FCNR in RRSP

Quote:

---

Originally posted by oasis2002

Has anyone ever put FCNR in their RRSP? Is this possible? Thoughts...

---

________________________________________________________

Canadian RRSP's were holier than the HOLY COW. You could not have any other currency inside of the RRSP's., other than Canadian Currencies. Then people started to trade outside of RRSP's.
Ticker tapes were the order of the day and only a few had the access to them. Yes they were the brokers. You never knew where your orders got settled. It could be a buck above or a buck below. You never knew about it. But you only got the shaft from them. You must have heard from others that the broker had a yacht to entertain their clients. It was from the money they made. And I always asked him, "Where is my yacht"? They were still laying the keel for mine.

So, I paddled my own CANOE. !!

Then, people started to trade, 'shares that traded on the TWO Exchanges'. YES one of them was TSE (Now TSX) and the other NYSE and NASDAQ. You guessed it, They were cross traded and had TONNES of volume and settled fast. Next Everyone wanted to just trade on the other exchanges in FOREIGN CURRENCIES.
Yes inside of RRSP's. HOW ??

There was a smart guy by name NORBERT. He gave us an easy way out of the US Dollar Exchange and its costs associated with it, and it got named "The converting of currency with the Norbert Gambit. Then came another system which is called "washing" - up to 3 days in advance of a settlement date. I know it is all GREEK to you. Carry on reading....

If you want to read on this subject matter, Please go to this forum. Here is a link to a forum on this : http://canadianmoneyforum.com/showthread.php/5842-Forced-currency-conversion

NO one knows what FCNR is here in Canada, especially the brokers.

Now you are asking me if FCNR is allowed inside of RRSP's. I would say, CALL the Banks that are promoting them here in Canada, or their branches that exist here and see if they can open up an RRSP for YOU with them. That will be the first step. If they can, then, ask them if you can open an FCNR Deposit INSIDE OF THE RRSP. Then you know that you money is working inside of it and a lot better than the Canadian Markets. Voila, you are now running.

Alternately, go for the NRE deposits and you money will grow even faster than the FCNR Deposit. Pay the taxes on the interest earned. No sweat. Where the hell do you get 7% gain on investment even if you pay 3% on it as taxes. The current interest rate on Deposits there in India is 10% minimum.

I know it is outside of RRSP's. I say secrew the RRSP's. Go outside, YOU WILL STILL COME UP WINNING IN THE LONG RUN, because there is NO TAX when you withdraw the funds and you can do it any time anywhere and don't have to report to the CRA or anyone. Read about the thumb rule of 72. http://en.wikipedia.org/wiki/Rule_of_72

NJOI.

FH.