The Canadian mutual fund industry had its best year in a decade in 2007, with sales reaching nearly $35 billion, up a whopping 70 per cent from the year before.
Last year “was a healthy year for the mutual fund industry with total sales of $34.9 billion, the highest annual increase since 1997,” says Pat Dunwoody, spokesperson for the Investment Funds Institute of Canada.
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But with stock markets in Canada and the United States on a roller coaster — and in negative territory for the year so far — it’s difficult to say whether the sales momentum will last through the coming registered retirement savings plan season.
Mutual funds have typically been the investment of choice for Canadians who want to tuck some money away into their RRSPs, and get a tidy tax break, ahead of the Feb. 28 deadline.