Please see the guide (RC4135) in the link provided by you and you can see on page-4 the 90 day rule.

For your other question, answer is yes, but there is a maximum limit of contributing $18K per calender year.

I am not an expert and somebody else can confirm.

Quote:

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Originally posted by frnd

Quote:

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Originally posted by hchheda

Quote:

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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.,

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

Good luck.

Hiren

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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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I have two questions: RRSP and RESP

RRSP: I am planning to go back in India after 20 years from now at age of 55.
I am not worrying to much about retirement because hv my based setup, I have land and I m going to build small house where I can spend my last days.
Does RRSP is the only choice or should I invest some money in other stuff which will help me in my old age. (Not to forget as Canadian citizen will have money coming from government after 65.)

So what are the best options RRSP or any other investment?

RESP: I hv two young kids ( one year and newly born) , I wanna put money for them from now, not just for education but also when they are old enough to get marry I can use that money. I am thinking of opening up separate account for them so after 20-25 I don’t have to worry about putting money on their education as well as like marriage or other big expense.
RESP is good only for education purpose but I don’t like to hold my money – I would like to use them when I needed for them – either education, marriage or some other big expenses

BOTTOM LINE IS EITHER ON RRSP OR RESP I WANT FULL FREEDOME TO USE MY INVESTMENT – WHILE HERE I AM KIND OF STUCK WITH CERTAIN CONDITIONS.

ANY ADVICE?

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'Some goals are so worthy, it's glorious even to fail.' (Param Vir Chakra awardee Lt. Manoj Pandey)

Quote:

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Originally posted by Ash20

Please see the guide (RC4135) in the link provided by you and you can see on page-4 the 90 day rule.

For your other question, answer is yes, but there is a maximum limit of contributing $18K per calender year.

I am not an expert and somebody else can confirm.

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Quote:

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Originally posted by frnd..........................

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.,

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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada

Quote:

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Originally posted by Blue_Peafowl

I have two questions: RRSP and RESP

RRSP: I am planning to go back in India after 20 years from now at age of 55.
I am not worrying to much about retirement because hv my based setup, I have land and I m going to build small house where I can spend my last days.
Does RRSP is the only choice or should I invest some money in other stuff which will help me in my old age. (Not to forget as Canadian citizen will have money coming from government after 65.)

So what are the best options RRSP or any other investment?

RESP: I hv two young kids ( one year and newly born) , I wanna put money for them from now, not just for education but also when they are old enough to get marry I can use that money. I am thinking of opening up separate account for them so after 20-25 I don’t have to worry about putting money on their education as well as like marriage or other big expense.
RESP is good only for education purpose but I don’t like to hold my money – I would like to use them when I needed for them – either education, marriage or some other big expenses

BOTTOM LINE IS EITHER ON RRSP OR RESP I WANT FULL FREEDOME TO USE MY INVESTMENT – WHILE HERE I AM KIND OF STUCK WITH CERTAIN CONDITIONS.

ANY ADVICE?

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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada

Dear Pramod ji,
Could you please check your PM.
Thanks,
~K

I will surely go see professional and discuss my situation

But i would still like to know the opinion from CD's so i hv better understanding and that can help me ask question to professional.

I am sure there is others have same thinking like mine and by bringing this up we are going to help others too.

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'Some goals are so worthy, it's glorious even to fail.' (Param Vir Chakra awardee Lt. Manoj Pandey)