TD Branch Manager Harpreet Johal discusses Financial Planning, Investment Options and Resources Available to Newcomers in Canada During a Special Interview on Radio Y 105.9 FM.
As families across Canada come together to celebrate Diwali, the festival of lights represents hope, prosperity and new beginnings. Beyond the festivities, it also offers an opportunity to reflect on personal goals, financial well-being and the importance of planning for the future.
In a recent interview with Radio Y 105.9 FM, Harpreet Johal, Branch Manager at TD, shared insights on building a strong financial foundation, understanding investment opportunities and accessing financial resources, particularly for newcomers navigating Canada’s banking and investment landscape.
For Johal, Diwali carries both personal and financial significance. Reflecting on childhood celebrations filled with family gatherings, traditional sweets, new clothes and the lighting of candles, Johal emphasized the importance of carrying those traditions forward while also preparing for life’s financial responsibilities.
Starting With a Strong Financial Foundation
For individuals beginning their financial journey in Canada, understanding everyday finances is an important first step toward achieving longer-term financial goals.
Johal encouraged newcomers to start by reviewing their monthly income and expenses, establishing a realistic budget and gradually building an emergency fund. Saving enough to cover three to six months of living expenses can provide a valuable financial cushion when unexpected circumstances arise.
Equally important is identifying personal financial goals. Whether saving for a first home, preparing for children’s education or planning for retirement, having clear objectives can help individuals make more informed financial decisions.
Johal also highlighted that getting started does not require a significant amount of money. Beginning with manageable contributions and developing consistent saving habits can help individuals make steady progress toward their financial goals over time.
Understanding Investment Options in Canada
Canada offers a range of savings and investment products, but navigating these options can initially seem overwhelming, especially for newcomers who may be unfamiliar with the country’s financial system.
During the interview, Johal explained several commonly available options, including high-interest savings accounts, Guaranteed Investment Certificates (GICs), mutual funds, exchange-traded funds (ETFs) and individual stocks.
High-interest savings accounts may appeal to individuals looking to earn interest while maintaining access to their savings. GICs can be an option for those who are comfortable setting money aside for a specific period, depending on the product’s terms and conditions.
Mutual funds and ETFs provide opportunities to invest across different assets and can help support portfolio diversification, although they remain subject to investment risks. Individual stocks, meanwhile, offer exposure to specific companies, with varying levels of risk and potential return.
Johal emphasized that investment decisions should go beyond potential returns. Individuals should also consider their financial objectives, investment timelines and comfort with risk. Understanding these factors and asking questions can help investors make more informed decisions about the options available to them.
Making Sense of Tax-Advantaged Savings Accounts
Another important part of financial planning involves understanding the registered savings accounts available in Canada and how they can help support different financial goals. Johal discussed some of the most commonly used accounts:
A Tax-Free Savings Account (TFSA) can be used for a variety of savings and investment objectives, with investment growth and withdrawals generally tax-free. Contributions are not tax-deductible, and contribution limits apply.
A Registered Retirement Savings Plan (RRSP) is commonly used for retirement planning, allowing eligible contributions to reduce taxable income while investments grow on a tax-deferred basis. Withdrawals are generally taxable.
For families planning for their children’s post-secondary education, a Registered Education Savings Plan (RESP) provides families with a dedicated way to save for their children’s post-secondary education and may qualify for government education savings incentives, subject to applicable rules.
The First Home Savings Account (FHSA), meanwhile, is designed to help eligible first-time homebuyers save toward purchasing their first home. Contributions are generally tax-deductible, while qualifying withdrawals can be made tax-free.
Johal noted that each account has distinct eligibility requirements, contribution limits and rules. Understanding these differences can help individuals identify options that align with their financial priorities.
Exploring Different Ways to Invest With TD
Recognizing that investors have different levels of experience, knowledge, experiences, and preferences, Johal also outlined several investment approaches available through TD.
For individuals interested in a more automated approach, TD Automated Investing provides portfolio management based on factors such as financial goals and risk tolerance, with a management fee.
Those who prefer to make their own investment decisions can explore TD Easy Trade, a self-directed investing platform, or TD Direct Investing, which offers access to investment products, market information and educational resources.
Johal explained that selecting an investment approach depends on an individual’s knowledge, experience, financial objectives and comfort with risk.
Clients looking for help understanding their options can speak with a personal banker at a TD branch, while those interested in more personalized investment guidance can connect with a TD Wealth advisor.
Supporting Newcomers on Their Financial Journey
For newcomers settling in Canada, financial planning often means balancing several priorities, from managing household expenses and establishing credit to saving for major life milestones.
Johal encouraged individuals to focus on their own circumstances rather than comparing their financial progress with others.
To help build financial knowledge and confidence, TD offers the New to Canada Learning Centre, which provides online educational resources covering topics such as saving, investing, retirement planning, borrowing and building credit. Newcomers can also explore the TD New to Canada Banking Package, which brings together a range of banking products, services and special offers to help eligible newcomers navigate their financial journey in Canada.
Johal emphasized that financial planning is an ongoing process. Reviewing investments periodically, particularly when personal goals, financial circumstances or risk tolerance change, can help individuals ensure their financial decisions continue to reflect their needs.
Celebrating Diwali and Community Connections
Beyond financial planning, the conversation also highlighted the cultural significance of Diwali and the important role community celebrations play in bringing people together.
Johal reflected on Diwali as a festival representing positivity, reflection and new beginnings, while recognizing the importance of maintaining cultural traditions across generations.
This Diwali, TD is transforming its Queen & Bay branch into a vibrant display of festive lights on weekend evenings, creating an opportunity for employees, clients and community members to come together to celebrate the spirit of the festival.
Johal also highlighted the importance of diversity, inclusion and community connections at TD, noting that cultural celebrations provide meaningful opportunities to recognize, embrace and learn more about the communities the bank serves.
Looking Ahead With Confidence
As Diwali encourages families to welcome light, hope and fresh beginnings, it also serves as a reminder of the value of preparing for the future.
From establishing a budget and building emergency savings to understanding investment products and registered accounts, financial planning can begin with small, thoughtful steps.
Through financial education, accessible resources and a range of banking and investment options, TD aims to help individuals better understand their choices and feel more confident as they work toward their financial goals.
Click HERE for additional guidance and practical tips from TD on investing.
Harpreet Johal, Branch Manager at TD
