Investing in Canada

TOLEDO, Ohio (WUPW) - Maria from Holland asks, "Should I invest in our neighbor to the North? I heard that opening a savings account in Canada might be a good idea."

Some worry that because there's so much cash being injected into the American economy right now, the American dollar's value will fall, and their savings' value right with it.

That's where this notion comes to move some money offshore, or in this case up North.

If you decide to send some of your savings elsewhere, consider that currency's condition first.

Now, if you would have asked about moving money to Canada several years ago, some might have thought you're "Loonie."

The American dollar used to be worth much more than Canadian Loonies. Now, it's at par with the US dollar, and recently, it was even stronger.

Other positives to Canada's economy: it's commodity based, or based on basic resources that have continual demand, like oil and gas. Canada supplies countries like China and even the United States with those commodities.

Our neighbor up north never securitized their mortgage industry, so its banks are in better shape.

If you decide to open a foreign savings account, research the best way to do it and make sure that your account is in its currency.