(Closed) Holy SH*T!!! Our worries are over….

posted 7 years ago in Money
Post # 47
Member
2278 posts
Buzzing bee
  • Wedding: October 2013

Wow – that’s awesome!! 🙂

Post # 48
Member
9680 posts
Buzzing Beekeeper

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@Sunfire:  +1, I was thinking the same thing. Also, I would choose to keep the entire amount in an RSP so I could take it out when I actually need it, i.e. when I am retired, not wanting to work, and in a much lower income bracket.

Post # 49
Member
9680 posts
Buzzing Beekeeper

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@Atalanta:  +1. I happen to agree with you. People think they are “fine” for retirement but they have no idea what it’s like. It’s better to have more than less.

Post # 50
Hostess
11163 posts
Sugar Beekeeper

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@MrsPanda99:  

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@Atalanta: I agree. I don’t think it is at all rude (really?) to consider future ramifications of spending your retirement/pension. This was the very first thing that came to my mind as well in reading this post.

OP congrats to you and I do hope it all works out!

Post # 51
Member
2701 posts
Sugar bee
  • Wedding: September 2012

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@Atalanta:  +1  I don’t think you were being rude.  I had the same thoughts and I think it’s a fair point.

OP, it’s great that you have access to extra cash, just don’t forget what that money was originally intended for!

Post # 52
Member
9680 posts
Buzzing Beekeeper

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@Treejewel19:  Exactly. If it was a windfall from an inheritance, a hidden trust fund, or winning the lottery, I would be happy to celebrate with the OP. But it’s not…it’s funds that are allocated to something else and in my opinion should stay allocated there. I’d rather not lose half of it in taxes now when I’m making a lot. I’d withdraw it later when I am retired and want to buy a yacht, lol. Seriously though, retirement is tough to adjust to. I’m happy to be prepared and save the money now while it’s *easy* to.

Post # 54
Member
212 posts
Helper bee
  • Wedding: November 2013

Ignoring all the advice and opinions on what’s right or wrong.. 

I’D totally WAKE HIM UP!

Post # 55
Member
278 posts
Helper bee
  • Wedding: June 2013

That is awesome! Definitely double check the taxes/implications (it sounds like you’ve already done some research, but maybe keep asking around?). I’m just personally of the camp that if it sounds too good to be true, it just might be, so I’d want to be triple sure! Even if you don’t get hit with a penalty, it could still be a lot in taxes, etc.

Post # 56
Member
9680 posts
Buzzing Beekeeper

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@sillysillybee:  Oh, it’s totally your choice and none of my business at all. I was just saying what I would do.

Post # 57
Member
277 posts
Helper bee
  • Wedding: July 2016

Congrats that’s so exciting!! I wish something like this would happen to me! Lol

Post # 58
Member
10635 posts
Sugar Beekeeper
  • Wedding: January 2011

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@MsGinkgo:  The HBP isn’t based on a percentage.  Someone can take out 25k, so a couple could take 50k if they both meet the criteria.

Post # 59
Member
11517 posts
Sugar Beekeeper
  • Wedding: May 2014

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@AB Bride:  Worked for one of the big 5 banks for 5.5 years but it’s been a while – I was mistaken I thought it was maximum 20% of the purchase price but you’re only allowed 25k in a calendar year per person and they have to have been in the RSP for minimum 90 days.  You have 15 years to pay them back.  There is a limit to how much you can use per year.  It used ot be first time home buyers only but they may have changed that.

Post # 60
Member
1474 posts
Bumble bee
  • Wedding: July 2014

Wow just wow!

Thats really great news!!!

Post # 61
Member
10635 posts
Sugar Beekeeper
  • Wedding: January 2011

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@MsGinkgo:  The CRA specifies a dollar amount, not a percentage.  It probably doesn’t make sense to withdraw more than what’s needed to have a 20% DP, plus a bit (from non-RRSP sources) to cover closing costs, and maybe things wanted for the house right away.

The topic ‘Holy SH*T!!! Our worries are over….’ is closed to new replies.

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