Canadians I Have A RRSP Story You Must Hear!! - GoFuckYourself.com

GTS Mark · 06-01-2006, 09:21 AM

So just got done a meeting with my tax accountant and he works for a big firm that handles money for very high net worth individuals and celebrities (god knows why he deals with us LOL!)

Anyways he was telling me that they were working on a tax strategy to help this client of theirs get some of their RRSP money taken out. Apparently the individual has reached the age of maturity and has to start taking money out.

Get this...

The guy has 40 MILLION dollars in his RRSPS LMAO!! No that is not a misprint 40 Fucking Million LMFAO!!!

Apparently he has been putting in the maximum contribution for years and is quite skilled at investing and made out like a bandit on Bre-X/Nortel and a bunch of other solid investments.

Can you believe that??!!! The maximum you can now contribute per year is $17k hahahahaha!

The guy is either the luckiest man in the world or a complete genius when it comes to investing (or maybe a bit of both!).

Just thought you guys would find it interesting!

DH

Odie · 06-01-2006, 09:34 AM

holy crap that's a lot of tax dollars out of his pocket!

I find it hard to believe that he has $40million, as the government has it's limits. His investments would have to be insane!! But if you say so Mark! lol

I hope his tax lawyer has a good team of accountants or a huge firm that he's dealing with cuz $40mill tax issue is not something to laugh about.

RobbieRye · 06-01-2006, 09:36 AM

That is insane - he must of had a crazy string of good luck.

I wonder what kind of a percentage the gov't is going to get from his withdrawal - 25%?

WiredGuy · 06-01-2006, 09:38 AM

He went from maxing out his $17k/year limit and investing that to make $40MM! Jesus, he's good!
WG

Trixxxia · 06-01-2006, 10:17 AM

Oh Man! It's going to be a minimum of 30% right off the bat + depending on his tax bracket, he'll be paying more unless he has 'no income' other than those RRSPs he's cashing & if he donates a good portion of it.

If he's at his 'limit' and is forced to cash out now - I'd say he's going to pay a minimum of 50% in taxes.

GTS Mark · 06-01-2006, 10:45 AM

Well you got to figure he's been investing the maximum contribution for probably 40+ years.

40 years x $15,000 contribution every year = $600,000

So you have to figure compound interest + skill full investments and a bit of luck. It is possible!

DH

GTS Mark · 06-01-2006, 10:47 AM

Quote:

Originally Posted by Odie

holy crap that's a lot of tax dollars out of his pocket!

I find it hard to believe that he has $40million, as the government has it's limits. His investments would have to be insane!! But if you say so Mark! lol

I hope his tax lawyer has a good team of accountants or a huge firm that he's dealing with cuz $40mill tax issue is not something to laugh about.

Odie, my tax accountant drives a Porsche 911 Twin Turbo and wears a $10,000 Breitling watch. Apparently the firm makes a few bucks here and there ;)

DH

Beejeebers · 06-01-2006, 10:52 AM

So much for confidentiality...maybe you should change tax advisors...

The $40 million guy has a small circle of friends and I'm sure your big mouth tax advisor has told this story to enough people to have word get back to him. It wouldn't be too hard for his friends to figure out it was him.

Who knows, he probably tells his other clients about your business and how much you make...

GTS Mark · 06-01-2006, 10:59 AM

Quote:

Originally Posted by Beejeebers

So much for confidentiality...maybe you should change tax advisors...

The $40 million guy has a small circle of friends and I'm sure your big mouth tax advisor has told this story to enough people to have word get back to him. It wouldn't be too hard for his friends to figure out it was him.

Who knows, he probably tells his other clients about your business and how much you make...

LOL! He didn't mention who the guy was, where he lived, what his age was or what business he was in.

There are a few millionaires in Canada ya know ;)

DH

TheLegacy · 06-01-2006, 10:59 AM

I actually winced when I read that number - not for the genius he is for collecting it, but for how much Canada government is going to suck alot of it out before he sees a dime.

Odie · 06-01-2006, 11:25 AM

Quote:

Originally Posted by DrinkingHARDEST

Odie, my tax accountant drives a Porsche 911 Twin Turbo and wears a $10,000 Breitling watch. Apparently the firm makes a few bucks here and there ;)

DH

well sounds like he does well!! Is he married??? I got some gold digging girlfriends for him!! lmao!!

altho, I wonder about the fees he must charge in order to pay for the porsche!! JK...my b/f is a CA by trade turned investment banker...HOLY FEES!! lol

WiredGuy · 06-01-2006, 12:12 PM

Quote:

Originally Posted by DrinkingHARDEST

Odie, my tax accountant drives a Porsche 911 Twin Turbo and wears a $10,000 Breitling watch. Apparently the firm makes a few bucks here and there ;)

DH

After my audit, my accountant is driving around in a nice Benz. I like to think I paid for most of it!
WG

fuzebox · 06-01-2006, 12:13 PM

Damn... I lost most my RRSPs on dotcoms and the like... Wish I had his investment advisor.

quiet · 06-01-2006, 12:15 PM

jesus christ. that is just sick.

