RRSP vs Savings account

sunshine · #1 06-20-2008, 01:08 PM

Does anyone know more about the new legislation that will kick off January 2009 - we will all be able to set aside additional $5000,00 but are they going to be taxable and can we withdraw them at any time. What is the difference between the current RRSp and the new savings account?...

Canadian · #2 06-23-2008, 07:02 PM

I've never heard of this before. Where did you read about this new accounts? Is this for Canada or Ontario only?

sunshine · #3 07-10-2008, 03:23 PM

Quote:

Originally Posted by Canadian

I've never heard of this before. Where did you read about this new accounts? Is this for Canada or Ontario only?

It is for all of Canada I believe.

Canadian · #4 07-16-2008, 02:30 PM

Does anybody have a link to a Canadian government website with more details on this new type of account? What are the benefits of having one? Please post here if you are familiar with the matter.

heyjude · #5 07-23-2008, 03:18 PM

I found it. It is called Tax-Free Savings Account

It starts in 2009 and you can contribute up to $5000 and the room can be carried forward which is great!
The contributions will not be deductable though. The withdrawals will be tax-free.

read more: http://www.budget.gc.ca/2008/plan/chap3b-eng.asp

p.s. it is great for people who have extra cash, but not me

Canadian · #6 07-23-2008, 05:54 PM

Thanks for the link!

I'll read the document tonight and I'll post here if I have any questions about this new account type.