What is the tax rate when I withdraw some of my RRSP money? I know there is an amount taken off right away but what is the rate payable at tax time?

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$24,000 investment loan over 20 or 30 yrs, paying interest + principle monthly for 8 - 10 yrs. cash out the moderately high risk investment at that time and pay off the loan. money made goes into an rrsp. do you think this is a good plan for someone in their late 20's? can claim the loan interest on taxes each year.

yes it is good

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I have $8k in canada student loans left and have the cash to pay them off but it just doesn't make sense to me when i get an income tax credit for the interest paid. isn't it essentially an interest-free loan? is there another reason why i should pay it off? i am looking at buying a house in about a year's time. from what i gather, it would be better to put the cash into my rrsp which i can then use to buy the house. am i wrong?

Guess you don't know how taxes work. The Canadian tax rate is NOT 100%, so why would you want ot pay $100 in interest to save $15. You would still be paying the other $85. (It's not a credit, but a deduction.)

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There are only 2 days left for 2008's rrsp contribution. i have no idea should i top my contribution or keep cash. i have 23k limit for 2008. i made about 110k in 2008. although i can pay whole amount, is it a good idea to go with loan? besides, my wife made about 68k in 2008, in my family case (we are in canada), please advise that should i top the contribution? thanks in advanced.

you can try this link of the IRS: http://www.irs.gov/irb/2003-50_IRB/ar10.html For the future you can try FileLate.com: http://www.filelate.com you will be able to file all you late tax returns here and they will answer all questions you have. I have used this online service before I can ask them any question ever since I completed my taxes with them, Good Luck :-)

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Or will these investments start to make money once the market gets better? they are losing money because of the sub-prime mortgage fiasco. but maybe in the meantime i should be putting that bi-weekly money into another investment? what do you think? one large investment is supposed to be cashed out in 6 yrs because i have an rrsp loan attached to it. the other investments are long-term, won't be cashed out for 20 yrs or longer. my big investment is not an rrsp, it is unregistered, and in 7 yrs i'm supposed to cash it out to pay off the rrsp investment loan, then the money i make is supposed to go into an rrsp. i used a financial adviser from a large financial company to determine what to invest in. he presented his plan, and i agreed to it. (months before the sub-prime mortgage fiasco.) they invest in bank mutual funds or something like that. and i am canadian. the u.s. market is affecting my investments.

The market will turn soon and all the money you are losing will be returned with interest. I know it is tough to see that you are losing money right now but be patient. I take it that you have a share in something you are investing so the share price goes down but you still have the same amount of shares. Continuing to buy shares your interest will compound when the price of share starts to go up. Investing in real estate is risky right now and will take a few years to recover. You might want to invest in stocks for a quicker recovery. Invest in products you use daily and really like.