Xain · 06-01-2006, 12:18 PM

Wow, that is amazing. My RRSP level will not be that high. Ok, not anywhere close to that LOL

Sosa · 06-01-2006, 12:21 PM

crazy shit, good for him. Those taxes will suck but that is a ton of money still.

06-01-2006, 09:21 AM	#1
GTS Mark Vrume Mark Industry Role: Join Date: Jan 2001 Location: Toronto, Canada Posts: 20,912	Canadians I Have A RRSP Story You Must Hear!! So just got done a meeting with my tax accountant and he works for a big firm that handles money for very high net worth individuals and celebrities (god knows why he deals with us LOL!) Anyways he was telling me that they were working on a tax strategy to help this client of theirs get some of their RRSP money taken out. Apparently the individual has reached the age of maturity and has to start taking money out. Get this... The guy has 40 MILLION dollars in his RRSPS LMAO!! No that is not a misprint 40 Fucking Million LMFAO!!! Apparently he has been putting in the maximum contribution for years and is quite skilled at investing and made out like a bandit on Bre-X/Nortel and a bunch of other solid investments. Can you believe that??!!! The maximum you can now contribute per year is $17k hahahahaha! The guy is either the luckiest man in the world or a complete genius when it comes to investing (or maybe a bit of both!). Just thought you guys would find it interesting! DH

06-01-2006, 09:34 AM	#2
Odie Confirmed User Join Date: Apr 2003 Location: The WATER BABY! Posts: 7,040	holy crap that's a lot of tax dollars out of his pocket! I find it hard to believe that he has $40million, as the government has it's limits. His investments would have to be insane!! But if you say so Mark! lol I hope his tax lawyer has a good team of accountants or a huge firm that he's dealing with cuz $40mill tax issue is not something to laugh about. __________________ Odie [email protected] Are you Mobile???? MMACanada ICQ # 166208354 See Who I Am At AdultWhosWho.com!

06-01-2006, 09:38 AM	#4
WiredGuy Pounding Googlebot Industry Role: Join Date: Aug 2002 Location: Canada Posts: 34,487	He went from maxing out his $17k/year limit and investing that to make $40MM! Jesus, he's good! WG __________________ I play with Google.

06-01-2006, 10:52 AM	#8
Beejeebers Confirmed User Join Date: Oct 2004 Posts: 290	So much for confidentiality...maybe you should change tax advisors... The $40 million guy has a small circle of friends and I'm sure your big mouth tax advisor has told this story to enough people to have word get back to him. It wouldn't be too hard for his friends to figure out it was him. Who knows, he probably tells his other clients about your business and how much you make... __________________

06-01-2006, 10:59 AM	#10
TheLegacy SEO Connoisseur Industry Role: Join Date: Apr 2003 Location: Brantford, Ontario Posts: 17,211	I actually winced when I read that number - not for the genius he is for collecting it, but for how much Canada government is going to suck alot of it out before he sees a dime. __________________ SEO Connoisseur Microsoft Teams: Robert Warren SEO Telegram: @TheLegacy54 RobertWarrenSEO.com

06-01-2006, 09:36 AM	#3
RobbieRye Registered User Join Date: Oct 2005 Location: The Middle of Nowhere Posts: 616	That is insane - he must of had a crazy string of good luck. I wonder what kind of a percentage the gov't is going to get from his withdrawal - 25%?

06-01-2006, 10:17 AM	#5
Trixxxia Confirmed User Industry Role: Join Date: Aug 2004 Location: Montreal, Canada Posts: 5,600	Oh Man! It's going to be a minimum of 30% right off the bat + depending on his tax bracket, he'll be paying more unless he has 'no income' other than those RRSPs he's cashing & if he donates a good portion of it. If he's at his 'limit' and is forced to cash out now - I'd say he's going to pay a minimum of 50% in taxes.

06-01-2006, 10:45 AM	#6
GTS Mark Vrume Mark Industry Role: Join Date: Jan 2001 Location: Toronto, Canada Posts: 20,912	Well you got to figure he's been investing the maximum contribution for probably 40+ years. 40 years x $15,000 contribution every year = $600,000 So you have to figure compound interest + skill full investments and a bit of luck. It is possible! DH

06-01-2006, 12:13 PM	#13
fuzebox making it rain Industry Role: Join Date: Oct 2003 Location: seattle Posts: 22,138	Damn... I lost most my RRSPs on dotcoms and the like... Wish I had his investment advisor.

06-01-2006, 12:15 PM	#14
quiet we'll miss you our friend. RIP Industry Role: Join Date: Sep 2001 Location: Fernie, BC Posts: 25,115	jesus christ. that is just sick. __________________ we'll miss you our friend. RIP

06-01-2006, 12:18 PM	#15
Xain Registered User Join Date: May 2006 Posts: 24	Wow, that is amazing. My RRSP level will not be that high. Ok, not anywhere close to that LOL __________________ All Exclusive Content: Cheer Girls, Panty Girls, Sport Babes and our Newest Site PANTY JOBS 55% recurring,10% webmaster referrals. Check out our Monster Feeds

06-01-2006, 12:21 PM	#16
Sosa In Tushy Land Join Date: Oct 2002 Location: Nebraska Posts: 40,149	crazy shit, good for him. Those taxes will suck but that is a ton of money still.