Savings and investment FAQ
Have questions about saving or investing? Get answers in our FAQ.
Saving and investing questions
Select a topic or scroll down for more details.
Saving and investing basics
What’s the difference between saving and investing?
Saving and investing complement one another. They’re two ways of growing your money to reach your financial goals.
Saving is putting money aside for your needs, goals and unexpected expenses. For example, you can save for a planned purchase, a trip or to build an emergency fund.
Investing helps you grow your money for long-term goals, like buying a home or getting ready for retirement.
You usually start saving before you invest. Contact your advisor for help with setting up a strategy that works for you.
What’s the difference between registered and non-registered plans or accounts?
Registered savings plans allow you to grow your money tax-free while providing other tax benefits. With some plans, you can reduce your taxable income or receive government grants. A savings plan is like a basket that contains one or several investments. The savings plan’s tax benefits extend to the investments within it.
Non-registered plans hold investments outside of registered plans. Any interest, dividends or capital gains generated by these investments are taxable. You don’t get tax benefits or grants with non-registered plans. However, these plans are flexible—you can invest as much as you want since there’s no annual contribution limit.
If you’re not sure which option to choose, we can help you come up with a strategy based on your needs and financial goals.
What is an investor profile?
Your investor profile helps you choose the best investments for your needs. It’s used to come up with a strategy in line with your goals, risk tolerance and how long you plan on investing for. Your profile may change over time, and you may need to reassess your investment strategy.
We generally consider the following factors when determining your investor profile:
- Your risk tolerance: Whether you’re comfortable with market fluctuations or if you prefer more stable investments
- Your investment horizon: Whether you’ll need the money soon (short-term) or later on (medium- or long-term)
- Your financial knowledge: Your understanding of investment products, if you’re a more seasoned investor or just starting out
- Your goals: Whether you’re saving for a short-term goal, like renovations, or something long-term, like retirement
Your investor profile acts as a guide. It points you to investments aligned with your goals, such as more conservative ones to protect your capital or more aggressive ones that aim for higher long-term returns.
An advisor can help you determine your investor profile and create a personalized strategy.
What is an investment horizon?
An investment horizon is how long you expect to invest your money for. It can vary by goal. For example, you might have a different amount of time in mind for a child’s RESP compared to your retirement investments.
Your investment horizon helps you choose the best investments for your needs, so you’re able to access your money when you need it.
Where do I start with investing?
Before you start investing, learn about our investment options and registered savings plans and see if they’re right for you. You can also use our savings and investment assistant tool, which suggests investment solutions based on your needs.
Your ideal investment strategy depends on your goals. Ask your advisor if you need help creating a plan.
Who can help me manage my savings and investments at Desjardins?
Reach out to our advisors at a caisse or branch for help with your savings and investment needs. They can answer questions about savings and investment products or refer you to the right people based on your situation.
Do I need a minimum amount to start saving?
You can start saving with any amount. For example, our savings accounts require no minimum deposit. You can deposit a small amount in one of these accounts to start. This is especially good if you keep adding small amounts on a regular basis—you’ll get into the habit of saving, and this can make a long-term impact.
Saving for your goals
How do I build an emergency fund?
- Open a separate account from the one you use for everyday transactions. Choose an account that gives you quick and easy access to your money when you need it, like a non-registered savings account or a TFSA – Savings Account.
- Set up automatic transfers to this account. Choose a transfer amount and frequency that fits your budget so you can make saving a sustainable habit.
- Make sure you save enough to cover 3 to 6 months of expenses (or however much you need).
Contact your advisor for advice on setting up your emergency fund.
How do I save for a home?
The first home savings account (FHSA) is generally a good option if you’re an eligible first-time home buyer. Contributing to an FHSA reduces your taxable income. Your returns and qualifying withdrawals are tax-free.
If you’re already contributing to an RRSP, you might be able to transfer funds tax-free to an FHSA, up to your FHSA contribution limit. Contributing to an RRSP may also allow you to participate in the Home Buyers’ Plan (HBP), where you can make a tax-free withdrawal from your RRSP that you pay back over 15 years.
Contact your advisor to discuss buying a home. There are also other investment strategies depending on your situation and additional goals.
How do I start planning for retirement?
