If I was starting over investing, I would not put money into an RRSP. I was supposed to be paying less tax on money taken from my RRSP accounts. That is not how things worked out. I am paying more tax on my withdrawals than the tax I saved putting money into it.
The main problem was that I did very well investing and now I am buying a penalty for it. I am certainly glad that only half my money was in RRSP accounts and the other half in a trading account when I stopped working. Now I have to take money out of my RRIF and a big chuck goes directly to pay income tax. I do not get any OAS.
I wished I never opened an RRSP account. I have talked to other seniors who feel the same way.
On my other blog I wrote today about Methanex Corp. (TSX-MX, NASDAQ-MEOH)... learn more. Next, I will write about Magna International Inc. (TSX-MG, NYSE-MGA)... learn more on Thursday, December 28, 2017 around 5 pm.
This blog is meant for educational purposes only, and is not to provide investment advice. Before making any investment decision, you should always do your own research or consult an investment professional. I do research for my own edification and I am willing to share. I write what I think and I may or may not be correct.
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