Posts: 1628
Location: carl sagan's universe
Posted on: 19-02-09 18:54:53
Location: carl sagan's universe
Posted on: 19-02-09 18:54:53
Quote:
Originally posted by pratickm
Also, it means you will invest it in a non-registered account and thus may taxes on all the income that the $10K of principle will earn in the future, including compounding growth.
as usual to throw a spanner in the works- there is now the TFSA where one can invest- no taxes on growth..I know you know of it PratikM so may have just been a temp loss of memory in a manner of speaking.
Posts: 1628
Location: carl sagan's universe
Posted on: 19-02-09 18:59:19
Location: carl sagan's universe
Posted on: 19-02-09 18:59:19
Quote:
Originally posted by febpreet
Can someone please tell me which bank is offering a good rates RRSP. I want to contribute for year 2008. What are the things I need to keep in mind, and should I go for RRSP GICs? ING is offering 90 days RRSP GIC at 3.5% interest.
Does anyone have a good choice of bank and rates?
Thanks in advance.
chk link: https://b2btrust.com/en/iwant/high_interest_savings_account.html
If you go directly, I believe the rate is 3.5% instead of 3.25% on a savings account- no lock in period- like a cashable GIC- well heck what am I explaining a savings account for?
Many people have gravitated there to park funds till markets gain a footing.
This is the distribution arm of Laurentian bank as I have mentioned before.
Quote:I am aware of the TFSA but I deliberately did not bring it up in this discussion since it is focused on RRSP withdrawals.
Originally posted by investpro
as usual to throw a spanner in the works- there is now the TFSA where one can invest- no taxes on growth..I know you know of it PratikM so may have just been a temp loss of memory in a manner of speaking.
Investing in the TFSA does not create a tax deduction and neither do you lose contribution room due to withdrawals, so it's a different animal.
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"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"
Posts: 1628
Location: carl sagan's universe
Posted on: 19-02-09 19:05:58
Location: carl sagan's universe
Posted on: 19-02-09 19:05:58
Quote:
Originally posted by pratickm
Quote:I am aware of the TFSA but I deliberately did not bring it up in this discussion since it is focused on RRSP withdrawals.
Originally posted by investpro
as usual to throw a spanner in the works- there is now the TFSA where one can invest- no taxes on growth..I know you know of it PratikM so may have just been a temp loss of memory in a manner of speaking.
Investing in the TFSA does not create a tax deduction and neither do you lose contribution room due to withdrawals, so it's a different animal.
jes' referring to you proposing investment in a non-reg account- that is not the only option besides RRSP, when you decide to re-contribute after taking out bread from RRSP.
I know you know what I mean and I know from several posts that you are well versed in TFSAs.
Chal better skedaddle before I wind up leaving people 'dazed and confused'.
