Investor vs. Saver Quiz

YesNo

Yes

Mutual funds
Equities (a.k.a. stocks or shares)
Exchange-traded funds (ETFs)
Term deposits or guaranteed investment certificates (GICs)
Corporate, government, or municipal bonds
Other securities

Right now, it doesn’t look like you’re a saver or an investor.

Savers typically put money in a savings account and nowhere else. Investors place money in any type of account or product that has the potential to earn more than the interest a traditional savings account provides. Investors purchase stocks, bonds, mutual funds, exchange-traded funds, and other investments.

Our Get Started with Investing resource can help you on your financial journey. It has more information on saving and investing, and you can learn about which one might be right for you.

You Are a Saver

This means you only put your money in a savings account and nowhere else. Savers put money aside for the future, purchases, and emergencies without the expectation of it gaining large sums of interest.

If you’ve thought about using your savings for investing but don’t know where to start, visit our Get Started with Investing resource to learn more.

What’s next?

Have You Considered Investing?
Think about your current financial position, as well as your short- and long-term goals, to see if investing is the right choice for you.

You Are an Investor

This means you have placed money in any type of account and/or product that has the potential to earn more than the interest a traditional savings account provides. Investors purchase stocks, bonds, mutual funds, exchange-traded funds, and other investments.

Identifying as an investor makes a big difference when it comes to managing your financial goals. When you identify as an investor, you’re more likely to understand the risks and benefits of your investment(s), be on track to meet your investment goals, and have an understanding of the fees and charges associated with your investments.

Learn more about the basics of investing with our Get Started with Investing resource.

What’s next?

Know Yourself
When considering investing, it's important to know your financial goals, risk tolerance, time horizon, and investment knowledge.

You Are a Saver and an Investor

This means you put your money in a savings account as well as in any type of account or product that has the potential to earn more than the interest a traditional savings account provides.

Savers put money aside in a typical bank account for purchases and emergencies without the expectation of it gaining large sums of interest. Canadian savers can also use TFSAs and RRSPs as savings accounts.

Investors purchase stocks, bonds, mutual funds, exchange-traded funds, and other investments. Many investments can also be purchased through registered accounts, such as an RRSP and TFSA.

Learn more about the basics of investing with our Get Started with Investing resource.

What’s next?

Saving vs. Investing
Learn the differences between saving and investing to see which option works best for you at this time.

Correct Answer: False
Blockchain is a type of digital ledger. A digital ledger records transaction information and then duplicates and distributes the information across the entire network of computer systems on that ledger. A cryptocurrency, on the other hand, is a digital asset that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend.

Correct Answer: False
Cryptocurrency transactions can be traced. Though cryptocurrencies can be created, moved, and stored outside the purview of governments, regulators, and financial institutions, each transaction is recorded in a permanent fixed digital ledger. The ledger allows anyone who is plugged in to view the transaction history.

Correct Answer: False
Many factors may make cryptocurrencies and crypto assets risky investments (e.g., cyberattacks and hacking, their speculative nature, liquidity, security, and volatility). Additionally, many crypto assets and online crypto trading platforms aren’t regulated in Canada. Securities regulators are working with operators of platforms to ensure they comply with applicable securities laws.

Correct Answer: True
You can trade crypto assets in Canada using registered cryptocurrency platforms. Cryptocurrency trading is legal in Canada, and you should note that profits are taxable as capital gains, or as income if you are classified as a day trader. You can check a platform’s registration by visiting the Canadian Securities Administrators’ website or by contacting a Canadian securities regulator to inquire.

Correct Answer: True
An NFT is a digital asset that often represents real-world objects like art, music, and videos. NFTs are bought and sold online, frequently with cryptocurrency, and they are generally encoded with the same underlying software as many cryptocurrencies. “Non-fungible” means that it’s unique and can’t be replaced with something else.

Correct Answer: False
The term “crypto assets” is generally used to reference a broad range of digital assets with a variety of properties and/or uses. The term “cryptocurrencies" refers to a specific type of crypto asset, which is generally designed to be used as a medium of exchange, similar to the way we use fiat currencies (a.k.a. government-issued money) to purchase goods and services.

Correct Answer: True
Not all crypto assets are securities or are subject to securities laws. That said, the regulatory treatment of a particular crypto asset will depend on whether it is a security or derivative. Despite the fact that a crypto asset may not be classified as a security or derivative, the way they are bought, sold and/or traded can be subject to securities laws.

Correct Answer: False
You could lose some or all of the money you used to purchase any crypto asset or cryptocurrency, including Bitcoin. Like many investments or financial assets, there is no guarantee that crypto assets or cryptocurrencies will retain their value or rise in price.

Correct Answer: True
Some cryptocurrencies can be used for payments; however, it can be difficult, expensive, and/or slow. Their price volatility may also be a factor in an individual or business accepting cryptocurrency as a form of payment.

Correct Answer: True
As the popularity and price of cryptocurrencies rise, so do the scams associated with these digital assets. The volatile, online, and often unregulated nature of crypto assets makes it easy for people to fall victim to fraud in a number of ways. For example, fraudsters use the anonymity of the internet to attempt to avoid detection by regulators or law enforcement.

What’s Next

Get Started with Investing

Learn about concepts such as diversifying your investment portfolio, investment fees, working with an advisor, and investing trends.

Get Started Now

Fraud Warning Signs

Get to know the fraud warning signs and learn how fraudsters target people with investment scams.

Protect Yourself

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