Get answers to your RRSP questions

We’ve lined up some of Canada’s top financial advisers to tackle your RRSP concerns.

 

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Got RRSP questions? MoneySense.ca has answers. (UPDATED: New questions added Feb 19.)

This week (Feb 16-19, 2010) some of Canada’s top financial advisers are standing by to answer your RRSP questions.

Below is the complete list of questions that have been answered so far by our advisers, Karin Mizgala from LifeDesignFinancial, Warren MacKenzie and Ken Hawkins from Weigh House Investor Services and Barbara Garbens from B L Garbens Associates. Feel free to throw in your own opinion by commenting on the answer.

We’re still taking new questions and will post new answers throughout the week. To post a question, just write in the comments field near the bottom of this page.

Questions:
Should I use my refund to pay down debt?

Will I save money if I withdraw on maternity leave?

Should we withdraw to pay down our mortgage?

What can my stay-at-home wife withdraw without incurring tax?

Who should have seg funds in an RRSP portfolio?

I’m new to Canada and want to save $200 a month. How can I best save for retirement?

Not paying income tax this year — should I withdraw?

Is a TFSA better than an RRSP?

Will there be a tax hit if I withdraw from a TFSA?

Should I max out my RRSP contributions or invest some money in something else?

Should I transfer the money in my overseas account into my RRSP?

If I take money out now, what year will I report it in — 2009 or 2010?

How are Couch Potato fees different than Management Expense Ratios on mutual funds?

What’s the best way to rebalance my Couch Potato Portfolio?

Using funds to purchase an income producing property

When can I retire and what will my income be?

I can’t get rid of my debt, should I withdraw from my RRSP?

Should I mix currencies in the Couch Potato Porfolio?

How can I get better returns on my funds?

19 comments on “Get answers to your RRSP questions

  1. QUESTION- i am 56, husband 6> due to low income, we did not do RRSP. have just sold some old non-producing RRSP funds (at a loss!) and now have approx. $50,000. to purchase and rebalance the protfolio. there are also 2 GIC of about $30. due 2012. I am average investor with average risk trolerance but i want to have my portfolio grow considerable in the next few years- what should i now invest in, what ratio, which funds, how aggressive etc. plse respond asap to help avoid another costly mistake. thanks

  2. My wife and I are both 37 years old, we have saved about $50,000 in RRSPs combined.
    My wife has a company pension plan worth about $35,000 and she will be contributing to it as long as she works there..
    Our mortgage is $210,000, our house is worth about $380,000, equity: $170,000
    Our combined income is about $120,000 year
    We also own a small franchise on the side, worth $150,000, we have about $75,000 equity in it if sold today.

    Question to problem: We owe $52,000 to our line of credit @ 3.25%, no other debt.
    Should we withdraw our RRSP savings to payoff our line of credit?
    OR, should we sell our franchise to payoff our line of credit? We are hoping to pay off our franchise in 3 years otherwise..
    Thank you!
    Mario

  3. I plan to put together a Couch Potato portfolio and hold it in my TFSA account. my question is, do i balance it according to amount i am investing or by number of shares. If if strategy calls for the balance to be 50/50 how do I purchase the units:
    Ex.
    1 unit of Fund x costs 18.00
    1 unit of Fund y costs 1.00

    Do i purchase 1 unit of each representing 50/50 or do i purchase 1 unit of x and 18 units of y thus splitting my cash investment 50/50?

    Probably a dumb question but would appreciate an answer. thanks.

    j

    • Hi Jen,

      Our RRSP Q&A is over, although we will likely have a TFSA Q&A on the MoneySense site in late September. However, regarding your question, when balancing your account, you do it by the amount you are investing, not the number of shares.

  4. I plan to put together a Couch Potato portfolio and hold it in my TFSA account. my question is, do i balance it according to amount i am investing or by number of shares. If if strategy calls for the balance to be 50/50 how do I purchase the units:

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