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Canadian Investing / Canada - RRSP Strat / Taxation
|Subject: Fed up with 20% FC in RRSP?||Date: 11/9/1999 12:28 AM|
|Author: deslandesy||Number: 59 of 1189|
To all Canadian Fools with a RRSP,
Aren't you fed up with this "20% Foreign Content" rule? Why are we allowed to invest only a small fraction of our money in companies like MSFT, INTC, MCD, IBM, Goodyear, Wallmart, J&J, Pfizer, Merck, etc who all do great business in Canada. They sell, manufacture, trade, invest, build facilities and provide work to many Canadians in Canada. Why is investing in them limited inside a RRSP, but legal outside of it? Double standard?
And why is Mr. Martin trying to limit the ways available to me to maximise my RRSP? The better I do, the more tax I will eventually pay when I start withdrawing! More taxes!.... that usually excite a Minister of finance.... and any politician by the way! By eliminating this "unfair" rule, Mr. Martin would change a "lose-lose" into a "win-win" situation. Presently, this rule is very unfair!
I think something has to be done here. I have E-mailed Mr. Martin directly, with a CC to my MP about this issue, suggesting to eliminate it entirely in his next budget. And not simply increasing the percentage allowed!.... I do not want 25% or 33% or even 50%..(except maybe during a transition period). I would like 100% of stocks of companies that do business in Canada and are traded on Canadian, American and legitimate Worlwide stock exchanges... Nothing less.
If you support this and are interested in also making yourself heard , let me know and I will post what I sent and the URL of the site where you can get the E-mail address of your MP. Hopefully, some of you will agree and write to him as well. The more vocal we are, the more likely things will change! It certainly does not cost very much to try!
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