Are you an Indian living in Canada searching for investment options? You have landed on the right page because we bring you the ultimate options from an expert to help you grow your money in a foreign country.
As a Non-Resident Indian (NRI) living in Canada, navigating finances can seem like a hectic job along with exploring livelihood, new culture, and several other things. We connected with Riya Upreti, a finance influencer on Instagram, who recommended some of the best investment options.
According to the expert, investing in a Tax-Free Savings Account (TFSA) is a good option because it allows you to earn from your investments without worrying about taxes.
The best aspect of this savings account is it is not only restricted to retirement savings but the applicant can use it for their multiple financial goals. You can save a lump sum amount for the down payment on the house, or it could also be money you have been saving for an international vacation.
Mutual Funds anywhere are good options to invest because they help to diversify the portfolio. Depending on the mutual fund you choose, an expert invests your money in various bonds and stocks that are likely to yield good returns in future.
Since professionals manage your money, you can easily access your diversified portfolio. It is comparatively a less risky option than investing all the money in the stock market.
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The Registered Retirement Savings Plan (RRSP) is a good option for you to start investing money in your retirement plans. It also offers tax benefits so another reason for you to invest. You can claim tax deductions while filing an Income Tax Return (ITR) every year and money will grow without taxes imposed on it until you decide to withdraw.
According to Upreti, investing in the General Insurance Corporation (GIC) of Canada and bonds are also low-risk investment options. She added that GICs offer a fixed rate of return over a fixed period. However, bonds offer fixed income via periodic interest payments. You might have to consult an expert in Canada for this to find out which array of options offer the highest return.
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As a developed country, Canada (Places To Visit In Canada) has good options for you to invest in real estate. You can either purchase a house or a piece of property or make investments through Real Estate Investment Trust (REIT). Since this calls for a huge amount of investment, you should make strategies first.
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The expert added that investing in individual stocks is a good choice. It is a long-term investment. Another option in this category is ETFs (Exchange Traded Funds). However, you need to research a lot to pick companies that have high Return on Investment (ROI) at low risk.
The aforementioned are options for investing and growing your money in Canada. A few of them are subjected to market risk, therefore, you should be thorough in your research before you start investing and diversifying your portfolio.
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