High Interest Saving Account(HISA) suggestion?

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  • Feb 11th, 2021 2:13 pm
Jul 30, 2020
11 posts
1 upvote

High Interest Saving Account(HISA) suggestion?

what are the options available to me for HISA if I am unsure to take a risk in stockmarket ?
does it come with TFSA or without ?

can minor(kid) have HISA & not incur any tax implications as other income would be zero?
4 replies
Deal Addict
User avatar
Dec 8, 2010
2552 posts
982 upvotes ... ts-canada/

or get GICs, eg try Oaken, make a ladder - depending on what/when you need the money.

Minors - it is complicated but they can't sign contracts, so the only money they can have is either directly from Child Benefit (or IIRC from overseas relatives) - money you give them is attributed back to you for interest and dividends (not cap gains though - again IIRC). You have to start up an ITF, an informal trust, and have a paper trail to show where the money's come from.

Or start an RESP, which is worth doing anyway.

If you do the ITF, then you should do a tax return but yes if the income is below the personal allowance, no tax owing.
Aug 26, 2013
77 posts
HISAs = Alterna - EQ - People's (x2) - Oaken (x2) - LBC - Motive...
I have 1 each (or 2, where indicated)...
Deal Addict
User avatar
Jan 4, 2007
1578 posts
Can tire bank is 1.8% . I use this for emergency fund only.

Basic bond etf or mutual funds consistently outperform and are generally safe.

Max resp for kids first. Couch potato strategy is fine.


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