offtopic: voting is compulsory as well. They change their PM more than their underwear as a result.
Back on topic: everyone should just keep in mind you will be still charged tax on an rrsp upon using it. so if you are going this route just know there is virtually no difference on just making your own investments and paying that tax up front. (probably better as taking an rrsp out all at once gets a much heftier tax)
‘rrsp’ is just brandnaming investments. taxation still happens.
I personally decided to do this route of just handling it myself as i learned the hardway via dealing with estates rrsps are not a magical parachute as advertised. i would rather be taxed up front while i am physically and mentally able. and i want to have full control of moving the money to where i want. I would rather not be surprised later to have half of it disappear if im unable to work for an income.
Also : do your Will. have two executors. assign two POAs. Do not ever share a bank account with someone(just sign someone as a poa cuz that bank account switches to the other person’s estate to easily if their name is shared on an account). Read up on probate. name explicit people on things like houses to avoid probate if you can. prepare should anything happen where you ever become incapacitated. i know shit can happen regardless (with banks especially)but prepare any loved ones with some battle gear against it.
Sorry for the tangent. when you speak about aging, it is a rocky road ahead to keep aware of. Canada is a real mess for this part and you dont know it til you are going through it.
offtopic: voting is compulsory as well. They change their PM more than their underwear as a result.
Back on topic: everyone should just keep in mind you will be still charged tax on an rrsp upon using it. so if you are going this route just know there is virtually no difference on just making your own investments and paying that tax up front. (probably better as taking an rrsp out all at once gets a much heftier tax)
‘rrsp’ is just brandnaming investments. taxation still happens.
I personally decided to do this route of just handling it myself as i learned the hardway via dealing with estates rrsps are not a magical parachute as advertised. i would rather be taxed up front while i am physically and mentally able. and i want to have full control of moving the money to where i want. I would rather not be surprised later to have half of it disappear if im unable to work for an income.
Also : do your Will. have two executors. assign two POAs. Do not ever share a bank account with someone(just sign someone as a poa cuz that bank account switches to the other person’s estate to easily if their name is shared on an account). Read up on probate. name explicit people on things like houses to avoid probate if you can. prepare should anything happen where you ever become incapacitated. i know shit can happen regardless (with banks especially)but prepare any loved ones with some battle gear against it.
Sorry for the tangent. when you speak about aging, it is a rocky road ahead to keep aware of. Canada is a real mess for this part and you dont know it til you are going through it.