Saving in Canadian Dollars

dan.pool

Hello,

My Fiancee and I have just received a cash gift of a few thousand Canadian dollars from her parents. It's to help with the cost of our wedding, but as we believe we have that pretty much covered we've been playing with the idea of saving it.

We don't want to loose money converting it to sterling though and as we plan to move to Canada in a few years time, it seems sensible to leave it in Canadian dollars and do some saving there.

I wondered if there was a Canadian equivalent of an ISA or some other tax free savings which doesn't require residence. Failing that is there any sort of high interest account anyone can recommend that we'd be elligable for. I've also seen something about a Canadian Immigrant Trust, but I'm not sure we'd qualify for that.

Finally, how would this affect us as tax payers in the UK?

Thanks in advance for any advice.

purch

As a non resident you can apply to be exempt from witholding tax being
taken from your interest.

http://www.cra-arc.gc.ca/tax/nonresidents/individuals/nonres-e.html

It will no doubt be subject to UK taxation

I think basic savings rates are around 3% currently in Canukland