{"id":809070,"date":"2021-04-20T14:43:23","date_gmt":"2021-04-20T18:43:23","guid":{"rendered":"https:\/\/www.fool.ca\/?page_id=809070"},"modified":"2023-04-18T12:32:56","modified_gmt":"2023-04-18T16:32:56","slug":"how-to-start-investing-in-canada","status":"publish","type":"page","link":"https:\/\/www.fool.ca\/investing\/how-to-start-investing-in-canada\/","title":{"rendered":"How to Start Investing in Canada: 9 Steps to Success"},"content":{"rendered":"\n<p><span style=\"font-weight: 400;\">So, you want to start investing in stocks. Maybe become a stakeholder in some of Canada\u2019s biggest companies? Capitalize on their growth and build long term wealth that will change your family\u2019s financial outlook?&nbsp;<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Investing in stocks is a wise choice, and, when done right, it can help you earn a <\/span><i><span style=\"font-weight: 400;\">lot <\/span><\/i><span style=\"font-weight: 400;\">of money.&nbsp;<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">But investing in stocks is a big decision. If you are like most Canadians, you may not know where to start. Will you manage your own stocks or let a robo-advisor do the work? Do you want to handpick them or pool your money with other investors in a fund? Buy-and-sell frequently, or \u201cset-it-and-forget-it\u201d?&nbsp;<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">If you don\u2019t have answers to these questions, don\u2019t worry\u2014The Motley Fool helps thousands of investors just like you around the world answer questions like these every day.&nbsp;<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Investing in stocks starts with the right knowledge. We\u2019ll take you through the basic steps to investing in stocks in Canada.&nbsp;<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"2f0e094c2912\"><span style=\"font-weight: 400;\"><strong>9 easy steps to start investing in Canada:<\/strong><\/span><\/h3>\n\n\n\n<div class=\"wp-block-getwid-table-of-contents is-style-none\"><ul class=\"wp-block-getwid-table-of-contents__list\"><li><a href=\"#f407b885770b\">1. Assess your risk tolerance<\/a><\/li><li><a href=\"#58b17fe9b078\">2. Choose Your Investing Style<\/a><\/li><li><a href=\"#h-3-decide-how-much-you-can-invest\">3. Decide How Much You Can Invest<\/a><\/li><li><a href=\"#h-4-pick-the-right-kind-of-stock-investments\">4. Pick the Right Kind of Stock Investments<\/a><\/li><li><a href=\"#0a64863f0714\">5. Choose a broker<\/a><\/li><li><a href=\"#4cec6f22f699\">6. Open the right investment account<\/a><\/li><li><a href=\"#h-7-diversify-your-stocks\">7. Diversify Your Stocks<\/a><\/li><li><a href=\"#h-8-keep-a-steady-eye-on-your-portfolio\">8. Keep a Steady Eye on Your Portfolio<\/a><\/li><li><a href=\"#30c0707136d0\">9.  Invest Consistently for the Long-Term<\/a><\/li><li><a href=\"#h-advice-for-beginner-canadian-investors\">Advice for Beginner Canadian Investors<\/a><\/li><\/ul><\/div>\n\n\n\n<p><\/p>\n\n\n\n<p>Let&#8217;s break it down.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"f407b885770b\">1. Assess your risk tolerance<\/h2>\n\n\n\n<p>Risk tolerance is hands-down the most important consideration when building an investment portfolio. In a nutshell, risk tolerance is basically an investor\u2019s capacity\u2014emotionally and mentally\u2014to stomach losses and handle negative movements in their overall investment portfolio.&nbsp;<\/p>\n\n\n\n<p>For example, if you have a high-risk tolerance, then you can more easily brush off a period of negative returns. Losing thousands of dollars in a short period won\u2019t phase you\u2014at least not as much as those with a <em>low<\/em> risk tolerance, who might sell out to avoid further loses.<\/p>\n\n\n\n<p>The following are some risk profiles that you might find yourself more or less aligned with:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Conservative investor.<\/strong> You don\u2019t want to lose money. Period. Just the thought of <a href=\"https:\/\/www.fool.ca\/investing\/what-is-market-volatility\/\">market volatility<\/a> makes you squeamish. You would rather put your money in slow-growing bonds and safe investment vehicles (like GICs) rather than invest it in stocks. You might be retired, a few years away from retirement, or in need of a large sum of liquid cash.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Moderately conservative investor.<\/strong> You\u2019re okay losing some money, but not anymore than 60% of your total investment portfolio. You would like to invest in some stocks, but mostly in companies that are large, predictable, and very stable, such as Royal Bank of Canada, Enbridge,<strong> <\/strong>and other blue-chip stocks. You might be nearing retirement, or you would like to hold-on to as much of your money as you can, while also capitalizing on some growth.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Moderately aggressive investor. <\/strong>You\u2019re okay losing money in stocks and other investments, even if your profile goes into the red. You want to capitalize on the upward growth potential of new, unfounded companies, but you also want some stability from well-known brands. You\u2019re likely not going to retire anytime soon and have some time to take risks with small- or micro-caps.&nbsp;&nbsp;<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Aggressive investor.