Where to park money in Canada in interest bearing account?

[sumdumguy]

Best build-a new shop. Name it No Fiat For Me. 😹

[seldomseen]

At one time you could park money at Cargill.
They had a deposit account that would pay about 1.5% above what the local banks would pay in a term deposit. Could get your money back anytime you wanted with no fees or penalties. It would take a day or two to get your money.
I kind of lost track of that account when our local Cargill closed up and I am not sure if they still do it. It used to be nice when you went in their office and there on the white board they would show the rate of the deposit account.

[Old Cowzilla]

In the 80's steel dropped faster in value than we could make payments on it. But don't worry guys that could never never happen again . P.S. STILL got a couple of pieces of steel parked in the bush to remind me of those times

[Happytrails]

Buy iron.
It goes up 10% or more every yr..
With no end in site..

Filed company taxes yesterday. The accountant informed me that machinery purchases are a 100% tax write off at the moment. I hadn't heard. Was a big deal in the old days.

[fjlip]

In my old days we heard...."it only costs 10% more to go first class", if 10% was interest rate.

Cash is bad in Corp, so yes if it's there, pay the loans. Win twice.

Used Combines and new augers only deals....other than that none available, or at least a year away.

Retiring auctions are hitting the lottery.

Auction companies making HAY.

[mcfarms]

Im havei g trouble understanding the desire for GIC
If inflation is ... say 10% and GIC interest return is 5% then your real rate of return is Minus -5 %, this is the real cost!

A farmer who doesn't know where to spend, or how to prioritize dollars for the farm?
Unbelievable , pay down the debt, or maybe your have well balanced short, Medium, and long term debt with low interest rates? If this is the case reinvesting back into the farm for land or equipment is always a good medium or long term move.
Or think of it as, invest in your self, a work life balance, farming is very tough in so many ways.
Whats your most import piece of equipment, or is there not a dream? Pay off the operating line of credit?

Farmers should invest in them selves, or actual farm assets, and at a minimum agricultural stocks (nutrium, agrium, Enbridge, etc)

Equipment and farm assets are going to be traditionally expensive for many years, waiting for the prices to come down can be a fools game,

His situation is not yours, yours is not his.
He asked a question he was given an answer.

some people who have too much debt, some people who have too much cash.
they both come with their own set of problems

The race is never the same for any of us, the answers therefore will always be different.

Buy iron.
It goes up 10% or more every yr..
With no end in site..

yep, wasn't long ago the experts were saying iron was a waste of time
all this old junk, (other than combines) sure keeps its value
mind you its "trudeau bucks" now

[biglentil]

Buy iron.
It goes up 10% or more every yr..
With no end in site..

The banks used to be a safe place to park your fiat, but you're right safest place might be parked in your shop. Remarks at a recent Nov 2022 FDIC (Federal Deposit Insurance) meeting were concerning.

FDIC quote:

"You don't want a huge run on the institutions, and, and they're going to be". The words 'bail in' mentioned many times. Seems they are expecting an event much larger than 2008. Here is a short clip, but this fellow was not the only one at the FDIC raising red flags over the banking industry. We have CDIC in Canada that protects deposits up to $100000, but last I checked they can only protect up to half a percent of all deposits on the books.

[Rareearth]

Im havei g trouble understanding the desire for GIC
If inflation is ... say 10% and GIC interest return is 5% then your real rate of return is Minus -5 %, this is the real cost!

A farmer who doesn't know where to spend, or how to prioritize dollars for the farm?
Unbelievable , pay down the debt, or maybe your have well balanced short, Medium, and long term debt with low interest rates? If this is the case reinvesting back into the farm for land or equipment is always a good medium or long term move.
Or think of it as, invest in your self, a work life balance, farming is very tough in so many ways.
Whats your most import piece of equipment, or is there not a dream? Pay off the operating line of credit?

Farmers should invest in them selves, or actual farm assets, and at a minimum agricultural stocks (nutrium, agrium, Enbridge, etc)

Equipment and farm assets are going to be traditionally expensive for many years, waiting for the prices to come down can be a fools game,

[Partners]

Buy iron.
It goes up 10% or more every yr..
With no end in site..