ricrick

simply.. i think.. buying rrsp is like saving money for yourself (have the chance to get it back someday...) or throwing your money into the salty sea(paying taxes)

快樂牛郎

simply.. i think.. buying rrsp is like saving money for yourself (have the chance to get it back someday...) or throwing your money into the salty sea(paying taxes)
ricrick 發表於 2010/2/6 14:13

That's exactly what the government and the fund companies want you to think.

ricrick

ofcos.. they produce rrsp to make you think like this and make u to save money, at the same time.. earn your money.. maybe a both side win
ofcos.. u may earn more by investing something else.. but.. for people who don't know much about investment... it is the simplest way, at least, for long term, better then just put the money in the saving account

快樂牛郎

ofcos.. they produce rrsp to make you think like this and make u to save money, at the same time.. earn your money.. maybe a both side win
ofcos.. u may earn more by investing something else.. but.. f ...
ricrick 發表於 2010/2/6 15:51

A lot of it has to do with how committed you are to this country.
I.e. If they jack up your tax rate to 45%, would you still stay in Canada.

If you do, RRSP is for you.  If not, keep cash.

kingsway

In this case, RRSP is for me since I will stay here in Canada.
I can see the benefit of contribution to RRSP.

大C姐

我從來無買RRSP。

-- 大C姐

peter236

我從來無買RRSP。

-- 大C姐
大C姐 發表於 2010-2-7 11:58

Do you buy the TFSA?

ricrick

我從來無買RRSP。

-- 大C姐
大C姐 發表於 2010-2-7 11:58

you don't buy rrsp becos...
1. no income in canada
2. too poor that you don't have the money to contribute
3. too rich that you don't need to care your life after retirement
4. too rich that you really want to pay your income tax in full

if you are one of the above, congrats
if none of the above, i would consider you are stupid

ricrick

A lot of it has to do with how committed you are to this country.
I.e. If they jack up your tax rate to 45%, would you still stay in Canada.

If you do, RRSP is for you.  If not, keep cash.
快樂牛郎 發表於 2010-2-6 19:04

you can always withdraw your rrsp whenever you like, all you have to do is pay back the tax
if you are not staying in canada and not paying income tax in canada, there is no point for you to buy rrsp

rrsp is all above saving. it is not a money making tool
the benefit is that you can save your income tax, and, at the same time, keep your money in your pocket all tax free until you get back your money when you are retired

快樂牛郎

you can always withdraw your rrsp whenever you like, all you have to do is pay back the tax
if you are not staying in canada and not paying income tax in canada, there is no point for you to buy rrs ...
ricrick 發表於 2010/2/8 00:17

Supposed you've accumulated 150K in RRSP over say 15 years.

Suddenly Canada jacks up your tax rate to 40%.

What would you do then?

Withdraw all your RRSP at once and pay $60K in taxes?