Canadians given leeway to raid locked-in RRSP plans

Business | 206462 hits | May 08 3:13 pm | Posted by: mtbr

Finance Minister Jim Flaherty said seniors, pensioners and persons going through tough times will now have greater freedom to use their money when they want and for what they want.

Comments

by Robair
Thu May 08, 2008 2:40 am
Right on.
by Anonymous
Thu May 08, 2008 10:44 pm
"Robair" said
Right on.

Not really,they shouldnt have to.
It's called a retirement fund for a reason.
by sandorski
Thu May 08, 2008 11:07 pm
Not really sure if this is a good idea or not. Supposedly it only affects approx 10% of RRSPs, so it might be ok. It seems focussed on Retirees or those close to Retirement. If it was for anyone with an RRSP, it would be stupid, but it's not.
by dino_bobba_renno
Thu May 08, 2008 11:20 pm
Well, relaxing the rules for pensioners isn't that bad of an idea but for the average joe blow who is about 40 years old I'd have to say it's probably not the best policy that has been put forward. It does only affect about 10% of the population so I don't think it will bring ruination to the financial markets but still, the idea of people prematurely spending their retirement savings isn't going to gain much favor from me.

One of the biggest problems facing younger generations is the lack of savings and over financing (too much credit). Take a look back to the great depression and some of it's key triggers.

Those who do not learn from history will be condemned to repeat it.

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