Difference Between RRSP and GIC RRSP?
July 18, 2010 | In: Uncategorized
Can you please explain to me the difference between an RRSP and and RRSP GIC? Are both tax-sheltered? What are the benefits of each?
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- LaLa: Even though your brother is over the age of 16 now, he still may not be eligible for the $100
- neoplop: Sounds like the provincial sales tax credit. He wouldn't have qualified last year because of his age.
- Eric S: Yes I would DEFINITELY recommend it, remember you make the money when you buy not when u sell and foreclosures
- highway696696: i am a licensed mortgage broker in 45 states give me a call .i can find out the value of
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- ed m: nothing wrong with buying a foreclosure home - if you like it and if is price right -- remember
- ynot: Just make sure that you use a title company. Houses in foreclosure had issues with keeping up with payments
- dedeskinner: Go for it. You have every right to by a foreclosed home. You'll get it cheaper this way.
- Barry T: If you like the home, the price is right and it's a good home then why not. I don't
- Judy: You have to pay the sales tax, and it isn't refundable. Some stores might give discounts to Canadians -
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1 answer
consultant
July 18th, 2010 at 2:10 pm
A GIC RRSP restricts investment to Guaranteed Investment Certificates and are offered by banks and credit unions. Contributions are tax deductible.
A normal RRSP is also tax deductible and is not as restrictive in the type of investment allowed. Mutual funds for example are also allowed. There are a number of potential products that can be bought or transferred into an RRSP including stocks, bonds, stock options etc.