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Gold/Mining/Energy : TAXES, TAXATION, TAX and Canadian stocks

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To: Sans Souci who started this subject	7/31/2000 8:10:17 PM
From: Sans Souci	Read Replies (4) of 548

How can I unlock wealth from within an RRSP? Example: Someone of pre-retirement age (eg. 40 years old) wants to purchase a home. They have plenty of assets in their RRSP, but only minor assets outside. If they remove a large lump sum from the RRSP, this amount will be added to that year's income, and thus subject to a punishingly-high tax hit (also, it seems that 30% gets withheld by the plan issuer). Does anyone have any suggestions? Naturally, qualified individuals can take out $20K via the Home Buyers Plan, but that will eventually have to be paid back (plus, it's only 20K). I am talking about taking out enough to buy the home outright and never having to make any future payments. Would buying a home with a money-losing business "attached" be of any use? (eg. the business has built-up losses which could help offset the lump sum of income). Would a sole-proprieter bed & breakfast business qualify? Bottom line -- how do you take a lump sum of RRSP assets out early, without taking a huge tax hit? Any suggestions greatly appreciated. S/S

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