<\/strong> Losing money in the short-term is a part of your investment strategy. You know that short-term loses can be balanced out by long-term growth. You want to invest in up-and-coming companies that have exciting new products but little revenue to sustain their growth. You have little interested in well-known companies that have no upward growth potential. You\u2019re likely far from retiring and have plenty of time to balance out your loses with gains.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"58b17fe9b078\"><b>2. Choose Your Investing Style<\/b><\/h2>\n\n\n\n<p><span style=\"font-weight: 400;\">Before you start investing, you need to decide what kind of investor you want to be.<\/span><\/p>\n\n\n\n<p class=\"has-text-align-left\"><span style=\"font-weight: 400;\">Some people like to be very involved in their investments. Others prefer to step back and let others manage their money. While everyone approaches stock investing with different objectives, most fall into two big camps: <a href=\"https:\/\/www.fool.ca\/investing\/active-vs-passive-investing\/\">active and passive investing<\/a>.&nbsp;<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-active-investing\"><b>Active Investing<\/b><\/h3>\n\n\n\n<p><span style=\"font-weight: 400;\">Active investing is as DIY as you can get. You set your own objectives, then find the right stocks to meet (or exceed) them. You\u2019ll buy stocks through an online broker (as opposed to a robo or human advisor), and you\u2019ll most likely choose individual stocks over baskets of investments (mutual, index, or exchange-traded funds).&nbsp;<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">As you can guess, active investing requires <\/span><i><span style=\"font-weight: 400;\">a lot <\/span><\/i><span style=\"font-weight: 400;\">of time and knowledge. Active investors are always on the lookout for investment opportunities. Active investors conduct frequent market research and analysis. And they know when to buy and sell at the right moments.&nbsp;<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">When done well, active investing can yield some extraordinary gains. When done poorly, however, it can lead to some disappointing losses.&nbsp;<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-passive-investing\"><b>Passive Investing<\/b><\/h3>\n\n\n\n<p><span style=\"font-weight: 400;\">The passive investor wants to take advantage of growth, too, but they don\u2019t have the time or knowledge to do it by themselves. Even if they <\/span><i><span style=\"font-weight: 400;\">did <\/span><\/i><span style=\"font-weight: 400;\">have the time to learn, they may not want<\/span> <span style=\"font-weight: 400;\">to. They probably have better things to do than analyze the market.&nbsp;<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Active investors might balk at this, but passive investors achieve long-term growth by using robo-advisors to manage their stocks and mutual, index, or exchange-traded funds to diversify them. They\u2019re fine with moderate growth, since they know employing a \u201cset-it-and-forget-it\u201d strategy will yield better long-term gains than anything they could do on their own.<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-our-foolish-advice-on-investing-styles\"><b>Our Foolish Advice on Investing Styles<\/b><\/h3>\n\n\n\n<p><span style=\"font-weight: 400;\">As a beginner, engage in active investing only if you have the time and patience. If you&#8217;re too busy to spend hours on <a href=\"https:\/\/www.fool.ca\/investing\/best-investing-strategies-canadians\/\">investment strategy<\/a>, start with a more passive approach. You can always become more active as you learn more about stock investing.&nbsp;<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">As you continue to learn about investing, we do encourage you to become an active investor to better manage your finances.<\/span><\/p>\n\n\n\n<p><div id='kevel-shortcode-1'><\/div><a name=\"how_much_you_can_invest\"><\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-3-decide-how-much-you-can-invest\"><b>3. Decide How Much You Can Invest<\/b><\/h2>\n\n\n\n<p><span style=\"font-weight: 400;\">Most beginning investors assume they need a large lump sum to invest in stocks, but that\u2019s not true. What you actually need is the dedication to invest frequently and consistently, over a long period of time, ideally until retirement.&nbsp;<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">To be in that position, you should have:<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><span style=\"font-weight: 400;\">a steady flow of income<\/span><\/li>\n\n\n\n<li><span style=\"font-weight: 400;\">enough money to cover your monthly expenses<\/span><\/li>\n\n\n\n<li><span style=\"font-weight: 400;\">extra cash for investing<\/span><\/li>\n<\/ul>\n\n\n\n<p><span style=\"font-weight: 400;\">Additionally, you should have a solid emergency fund, savings account of liquid cash that can cover three to six months of living expenses. Having an emergency fund will help you resist the urge to cash out your investments if you lose your job or experience a market downturn.&nbsp;<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">With these in place, you can decide how much to invest in stocks. The amount you invest monthly can fluctuate over time, sure. For now, you\u2019re just trying to establish a habit of investing frequently.