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What are some investment alternatives for Canadians? In no particular order, here are a few. Knowing what is right for you is non trivial and requires work by you and a trusted advisor.
RRSP
LIRA
RESP
TFSA
GIC
Term Deposit
Savings Account
Term Life Insurance
Life Insurance
IPP, Independent Pension Plan
Corporate or government Pension Plan
Own business
Own home or condo
Rental property
Land
Gold/precious metals
Art
Coins
Collectibles
Stocks/bonds/derivatives
Mutual Fund
Stock index
None of the above have worked for me except real estate (land, my own home and rental property) and owning my own businesses. Maybe I am a terrible stock picker (true), I have had poor advisors choosing mutual funds for me (true), collectibles are too hard or too costly to trade (true) or I don’t have a government or corporate pension plan (also sadly true).
-40% of Canadians counting on inheritance for their retirement
-34% hope for lottery win
-28% expect financial assistance from children
Bank of Montreal survey November 2013
I’m on my own like about 80% of other Canadians.
Bruce M Firestone, B Eng (Civil), M Eng-Sci, PhD
Century 21 Explorer Realty Inc Broker
613.422.6757 x 250
@ProfBruce
“Making each day count”
Postscript:
So if you are not counting on divine (or other) intervention to save you and you are fed up with the stock market, mutual funds, tech bubbles, option trades, day trading, fund and financial advisors, GICs, t-bills, money market funds, savings account interest, bank fees, life insurance investments and other types of investing save and except your own small or medium sized enterprise, one you own and control, and real estate, read two mini books by Bruce Firestone on real estate investing.
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