tag:blogger.com,1999:blog-4402283548766807872.post6711412746117298132..comments2024-03-29T02:47:49.234-04:00Comments on The Blunt Bean Counter: Accessing RRSPs before Retirement- the Holy Grail Revisited via life eventsThe Blunt Bean Counterhttp://www.blogger.com/profile/11358868550072516313noreply@blogger.comBlogger6125tag:blogger.com,1999:blog-4402283548766807872.post-25266577249320018912011-12-07T00:16:40.151-05:002011-12-07T00:16:40.151-05:00I am surprised that there was no an appreciable ef...I am surprised that there was no an appreciable effect on RRSP withdrawals for those who lost their job. I expect that they would withdraw the amount since they lost their jobs.elder financial abusehttp://www.evanslaw.com/Elder-Abuse-Attorney/Elder-Financial-Abusenoreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-86650407237468351592011-05-15T11:55:28.968-04:002011-05-15T11:55:28.968-04:00Hi Tony, Blogger had some issues this week and som...Hi Tony, Blogger had some issues this week and some posts and commments were not re-instated. In case you did not read my comments, I said something like this--It makes sense for your mom to remove monies from her RRSP if she is utilizing low rates of income tax and smoothing her income such that her income tax liability is less over combined years. In regard to the house, I consider a house a home first and foremost and an investment secondly. The principal residence exemption is only useful if your have a gain on the house. Thus, if you feel real estate will be a good long term investment your plan may make some sense. However, there are some that think housing prices may not continue to rise as in the past and the supply and demand ratio will change as more boomers sell and there are less buyers. There is no right answer.The Blunt Bean Counterhttps://www.blogger.com/profile/11358868550072516313noreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-57164978459306071672011-05-11T14:33:02.764-04:002011-05-11T14:33:02.764-04:00Hi Tony
The strategy of withdrawing from the RRSP...Hi Tony<br /><br />The strategy of withdrawing from the RRSP makes sense if you are "smoothing" your mom's income by lowering the tax paid each year by utlizing the lower marginal tax rates each year. In respect of the house, a house should be a home first and foremost and an investment secondary. If your mom would like her own house and you feel the real estate market is going to rise, than the idea may make sense. However, we have seen several articles lately saying the housing market over the next ten years will weaken as the boomers sell and there is not the same demand for houses. So there is no right or wrong answer as some think housing prices will increase and others say the opposite.The Blunt Bean Counterhttps://www.blogger.com/profile/11358868550072516313noreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-34051746058741977082011-05-11T11:13:59.528-04:002011-05-11T11:13:59.528-04:00Thanks for interesting top on withdrawing from RRS...Thanks for interesting top on withdrawing from RRSP's. In my Mom's case she is 68,divorced and living with my sibling for the last 8 years after selling her house. We are thinking about slowing taking money out of the RRSP for property that be her principle residence - otherwise she is not taking advantage of the cap. gains exemption. What do you think of this strategy ?Tonynoreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-56008978919900712492011-05-11T07:40:46.592-04:002011-05-11T07:40:46.592-04:00Mike, I now pronounce the topic officially dead. I...Mike, I now pronounce the topic officially dead. I just found the study and felt it wrapped up the topic. Now that tax season is over, I have a few other "philosophical" blogs to write, not sure you will find stats for them :)The Blunt Bean Counterhttps://www.blogger.com/profile/11358868550072516313noreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-86414211804166100102011-05-11T06:55:36.206-04:002011-05-11T06:55:36.206-04:00Isn't this topic dead yet? ;)
Thanks for the...Isn't this topic dead yet? ;)<br /><br />Thanks for the mention. I agree with you (obviously).<br /><br />Bottom line is that not enough is known about exactly why people withdraw from their RRSPs. And as long as it isn't happening too much (which seems to be the case), it's probably not<br />really worth another government study.Mike Holmanhttp://www.moneysmartsblog.comnoreply@blogger.com