🚀 go-pugleaf

In article <EMtFDo.F2I.0.bloor@torfree.net>, bc689@torfree.net (Ala Lam) wrote:

> Hi Everyone,
> 
> 
> I just joined a company and the company provides all employees with 
> company group RRSP package. But I have the following questions :
> 
> (1) When an employee leave the company, can he/she get back 
>     the full(all) amount of money he/she pay for the group RRSP ?

Only if you want to pay tax on the proceeds.  Why are you putting money in
if you are thinking about taking it out?  Does the employer match your
contribution on a 50% or 100% basis?  If so, if you are a professional
this is probably the best type of pension plan you can have.  There are no
games that the employer can play with you.  When you leave, your and the
company's vested contributions leave with you - unlike a defined benefit
plan in which you accrue very few benefits in the first 20 years.

> (2) Will the RRSP be taxed when the employee get the money back?

Only if you redeem the funds.  If you leave them in the GRSP you can take
the plan with you (it's just an account at a bank or trust company in your
name).

> (3) For the CPP(Canada Pension Plan), can I get all the money back when I 
>     leave a company? The company deduct the money from my salary to pay 
>     the CPP (Canada Pension Plan).

Nope.

>     Can I choose not to pay for the Canada Pension Plan?

Nope.

Remove "noSpam." from my return address to reply via e-mail

--------------------

-Pat