Posted on: 19-01-06 21:14:11
Rohit
Your plan and advance thinking is great. I agree with your analysis. I made this plan before coming here. however after coming here got a bit lost with so many people complaining , and saving slowly getting melting away.
1.However can you give your input on this.?
"
b) He & spouse get about $25,000 as annual pension from 65 onwards...which is also possible and this pension can be taken anywhere in the world...and since this amount is pretty low, it will not attract any tax in Canada...am I right?"
To be eligible for this pension how many years the couple should work in Canada.? Rather how much money they should contribute approx,?Is this amt payable life long...?
Now to add my points.
1. Isn't it better to buy a house here NOW with low down payment instead of renting.. so that down the years you will have an investment which is generally considered as safe. At the most you downgrade at the age of 60plus or sell it off.
2. Isn't it wise also to take a nice insurance policy,as cost of life insurance appeared to be cheap here .
This way you can back up yourself in a solid financial way and have the best of the both world.
Comments invited
Quote:
Orginally posted by Val
1. Isn't it better to buy a house here NOW with low down payment instead of renting.. so that down the years you will have an investment which is generally considered as safe. At the most you downgrade at the age of 60plus or sell it off.
>>>>IMO, real estate investment is the best bet. Instead of renting u rather pay the mortgage. U have to stay somewhere and it better be your own. Investing in stocks? Look how Nortel crashed from $124 to $0.70. I know number of desis lost money in Nortel stocks.
2. Isn't it wise also to take a nice insurance policy,as cost of life insurance appeared to be cheap here .
This way you can back up yourself in a solid financial way and have the best of the both world.
Comments invited
Quote:
Orginally posted by desi in ottawa
Quote:
Orginally posted by Val
1. Isn't it better to buy a house here NOW with low down payment instead of renting.. so that down the years you will have an investment which is generally considered as safe. At the most you downgrade at the age of 60plus or sell it off.
>>>>IMO, real estate investment is the best bet. Instead of renting u rather pay the mortgage. U have to stay somewhere and it better be your own. Investing in stocks? Look how Nortel crashed from $124 to $0.70. I know number of desis lost money in Nortel stocks.
I ABSOLUTELY agree with DOI...my only point was to get your money out of Canada when you near your retirement...till then why not prudently invest in real estate and expect appreciation...
2. Isn't it wise also to take a nice insurance policy,as cost of life insurance appeared to be cheap here .
This way you can back up yourself in a solid financial way and have the best of the both world.
Comments invited
