• Credit Cards
    • Cash Back Credit Cards
    • Travel Rewards Credit Cards
    • No Annual Fee Credit Cards
    • Student Credit Cards
    • Air Miles Credit Cards
    • Aeroplan Credit Cards
    • Balance Transfer Credit Cards
    • Low Interest Credit Cards
    • Secured Credit Cards
  • Banking + Investing
    • High-Interest Savings Accounts
    • Mortgage Rates
    • Discount Brokerages
    • Robo-Advisors
  • Learn
    • Make Money
    • Save Money
    • Invest Money
    • Spend Money
  • Podcast
  • About
  • Contact

How to Invest Your Money

One of the best ways to build wealth over time is to invest. When you invest, you put your money to work on your behalf. Through the power of compound interest, it’s possible to grow your wealth so that you can live comfortably in retirement and meet other financial goals.

Tax-Advantaged Investing

To get the best use of your money, you can use tax-advantaged investing tools. The government encourages you to save for your future with great accounts that provide you with a tax break when you invest:

  • RRSP: This is a retirement savings account that provides you with a tax benefit today. You don’t need to pay taxes until you withdraw from your account later.
  • TFSA: This is a very flexible savings account that allows you to invest for a variety of goals. You do have to contribute with after-tax dollars, but any investment earnings you have are tax-free.
  • RESP: Help your children pay for a good education with this tax-advantaged account. You get a tax break for contributions, and you can help ensure your child’s future.

When you can, it makes sense to contribute as much as you can in these accounts, depending on your goals and time frame.

Index Funds and ETFs

Diversity is one of the best ways to protect your investment portfolio. Instead of stock-picking, consider investing in index funds and exchange-traded funds (ETFs). These funds allow you to follow the performance of a large group of stocks. You have the advantage of the overall performance of a segment of the market, instead of trying to pick the “right” stock.

Get Started Investing

You can save money by using online discount brokers. You don’t need a lot of money to get started. My preferred choices for beginning investing are Questrade, and using TD E-Series Funds. Starting with funds can help you build wealth while reducing some of your risk. Use discount brokers to begin at a manageable level and build your investments over time.

The Best S&P 500 ETFs in Canada for 2022

The Best S&P 500 ETFs in Canada for 2022

View post »
Qtrade Review: Everything You Need to Know About QTrade Direct Investing

Qtrade Review: Everything You Need to Know About QTrade Direct Investing

View post »
Best RRSP Investments for Canadians In 2022

Best RRSP Investments for Canadians In 2022

View post »
The Best TFSA Investment Options and Strategies for 2022

The Best TFSA Investment Options and Strategies for 2022

View post »
Best Investing Apps in Canada for 2022

Best Investing Apps in Canada for 2022

View post »
Inflation is High, Markets are Tanking, How Should You Invest Now?, with Kanwal Sarai

Inflation is High, Markets are Tanking, How Should You Invest Now?, with Kanwal Sarai

View post »
Investing in Gold: How to Buy Gold in Canada

Investing in Gold: How to Buy Gold in Canada

View post »
The Best Crypto Exchanges In Canada

The Best Crypto Exchanges In Canada

View post »
How to Buy XRP In Canada

How to Buy XRP In Canada

View post »
1 2 3 … 31

Stay Up To Date

Be the first to know about all the latest topics on MapleMoney.

Sign Up
  • Archives
  • Subscribe
  • Contact
  • Press
© Drake Media Inc. – All rights reserved.
  • Privacy
  • Terms & Conditions