Building your savings
The world of investing can be complex, but luckily, for those who simply want to see their money grow; it doesn't have to be difficult. All it takes is some discipline and a little advice along the way.
Here are some examples of goals that you are probably familiar with:
- Short-term saving, for example for a new car or a trip.
- Long-term saving, for example for retirement, or for a child's education.
Your goals require your own approach to saving. Understanding your investment options will help you achieve your goals. Here's an introduction to the most common options.
Guaranteed interest savings products
|Accumulation annuities (AAs)||
|Guaranteed investment certificates (GICs)||
|Sun Market Linked GICs||
Market-based investment products
Investments in stock and bond markets are intended for longer-term investing are very popular with Canadians.
We sometimes call these "market-based" investments.
The returns go up and down, they are not guaranteed.They provide a chance for your money to grow faster than with guaranteed interest investing. You can lose money at times.
You put your money into a large pool of money, managed by investment professionals who invest in stocks and bonds. Each mutual fund has:
Sun Life Financial provides access to some of the best mutual fund managers in Canada and around the world.
|Stocks, bonds, exchange traded funds, futures, derivatives, etc.||
Registered Retirement Savings Plans (RRSPs)
Sun Life Financial provides many RRSP-eligible investments, including guaranteed savings products and market-based investment products.
Tax Free Savings Account
|Tax-Free Savings Account (TFSA)||
*Effective January 1, 2013, the TFSA contribution limit is $5,500. The $5,000 TFSA contribution limit will still apply to all years prior to 2013.
|Registered education savings plans (RESPs)||
Sun Life Financial advisors offer products issued by Sun Life and products from other companies in the Sun Life Financial group of companies. These include:
- life insurance, health insurance, segregated funds and annuities issued by Sun Life and offered by Sun Life Financial Distributors (Canada) Inc.
- mutual funds offered by Sun Life Financial Investment Services (Canada) Inc.
- guaranteed investment certificates (GICs) and principal-protected notes (PPNs) issued by Sun Life Financial Trust Inc.