Saving & Investment Options for PR

[apsarkar]

Hi,

I have a lot of savings with me. I want to know what is the best way to invest this in Canada. Are mutual funds the best option. I have gone through TFSA, the interest rate is too low. And I can't invest into an RRSP until I start earning. Any insights on how to best invest my savings would be really appreciated! I don't want to keep all that money in a savings account, it'll just be lying waste over there. I have enough savings to invest even after covering my living expenses.

Thanks !

 

[scylla]

You should really have this discussion with an investment professional. There are any number of options available depending on your financial objectives, risk appetite, amount you have to invest, etc.

It sounds like you don't have a clear understanding of TFSAs. TFSAs can hold many different types of instruments. The reason why your TFSA return is low is because of the kind of instrument you hold in that account - not the account itself. I assume you're either holding cash in that account or some sort of GIC or money market fund. You can put stocks or mutual funds in a TFSA as well.

Again - speak with a professional.

 

[apsarkar]

You should really have this discussion with an investment professional. There are any number of options available depending on your financial objectives, risk appetite, amount you have to invest, etc.

It sounds like you don't have a clear understanding of TFSAs. TFSAs can hold many different types of instruments. The reason why your TFSA return is low is because of the kind of instrument you hold in that account - not the account itself. I assume you're either holding cash in that account or some sort of GIC or money market fund. You can put stocks or mutual funds in a TFSA as well.

Again - speak with a professional.

Ohh okay ! Thanks ! Yeahh will have an in-depth discussion when I reach Canada. Was just curious and researching before I reached Canada !