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Gold/Mining/Energy : Day trading in Canada -- Ignore unavailable to you. Want to Upgrade?

To: hx4 who wrote (3063)	5/2/1999 9:55:00 PM
From: Rise	Read Replies (4) \| Respond to of 4467

Can someone tell me how to get money out of my Locked in Retirement Account. have a large position ov VIP in there and I too want some toys. I called Investors Edge about crossing some shares between my margin account and my LIRA. Nope can't do it. I'm thinking that I should talk to a full service brokerage. Make arrangements with them so that I can take a share of the commission on each trade that I make on this account. That's the only way I can think of to get money out of my LIRA. I wonder if it would work. Rise

To: hx4 who wrote (3063)	5/2/1999 9:56:00 PM
From: Buckey	Read Replies (2) \| Respond to of 4467

when you take the money out - It is income and you are taxed on it and they will actually withhold 10% on amounts up to $5,000 and more if over that. No creative suggestions but am willing to hear from others. If ya really think something is gonna POP or if it has been hit realkly hard and will bounce back up I suppose you could trasfer the shres out and deposit them back in at the higher price if it goes upo as you will get the RRSP break on the deposit and the income for the withdrawal will be lower. Hell - Too complicated foe me anyway

To: hx4 who wrote (3063)	5/4/1999 2:38:00 AM
From: eWhartHog	Read Replies (2) \| Respond to of 4467

<<Have you or anyone else got any creative suggestions on how to legally take money out of RRSPs without getting hit totally>> Emigrate from Canada, then make your withdrawal. In the absence of an applicable tax treaty, lump-sum withdrawals are taxed at a flat 25% rate, and periodic payments at a lower rate. International tax treaties reduce the tax liability to lower levels, even zero, in some cases. These withholding rates are your entire Canadian tax liability, unlike the withholding on domestic withdrawals, which may require further payments to Revenue Canada depending on your marginal tax rate. Of course, you should move to a country that doesn't itself tax your RRSP withdrawal. This is a popular loophole for Canadian residents able to leave. There has been discussion for years that tax-sheltered plans would become subject to some sort of "departure tax," but as far as I know this hasn't yet occurred. An added bonus is that once you are a non-resident of Canada, there will be no Canadian capital gains tax liability on your Canadian trading. Moving to a country with low or no capital gains tax provides another advantage for securities traders. Regards, John