts
05:05 - Tax Free Savings Accounts (TFSA)
05:54 - Registered Retirement Savings Accounts (RRSP)
09:01 - Registered Education Savings Plans (RESP)
12:40 - Registered Disability Savings Plan (RDSP)
14:10 - First Home Buyer Savings Plan (FHSA) - *Coming (maybe) in the near future*
15:37 - Conclusion
Please let us know in the comment section if you have any questions or if you want to share your experience with investing in Canada. You can also let us know if you have ideas for future videos.
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