RRSP's

[purelife]

Anyone here know a lot about how RRSP's work and investments?  Does anyone know of free sessions that one could attend regarding RRSP's?      

[Sportsdude]

 [a href="http://www.fin.gc.ca/toce/1996/fctshtmar96-e.html"]http://www.fin.gc.ca/toce/1996/fctshtmar96-e.html[/a]

[a href="http://www.bmo.com/mutualfunds/ps/rrsps_c.html"]http://www.bmo.com/mutualfunds/ps/rrsps_c.html[/a]

[a href="http://www.cra-arc.gc.ca/tax/individuals/topics/rrsp/menu-e.html"]http://www.cra-arc.gc.ca/tax/individuals/topics/rrsp/menu-e.html[/a]

There's a bunch of links for yeah, retirement funds hmm not thinking about that yet lol

the third one is the best link imo.
   

[North, Strong, and Free]

Sportsdude wrote:

There's a bunch of links for yeah, retirement funds hmm not thinking about that yet lol
 
 Why not? If you are young, it will make it so easy when you get older. That is, if the apocolypse holds off that long.

[purelife]

I'm actually looking for someone who has an interest in funds or know a financial advisor they could recommend me.  

  I don't want my money in the Money Market fund.  It's not even growing.  

  Orca, are you around?  I need you.  We need to have that RRSP party you were talking about.  

[Sportsdude]

 well considering I'm 20, haven't even started school yet, this is not one of my concerns. After school when I get a job then I'll think about it but first I'd have to pay off the 100,000 dollars or more I'll be in debt from because of student loans and college bills.  So by the time I pay that off I'll be around 35 then I can worry about retirement.  There is a reason why I want to go to Canada for school, its cheaper.  If I go to this Seattle school its 30k a year x that 4 thats $120,000.  My parents can't pay for my schooling we aren't that financially well off at all.  So I'm going to have to pay it all through loans.
Now if I get into this school in BC its 11k (CAD) a year (for international students) which is around 9ish last I checked and thats for room and board as well.  9k x 4 is 36k for 4 years.  I can pay that off much quicker obviously.  So if I can get in that means for 4 years worth of schooling I can get at one university would equal basically 1 year at the other place in Seattle.

Aint america special. Bankrupting our kids. lovely and no end is sight.
   

[Lise]

I'll give  you some info next time we meet, purelife. Or you can talk to my husband.

[Russ]

Are you sure its 11k a year for international students? I think thats for domestic students...    

[purelife]

That would be absolutely wonderful Lise.  I have searched on Google but it's just so vague.  

  I wish that I had started RRSP's at 20.  I know that there will be absolutely no money in terms of pensions when I hit retirement age.  I'm glad that I've started last year.  

[Lise]

I've got RRSPs because my husband is an accountant and he recommends that you start one as soon as possible. The great thing about RRSPs is that the government will give you back a portion of what you put in it.

  You can invest in different types of mutual funds, depending on how risky you want them. Anyways, I can provide you with the necessary info. I won't divulge it here though.

[purelife]

Yes, I have also invested in some Mutual Funds.  Thanks Lise.  I would love to have some info.  

  I thought that it was RESP's that the gov't will match to a certain %?  I didn't know they matched RRSP's?  That's interesting.  

  I'll talk to you (and Orca) when I see you soon.

[Sportsdude]

 yup Russ 11k even if its a little more for room and board its still a good deal.

Undergraduate Tuition Fees (2006-2007):
 [table border="0" cellpadding="4" cellspacing="1"][tbody][tr][td bgcolor="#336699"][font class="normal"] [/font][/td][td bgcolor="#336699"][font class="normal" color="#ffffff"]Provincial[/font][/td][td bgcolor="#336699"][font class="normal" color="#ffffff"]Canadian[/font][/td][td bgcolor="#336699"][font class="normal" color="#ffffff"]International[/font][/td][/tr] [tr] [td bgcolor="#336699"][font class="normal" color="#ffffff"]Lowest:[/font][/td] [td align="right" bgcolor="#dcdcaf"][font class="normal"]n/s[/font][/td] [td align="right" bgcolor="#dcdcaf"][font class="normal"]$2,370.00[/font][/td] [td align="right" bgcolor="#dcdcaf"][font class="normal"]$9,000.00[/font][/td][/tr] [tr] [td bgcolor="#336699"][font class="normal" color="#ffffff"]Highest:[/font][/td] [td align="right" bgcolor="#dcdcaf"][font class="normal"]n/s[/font][/td] [td align="right" bgcolor="#dcdcaf"][font class="normal"]$3,676.00[/font][/td] [td align="right" bgcolor="#dcdcaf"][font class="normal"]$9,000.00[/font][/td][/tr][/tbody][/table]


Thats the school I'm looking at price tag.  If I get in my life is saved from being in debt my entire life and going on welfare.
   

[Lise]

They do that with RESPs and RRSPs. Only a portion though, not dollar for dollar.

[purelife]

Oh, I didn't know that.  Interesting.

  Do you know if the government will still match if my employer has already matched it?  I can't get a double thing happening, can I?

[Russ]

OK, so thats per semester then... not per year. I remember something about my friends telling me they pay about 4k per semester. I have been known to be wrong though.  

[Lise]

Sorry purelife, I'm not sure. You'll have to ask Orca about that. She'll know.