RRSP

[Saturn]

Why do you imagine that the banks and financial institutions have your interests at heart instead of their own? People always have their own interests at heart first and the interests of their clients second.

Wait a second here. If I go to a dentist or a doctor, how can I judge what is necessary?

Do people get financial advice from doctors and dentists? There are some things that are difficult to judge, but deciding on whether to put your money into an RRSP is not one of them. Any person of average intelligence and internet access can learn all the important details of the retirement benefit system and the RRSP tax implications in less than a day - it doesn't take going to medical school and it ain't rocket science. Now if you prefer not to bother with such mundane things and you just trust the salespeople - well, you are going to get screwed. Which is of course you own fault.

[Ricki Bobbi]

If you have to study 1 second or hire a financial advisor JUST TO SAVE INCOME TAXES that is ridiculous and unfair.

So you truly believe we should live in a Nanny state and the Government should be responsible for telling us exactly how to spend our money? No options provided?

There are advantages to investing in RRSPs. There are also disadvantages. We live in a free society and can choose if these advantages are in our best interest. The burden on deciding the best way to invest my money lies with me. Not the Government.

They are there to be found pretty easily. Does the Government make you spend *ONE SECOND* of your time to find the information? Yes.

Your objections are pretty unreasonable. Do you expect the Government to wipe your arse for you too because it is unreasonable for you to waste *ONE SECOND* of your time doing such a mundane task?

[Renegade]

If I go to a dentist or a doctor, how can I judge what is necessary? I'd need to go to dentistry school to be able to judge whether the advice is right or not. IOW, at some point, you have to trust the advice fo professionals.

Hang on now, nothing in margrace's post suggest that she went to a fianancial advisor who reviewed her income and expected future income and advised her that RRSPs were the right vehicle. I expect that she was subject to the same general RRSP advertising the rest of us are, and based upon her own analysis decided to invest in RRSPs.

Financial products are advertised all the time. Does that mean they are right for everyone? Obviously not.

[Saturn]

My income right now is $1,289. If you cash in RRSs the goverment takes half of it off the top and takes the rest of you extended pension. I have protested to Mr. Clement and my protest has beens send on by his office I am told.

margrace, let's make something clear. GIS is welfare for seniors. When you cash in RRSPs, the government doesn't take your RRSPs away. The government claws back your welfare at 50 cents for each additional dollar of RRSP income you withdraw. Now, I don't know why you think that receiving welfare on top of your OAS payments is a right - it isn't. Mr. Clement doesn't grow money on a money farm - this money comes from the taxes others pay and it is in very short supply. Therefore, welfare should go only to people who really aren't able to support themselves, not to everyone who figures they have a right to get it. It's unfortunate that you put your money into RRSPs because GIS is currently available but on the bright side it may turn out to have been a good investment because in few years time the GIS may not be around.

[Saturn]

If I go to a dentist or a doctor, how can I judge what is necessary? I'd need to go to dentistry school to be able to judge whether the advice is right or not. IOW, at some point, you have to trust the advice fo professionals.

Hang on now, nothing in margrace's post suggest that she went to a fianancial advisor who reviewed her income and expected future income and advised her that RRSPs were the right vehicle. I expect that she was subject to the same general RRSP advertising the rest of us are, and based upon her own analysis decided to invest in RRSPs.

Financial products are advertised all the time. Does that mean they are right for everyone? Obviously not.

All sorts of products are advertised all the time. But people don't normally blame the government for every bad purchase they make.

Conservatives are very interesting people. They want government out of their face because they can take care of themselves. But the moment they make a bad decision they run around screaming hysterically that it's the government and the bureaucrats' fault that that the government has to bail them out. Geez, grow up!

[White Doors]

You're saying margrace is a conservative?

hahahaha!!!

[Saturn]

You're saying margrace is a conservative?

hahahaha!!!

No, I said that CA and August are conservative.

[blueblood]

Conservatives are very interesting people. They want government out of their face because they can take care of themselves. But the moment they make a bad decision they run around screaming hysterically that it's the government and the bureaucrats' fault that that the government has to bail them out. Geez, grow up!

That's why I go to FBC which is the farm version of H&R block. Sure it's pricy, but the books get done and done well.

[White Doors]

I didn't see August saying he wanted the government to wipe his ass for him. Neither did I. In fact I basically said to 'suck it up'

[Ricki Bobbi]

Conservatives are very interesting people. They want government out of their face because they can take care of themselves. But the moment they make a bad decision they run around screaming hysterically that it's the government and the bureaucrats' fault that that the government has to bail them out. Geez, grow up!

C'mon.

I think the more conservative posters here are the one's saying get your sh*t together buddy.

Don't know many CPC supporters who can't grasp the basics of RRSPs....

[Charles Anthony]

Do people get financial advice from doctors and dentists?

Why not? It seems like nobody else can be trusted.

Now if you prefer not to bother with such mundane things and you just trust the salespeople - well, you are going to get screwed. Which is of course you own fault.

Thank you for the sound financial advice.

Lord, look what has become of your people:

So you truly believe we should live in a Nanny state and the Government should be responsible for telling us exactly how to spend our money?

They now believe that taxation should be called "how to spend our money" as opposed to extortion of their very own hard-earned cash. Blind obedience to the State at its finest. The Devil himself would be proud of such an elusive trick.

Financial products are advertised all the time. Does that mean they are right for everyone? Obviously not.

Did you ever stop to consider that income tax planning should NOT even be necessary? Many people work hard enough at their jobs as it is. Tax planning is analogous to a thief stealing from you and also forcing you to deliver your possessions to the thief's house.

Given that income taxes have such a treacherous disincentive upon productivity, we should demand simple if not lower income taxes.

[Ricki Bobbi]

Given that income taxes have such a treacherous disincentive upon productivity, we should demand simple if not lower income taxes.

Where do you come up with that?

How would simpler income taxes increase productivity???