The world is changing and retirement is changing with it.
HSBC research shows a significant portion of Canadians are underprepared for retirement and are unsure how to build a long-term plan for their wealth.
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of working age people typically save for short-term goals rather than longer term plans
of working age people are paying into a retirement account each month
of working age people are currently saving for future nursing/care home fees
of working age people are predicting a comfortable retirement
Source: 2018 Future of Retirement report, Bridging the GAP - Cost of Aging
Retirement Tips and Tools
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10 Retirement Savings Tips
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Accounts to build your retirement savings
Different types of accounts can help you better prepare for retirement. Consider the benefits of each one to decide which options may be right for you.
- RRSP (Registered Retirement Savings Plans)
- Locked-in accounts
- TFSA (Tax-Free Savings Accounts)
- Non-registered accounts
- An account specifically designed for retirement savings and investments.
- Contributions reduce your taxable income in the year they’re made.
- Investment returns grow tax-free until the money is withdrawn, at which point all contributions, capital gains and income will be taxed, typically at a lower tax rate. Contribution limits are based on your previous year’s income or the government-set maximum. You can carry forward unused contribution limits to another year.
- Spousal RRSPs allow a higher-earning spouse to contribute to a lower-earning spouse’s RRSP while still receiving a tax benefit.
- You may borrow up to $35,000 for the purchase of a first home under the Home Buyer’s Plan, or up to $20,000 for education purposes.
- RRSPs can be converted into Registered Retirement Income Funds (RRIFs) at any time but no later than December 31st of the year you turn 71, which then requires minimum withdrawals based on a prescribed formula.
RRSP (Registered Retirement Savings Plans)
TFSA (Tax-Free Savings Accounts)
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Investor information & resources
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Published by HSBC Investment Funds (Canada) Inc., January 2021.
This material is for information purposes only and is not intended to provide specific financial, legal, tax, investment or other advice, and should not be relied upon in that regard. You should not act or rely on the information without seeking the advice of a professional. Please consult your tax advisor to find out which strategies best suit your tax situation. Registered plans for individuals are subject to specific limits, tax implications and restrictions which can be found on the CRA Savings and pension plans webpage.
*This calculator, your use of it, and any results generated by it, are for illustrative purposes only and are not intended to provide specific financial, investment, tax, legal, accounting or other advice to you. You should not act or rely on the information provided without seeking the advice of a professional. Before you make an investment decision, we recommend that you consult with an investment professional who can help to ensure that your own circumstances have been properly considered and any action you take is based on the latest available information. Any forward looking results or projected returns presented by this calculator are only estimates and are based on assumptions that may turn out to be inaccurate or inapplicable. Actual results or returns may be materially different. The use of any historical rate of return should not be relied upon as past performance is not indicative of future performance. This is not an offer to sell or the solicitation of an offer to purchase or subscribe for any investment. This calculator uses software under license from a third-party that is not a member of the HSBC Group.
HSBC Global Asset Management (Canada) Limited (“AMCA”) is the manager and primary investment advisor for the HSBC Mutual Funds. HSBC Investment Funds (Canada) Inc. (“HIFC”) is the principal distributor of the HSBC Mutual Funds. HSBC Mutual Funds are also distributed through authorized dealers. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus, Fund Facts, and other disclosure documents before investing. Mutual funds are not guaranteed or covered by the Canada Deposit Insurance Corporation, HSBC Bank Canada, or any other deposit insurer or financial institution. The net asset values of all mutual funds, including the HSBC Mutual Funds, change frequently and any past performance may not be repeated. For money market funds, there can be no assurances that the fund will be able to maintain its net asset value per security at a constant amount or that the full amount of your investment in the fund will be returned to you.
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