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[peterpan]

Why RRSP is not cashable?

Withdrawing from RRSP will be heavily taxed unless you are eligible for First Time Home Buyer program, or continue education need. it can very easily trigger your next tax backet.

 

[dkwan]

"如果一年中反复多次存取的人要注意， 每一次往TFSA存钱， 都会消费当年的存额限度，"
"If a person deposit withdraw money from TFSA, the room will will not be available until new calendar year."
I don't see much different between these two statements.

"Room available = 5500 for 2014(assume) + 10000(withdraw in 2013) = 15500 "

Please be careful with the information you provided, they is no public discloure from CRA stated that the contribution room will be the same $5500.00 in 2014 for sure.

That's why I quoted with "(assume)" in my statement.

 

[dkwan]

Withdrawing from RRSP will be heavily taxed unless you are eligible for First Time Home Buyer program, or continue education need. it can very easily trigger your next tax backet.

This is a wrong statement as well, unfortunately.
Withdrawn from RRSP MAY be taxed, depends on the income for the year of withdrawal. They do not always "will" and/or "heavily" taxed.

 

[peterpan]

That's why I quoted with "(assume)" in my statement.

that is why i quote, it is not appopriate to make assumption like this in public forum, you can point out a example based on fegure on current year other than future year.

 

[dkwan]

"如果一年中反复多次存取的人要注意， 每一次往TFSA存钱， 都会消费当年的存额限度，"
"If a person deposit withdraw money from TFSA, the room will will not be available until new calendar year."
I don't see much different between these two statements.

The difference is as follows:
- Chinese statement missing critical information regarding room available.

Since you tell people deposit will consume room available, the related information about "what happen to my room available" is missing.
Since TFSA is different than other registered account offered by The CRA, withdrawn from regular registered account will not increase it's room availability. TFSA is special since withdrawal amount in TFSA will be available again in the next calendar year.

 

[dkwan]

that is why i quote, it is not appopriate to make assumption like this in public forum, you can point out a example based on fegure on current year other than future year.

Ok, I revised my example.

January 1, 2012 room available 10000
Feb 1, deposit 4000 (room becomes 6000)
March 1, deposit 6000 (room becomes 0)
April 15, withdraw $4000 (room still 0)
No more activity in 2012

January 1, 2013
CRA announced contribution limit increased to $5500
Room available on January 1, 2013 : $5500(announce from the CRA) + $4000(withdraw in 2012) = 9500

Thank you peterpan, I corrected my confusion example.

 

[十二少]

银行的服务实在不咋地，不给你普及知识就让你开TFSA的账户。

http://www.rbc.com/myfirstrrsp/tfsa.html

这是实话，他们既然要帮你开，就该跟你仔细讲解一下。每月存或一次性存都行，不存也没事，取出来也可以，楼主不必太担心。