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Discussion Starter #1
Hi there,
I am a new immigrant in Canada and new to all the investment options available to me. I only started working on contract and wanted to invest in RRSP to kickstart my savings. Is there a suggestion for a Bank/financial institution which provides better rates for RRSPs? My employer unfortunately does not contribute to my RRSP.
Also if someone can give me some directions where to start and create an investment portfolio and the options available to me.

Thanks for all your help in advance.
 

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Hi there,
I am a new immigrant in Canada and new to all the investment options available to me. I only started working on contract and wanted to invest in RRSP to kickstart my savings. Is there a suggestion for a Bank/financial institution which provides better rates for RRSPs? My employer unfortunately does not contribute to my RRSP.
Also if someone can give me some directions where to start and create an investment portfolio and the options available to me.

Thanks for all your help in advance.
Hi, if you're up to DIY, these two sites are a good start:

...hmm, i tried to link to two sites but it seems my forum status with no previous posts is not good enough :/ Anyway the sites will likely be the first hits if you google:
- Canadian couch potato investing
- finiki wiki

I think most banks & brokers charge annual account fees for RSPs less than about 25K. If you're in this situation, the TD e-series or Tangerine funds discussed at the couch potato site can be got for no annual account fees (besides the MERs of the funds themselves).
 

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Sufolio...you are already more intelligent than 99% of Canadians who look to CPP and OAS for their retirement plans as they quaff $5 lattes. I'm pretty sure yours was a trick question.
 

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Discussion Starter #7
RRSPs and RSPs

Thanks very much for guys for your inputs and support. I am already hooked to some of the websites you mentioned. Yes, I am the DIY types and would like to explore my options and make the best possible deal.
Regarding RRSPs, i think i understand much of the concept now. Except i find that many banks including Tangerine uses RSP and RRSPs interchangeably. I did google for an answer to differentiate and spoke with an agent in Tangerine, but they told me its one and the same. Is that it?

Many thanks!
 

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Regarding RRSPs, i think i understand much of the concept now. Except i find that many banks including Tangerine uses RSP and RRSPs interchangeably. I did google for an answer to differentiate and spoke with an agent in Tangerine, but they told me its one and the same. Is that it?
Yes, RSP and RRSP are used interchangeably. The official term is Registered Retirement Savings Plan (RRSP) but it is often shortened to RSP.

You should also read the link I posted above comparing RRSPs to TFSAs before deciding which or both to use.
 

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If you're an immigrant to Canada from the USA, you don't want to open up a TFSA; it's considered a taxable trust in the US and you will have a lot of paperwork to file. It's probably not an issue if you're an immigrant from a different country....only a problem for US citizens who emigrate to Canada.
 

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If you're an immigrant to Canada from the USA, you don't want to open up a TFSA; it's considered a taxable trust in the US and you will have a lot of paperwork to file. It's probably not an issue if you're an immigrant from a different country....only a problem for US citizens who emigrate to Canada.
Thanks - an important caveat.
 
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