OMG! Biggest freaking news of this decade!!!!
 

http://www.budget.gc.ca/2008/pamphle...liant2-eng.asp


heart heart <3 heart

If you don't know how to use this information, get in the know ASAP.

For all the young people on the board, retirement just became that much easier!

I heard that tid-bit in the news. I plan to take full advantage of it, I all ready do automatic monthly savings for future purchases and this will make that even better.

I heard about that too, and as soon as my bills are paid off, my bill money will be invested into one of those. :D

Looks great
 

Wow looks good. Gotta take advantage of that!

It is an excellent addition to putting your money into retirement vehicles such as RRSPs, I plan on continuing to put 15% into my RRSPs and maxing the $5000 per year because of the obvious tax free benefits when withdrawing, and that it can be withdrawn and replaced back in the account without a penalty.

good news
 

I have urged many friends not to get RRSP's and instead invest in something where they pay taxes now.It may help in the short run to buy RRSP's but what if you ever need a lump sum for home repairs and end up oweing thousands in taxes.which will be much higher than you'll be saving for tax time.JMO but this is great news.Clint

I second that, RRSP is not a good idea.

who wants to lock the money away in today's $ buying power and get it 20 years later with less buying power and pay tax on it?

Defeats the purpose imo
Better use the money today, (Wisely) pay off the debt for example.

Now here is hoping that some companies, like ING who specialize in high interest savings account, jumps on this wagon. I would love to get the same interest rate I get now plus get all these benefits.

??????

You might want to do some more research on RRSP's. There's a lot of misconceptions about RRSP's, in general, as a tax sheltering vehicle. More to the point, RRSP's offered by MOST banks are a ripoff. However, they are not the only RRSP's out there. Many RRSP's have great value and outrace interested by a long shot.

RRSP's
 

Unfortunately RRSP is the only way you can get any of your money back from the taxes that you've already paid. If you think you pay too much taxes, then get some RRSP's.

Where else can you get a 30-40% return on your RRSP amount within 2-3 months (after receiving your return)?

The biggest problem I've done in the past is when I get the return, I spend it elsewhere and not repay my RRSP loan.