Making My Annual RRSP (Sorta like a 401K) Contribution..

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Re: Making My Annual RRSP (Sorta like a 401K) Contribution..

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Nylah</div><div class="ubbcode-body"><div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: RichD</div><div class="ubbcode-body"><div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Nylah</div><div class="ubbcode-body">
yeah that is the theory.....but it doesnt fully work like that.

Plus, I'd rather have my withdrawals subject to capital gains that to be fully taxable. </div></div> well the tax man is pay me now or pay me later </div></div>


then you completely missed what I said.

There are other strategies that either eliminate the taxes you pay once you pull out your funds at retirement. And in the worse case scenario why on earth would you want to pay the taxman more than you need to? Doesnt even make sense to think like that.

The point is it is better to keep your earnings in your pocket. </div></div>

teach them Nylah.

ok.. now does it make sense to put in enuff to get the employer's matching portion?
Cause even that mi a second guess as a think mi canoot access that portion till retirement??

[Emperah]

Re: Making My Annual RRSP (Sorta like a 401K) Contribution..

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: RichD</div><div class="ubbcode-body"><div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: dahJahPawtTwo</div><div class="ubbcode-body"><div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: RichD</div><div class="ubbcode-body"><div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body">The issue with RRSPs is that although u get a break in the years that you contribute, the full amount upon withdrawal is 100% taxable and at a rate that will be more than likely higher than what you originally put the finds in at.</div></div> but isnt the theory that by time you taking them out you income should be much lower? </div></div>

fi mi fadda wish him nevah went de rsp route aftah him retiyah.
De gov rips him off if him use it. Eedah way dem get it out of you. All dat talk bout when you retiya dat your income will be less so the gov won't tax you as much is pure fawt.

I membah de days when mi fadda wouldan tell mi ova an ova seh mi need fi get inna rsp, of course at dat time he was working and getting advice from a tax pro at a bank. Now dat him retiyah him tink different now. </div></div> is di big pension hurt him </div></div>