&nbsp;<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-can-you-invest-in-stocks-with-little-money\"><b>Can You Invest in Stocks with Little Money?&nbsp;<\/b><\/h3>\n\n\n\n<p><b>Yes<\/b><span style=\"font-weight: 400;\">. You can buy shares for as little as $10 (some even less). As you might expect, buying stocks with little money comes with some caveats.&nbsp;<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Here are some things to keep in mind before you buy smaller stocks.&nbsp;<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><b>You might have trouble diversifying.<\/b><span style=\"font-weight: 400;\"><span style=\"font-weight: 400;\"> With little money, you won\u2019t be able to buy as many stocks as diversification requires.<br><\/span><\/span><\/li>\n\n\n\n<li><b>Some stock investments (like mutual funds) have minimums.<\/b><span style=\"font-weight: 400;\"> Certain stock shares and mutual funds have high minimum investments. As a result, your fund choices might be limited.<br><\/span><\/li>\n\n\n\n<li><b>You could get bogged down in fees and commissions.<\/b><span style=\"font-weight: 400;\"> Investing a small sum may not be worth the cost (though nowadays low or no fee stock trading is becoming more common).&nbsp;<\/span><\/li>\n<\/ul>\n\n\n\n<p><span style=\"font-weight: 400;\">One way around these problems is to invest in a low-cost index fund or <\/span><span style=\"font-weight: 400;\">exchange-traded fund<\/span><span style=\"font-weight: 400;\"> (more on these below). These funds help you diversify at a low price. Plus, they almost never have minimum investments.&nbsp;<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">You should have three to six months of expenses saved before you start investing. Realistically, you can <a href=\"https:\/\/www.fool.ca\/investing\/how-to-invest-1000-wisely\/\">get started investing with as little as $1,000<\/a>. When you have more money to invest, you can slowly add to your positions over time.&nbsp;<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">If you\u2019re an active investor, you can start buying stocks you believe will be winners after doing the right research.<\/span><br><a name=\"pick_stock_investments\"><\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-4-pick-the-right-kind-of-stock-investments\"><b>4. Pick the Right Kind of Stock Investments<\/b><\/h2>\n\n\n\n<p><span style=\"font-weight: 400;\">Stock investing isn\u2019t one-size-fits all. You can <a href=\"https:\/\/www.fool.ca\/investing\/how-to-buy-stocks-in-canada\/\">buy stocks directly<\/a>, or, if you want to take a passive approach, you can buy a fund (which essentially chooses them for you).<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Let\u2019s take a closer look at these two approaches and see which is better for you.&nbsp;<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-investing-in-individual-stocks\">Investing in <b>Individual Stocks&nbsp;<\/b><\/h3>\n\n\n\n<p><span style=\"font-weight: 400;\">The first option is the one most people think when they hear stock investing: buying an individual stock. If you&#8217;re interested in buying individual stocks, find companies you believe will perform well over the long-term. Buy a share (or several) through an online broker.&nbsp;<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">For beginning investors, picking individual stocks presents a steep challenge. And that challenge isn\u2019t all mental\u2014it\u2019s <\/span><i><span style=\"font-weight: 400;\">emotional, <\/span><\/i><span style=\"font-weight: 400;\">too. When the market tumbles, you need to have the emotional fortitude\u2014the courage, patience, and conviction\u2014to hold on to your stock choices. That can be tough, especially when you\u2019ve never experienced a market downturn before.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Additionally, you need the time and desire to research, analyze, and <a href=\"https:\/\/www.fool.ca\/investing\/how-to-pick-stocks-wisely\/\">pick out the right companies<\/a>. If the thought of reading balance sheets and flow charts makes you yawn, you might want to invest in funds.&nbsp;<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">If, on the other hand, you\u2019re the DIY type who\u2019s excited by the idea of getting extraordinary gains after combing through companies and picking the best deals, \u00e1 la <a href=\"https:\/\/www.fool.ca\/investing\/who-is-warren-buffett-and-how-to-invest-like-him\/\">Warren Buffet<\/a>, by all means\u2014go for it.&nbsp;<\/span><\/p>\n\n\n\n<p><b>Our Foolish advice:<\/b><span style=\"font-weight: 400;\"> Don\u2019t let big numbers alone guide your decision and don&#8217;t be discouraged to take control of your financial future.&nbsp;<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Always scrutinize the companies behind the numbers. Use an independent credit-rating agency, like A.M. Best, to analyze each company\u2019s financial standing. Additionally, look at their historic performance, especially during market downturns.<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-investing-in-funds\"><b>Investing in Funds&nbsp;<\/b><\/h3>\n\n\n\n<p><span style=\"font-weight: 400;\">Fortunately, for first time Canadian investors, picking individual stocks isn\u2019t your only option. You can also buy a <\/span><i><span style=\"font-weight: 400;\">basket<\/span><\/i><span style=\"font-weight: 400;\"> of stocks for a relatively low cost.