You are encouraged to visit the Prosperity First Financial website often to receive timely content and trending information. Government regulations change often, needing you to be in the know with how it will affect your plans. What is the TFSA maximum amount this year? We are glad to bring you up to date.
The articles on this website are added to regularly, providing new understanding. Do you have a request or question? Let us know, perhaps it can be answered in the next regular addition.
Upcoming client learning events are shared in the Events portion. November is Financial Literacy month, watch for local events supporting that. What events are you interested in seeing?
We are pleased to bring you knowledge to make the best decisions, to empower your success.
Starting early is a great way to reach your long-term investment goals with the help of compound interest.
Narrator: Want to achieve your financial goals faster?
Description: A trowel scoops a seed into a pile of dirt. The frame splits in half. The left side shows saving $500/month at age 25. The right side is later, $1000/month at age 45.
Narrator: Then why not start saving money today.
Description: A watering can is lifted and waters the seed. The trowel covers the seed.
Narrator: Because, the sooner you start putting it away.
Description: A calendar enters the frame, with the same amount invested on the first day of each month.
Narrator: The sooner your money can grow.
Description: The split frame with the two seeds returns. On the left side a tree starts to grow as the age increases from 25 to 45. A legal line appears: “$500 invested on the first day of every month over 40 years. 6% annual rate of return, compounded monthly. Segregated fund and/or mutual fund fees will lower your rate of return.”
Narrator: thanks to earnings that can compound over time.
Description: A tree also starts to grow on the right side at age 45. Both sides finish growing at age 65. A legal line appears: “$1000 invested on the first day of every month over 20 years. 6% annual rate of return, compounded monthly. Segregated fund and/or mutual fund fees will lower your rate of return.”
Narrator: Before you know it, you’ll be closer to achieving your goals, than if you’d waited.
Description: The tree on the left side is bountiful, saving $1,000,724. The tree on the right is much smaller, saving $464,351.
Narrator: Save early, save often.
Description: The tree on the right moves out of frame. Text “Save early, save often” appears.
Narrator: Learn more at canadalife.com.
Description: Frame fades to reveal “Learn more at canadalife.com” with Canada Life logo and legal line: Canada Life and design are trademarks of The Canada Life Assurance Company.
Learn how adding global funds to your portfolio can help you truly diversify your investments.
Description: Text: “Why Global?” appears. The camera pans over and travels across the Canadian landscape from coast to coast.
Narrator: When it comes to investing, Canadians love their home and native land.
Description: A maple leaf graphic comes into frame and the camera follows it upwards. A pie chart appears around the leaf and text appears beside it: “90% of the average Canadian’s assets are invested in Canada alone.*” Legal line appears: “*Source: Investor Economics Household Balance Sheet Report 2018”.
Narrator: So much so that 90% of the average Canadian’s assets are invested in Canada alone.*
Description: The text and pie chart disappear. The leaf graphic grows and attaches to a figure while it waves back and forth.
Narrator: And while it may seem patriotic to support local and domestic business.
Description: Two graphics appear representing local and domestic business. The camera pans down to show three lines, representing personal, Canadian, and global equity. A coin rolls along the personal line, falling off when the line takes a downturn.
Narrator: If the Canadian economy takes a downturn, this historical bias towards Canadian equities means your investments are vulnerable to “at-home” risk.
Description: The camera pans up to show a graphic of North America on a globe and large graphic text: “Less than 3%”.
Narrator: Canada makes up less than 3% of the world’s financial market.*
Description: The large graphic text changes to “97%” as the globe switches to a view of Europe and Asia.
Narrator: So if you’re only investing in Canada, you’re missing out on 97% of the world’s investment opportunities.
Description: The camera pans down to show a world map. Location pins appear across the map.
Narrator: Investors are shifting focus to global equities for potentially better returns.
Description: The map fades away and the camera pans across three global locations as the country names appear: “United Kingdom”, “Netherlands”, “Japan.”
