Savings account

[polish_bear_65]

Hi everyone, I'm here on a short term for up to 4-5 years. I'm paying for RRSP via the employment. Can you please suggest me a good savings option where I can earn interest?
Also, can I withdraw RRSP when I leave Canada?

 

[michelleadams]

@polish_bear_65 I would meet with a Financial Advisor ( FA), at the Bank you deal with. If you have money to invest, I would invest in a Guaranteed Investment Certificate ( GIC) . This can be purchased, and moved into a Tax Free Savings Account ( TFSA). A FA will provide you with all the info. you need to make an informed decision. Basically, you can purchase a GIC for anywhere from 30 days to 5 years. Your principle and interest rate is guaranteed for the length of time you purchase it for, and there is no risk to you to lose money. When you put the GIC into a TFSA, any interest earned is tax free. As for the RRSP, your employer will provide you with options as to what to do with it, when the time comes. Just a note, if you are able to withdraw the money, it becomes taxable income. Hope this helps