&nbsp;<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">These baskets are called <\/span><i><span style=\"font-weight: 400;\">funds<\/span><\/i><span style=\"font-weight: 400;\">, and they come in three different types: mutual funds, index funds, and exchange-traded funds (ETFs)<\/span>.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"54e36eff1c24\"><strong><b>Mutual Funds<\/b><\/strong><\/h4>\n\n\n\n<p><span style=\"font-weight: 400;\">The most common type of fund, though not always the best, is the <\/span><a href=\"https:\/\/www.fool.ca\/investing\/how-to-invest-in-mutual-funds\/\"><i><span style=\"font-weight: 400;\">mutual fund<\/span><\/i><\/a><i><span style=\"font-weight: 400;\">. <\/span><\/i><span style=\"font-weight: 400;\">A mutual fund is a collection of investments (stocks, bonds, and other assets) packaged under one price. Mutual funds allow investors to pool their money and buy numerous stocks, many of which they wouldn\u2019t have bought on their own.&nbsp;<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Most mutual funds are actively managed. That means a financial professional is responsible for managing the fund\u2019s investment, rebalancing if necessary, and making sure the fund meets its financial objectives.&nbsp;<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Because of this active management, mutual funds often have higher fees. In addition, the fund manager\u2019s frequent buying-and-selling triggers more tax events (read\u2014more <a href=\"https:\/\/www.fool.ca\/investing\/what-is-capital-gains-tax-in-canada\/\">capital gains taxes<\/a>). If your mutual fund has an excellent manager, the gains you receive may exceed the extra costs.<\/span><\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"ef422bdc7992\"><b><strong>Index Funds<\/strong><\/b><\/h4>\n\n\n\n<p><span style=\"font-weight: 400;\"><a href=\"https:\/\/www.fool.ca\/investing\/what-is-an-index-fund\/\">Index funds<\/a> are somewhat similar to mutual funds: for one price, you get a basket of investments, which helps you diversify your portfolio and avoid market risks. But aside from being a basket of stocks, index funds differ significantly from mutual funds.&nbsp;<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">For one, index funds <\/span><i><span style=\"font-weight: 400;\">passively<\/span><\/i><span style=\"font-weight: 400;\"> track an index, like the TSX\/S&amp;P 500, rather than follow a mutual fund manager\u2019s investing strategy. This kind of passive management results in fewer taxable events, since the fund manager doesn\u2019t have to buy and sell stocks so frequently. It also means lower fees, too. Since you\u2019re not benefiting from a financial professional\u2019s guidance, you\u2019re not paying for a financial professional&#8217;s guidance when you invest in an index fund. As a result, these funds are relatively inexpensive.&nbsp;<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Index funds allow you to benefit from a successful index, without requiring you to buy individual shares in every company within it. Over the long run, this passive tracking often outperforms many actively managed funds. No financial professional, no matter how impressive their investing knowledge, can beat the market <\/span><i><span style=\"font-weight: 400;\">every <\/span><\/i><span style=\"font-weight: 400;\">time. <\/span><\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"14395dd7ee7b\"><strong><b>Exchange-Traded Funds&nbsp;<\/b><\/strong>(ETFs)<\/h4>\n\n\n\n<p><span style=\"font-weight: 400;\">Like mutual and index funds, <a href=\"https:\/\/www.fool.ca\/investing\/what-is-an-exchange-traded-fund-etf\/\">exchange-traded funds (ETFs)<\/a> offer you the opportunity to invest in numerous companies, industries, and sectors for an affordable price. And, like index funds, ETFs operate under passive management, tracking an index rather than a fund manager\u2019s strategy.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">But ETFs have their own twist, and it\u2019s in the name\u2014<\/span><i><span style=\"font-weight: 400;\">exchange-traded. <\/span><\/i><span style=\"font-weight: 400;\">Like buying and selling stocks, ETFs are traded on an exchange. Unlike mutual and index funds, which can only be bought and sold <\/span><i><span style=\"font-weight: 400;\">after <\/span><\/i><span style=\"font-weight: 400;\">the market closes, ETFs can be traded during normal market hours (4pm EST). For beginning investors interested in day trading, ETFs can give you a taste of both worlds: trade like a stock by day, diversify like a fund by night.&nbsp;<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Just don\u2019t overlook the costs. Trading an ETF typically involves paying commissions. These are often low\u2014ETFs are extremely affordable\u2014but if you trade frequently, they can add up. And don\u2019t get too carried away with the day trading, either. Taking advantage of short-term gains might sound appealing (and if you do it right, it can be) but if done frequently it can hurt your portfolio\u2019s long-term growth.&nbsp;<\/span><\/p>\n\n\n\n<p><strong>RELATED<\/strong>: <a href=\"https:\/\/www.fool.ca\/investing\/etf-vs-index-fund\/\">ETF vs Index Fund: Which Should Canadians Invest In?