Question 1

How do I choose accounts?

Accepted Answer

The accounts you choose should depend on your investment goals. If you’re saving for retirement, RRSPs and TFSAs are great options. If you’re saving for a large purchase or a wedding, cash accounts might be a good option. If you’re in retirement, you may want a RRIF; if you’re saving for a child’s education, an RESP is a great choice. Check out our The accounts you choose should depend on your investment goals. If you’re saving for retirement, R R S Ps and T F S As are great options. If you’re saving for a large purchase or a wedding, cash accounts might be a good option. If you’re in retirement, you may want a R R I F; if you’re saving for a child’s education, an R E S P is a great choice. Check out our investing accounts to learn more about your options and which might be best suited for your goals.

Question 2

What should my investing time horizon be?

Accepted Answer

The time horizon depends on your age and your investing goals. If you’re in your 20s and your goal is retirement, your horizon would be long-term. If you’re planning to buy a home in the next five years, your investing horizon is more short-term. Contact a BMO investment professional to discuss your options or learn more about our online investing platforms to see which would be best suited for your investing goals.

Question 3

What are appropriate accounts for retirement?

Accepted Answer

An RRSP is an account specifically designed for retirement. It allows you to save long-term, while also offering tax breaks each year. TFSAs, meanwhile, offer flexibility while saving for retirement. Contact a An R R S P is an account specifically designed for retirement. It allows you to save long-term, while also offering tax breaks each year. T F S As, meanwhile, offer flexibility while saving for retirement. Contact aBMO investment professional to discuss your options or learn more about our online investing platforms to see which would be best suited for your investing goals.

Question 4

How do I start investing?

Accepted Answer

First, choose the investing method that works best for you. Then, assess your investing horizon and risk tolerance. Once those are established, you can open your accounts and fund them accordingly.

Question 5

What are appropriate accounts for tax breaks?

Accepted Answer

There are several accounts that offer tax advantages. An RRSP gives you tax breaks each year - by funding your account, you lower your taxable income and may receive an income tax return. TFSAs, RESPs and RDSPs allow your savings to grow tax-free. Check out our There are several accounts that offer tax advantages. An R R S P gives you tax breaks each year - by funding your account, you lower your taxable income and may receive an income tax return. T F S As, R E S Ps and R D S Ps allow your savings to grow tax-free. Check out ourInvesting Accounts to learn more about your options and which might be best suited for your goals.