TD Branch Manager Harpreet Johal Shares Valuable Insights on Retirement Planning, Savings, Government Benefits and Building Financial Confidence During a Special Interview on Radio Y 105.9 FM
For newcomers to Canada, managing living expenses, building a career and adjusting to a new financial system can take priority over long-term planning. However, starting retirement planning early can help build a more secure financial future.
During a special interview on Radio Y 105.9 FM, Harpreet Johal, Branch Manager at TD, shared practical advice on retirement savings, government benefits and financial resources to help newcomers make informed decisions.
Start Early, Start Small and Stay Consistent
Johal emphasized that retirement planning is not something Canadians should wait until later in life to consider. Starting early and saving regularly can make a meaningful difference over time, thanks to compound growth. Newcomers can begin with manageable amounts, such as $25, $50 or $100 per paycheque, and leverage automatic savings to build consistent habits.
She also encouraged individuals to estimate their retirement needs based on housing, healthcare, lifestyle and family commitments. While some financial planning guidelines suggest rules such as targeting approximately 70% of pre-retirement income, aiming to save 25 times expected annual expenses, or setting an income target between $30,000 and $60,000 per person annually, Johal emphasized that these figures should be considered general starting points rather than fixed rules for everyone. TD’s Retirement Savings Calculator can help individuals estimate their savings needs based on their personal circumstances and financial objectives.
Understand Government Benefits and Savings Options: CPP, OAS and GIS
Understanding Canada’s retirement programs is particularly important for newcomers, as eligibility and benefit amounts depend on individual circumstances.
- Canada Pension Plan (CPP): Benefits are largely based on eligible employment contributions, earnings and the age at which payments begin.
- Old Age Security (OAS): Eligibility is generally based on age, legal status and Canadian residency history rather than employment contributions.
- Guaranteed Income Supplement (GIS): Additional financial support to eligible lower-income seniors who receive OAS.
Johal suggested newcomers should pay particular attention to eligibility requirements, and that government benefits may not fully cover an individual’s desired retirement lifestyle, making personal savings an important part of long-term financial planning.
RRSP vs. TFSA: Understanding Your Savings Options
She also highlighted the importance of understanding two commonly used savings and investment accounts in Canada: the Registered Retirement Savings Plan (RRSP) and the Tax-Free Savings Account (TFSA).
An RRSP allows eligible individuals to contribute toward retirement savings while potentially reducing taxable income through deductible contributions. Investments held within an RRSP generally grow on a tax-deferred basis, although withdrawals are typically taxable.
A TFSA, on the other hand, does not provide an income-tax deduction for contributions. However, eligible investment earnings and withdrawals are generally tax-free under Canadian tax rules.
Johal encouraged newcomers to understand their contribution limits and personal tax circumstances before deciding which options best suit their goals, as both accounts can play different roles in financial planning. RRSP contribution room generally depends on earned income and applicable adjustments, while TFSA room begins accumulating in the year an individual becomes a Canadian resident for tax purposes. Reviewing contribution limits annually and reassessing which accounts and savings options align with evolving financial goals is also important.
TD Helps Newcomers Build Financial Confidence
The banking system, saving options and financial planning could be confusing for newcomers who are still navigating the new country. Through its New to Canada Learning Centre, TD offers educational resources on banking, saving, investing and retirement planning. Customers can also explore digital planning tools and speak with banking professionals about their financial priorities.
Johal acknowledged that unfamiliar financial terminology and language barriers can make navigating Canada’s financial system challenging. She encouraged newcomers to ask questions and seek support in a language they understand, rather than waiting until they have all the answers.
Newcomers could also take advantage of TD’s digital financial planning tools and connect with banking professionals for personalized conversations about their financial priorities. By starting a conversation early, asking questions and taking one step at a time, newcomers can gradually develop the knowledge and confidence needed to manage their finances.
Learn More About TD’s Financial Planning Resources
Newcomers and individuals interested in retirement planning can explore the following resources:
- TD New to Canada Banking Package offers a streamlined onboarding experience to help eligible newcomers set up financially in Canada, with up to $1,790 in value and in-language support available.
- TD New to Canada Learning Centre provides online educational resources on banking, saving, investing and retirement planning.
- TD Goal Builder offers customized investment advice to help build a roadmap toward your financial goals, with support from a TD Personal Banker.
- TD Retirement Calculator can help estimate retirement savings requirements.
Newcomers don’t have to navigate retirement planning or Canada’s financial system on their own. Book an appointment with a TD Personal Banker to discuss your short-term and long-term financial goals. TD offers banking services and support in multiple languages, including Hindi, Punjabi, Urdu, so newcomers can feel more comfortable asking questions and getting the advice they need at every step of their financial journey,
As Johal concluded, building financial security does not require having all the answers at once. Starting early, developing consistent savings habits and seeking guidance can help newcomers work toward their long-term goals.
Click HERE for additional guidance and practical tips from TD on retirement planning.
TD Celebrates Diwali with Festive Lights and Messages from the Community
Beyond financial planning, Johal also shed light on TD’s efforts to celebrate cultural diversity and strengthen its connections with Canada’s multicultural communities.
With Diwali around the corner, TD is transforming its Queen & Bay branch into a vibrant display of festive lights, where visitors can share personalized messages with loved ones and see them illuminated on the branch, celebrating hope, togetherness, and brighter future.
Located just across from Nathan Phillips Square, where one of Toronto’s largest Diwali celebrations will take place, the TD Queen & Bay branch will join in the festive atmosphere and be illuminated after dark on October 24 – 25 and November 7 – 8, bringing the joy and spirit of Diwali through a dazzling display of lights and interactive experiences.
More than just a festive light display, the experience on the weekend of October 24 – 25 also invites the community to become part of the celebration. Visitors can select a heartfelt message of love, gratitude or appreciation in the language of their choice, personalize it with their loved ones’ names, and see it come to life on the branch, creating a celebration shaped by the community itself.
Event Details
Location: TD Queen and Bay Branch, 394 Bay Street, Toronto (map)
Full Experience with Message-Sharing Activity
- Saturday, October 24: 6:30pm – 10pm
- Sunday, October 25: 6:30pm – 9pm
Festive Light Installation
- Saturday, November 7: 6:30pm – 10pm
- Sunday, November 8: 6:30pm – 9pm
Disclaimer: This advertorial is based on an interview conducted on Radio Y 105.9 FM with TD Branch Manager Harpreet Johal. The financial information provided is for general educational purposes and should not be considered personalized financial, investment or tax advice. Eligibility and contribution limits vary by individual circumstances.