<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"0a64863f0714\"><strong>5. Choose a broker<\/strong><\/h2>\n\n\n\n<p>Once you\u2019ve figured out which stock investments are right for you, you have to decide <em>how<\/em> to&nbsp;buy them. That\u2019s where a broker comes in. Brokers are intermediaries who connect you to stock exchanges, like the TSX. You give them an order, and they\u2019ll execute it on your behalf.<\/p>\n\n\n\n<p>In Canada, you have three main options:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-online-broker\"><b>Online Broker&nbsp;<\/b><\/h3>\n\n\n\n<p><span style=\"font-weight: 400;\">An <a href=\"https:\/\/www.fool.ca\/investing\/best-online-brokerages-in-canada\/\">online broker<\/a> gives DIY investors a place to pick, buy, and sell individual stocks, all without the guidance of a financial professional. Because you buy and sell your own stock investments, you don\u2019t have to pay commissions to an <\/span><i><span style=\"font-weight: 400;\">actual <\/span><\/i><span style=\"font-weight: 400;\">broker, or someone who does the trading for you. <\/span><\/p>\n\n\n\n<article class=\"product-tile\">\n  <header class=\"product-tile__header\">\n    <hgroup class=\"product-tile__header__title\">\n      <div class=\"product-tile__header__title__wrap\">\n        <p class=\"product-tile__tag\">Good for: All-around great platform and features for beginners and experts alike<\/p>\n        <h2 class=\"product-tile__title\">Qtrade<\/h2>\n      <\/div>\n    <\/hgroup>\n    <div class=\"product-tile__header__wrap\">\n      <div class=\"product-tile__sidebar__wrap\">\n        <figure class=\"product-tile__image\">\n          <a class=\"product-tile__image__link\" href=\"https:\/\/www.qtrade.ca\/en\/investor\/offers\/affiliates.html?partner=motleyfool\" rel=\"nofollow\" onclick=\"ga('send', 'event', 'Page: How to Start Investing in Canada: 9 Steps to Success', 'offer_click', 'Qtrade');\">\n                          <img decoding=\"async\" class=\"product-tile__image__img\" src=\"https:\/\/www.fool.ca\/wp-content\/uploads\/2022\/05\/Qtrade_logo.jpeg\" alt=\"Qtrade\">\n                      <\/a>\n          <figcaption class=\"product-tile__image__caption\">\n                        <div class=\"product-tile__cta-container\">\n              <a class=\"product-tile__cta product-tile__cta--apply\" href=\"https:\/\/www.qtrade.ca\/en\/investor\/offers\/affiliates.html?partner=motleyfool\" rel=\"nofollow\" onclick=\"ga('send', 'event', 'How to Start Investing in Canada: 9 Steps to Success', 'offer_click', 'Qtrade');\">\n                Apply Now              <\/a>\n                              <!-- <small class=\"product-tile__cta-disclaimer\">On 's  secure website<\/small> -->\n              <small class=\"product-tile__cta-disclaimer\">On Qtrade&#8217;s  secure website<\/small>\n                            <\/div> <!-- CTA container -->\n                      <\/figcaption>\n        <\/figure> <!-- image -->\n                <\/div> <!-- sidebar wrap -->\n      <div class=\"product-tile__content-specs\">\n    <table>\n        <tbody>\n                <tr class=\"product__table-row\">\n            <td class=\"product__table-row-title\">\n            <span class=\"product__table-row-heading\">Trading Commission<\/span>\n            <\/td>\n            <td class=\"product__table-row-content\"><p>$8.75<\/p>\n<\/td>\n        <\/tr>\n                        <tr class=\"product__table-row\">\n            <td class=\"product__table-row-title\">\n            <span class=\"product__table-row-heading\">Account Maintenance Fee<\/span>\n            <\/td>\n            <td class=\"product__table-row-content\"><p>$25\/quarter<br role=\"presentation\" data-uw-rm-sr=\"\" data-uw-styling-context=\"true\" \/>Waived if: it is less than one quarter since account opening, you have $25,000 or more in assets, completed 2 commissioned trades in the last quarter, completed 8 commissioned trades in the last 12 months, set up a $100\/mo recurring deposit, qualify for the Young Investor offer.<\/p>\n<\/td>\n        <\/tr>\n                        <\/tbody>\n    <\/table>\n<\/div>      <!-- specs -->\n    <\/div> <!-- wrap -->\n  <\/header>\n\n  <section class=\"product-tile__tabs tabs_wrapper\">\n    <ul class=\"tabs\">\n    <li class=\"tab-nav__item active\" id=\"product-tab-pros-cons-1270335-5093\"><span>Pros &#038; Cons<\/span><\/li>\n    <li class=\"tab-nav__item\" id=\"product-tab-fees-charges-1270335-5093\"><span>Fees &#038; Charges<\/span><\/li>\n            <li class=\"tab-nav__item\" id=\"product-tab-sign-up-offer-1270335-5093\"><span>Sign-up Offer<\/span><\/li>\n    <\/ul>\n\n<div class=\"tabs_container\">\n    <div class=\"tmf-ga-product__spec-tab tab_content active\" data-tab=\"product-tab-pros-cons-1270335-5093\">\n        <div class=\"product-tile__procon\">\n            <div class=\"product-tile__procon__col\">\n            <h4 class=\"product-tile__tabs__title\">Pros<\/h4>\n            <ul class=\"features\" data-uw-styling-context=\"true\">\n<li data-uw-styling-context=\"true\">User-friendly platform<\/li>\n<li data-uw-styling-context=\"true\">105 commission-free ETFs<\/li>\n<li data-uw-styling-context=\"true\">Strong suite of research and tools<\/li>\n<\/ul>\n            <\/div>\n            <div class=\"product-tile__procon__col\">\n            <h4 class=\"product-tile__tabs__title\">Cons<\/h4>\n            <ul>\n<li>Platform is not fully commission free<\/li>\n<li>Charting tools are not as robust as those on some competing platforms<\/li>\n<\/ul>\n            <\/div>\n        <\/div>\n    <\/div>\n    <div class=\"tmf-ga-product__spec-tab tab_content\" data-tab=\"product-tab-fees-charges-1270335-5093\"><ul>\n<li><strong>Trading Commission: <\/strong>$8.75<\/li>\n<li><strong>Account Maintenance Fee: <\/strong>$25\/quarter<br role=\"presentation\" data-uw-rm-sr=\"\" data-uw-styling-context=\"true\" \/>Waived if: it is less than one quarter since account opening, you have $25,000 or more in assets, completed 2 commissioned trades in the last quarter, completed 8 commissioned trades in the last 12 months, set up a $100\/mo recurring deposit, qualify for the Young Investor offer.