Investment

What is an Investment?
Investing is a pivotal aspect of building a financially secure future. It involves allocating assets in a way that allows your money to grow over time. Before making informed investment decisions, it’s essential to clearly understand your financial situation and identify areas that can be optimized to achieve your financial goals.

Types of Investments

Registered Savings Plan:

• • Registered Retirement Savings Plan (RRSP): A savings plan designed for retirement savings, offering tax benefits.
  • Tax-Free Saving Account (TFSA): Provides tax-free growth for deposited money or earned income, with flexible withdrawal options.
  • Registered Education Savings Plans (RESPs): A savings plan for a child’s education.
  • Registered Disability Savings Plans (RDSPs): Tailored savings for a person with a disability.

Locked-In Retirement Account (LIRA):

• • A pension-focused account in Canada that allows pension income after retirement.

Non-Registered Saving Plan:

• • A personal savings account for additional savings beyond RRSP and TFSA limits, with higher interest rates.

Guaranteed Interest Products (GICs):

• • Low-risk investments offer guaranteed returns, suitable for those prioritizing capital preservation.

Life Annuities:

• • Guarantees a set amount for life, available for individuals or couples.

Segregated Funds:

• • Similar to mutual funds but less risky, providing guaranteed returns.

Mutual Funds:

• • Professionals manage Pooled investments, offering potential returns based on market conditions.

Workplace Investments:

• • Employers provide Group savings plans for personal life goals, such as home buying or retirement.

First Home Saving Account (FHSA):

• • First Home Savings Account (FHSA) A first home savings account (FHSA) is a registered plan that allows you, if you are a first-time home buyer, to save to buy or build a qualifying first home tax-free (up to certain limits). If you opened an FHSA in 2023, you can claim up to $8,000 in FHSA contributions you made by December 31, 2023, as an FHSA.

Star Financials Insurance is a trusted, experienced investment firm committed to stakeholder growth. With a dedicated team of investment advisors, we strive to create long-term wealth for our clients by offering tailored guidance and robust investment strategies aligned with their financial goals.