RRSP 101 (All RSP questions answered)

Poll:RRSP 101 (All RSP questions answered)
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I find this info useful, thanks. 83% (20)
this is basic info, i know this already! 17% (4)


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Poll:RRSP 101 (All RSP questions answered)
Choice Stats
I find this info useful, thanks. 83% (20)
this is basic info, i know this already! 17% (4)

RESP   
Member since: Mar 04
Posts: 371
Location: Mississauga, Ontario

Post ID: #PID Posted on: 29-12-08 21:04:14

I am contributing money into RESP since last 10 years. As you all know Ontario Government made some changes in schooling tenure. With new changes in effect now students will be spending one more year in the school and time in the University will be reduced by one year accordingly.

I did talk to my RESP managers and according to them either I increase my contribution to get enough money for my son’s education or he will only be getting money for reduced number of years at university at the same rate he would have received with old schooling system. So basically I will be losing one year worth of university expenses.

Any expert opinion on this?


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investpro   
Member since: Nov 06
Posts: 1628
Location: carl sagan's universe

Post ID: #PID Posted on: 29-12-08 23:30:53

Quote:
Originally posted by RESP

I am contributing money into RESP since last 10 years. As you all know Ontario Government made some changes in schooling tenure. With new changes in effect now students will be spending one more year in the school and time in the University will be reduced by one year accordingly.




can u provide a link as to who where what said that students will spend one more year in school and one year less in university?

school went from 13 yrs to 12 in ontario a few years ago (some 5-6 years) are they planning to bring 13 years back?

in the shuffling madness.....



Fido   
Member since: Aug 06
Posts: 5286
Location: Canada

Post ID: #PID Posted on: 30-12-08 09:15:07

Investpro ,

Thanks for your response ... I was somewhat approaching your thought . In the sense that I don't wish to invest in a drooping market as one does not know who deep it might go ... At the same time , when the sentiments re bound and a certain sense of positive air sets in , I would ideally wish to invest in stocks .

Fixed interests seem a better bet in dismal conditions ... we don't know what state this approaching recession might take ... at the same time flexibility if can be achieved is the best option .

SBI is offering 3.8% on RRSP GIC s for 2 years ... Likewise , if you prefer to keep it liquid (even for normal savings) they have a Super Saver Account where the interest provided is 3% . .....ICICI is competetive but I will prefer SBI . TD is offering 3.5% on RRSP GIC s ....

In case any one is aware of any better rates , please advise . Thanks .


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Fido.


pratickm   
Member since: Feb 04
Posts: 2831
Location: Toronto

Post ID: #PID Posted on: 30-12-08 13:11:52

Quote:
Originally posted by Fido
SBI is offering 3.8% on RRSP GIC s for 2 years ... Likewise , if you prefer to keep it liquid (even for normal savings) they have a Super Saver Account where the interest provided is 3% . .....ICICI is competetive but I will prefer SBI . TD is offering 3.5% on RRSP GIC s ....

In case any one is aware of any better rates , please advise . Thanks .

Scotia Bank is offering 4% on a 5 year GIC.
If you are investing a large sum, you may be able to eke out a few additional basis points by negotiating at your local branch.


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-- Rhett Butler in "Gone with the Wind"


frnd   
Member since: May 07
Posts: 239
Location: GTA

Post ID: #PID Posted on: 17-02-09 21:59:49

Hello CDs,

I am not sure if this question is already answered in this thread previously. As this is a really long thread, I am asking this question without reading entire thread again (Last year I read, really great stuff). All dates/figures are for example.

To contribute in RRSP the dead line is 2nd March 2009 as per CRA website.

For example in my last year (2008) Notice of assessment my contribution limit is 10,000. And this year (2009) expected contribution limit is the same 10,000 to make this simple.

I don’t invest any money in RRSP by 2nd Mach 2009 which is dead line. When I get my Notice of assessment for this year which says my limit is 10,000 say in May-2009.

Can I invest 20,000 (2008+2009) at once as soon I get this year NOA say in June-2009?

Can I withdraw (without paying TAX) this 20,000 under HBP in July-2009 if I am buying my first home in Canada?

Thanks in adv.,



hchheda   
Member since: Aug 05
Posts: 2245
Location: Woodbridge

Post ID: #PID Posted on: 17-02-09 22:03:17

Quote:
Originally posted by frnd

Hello CDs,


Can I withdraw (without paying TAX) this 20,000 under HBP in July-2009 if I am buying my first home in Canada?

Thanks in adv.,



I am not an expert, but you cannot withdraw under HBP until 90 days after investing.

Good luck.

Hiren



frnd   
Member since: May 07
Posts: 239
Location: GTA

Post ID: #PID Posted on: 17-02-09 22:24:49

Quote:
Originally posted by hchheda

Quote:
Originally posted by frnd

Hello CDs,


Can I withdraw (without paying TAX) this 20,000 under HBP in July-2009 if I am buying my first home in Canada?

Thanks in adv.,



I am not an expert, but you cannot withdraw under HBP until 90 days after investing.

Good luck.

Hiren



Thanks for taking the question quickly, Hiren.
I am reading this CRA link now, so far haven’t come across any such rule.
http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/rrsp-reer/hbp-rap/cndtns/menu-eng.html

Also, you said 90 days after investing. Can I invest in March before I get notice of assessment for 2008 (+2007) tax year. I know the contribution limit as I have T4 from my employer? If yes, can I withdraw the total after 90 days in July, 2009?




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