One-size doesn’t fit all when it comes to investing, so it’s important that your plan be custom-fitted to you, says Courtenay financial advisor Stu Tunheim.

One-size doesn’t fit all when it comes to investing, so it’s important that your plan be custom-fitted to you, says Courtenay financial advisor Stu Tunheim.

One size doesn’t fit all: Why retirement planning begins with a custom fitting

RRSPs? TFSAs? The right choice depends on you!

We know that for many people, Registered Retirement Savings Plans – RRSPs – are a smart investing tool to save for retirement while also offering tax benefits today.

But because one-size never fits all when it comes to investing, it’s important that your plan be custom-fitted to you and regularly reviewed to incorporate changes like promotions, marriage, home purchases and children.

Part of that assessment will include whether investing in an RRSP will provide you best bang for your buck, or whether another option, such as a Tax-Free Savings Account, is a better fit for now, explains Stu Tunheim, a Consultant with IG Wealth Management in Courtenay.

First, it pays to understand just how an RRSP works. By putting money into an RRSP, either in regular payments throughout the year or in lump sum deposits, you’re building retirement savings to be accessed later. In addition to providing for retirement income, the funds can also be used for a first-time home purchase or post-secondary education down the road.

Additionally, RRSP contributions also qualify for a tax deduction come income tax time – an added benefit that lets you see real benefits today.

However, because the tax benefits rise with your income level, someone earning less – say someone just embarking on their career – might find greater benefits in other investment vehicles, such as a TFSA. Not only does it allow more flexibility in that you can remove funds without penalty, but you always have the option of moving it into an RRSP once you’re earning more, letting you maximize those tax benefits, Tunheim explains.

“There’s no cookie-cutter solution for investment planning, but what is true is that it’s a good idea to diversify your retirement planning through RRSPs, but also options like TFSAs, a personal corporation for those with a high enough income and life insurance,” he says.

“The whole idea is to have several avenues for investing in a way that also lets you maximize the tax benefits.”

“What should I invest in?” is another common Tunheim receives as people assess their options.

“The right investment for you is the one that matches your tolerance for risk and your time horizon, but regardless of where you are in your investment plan, there is something for you,” Tunheim says.

And remember that it’s never too late – or too early – to start your retirement planning.

READ MORE: Why ‘mortgage insurance’ may NOT be best option


Courtenay’s IG Wealth Management team is working remotely, but you can reach Stu on his cell at 250-218-6693 to set up a call or a video conference. You can also email him at and find other investment tips on Facebook or on IG Wealth Management’s Twitter page.

Investors Group Financial Services Inc.

Insurance products and services distributed through I.G. Insurance Services Inc. Insurance license sponsored by The Canada Life Assurance Company. Trademarks, including IG Wealth Management, are owned by IGM Financial Inc. and licensed to its subsidiary corporations. This is a general source of information only. It is not intended to provide personalized tax, legal or investment advice, and is not intended as a solicitation to purchase securities. Stu Tunheim is solely responsible for its content. For more information on this topic or any other financial matter, please contact an IG Wealth Management Consultant.

Financial planningInvesting

Just Posted

Two of the weapons seized in a Nov. 8 traffic stop in Black Creek. Photo supplied by RCMP
RCMP seize guns, drugs in Black Creek traffic stop

Two arrested in connection with incident

Christmas will look a bit different in Cumberland this year, not only because of COVID restrictions but due to changes from BC Hydro about hanging decorations on the poles. Record file photo
Snowflakes a no-go for Cumberland’s power poles

Village, business association looking to promote shopping local for holidays

The Trenton Golden Hawks are changing their name and uniform for one game on Nov. 27 as they become the Trenton Snowbirds for one game to honour Capt. Jennifer Casey. Twitter photo
Hockey team honouring fallen Snowbird with Comox Valley connection

The Trenton Golden Hawks will become the Trenton Snowbirds for one game

A late-blooming Welsh poppy gave the Cox garden some unexpected colour last month. Photo by Leslie Cox
DUCHESS OF DIRT: La Nina signs not necessarily steeped in science

LESLIE COX Special to The Record I am beginning to think climate… Continue reading

The suspect is described as approximately 20-25 years old, between 5’3 to 5’4, with dark hair. He was wearing black Adidas pants, white shoes, and a puffy grey jacket. Photo supplied
Attempted robbery in Courtenay

Investigators from the Comox Valley RCMP Major Crime Unit are investigating

A man wearing a face mask to help curb the spread of COVID-19 walks in downtown Vancouver, B.C., Sunday, Nov. 22, 2020. The use of masks is mandatory in indoor public and retail spaces in the province. THE CANADIAN PRESS/Darryl Dyck
B.C. records deadliest day of pandemic with 13 deaths, 738 new COVID-19 cases

Number of people in hospital is nearing 300, while total cases near 30,000

Cannabis bought in British Columbia (Ashley Wadhwani/Black Press Media)
Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

Join Black Press Media and Do Some Good
Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

3L Developments president Dave Dutcyvich is pictured during a 2018 meeting at the regional district boardroom. File photo
Denied developer prefers not to log Comox Valley land: Planner

At its inaugural meeting Tuesday, the Comox Valley Regional District board refused… Continue reading

(File photo)
Alberta woman charged after allegedly hitting boy with watermelon at Okanagan campsite

Police say a disagreement among friends at an Adams Lake campsite turned ugly

Court of Appeal for British Columbia in Vancouver. (File photo: Tom Zytaruk)
B.C. woman loses appeal to have second child by using late husband’s sperm

Assisted Human Reproduction Act prohibits the removal of human reproductive material from a donor without consent

Krista Macinnis displays the homework assignment that her Grade 6 daughter received on Tuesday. (Submitted photo)
B.C. mom angry that students asked to list positive stories about residential schools

Daughter’s Grade 6 class asked to write down 5 positive stories or facts

B.C. projects targeting the restoration of sockeye salmon stocks in the Fraser and Columbia Watersheds will share in $10.9 million of federal funding to protect species at risk. (Kenny Regan photo)
13 projects protecting B.C. aquatic species at risk receive $11 million in federal funding

Salmon and marine mammals expected to benefit from ecosystem-based approach

Picture of two swans leaving the Cowichan estuary moments before one was shot out of the sky. (Submitted photo)
Petition to stop hunting in Cowichan estuary after swan shot

Hunters blame shooting on illegal poachers

Most Read