planning to move back home in ~5 years, not sure what to do with my extra savings after maxing TFSA
Hey everyone, hoping to get some advice here. I’m 29, working in Canada right now, and I’ve already maxed out my TFSA for the year. I have some extra money I want to invest but I’m honestly stuck on where it should go next.
Here’s the thing, my situation is a little different from the typical advice you see online. I’m planning to move back to my home country within the next five years, so I’m not going to retire in Canada. I’m also not planning to buy a house here, so FHSA doesn’t really make sense for me either.
So RRSP feels like it might not be the right move since it’s mostly built around long-term tax deferral for people who’ll be retiring in Canada. But I don’t know enough about how RRSP withdrawals work once you’re a non-resident, so maybe I’m wrong about that.
Basically I’m trying to figure out the most tax-efficient way to save/invest the rest of my money given that I won’t be here forever. Is a regular non-registered account really my only option at this point? Would love to hear from anyone who’s been in a similar situation or has dealt with the cross-border side of things once they left Canada.
Thanks in advance!