Are you a conservative or aggressive investor?

What will be the asset mix of your portfolio mutual fund?

before you open an account


Your mutual fund account can be opened as a registered or taxable account.​​

​​If you're opening a taxable investment account, get familiar with investing and tax.


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open an account


​​Prepare your IDs. Financial institutions need two IDs to open investment accounts: a government-issued photo ID and proof of address. Try to bring your driver's license and passport. What if you don't have those?


You'll need to provide your SIN (social insurance number). You will be earning investment income which must be reported to the CRA (Canada Revenue Agency). They identify us by SIN.


Prepare your chequing account's banking information - to connect your chequing and investment accounts and make transfers between them.


You'll be asked to complete a risk appetite questionnaire.  Based on your answers, your provider will recommend a portfolio index mutual fund. ​​​​​​​​

Once you've chosen a provider...

Open /buy 

a portfolio mutual fund

​​​​​Complete the application.  What kind of questions will you be asked?


Sign up for an DRIP (automatic distribution reinvestment program).

  • When you open an investment account and fill it with securities, you'll regularly earn investment income. 
  • Every month / quarter a cash distribution will be deposited in your account.  This money isn't automatically reinvested - it just sits in your account.
  • A DRIP makes your distributions work for you. Instead of depositing cash in your account, your provider will automatically buy additional units of your portfolio index mutual fund.


With a traditional Big 5 bank you can start the process online but eventually you’ll have to visit a branch to show your IDs, unless you're already that bank's client.  


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​buy your portfolio index mutual fund


Connect / link your chequing and portfolio index mutual fund accounts. 

  • Login to your chequing account online and set up your investment account and its institution as a ‘payee’.  
  • Then do the opposite, setting up your chequing account as payee online from your investment account.
  • Banks use different terminology – also look for ‘add an account’ / ‘external accounts’ / ‘transfer money in/out’.
  • Test the connection with a small transfer.


Transfer money from your chequing to your investment account.  You'll use it to purchase securities from your investment account online.


Place an order to buy units of your portfolio index mutual fund.  

  • ​Mutual funds are priced per unit, but you don't have to purchase an entire unit.
  • For example, if the unit price of 'Balanced Portfolio Fund, Series D' was $25, and you paid $410, you'd receive 16.4 units. 
  • The unit price reflects the end-of-day prices of the stocks and bonds in the fund (it’s called net asset value or NAV)​. ​


Verify your transaction was completed correctly and you bought what you expected.