High-interest savings accounts, GICs and short-term bonds were among the top investments, a big change from the equity focus a year earlier
While the data don’t break down the types of accounts the money was deposited into, RRSP season is one of the busiest for investment inflows along with year-end tax planning investment strategies, says Daniel Straus, director of ETFs and financial products research at National Bank Financial Inc. in Toronto.
Ida Khajadourian, discretionary portfolio manager and investment advisor with Khajadourian Wealth Management at Richardson Wealth Ltd. in Toronto, says her team also had to be more proactive during this year’s season. For clients with lower risk tolerance, she says the money was put in HISAs for the short term or used to top up investments in high-quality Canadian dividend-paying stocks.Ms. Khajadourian has also been adding exposure to bonds for the first time in many years, given higher yields and the overall outlook for the asset class.
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