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

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. :)

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%?

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

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.

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

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

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

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.

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

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

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

jesus christ. that is just sick.

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

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