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Bank interest rates on savings

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Bank interest rates on savings

Post by ChicagOntarian on Tue Nov 14, 2017 10:40 am

Saw a sign on CIBanco saying they had rates in the vicinity of 6%. One for 1 year and another slightly lower for 30 days. These rates seem pretty good.

Have a bit of money that is doing nothing and wondering what the general consensus is regarding earning interest on it here vs. earning interest in Canada.

Are there complications with tax implications that make this a bad idea?

Really clueless on this so any pointers to general info would be welcomed.
Thank you in advance

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Re: Bank interest rates on savings

Post by CanuckBob on Tue Nov 14, 2017 10:44 am

The thing that will complicate things is the drop in the peso. If NAFTA folds the peso will plummet probably more than 6%.

Personally, I wouldn't invest any money in the Mexican financial system.

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Re: Bank interest rates on savings

Post by hickton on Tue Nov 14, 2017 11:03 am

I see imbursa inside walmart offering 7.3 percent but is a high minimum and excludes tax deductions.think its 1.4 percent.
You need to check if they deduct tax at source and tjat this is the net amount.
What us or canadian tax implications are i dont know.
I have had long term deposits with azteca for a long time. No problem.

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Re: Bank interest rates on savings

Post by CanuckBob on Tue Nov 14, 2017 12:19 pm

Canada has a tax treaty with Mexico so if you have paid your taxes on your Mexican revenues to the Mexican govt. then there is no further amounts due to Canada.

I don't know about the US.

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Re: Bank interest rates on savings

Post by David on Tue Nov 14, 2017 2:26 pm

Similar tax treaty. If you keep pesos here for expenses or emergencies, the put them in an interest bearing account. Like CBob, I would recommend against putting any savings here. Look at the decline in the MXP vs USD and CAN over the last year and 5 years. Then you'll see the unacceptable risk of investing.
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