Using AI for Retirement Investment Advice Can Be Risky

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Some Canadians use artificial intelligence for retirement investment advice. But experts warn it may not be the best idea.

Over 26% of pre-retirees use AI tools for financial planning, and 11% of retirees do, a new survey shows.

People use AI tools for investments, tax, and budgeting.

AI can be helpful, but relying too much on it can be risky because it may not know everything.

Working with an experienced adviser has accountability that AI lacks.

A professional can help with biases and act as a guardrail, unlike AI.

Some AI chatbots reinforce user biases, known as confirmation bias.

Every Canadian's financial situation is unique, and a professional can help with personalized advice.

Professionals can incorporate tax-efficient strategies and look at wealth holistically.

Entering private information online can make you susceptible to scams.

Verify information online with official sources before clicking links or giving away personal info.

An article cautioned against entering personal info into chatbots.

AI tools may memorize personal info and relational data about family and friends.

The office of the privacy commissioner warns Canadians to limit shared personal info.

The information may be collected and stored, and platforms may not explain how it's used.

A report found that over half of Canadians are uncomfortable using AI to file taxes, and 90% are concerned about security.

The U.S. Internal Revenue Service uses AI tools, but the CRA has not.

A survey found that Canada is the least enthusiastic about AI products and services.

The CRA is exploring responsible AI use to increase efficiency.

The CRA says no personal tax decisions are made by AI.

Public servants are not allowed to enter Canadians' private info into online AI tools.

Personal info handled by federal institutions is subject to the Privacy Act.

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