Question about RRSP and TFSA accounts

[GameBoy27]

Sadly many of the bank financial planners in the typical bank branch don't know these rules as well as you would expect. And that is why you hear stories about people getting "dinged".

Don't know these rules as well as you would expect is an understatement. In my experience, most of them are complete idiots!

 

[sircumsalot69]

Don't know these rules as well as you would expect is an understatement. In my experience, most of them are complete idiots!

LOL

I was afraid that if I was too harsh I would lose some credibility with regard to what I was trying to get across. However, you are correct. Many are complete idiots and have no idea what they are doing...even worse they are no where near smart enough to know when to ask for help.

 

[Worf]

As we can all see from this thread, the whole topic of RRSP's is complicated. Actually, it's not that complicated, it's just that the average taxpayer out there doesn't know much, and the banks, who manage most of our money, don't explain it to us well, partly because, as pointed out, they don't know it themselves. You need to get competent advice. And also, if you think your income after retirement is going to be the about the same as before retirement (when you include pensions, CPP and OAS), stop putting your money into the RRSP. Use up the TFSA instead. And never just put your TFSA into a bank 'savings' account. You will be wasting your money.