<\/li>\n<\/ul>\n<\/div>\n            <div class=\"tmf-ga-product__spec-tab tab_content\" data-tab=\"product-tab-sign-up-offer-1270335-5093\"><ul class=\"features\" data-uw-styling-context=\"true\">\n<li>Get 1% cashback or more + $150 sign-up bonus + free trades! Use promo code CASHBONUS2025. Offer expires March 31, 2025.<\/li>\n<li>Receive up to $150 + tax when the client transfers in $15,000 or more (can be combined with cashback offer).<\/li>\n<\/ul>\n<\/div>\n    <\/div>   \n  <\/section>\n    <footer class=\"product-tile__colophon\">\n      <p>This is an offer from one of our affiliate partners. For more information on why and how we work with partners, <a href=\"https:\/\/www.fool.ca\/personal-finance\/advertising-partners-on-motley-fool-canada\/\">click here<\/a>.<\/p>\n    <\/footer>\n<\/article>\n<script>\n    document.addEventListener(\"DOMContentLoaded\", function() {\n        warningToggler = document.querySelector('.risk-warning__toggler-1270335');\n        warningToggler.addEventListener('click', e => {\n          e.preventDefault();\n          document.querySelector('.risk-warning__expanded-1270335').classList.toggle('product-tile__risk-warning__expanded--active');\n          document.querySelector('.risk-warning__toggler-1270335').classList.toggle('product-tile__risk-warning__toggler--active')\n        });\n    });\n<\/script>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-robo-advisor\"><b>Robo-Advisor&nbsp;<\/b><\/h3>\n\n\n\n<p><span style=\"font-weight: 400;\">Unlike an online broker, a robo-advisor chooses and manages stock investments for<\/span> <span style=\"font-weight: 400;\">you. When you open an account, your robo-advisor will gather information about you\u2014your income, financial goals, and risk tolerance. Based on that information, your robo-advisor will build an investment profile designed to achieve your objectives.&nbsp;<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Robo-advisors have affordable fees and low investment minimums, making them suitable for beginners. They don\u2019t just choose your investments: robo-advisors <\/span><i><span style=\"font-weight: 400;\">manage <\/span><\/i><span style=\"font-weight: 400;\">your investments, too. That means they\u2019ll regularly rebalance your portfolio.&nbsp;<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-financial-advisor\"><b>Financial Advisor<\/b><\/h3>\n\n\n\n<p><span style=\"font-weight: 400;\">If you would prefer a personal touch, hire a financial professional.&nbsp;<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Financial professionals do what robo-advisors were built to do: give you investment advice. But a financial professional can help you with <\/span><i><span style=\"font-weight: 400;\">other <\/span><\/i><span style=\"font-weight: 400;\">financial tasks, too.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Some services offered by a financial professional include:<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><span style=\"font-weight: 400;\">debt management<\/span><\/li>\n\n\n\n<li><span style=\"font-weight: 400;\">estate planning<\/span><\/li>\n\n\n\n<li><span style=\"font-weight: 400;\">general retirement planning<\/span><\/li>\n<\/ul>\n\n\n\n<p><span style=\"font-weight: 400;\">Financial professionals can be a valuable asset to your finances. They&#8217;re especially helpful during a financial downturn: When you may be tempted to panic and sell your stocks, a professional can calmly remind you that holding is a better long-term strategy.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">However, they come at a steep price.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Typically, financial professionals charge a percentage of your investment portfolio, or an hourly fee. And they may require a large investment portfolio\u2014it\u2019s not uncommon for professionals to ask for a portfolio with at least six digits.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"4cec6f22f699\">6. Open the right investment account<\/h2>\n\n\n\n<p>Inside your brokerage account, you\u2019ll find numerous investment accounts at your disposal, such as a RRSP, TFSA, or unregistered account. These accounts not only hold your investments, but they might apply certain tax benefits to your earnings, helping you save on taxes when you sell for investment gains. Though there are several accounts, let\u2019s take a closer at the three most common.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"f33afd96bd63\">Registered Retirement Savings Plan (RRSP)<\/h3>\n\n\n\n<p>An <a href=\"https:\/\/www.fool.ca\/investing\/what-is-an-rrsp\/\">RRSP<\/a> is a retirement account that allows you to invest in most securities while also saving money on dividends and capital gains taxes. RRSPs come with two major tax benefits:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Tax deductions.