Chat transcript: Your RRSP questions answered

Preet Banerjee answered RRSP questions via live chat.

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The live portion of this event is now over. Read the transcript below:

4 comments on “Chat transcript: Your RRSP questions answered

  1. For past 20 yrs, since I worked for Former ” Fortune Financial” I have been avoiding RSSP for myself. Why? RSSP is a huge hype of investing.
    The only ones that will profit from RSP is the Fund Companies and issuing Institutions and the Financial Advisors, not the Investor.
    Personally, I had no choice but to Invest into RSP when I worked for Uname Union Local some years ago. I didn’t want to, I wanted TSF but they said no, it has to be RSP or I will ot get the Pension Benifits.

    6 yrs later, I made $850.00 in interest on my RSP. ( Deversified Portfolio ) small investor med.,. to little risk. I was suppose to get 8.5 to 9 .5% of return according to my RBC Financial Advisor. I actually got 2.1% in 6 yrs as stated on y 2013 Investemt Statement.
    6 yrs later I made $1,800 on my TSF on my investment, initial investement was exactly same amount of money $15,000 in each account.

    Now Judge for yourself?
    Which investment game me a greater return?
    RSP or TSF?

    Now I am stuck With the RSSP, if I cash out, I will pay a penalty and tax, yet Im not making any money on it.

    Reply

  2. Hi, I am getting married to US citizen and would want to transfer all my money there, I am not sure how can I take money out of my RRSP account without getting taxed…is there any way I can do that, or can I pay my tuition at US college with my Canadian RRSP money? as I do plan to study there, please advise

    Reply

  3. Is locked in RRSP and pension different? I already redeemed the maximum for 2015 with GIC, can I redeem more money from locked in RRSP?

    Reply

    • I redeemed from locked in pension for 2015 full amount, can I redeem from locked in RRSP? is that the same or different altogether?

      Reply

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