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Originally posted by investpro

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Originally posted by DP_gta

Yes obviously on an average,ha ha... otherwise we would all give up our jobs if we could get that kinda distribution on straight line.
BTW thx for the indices link, I was looking for something like that.

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Most welcome.

Would appreciate if in your browsing you come across anything that shows India is going to drop interest rates- please do let me know.

Please any other CD member- please do let us all know by posting the link or the article.

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Put it this way: If you save $1 in a general account, in RRSP you would have saved $ 1.4 (assuming you are in 40% tax bracket MTR)compound that over many yrs and result is a big big bonus for you. Instead of paying the taxman you are first using the money for your benefit. You cannot loose with RRSP.

5. If you have a segregated RRSP, your creditors cannot touch this money, it is gauranteed, the funds is automatically reset to a higher index value, plus you also get insurance benefit.

Donot worry you can still use your past rrsp room. It is free money man.

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Originally posted by surtalme

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Originally posted by sendneeraj

I am plannin to save through RRSP but i have one question that don't you think its good to save some money every month in your bank account instead of putting money in RRSP? Becaues when you save money on RRSP they don't even pay interest and even if they do.......how much ? 1-2% ?

Because when we save something for retirement and get cut on tax but when we withdraw money - (doesn't matter at the age of 69 or before) we have to pay tax on total amount and govt count rest of the money in next yr income and we pay tax again.

Somehow i am not very much impressed with all this RESP and RRSP...can you guide me or correct me if my calculation is wrong somewhere ? I have gone through all posting but still i am not getting ans. that should I save some money every month in my bank account or start putting something in RESP or RRSP...

Anyway your details were really helpful to make decision. thanks in advance.

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Four advantges of RRSP

1) Your get advanage of tax free compounding
2) When you retire, most likely you will be in a lower tax bracket as compared to now when you are earning. So any withdrawl would be taxed at a lower marginal tax rate
3) The return on your RRSP depends upon how you invest that money
4) RRSP forces you to save and built up a retirement nest

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Scotiabank sets the pace?

http://www.scotiabank.com/cda/content/0,1608,CID12117_LIDen,00.html

Please read fine prints too. This 5% special rates are only until June 1st, 2008 and then you will get their regular rates only (which is 2.35% as of Feb 13, 2008). Probablly there will be more terms & conditions.

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Originally posted by investpro

Scotiabank sets the pace?

http://www.scotiabank.com/cda/content/0,1608,CID12117_LIDen,00.html

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How does contributing to RRSP affect CPP after retirement?
Someone in my office mentioned that the Govt. initiates a clawback on the CPP amounts if you contribute to RRSP.............is it true?
How does it work in terms of affecting the amount of CPP that you might qualify for after retirement, if you contribute to RRSP?

Thanx

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sumjo

Hi sumjo,
Which is why one initiates an RRSP meltdown or draw down in their 50s.

With depression looming is the mutual funds RRSP better than the GIC RRSP .....

If we were to take a 2 yr GIC RRSP , then after 2 years , can we close it and divert the money to a GIC based RRSP ?

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Fido.