Is the Iran war having you fearful for you TFSA and RRSP? Suze Orman says don’t panic sell — here’s what Canadian investors should do instead

For Canadian investors, the picture is uneven in ways that are different from what investors are experiencing south of the border. Oil and energy stocks make up more than 16% of the S&P/TSX Composite Index (4) — a fact that’s a double-edged sword. Higher crude prices boost energy producers like Suncor Energy (TSX:SU) and Canadian Natural Resources (TSX:CNQ), but inflation fears and the threat of higher interest rates drag on the broader market.

Orman sat down with Fitz-Gerald — a private investor, analyst and market researcher with more than three decades of experience — to cut through the noise. “Everything now is dependent on one thing and one thing only,” she told Fitz-Gerald. “And that is oil, in my opinion.” (5)

Orman reminded listeners that stock fundamentals, including earnings and profitability, had been solid right up until the war began. “Now we're watching oil go up and up and up and sometimes it comes back down. And when it comes back down, that’s when we see the markets go up.”

Crude oil prices have surged more than 50% since hostilities began on February 28, 2026, hovering around US$100 a barrel (6). This volatility and its impact on oil will likely continue for the near term, if not longer.

However, as Orman and Fitz-Gerald will discuss, peaks and valleys are part of the natural course of stock market performance, and shouldn’t thwart the compounding power of staying invested even if the going gets tough temporarily.

What investors can do right now

Orman and Fitz-Gerald shared their perspective on how everyday investors can navigate uncertainty in the market, regardless of what geopolitical unrest may be testing investor confidence. For Canadians, their advice applies whether you’re holding a Tax-Free Savings Account (TFSA), a Registered Retirement Savings Plan (RRSP) or a non-registered brokerage account.

Stay with your investments for the long term

If you watch your portfolio daily and react in panic to every headline by selling or moving to cash, you won’t see the long-term benefits.

Both Orman and Fitz-Gerald agree that when the market stabilizes, we’ll see it skyrocket again. Fitz-Gerald warns that “everybody who thinks they’re being smart by stepping out right now is going to get left behind.”

For Canadian investors, history backs this up. The S&P/TSX Composite surged 833 points — its biggest single-session rally in nearly a year — on March 31, 2026, when fresh optimism about a potential end to the Iran war swept through Bay Street (7). Investors who had exited the week prior missed every point of that gain.

Choose stable stocks

When Orman asked Fitz-Gerald what to do if your tech holdings are sinking, his answer wasn’t to sell — it was to rebalance with something steadier.

“If you're freaked out because all of your tech has gone in one direction, you can balance that like a little kid’s teeter-totter on the playground with a stable stock like Chevron,” he said. Fitz-Gerald noted that it offers reliable dividends and has remained stable over time.

For Canadian investors, the TSX offers strong domestic equivalents. Suncor Energy (TSX:SU) and Canadian Natural Resources (TSX:CNQ) are the two most widely cited names for investors seeking oil-sector stability and income.

According to The Motley Fool Canada, both companies offer long-life, low-decline oil sands assets, strong cash flow and dependable dividends — meaning they generate returns regardless of how the broader market is performing (8).

CNQ raised its dividend for the 26th consecutive year in early 2026, with a yield of approximately 4% (9). Suncor runs the full pipeline — from its oil sands production, refining and its Petro-Canada stations — and it pays a quarterly dividend yield of around 3.2%. It’s also been steadily raising that annual dividend year after year (9).

The point of a stable stock is to keep your portfolio steady when the market gets bumpy. Once you’ve got that base set, it’s time to think about where to put your next dollar, even if the market feels expensive right now.

Don’t be nervous to buy stocks at a high

Orman and Fitz-Gerald addressed a common concern: Investors who avoid buying because a stock has already climbed to a high will potentially miss out.

For example, when viewers were frustrated by recommendations to buy Chevron at what felt like a peak, the stock continued to climb even higher — those who passed on it missed the gains.

“I’ve learned that lesson the hard way. I thought I was being smart, I bailed out, I made mistakes, I lost money,” Fitz-Gerald told Orman. “But if you continue to lean in when you feel that way and you get uncomfortable, I’ve learned that’s a heck of a lot more profitable.”

Fitz-Gerald also recommended SGOV — a short-term U.S. Treasuries fund — as a “super safe” option with a decent return for investors who want to protect what they already have. Canadian investors can find a domestic equivalent in Government of Canada Treasury Bills (T-bills) or short-term Guaranteed Investment Certificates (GICs). As of March 25, 2026, the best GIC rates in Canada range from 3.25% to 4.00% for terms between one and five years. (10). Both GICs and T-bills can be held inside a TFSA or RRSP, allowing any interest earned to grow tax-free.

What Canadians should do next

The emotional instinct to protect your savings when markets fall is natural. Here are some steps to help you stay rational when headlines are anything but.

Review your asset mix, not your daily balance. A well-diversified portfolio should include Canadian equities (including energy), international exposure and a fixed-income component. Check your allocation against your timeline, goals and risk tolerance rather than against this week’s TSX close.