RDSP vs SISIP?

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RDSP vs SISIP?

Post by Panserbjørn on Wed 24 Aug 2016, 14:51

I had a question in regards to the RDSP and receiving LTD from SISIP.

If I put away money for several years into an RDSP and once I am able to collect it at retirement, would I just lose out dollar for dollar from LTD or would I actually benefit from having an RDSP.

I understand SISIP LTD ends at age 65 but doesn't something else take over from Veteran Affairs that would still be dollar for dollar?

I just don't want to contribute money into an RDSP with my money from SISIP just to lose money later on.

Also is there a way to transfer an RDSP into my spouses name?

- Panserbjørn


Last edited by Panserbjørn on Wed 24 Aug 2016, 17:17; edited 1 time in total

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Re: RDSP vs SISIP?

Post by Guest on Wed 24 Aug 2016, 15:50

no buds nothing in their policy will allow them to deduct this . also although part of this is taxable when withdrawn it is not included in calculations for income tested GOC benefits . you know child tax credit or whatever it is called GST rebate and so on.

if ya don't mind can you tell me your age ?

propat

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Re: RDSP vs SISIP?

Post by LawnBoy77777 on Wed 24 Aug 2016, 16:12

RDSP? Registered Disability Savings Plan? SISIP cannot take anything off these products. RDSP's are savings, not income. When the policy was written, there was no such thing so they can whistle dixie, imo

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Re: RDSP vs SISIP?

Post by 1993firebird on Wed 24 Aug 2016, 16:15

Same as RRSP , it is money earned in a previous year and invested to when it is taxed upon taking it out.

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Re: RDSP vs SISIP?

Post by Panserbjørn on Wed 24 Aug 2016, 16:19

propat wrote:no buds nothing in their policy will allow them to deduct this . also although part of this is taxable when withdrawn it is not included in calculations for income tested GOC benefits . you know child tax credit or whatever it is called GST rebate and so on.

if ya don't mind can you tell me your age ?

propat

I'm turning 29 in 3 days.

- Panserbjørn


Last edited by Panserbjørn on Wed 24 Aug 2016, 17:17; edited 1 time in total

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Re: RDSP vs SISIP?

Post by Guest on Wed 24 Aug 2016, 16:40

wholly crap buds if you have the DTC feed this thing . seriously its a good plan .

propat

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Re: RDSP vs SISIP?

Post by Panserbjørn on Wed 24 Aug 2016, 16:50

propat wrote:wholly crap buds if you have the DTC feed this thing . seriously its a good plan .

propat

I was considering putting my transfer value into the RDSP, but now I am confused about this whole immediate annuity thing. I am about to send away and elect for my transfer value and my return on contributions but if I qualify for immediate annuity is that a better way to go? The form gives the second option as:


Medical Retirement (Immediate Annuity)
CFSA Part I.1 members – Unreduced annuity payable immediately to Part I.1 participants who have at least 2
years of pensionable service in the case of an approved medical retirement. See note 3.

I have about 8 years 222 days of service and was medically released 3B.

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Re: RDSP vs SISIP?

Post by Guest on Wed 24 Aug 2016, 17:34

well when it comes to the RDSP what you should put in at first will depend on when your initial DTC started . this depends on your income but I'm guessing 1500 a year would be optimum for you . not sure what year your DTC is effective from but I'm guessing not long . so if it was 2015 you would be wanting to put 3000 in this year that I'm guessing would put 10,000 into your plan .

so the 3000 not being that much relatively speaking you do have a lot of options . heck if you haven't used your DTC on your tax return yet because you just got it you will be able to wait till after tax time and fill up your RDSP with what could be a good refund .

propat


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Re: RDSP vs SISIP?

Post by Guest on Wed 24 Aug 2016, 17:47

oh ya almost forgot ya may want to check on the Immediate Annuity thing again their is a lot more required than just 2 years pensionable service if I recall one of the requirements of many would be 10 years paid service witch would not make this an option for you .

this is important so double and triple check that because things do change .

propat

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Re: RDSP vs SISIP?

Post by Panserbjørn on Wed 24 Aug 2016, 17:50

My DTC was back dated to 2013, I have received a total of three years worth of the DTC so I guess this year would be my fourth? So I should aim to put in $6000 and expect about $6000 matched contributions?

I have been looking into this whole immediate annuity thing and have come up with barely anything. Just that you need to meet the criteria of health Canada for being disabled. Which I am guessing means approved for CPPD.

I am just scared of selecting a deferred annuity until the application goes through just to have it denied and the transfer value and/or(?) return of contributions be locked away until I am 60.


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Re: RDSP vs SISIP?

Post by Guest on Wed 24 Aug 2016, 18:06

yup this year you could put 6,000 and they should put 14,000 . I'm ASSUMING your annual income is less than 89-90 thousand .

don't think immediate annuity is in the cards for ya buds .

propat

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Re: RDSP vs SISIP?

Post by Guest on Wed 24 Aug 2016, 18:07


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Re: RDSP vs SISIP?

Post by Panserbjørn on Wed 24 Aug 2016, 18:43

propat wrote:yup this year you could put 6,000 and they should put 14,000 .  I'm ASSUMING your annual income is less than 89-90 thousand .

don't think immediate annuity is in the cards for ya buds .

propat

Yeah way less than 89-90k, I thought the threshold was something like 30-35k for the bond.

I'm okay if immediate annuity is off the table, I just don't want to select the transfer value and find out I made a bad decision based on information I did not have.

I will give that link a read. Thank you for all the help propat.

- Panserbjørn

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Re: RDSP vs SISIP?

Post by Guest on Wed 24 Aug 2016, 18:54

actually the numbers I gave you were for the grant . I didn't include the bond so they may poney up even more for that without any additional contribution from you .

could be an extra thousand if you make 26,021 or less . or a part of that 1,000 if your income is between $26,021 and $44,701.

propat

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Re: RDSP vs SISIP?

Post by 1993firebird on Wed 24 Aug 2016, 19:01

OK , I need info on this RDSP. I get CPPD and I believe my application for DTC will be approved and my reasons on the application go back to 2000 so I am not sure how many years they will backdate. But what is this matching all about and what is this RDSP for?

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