What Investments Do I Need?

Saving to live comfortably in your retirement? To finally acquire your dream car? Or perhaps to send your children to university? Whatever your investment goals, the Canadian Dentists' Investment Program has superior investment plans to help you get there.

But understanding your investment options through the Program isn’t something you have to do on your own. At your disposal are the Certified Financial Planners at CDSPI Advisory Services. They can clearly explain all of your investment options and help you create an overall investment portfolio that will best suits your needs. To take advantage of this no-cost service, call us at CDSPI Advisory Services today.

In the meantime, you can gain an understanding of what categories of investments you’ll need by reading the information below:

If You’re Self-Employed

If you’re like the vast majority of Canadian dentists who are self-employed and don’t have access to an employer-sponsored pension plan, you will be responsible for saving for your own retirement. Therefore, you’ll want to strongly consider opening a Registered Retirement Savings Plan (RRSP). RRSP investments will not only help your savings to flourish tax-free, they can also reduce the amount of income tax you pay now.

If You Want to Help a Student

You may want to help your children — or other deserving future students — have a bright future by assisting with the funding of their post-secondary education. But because of reduced government funding and rising costs, the cost of a future university education could be astronomical. To help contend with these costs, you should consider opening a Registered Education Savings Plan (RESP) for a future student. RESP investments let education savings grow tax-free, and gain government grant money.

If You Wish to Accumulate Personal Savings

If you’ve made your maximum RRSP contribution, and you’re looking to save for a home, a car, your dream vacation, or to simply to accumulate wealth outside your RRSP, a non-registered investment plan is the ideal choice. In contrast to a savings account at a bank, a non-registered investment plan gives your money a greater potential to grow.

If You’re About to Retire

When it comes time to close your RRSP at retirement, you will face a large tax burden if you simply cash-in your RRSP investments. However, if you convert your RRSP into a Registered Retirement Income Fund (RRIF), you can maintain the same investments and have them grow tax-free until they are withdrawn. With a RRIF, you only pay tax on the amount you remove from the plan each year as retirement income.

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The Canadian Dentists’ Investment Program

The Canadian Dentists’ Investment Program includes a range of investment plans for all stages of your life. Investment plans within the Program are available exclusively to eligible members of the Canadian dental profession and their families. The Program includes a range of RRSPs, Non-Registered Investment Accounts, RRIFs and RESPs. These superior plans provide unique benefits, including exceptionally low fees. To learn about how these plans can help you reach all of your investment needs, contact us or visit CDSPI’s website at www.cdspi.com/invest.