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Another option is to invest in FCNR s which are currently giving 2.45% interest on one year . Money is repartriable and no deduction of tax at source .
NRI s are not permitted to invest in KVP / NSC s and the proceeds are not repartriable generally speaking .
A viable option I m checking out is mutual funds , both here and in India . Can some one recommend some good mutual funds ...... Someone at HSBC recommended Mortgage Fund which is giving 4-5% return consistently .
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Fido.
Thanks Pratickm .
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Fido.
Quote:But it's taxable in Canada, right?
Originally posted by Fido
Another option is to invest in FCNR s which are currently giving 2.45% interest on one year . Money is repartriable and no deduction of tax at source .
And since this will be a non-registered investment, you will be taxed at the highest possible rate.
And it's only 2.45%?
You can do better in a GIC just from a local bank here....
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"Mah deah, there is much more money to be made in the destruction of civilization than in building it up."
-- Rhett Butler in "Gone with the Wind"
Quote:If all you are looking for is 4% - 5%, then you can get one of those rate reset, perpetual preferred shares that might be trading below par.
Originally posted by Fido
Someone at HSBC recommended Mortgage Fund which is giving 4-5% return consistently .
Those rates are currently running between 5% - 6% for new issues and over 6% for past issues.
BMO, for example, just released a new issue @ 5.42%.
Some of their previous issues are available below par @ approx. $23 a pop.
Buy and hold them for 3 years, collect the dividends and sell after 3 years.
One added advantage is the lower taxation on dividends compared with interest from GICs, mutual funds, etc. or rental income from investment property.
If you do this make sure you pick the ones whose rates are not re-setting during this 3 year period or are not callable during this period.
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"Mah deah, there is much more money to be made in the destruction of civilization than in building it up."
-- Rhett Butler in "Gone with the Wind"
pratickm ,
Thanks for this information on preferential shares ... some thing which I wasn't aware of and which fits my requirements . Will look deeper into this .
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Fido.
Location: God's own country
Posted on: 17-06-09 22:08:34
Quote:
Originally posted by pratickm
Quote:You'll have to go thru a GIC broker for this - none of the major banks are posting this rate officially.
Originally posted by web2000
Just a quick question, which bank is offering 3% GIC for 3 years? This seems good interest rate.
However, GIC Direct's rate was very close (2.95%) when I checked last, so you can easily go thru them.
Some folks on redflagdeals have said they got 3% for 3 years for large amounts like one guy got it for investing 90K.
I assume the OP with 60K might also be able to get that.
I have a GIC at ING Bank which gives me 3.35 %
Peace by TK
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I am a Gents and not a Ladies.
Quote:
Originally posted by pratickm
However, GIC Direct's rate was very close (2.95%) when I checked last, so you can easily go thru them.
Some folks on redflagdeals have said they got 3% for 3 years for large amounts like one guy got it for investing 90K.
I assume the OP with 60K might also be able to get that.
Hi Pratick
This GIC direct website seems interesting, but is it reliable?
It does not gives any information whether the site acts as a mediator between banks and customer, or they themselves are able to give such high interest rate.
The GIC rate posted by ING and TD on their own website are close to nothing.
