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  • Jul 9th, 2020 9:59 pm
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[OP]
Newbie
Jul 6, 2020
14 posts
1 upvote

Lira Where?

Hello, you need to set up a lira, which financial institution is your pick? I want to keep it in an account as closest to cash as possible until around the new year.
4 replies
[OP]
Newbie
Jul 6, 2020
14 posts
1 upvote
xgbsSS wrote: What are you planning to do next year with your LIRA?
Have a plan together by then on what to invest in. I'll be seeking professional advice from different sources, but, I need to park it in the meantime.
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May 11, 2014
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Russ55 wrote: Have a plan together by then on what to invest in. I'll be seeking professional advice from different sources, but, I need to park it in the meantime.
That still doesn't answer enough.

You probably just need a savings account LIRA, but exactly what you plan to invest in and how you buy it Ia going to change what you should. Some places charge money to transfer RSPs and LIRAs. If you plan to eventually invest the money through a brokerage, even if the rate is lower (interest rate), it might still make sense because fees would eat away at any interest. Some brokerages will cover transfer fees, but there is no guarantee such offers will exist a year from now, nor they may not rebate it based on your LIRA balance.

Need more details.

Otherwise, a savings account, GIC at a high interest institution with zero transfer-out fees such as Oaken and Achieva. Or use the fixed income options at the brokerage you plan to invest at.
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[OP]
Newbie
Jul 6, 2020
14 posts
1 upvote
Do you know an account that would be a good option through RBC DI to keep it temporarily? In all likelihood I would be keeping the lira at RBC in the New Year.

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