RRSP withdraw without physical presence


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ftfl   
Member since: Jul 06
Posts: 2335
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Post ID: #PID Posted on: 25-11-08 16:23:53

And if you have kids?...... You never know!!!

Freddie.



meitsme   
Member since: Feb 06
Posts: 475
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Post ID: #PID Posted on: 29-11-08 15:54:36

TK, did u ever withdraw online from ur RRSP at ING? [Sorry for asking reconfirmation. I don't know anyone else who has done online RRSP withdraw]

Consider, I've $7000 balance in RRSP Saving account at ING.

If I'll ask for $5000 online withdraw to my checking account at CIBC, I think $4500 (10% tax) will be deposited to my CIBC account and $500 will be paid to Govt. and my balance would be $2000 at ING.

Am I right?

Thanks,


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meitsme   
Member since: Feb 06
Posts: 475
Location:

Post ID: #PID Posted on: 29-11-08 16:00:39

One more question.

How safe to keep money at ING in compare of ICICI and other banks? [I am not concern about customer service. Definitely it would be much better than ICICI]

ING is smaller bank and don't know what could be happen during this economy problem.

Please share ur thoughts

Thanks


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tamilkuravan   
Member since: Jun 05
Posts: 5775
Location: God's own country

Post ID: #PID Posted on: 30-11-08 20:43:18

Meitsme :
You can open ING RRSP account online.Once you open it online, then they will ask you to send $1 in your CIBC cheque to them by post. Once they receive that, then they will open the account and you can do everything online.
ING is a very big bank (Bigger than ICICI and also safer, I would guess). They were in a small crisis during the peak credit crisis but anyways, your money is insured for $100 K. Again , it is your money and you should research further as to if ING bank is the suitable one for you. My comments are based on the user friendliness of ING Bank RRSP.
I have used ING bank to put in my RRSP and also I have withdrawn the RRSP from ING bank online. There is a 10% withholding fee for withdrawals less then 5000 (a day) and 20% for withdrawals above that. So you can withdraw $5000X 365 (one each day) for the whole year and you will just have a 10% withholding fee. This withholding fee will be adjusted in your next year's tax return.
TK


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Contributors: meitsme(5) pratickm(2) tamilkuravan(2) ftfl(2)



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