Discussion forum | GIC vs RSP

Current User: Guest Login Register
Please consider registering

Search Forums:


 






Discussion forum General comparisons GIC vs RSP

GIC vs RSP

No Status Selected		 Add a New Topic Reply to Post
Page:   1  
UserPost

12:49 am
January 31, 2008


Maxime

Guest

  Quote and Reply
  Report Post
Print this Post
1

Ok maybe this sound dumb but there's many English terms I am not used too. I do not know what is the difference actually and what they stand for in common language.

On ICICI, we can find these 2 offers for 1 year placement, what is the difference?

RSP GIC
1 Year 4.65%

GICs/Term deposit
1 Year 4.10%

And what is the difference between these 2 savings accounts?

HiSAVE Savings Account
Interest rate
4.10% p.a.

RSP Savings Account
4.25%

Thank you

5:04 am
January 31, 2008


Peter

Admin

posts 254
  Quote and Reply
  Report Post
Print this Post
2

From what I know (I don't have an RSP… yet), an RSP GIC is a GIC within a Retirement Savings Plan (RSP) and an RSP Savings Account is a savings account within the RSP. The main advantage of an RSP is that you defer tax on your income. Wikipedia goes over an RSP / RRSP quite well:

http://en.wikipedia.org/wiki/Registered_Retirement_Savings_Plan

8:18 am
January 31, 2008


Max

Guest

  Quote and Reply
  Report Post
Print this Post
3

Oh…

I took one at ING at 4.5%. The maximum I was able to take from my last imposition report. Because I'll be working this year and in the first part of 2009 but I'll have to stop then for 2 years.

So I'll use my RSPs (REER in french) to pay school fees because my annual income will be of 0$.
Page:   1   Reply to Post


Reply to Topic:
GIC vs RSP

Guest Name (Required):

Guest Email (Required):

HTML Editor
Smileys
Confused Cool Cry Embarassed Frown Kiss Laugh Smile Surprised Wink Yell
Post New Reply

Guest URL (required)

Math Required!
What is the sum of:
9 + 10