best return on savings?
#1
best return on savings?
hi i searched the forum threads to no avail i wondered if anyone could advise me on the best route to getting the best return in savings accounts.
assuming we sell our house, where would you get better rates on long term deposits ,UK or Canada?
then i suppose you would be paying tax at either Uk or Canadian rate?
any financial whizzes out there that can save me from the migrane .our plan is to rent in vancouver and i am trying to see what the shortfall will be
thanks folks
assuming we sell our house, where would you get better rates on long term deposits ,UK or Canada?
then i suppose you would be paying tax at either Uk or Canadian rate?
any financial whizzes out there that can save me from the migrane .our plan is to rent in vancouver and i am trying to see what the shortfall will be
thanks folks
#2
Re: best return on savings?
Canadian savings account interest is abysmal, but if you put (some of) it in a canadain RRSP (once elibigle) , then you will get 30 or 40% back in tax refund, which is a reasonable one year return, regardless of how well the mutual fund itself does subsequently. The down side is that you do get taxed on withdrawals as income, so its only really suitable for a long term retirement savings strategy, rather than if instant access to the funds is desirable.
In the mean time I would leave it in the UK, you would pay tax on the interest in a regular canadian savings account anyway, and you can only be taxed on the income once.
In the mean time I would leave it in the UK, you would pay tax on the interest in a regular canadian savings account anyway, and you can only be taxed on the income once.
Last edited by iaink; Jul 9th 2008 at 3:54 pm.
#4
Re: best return on savings?
thanks to both of you sorry anne i missed your thread but the content is appreciated.
ian how do you become eligible for RRSP? could this be done through HSBC or is it a goverment ISA type deal
thanks
ian how do you become eligible for RRSP? could this be done through HSBC or is it a goverment ISA type deal
thanks
#5
Re: best return on savings?
Its an ISA type thing, virtually every financial service provider has RRSP eligible funds and accounts. You are basically eligible as a Permanent Resident after your first tax return is processed. They will base your annual maximum contribution limit on your reported income, so before they tell you that I'm not sure you can contribute yet...but you might be able too. Not an option if you only have a TWP as far as I know.
#6
Joined: Apr 2005
Posts: 9,606
Re: best return on savings?
Its an ISA type thing, virtually every financial service provider has RRSP eligible funds and accounts. You are basically eligible as a Permanent Resident after your first tax return is processed. They will base your annual maximum contribution limit on your reported income, so before they tell you that I'm not sure you can contribute yet...but you might be able too. Not an option if you only have a TWP as far as I know.
#7
Re: best return on savings?
hi i searched the forum threads to no avail i wondered if anyone could advise me on the best route to getting the best return in savings accounts.
assuming we sell our house, where would you get better rates on long term deposits ,UK or Canada?
then i suppose you would be paying tax at either Uk or Canadian rate?
any financial whizzes out there that can save me from the migrane .our plan is to rent in vancouver and i am trying to see what the shortfall will be
thanks folks
assuming we sell our house, where would you get better rates on long term deposits ,UK or Canada?
then i suppose you would be paying tax at either Uk or Canadian rate?
any financial whizzes out there that can save me from the migrane .our plan is to rent in vancouver and i am trying to see what the shortfall will be
thanks folks