Narrator: To help you diversify, Canada Life now offers more global funds from some of the world’s largest investment managers.
Description: Cut to four goals with corresponding graphics, “Travel”, “Education”, “New Home”, “Retirement”. The New home graphic grows as the others disappear and a pie chart appears around it.
Narrator: Whatever the goal is, we have a fund to help you get there.
Description: The camera pans up to a globe surrounded by six graphics representing diverse portfolio investments.
Narrator: Find out how you could achieve true diversification by exposing your portfolio to a world of opportunity.
Description: Text: “To learn more, reach out to your Products Service Centre partner.”
Narrator: To learn more, reach out to your Product Solutions Centre partner.
Description: Canada Life logo and legal lines appear: Canada Life and design are trademarks of the Canada Life Assurance Company. canadalife.com 1-800-957-9777.
The pain of losing money can be stronger than the joy of gaining. An advisor can help you feel confident in your financial plan. Learn more at www.canadalife.com.
Find out the reasons to invest in a registered retirement savings plan (RRSP) or tax-free savings account (TFSA) and why an advisor should help you decide.
Description: This animated video introduces a character named Hinata and his advisor with illustrated graphics to show the difference between an RRSP and TFSA.
Text “Ask an advisor” appears. The camera zooms out as the text lands in an outlined square. “RRSP or TFSA?” fades in below. An illustration of a vault draws on the right side of the frame.
Hinata: How do I choose between investing in an RRSP or a TFSA?
Description: Hinata sits in his advisor’s office with a cup of coffee on the desk in front of him. His advisor’s head nods to the right of the frame. A laptop is placed in between them.
Advisor: Well, first off, it depends on several things,
Description: Cut to Hinata and his advisor sitting behind her desk. She leans in and gestures towards the laptop.
Advisor: including your age, income, tax rate, the goal you’re saving for, and how long it’ll be until you need to use the money.
Description: Cut to five squares with icons and text, labelled “Age,” “Income,” “Tax rate,” “Goal” and “Time.”
Advisor: A registered retirement savings plan or RRSP is used to save for retirement.
Description: A pie graph labelled “RRSP” animates into the frame. An illustration of a Muskoka chair appears in the middle of the graph.
Advisor: When you put money into an RRSP, you get a tax receipt that can offset your income taxes.
Description: The advisor’s hand enters the frame and moves a coin into the pie graph. Cut to an illustration of a receipt. The advisor's hand brings the coin over to the receipt.
Advisor: You only pay tax on this money when you withdraw, and in retirement, you generally pay less tax than in your working years.
Description: Cut to line graph showing age from 20 to 90. The line representing income rises until retirement at age 65, then decreases gradually afterwards.
Advisor: A tax-free savings account or TFSA can be used to save for retirement
Description: A pie graph labelled “TFSA” animates into the frame. An illustration of a Muskoka chair appears in the middle of the graph.
Advisor: or any other goal.
Description: The camera zooms out to show two more pie graphs, one with an illustration of a new home, the other with an airplane.
Advisor: When you put money into a TFSA, you don’t get a tax-receipt like with an RRSP.
Description: The graph in the middle of the frame grows larger. The advisor’s hand enters and moves a coin into the pie graph.
Advisor: However, you also don’t pay tax on any increase in value in your TFSA,
Description: The hand pulls the coin out of the pie graph as the camera pans to a line graph representing savings over 15 years.
Advisor: or on money you withdraw from it at any date.
Description: An illustration of a receipt with scissors fades in as the graph drops slightly at the 15-year mark to show a withdrawal. The line graph continues to increase over another 10 years, another drop appears at 25 years, then finishes growing at 35 years.
Advisor: RRSP or TFSA or both? I can help you choose the best option for you.
Description: The camera zooms out of the laptop to return to Hinata and his advisor in her office.
Text “Let’s talk. Contact me today.” appears onscreen with the Canada Life logo and legal line: “Canada Life and design are trademarks of The Canada Life Assurance Company. canadalife.com 1-204-946-1190.”
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