There are many options for Canadians who want to invest in the S&P 500. How you do it depends on your understanding of how the index works and whether it aligns with your individual financial goals and the financial risk you’re able to tolerate.
Below are the steps needed to invest in the S&P 500.
1. Open an investment account. The investment account can be a standard brokerage account or a registered account that fits your needs, such as a Registered Retirement Savings Plan (RRSP), that can be opened through a financial institution or with the help of a financial advisor or online brokerage.
2. Decide on your investment approach. Decide how you want to invest in the S&P 500. Everyday investors usually choose low-cost and lower-risk options, such as ETFs or index funds that automatically track the performance of the S&P 500 index.
3. Place your investments. Purchase your investments through your investment accounts by specifying the number of shares or dollar amount.
4. Review and adjust as needed. Review your investment statements periodically. Make sure your portfolio still aligns with your financial goals and risk tolerance over time. If you want to make changes, contact your broker or financial advisor or rebalance yourself as a self-directed investor.
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