Are you concerned about your finances? Do you want personalized advice? There are professionals, firms and organizations that can help you reach your goals based on your particular situation.

What’s your goal?

The following resources can support you in reducing your debt and reviewing your budget.

  • Consumer associations, Associations coopératives d’économie familiale (ACEFs) and Services budgétaires populaires (SBP)
    Present in many municipalities across Québec, these organizations specialize in personal finance and consumer protection. They can, among other things, provide you with budget counselling services (by appointment) and help you find debt solutions. They are generally very affordable. To locate an organization in your region, see the toutbiencalcule.ca This link will open in a new window portal.
  • Your financial institution
    Depending on your situation, a caisse (credit union) or bank with which you have a loan might be able to help you assess your financial situation. Request an appointment.
  • Licensed insolvency trustees (formerly called trustees in bankruptcy)
    Licensed insolvency trustees are insolvency specialists whose fees are regulated by law. Only trustees can administer and assist you with a bankruptcy or consumer proposal. They can also propose other solutions, such as reviewing your budget or financing options. For a complete description of the tools offered, see the Conseil des syndics autorisés en insolvabilité du Québec This link will open in a new window website.

Insight

Reviewing your personal finances

Review your finances and monthly budget using our budget tables.

End of the insight

Beware of certain types of businesses

The following types of businesses generally lend money at very high interest rates on top of charging fees. They may also offer insurance to secure the loan, driving up the total bill. It’s better to avoid them.

  • Payday lenders: Payday lenders will lend you money for a short time—until your next pay cheque, for example. Although the interest rate may seem affordable, their fees can be high, potentially making this type of loan very expensive.
  • Financial recovery services: These types of businesses offer services to people who are in debt. They may also present themselves as refinancing brokers, credit counsellors or credit repairers. Their fees can be high and the range of solutions they offer is limited.
  • Businesses offering second and third chance credit: The interest rates on loans from these businesses is very high (sometimes over 30%), which could ultimately result in thousands of dollars in finance charges and interest, not to mention the costs associated with credit insurance.

Instead of turning to these types of businesses, review your budget and options or shop around for a more affordable loan. You can start by asking an organization like an ACEF to help you review your financial situation, learn new skills and find a debt solution. After that, if you need them, you could use the services of a licensed insolvency trustee.

Most financial institutions have a range of professionals on hand who can help you set up a savings and investment plan for your retirement. You can also look for a professional on your own or get a referral.

The following list of professionals must be licensed by the AMF to offer certain types of services or investments. You can refer to it to figure out whether a particular professional is authorized to offer you services or investment products suited to your needs or risk tolerance.

  • Financial planners (F.Pl.)
    Financial planners help you with financial planning by developing an action plan tailored to your needs, constraints and objectives. Unless exclusively regulated by a professional order, they are registered with the AMF. Financial planners who also offer investment products must be authorized to do so (see below Do your homework).
  • Financial security advisers
    Financial security advisers can, among other things, offer individual life and health insurance or individual annuity products from one or more insurers.
  • Mutual fund dealer representatives
    Mutual fund dealer representatives offer only mutual funds. Some may offer exchange-traded funds.
  • Investment dealer representatives
    Investment dealer representatives offer a broad spectrum of investments, including stocks, bonds and exchange-traded funds. Some provide advice and a full range of services, such as analysis and portfolio management. Others act as intermediaries by buying or selling securities based on your instructions but without providing advice.
  • Advising representatives of portfolio managers
    Advising representatives of portfolio managers can offer a wide selection of investments, including stocks, bonds and investment funds. They can also manage your investment portfolio based on a mandate you give them.
  • On-line advisers (robo-advisers)
    On-line advisers are often called portfolio managers, robo-advisers or automated advisers. They are websites that provide investment advice. You can usually also authorize them to carry out transactions on your behalf. Advice is not completely automated. For more information about on-line advisers, see the On-line Adviser page.
Warning

Do your homework

Before investing, check that the individual or firm you’re dealing with has the right to sell the products offered.

Contact the AMF Information Centre at 1-877-525-0337 or check the Register of firms and individuals authorized to practise.

If you deal with an unauthorized individual or firm, you won’t have access to the Fonds d’indemnisation des services financiers in the event of fraud or to the AMF’s conciliation and mediation services in the event of dissatisfaction.

End of the warning

Most financial institutions have a range of professionals on hand who can help you set up a savings and investment plan. You can also look for a professional on your own or get a referral.

The following professionals can help you if you’re looking to save and invest in a Registered Education Savings Plan (RESP).

  • Investment dealers
    For your individual or family RESP, investment dealers can offer a broad selection of investments, including stocks, bonds and exchange-traded funds.
  • Mutual fund dealers
    For your individual or family RESP, mutual fund dealers offer only mutual funds. Some may offer exchange-traded funds.
  • Scholarship plan dealers
    Scholarship plan dealers offer only scholarship plan (group RESP) units. Other RESP investments (individual and family plans) can be offered by investment dealers and scholarship plan dealers.

In general, the rules for group RESPs are more restrictive than for other types of RESPs. For example, you might have to pay an enrolment fee and be unable to recover this money if you leave the plan before the scheduled end of the contract. However, you won’t have to choose any investments, since the plan provider is responsible for doing this.

Find out about all the conditions that apply to RESPs before you enrol in one.

Insight

Thinking about investing the money from your RESP in a guaranteed investment certificate (GIC)? A staff member at your financial institution can assist you without having to hold a title like “investment dealer” or “mutual fund dealer”.

End of the insight
Insight

As with any type of investment, before you commit, check if there’s an enrolment fee and what the conditions are for withdrawals.

End of the insight
Warning

Do your homework

Before investing, check that the individual or firm you’re dealing with has the right to sell the products offered.

Contact the AMF Information Centre at 1-877-525-0337 or check the Register of firms and individuals authorized to practise.

If you deal with an unauthorized individual or firm, you won’t have access to the Fonds d’indemnisation des services financiers in the event of fraud or to the AMF’s conciliation and mediation services in the event of dissatisfaction.

End of the warning