Start by saving. Your personal savings may be your biggest source of retirement income. The registered retirement savings plan (RRSP) is a good first option to consider, since contributions reduce your taxable income—meaning you pay less tax. You also don’t pay tax on your investment earnings until you withdraw them.
The tax-free savings account (TFSA) can complement the RRSP for retirement planning. Your investment earnings in the TFSA aren’t taxed, making the TFSA a good option for longer-term goals like retirement.
Your age group, life situation, goals and other factors can affect how you plan for retirement. You can implement different strategies depending on your needs. Book an appointment with us to talk about your retirement planning.
What savings strategy should I use if I don’t have a specific goal?
Even if you don’t have a specific goal in mind, you can only benefit from learning about money and getting into the habit of saving. You can start by reviewing your finances and making a budget to help identify your priorities. You can then set up an emergency fund for unexpected expenses and to avoid going into debt.
If you want to start investing, the TFSA is a great way to grow your money tax-free. Depending on the investments you choose, you can make tax-free withdrawals anytime.
The FHSA and RRSP offer tax benefits and can be used for future needs, such as buying a home.
The key is to save regularly, even a small amount, so it becomes part of your budget. Your advisor can help you implement a savings strategy and choose the right registered savings plans and investments for you.
How can I help financially support my child with a disability?
The registered disability savings plan (RDSP) can help provide long-term financial security for someone with a disability through tax-deferred investments and access to grants.
RDSP contributions aren’t tax-deductible, but investment income and grants are only taxed upon withdrawal. Depending on the beneficiary’s situation, you may receive certain grants just by opening an RDSP, even without contributing.
How can I pay for my goal of going back to school?
If you’re going back to school full-time, you might be able to use funds in your RRSP through the Lifelong Learning Plan (LLP), under certain conditions. You have 10 years to pay this money back to your RRSP. You can also use the LLP to fund your spouse’s or common-law partner’s education.
How can I help my child start saving?
Financial literacy starts at home. You can use regular tasks like grocery shopping, other purchases and family budgeting to start talking about money. Adapt money and saving concepts to your child’s age.
With younger children, open a School Caisse account to encourage them to start saving.
Talk to your teen about the basics of money, like income, budgeting and debt. Come up with a savings goal for them to experiment with money, develop good habits and experience financial success.
This will build a solid foundation for them to learn about investing later on.
Open their first account by taking advantage of our teen offer.
Understanding our savings and investment products
What is the difference between a guaranteed investment and a non-guaranteed investment?
There’s no risk of losing your principal with a guaranteed investment. At maturity, you’ll get back at least the amount you invested. They’re low-risk investments. With certain guaranteed investments, such as term savings, you know in advance how much interest you’ll earn when the investment matures. Our market-linked guaranteed investments offer either a guaranteed minimum return or higher return potential but no guaranteed minimum.
You may not get your principal back with a non-guaranteed investment. These investments carry greater risk and typically provide higher potential returns. For example, our mutual funds are invested in securities that fluctuate in value, like stocks or bonds.
What is the difference between a redeemable investment and a non-redeemable investment?
With a redeemable investment, you can withdraw all or part of your money before the maturity date, depending on the investment’s terms and conditions.
You can’t withdraw your money for the entire term with a non-redeemable investment.
What are the lowest-risk investments?
Investments that guarantee your principal are generally considered the least risky. Some examples include our term savings, market-linked guaranteed investments or savings accounts.
Your advisor can help you understand the different investments we offer and implement a strategy tailored to your needs.
Which investments offer higher potential returns?
Non-guaranteed investments, such as mutual funds, offer higher potential returns but carry greater risk.
Certain market-linked guaranteed investments also provide higher potential returns, and your principal is guaranteed.
If you’re interested in self-directed investing, you can trade in markets yourself and get potential returns on Disnat, our online brokerage platform.
How do I get started with self-directed investing?
Before you start investing on your own, make sure you understand stock market and investing basics. We have many learning events to help you start on a strong note. The more you know, the more you’ll be able to make informed decisions.
This will also help you come up with an investment strategy based on your goals, investor profile, risk tolerance and investment horizon. To learn more, read Online brokerage: A quick guide for independent investors.
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By phone
Montreal area:
514-224-7737 This link opens your phone app. (514-CAISSES)
Elsewhere in Canada:
1-800-224-7737 This link opens your phone app. (1-800-CAISSES)
Or we can call you when it’s convenient.