<\/strong> RRSP contributions can be deducted from your taxable income. This could potentially put you in a lower tax bracket, thus helping you save on your annual tax filing.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Tax deferral.<\/strong> You won\u2019t pay taxes on investment gains, dividends, or other earnings until you withdraw money. When you withdraw, you\u2019ll pay taxes at your marginal tax rate, which, if you withdraw in retirement, should be lower than your tax rate in your working years.<\/li>\n<\/ul>\n\n\n\n<p>RRSPs are best suited for Canadians in high-income brackets who expect to be in a lower tax bracket when they start withdrawing money. For 2023, Canadians can contribute up to 18% of their 2022 income (for a maximum of $30,780).<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"3e245caf0c2b\">Tax-Free Savings Plan (TFSA)&nbsp;<\/h3>\n\n\n\n<p>RRSPs have great tax benefits. But they\u2019re not ideal for short-term goals, like saving for a car or a vacation. For these goals, you\u2019re better of with a <a href=\"https:\/\/www.fool.ca\/investing\/what-is-a-tax-free-savings-account-tfsa\/\">TFSA<\/a>.<\/p>\n\n\n\n<p>Like RRSPs, investments held inside a TFSA are tax-sheltered, meaning you won\u2019t pay a dime in capital gains or dividend taxes. Your contributions <strong>aren\u2019t<\/strong> tax deductible, however, but you also don\u2019t have to pay taxes when your withdraw from your TFSA.<\/p>\n\n\n\n<p>TFSAs are better suited for Canadians who want to use their investments to fund short-term projects, or who anticipate needing quick access to their investment money. For 2023, Canadians can contribute up to $6,500 in their TFSAs.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"6c9d46ff5e97\">Non-registered accounts<\/h3>\n\n\n\n<p>A non-registered investment account is your basic investment account. It does not have tax benefits\u2014like tax deferral on gains or tax deductibility\u2014but it also doesn\u2019t have contributions limits, either. These accounts are better suited for Canadians who have maxed out their registered accounts or who want to engage in investing practices that aren\u2019t allowed in TFSAs and RRSPs (like margin trading).<br><a name=\"diversify_your_stocks\"><\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-7-diversify-your-stocks\"><b>7. Diversify Your Stocks<\/b><\/h2>\n\n\n\n<p><span style=\"font-weight: 400;\"><a href=\"https:\/\/www.fool.ca\/investing\/portfolio-diversification\/\">Diversification <\/a>is the practice of investing in numerous companies, sectors, and even assets (bonds, commodities, real estate) to lower your portfolio\u2019s market risk.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">You\u2019ve probably heard the saying, \u201cDon\u2019t put all your eggs in one basket.\u201d here\u2019s where it <\/span><i><span style=\"font-weight: 400;\">really <\/span><\/i><span style=\"font-weight: 400;\">applies: diversification (putting your eggs in multiple baskets).&nbsp;<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">When you diversify, your money is spread among several companies and industries. As a result, there&#8217;s less of a risk that one company&#8217;s downfall becomes your downfall, too.&nbsp;<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"4f76cec8264f\"><b>What\u2019s the best way for Canadians to diversify?<\/b><span style=\"font-weight: 400;\">&nbsp;<\/span><\/h3>\n\n\n\n<p><span style=\"font-weight: 400;\">If you buy any of the three funds listed above (mutual, index, or exchange-traded), you have nothing to worry about: your fund manager diversifies the stocks for you.&nbsp;<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">DIY investors who want to pick their own stocks, on the other hand, have a steeper task. One rule of thumb: buy individual stocks in at least 10 to 15 companies across multiple <a href=\"https:\/\/www.fool.ca\/investing\/what-is-a-stock-market-sector\/\">market sectors<\/a>.&nbsp;<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Don\u2019t miss that: <\/span><i><span style=\"font-weight: 400;\">multiple sectors.<\/span><\/i><span style=\"font-weight: 400;\"> You might feel tempted to buy stocks in only the best financial companies, since the financial sector dominates the Canadian market. But all it takes is one recession to crush a sector. Multiple companies, multiple sectors: that\u2019s <\/span><i><span style=\"font-weight: 400;\">true <\/span><\/i><span style=\"font-weight: 400;\">diversification.<\/span><br><a name=\"manage_portfolio\"><\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-8-keep-a-steady-eye-on-your-portfolio\"><b>8. Keep a Steady Eye on Your Portfolio<\/b><\/h2>\n\n\n\n<p><span style=\"font-weight: 400;\">While you don\u2019t want to obsess over your stocks &#8212; checking and rechecking like they\u2019re some kind of social media &#8212; you <\/span><i><span style=\"font-weight: 400;\">do <\/span><\/i><span style=\"font-weight: 400;\">want to check them from time to time. It\u2019s usually a wise idea to check your holdings once a quarter.&nbsp;<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">One reason to check your stocks every quarter is to make sure your stocks still fit into your overall investing strategy and risk profile. You\u2019ll often hear this called <\/span><i><span style=\"font-weight: 400;\">asset allocation<\/span><\/i><span style=\"font-weight: 400;\"> or balancing high-risk investments (stocks) with low-risk investments (bonds and cash).