How women in Canada can start investing

What you save for: Is it for retirement, a car, a first house, a holiday, fertility treatments, children’s training? This will help you determine whether you are looking at an investment in the short, medium or long term that you can push to a TFSA or RRSP. Since recordings are usually easier with a TFSA, that account can be best for short or medium-term investments. An RRSP would be better if you save for a deposit on a house, especially if it is your first home, because you could switch your money to an FHSA. For the education of children, a respect is best because the government corresponds to your savings.
How long do you have to save: When do you want to achieve your goal? “Four years would be considered short to medium term,” says Gray. For goals under the age of five, a TFSA with investments with a low risk might be the best option, because you don’t have time to wait for market volatility. Are you saving for retirement and do you have at least a decade or two to do this? An RRSP with risky investments is perhaps your best option.
The best time to contribute: “It is a larger thing for your money to make an RRSP if your income is high, more than $ 100k or so, you get a higher deduction,” says Gray, “then get it out when you retire with a lower income, so you have lower taxes.” If you are just starting your career or are on pregnancy leave and have a low income (less than $ 40k or so) but it is expected that it is higher within a few years, it can be best to wait before you contribute. That is because you can save your contribution space for the time that your tax rate is higher, which will result in a larger deduction.
If you have a pension: “Someone who has a large pension has a small RRSP room, so they may not find it useful to put money in an RRSP,” says Gray. In that case a TFSA can be the best. If your contributions are maximum, a non-registered account might be the best. But someone who does not have a pension can put money in an RRSP and get a fair deduction.

How do I change my savings accounts in investment accounts?

Despite the word ‘save’ in the names, your registered accounts, such as your RRSP and TFSA, can act as a purely savings account or as an investment account. Visit a consultant to your local branch to convert to an investment account or use the online services of your financial institution. There you can open accounts, transfer funds and buy new investments. You can also keep the savings accounts and open new investment accounts if you want to use it as an emergency fund.

To decide which investments you should choose, “you must do your research,” warns Gray or talks to a financial adviser. They can recommend what is good for you – whether ETFs, GICs, investment funds, etc. – are based on your need for liquidity and your risk tolerance. When it comes to shares, Gray says that the search for help from an investment professional is even more important. “I prefer people to pay someone to do it for them for a slightly higher fee than to have than someone (investing) bad.” She says they can lose money from the investment because of bad timing. “That is worth the 1% to 2% on reimbursements that they would charge for the service.” Here you can read how you can find out your investment costs.

What are my investment options as a single woman in Canada?

You have a series of low, medium and risky investment options among these accounts. The best for you are determined by your goals, how long you have to store and your psychological characteristics (what can indicate whether you can handle well or not volatile markets):

Gics are considered an investment with a low risk. GIC rates depend on the most important interest rate of the Bank of Canada. So if the rates are high, gic investors, as they did from mid-2022 to the end of 2024, benefit from the end of 2024. You may not always earn high interest rates with GICs, but you will be guaranteed to receive your full deposited amount. GICs are great for short -term saving goals, because they can take anywhere from six months to a few years. Saving for a holiday, car, fertility treatments or something with a horizon of five years? Investing in a gic, which is a low risk, in your TFSA can be a good option, says Natasha Knox, a financial planner and founder of Alaphia Financial Wellness in New Westminster, BC “You don’t want something that is going to fluctuate that shows a lot of volatility if you have a tight time frame that you work inside.”

Exchange Trade Funds (ETFs) His collections of investments and trade on a stock market. This means that it can invest in shares, fixed income or raw materials. They usually have low costs and ensure diversification, compared to, for example, investment funds. They are better for goals in the longer term, so you have time to wait potential volatility. “You can buy some shares and ETFs yourself,” says Gray. “You can just open an account and become your own broker.”

Investment fundsLike ETFs, there are a collection of investments – but are managed by a professional, so the costs are usually higher. Investment funds are still very popular in Canada, even if ETF options grow rapidly. For those who love professionally managed assets, these can be good options.

Stock (Think of: shares and shares) are a direct investment in a company. If you are not ready to choose shares (don’t worry, not many Canadians), an investment advisor can help you choose which shares you should buy based on risk tolerance, goals and other factors. It is best to invest in equity for your long -term goals, such as your pension, so you have time to wait the highlights and lows of the stock market. “A 10-year timeline is what we consider to be a long-term horizon,” says Knox. If you save for retirement or a house in the line, “you could invest that money and have time to restore it” of the setbacks of the market.