Resp?

[johnp]

^ you have to transfer to RSP the earnings on your contributions and the govt. grant.

However, you can take out your original contributions though (as opposed to the earnings on them) without penalty.

So there's no double taxation.


http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/resp-reee/

 

[jeffjones]

^ you have to transfer to RSP the earnings on your contributions and the govt. grant.

However, you can take out your original contributions though (as opposed to the earnings on them) without penalty.

So there's no double taxation.


http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/resp-reee/

So when you withdrawal it later from your RRSP, your saying you don't have to pay tax on it?
Yes, you can transfer it your RRSP's tax free, But it is after tax money going in and you are paying tax on it when you use it.

 

[murf]

So when you withdrawal it later from your RRSP, your saying you don't have to pay tax on it?
Yes, you can transfer it your RRSP's tax free, But it is after tax money going in and you are paying tax on it when you use it.

When you transfer it into an rrsp you get a tax deduction.

 

[crankcall]

after some investment consideration, find a girl that loves greek and bj's. No complicated forms to fill out.

 

[AC]

So I started a RESP for him yesterday at TD. Made it a family plan for if/when we have another kid.