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?

-----------------------------------------------------------------
Dont help others because others have helped you,,,,help others because its the right thing to do!!!

http://www.indopia.in/

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.

---

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 .

-----------------------------------------------------------------
Fido.

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 .

---

-----------------------------------------------------------------
"Mah deah, there is much more money to be made in the destruction of civilization than in building it up."

-- Rhett Butler in "Gone with the Wind"

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.,

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.,

---

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

---