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INVESTMENT IDEAS: 5 WAYS TO INVEST $1,000

12 July 2023 by National Bank

Are you looking for ways to grow your portfolio? Good news: you don’t need to be
a stock expert! Here are 5 ways to invest wisely and grow $1,000.

Make an online contribution to a registered savings account (FHSA, TFSA, RRSP,
RESP) for a chance to win $3,000.

Contribute online

See the contest details



In this article:

 * RRSP: save on tax
 * TFSA: invest tax-free
 * FHSA: save for your first home
 * RESP: invest in your kids’ futures
 * Direct brokerage: take control


RRSP: SAVE ON TAX



The Registered Retirement Savings Plan (RRSP) is a popular investment for
retirement. Contributions are tax-free, which puts more money in your pocket to
reinvest or to pay for other projects.



The amount you save will depend on how much you’ve invested, your tax bracket,
and your province.



Can an RRSP be used for other projects? Yes! There are programs you can use to
withdraw money tax-free.

 * Home Buyers’ Plan (HBP): withdraw up to $35,000 to finance the purchase of
   your first home.
 * Lifelong Learning Plan (LLP): withdraw up to $20,000 to finance going back to
   school.




TFSA: INVEST TAX-FREE



Unlike an RRSP, a Tax-Free Savings Account (TFSA) does not reduce your taxable
income, but it does provide tax-free investment income. And that means
significant savings!



This tool is particularly beneficial if your goal is to save for short-term
projects like a vacation or home renovations. It’s also great to have as an
emergency fund.



If your net income is low, you could consider using a TFSA to save for
retirement. Because it generates no taxable income, you’ll keep your Guaranteed
Income Supplement (GIS).



RRSPs and TFSAs each have their advantages and disadvantages. An advisor can
help you make the right choice for your situation.




FHSA: SAVE FOR YOUR FIRST HOME



Are you looking to buy your first home, or you haven’t been a homeowner in the
past four years? If so, you can start investing your savings in the First Home
Savings Account (FHSA). 



This registered plan is a great tax-free option to start saving towards a down
payment. The FHSA combines the advantages of the RRSP and TFSA. Just like an
RRSP, your contributions are tax-deductible, and same as the TFSA, your
withdrawals are non-taxable.



More about the FHSA:

 * You can contribute up to $8,000 per year, up to a lifetime maximum of
   $40,000.
 * You can hold the account for a maximum of 15 years.
 * It’s possible to combine the FHSA with the HBP to increase your down payment.
 * Unlike the HBP, you don’t need to reimburse any amount withdrawn for your
   down payment.

Saving potential
Let's say you contribute the maximum amount of $8,000 per year for 5 years. You
then invest that $40,000 in a balanced portfolio with an average annual rate of
return of 2.8%. After 15 years, your FHSA could be worth more than $57,000, for
a potential gain of $17,000.




RESP: INVEST IN YOUR KIDS’ FUTURES



Are you planning to pay for your child’s post-secondary education? The
Registered Educations Savings Plan (RESP) is the perfect tool to help you
achieve your goal. You’ll get access to generous government grants that will
help your money will grow even faster.



The following financial benefits are available within an RESP:

 * Canada Education Savings Grant (CESG): equal to 20% of your RESP
   contributions, up to a maximum of $500 per year. You may also qualify for
   extra help if your family income is below a certain threshold. With this
   grant, you could benefit from a maximum amount of $7,200 for life.
 * Quebec Education Savings Incentive(QESI): equal to 10% of your contributions,
   up to a maximum of $250 per year. The lifetime maximum is $3,600. Bonuses are
   available for low-income families.



In other words, if you invest $1,000, you’ll receive at least $300 in the form
of grants!



The grants and investment income will become taxable to your child when you
retire. However, since your child will most likely start out with a low income,
he or she will have very little to pay.




DIRECT BROKERAGE: TAKE CONTROL



If you want more control over your finances, why not use a direct brokerage
platform and personally manage your investments? You’ll learn everything there
is to know about investments and how to best invest your savings.



This easy-to-use tool offers cost-effective pricing that can save you money.
Your profile makes it easy to track your portfolio’s progress, while the speed
of transactions means you can benefit from the best deals on the market. Make
the right choices, and you'll make some money.



Even when investing on your own, you’re never alone. The platform provides
powerful tools to help you make the right financial decisions. Plus, it’s always
possible to speak with an agent to learn more.



Whatever your projects or your budget, it’s time to make smart investments and
grow your money. Explore your options and decide what’s best for you.


Would you like to discuss this with us? Contact your National Bank advisor or
your wealth advisor at National Bank Financial. Don't have an advisor?
 

Make an appointment

Legal disclaimer



Any reproduction, in whole or in part, is strictly prohibited without the prior
written consent of National Bank of Canada.

The articles and information on this website are protected by the copyright laws
in effect in Canada or other countries, as applicable. The copyrights on the
articles and information belong to the National Bank of Canada or other persons.
Any reproduction, redistribution, electronic communication, including indirectly
via a hyperlink, in whole or in part, of these articles and information and any
other use thereof that is not explicitly authorized is prohibited without the
prior written consent of the copyright owner.

The contents of this website must not be interpreted, considered or used as if
it were financial, legal, fiscal, or other advice. National Bank and its
partners in contents will not be liable for any damages that you may incur from
such use.

This article is provided by National Bank, its subsidiaries and group entities
for information purposes only, and creates no legal or contractual obligation
for National Bank, its subsidiaries and group entities. The details of this
service offering and the conditions herein are subject to change.

The hyperlinks in this article may redirect to external websites not
administered by National Bank. The Bank cannot be held liable for the content of
external websites or any damages caused by their use.

Views expressed in this article are those of the person being interviewed. They
do not necessarily reflect the opinions of National Bank or its subsidiaries.
For financial or business advice, please consult your National Bank advisor,
financial planner or an industry professional (e.g., accountant, tax specialist
or lawyer).



Tags :
Savings and investment, Investments



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Make an online contribution to a registered savings account (FHSA, TFSA, RRSP,
RESP) for a chance to win $3,000.

Contribute online

See the contest details




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RELATED ARTICLES

 * Market outlook: Second quarter 2024
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® The NATIONAL BANK logo and POWERING YOUR IDEAS are registered trademarks of
National Bank of Canada.




Useful links




Change of address

Complaint settlement

Exchange rates


Interest rates

Help and contact




Contact us

Find a branch

Make an appointment

Help Centre

ABCs of security




Privacy and security

Fraud prevention

Privacy policy

Digital data policy

Identity theft and fraud prevention

Report wrongdoing

Lost or stolen card

Subsidiaries




National Bank Trust


National Bank Investments

Natbank


National Bank Financial

Divisions of National Bank Financial




National Bank Direct Brokerage


Private Banking 1859


National Bank Independent Network

News




Press releases

Financial news

Important notices - Personal

Important notices - Business

Careers




Life at National Bank

All Jobs

Students and Internships



Terms of use   |   Accessibility plan   |   Accessibility feedback process

© NATIONAL BANK OF CANADA. All rights reserved 2024.
® The NATIONAL BANK logo and POWERING YOUR IDEAS are registered trademarks of
National Bank of Canada.