Starting a new job

A new job opens up a world of possibilities – both professional and financial. Use this opportunity to take a good look at your finances and see where you can make improvements.

Money matters

Create a monthly budget so you can…

  • Better allocate income to expenses (rent, groceries, loan payments, etc.)
  • Establish your financial priorities
  • See how you can save more

Create a retirement savings strategy so you can…

  • Identify your retirement goals
  • Define your short- and mid-term savings needs
  • Assess the investment options available to you

Need help with a retirement savings strategy?

Start saving now so you can…

  • Invest long-term and earn more money with less risk
  • Develop good savings habits like using automatic withdrawals or payroll deductions to save (if possible)
  • Set up an emergency fund
  • Max out your RRSP contribution every year so you'll have less taxable income and you won't have to make large contributions later on to catch up
  • Max out your TFSA contribution each year so you can earn interest tax-free
  • Take full advantage of your group RRSP (if you've got one), since the fees that apply for these plans are usually lower than for individual plans
  • Save up for other things (buying a home, going back to school, having a child, etc.)

Tips from an expert

Talk to a representative or a financial planner about…

  • Whether you should leave your pension plan with your old employer, transfer it into a locked-in registered plan and manage it yourself, or transfer it to your new employer
  • Improving your retirement savings strategy
  • Buying other coverages to round out your new group insurance plan

Talk to your former employer about…

  • When your group insurance coverages will end
  • Which group insurance coverages can be converted into individual insurance

Talk to your new employer about…

  • Whether you can transfer over your pension plan
  • Your new benefit plan and when it will take effect