$100000 in cash what to do?
- Thread starter formalboygirl
- Start date
That's quite a lot of cash...formalboygirl said:
Are you doing your PR landing, or are you coming into Canada under a different status? Or are you in Canada and simply seeking to invest the money?
If you're coming as a PR (or even any other status), make sure you declare the amount (whether its cash, bank draft, travelers check etc.). Otherwise, you may have problems with officers, if they find the amount on you - fraud, money laundering; some of the criminal charges...
If you're seeking to invest the money, you may need to do some research on investment products, firms, may be see an advisor; to make an informed decision.
If its simply about managing expenses, I'd recommend you establish what your monthly expenses are (basics only) and put into savings an amount that can covers you at least for 1 year. Banks offer savings accounts that yield interests (may not be much depending on the amount) - be sure to understand the terms and conditions. You may also want to keep some cash on you (in the house) for emergencies, say 5-10k. You can also have about 5k on your checking account (not including your monthly income). With all this done, you'll still have a substantial amount left which you can invest in may be a business (additional income to you job), property (in canada or back home- for rental), or if you're a big risk taker play a little in the financial markets.
Once you have put some away for a rainy day, the rest should be used to make more. Keeping the entire 100k in the bank is good, but useless if its all just seating there - money makes more money.
Of course, if the cash is in a foreign bank account you don't need to declare it at all 
It's just funds on your person over $10k that need declaring on arrival.
I'd definitely seek some sort of advice. Even the banks can offer some options, Tax Free Savings Account (TFSA) for example, I got a "high interest" account that i put most of my funds in because while it only earns 1.1% or something that's better than nothing (and over $1000 a year pre-tax on $100k). I found banks generally friendly, especially if you have money.
If you are new to Canada you'll likely want to have a few thousand to get a credit card. A lot of the time banks won't give you a credit card without a credit rating which means you have to "lock" $$$$ away to get one. Though this varies massively, not just bank to bank but whom you get.
It's just funds on your person over $10k that need declaring on arrival.I'd definitely seek some sort of advice. Even the banks can offer some options, Tax Free Savings Account (TFSA) for example, I got a "high interest" account that i put most of my funds in because while it only earns 1.1% or something that's better than nothing (and over $1000 a year pre-tax on $100k). I found banks generally friendly, especially if you have money.
If you are new to Canada you'll likely want to have a few thousand to get a credit card. A lot of the time banks won't give you a credit card without a credit rating which means you have to "lock" $$$$ away to get one. Though this varies massively, not just bank to bank but whom you get.
well you folks didn't get me.. what I was trying to say is like I got 100k in cash right now and I am already a PR since early 2012..
I was asking where to put this 100k for maximum returns?
Can I like start a business with this amount? coz the bank don't give a good interest... I mean parking 100k in bank and receiving 600 interest per year is so crappy.. any ideas?
I was asking where to put this 100k for maximum returns?
Can I like start a business with this amount? coz the bank don't give a good interest... I mean parking 100k in bank and receiving 600 interest per year is so crappy.. any ideas?
i jus told u bro... putting money in bank is just for safety u want returns u gotta put in businessformalboygirl said:
Now you have been in canada from good time period so u shd put money in business according to your experience.
Food , Clothing , Automobile , Transportation these all businesses have good income ( Acc to my sources ) you can try in these.
Since you are thinking to rent a room in Vancouver for $600/month as in your other post, how about use the 100K as a downpayment and get a mortgage to buy a 1-bedroom condo at least in the suburbs? If you are lucky, you might get a profit when you sell!formalboygirl said:
hi there steaky,,,
I am wondering do they look for current job? coz i am currently unemployed.. I just have that 100k let's say 150k at this moment....
yup I am moving back to Vancouver and thinking of staying in a room for few months, later my wife will join me so I will have to look for a apartment.. or a condo...
thanks
I am wondering do they look for current job? coz i am currently unemployed.. I just have that 100k let's say 150k at this moment....
yup I am moving back to Vancouver and thinking of staying in a room for few months, later my wife will join me so I will have to look for a apartment.. or a condo...
thanks
Every case is unique. However, I saw a recent article that even a "student" can buy a $31 million mansion in Point Grey with mortgage of about $10 million:formalboygirl said:
http://vancouversun.com/storyline/student-owns-31-1-million-point-grey-mansion