Would you liquidate the RRSP for an investment property?
Hello everyone,
The idea behind an RRSP (registered retirement savings plan) is to shelter the taxes you will pay on your income until you eventually find yourself in a lower tax-bracket. Well, I'm asking all of you, if you had previously invested some $$$ in such a tax shelter and THEN found the miracle of REAL ESTATE, would you withdraw those registered dollars knowing the government will withhold a good portion of that amount as withholding taxes?
We're talking abotu 10k... so let's say the taxes held would be 40% of that, then I end up with only 6k of my own money because yes I found a RE deal that to me would be earning a ROI of approx. 15-20%.
Let's hear it.
J