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Invest What You Can, Early and Often

The Easy Way to Invest Regularly

Many Canadians find it more affordable, convenient and effective to save regularly in small amounts. The strategy of paying yourself first allows you to make investing routine, by saving a portion of your income before paying bills and expenses. The easiest way to get started is to establish regular, automatic contributions. Set it up once and your savings keep growing over time.

 

RBC makes it easy for you to get started:

  • You decide how much and how often to save—you can start with as little as $25 a month
  • You can be flexible with your contributions —pick a frequency that works for you
  • You can change your contribution amount and frequency at any time
  • We do the work for you: your contributions are automatically debited from your banking account at RBC® or another financial institution
 
 

TIP: Set your regular, automatic contributions to coincide with every paycheque. Chances are you won’t even miss the money you set aside!

 
 

You are on: Save in a TFSA

Grow Your Savings Faster with a Tax-Free Savings Account

In a TFSA, your savings and investments grow faster, because your money is growing tax-free. By making regular, automatic contributions to a TFSA, it could be even easier for you to save more throughout the year. Your withdrawals are tax-free as well. Your contributions are not tax-deductible.

TFSA vs. a Taxable Account

The chart below shows how $5,000 contributed annually, earning 6% interest per year can grow within a TFSA vs. outside a TFSA.(1)

TFSA vs. a Taxable Account

Chart is for illustrative purposes only.

Open a TFSA today

You are on: Save in an RRSP

Save in a Registered Retirement Savings Plan (RRSP)

An RRSP is a great way to save towards retirement. Your money is tax-sheltered — so it can grow faster, and you may save money at tax time as qualified contributions can be deducted from your income. Regular, automatic contributions to your RRSP is a great way to build your savings, as you'll save more money in the long-run than if you make a lump-sum annual contribution.

Open an RRSP today

You are on: Other Saving Options

Calculate how quickly your savings can grow:

You can also set-up regular contributions to the following accounts:

 

1) Assumes tax rate of 32% outside TFSA, with interest income taxed annually. All contributions made at beginning of year. Annual compound rate of return of 6%. For illustration only and not indicative of future returns. Actual tax rates and rates of return will vary.

*Depends on the terms of your investments

The material is intended as a general source of information only, and should not be construed as offering specific tax, legal, financial, investment or other advice. Royal Bank of Canada and its affiliates can only provide recommendations in connection with their own products and services, and such recommendations are based on the completeness and accuracy of the information provided to us. Individuals are responsible for making their own product and service decisions, and should consult with their professional tax advisor, accountant, legal professional or other professional before taking any action based upon the information contained in this document.

Financial planning services and investment advice are provided by Royal Mutual Funds Inc. (RMFI). RMFI, RBC Global Asset Management Inc., Royal Bank of Canada, Royal Trust Corporation of Canada and The Royal Trust

 

Talk to an advisor

 
 

The Golden Rule of Saving

The golden rule of saving is to pay yourself first. It’s easier than you think.

The Golden Rule of Saving

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