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RRSP, GIC or Savings Acount? |
I already have 2 savings accounts with pretty good interest rates. I was wondering if I should stick with those or should I get an RRSP or GIC to save some extra money (when I have some to save)? (Keeping in mind: I am going on Maternity leave soon, My husband already does separate investments and he is planning on opening a RRSP with our mortgage.) In Ontario---- RRSP--Best investment of the 3, you don't pay income tax on the interest unless you take them out before age 65, GIC you pay tax on the interest when they mature i.e. a 5 yr. GIC you would pay tax on the interest accrued after 5 yrs--10 yr GIC you pay tax on interest accrued after 10 yrs etc. Savings accounts, not enough interest to make it worthwhile. |
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