Sentences with phrase «rsp money»

I don't know about that... If I were in the 20 % tax bracket, using an RRSP would still reduce my taxable income and thereby provide a 20 % return in tax credits... Assuming that when I'm retired, my earned income would go to zero and I can withdraw my RSP money at a rate which is below my basic exemption and thereby get it essentially tax - free... So, in effect, that would be like getting an immediate 20 % investment return on that cash up front, plus whatever the future investment gain might be.

An RSP is technically a trust so RSP money in a GIC, and non-registered money in a GIC is treated separately for CDIC purposes.

Not exact matches

Cash, eligible Canadian and U.S. equities, mutual funds, bonds, money market instruments, foreign investments and some options can all be held in your self - directed RSP / RIF portfolio.

While summer is typically less busy than earlier portions of the year (such as the lead up to the RSP contribution deadline), the forum chatter continues to show that money doesn't sleep nor does it take a vacation for the summer.

If you tend to contribute say $ 10,000 to your RSP every year and buy VTI, VEA and VWO with it, you'll be saving money with a iTrade US - Friendly account.

Any money you borrow to invest in your RSP will not be tax deductible in comparison to borrowing to invest in a non-registered account.

As long as you do not plan to use your money until retirement, the RSP is ideal for shifting income from your top earning years when the highest taxes would apply, to your retirement, when income tax is reduced or no longer applicable.

The money you put in is tax - sheltered so that you are only taxed when you withdraw your funds from the RSP.

I'm also starting to wonder whether we'll be making too much money in our retirement and therefore will likely be paying a lot in tax for our RSP withdrawals.

The only way to know if you will be making too much money in your retirement and therefore paying considerable tax on your RSP withdrawals is to have a financial plan created to eliminate the guesswork.

BMO says that 60 % of Canadians are anxious over finding money for an RSP contribution as the deadline arrives and 49 % of those who contribute do so in one lump sum.

While the lump sum is better than no contribution, contributing to your RSP throughout the year makes more sense and takes the stress out of finding money.

There are lots of different ways to find a little extra money for your RSP.

Can the money be rolled into an RSP if its not used for education even if the beneficiary does, in fact, go to university?

I have RSP contribution room in my account and my wifes account that should take care of about 90 % of the monies in the RESP.

A great many people want their money to pass to their children, but there is no provision for that with RSP / RIFs except by cashing out, which is mandatory.

Further, the closer you are to retirement, the more information you will have about what your retirement income scenario is going to look like and whether it makes sense for you to have money in RSPs.

I would insist that RSPs do remain a cash grab for the government when people die with no surviving spouse and still have money in their RSPs or RIFs, ALL of which is then taxed at highest marginal rate, which can be very high.

If you have a larger contribution opportunity in TFSA and you're risk adverse (i.e., not keen on mutual funds) like myself, is there any argument for putting the money in a RSP instead of TFSA.

Personally, if you are «stressing» about where to put all your money between your RSP and mortgage or new TFSA, then you need to have a kid or two — that will fix up your problems pretty quick!

My parents have contributed money to some sort of RSP account.

On top of RSPs and defined benefit company pension I also had an optional defined contribution pension fund with the same company which I had paid out to me when I left, and this had to be put into either a Locked In Retirement Account (LIRA) if I didn't want to pull money out, or a Life Income Fund (LIF) if I did.

I would like to withdraw money from my rsp to pay bills.

The accounts are funded with $ 100,000 in practice money and individuals can use a cash, margin or RSP configuration to practice with.

Those rules were put into place a few years ago to prevent people loading up their RSP's on the eve of filing for bankruptcy and thinking that that money or cash would be protected.

Designed to help you invest for retirement, an RSP is an ideal long - term investment for your money.

Should I give her money to put into her RSP?

So, whether an RSP makes sense or not of course depends on your situation, what your tax rate is if you've got other debts maybe the money should be going towards that.

It's also easy to move your money to other investment choices within your RSP at any time.

The RSP is taxed when the money is withdrawn and therefore not as valuable as the $ 100,000 cash.

«Let's say a Realtor has $ 100,000 in RSPs, $ 50,000 in TFSAs and $ 50,000 in capital gains monies, then BMO will put five per cent into a prepaid health benefits card,» says Zaza.

«I've got one real estate client that invested $ 1 million between their RSPs and their non-registered money and we set up a TFSA with a contribution of $ 4,200 a month into his family's health spending card.