I gained important information, as well as misinformation in the chapter and sections referring to Rrif. Mr Pape published that the taxation rate of Rrif withdrawals can be arranged between the client and advisor.
This is simply not the case for my self-directed plan,as I found that CRA treats systematic withdrawals as though they are a lump sum withdrawal. If you don't like it, too bad. $1-5000, 10%; $5001-15000, 20% more than $15000, 30% Not a nice surprise that A cumulative withdrawal over $15000, or $1025 a month, was subjected to 30 % withholding tax
This is a book of mainstream retirement planning advice for the average person. There are some okay points that he makes but I have some major disagreements with the so called mainstream advice.
For example, if you wanted to engage in very high risk investing, he advises not to do it in a RRSP because its your retirement plan. Okay but to me an RRSP should first and foremost be a tax reduction plan and if you are going for risky investments why do it with after tax dollars? Doesn't make sense to me. if your top marginal tax rate is 33.3% (modest) you would have 3,000 to invest with instead of 2, 000 of after tax dollars. Pay the paltry tax on your GIC gains and have more to go nuts with in risky investments inside a self directed RRSP.
One can learn from this book, but I just found myself saying, now wait a minute here a bit too often. I felt like someone was trying to pull a fast on me at times. His warning s about scams are useful. but one should never really be too trusting of anyone, when offering big returns for essentially nothing. As always Caveat Emptor.