Investing

CIBC Investor edge

  • Last Updated:
  • Aug 29th, 2021 8:07 am
[OP]
Newbie
Aug 27, 2021
73 posts
70 upvotes

CIBC Investor edge

Hello, i have 10K in an CIBC daily interest savings account. Rate is 0.05%
Would it be worth it to move it to an investors edge rsp? if that is even possible?
thank you
4 replies
Sr. Member
Oct 14, 2012
820 posts
558 upvotes
Woodstock
Do you have a TFSA (tax free savings account)? If you are a Canadian, once you turn 18/19 years of age, you start to be able to contribute to a TFSA a certain amount each year. For most Canadians, it is best to use all of their contribution room in their TFSA first before considering using any RRSP contribution room they have.
https://www.canada.ca/en/revenue-agency ... duals.html
You usually would not use an Investor's Edge RRSP for short term general savings but you might use an IE TFSA.
[OP]
Newbie
Aug 27, 2021
73 posts
70 upvotes
BetCrooks wrote: Do you have a TFSA (tax free savings account)? If you are a Canadian, once you turn 18/19 years of age, you start to be able to contribute to a TFSA a certain amount each year. For most Canadians, it is best to use all of their contribution room in their TFSA first before considering using any RRSP contribution room they have.
https://www.canada.ca/en/revenue-agency ... duals.html
You usually would not use an Investor's Edge RRSP for short term general savings but you might use an IE TFSA.
You don't have to be Canadian in order to have a TFSA. I am a PR and have one.
the RSP is for a future downpayment. I am looking for a 2 year investment
Sr. Member
May 2, 2019
723 posts
955 upvotes
Vancouver
BacktoCanada2015 wrote: I am looking for a 2 year investment
If you look for a safe 2 year investment, Investor's Edge won't help you much. Stocks and/or bonds can drop significantly in this timeframe.
Consider a HISA elsewhere. E.g. EQ Bank is paying 1.25%. Another question if it's even worth the trouble. If you have money in CIBC RRSP account now, they'd charge you something like $100 to transfer the account out.
Sr. Member
Oct 14, 2012
820 posts
558 upvotes
Woodstock
Yes, that's right: a Canadian permanent resident or citizen.

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