引用:
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作者: GP
I did some research about RRSP and have the following questions. Please answer them if you knew. any inputs are greatly appreciated. Thanks!
1) When can I withdraw my money/contribution (except HBP&LLP)? If I wanna withdraw earlier, what penalty I will get(suppose my investments are open(not locked-in RRSP))? If not too much penalty or no penalty at all, Can I think it as a risk control tool? for example, I have income $50K and contribute $10k per year for five consecutive years. and I lost my job and have no income the next year. Can I withdraw $30K to support my living?
2)Can any funds be in HBP or LLP plan? and if I withdraw funds from HBP or LLP, should I pay tax?
If no, I think when I repay it, the repayment is not tax deductible. and If yes, the repayment is tax deductible. Am I right?
3)What kind of mutual fund do you recommand for RRSP? I am kind of looking for open, high risk, and high return mutual funds.
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1)What you understand is right. The $30k will be consider as your income when you withdraw and pay the tax on that. But it is lower than the tax refound when you buy.
2)Yes. You can repay it back for the next 15 years. Every year you repay 1 of 15th of the amount you borrow. Otherwise it counts your income for that year and you tax on that.
3)There are 5000 mutual funds in Canada we can select. Only handful ones perform good. No matter what kind risk, be sure to catch the good ones for your investment vehicles.