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Gold/Mining/Energy : Gold and Silver Juniors, Mid-tiers and Producers -- Ignore unavailable to you. Want to Upgrade?

To: loantech who wrote (7399)	3/2/2006 9:40:19 PM
From: Cogito Ergo Sum	Respond to of 78409

No penalty more than the tax that had been deferred, so proper planning mitigates that. Actually Tom I'm planning to start removing retirement funds soon by rolling my current RRSP into into a RRIF (registered income fund) from which I am required to remove an ever increasing percentage each year, but I have thirty years at least before it gets onerous at a mandatory 20% annually.. I f you leave it all until too late you need to take out more than you really need and pay far more tax than anticipated... Also our capital gains laws have been made much fairer although not a nice as yours for sure, so it makes sense to me to take some winnings out and let them grow outside the tax shelter with our now fairer treatment. I'll have other stuff to think about when I hit my seventies and I'll be damned if I worked all this time for some bureaucrat's or politician's pension :O) I can start a new Retirement plan and I've saved up lot's of contribution room :o) I plan to do the same for my wife who is in even worse situation as she has a good pension as an audiologist... We do not want to have too much income in our mid 60's and onward when we can reduce our tax liabilities now with some good planning.. We borrowed from our RRSPs, a tax free option exists for that, provided you pay it back within 15 years... to buy our home... Mortgage paid, RRSP loan repaid ... yeehaw... 10.5 years :O) It's a great game Tom... too many folks think that there is only one way out... the 'second' most expensive way LOL... The one phrase Slider used that I find useful... thinking outside the box... always look for the boxes boundaries and see how far you can push them to your advantage ;o) Al Edit: The RRIFs will be self directed like the RRSPs and will likely keep increasing in value anyways until the required removal % gets too big :O)