Back to the Bank
As I have said, as part of my financial clean up for my severance package I must go to my bank and attempt to get them to actually help me, and possibly earn their exorbitant fees (although after reading on Nancy Zimmerman’s blog about the Citizen’s Bank, maybe I need to reconsider who I bank with).
RESPs How Do You Withdraw Money?
This question continues to confound me on the TD web site. I know I need to do an Educational Assistance Payment from the RESP, so that I can take advantage of the CESG payments made by the government. It is simple to pay money into the RESP, but extracting money from the RESP is a much more interesting thing to do, so I must now figure out how this works, and will have to fill in a bunch of forms.
Locked In Retirement Account (LIRA)
Given I will be extracting funds from my pension, it must go into a locked in retirement account, so I must now find out about how TD Canada Trust does this kind of account. I have one with SUN Life, which is of no bloody use to me (so it will be folded into whatever I create for this side of things). Hopefully this is a self-directed type investment creature and I can take advantage of one of the Lazy Portfolios that the Canadian Capitalist has spoken of previously.
RRSP For Me
As I have said previously most of my RRSP money is in spousal RRSP’s, because I thought I was going to have a nice pension (silly me), but now I have a bunch of devices that I was collecting at work that I must now transfer over to a single RRSP in my name.
No Fee Banking
I am paying $12.95 a month again for my banking, so I will be pointing out what the Citizen’s bank has to offer, and what PC Financial offers as well, and how I’d like to have free banking again, given all the business I will be bringing with me. Not sure if I will get it given to me this time, but we shall see, this time.
I look forward to the 4 hours I will have to spend at the bank.
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August 20th, 2008 at 11:27 AM
You’re paying too much in banking fees in my opinion. Also have you considered a self-directed retirement account? I’m not familiar with Canadian law, but I’ve helped many individuals setup a self-directed IRA account that they can invest in almost anything in including income property. There might be some similar mechanism in Canada, but I’m not aware of any.
August 21st, 2008 at 1:11 AM
We’d love to have you at citizens bank …. just sayin’
e-mail me if you want any details.
August 21st, 2008 at 5:23 PM
Hello,
I may have a solution for your LIRA/Pension problem. Visit this website to review( http://www.i-finance.ca) , it is very informative and may provide a solution for you. Good Luck!
August 25th, 2008 at 11:15 AM
My company has developed a unique RRSP/LIRA financing vehicle which allows you to borrow the value of your RRSP/LIRA without making a withdrawal and suffering tax consequences. This program will give you access to your RRSP/LIRA amount and can be used for a variety of applications, real estate investments, FOREX Trading, and other non-RRSP eligible investments, you are only limited by your own imagination. Please visit our website: http://www.i-finance.ca, and you can contact mke directly for an immediate response. Thank you.
September 5th, 2008 at 12:57 AM
[...] earn their exorbitant fees although after reading on Nancy Zimmerman??s blog about the Citizen??shttp://www.canajunfinances.com/2008/08/19/back-to-the-bank/Read “CANROYs – TD bank to raise 250 million of Tier 1 Capital to cover BCE loan loss and rogue [...]