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* Go to page content * Go to main menu * Sign in to my account * Personal * Business * Wealth Management * About Us * Search * Help * Fr * Become a client * Personal * Business * Sign in Online transactions * Personal * Business * Direct Brokerage * National Bank Financial * Natbank * Group Retirement Plans * Securities Custody * Private Banking 1859 * Bank accounts * Credit cards * Borrowing * Mortgages * Savings and investments * Insurance * Advice Sign in Online transactions * Personal * Business * Direct Brokerage * National Bank Financial * Natbank * Group Retirement Plans * Securities Custody * Private Banking 1859 Close 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 RELATED ARTICLES * Market outlook: Second quarter 2024 Stay on top of market trends with forecasts from the external portfolio managers behind NBI investment solutions. 02 April 2024 * What’s the FHSA? And is it the right account for me? Le CELIAPP peut être avantageux pour économiser en vue d’acheter une première propriété. Découvrez si c’est le bon compte pour vous. 20 March 2024 * Market outlook: First quarter 2024 Stay on top of market trends with forecasts from the external portfolio managers behind NBI investment solutions. 01 February 2024 CATEGORIES * All featured articles * Bank security & cybersecurity * Banking * Budget * Career * Credit and debt management * Economic Impact * Education: resources and advice * Home * Immigrating to Canada * Insurance * Managing your inheritance and assets * Retirement * Savings and investment * Taxes and income * Thought Leadership and economic trends CATEGORIES * Immigrating to Canada * All featured articles * Education: resources and advice * Career * Home * Credit and debt management * Budget * Managing your inheritance and assets * Insurance * Savings and investment * Taxes and income * Retirement * Banking * Bank security & cybersecurity * Thought Leadership and economic trends * Economic Impact Back to hub 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 STAY INFORMED Sign up for our newsletter to get recent publications, expert advice and invitations to upcoming events. Sign up for our newsletter RELATED ARTICLES * Market outlook: Second quarter 2024 02 April 2024 * What’s the FHSA? And is it the right account for me? 20 March 2024 * Market outlook: First quarter 2024 01 February 2024 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. 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