&nbsp;<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">If your stocks have a great year, your asset allocation can become unbalanced. More money in stocks means, proportionally speaking, less money in bonds. To rebalance, move money from your stocks to your lower risk investments until you have the right ratio.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"30c0707136d0\"><b>9.  Invest Consistently for the Long-Term<\/b><\/h2>\n\n\n\n<p><span style=\"font-weight: 400;\">Whatever your reasons for investing, remember\u2014a surefire way to build wealth in stocks is to invest in great businesses <\/span><i><span style=\"font-weight: 400;\">and <a href=\"https:\/\/www.fool.ca\/investing\/foolish-investing-philosophy\/\">stay invested for the long-term<\/a>.&nbsp;<\/span><\/i><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Trust us: you\u2019ll experience quite a few market corrections and bear markets, maybe a recession or two (or three). You\u2019ll feel the temptation to abandon your long-term goals to avoid further short-term losses.&nbsp;<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Never\u2014<\/span><i><span style=\"font-weight: 400;\">never<\/span><\/i><span style=\"font-weight: 400;\">\u2014sell investments out of fear. The market will have its downs, sure, but it always has its ups. In the short term, you\u2019ll probably experience some losses, but in the long term, you\u2019ll likely see your investment grow.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">You may only have a little money each month to invest to start, but consistently investing a little bit every month grows over time.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">That\u2019s the beauty of investing in stocks: you start out with a hundred, maybe a thousand dollars, and after years and years of investing, you look up and see you\u2019re near seven digits.&nbsp;<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-advice-for-beginner-canadian-investors\"><b>Advice for Beginner Canadian Investors<\/b><\/h2>\n\n\n\n<p><span style=\"font-weight: 400;\">Canada has the strongest banking system in the world, and an equally strong resource market &#8212; not to mention some of the best tax breaks the stock investing world has to offer. Here are three ways you can start taking advantage of the Canadian stock market. <\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"36e4939bdf83\"><b>Open a Registered Retirement Savings Plan (RRSP)<\/b><\/h3>\n\n\n\n<p><span style=\"font-weight: 400;\">An RRSP is a tax-sheltered retirement account. It allows you to contribute pre-tax dollars from your paychecks and let them grow tax deferred. That means you won\u2019t pay taxes on investment income inside an RRSP until you withdraw money from your account. The advantage of tax-deferral: by the time you start withdrawing money (ideally in retirement), your income will be smaller, your tax rate lower, and the taxes you pay significantly reduced. <\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"4fcb1cfc6f07\"><b>Don&#8217;t miss tax advantage<\/b> opportunities<\/h3>\n\n\n\n<p><span style=\"font-weight: 400;\"><span style=\"font-weight: 400;\"><span style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Dividends are basically a portion of a company\u2019s profit paid out to shareholders. If you own <a href=\"https:\/\/www.fool.ca\/investing\/dividend-investing-canada\/\">dividend stocks<\/a>, you\u2019ll get paid (usually cash) quarterly, semi-annually, or annually. In Canada, many dividends are eligible for a tax credit, which reduces how much you\u2019re required to pay for taxes on dividend income.<\/span><\/span><\/span><\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"169cb3237612\"><b>Don\u2019t try to time the market<\/b><\/h3>\n\n\n\n<p><span style=\"font-weight: 400;\">Timing the market is an attractive strategy, as it promises immense short-term gains if you sell at the right time. But that\u2019s the problem\u2014knowing <\/span><i><span style=\"font-weight: 400;\">when <\/span><\/i><span style=\"font-weight: 400;\">to sell. Nobody knows how stocks will fluctuate, and it\u2019s easy to sell at the wrong time. A safer strategy is to set-it-and-forget-it and build wealth in the long-term. <\/span><\/p>\n\n\n\n\n<p><em>Online brokerage services are offered through Qtrade Direct Investing, a division of Credential Qtrade Securities Inc. Qtrade, Qtrade Direct Investing, and Write Your Own Future are trade names and\/or trademarks of Aviso Wealth Inc.<\/em><\/p>\n\n\n\n\n\n","protected":false},"excerpt":{"rendered":"<p>So, you want to start investing in stocks. Maybe become a stakeholder in some of Canada\u2019s biggest companies? Capitalize on &hellip;<\/p>\n","protected":false},"author":147463,"featured_media":809395,"parent":441,"menu_order":2,"comment_status":"closed","ping_status":"closed","template":"templates\/evergreen.php","meta":{"_acf_changed":false,"ep_exclude_from_search":false,"footnotes":""},"tickers_global":[],"class_list":["post-809070","page","type-page","status-publish","has-post-thumbnail","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v23.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How to Start Investing in Canada: 9 Steps to Success | The Motley Fool Canada<\/title>\n<meta name=\"description\" content=\"Investing in stocks is a wise choice and can help you earn a lot of money. 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