My RSP's are doing nothing fuckn good for me. - GoFuckYourself.com

foghead · 10-07-2008, 07:43 PM

I have an account for 8-9 years and seen little to no growth,yet i talk to the bank and they tell me "you have the right portfolio,it just takes time". Yeah right,with $xx,xxx i only made few hundred dollars all this time?

Im willing to pull everything out and invest into stocks or bonds but dont have a clue or know where to start.On top of this,i will be hit with a big tax fee if i wthdraw any money out.

So my question is..Do i withdraw all my Rsp;s out and pay the hefty tax and invest elsewhere? or just leave them there.

Spunky · 10-07-2008, 09:02 PM

Leave them.the worst thing is to panic.it's still a tax incentive.mine have sucked too

Supz · 10-07-2008, 09:04 PM

better to make a small amount, then lose in a retirement account like most of america has

WiredGuy · 10-07-2008, 09:26 PM

Never cash them out unless your on the verge of bankruptcy.
Why take a huge tax hit (plus interest since you made that income).
It can easily go over 50%. Just invest in something different thru the RRSP's.
WG

10-07-2008, 07:43 PM	#1
foghead Confirmed User Join Date: May 2007 Location: toronto Posts: 113	My RSP's are doing nothing fuckn good for me. I have an account for 8-9 years and seen little to no growth,yet i talk to the bank and they tell me "you have the right portfolio,it just takes time". Yeah right,with $xx,xxx i only made few hundred dollars all this time? Im willing to pull everything out and invest into stocks or bonds but dont have a clue or know where to start.On top of this,i will be hit with a big tax fee if i wthdraw any money out. So my question is..Do i withdraw all my Rsp;s out and pay the hefty tax and invest elsewhere? or just leave them there.

10-07-2008, 09:02 PM	#2
Spunky I need a beer Industry Role: Join Date: Jun 2002 Location: ♠ Toiletville ♠ Posts: 133,939	Leave them.the worst thing is to panic.it's still a tax incentive.mine have sucked too __________________ *YOUR INFORMATION HERE*

10-07-2008, 09:26 PM	#4
WiredGuy Pounding Googlebot Industry Role: Join Date: Aug 2002 Location: Canada Posts: 34,470	Never cash them out unless your on the verge of bankruptcy. Why take a huge tax hit (plus interest since you made that income). It can easily go over 50%. Just invest in something different thru the RRSP's. WG __________________ I play with Google.

10-07-2008, 09:04 PM	#3
Supz Arthur Flegenheimer Industry Role: Join Date: Jul 2006 Location: New York City Posts: 11,056	better to make a small amount, then lose in a retirement account like most of america has